Magoun Sq Condos/Lowell St

[duffless2323.livejournal.com]

So I have been keeping my eye on condos circling the greater Davis area and keep getting emailed about the Lowell St Condos (301 & 303 Lowell St). They seemed to be priced very low for the area, even considering they are a bit dated and seem to have drop ceilings. I have never found it super sketchy over that way, and I think the green line is going in. Does anyone know what is up with these condos? Is there something else driving the price so low? If you happen to know anything I'd love if you could share it. Thanks.

http://www.newenglandmoves.com/viewDetails.nem?GLID=1012051461

Comments

[mjrocks98.livejournal.com]

I live right around the corner from them & went & looked at them a few weeks ago. I thought they were pretty small & was unimpressed, but that's me.

[clevernonsense.livejournal.com]

i have a friend who lives there and it's a nice place overall. I don't particularly think they are being priced that exceptionally low though, in comparison to other things on the market. I think they are pricing them aggressively because they are converting the whole of the 2 buildings to condos all at once.

[duffless2323.livejournal.com]

Yeah, that is what I was thinking but some of them are listed for 210, which is the asking price, I'd imagine you can talk them down from there. So that still seems low for small and unimpressive. I guess I'm overly suspicious when things around here ARE in my price range!

[bikergeek.livejournal.com]

Looks like a conversion from one of those crummy 1960s-70s "shoebox" apartment buildings. I lived in a similar building before I moved to my current place. My first bet is that you're removed from your neighbors by no more than two thin sheets of drywall and a row of 2x4s, and that you'll literally hear it every time they sneeze. God help you if your neighbors have loud screaming fights, a penchant for techno music, etc., etc.

I've been shopping for a house for myself for over a year now. I've learned one thing: if it seems like a bargain, there's probably a reason.

Also, I wouldn't buy any place predicated on the construction of the Green Line. That'll go in 'round about the time Ikea opens for business in Assembly Square, and "Duke Nukem Forever" comes out.

[scottxwl.livejournal.com]

My chum bought a 3 story house 6 blocks from there for 325k. But it's in Medford, not Somerville. I think if you search around you can find something better for your money, especially if you consider Medford.

[whaler.livejournal.com]

Avoid drop ceilings. I had my neighbor's bedbugs crawl into my apartment through the drop ceiling and we're still dealing with them.

(yes ew I have bed bugs I'm disgusting, throw rocks at me)

[nungnung.livejournal.com]

Last fall, I looked at a multifamily around the corner from there that was only priced at $225K. Not for one unit, but for BOTH. Prices have fallen sharply in many surrounding communities, and some of that is starting to creep into the less popular areas of Somerville.

We wound up in a single family in Malden for only $150K, FYI. So you can get a lot of bang for your buck these days.

[latvianchick.livejournal.com]

At $287/sq foot it's not that low. A quick and lazy search for comparables finds an average of $234/sq foot in the neighborhood.

Ewww!

[nvidia99999.livejournal.com]

:)

Drop ceiling....

[nvidia99999.livejournal.com]

In every room??

[greyling.livejournal.com]

Did I read the "part of a 38 unit conversion project" part right? Are they seriously fitting 38 units in those 2 buildings that I see in the drawing? 38 seems sky-high; either those buildings are bigger than they look, the units are tiny, or I'm really bad at estimation.

But if they are seriously going to try to sell 38 units, that would explain the low prices.

[rethcir.livejournal.com]

Drop ceilings in a domicile? Yuck. My only memory is of being in a crappy dorm that was built in the 50's and pretty poorly upgraded over time, and hiding booze up there. Every time we moved the ceiling panels, dust that probably had asbestos in it would fly all over. They should be reserved for offices.

[daviscubed.livejournal.com]

789 square feet. That's very tiny. I agree with the above poster - given the $/sq. ft, it's certainly not ridiculously low, considering it also doesn't have the typical new conversion amenities - h/w floors, central air, etc.

[icecreamempress.livejournal.com]

Agreed. You can do better at the $200-225K price point than that.

[mamajoan.livejournal.com]

I live right across the street from these buildings, and yes, those pictures fail to convey their size. I can easily imagine that there are 38 units in there. Small ones, mind you, but still.

[http://users.livejournal.com/_meej_/]

I'm not clear on how this would have to do with drop ceilings (which are horrible, sure), though, given that there's an actual ceiling up above a drop ceiling anyway... Can you clarify at all?

(I'm not saying it *didn't* have to do with the drop ceiling - just that I don't get it.)

[whaler.livejournal.com]

I might be wrong, it was just my hair brained theory. My land lord told me that the neighbors had bed bugs, and came to check if we did. Then a month later we did too. They could have came on his pantleg for all I know.

Even with a drop ceiling...

[nvidia99999.livejournal.com]

There should be a floor and a subfloor above it. It's not like your neighbor is walking on your drop ceiling! :)

Re: Even with a drop ceiling...

[whaler.livejournal.com]

oh it's the adjacent neighbor, we're the top floor

[obie119.livejournal.com]

Plus, it's a 10-minute walk from Davis Square maybe if your legs are 8 feet long, but not for regular people :)

[smoterh.livejournal.com]

Since I live next to it and have seen these units I can say this. The units, are not rediculously low, but they are not super pricey either. I bought a small 2 unit next to it for 300k (that needed some work). The only other affordable 2 family unit with lots of work needed is listed on Richardson st for $325.

Per square foot, condo's always cost more then single or 2 family homes. If you want a cheap priced condo in the general davis square area, this is the cheapest that you will get, but the units are around 800 sq feet. Despite the poor market, there isn't that much available for under 300k and over 750sq feet. Between davis square and central street there is only 6 units available (condos/homes)

Between davis square and central street there is only 6 units a

[smoterh.livejournal.com]

actually you can't.
The next condo closest to davis and about the same size (Between 750 and 1000 sf) is by mystic ave and then east somerville, or on the other side by oak grove cementary.

However, if you're willing to move further than a 2 mile radius from davis square, then yes, there is plenty available in that range.

I'm looking to buy my second home in the area and have been closely watching the market. There isn't nearly as much available now as there was about a year ago.

I love my new condo at 301/303 Lowell Street

[mesh44.livejournal.com]

I have to say I find it disturbing that people use the internet to compare a building they have never been in to some other troubled place. I feel so privileged to have such a nice new affordable home and I wish everyone could.

I've been here for several months and it is very quiet very well-maintained by a friendly management company, and there are none of the issues that other posters speculated about. The construction is very solid and the walls are substantial and block noise. I've never heard a sound from the family next door. I have a huge living room, large master bedroom, and an ok other bedroom. The kitchen and bathroom are compact but I'd rather have the other rooms be larger. There are also three closets and a storage space.I just moved from a 1700 sq ft Victorian, and I am very pleased with the size of the rooms here.

My only utility bill is electric at $34/month. The condo fee is reasonable and includes heat and hot water. I didn't even turn on the heat all winter, the building is so well insulated and constructed.

It takes me 20 minutes to walk to the Davis Sq T, all of it on quiet streets and mostly on the bike path. I can also get to Porter and Ball Square easily. I walk to Harvard or Central in about 50 minutes, using the Lowell Street underpass. I am not a young person.

I watched real estate listings for Davis/Porter for a year and was delighted to find 2-bedrooms as big as 845 sq ft for anything below $250,000. I'm glad I bought now when prices are generally low, and when the T and the bike path are near here in a few years, I'm confident the value will go way up. In addition, Magoun Square is about to get a major facelift.

The real estate agents Mr. Vrotos and his son, and the seller (who owns all the unsold units) were very nice to deal with. The owner is a local attorney with a long history in this area. A friend of mine who had owned the condo from Hell (in Somerville, by the way), and knew all the problems that might occur, went over all the condo papers for me and is confident that this is a good condo legal setup.

I wish you well with your search for a new home.