Massachusetts’ Worst $1.3 Million Real Estate Listing
If you think New Bedford real estate prices are out of control, I'd like to take you for a quick little ride up Route 24 North to I-93 North and introduce you to a place called Somerville.
If I gave you 100 guesses, you'd never guess how much the listing is on this Somerville home.
Granted, the City of Somerville is ideal for anyone who works in Boston. The commute is a heck of a lot better from Somerville than it is from New Bedford (with or without the added benefit of the upcoming SouthCoast Rail).
However, Somerville isn't exactly the ritzier Boston suburbs of Belmont or Milton. It's "Summah-ville," for crying out loud.
Well, if a home goes up for sale for $1.3 million in that city, it must be a large, multi-family home we're talking about, here, right? The rental units would surely help pay the mortgage. Nope. This is a single-family home.
But huge, right? Three-thousand square feet? Maybe 4,000?
Nope. This home is 922 square feet. It was built in 1952.
There's only one bathroom. You mean to tell me after throwing down $1.3 MILLION, I'll have to fight someone for time in the bathroom? Inconceivable.
Utilizing today's interest rates and a whopping $260,000 down payment, your monthly mortgage would be north of $7,000.
Who's buying this house at $1.3 million? Let's play a game called Would You Rather?
Would you rather have this home in Somerville (above) or this sprawling home in Wareham (below) for $200,000 less?
To be fair, this home in Wareham would come with a lengthy commute to Boston, which is part of the draw of living in a place like Somerville. So, let's check out Boston.
The photos above come from a listing in the heart of Boston, a beautiful brownstone renovated five years ago. The rooftop deck view of the Seaport is incredible. You could live here for $100,000 more than the Somerville listing.
Real estate is out of control, but for my money, this might be the worst deal on the market right now.
To be fair, the listing hypes up the potential for development on the site and the location's proximity to destinations:
LITERALLY steps away from the impressive New Somerville High School, City Hall, Somerville Public Library and New Gilman Sq Green Line Stop.