condo conversion

Should I Do a Condo Conversion for My Multi-Family House in Brookline?

If you own a two or three family house, I am sure you thought about the option of converting the house into condominiums.

 Watch this video to learn about condo conversion of a multi-family home in the Greater Boston area:

Doing a condo conversion is a tempting prospect, especially in a booming real estate market. Since the sum of condo values will exceed the house’s value, it is an idea worth exploration.

But just because the market is hot doesn’t mean it will be profitable for you!  Whether or not you should turn your two or three family house into condos depends on a few factors.

Here are three important questions to ask before you consider a condo conversion for your house.

1. What is the value of the home as a single entity versus as condominiums?

Your very first step is to ask a highly experienced real estate agent to give you a current price evaluation. The agent will need to provide you with a market analysis for several properties.

  • One analysis will be of the current market for multi-family houses Brookline.
  • Another analysis will be for the condo market in your neighborhood. For each unit in the building you will need a separate analysis, unless they are identical.

Once you know the value of the homes, you will be able to figure out how much you are willing to spend on a condo conversion.

Paperwork for cash money

2. What are the costs associated with the condo conversion?

There are several steps to the process, and each will cost money. There are two substantial expenses in a condo conversion.

– Legal expenses.

You will need to hire a real estate attorney who will write and file the documents, and advise you on the legal process. This may cost $12,000-$15,000.

– Rehab expenses.

This will be the bulk of your expenditure. In order to sell a two family home as two condos, the City will need to inspect the home and ensure it is up-to-code.

If your house is built in the late nineteenth century or early-to-mid twentieth century, like the overwhelming majority of the multi-family homes in Brookline, it is likely there is considerable work to do to get the house up to current standards.

I am not talking about the cosmetic changes.  These are electrical, plumbing, building and safety upgrades, and getting the property up to current codes required in order to obtain a certificate of occupancy necessary to close.

I cannot estimate this cost. If you’ve maintained and updated the house meticulously over the years, it may be $10,000 of various upgrades. If your house is needs a lot of work, it can cost $300,000. There is no way to estimate this without a licensed contractor.

– Expense of selling the home.

Other than the commission, which will be a percentage of the sales, you may also have to supply an engineer’s report for the condo conversion.  This will likely be less than $1,000.

 3.  Do I have the time, energy, and financial resources (cash) to do the necessary work?

This question is self explanatory.  You need to want to do the work involved in a conversion and have the money to pay for it.

Click on the link if you are curious to learn the value of your Brookline multi-family house. Or fill out the form below.

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150 Saint Paul, Brookline

150 Saint Paul #306, Brookline, MA 02446

150 Saint Paul #306, Brookline, MA 02446

Prime Coolidge Corner location, one of the neighborhood’s most desirable buildings.  Open and spacious luxury corner condominium on third floor.  

Granite kitchen with island / bar is open to dining and living room with corner fireplace. Two columns, built-in shelving and high ceilings make for a contemporary and sophisticated style. 

Master suit features a walk-in closet, double vanity, shower and separate tub.  Second bedroom also features en-suite, walk-in closet.

In-unit laundry, two garage parking and proximity to elevator add to the ease and comfort.

 

Specifications:

1,081 Square Feet

2 Bedrooms

2 Bathrooms

2 Garage Parking Spots

Price: $969,000

 
Schedule your private showing or request the open house schedule. Give us a call at 617.291.0323 or sending an email to Showing@MalkinREGroup.com.

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Brookline MA

 

 

22 Chestnut #314 kitchen

22 Chestnut Place #314, Brookline

22 Chestnut Place #314, Brookline – NEW LISTING!

Sunny and modern two bedroom, two bathroom condominium in elevator building. New beautiful granite kitchen, updated luxurious bathrooms, parking included.  Walk to D line.

Open, sun-filled two bedroom condominium at Sargent Estates.  This home has been thoughtfully remodeled with a brand new granite/stainless steel kitchen and modern luxury bathrooms. Expansive dining and living room with large windows overlooking green private space.  You will find spacious bedrooms and excellent closet space.  Two parking spaces and extra storage included. Elevator building with outdoor pool set in quiet lovely surroundings. Walk to Brookline Reservoir, Brookline Village, D line.

Specifications:

Bedrooms: 2

Bathrooms: 2

Square Feet: 1,102

Parking: 2 Outdoor

Price: $785,000

 

Schedule your private showing by filling out the form below, giving us a call at 617.291.0323 or sending an email to Showing@MalkinREGroup.com.

Schedule a Showing for a Listing

Beat the crowd of home buyers by scheduling your showing now. *YOUR INFORMATION IS CONFIDENTIAL AND WILL NOT BE SHARED WITH OR SOLD TO ANYONE, EVER!*

Penthouse Luxury Condominium: 300 Kent Street #5, Brookline

This stunning penthouse condominium is not only an architectural wonder, it has an amazing panoramic view from its private rooftop deck:

 

Luxury Penthouse Condominium in Longwood Mall area.  Spacious, sun-drenched home, all rooms graced with architectural detail. Modern kitchen with new high-end Bosch kitchen appliances, private roof deck, parking.  Walk to Coolidge Corner, C, D lines.

An architectural wonder at the beautiful Longwood Mall area.  Luxury condominium in 1885 historic mansion’s sun-drenched penthouse with private roof deck.  Dramatic glass-encased grand staircase entrance welcomes you.  

Inside find a spacious layout, all rooms graced with beautiful architectural detail.  Three original fireplaces – one cherry wood enclosure, two with original marble mantles; Five large skylights, unusual juxtaposition of arches, distinctive wainscoting, extensive built-in bookcases, and original stain glass window.

Large, sunny modern kitchen, new high-end Bosch kitchen appliances, excellent storage and pantry spaces; cherry wood eating counter, and computer desk area.

Especially large bedrooms.  Master bedroom suite has sitting area, large adjoining dressing room/ walk-in closet, bathroom with double sinks, large whirlpool tub, in-shower sauna;

Exclusive use of a large roof deck with an unobstructed panoramic view of magnificent trees and the mansion’s forest which allows for both complete privacy and vast openness, perfect for gardening and entertaining.

The top level unit is uniquely immune to noise.  Updated heating and air conditioning; new hot water tank and in-unit laundry. One car garage and one exterior parking space parking; Shed for bike storage.

Minutes to Coolidge Corner and Kenmore Square, steps to MBTA C & D-Lines. Short walk to Longwood medical area, Emerald Necklace Riverway and bike path.

Want a 3-D view?

 

Specs:

Total Rooms: 6

Bedrooms: 2

Baths: 2.5

Square Feet: 2775

Year Built: 1885

Level 3

Parking Spaces: 2, one garage, one outdoor

Outdoor Space: private roof deck

Heating /Cooling: Forced hot air

Washer/Dryer in unit

Condo Fee: $1,183

Taxes: $14,885

Price: $1,999,999 Buyer has PRICED TO MOVE at $1,799,999

 

I would love to show you this condo. Schedule your private showing by giving me a call at 617.291.0323 or sending an email at ruth@malkinregroup.com

Coolidge Corner 19 Winchester Street

Coolidge Corner Condominium: 19 Winchester St. Unit 604

Convenient and comfortable home for City living in Coolidge Corner. Spacious and cheerful condominium with parking in a highly desirable building. Features include hardwood parquet floors and great closet space, living room with sliders to private porch with beautiful City view. Ready for an update with your personal customization and taste. Steps to Beacon Street and Coolidge Corner, 19 Winchester Street is a meticulously maintained modern elevator building with a pool, laundry on-site, and beautiful lobby. Ideal for investor or owner occupant.

  • 698 sf
  • One Bedroom
  • One Outdoor Parking
  • Sixth Floor
  • Outdoor Pool

$535,000

 

Schedule your provide showing by giving us a call at 617.291.0323 or sending an email at showing@malkinREgroup.com.

123 sewall ave 1K Brookline condo

123 Sewall Ave, #1K: Walk to Coolidge Corner, Longwood Medical Area

New condo listing in Brookline.  

Ideally located a short walk to both Longwood and Coolidge Corner.  Beautifully maintained one bedroom home  with an open and modern space, sunny and bright.  Granite kitchen with island, open to living room and dining area.  Sliders to spacious private balcony.  Bedroom has great closets, and fits a king size bed.  Laundry hook-up in unit, elevator building, garage parking included.  Excellent for investor or owner occupant.

Located in one of the most walkable areas around Boston, with easy access to C and D lines.  

Basic Information about 123 Sewall Ave #1K in Brookline:

  • One bedroom
  • 800 Square Feet
  • Garage Parking Space
  • Price: $549,000

 

44 Court Street Dedham Antique Home

44 Court Street, Dedham: Antique Home in Walkable Dedham Square

Precinct 1, Historic Dedham Square Colonial built in 1797, where old world charm is at its best.  This six bedroom home has been updated and lovingly maintained.  Elegant entry hall with dentil molding, high ceiling and wainscoting.  Formal living and dining room and separate family room, each with fireplace.  Expansive screened porch brings the outdoors in, the best spot for summer dining and relaxation. Remodeled chef’s kitchen with granite counters, Thermador oven, Viking fridge. First floor also features library / study, half bath and laundry room.  Second floor has four bedrooms, master with bath and walk-in-closet. Two more sizable bedrooms, full bath, easily accessible storage on third floor.  Bedrooms are all spacious, bright and cheerful.  Bathrooms have been updated. Large lot with mature plantings providing privacy and space for play, entertaining, and gardening.  Walkable neighborhood near restaurants, coffee shops, and picturesque Dedham Square.  Around the corner from public library, minutes to Legacy Place and commuter rail stations.  

History of 44 Court Street in Dedham*

Dedham Square Historical HouseDedham served as an important stagecoach center on the direct route between Boston and New York via Hartford.  In 1795 the Boston – Providence post road opened and went through today’s Court Street.  To meet demand of travelers between the Cities, Howe’s tavern opened in 1798, by William Howe, who leased the land from the Episcopal Church.  Most of the tavern’s original main parts still stand today at 44 Court Street.  Changing hands a couple of times, the tavern ran successfully until the mid 19th century.

The Marquis de Lafayette was said to have stopped here on August 23rd, 1823.

In 1834, the railroad extension between Boston and Providence opened, which dramatically reduced the area’s needs for taverns.  The house remained a place of entertainment for some years later.  In 1891 a fire which burned down Temperance Hall next door spread to 44 Court Street, but the house was restored and the third floor added in 1898.  Since, it has served as a private residence, with an attorney’s office as well.  *Historical information gathered at the Dedham Historical Society & Museum

 Watch the video then book your private showing on the form below:

 
 
 

Click to learn why Dedham Square is one of Boston’s best walkable neighborhoods

34 Court Street, Dedham MA:

Built 1797
Rooms 12
Bedrooms 6
Baths 3.5
Living Area 4,470 sf
Lot size 17,693 sf, 0.41 acres
Price $1,195,000
 

Schedule a Showing for a Listing

Beat the crowd of home buyers by scheduling your showing now. *YOUR INFORMATION IS CONFIDENTIAL AND WILL NOT BE SHARED WITH OR SOLD TO ANYONE, EVER!*
61 Thatcher St.

Coolidge Corner – Rare 3 BR Condo – 61 Thatcher St. #3

Coolidge Corner is in hot demand right now. Walkability, convenience, prime location, a bustling neighborhood . . . you can have it all in this newly listed 3 BR condo.

 

Three bedroom condominium near Coolidge Corner.  Sunny, second level home with easy floor plan.  Foyer and front hall are welcoming and cheerful, leading to spacious living room with french doors.  Windows overlook beautiful Thatcher Street. Separate formal dining room and three bedrooms, all of them bright and inviting. Hardwood floors throughout and updated baths.  Private porch off the kitchen.  Parking is included, located in the back of the building.  Quiet side street walking distance to transportation, C line, B line, Amory Playground, Boston University.  Steps to both Beacon and Commonwealth Avenue.

Basic Information:
3 Bedrooms
1.5 Baths
1,311 Square Feet
Parking

$839,000

Click To Learn More About Coolidge Corner

 
 

Coolidge Corner is the one of the most walkable neighborhoods in the Boston area.  It is perfect for anyone looking for a home which is close to Downtown Boston, enjoys using the T, and likes to walk to the best restaurants and shops around.  Anywhere you live in Coolidge Corner, you are just steps from a lovely park.

Schedule a Showing for a Listing

Beat the crowd of home buyers by scheduling your showing now. *YOUR INFORMATION IS CONFIDENTIAL AND WILL NOT BE SHARED WITH OR SOLD TO ANYONE, EVER!*

Coolidge Corner 1 bedroom

Coolidge Corner Condominium with Parking: 125 Pleasant Street #605, Brookline

Large one bedroom home on sixth floor of desirable Amory House, Coolidge Corner.

Well maintained condominium with master suite and separate guest bathroom. Excellent layout allowing for easy entertaining. Welcoming and open living room and dining room, with sliders to private balcony. Outdoor space large enough for chairs and table, with a beautiful unobstructed view. Comfortable living with garage parking, laundry in building, elevator, exercise room and rooftop deck and pool. Minutes to shops, restaurants, public transportation, and parks.

Basic Information:
1 Bedroom
1.5 Baths
853 Square Feet
Garage Parking
Laundry in Building
Exercise room, common rooftop deck and pool, club room
Elevator building

$579,000


Coolidge Corner is the one of the most walkable neighborhoods in the Boston area.  It is perfect for anyone looking for a home which is close to Downtown Boston, enjoys using the T, and likes to walk to the best restaurants and shops around.  Anywhere you live in Coolidge Corner, you are just steps from a lovely park.

Schedule a Showing for a Listing

Beat the crowd of home buyers by scheduling your showing now. *YOUR INFORMATION IS CONFIDENTIAL AND WILL NOT BE SHARED WITH OR SOLD TO ANYONE, EVER!*

underpricing a home

The Danger of Under-Pricing Your Home and the Big Lie Real Estate Agents Are Telling You

You may think under-pricing your home is the key to making a swift sale. After all, everyone hears about bidding wars and homes which fetch $100K over the asking price in the Brookline or Boston markets.

However, there is a difference between things that sound good and things that are good. Homes sometimes enter these kinds of bidding wars when they’re under-priced in the first place, which means the sellers of these homes will never know if they could have gotten more money.

And here’s the hard truth: they probably could have.

Of course, some sellers aren’t aware of what’s going on: they’re just following the advice of real estate agents who are are happy to make a little less money themselves if it means they don’t have to work particularly hard.

How to Spot a Lazy Realtor

There are two things to look out for here.

The first is the agent’s own marketing. Any agent who boasts about consistently selling homes for 10% above the asking price is under-pricing their offerings almost every time they sell a home. They’ll try to tell you this isn’t the case. Instead, they’ll try to make you believe they’re doing some special kind of marketing to create this advantageous price war.

Unfortunately, that’s a lie.

There is no marketing trick that can magically make a bidding war happen or get you 10% more than the house is worth.  An agent consistently fetching 10% over asking price is consistently under-pricing the home.

Second, these real estate agents will try to tell you that there’s “no such thing” as pricing a home too low. They’ll point out there will be multiple offers over the sales price and will try to convince you these multiple offers will get you to the true value of the home in no time at all.

That is a very easy way to get out of the challenging task of understanding the market well enough to price a home correctly.

boston neighborhoods report

The Math Doesn’t Add Up

All you need to debunk this claim is to give some thought as to why there might be a bidding war at all. Why would people race to pay more instead of paying the low price the seller is asking for?

It’s because even if they win the bidding war and pay more than what is asked for they are nevertheless getting a steal of a deal.

Let’s say your lazy agent lists your $600,000 house for $500,000. Now let’s say you get 10% over the asking price.

You’ve just sold your $600,000 house for $550,000, which means the buyer gets a $50,000 discount. Suddenly that bidding war doesn’t look so good. Even if you get 10% more than you asked for you’re still getting $50,000 less than the home is worth.

The bidding war only tells you some savvy buyers recognized they’d gain immediate equity by making an aggressive offer.

In a seller’s market, there could be enough pressure to push the price well over the asking price.  But it is better to start with a price which reflects the value of the home.  

Remember: Good Agents Don’t Play Pricing Games

Good agents price homes at market value and help you find the right buyers for those homes. You might only get fewer solid offers this way, but they’ll all be offers which honor the value of your home and the investment you’ve already made.
RuthBio1