CAMBRIDGE -2018
Cambridge Market Insight: Arguably the top place to own income real estate, remained to be the place to do so in in 2018. Driven by inherent and local demand for housing (Kendall Square employers, MIT & Harvard (faculty, staff) etc.) combined with the flexibility of buyers (buyers can seek either long-term holds or condo conversion), Cambridge continued to attract buyers of all shapes and sizes. Add to that several Harvard Square sales, and 2018 was a banner year for Cambridge three-family owner-sellers.
What Is Noteworthy About the Cambridge Market: Trophy assets continued to trade at a high price, which included 16 Surrey Street, that set the high per-square-foot mark in Cambridge (trading for a whopping $876 per-square-foot, and a whopping $373,000 over asking price). That property’s proximity to Harvard Square made for some intense bidding. Not to be topped off or sold short, the asset located at 190 Appleton St sold for five-hundred-thousand-dollars over asking. What’s the kicker? The buyer didn’t take out an mortgage.
Also setting a record price was the asset located at 101 Trowbridge, which sold for $3,535,000, and a price per square foot of $598 – which isn’t so bad considering the proximity to Harvard Square and the price per-square foot- is in range of the average-price-per-square-foot, for assets in Cambridge.
While Cambridge Was Active, A Large Proportion of Multi-Family Owners Will Face a Significant Capital Gains Tax Upon Exit…..A large proportion of three-family owners in Cambridge have owned their property for decades. One program within the ‘Value Maximizer’ one helps match sellers with well-qualified buyers within my network. These buyers wish to retain the assets as income-producing assets. Contact me at 617 272 5440 if you are interested in options to retain your income stream.
