Arlington real estate prices getting close to Lexington, Winchester, Belmont (Boston: renting, condos)

[A-townie]

Hello,

I'm looking to buy a house in the Arlington area and I'm a bit puzzled by the price increase in Arlington (over the past years) and how close Arlington prices are getting to surrounding towns with a reputation of being very affluent.

I'm talking about the 600K to 750K, SFH, 3 bedroom market here so it's not a big market for L, W, B but still, there are a few options. I've been renting in Arlington for close to a decade and I've seen Arlington changing from middle class to upper middle class to a point where I'm close to being priced out. Then I look at Lexington, Winchester, Belmont and I see that the prices which used to be much higher than Arlington are now quite similar (for a comparable house). I wonder why Arlington appreciated a lot more than these surrounding towns and if Arlington is now overpriced.

With 2 kids soon in school and Arlington schools being overcrowded, is Arlington really worth the money?
(despite the proximity with public transportation, the bike paths and parks...)

How do these towns compare in terms of after-school programs (in terms of quality, availability and cost)?

Thanks!

[timberline742]

Originally Posted by A-townie

I wonder why Arlington appreciated a lot more than these surrounding towns

People were priced out of Belmont, etc so looked to Arlington, and the prices rose. The town has gotten nicer too, and the location is excellent.

[semiurbanite]

Lexington, Winchester and Belmont lack the walk-able urban vibe that everyone wants to retain when they move to the suburbs. Vibrancy is generally lacking pretty badly in most Boston suburbs but especially in the higher end ones. Arlington at least offers some respite while being close to the city and having schools with a decent reputation.

[MikePRU]

Prices have risen in Arlington, but they've also risen in the three other towns you've mentioned. The gap is not as big as it once was but I can't say the prices have become "close."

[495neighbor]

Originally Posted by semiurbanite

Lexington, Winchester and Belmont lack the walk-able urban vibe that everyone wants to retain when they move to the suburbs.

Not exactly, Lexington, Winchester and Belmont are pretty walkable in parts, especially Lexington. Arlington does get the nod for being closer in and more connected to Cambridge and Boston. It is the closest one to an MBTA stop which helps.

In the lower to mid range they are getting very close. Not so much the high end.

[jayrandom]

Originally Posted by semiurbanite

Lexington, Winchester and Belmont lack the walk-able urban vibe that everyone wants to retain when they move to the suburbs. Vibrancy is generally lacking pretty badly in most Boston suburbs but especially in the higher end ones. Arlington at least offers some respite while being close to the city and having schools with a decent reputation.

Not everyone who moves to the suburbs is looking for an urban vibe. Some people actually like the suburbs.

[Brave Stranger]

Sorry you are getting priced out of town....it's been an ongoing trend. Two homes have come on the market this past week in Arlington, one for 1.6 million & the other for 1.75 million. So the high end prices & some new construction prices have blown past the 1.2 to 1.3 million dollar price range which has been common for the past several years. Arlington, IMO, was criminally under-priced for a long time, which is why the real estate prices are still moving ahead by leaps & bounds.

The biggest issue I notice in town, especially in my neighborhood in the Heights, is the amount of small ranches, capes & bungalows that are being torn down & rebuilt, which takes away entry level housing options. In the 6 or 7 streets surrounding me, just in the past several years, I've seen 3 or 4 ranches knocked down, 4 or 5 ranch homes that have had second floors added & the same goes for the capes & bungalows being torn down, or rebuilt.

I've seen some decent priced condos in town, if you want to go in that direction, but even there, it's trending up. If I were looking to buy right now, to be honest, I would be looking over in Medford, if you want to stay in the general area.

[A-townie]

Thanks all for contributing to this thread.

I think I should clarify which part of Arlington, I'm comparing L, W, B with. Since it seems that the SFH, 3 bedroom in move in condition (or including updates) in Arlington in the 600K to 750K range tend to be far from Arlington Center, Capitol Square or Alewife (where you'll find 700K condos!), it often means that it's needed to go to the Pierce or Stratton school districts or in the Dallin one close to the border with Lexington. Over there walkabilty is not that great and it often means having 2 cars for a couple with kids.

For example, if you take the streets around Hibbert St (which is split between Arlington and Lexington), I believe you find very similar houses in obviously very similar location and the prices also look similar to me. I would expect the Lexington houses to be more expensive (or rather the Arlington ones to be cheaper) considering the better schools.

But maybe I'm missing something about what Arlington and Lexington has to offer (taking this example).

One thing, I don't know anything about and that I'm hoping to find some information on is how these towns compare in terms of after-school programs (in terms of quality, availability and cost). Maybe Arlington is superior and that could be a reason. The other reason I can see is that 650K in Lexington is really the minimum and that both for kids and parents it can be difficult to live with people a lot wealthier (peer pressure to keep up with them so that kids don't feel different...).

[semiurbanite]

Originally Posted by jayrandom

Not everyone who moves to the suburbs is looking for an urban vibe. Some people actually like the suburbs.

Not everyone, but more and more people are looking for that urban vibe. I think Arlington attracts those people.

These are the average price per square foot numbers for homes sold in the last year. Arlington higher than Lexington and Winchester?

Cambridge $617
Somerville $436
Belmont $407
Arlington $363
Lexington $359
Winchester $349
Medford $303

[tysmith95]

Originally Posted by semiurbanite

Not everyone, but more and more people are looking for that urban vibe. I think Arlington attracts those people.

These are the average price per square foot numbers for homes sold in the last year. Arlington higher than Lexington and Winchester?

Cambridge $617
Somerville $436
Belmont $407
Arlington $363
Lexington $359
Winchester $349
Medford $303

Arlington homes tend to be smaller. That could explain some of the difference. Most of the homes in places like Lexington or Winchester are Mcmansions that are very expensive but don't command as much per square foot as somewhere like Arlington. That's just a theory of mine but yes Arlington has gotten wicked expensive in recent years.