BROOKLINE - 2018
Brookline Market Insight: Brookline, Brookline, Brookline!! Over the last 20+ years, Brookline has been on a run and 2018 was no different. Even with many local landlords discussing an increase in property taxes as a deterrent to investment (and a bona-fide reason to exit the market), investors kept on a white hot pace. That pace included a record-breaking sale of $3,050,000 for the property located at 21 Euston Road, Brookline. Even with the chatter regarding increased taxes, many Brookline property owners held firm, with only a small percentage of properties owners exiting the market.
What Is Noteworthy About The Brookline Market: Several assets were bought and held for income (as opposed to being developed into condos). Due to the established nature of the buyers, the assets at 21 Euston Road and 43 Addington Road appear to be long-term holds. Those assets traded at a price per square foot of $522 and $560, respectively. Several Brookline landlords continue to seek long-term hold investment opportunities and the market remains tight. Landlords seeking long-term holds are accepting a nominal return-on-equity (with the potential for appreciation) to their portfolio.
While Brookline Is White Hot….We also saw a high propensity of expired listings, including the a Brookline institution – the former Irv’s Candy Store (legally a 4-8 unit building) at 373 Harvard Street, Coolidge Corner, which was offered for sale at $6,500,000 (and concurrently offered as individual condos). Of the 17 that expired in 2018 in Brookline, 7 were two-family properties, and one was a class-A gut renovation at 11 Alton Place offered for ($7,200,000). Both 11 Alston and 373 Harvard St would have blown away the high water mark for multi-family sales in Brookline.
Of the 12 three-family sales that happened in Brookline in 2018, nine were listed on the MLS, and three were private sales. Interested in learning buying or selling? Email me at Carleton@JacobRealty.com to find out about properties on the open market, or upcoming investment opportunities.
***Omitted from the 2018 Brookline Market report includes 147 Kent Street (development property), 88 Boylston Street (mixed use property). This market report does not take into account off-street-parking-spaces, which is the key characteristic of a property’s desirability in Brookline.
