14 Lexington Ave, Charlestown

Market Analysis for:

Nikos Makris and Hortensia Sagasti-Alvarez

I've done a market analysis on your home at 14 Lexington Ave in Charlestown and have prepared this document to help explain how I've arrived at a price for your home. I perform a market analysis and calculate a price taking into consideration a home’s location, size, configuration, number of bedrooms and baths, lot size and general condition. I also take into account your reported condition and how, in my experience, that will impact the price of a home making it more or less valuable. 

Contents

  1. Description of Home
  2. Market Dynamics
  3. Analysis of Relevant Properties
  4. Pricing Recommendation
  5. Marketing

Description of home

Please note that these comments do not relate to marketing, but are included purely to ensure that we have captured the information and reflect the major components of your home.

Your home is a 4 bedroom and 2.5 bath blue exterior colored Greek revival colonial home. It is walking distance to Bunker Hill shopping, schools, and monument square. Your home will appeal to families who desire an outdoor lifestyle in the city while still within walking distance to South Station.
According to public record, it has 979 square feet of living space and is situated on 0.017 acres. The home has off street parking, natural gas heat and hardwood floors throughout.
The entrance is on a private road, which has no car traffic. I would recommend painting the front porch/front exterior if you are able prior to coming on the market (it needs to be over 50F to paint) as it will give a clean fresh look to it.
The foyer entrance has 2 steps to enter the main home, with a single seat on the right side to get your shoes on. As you walk through the front door, you enter an inviting area through a separate door to enter the home. There is a beautiful stained glass window to the right and a bright sunny living room on your left. This area has lots of windows and a brick wall with an active chimney. The brick wall goes up all 3 floors should someone want to have a fireplace on those floors.

Walking on the first floor, as you pass the living room on your left, you enter the kitchen area with beautiful bay windows and lots of sunlight.  The kitchen is on the left and has granite countertops and beautiful light oak cabinetry. As you walk towards the back side of the home, you come across a small den area with lots of shelves and a half bath. There is also a stackable laundry area in a closet with a washer and dryer.
This entire area is filled with windows and streaming sunlight. There is also a back door which opens to the back yard and another door which opens to the private patio, ideal for entertaining.
You have perfect views of monument square from the kitchen seating area. The kitchen used to be a gas stove but has been converted to electric per personal preference.
Second Floor: We head back towards the entrance where there are beautiful single piece pine planks stairs to head upstairs where you open into a little hallway which leads into the master bedroom and a second bedroom. There are hardwood floors throughout the home. The master bedroom has an attached bathroom which is updated with frameless glass door, granite countertops and has three closets with lots of space. The second bedroom is really spacious and has an attached small closet. Both the bedrooms and hallway have lots of light coming through with plenty of windows.

Third Floor: As we go up another floor of stairs, we arrive at the attic area which has two additional bedrooms with beautiful skylights. One of the bedrooms has an attached bathroom which is updated. The floors on this level are beautiful with original wide pine planks from the 1800’s. The hallway also has windows making the area very inviting with the sunlight streaming in. You can view monument square from all the windows on the front/right side of the home. The roof is also newer and has never leaked.

Basement: As we make our way towards the basement, down the stairs from the second floor via the first floor, we come into a VERY dry unfinished area with fieldstone walls, which is being used as an art studio. The water heater is only one year old. The electrical system has been upgraded to 200Amps and there is no humidity.

Features: 14 Lexington Ave has its roots firmly planted in the American Revolution. The home is located on a private gas lit road that is maintained by the seven unit resident community. You can walk around all 4 sides of the home – this feature is only available for 2 out of 7 homes in the neighborhood.  It is a Greek Revival architecture style home with original wood beams that have been painted white. All the windows are fairly new and are insulated. The community shares the snow shoveling expenses and pooled money to buy a new snowblower. It’s a very kid friendly neighborhood with you both being one of the early residents in the neighborhood. Kids bring snow tubes during the snow season and play happily on the private street, the rest of the year. It is a 12-minute walk to south station and very well connected by foot. This home brings antique charm and character and offers a rare amenity of detached single family living just a block from the Bunker Hill Monument! Fantastic opportunity to live in one of the most desirable areas in the city!
The Town of Charlestown has the home as 967 square feet as seen in the Building Layout diagram and Sub-Areas table below. The diagram and table were sourced from the plan you shared from Bank Of America. For purposes of this analysis, we will consider the home to be approximately 1251 square feet based the calculations you provided.
In bringing your home on the market, we would create a floorplan to verify the square footage of your home.

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Market Dynamics

We have been experiencing shortages of housing inventory in Charlestown over the last 5 years or so. 

The Charlestown market has seen increasing prices over the last few years given the limited inventory. The demand for homes in Charlestown far outweighs the supply and each month a snapshot of available homes for sale shows the declining inventory levels.

Average prices in Charlestown are well above average prices obtained in the peak of the market in 2010. Average home prices have been increasing steadily since 2011. The real estate market downturn that existed for the last few years is well and truly over and prices are continuing to increase each year.


Sales distribution statistics for homes show that the $800K and $900K price-range is the most active in Charlestown. The next busiest price range in Charlestown is the $1M price range, followed closely by the $700K price range. 


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Analysis of Relevant Properties

The following map shows the  homes that we believe to be of value in determining the price of your  home. Below the map you will find basic information  provided for each home including the price the home was  listed at, and the price the home sold at (if sold), the listing date, Days on market, Bedrooms, Bathrooms, living area size and lot size.  Noted for each home is a classification of Relevance which outlines whether we think the  property is valued Less (L), Relevant/Comparable (R) or Higher (H) than  your home. The notes for each home outlines the similarities and differences between  your home and the one being analyzed.

Your details: Living area 1251 sq ft | 4 beds | 2.5 bath | Built 1835 | 0.017 acres

This home has the same number of bedrooms as your home with 4 bedrooms. It has one bathroom less at 1.5 bathrooms. It is slightly bigger than your home at 1279 sq ft, yours is 1251sq ft. This home is a similar vintage to your home being built in 1875, yours in 1835.
Also, yours will be much fresh looking and appealing to buyers with the paint updates and beautifully maintained hardwood floors.

Relevance: Relevant but Less. Given the inferior condition of this home with the ceilings, wallpaper and dark feel, yours will likely sell for higher than this home.

Your details: Living area 1251 sq ft | 4 beds | 2.5 bath | Built 1835 | 0.017 acres

This home is smaller than your home with 2 bedrooms. It also has one less bathroom than yours at 1.5 bathrooms. It is smaller than your home at 1173 sq ft; yours is 1251 sq ft. This home is very similar to yours in age and was built in 1870, yours in 1835. Even though this house was renovated inside, the wallpaper and carpets still give it a dated look with the wallpaper. They didn’t paint the kitchen cabinets to increase the fresh appeal of the kitchen which would have returned them much more value for their home Your home will look much nicer with the fresh paint.

Relevance: Relevant but less. Given the smaller size of this home, 2 less bedrooms, no attic, I believe this home will sell for less than your home.

Your details: Living area 1251 sq ft | 4 beds | 2.5 bath | Built 1835 | 0.017 acres

This home has one less bedroom than your home with 3 bedrooms. It has one less bathroom than yours at 1.5 bathrooms. It is bigger than your home at 1478 sq ft; yours is 1251 sq ft.
It is a similar vintage home built in 1880 vs yours at 1835. The location is similar with a nice neighborhood. The home is freshened up with white kitchen cabinets, neutral painted walls and shows well.

Relevance: Relevant, but less. Given the similarities between this home and the end product your home will be, this is a likely price range for your home. However, with inventory shortage and current market conditions, I believe your home will most likely sell for more than this home.

Your details: Living area 1251 sq ft | 4 beds | 2.5 bath | Built 1835 | 0.017 acres

This home has 2 less bedrooms than your home with 4 bedrooms. It has the same number of bathroom as yours at 2.5 bathrooms. This home is larger than your home at 1356 sq ft, yours is 1251 sq ft. This is also built the same year as yours in 1835. However, this home is attached from two sides vs yours which has open space all four sides. This home is what your home will look like with all the paint updates. You also have updated electrical system, water heater and windows.

Relevance: Relevant. Given the lesser number of bedrooms and lesser square footage of your home, but other similarities, I believe your home will sell close to this price point

Your details: Living area 1251 sq ft | 4 beds | 2.5 bath | Built 1835 | 0.017 acres

This home has 1 less bedroom than your home with 4 bedrooms. It has 1.5 bathrooms vs. yours at 2.5 bathrooms. This home is bigger than your home at 1568 sq ft, yours is 1251 sq ft. Also, this home was built in 1972 vs yours in 1835. This home is being sold as is and has no photos available which makes us assume that the condition of the house is quite inferior.

Relevance: Relevant. Given the home is bigger than yours but not updated, I believe this may the likely price we would want to drive your home to.

Your details: Living area 1251 sq ft | 4 beds | 2.5 bath | Built 1835 | 0.017 acres

This home has 2 less bedrooms than your home with 4 bedrooms. It has one half less bathroom at 2 bathrooms vs yours at 2.5 bathrooms. It is larger than your home at 1420 sq ft, yours is 1251 sq ft. This home is similar in vintage to your home and was built in 1870 vs yours in 1835. Similar size and age to your home, with a private rooftop deck makes this very appealing for buyers since it requires no updates and is in move in condition. Picking lighter contemporary paint colors throughout the home is VERY important for cosmetic appeal. Also, de-cluttering the home will go a long way in driving the competition higher.

Relevance:  Relevant but Higher. Given the extra square footage for this home, I believe you home will most likely sell for less than this.

Your details: Living area 1251 sq ft | 4 beds | 2.5 bath | Built 1835 | 0.017 acres

This home has 2 less bedrooms than your home with 4 bedrooms. It has one half less bathroom at 2 bathrooms vs yours at 2.5 bathrooms. It is bigger than your home at 1465 sq ft, yours is 1251 sq ft. This home is similar in vintage to your home and was built in 1850 vs yours in 1835. This house has central air conditioning but is attached on 2 sides unlike yours which is open all sides.

Relevance: Relevant but Higher. Given the lesser size of your home, I believe your home will likely sell for less.

Your details: Living area 1251 sq ft | 4 beds | 2.5 bath | Built 1835 | 0.017 acres

This home has 1 less bedroom than your home with 4 bedrooms. It has one half less bathroom at 2 bathrooms vs yours at 2.5 bathrooms. It is larger than your home at 1473 sq ft, yours is 1251 sq ft. This home is similar in vintage to your home and was built in 1870 vs yours in 1835. It has shining hardwood floors on the first floor, and carpet on the second floor. Given this house has a renovated kitchen with white cabinets and new appliances along with updated bathrooms, it is appealing with fresh paint and makes it a desirable property. It is more modern looking than yours but does not have the beautiful hardwood floor like yours throughout the home.

Relevance:  Relevant but Higher. It still has cosmetic appeal which did drive the price by over 15K. I believe your house may likely sell less than this one

Pricing Recommendation

Given the current market dynamics in Charlestown, we have to be careful not to overprice the home, I believe the price point for your home is between $801,000 to $850,000.

I would suggest listing your home at the lower end of this price range to attract more interest and potentially multiple offers.  If the market deems your home to be worth more than the list price, then the price will be pushed over the market value of your home, and sometimes well over when we get multiple offers. You can see examples above that came on the market for a lot less, and competition pushed them up to the price they sold for. Experience tells me that competition is why they sold for what they did, so we have to be careful with pricing.  As you can see above, with 10 Lexington Ave, 3 Bunker Hill and 66 School Street, they were priced well and therefore attracted competition, which drove the price higher than asking.

When homes are overpriced (as you can see examples above) they end up sitting on the market and ultimately selling for less than market value, whereas homes priced realistically can often sell for well over market value. Competition is what will get us the highest sales price. As we see time and time again, if the buyers consider the market value of your home to be realistic in relation to the asking price, then competition will push the price up higher and often over the market value of the home. The challenge with overpricing is that the buyers are very educated – they go week after week to see homes in their price range so they KNOW what the prices are and what ‘feels’ right.

I DO NOT DETERMINE THE PRICE - the market dictates the value - what a buyer is willing to pay. My job is to make sure that you have the best market exposure and that your home is positioned well in the market. I do not believe in projecting more money than I think your home will sell for, just to get your business.

My team and I know how to stage and market your home, and I understand its value, but I can only sell it for what the market or a buyer will pay. I strongly believe that a home should be priced compared to the current competition, not just on what has sold in the last six months. At the end of the day, you will be competing for the buyers looking for a home like yours and in the same price range. You can do far more 'damage' to the resultant price we get for your home if we overprice. The prospective serious buyers will see your home within the first weekend of your home coming on the market, and they will have seen everything else in this price range. In other words, the serious buyer knows what is priced well. If they don't see value in your home at its listing price and are not motivated to make an offer, then they will move on and keep looking. In times of increasing prices, it is often hard to predict what a home will sell for, but be assured that even if we price your home lower than what market value is currently, market dynamics will bring the price of the home up to where it should be. Prospective buyers should walk in thinking the price 'feels right' and are motivated to make an offer in the short term, rather than letting several months’ pass.

It is important to stress the value of marketing your home to capture the highest price. In times of low inventory, we know your home will sell by doing the bare minimum to market it, BUT that is not going to get you the maximum price for your home. Key to getting the maximum price for your home is to prepare a comprehensive marketing plan that incorporates all avenues available to us to expose your home to the maximum number of buyers out there looking. Exposure, and feet in the door, is what will get you the highest price for your home.

New statistics state that over 100% of potential buyers search the web as their primary search vehicle. Thankfully, your home will show fabulously in photos. With interest rates likely to increase and inventory at a 7-year low, there are still homes that do not sell in this market. I’m making my recommendations to ensure that you are one of the sellers who will have success in the first month of being on the market, but optimally the first two weekends.

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