Do triple deckers get build anymore?

[BostonMike7]

Originally Posted by inquisitive2

Most triple deckers, if not all, have been transformed to condominiums. New buildings going up are mostly expensive one bedroom apartments for students/professionals. It's a shame that with the influx of students and others, from out of state and out of the country, greater Boston-has become ridiculously expensive.

My family owns a triple-decker in Somerville. Not gonna lie, the urge to convert it to condos is very strong....

[mdovell]

Community preservation act can help to a point but it all depends as to the construction. Tradition is fine but if it makes fire codes impossible...

Every day I'm thankful that my rent covers the fire sprinklers in the building. Earlier this month in holyoke one went up because it was grandfathered in.

[johngolf]

I have a relative in the greater Boston area and their business plan is buy a triple decker for say $800K. Put close to $400K in remodeling it (which keeps their construction crew busy and getting paid) into a 3 unit condo, and selling each condo for $500 to $600K. They do 2-3 a year and make a good living at it. They do a top notch job including central air.

[inquisitive2]

There are three deckers in Massachusetts that aren't condos but the only reason they haven't been converted is because of the section 8 deals (slum landlords/investors)and some impoverished-not yet developed- areas. Unfortunately, for People- low income and middle class - who actually work for a living- Boston and surrounding cities and towns have become almost unaffordable. Again mainly because of incoming students -both out of state and foreign. Those remaining in the state are now finding that they have to move up North almost to the New Hampshire border, out to the western part of the state - or down south towards Rhode Island to find more affordable places to rent or buy. And it's a shame.

And unless things change it will only get worse with the continued expansion of colleges, development of downtown boston's high rise condos, and high rise apartments and limits on employment and trades due to NAFTA and other out of country trade deals.

[missionhill]

I don't quite understand the transition to condos for owner occupants. If I'm living in the triple decker seems to me better to retain the other two units as rentals so I have more control over what goes on in the building. Not that it's easy to remove a tenant but you can't do anything about other owners. The rental income takes care of my housing costs-- that was always the appeal of the three decker. Maybe Johngolf's relative will convert and sell all three units. Then the buyers are stuck with each other as neighbors; hopefully it all works out.

[johngolf]

Originally Posted by missionhill

I don't quite understand the transition to condos for owner occupants. If I'm living in the triple decker seems to me better to retain the other two units as rentals so I have more control over what goes on in the building. Not that it's easy to remove a tenant but you can't do anything about other owners. The rental income takes care of my housing costs-- that was always the appeal of the three decker. Maybe Johngolf's relative will convert and sell all three units. Then the buyers are stuck with each other as neighbors; hopefully it all works out.

To clarify. My relatives do not own the triple deckers. They purchase them and remodel them to 3 or 4 condo units then sell them. They are starting to do some two family conversions also.

[GeoffD]

Originally Posted by johngolf

To clarify. My relatives do not own the triple deckers. They purchase them and remodel them to 3 or 4 condo units then sell them. They are starting to do some two family conversions also.

I think you meant to say your relatives do not occupy the triple deckers.

[BostonMike7]

Originally Posted by missionhill

I don't quite understand the transition to condos for owner occupants. If I'm living in the triple decker seems to me better to retain the other two units as rentals so I have more control over what goes on in the building. Not that it's easy to remove a tenant but you can't do anything about other owners. The rental income takes care of my housing costs-- that was always the appeal of the three decker. Maybe Johngolf's relative will convert and sell all three units. Then the buyers are stuck with each other as neighbors; hopefully it all works out.

Most of the triple-decker conversions are done by outside developers who buy the entire building and sell it as 3 different units. They don't occupy them.


I'd imagine the reason for the uptick in condo conversions has to do with the age of the building and necessary updating. These buildings are an absolute nightmare to deal with in terms of updating utilities. If you have some wiring/plumbing issues on the top floor, it usually means breaking into walls on the bottom two floors. Plus with most predating the 30's, that means you have asbestos and lead to deal with, as well as possible knob-and-tube wiring, lead pipes, outdated and inefficient heating systems, and overall building disrepair.


So as owners age out and pass on and these units become estate items, it's just very appealing for a family to offload it to a developer for $800-1mil and wash their hands of it.


The developers go in, gut the entire thing. Rewire, replumb and add new heating systems and then sheetrock and paint and then offload as a brand new condo with 100-year old character.




The one my family owns was built in the 1890's and still has it's original boilers. They were coal-fired originaly, and converted to oil sometime in the early 1900's. Absolutely beautiful cast iron boilers, that probably weigh 2000lbs each and are the size of a fiat. We recently got some quote to change these out to modern, natural gas units...and it was not cheap. More reason alone to just offload and let someone convert to condo.