Real Estate Information Archive


Displaying blog entries 1-6 of 6

Ridiculous Watertown Condominium Closing Rates

by Mike DelRose Team

There's no doubt in anyone's mind the real estate market has been strong. As of now, it's continuing to stay strong as we dive into the Fall market. On our recent listings, we're still seeing multiple offers well over the asking price. How long can Greater Boston keep sustaining an increase in price and demand? That remains to be seen, but what we do know is that corporations like General Electric and Amazon are coming to Boston, and that only continues to fuel growth. Couple the business and population growth with low interest rates and it doesn't allow for downward trends. 

Let's take a look a the year over year closing rate for Watertown, MA condominiums. 

This report shows the percentage of Active Listings that close monthly over a period of 24 months. The Closing Rate is a good indicator of the real estate market’s underlying strength. If the Closing Rate is rising, the demand for real estate is improving. If the Closing Rate is falling, the demand for real estate is declining. If the monthly Closing Rate is above 20%, the market is hot and if it’s below 10%, the market is cold.

It's not a surprise to see an increase in the closing rate from strong to stronger, but the drop in inventory and 20% increase of the rate means things have gotten much more competitive in a very short period of time. While we certainly had a strong Spring market for these condominiums in 2016, the closing rate doubled and in some months trippled in 2017. Watertown condominiums are hot. 

Mike Jr. Talks about Newtown at Gateway Condominiums

by Mike DelRose Jr.

Watertown Condominium Sales October 2015

by Mike DelRose Team

Waltham, MA Condo Stats

by Mike DelRose Jr.

The Village Condominiums

by Mike DelRose

If you’ve ever travelled down Belmont Street you have seen them but probably don’t know the story behind the Village Condominiums. Located in “West” Watertown, the 308 units are located on Belmont Street, Lexington Street, Grant Avenue, Pierce Road and Duff Street.  Belmont is located just north of the property and Waltham is nearby to the west.  The Village is a popular destination for first time home buyers searching for a unit which feels more like a single family home than some of the other units in this price range in Watertown.  These units have an interesting history.  Originally built in 1945 by Paul Livoli, Fairfield Gardens, as it was know was touted as the largest privately owned Veteran’s Rental Project in New England.  The development consists of twenty-six buildings containing the 308 garden type family apartments spread over 18 acres of land.  A description from the original brochure described the units as modern with an up to date kitchen featuring inlaid linoleum floors, a metal cabinet type sink, and metal kitchen cabinets.  Lattice fences enclosed the drying yards (laundry) and the parking areas were illuminated by gas lanterns.  In my early years in the business, I remember customers referring to the development as the “Gas Lamp Village”. These gas lamps have since been replaced by electric ones.  Veterans were given the first opportunity to rent the units and they were held aside for 30 days before being offered to the general public.  The monthly rent was a whopping $85.00 and tenants paid their own heat and electricity bills. A $50 deposit and a $2.00 service charge were required with each application.

The complex was eventually purchased by Norman Duffy, Robert Duffy, and James Duffy and I have an original Fairfield Gardens, Inc. brochure with a notation written in pencil that says “being offered for $2,325,000”.  In 1973 the Duffy brothers converted the units to condominiums in three phases.   Original selling prices were in the $17,500 range and options included an updated kitchen, central air conditioning and a finished basement.  The property was improved with an in ground pool and there is a resident’s clubhouse which is accessed off Pierce Road.  The units have stood the test of time.  The exterior brick is still in excellent condition, many of the units still have the original tile bathrooms, and every once in a while we run across a unit with the original heating systems still functioning.  Other changes have been made over the years with updating of windows and the addition of enclosed patios.


Through all the changes that have taken place at the Village and all the time that has passed since the original construction, there has been one constant.  The Village Condominiums are still a sought after destination.  They offered then and continue to offer today an appealing, comfortable, convenient home in a wonderful community at an affordable price.

Waltham, MA Condominiums and Advice to Friends

by Mike DelRose Jr.

As my friends will tell you, I am pushing them to buy real estate. If they have steady jobs, I'm guiding them to forget the new car and to not throw their money away just to rent an apartment downtown. Let's be realistic, if you are a twenty-four year old such as myself, it will cost roughly $1,200-$1,600 for a one bedroom apartment and hopefully you will have parking. That is not even factoring in utilities. And for the sake of the example, let us just say you spend $1,600.00 a month or just under $20,000.00 a year to get away from your parents. Wouldn't you rather take that money and build some equity for yourself? Of course you would. But can it be done?

For some nice information we look to Multiple Listings Service (MLS) for guidence, a REALTOR'S best friend. I pull out the handy mortgage calculator and see what $20,000.00 will get us. Another friend of ours, the Federal Housing Administration loan (FHA Loan)  allows borrower's to make down payments as little as 3.5% that makes a $250,000.00 condo in Greater Boston affordable with only $8,750.00 down. That's a monthly payment of only $1,274.95! Add to that condo fees and real estate tax but If you're renting an apartment, you can more than likely afford that. 

The next step is to find the ideal property. That's what we're here for, but I will say that more people have searched our website over the past month for properties in Waltham than anywhere else (Thank you analytics). There is a huge inventory of condominiums and they are very affordable. A quick search of properties between $200,000.000 and $300,000.00 reveals just under 60 different condominiums and single family homes. 

Now, home ownership is not for everyone, but here's an idea; When you buy that two bedroom condominium, have your friend move in with you. They'll be happy to pay you fair rent instead of paying someone else. 

So while you're meeting with your mortgage lender and discussing your new knowledge with your family and friends, be sure to keep an eye on what's happening in the real estate market. You can sign up for listing alerts on our site for your convenience.

And as always, feel free to comment or post any questions you may have. The text message widget in the footer of our website goes directly to me!

Displaying blog entries 1-6 of 6




Contact Information

Photo of Mike DelRose Team Real Estate
Mike DelRose Team
RE/MAX Revolution
142 Galen St
Watertown MA 02472
Phone: 617-848-0000
Fax: 617-926-5166