Why Has this Waltham House Been on the Market For Nearly 300 Days? (Boston: for sale, condo)

[chicagoliz]

Originally Posted by smc733

It's also worth noting some of the towns closer to the city, particularly those where insanely old, dated housing stock used to fly, are starting to show signs of slowing down. Creampuffs go no problem, but a house like this on a corner, with a weird driveway, terrible photos, and limited parking. I'm not surprised.

People like to talk about how underpriced Waltham is for it's proximity to Boston. That makes a lot of sense, but, the city still has a way to go. Lots of old housing stock, depressing run down areas, pockets of crime and the schools are still pretty poor. I see Waltham faring more poorly than others in a correction, though it may become a good buying opportunity.

The thing about Waltham is they have some big employers, they're right off 128, they have great access to Boston, they have great pockets of restaurants and retail space, they've got Brandeis and Bentley, and they're sandwiched right between two of the highest priced suburbs in the area -- Lexington and Newton. In addition, they have some new, fancy apartment buildings that are fairly expensive. So it does seem like Waltham should become desirable, via gentrification at some point. Demand for housing in Boston is only increasing, and anything that can remotely be considered commutable to both Boston and Cambridge is going to increase. So it seems that Waltham is well-positioned. I just don't know when that spark is going to take.

[smc733]

Originally Posted by chicagoliz

The thing about Waltham is they have some big employers, they're right off 128, they have great access to Boston, they have great pockets of restaurants and retail space, they've got Brandeis and Bentley, and they're sandwiched right between two of the highest priced suburbs in the area -- Lexington and Newton. In addition, they have some new, fancy apartment buildings that are fairly expensive. So it does seem like Waltham should become desirable, via gentrification at some point. Demand for housing in Boston is only increasing, and anything that can remotely be considered commutable to both Boston and Cambridge is going to increase. So it seems that Waltham is well-positioned. I just don't know when that spark is going to take.

Oh I agree, only a matter of time. As hip as some parts like Moody St. are getting, I'm surprised it's still so gritty as it is. If there's ever another dip with the next recession, Waltham is the place to buy. But until that gentrification does take hold, any pressure coming out of the market that might drop prices will bleed demand from Waltham over to Newton and other areas.

The one possible wrench is if demand in the area does slow. I know that net migration to Boston has slowed in the past five years. There are some winds of change with COL and younger people, causing some companies to move or open satellite offices. That could stunt any more gentrification. I think that will hit Boston at some point, but not until after Waltham gentrifies.

[mmyk72]

I considered buying in that area 7 yrs ago. That type of house plan is super common there for some reason. Glad I passed since going up and down the front steps would've been annoying.

Some houses have a steep hill as the backyard and this is definitely so. The hill slopes down towards the house - imagine fearing a basement flood every time it rains hard. The backyard and backside of the house never see any sunlight. At that time, even houses like this one sell within weeks. The market must have gotten back some sanctity nowadays.

[Japanfan1986]

By contrast this is another house that literally just popped up on the Waltham market: https://www.zillow.com/homedetails/2...56357408_zpid/

I’ve been following the market for a while now and fully expect this one to begone within a month, two at tops, and probably much less.

I was curious though since posters were able to point out some things about the other house I overlooked what you folks could see about this one. Would this one also be prone to basement flooding. It’s in the same part of Waltham. Also, a lot of houses seem to sell on this street. Seminole Ave. Anything up with that?

I’ve lived in two different locations in Waltham and never had a problem with basement flooding. But like I said I never lived in Lakeview so I might as well be living in Switzerland.

[smc733]

Originally Posted by Japanfan1986

By contrast this is another house that literally just popped up on the Waltham market: https://www.zillow.com/homedetails/2...56357408_zpid/

I’ve been following the market for a while now and fully expect this one to begone within a month, two at tops, and probably much less.

I was curious though since posters were able to point out some things about the other house I overlooked what you folks could see about this one. Would this one also be prone to basement flooding. It’s in the same part of Waltham. Also, a lot of houses seem to sell on this street. Seminole Ave. Anything up with that?

I’ve lived in two different locations in Waltham and never had a problem with basement flooding. But like I said I never lived in Lakeview so I might as well be living in Switzerland.

I wouldn't be surprised if it sits. Waltham has slowed down quite a bit this summer.

It looks like that house has asbestos acoustic ceiling tiles in the basment and the rear porch. Those are very friable and very expensive to remediate. The siding also looks like it might be asbestos. Given how dated it looks, I'm going to bet it has all it's 1961 original goodies, including cast iron drains, end of life copper supply lines and ungrounded, cloth jacketed wiring.

[chicagoliz]

Originally Posted by Japanfan1986

By contrast this is another house that literally just popped up on the Waltham market: https://www.zillow.com/homedetails/2...56357408_zpid/

I’ve been following the market for a while now and fully expect this one to begone within a month, two at tops, and probably much less.

I was curious though since posters were able to point out some things about the other house I overlooked what you folks could see about this one. Would this one also be prone to basement flooding. It’s in the same part of Waltham. Also, a lot of houses seem to sell on this street. Seminole Ave. Anything up with that?

I’ve lived in two different locations in Waltham and never had a problem with basement flooding. But like I said I never lived in Lakeview so I might as well be living in Switzerland.

This very clearly still has the kitchen and bathrooms that it had in 1961. However, they look like they have been very well maintained. While that kitchen does need a total re-do, it actually looks like a completely functional kitchen, and it could be used for a while until a buyer saves up some funds to renovate it. Same with the bathrooms. And they could possibly even be renovated piecemeal -- it may be possible to redo them without changing the main footprint, and just replacing the appliances, cabinets, flooring, backsplash, etc. That wouldn't necessarily have to be done all at once, so this to me looks like a potentially great buy for someone. (I bet there's a good chance this had a single owner since 1961.)

It has a cute yard (although it is kind of strange that the front steps appear to lead to nowhere, but that could be fixed rather easily). While you need an inspection to be sure, it looks like the issues with this house are likely purely cosmetic, and could be fixed relatively easily and gradually. It's a small house, but it sounds like it might even be a good house for a kid. A single parent with one or maybe two kids, or a single person or a couple could do very well in this house.

Unlike the poster above, if I were placing bets, based purely on what I see on the listing, I'd bet this will sell relatively quickly.

[BosYuppie]

Originally Posted by chicagoliz

Unlike the poster above, if I were placing bets, based purely on what I see on the listing, I'd bet this will sell relatively quickly.

It's been on the market for over 300 days.

[Taffee72]

Originally Posted by BosYuppie

It's been on the market for over 300 days.

That's the first home. OP's second home has been on the market for two days.

The second home is definitely better than the first. The yard is more spacious, sunny and useable. The house looks clean and normal layout, although dated. I like the dated look myself as long as it's not grungy and dirty. That bathroom is kind of awesome. Could have issues, like everything needing to be replaced and filled with asbestos, but an inspection will reveal.

[chicagoliz]

Originally Posted by BosYuppie

It's been on the market for over 300 days.

Not quite. Two days. If it is on the market for another 298 days, then yes, I'd say there's some problem not evident from the listing.

Originally Posted by Taffee72

That's the first home. OP's second home has been on the market for two days.

The second home is definitely better than the first. The yard is more spacious, sunny and useable. The house looks clean and normal layout, although dated. I like the dated look myself as long as it's not grungy and dirty. That bathroom is kind of awesome. Could have issues, like everything needing to be replaced and filled with asbestos, but an inspection will reveal.

Almost any house built before about the 1970s has asbestos. Asbestos is only a problem if it is exposed and the fibers are coming out. If it's completely intact, then it's not an issue. Many asbestos abatements don't involve ripping it out but in sealing it up. We had that when we bought our house as there are asbestos tile floors in the basement.

Where asbestos really comes into play is if you are doing renovations and you are ripping out the asbestos, and therefore you are exposing the fibers to the air. If you are taking out walls or doing significant work on the house, then you have to replace the asbestos. But if you're just living in the house and not doing a big reno, then it's not an issue.

[Japanfan1986]

For those curious the house is now showing up as under contract. I checked when it had been on the market for 333 days and the price had dropped from the original asking price of $479,000 to $399,900 after four price changes and one sale that didn't go through.