33 Forest Street #100, Lexington $699,000

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1 33 Forest Street #100, Lexington $699,000

2 About 33 Forest Street #100, Lexington Welcome home to a carefree lifestyle in this meticulous condo ideally located steps from the town center within the historically significant Hancock School building. The building was internally gutted in 2011, so all the infrastructure including the roof, heating, plumbing and electrical along with the finishes within each home are as new. The building s original brick arches were architecturally incorporated into the home creating additional character and charm. The spacious living room features lovely hardwood floors and an abundance of natural light. The living room flows into the kitchen and dining room through the brick arches as the hardwood floors continue to span the home. This is the perfect space for comfortable living and entertaining. The dining room transitions seamlessly into the beautiful kitchen guaranteed to inspire your inner chef. The open concept kitchen features granite counters, stainless steel appliances, stylish white cabinetry, recessed lighting, pendant lighting, and an 8 island with breakfast bar. A convenient office, separated from the kitchen by a frosted glass panel within the brick arch, offers a private place to work with recessed lighting and hardwood floors. A full bath is fresh and inviting with a pedestal sink and tub/shower. A French door, with a transom window and sidelites, leads out from the formal living room to a beautiful patio area, opening the home to more light and air while offering a private entrance into the unit. The spacious patio, with a stone wall and plantings for privacy, is a great connection to the outdoors and the perfect place for relaxation during summer months. The bedroom wing offers the generously sized master suite and a second family bedroom. The master bedroom is full of natural light with hardwood floors, a walk in closet, and a full bath. The full bath features a granite countertop, built in shelving, and a beautifully tiled shower stall. The family bedroom offers hardwood floors, a double closet, and a large window. A laundry area is located within the unit for added convenience. This condo is perfectly insulated for all seasons retaining warmth during the cold winter months, and feeling cool during hot summer months. This means heating/cooling bills are cost effective. This wonderful home offers a top location in the heart of Lexington s rich history. Enjoy walking distance to the town center, the Cary Memorial Library, Minuteman Bike Path, and convenient access to buses to Cambridge and Boston. Be a part of the highly renowned Lexington School System. Take advantage of the local shopping and dining options or enjoy the nearby track, tennis courts, swimming pool, and athletic fields. This perfect place to call home. Information Total Rooms: 6 Bedrooms: 2 Bathrooms: 2 Parking: 1 Assigned, Additional Available for Rent Living area: 1215 sq ft Taxes: $8,839 Heat/Cool: Forced Air/Central Air Features Steps to Town Center Historically Significant Hancock School Building Internal Construction in 2011 All New Systems Upgraded Hardwood Floors Private Entrance Year Built: 1891/2011 Condo Fees: $ Includes Water, Sewer, Master Insurance, Security, Elevator, Exterior Maintenance, Landscaping, and Snow Removal Grade School: Fiske ES Middle School: Diamond MS High School: Lexington HS Stylish White Cabinetry in Kitchen Granite Countertops, Stainless Steel Appliances, and 8 Island Private Patio Original Brick Arches Architecturally Incorporated Into Floor Plan Secured Building

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6 Lexington Market Summary Analysis of the Lexington real estate market has one clear finding: NOT ENOUGH INVENTORY. Demand was strong with an increasing number of properties getting multiple offers resulting in an average sale to list price ratio of 98%. The steady rise in the average sale sale price we have seen in recent years continued, with the 2016 average now standing at over $660,000. The number of condominiums sold in Lexington was 51, less than in prior years. The new construction sector was weaker than in prior years with only 5 new condominiums sold in Inventory Home Sales Average Home Prices 2016 Sales Distribution Housing inventory is a monthly snapshot of the number of homes available to buy. The bottom of the market was in 2009 and the number of homes available for sale were at historic highs. The available inventory dropped to the lowest levels seen in a decade in 2013, and this trend continued in 2014 and The extremely low inventory in the initial months of 2015 was due to the severity of the last winter. With such low inventory this raises the question; Is this caused by low supply (fewer sellers in the market) or high demand (increasing numbers of buyers wanting to buy a home in Lexington)? The following graph shows that this is caused by increased demand. The total number of homes sold per year has been relatively static since the Lexington housing market recovered from the downturn in 2008/2009. Since 2012, the number of homes sold, that come on the open market via MLS, was approx per year. It is important to note that 12% of sales are direct-to-builder off-market teardowns. With such high demand in the market, especially at the lower price points, these sellers would be better off selling on the open market. With static supply, it is increased demand (highly rated schools, convenient to Boston, community dynamics) that is the reason for the low inventory levels we are seeing in today s housing market. High demand leads to appreciating prices, and average home prices in Lexington are at an all-time high. Home prices are rising in almost all towns in Eastern Massachusetts - in the in-demand towns (towns with strong school systems and close-in towns) prices started to rise immediately after the lows of 2009; whereas in towns with less demand (towns with not as strong a school system, and further out from Boston) we saw prices remain flat and only begin to rise in In Lexington, after rising steadily since the downturn in 2009, the average home price peaked in 2014 and remained flat in 2015 the result of an increased number of lower-priced homes (less than $1 million) and fewer higherpriced homes (over $2 million) selling saw a return to rising prices with a 5.6% increase in average home prices to an all-time high of $1.2 million. In 2016, homes sold in the Lexington market consisted of new construction (16%), off-market teardowns (12%) and existing homes (72%). In 2015 we saw a shift in the sale price distribution with more lower-priced homes (under $1 million) selling. This was partially due to the severity of the prior winter. In 2016 the price distribution returned to the norms commonly seen. Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period Jan 2007 through Dec 2016.

7 Property School Hospital Swimming Library Mapbox, OpenStreetMap, Information on schools provided by greatschools.org 2016.

8 For more information and a 3D tour Dani Fleming Listing Agent Left to Right: Adam Principato, Rachael Ades, Dani Fleming, Marcus Collins mobile.33forest100.com

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