Note: Last week on our Face Book page we asked the question "What is your perceived value of condos in Cambridge and Somerville and where do you think you could get the most for your money?". Somerville had the most of your votes. Here is a response to the question from Karen Lilley, Avenue 3 Principal.
Trying to make comparisons of real estate values in various communities is always a slippery subject. “Value” comprises so many components of any property that are non tangible and not easily converted to a numeric coefficient. In addition, real estate comparisons are not usually apple to apple, properties typically embody unique physical features and unique locations which complicate any attempt at comparison. That being said, lets tackle the comparison of the general “value” of Cambridge MA condos and Somerville MA condos by looking at the opinions of the buyers -- actual sold prices of condos in these cities in the past six months.
In the fair city of Cambridge MA, the past six months have seen the sale of 263 condominiums!
The Average Sq Ft: 1,097.03
The Average Sale Price: $488,895
The Average Sq Ft Price: $451/ft
The lowest priced unit sold for $195,000, 23 condos sold under $300,000, 183 condos sold between $300,000 and $600,000 and 13 units sold over 1 million dollars.
In the fair city of Somerville MA, the past six months have seen the sale of 122 condominiums!
The Average Sq Ft: 1192.66
The Average Sale Price: $379,456
The Average Sq Ft Price: $329/ft
The lowest priced unit sold for $132,900, 37 condos sold under $300,000, 76 condos sold between $300,000 and $600,000 and the highest sale price was $995,000.
Just looking at the numbers, it would seem that Cambridge conds for sale have the edge in terms of higher pricing throughout the spectrum of condos sold – at least 10% higher on average. Whether this translates into better “value” depends on the opinion of the buyer. The buyer would empirically weigh potentially higher resale costs against the potentially higher expenses, and emotionally weigh the conveniences, condition and location, to come up with their sense of “value”.
Visit www.avenue3re.com for Cambridge MA condos versus Somerville condos – value is in the eye of the beholder.
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