The latest in this crazy real estate market: A dilapidated Brighton house for $800,000
Allston-Brighton has long held a reputation of being a somewhat affordable Boston neighborhood for college students and young professionals.
But in this crazy housing market, it looks like even that longtime belief is now out the window.
A real estate posting by Boston Trust Realty Group lists a well-worn three-bedroom, one-bath, 1,200-square-foot, single-family home — for a jaw-dropping $800,000. The list price, coupled with the photos of peeling green paint and a haphazardly leaning fence at 54 Waverly St., has already grabbed some attention online.
The list price is almost double what the city of Boston believes the property is worth: $438,500.
Listing agent Jeff Similien told the Globe that before the listing went public Tuesday, he brought the seller multiple offers from investors and developers ranging between $400,000 and $650,000. However, the seller turned him down.
“He said he’s not selling it [at that price] — he wants $800,000,” Similien said. “It’s what he’s looking for.”
Photos of the home’s interior weren’t available on the listing. But the city described the space as being in “average” condition, noting that it has no air conditioning and a “semi-modern” kitchen. Similien said he hasn’t been inside but noted, “It’s not in great condition.”
However, potential buyers probably wouldn’t move right into the home. The listing touts the property as “ideal for developers or contractors” to “tear down and rebuild new condos, town homes or three family home.” The property spans about 4,000 square feet and is zoned for a three-family home, according to the listing.
Another possible reason for the inflated price: The property sits just over a half-mile from the new Boston Landing development near New Balance headquarters. The development includes new restaurants, a commuter rail stop, and new practice space for the Celtics and the Bruins.
The listing also states that there are town homes under construction on the same street, and says the first unit for sale there is listed at $985,000.
“This particular seller said if someone is going to be paying close to a million dollars [for this area], then I should be getting close to that price,” Similien said.
The seller resides in the home, so he’s not in a huge rush to unload the property, Similien said.
Asked whether he believes the seller would actually receive an offer that high, Similien said he probably could.
“It’s more of a seller’s market, and people want ridiculous money,” he said. “He’ll probably get it, or something close to it. I see people get offers for less, for property that’s not worth so much. It’s just a waiting game.”
It’s not the first time a dilapidated home has been listed for an exorbitant price. An uninhabitable, fire-ravaged home on a quarter-acre lot in Melrose was recently listed for sale at $600,000, and the seller raised the price by another $50,000 after receiving multiple offers in just two weeks.