News from Somerville -- a brisk Real Estate market, electric atmosphere in its many Squares, and Bono!
The Somerville Secret is old news. For the past 15 years the “hip” and the “unhip” have flocked to its squares for food, drink and entertainment, and stable real estate acquisitions when cities like Boston and Cambridge became unaffordable to most.
Last week Davis Square -- already a mecca for great barbecue, homemade ice cream, a good pint and people watching -- was electrified by the arrival of U2 to the Somerville Theater. A Somerville resident referred to the trendy square bulging with fans in this tight economy as the Davis Square stimulus package for local businesses. Love and appreciation to Bono aside for putting the Square on the map nationwide, the Somerville real estate in Ball, Davis and Teele Squares is doing very well on its own this year!
With ad comments that most likely began with the phrase, Walk to ………Square, great location and close to restaurants, cafés and the “T”, five desirable multi-families were snatched up and closed in the first three months of the year at an average selling price of $544,220. An example at the lower end is 15 Electric Avenue a property in need of renovation, with an asking price of $389,900 and a sale price of $451, 000. On the higher end is 4 Aberdeen, with an asking price of $639,900 selling at $620,000. Impressive in this current economy, but not unusual.
As for condos, three sold in the same time period in the above mentioned locations with an average sale price of $383,667. Currently there is an inventory of 10 listings on the market to choose from with an average asking price of $493,740.
There are many Somerville homes to choose from in a variety of locations as well. For a complete view of properties -- singles, multi-families and condominiums -- click here or tailor a search based on your specifications by registering with Avenue 3 for daily updates.
The daily updates will enable you to stay on top of the Somerville housing market and who knows, the next time Bruce Springsteen (7 years ago) and U2 make an appearance in Davis Square you too may own a piece of Somerville real estate and walk to Davis Square to join in on the excitement! And don’t forget to end the day by rewarding yourself for choosing Somerville by enjoying a range of dining experiences at your feet! Very nice.
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