Home Buying

Million-Dollar Listings Available in Wellesley, MA

See the best Wellesley, MA has to offer with these luxurious real estate listings

Wellesley, Massachusetts is located 13 miles west of Boston and is a predominantly residential community. Wellesley is a highly desirable suburb for those working in Boston due to its geographic location as well as its visual characteristics. Wellesley is an employment center in the area, and there are several attractive office parks located in the towns eastern section. Wellesley is also a college community, having within its borders Wellesley College, Boston College, and Massachusetts Bay Community College. 

Here are several beautiful listings currently available in the village of Wellesley, MA (as of 10/8/18):

25 Kenilworth Road

Wellesley, MA 02482

MLS Number 72396531

Basic Information:

  • 5 bedrooms, 7 bathrooms
  • Price: $3,495,000

Gorgeous, distinctive residence in sought after Dana Hall neighborhood! A comprehensive renovation and expansion seamlessly blended today's most desirable amenities. Spectacular kitchen has two islands, custom cabinets, stunning hardware, high-end appliances and box-beam ceilings. A sensational great room has a gas fireplace and tray ceilings. There are beautiful, elegant formal living and dining rooms as well as a study with fireplace. A spacious, convenient mudroom leads to a heated garage. The second floor offers a master suite with spa-like marble bath and ample custom closets; four additional family bedrooms; three full baths plus a laundry. A third floor suite has a full bath, wet bar and built-ins galore. The lower level includes both recreation and exercise rooms. Level grounds are enhanced with a bluestone patio, built-in grill, fire pit plus a sports court - all just perfect for both entertaining and family enjoyment. Outstanding condition and location. A home to treasure!

 

37 Old Farm Road

Wellesley, MA 02481

MLS Number 72399314

Basic Information:

  • 6 bedrooms, 7 bathrooms
  • Price: $4,895,000

Almost complete! The most extraordinary New Construction, nestled on beautiful private 1.24 acres, in the Farms neighborhood. Elegant stone and shingle style home by a Wellesley-based design/build team. Modern open floor plan with 26' high, sun filled foyer adjoins the main 1st floor living areas: a two story vaulted ceiling family room, stunning living room with marble fireplace, and gourmet kitchen with large island. The home offers 6 bedrooms, 5 full and 2 half baths, including a lavish master suite with fireplace, walk-in closets and spa bath. French doors open to a bluestone covered patio that overlooks a private skating pond and expansive back yard. A separate porch has gorgeous views of abutting conservation land. The lower level (2,826 square feet) has a glass walled fitness room, guest suite, pre-wired media room and wine cellar. Striking design and skilled craftsmanship on a special property! Close to Mass Pike and Farms Train Station. October/November 2018 Occupancy

 

62 Ledgeways

Wellesley, MA 02481

MLS Number 72169021

Basic Information:

  • 6 bedrooms, 7 bathrooms
  • Price: $6,695,000

Amazing Opportunity! A Fabulous One Acre Lot in the Much Coveted Wellesley Farms! Custom Home Designed by a Renowned Architect and Built by an Award Winning Builder! Attention to Detail is Always their Hallmark. Handsome Millwork. State of the Art Kitchen with Center Island. Family Room with Fireplace and Built Ins, Formal Living & Dining rooms plus a Library & Mud Room complete the First Floor. There are Five Bedrooms on the Second level including a Wonderful Master Suite with Spa-Like Bath and Master Dressing Room. The Lower Level offers Large Recreation/Living Area with Wet Bar, Exercise Room, 15 x 9 Wine Room with Reclaimed 5" Wood Floors & Mahogany Stain, Flex Room for either Media or Play Room Plus 6th Bedroom & Full Bath. The Exterior Features include an Open Air Porch with Remote Retractable Screen, Stone Fireplace and the ability for a Pool. Call for a showing today!

 

124 Dover Road

Wellesley, MA 02482

MLS Number 72354874

Basic Information:

  • 6 bedrooms, 8 bathrooms
  • Price: $4,950,000

Spectacular Dana Hall Colonial, crafted by one of Wellesley's finest builders will take your breath away! A grand entrance hall w/sweeping staircase welcomes you into a stylish & sophisticated estate home filled w/exquisite detail including arched entries, millwork, hickory floors, solid mahogany doors & custom stonework. Formal fireplaced living room w/oversized windows & French doors to private office w/built-ins. Banquet-sized dining room accommodates all your guests in elegance. White gourmet kitchen w/granite countertops, the finest appliances & large island leads into sun-filled breakfast room w/French doors opening to bluestone patio perfect for entertaining. Step-down family room features stone fireplace flanked by bookcases, & double doors leading to 3-season porch. Six bedrooms include sumptuous fireplaced master w/luxurious bath, + French doors to private deck overlooking lush acre landscaped for privacy. Ideal location near Wellesley center, train, shopping & restaurants.

 

190 Pond Road

Wellesley, MA 02482

MLS Number 72309143

Basic Information:

  • 5 bedrooms, 8 bathrooms
  • Price: $4,595,000

Designed by renowned architect Guy Grassi, remodeled in 2017, this spectacular 3-acre estate represents the elegance of a European Manor. Approached by a winding drive, this residence is situated on coveted Pond Road, just one mile from Wellesley Center and across the street from acreage owned by Wellesley College.Upon entry the gracious two story foyer with marble floors & soaring ceilings leads to a spectacularly appointed front-to-back living room with exquisite architectural details. The adjoining sunroom offers walls of windows overlooking the beautifully landscaped grounds. A mahogany library with custom built- in cabinets.New kitchen with state of the art appliances adjoins a a large family room with French doors opening to the private patio and access to separate guest suite. Second floor has 4 bedrooms with ensuite baths, including a new luxurious master bedroom suite. Finished lower level game & exercise rooms.Heated 4 car garage.This designer home has been completely updated.

 

103 Washington Street

Wellesley, MA 02481

MLS Number 72402583

Basic Information:

  • 5 bedrooms, 5 bathrooms
  • Price: $2,695,000

Most incredible renovation by LDa Architecture. One of Wellesley's iconic homes. The interior is just as stunning as the street presence! 10 foot ceilings. All new Pella windows. Grand foyer flanked by formal living room & dining room. Open kitchen family room w/ oversized island & windows overlooking large & flat backyard. The butler pantry/bar along w/ the kitchen have cabinetry to the ceiling. Mudroom filled w/ built-ins. Radiant heated floors w/ the addition- kitchen family room, mudroom, master, garage & playroom. 5 bedrooms & 3 full baths on 2nd floor. Master w/ walk-in closet & carrara marble bathroom. Lower level w/ great ceiling height include a large playroom, full bath, exercise room, office & wine storage. 3 car garage w/ architectural detail matching home. Spectacular yard w/ large bluestone patio & stone walls. This home is truly a piece of art w/ it's custom woodwork & details...plus just across from Warren Park, train & restaurants. This is the best commuter location

Like what you've seen so far? Check out more single family homes for sale in Wellesley, MA on our website!

You can search through hundreds of listings to find the right real estate for you. Save your favorites when you register with us, then you can get email updates when similar properties that match your criteria are posted. Contact us for more information!

How to Negotiate in a Seller's Market as a First-Time Home Buyer

It's no secret that the Boston real estate market is on fire right now.

With all of the business development opportunities pouring into the city—alongside the already established education and medical sectors—the Boston housing market has reached unparalleled levels of competition among buyers.

Although the hot real estate market is a positive indicator for Boston, the climate is increasingly difficult for first-time homebuyers to settle in the Boston area. Today's Beantown area buyers now find themselves searching for their home in a real estate market where inhabitable fire damaged homes or barely habitable fixer-uppers are listed for $600K or $800K respectively.

What is a seller's market?

seller's market (n.)- "a market in which goods are scarce, buyers have a limited range of choice, and prices are high" (Merriam-Webster)

In a seller's market, buyers are at the mercy of the market and are much less likely to hold the position of power. Bad news for home buyers, but great news for seller's who can make a higher profit because of the increasing demand for housing.

In a buyer's market, the power reverses—buyers are in the position of power and are much more likely to able to negotiate terms (i.e. price) in their favor. The seller is less likely to get their ideal list price.

It is certainly seller's market in the Boston area—the low inventory for homes remains vastly disproportionate to the continued exponential growth of Boston residents.  

Want to know how can you succeed in your home search? We've put together a handful of tips to keep in mind while finding your Boston home:

Tips for Home Buyers in Seller's Market

Set realistic expectations. Everyone loves being optimistic, but it's also important to consider the reality. Your expectations, your must-haves, and/or your budget may not align with the current climate of the real estate market. For example, in a seller's market, there is less leverage for a buyer to negotiate repairs. 

Get prequalified/preapproved for a loan by a lender. Be proactive by getting prequalified and having a letter to show sellers. Why? Sellers want to see proof that you can afford a loan and will be more willing to accept your offer before someone else who is not prequalified.

Make a strong offer and move fast... Buying a home in a seller's market is not a gentle courtship. When you find your ideal home in a competitive market, chances are that there are plenty of other people who see the same potential for themselves. Be agile by submitting your offer as soon as possible. 

... then be ready to anticipate a bidding war. Even after you put your best foot forward with your strong offer, don't be surprised if you're caught in a bidding war.  

Work with an experienced real estate agent who you can trust. There are so many obstacles buyers face in any real estate climate, but searching in a seller's market requires an extra know-how to succeed in your home buying journey. A knowledgeable real estate agent will help find the best listings for your needs, identify the right opportunities, recommend the right way to proceed in a bidding war and so much more.

Resources

HOA Fees in Boston: What You Need to Know

As you search for your dream luxury condominium in Boston, the cost of HOA fees can certainly make an impact on your final housing decision

What are HOA fees?

Homeowners association fees, simply abbreviated as HOA fees, are funds that contribute to maintaining the common areas of a planned community, such as condominiums, townhouses, or free standing homes within a gated development. HOA fees are typically paid monthly by the homeowner. 

The cost of HOA fees is determined by a variety of factors, including the community's location, available amenities, and general lifestyle.

Consider your budget and your must-haves for an ideal living situation. Are HOA fees worth the investment for your situation?  Work with your realtor to determine which condo or shared community properties have proportionate HOA fees based on your needs.  

What is the average cost of HOA fees in Boston?

According to a nationwide study conducted by Trulia, HOA fees are continuing to rise in major U.S. metropolitan areas. The four major findings from the study revealed:

  • HOA fees have been increasing at a faster rate than home prices
  • HOA Fees are higher in older buildings 
  • If a building has a fewer number of units, the HOA fees will be smaller
  • If a unit has fewer bedrooms, the HOA fees will be smaller 

Here's a look at Boston's HOA fee statistics from the Trulia study:

Boston, MA Metropolitan Area (2005-2015)

2015

  • 15.9%: Percentage of Homeowner Households Who Pay A HOA Fee in Metro Area, 2015
  • $387: Weighted Average HOA Fee of Households That Pay HOA Fee, 2015

2005

  • 14.5%: Percentage of Homeowner Households Who Pay A HOA Fee in Metro Area, 2005
  • $318: Weighted Average HOA Fee of Households That Pay HOA Fee, 2005

2005 vs. 2015

  • 1.4: Point Change in Homeowner Households Who Pay A HOA Fee, 2005 to 2015
  • 21.7%: % Change in Average HOA Fee, 2005 to 2015
  • 2.0%: Per Annum Change

View Trulia's complete study: Attack of the Killer HOA Fees

Conclusion

Although HOA fees are rising, this should not necessarily deter a homeowner from looking at condominiums, townhouses, and other planned communities. 

As property values increase, especially in metropolitan cities that are popular industry hubs, it is only natural that HOA fees would rise to reflect the nature. The appeal of condo living differs greatly from the appeal of single-family home living—it can be inferred that the condo-lifestyle permits a homeowner living in a metropolitan area to enjoy community amenities at their convenience, as well as allows the homeowner more flexibility to move his/her career.

Want to find out if the luxury condominium lifestyle in Boston is for you? Contact us at Longwood Residential today!

A Buyer's Guide to Luxury Condos in Boston, MA

luxury condosWhat you need to know about renting or buying a luxury condo in Boston, Massachusetts and the greater Boston area

Luxury condominiums present a desirable and practical living arrangement for individuals and families living in a vibrant urban center like Boston, Massachusetts. A popular destination for students, intellectuals and professionals in healthcare, business and technology, the city of Boston has a rich American history with a bright, global future ahead.

Here are some things to consider while searching for the perfect luxury condo in Boston:

Find out which neighborhoods you would want to live in

There’s a lot more to Boston beyond Haymarket and Downtown Crossing! Whether it’s historic Beacon Hill within walking distance to Boston Common and the Botanical Gardens or artsy and diverse Jamaica Plain, there is a neighborhood to suit every taste and lifestyle.

Related Articles:

Get a look at the median condo prices in Boston and surrounding areas

As a major urban city, the competitive real estate market correlates with Boston’s higher cost of living. However, there’s no reason to be discouraged—the right amount of research and the help of a professional realtor will go a long way to help navigate the Boston real estate market.

Related Articles:

Examine all of your living options

You may think that a condo is right for you, but depending on your budget and your location, it’s important to explore other possibilities. There are plenty of other living arrangements in Boston—renting an apartment, renting a home, or even researching rent-to-own arrangements, may better suit your situation.

Related Articles:

Condos for Sale in Boston and Brookline!

Do you want the satisfaction of owning your own place without all the responsibility? Then purchasing a condo may be right for you. Condos for sale by Longwood Residential are individual units located within a building or multi-family home. You must get approved for a mortgage just as you would when buying a private home. You pay association dues in addition to your mortgage. These fees are mostly for maintenance of common areas. While you’re responsible for maintenance inside your unit, your condo association takes care of things such as landscaping and shoveling snow.

Luxury condos, such as those operated by Longwood Residential, are run by a board of directors. The board votes on, and enforces, rules that affect residents. You will want to learn about the condo board’s reputation before buying a condo. Also, you should know how much of a reserve fund the association has on hand to handle exterior upkeep.

Mortgage Rates and Luxury Accommodations

In January 2017, Curbed Boston reported condo rates ranging from $263 to $1,467 per square foot. You will find that prices for Longwood condos typically fall into this range. We mostly operate luxury condos with amenities that you won’t find at many others in the Boston area. Some of the amenities at Longwood condos include:

  • Private fitness clubs
  • Concierge services
  • On-site, underground parking
  • Rooftop swimming pools
  • Party rooms
  • Business suites
  • Package services
  • Private balconies
  • Valet services
  • In-unit wash machine and dryer
  • On-site retail stores
  • On-site play areas for children

We offer one, two, and three-bedroom condo options as well as limited studio-sized units. Most of our condos are in neighborhoods that are within walking distance to many of the things you need. Our buildings are also located in areas with excellent access to public transportation.

Which Boston Neighborhood is Right for You?

Deciding you want to buy a condo is just the first step. It can be a bit more challenging to find the amenities, price range, and neighborhood, that is just right for you. Longwood Residential offers condos for sale in more than a dozen Boston neighborhoods. Whether you have your heart set on Back Bay, Roslindale, or The Fenway, we can help you find the best Boston condo for you and your family. Feel free to start your search here or contact our office for assistance. We look forward to working with you.

What is the Cost of Living in Boston?

cost of living bostonAccording to a June, 2017 report released by Best Places, Boston scored a 169.90 for overall cost of living. A score of 100 is the baseline for cities across the United States (the higher the better). High housing costs seem to contribute the most to this score. Although Boston scores high in several other areas as well, it’s the housing costs that really drive it up. They are highest in Boston proper as compared to the Boston/Cambridge/Newton metro area and Massachusetts as a whole. Setting down roots in the right neighborhood can make all the difference in housing costs.

Other Cost of Living Scores for Boston

Boston also scores above 100 in several other cost of living categories. These include:

  • Utilities, 149

  • Miscellaneous, 131

  • Health, 125

  • Grocery, 122

  • Transportation, 105

Many residents consider the cost of living in Boston worth it. The city offers excellent public transportation and a rich history, among other things. You always have the option of getting in on the tiny house craze to reduce your housing costs.

Average Rental Costs in Boston

cost of living bostonThe June 2017 Best Places report indicates that the average rent for a studio apartment in Boston is $1,245 per month. This compares to $898 for the rest of Massachusetts and $712 average for the entire United States. Other rental rates by size include:

  • 1 bedroom: $1,395 in Boston, $1,067 in Massachusetts, and $825 in the United States

  • 2 bedroom: $1,716 in Boston, $1,335 in Massachusetts, and $1,027 in the United States

  • 3 bedroom: $2,130 in Boston, $1,668 in Massachusetts, and $1,379 in the United States

These high rental rates might encourage some people to become homeowners sooner than they would have in a different area. At Longwood Residential, we offer competitively priced apartments, condominiums, and private homes. We may have exactly what you’re looking for, so give us a call or click to contact us and discuss your needs today!

 

Can I Buy A Home With No Money Down?

If you’re trying to buy a home, you may feel discouraged by the 20% down-payment that most lenders require. However, saving up for a 20% down payment on a six-figure home is simply unrealistic for many home buyers. You may qualify for a program that doesn’t require you to put any money down to purchase a home.

The most common programs include:

Credit Union Loans

Credit unions are owned by members instead of a board of directors. If you’re not already a member, consider researching local credit unions to see if you meet criteria. Some credit unions offer loans with no down-payment, to members with good credit who earn 80% or less of the median income for the area.

USDA loans

If you don’t need to live in Boston proper and are okay living in a town of less than 10,000 people, this loan could work for you. These are the criteria for a no-interest loan through the United States Department of Agriculture. The federal organization may also be able to help if you earn low or moderate income for your area.

VA loans

This program is for retired military members or their surviving spouse. You need an excellent credit score and a special appraisal to qualify for a Veteran’s Administration home loan with no money down.

Longwood Residential is Here to Help.

The city of Boston is currently on target to meet its goal of 53,000 new housing developments by 2030. We’re willing to do whatever it takes to match our clients with their perfect home. Consider attending one of our first-time home buyer seminars if you have never purchased a home. You may also want to think about other homeownership options, such as buying a condo. With determination, planning and having access to the right resources, home ownership can be a reality, much sooner than you think.

What is a short sale?

You’ve probably heard of the term “short sale” if you’re looking to buy a home. However, many people don’t have a clear understanding of what a short sale really is. When you agree to complete a short sale with a seller, it means that the lender has given them permission to sell their home to you for less than what’s owed on it. Common reasons for this include the borrower’s inability to continue making payments or depreciated value on the property.

From the lender’s perspective, agreeing to a short sale is better than having to foreclose on the property. For sellers, going through with a short sale has less of an impact on their credit rating than a foreclosure, and it allows them to get out of a mortgage they can no longer afford.

A Short Sale Must Be Approved by the Lender

Now that you understand what a short sale is, it’s important to realize that the process doesn’t transpire just because the seller wants it to. The lender must approve of the short sale first, since it means they must accept less for the property than what is owed on it. The seller needs to submit proper documentation to the lender, proving that they can no longer keep up with their mortgage payments. Lenders tend to look more favorably on this practice, as opposed to someone just abandoning their property.

Benefits and Considerations of a Short Sale for Buyers

A short sale gives buyers the opportunity to acquire a home at fair market value without the same risk associated with purchasing a foreclosed property. However, it differs from a traditional real estate sale in several important ways:

  • It may take longer to complete a short sale because it’s more challenging to set a closing date -- lenders require significant documentation before agreeing to a short sale.

  • Buyers purchase the property “as-is,” which probably means they’ll have to invest additional money for repairs or remodeling.

  • The seller may have to pay some money at closing. If the buyer is unable or unwilling, the sale may fall through even though the lender approved it.

  • Inspection fees that a lender may cover in a traditional real estate sale are the buyer’s responsibility in a short sale.

Work with an Experienced Real Estate Agent if You’re Interested in a Short Sale

Purchasing a home via short sale can save you money, but it’s also complex. An experienced agent will anticipate challenges and know how to overcome them. Longwood Residential is available to help you navigate the home buying process. Your agent will help you evaluate all options, including Longwood condos and short sales.

How does rent-to-own work?

When looking to buy a home, rent-to-own can help you secure a property, even if you have poor or insufficient credit. People who are struggling to sell their home, or who would like to sell it to someone who may not qualify for a traditional mortgage, can also benefit from a rent-to-own arrangement.

Details of a Rent-to-Own Contract

Many people confuse rent-to-own with a lease-option contract, which is entirely different. In a lease-option, the person occupying the home and making rent payments has the right of first refusal if the house goes up for sale. He or she does not promise to buy it. A rent-to-own deal is a legal contract to buy. A rent-to-own deal is a contract between buyer and seller that typically extends one to two years into the future. The main difference is that it gives the buyer time to obtain acceptable financing and save for a down payment.

Buyers and sellers should include the following information in a rent-to-own contract:

  • The full name of each party, the property address, and the date of the agreement

  • The terms, including amount of rent, payment due dates, grace period, and late penalties

  • The contract should indicate how much of the rent goes towards the purchase price

  • If necessary; a pet policy may be included, as well as a utilities payment schedule, who can reside in the home, and who is responsible for property maintenance during the rental period

The amount of the “option consideration fee,” which is separate from a security deposit, should also be included in the rent-to-own contract. This fee is paid out to the homeowner in exchange for a written agreement to not sell the home to anyone else. When the buyer changes over from renting to owning, the entire amount of the fees collected by the seller should be subtracted from the purchase price.

If you’re interested in rent-to-own as a buyer or seller, please contact one of the Longwood Residential professionals for assistance.

Where is the Best Place to Live in Boston?

According to the website Best Places, Boston is the historic and intellectual capital of the United States. Many residents choose to live in Boston for that reason alone. It’s hard to find Boston’s culture and tradition anywhere else. It can be more challenging to figure out where is the best place to live in Boston. With a cost of living 70 percent higher than the rest of the U.S. and an average home price of $499,000, renting or buying a condo is a better option for a lot of Boston residents.

Condos Available in More Than a Dozen Boston Neighborhoods

Longwood Residential offers Longwood condos for sale in 14 different neighborhoods within the Boston city limits. Our prices are in line with the average condo price in Boston. Limited real estate availability and the desire to save money on purchasing a home are the main reasons people consider condo ownership. Lifestyle is another important consideration. You don’t have to spend your valuable free time mowing and maintaining your lawn. Our staff handles these chores as part of your homeowner’s association dues.

Many of our multi-unit condo towers offer amenities such as valet parking, an exercise room, room service, package delivery, and on-site stores. You have the convenience of a hotel but you get to stay there permanently.

Apartments in Boston

For some people who choose to live in Boston, renting an apartment makes more sense. They need the flexibility to move when the lease is up and may not be able to afford a house or condo. Longwood Residential manages several luxury apartment complexes in Boston. Many have the same upscale amenities as our condos. Please contact us to learn more or arrange a tour.