Where Does Your Town Rank?
David Bates / January 27, 2011-8:40 pm
What does the highest-priced home sale in a community tell us about value in that community? Was the ultimate value the community could produce in any given year limited by the excellence of the best available property for sale? Or was the maximum dollar amount garnered in that town for residential real estate limited by forces outside the community? Perhaps, at that particular time and in that particular community, consumers would not pay one dollar more for a property? And in our competitive world, if a town can have a higher-priced sale than its neighbors, does it mean that it’s somehow perceived as more valuable by consumers than the lesser-priced maximum sale in another community? These are questions to ponder as we look at the 2009 highest-priced sales ranked by community.
Although each community gave its best, only one managed to have a home that had all the right features of “location, location, location,” condition and amenities to find a buyer willing to pay $7 million — and that was in Beacon Hill. Outside Boston, Manchester did the best with a sale that topped $6 million. Beverly and Wellesley sold residential homes in excess of $5 million. Cambridge, Dover, Winchester and Brookline had sales that topped $4 million. In one of the toughest years ever in real estate, 24 different towns in the Greater Boston MLS were able to have homes sell in excess of $2 million.
In some communities, there was a significant difference between the highest-priced sale and the second-highest-priced sale, which seemed to indicate that the highest-priced sale in a town was determined by how good was the best available property. Such was the case in Natick, where the highest-priced sale was more than 60 percent higher than the next best.
In other communities, there truly seemed to be a ceiling. While no less than 50 cities and towns in the Greater Boston MLS accomplished million-dollar sales in 2009, Braintree, Quincy and Pembroke topped out at $975,000. Was there anything that would’ve taken one of them over the top? Was there anything that would have caused a buyer to pony up another $25,000 so that the community would have had a million-dollar sale, like Worcester did, or were buyers subtly delivering the news that those are not to be considered million dollar communities?
Conventional wisdom holds that you shouldn’t buy the highest-priced home on the street — but what does it say about buying the highest-priced home in an entire town? That’s a question perhaps best answered by the buyers of the properties listed below, which were the highest-priced sales in their communities.
Where does your town rank?
|4||Beverly||75 West Street||$5,000,000|
|6||Dover||72 Farm St||$4,420,000|
|7||Winchester||3 Central Green||$4,100,000|
|9||Weston||281 Country Drive||$3,775,000|
|10||Nahant||3 Swallow Cove Road||$3,575,000|
|11||Newton||107 Waban Hill||$3,475,000|
|12||Barnstable||262 & 265 Ocean Drive||$3,250,000|
|13||Carlisle||211 Bellow Hills Road||$3,250,000|
|14||Marblehead||33 Bradlee Rd||$3,211,000|
|15||Westwood||Lot 126 Summer St||$3,010,910|
|16||Sudbury||Lot 14 Kato Summit||$3,010,000|
|17||Needham||47 Southwood Lane||$2,859,000|
|18||Mashpee||31 Starboard Lane||$2,850,000|
|19||Lincoln||39 Tabor Hill||$2,600,000|
|21||Dartmouth||72 Elm St||$2,325,000|
|23||Duxbury||21 River Lane||$2,125,000|
|24||Lexington||24 Burroughs Road||$2,110,000|
|25||Wayland||Lot 7 Hidden Springs||$2,100,000|
|27||Topsfield||123 Asbury St||$1,875,000|
|30||Hull||20 Summit Ave||$1,700,000|
|31||Gloucester||130 Hesperus Ave||$1,620,000|
|32||Hamilton||675 Bay Road||$1,600,000|
|33||Lynnefield||6 Joseph Lambert||$1,580,000|
|35||Mansfield||31 Carriage Lane||$1,560,000|
|36||Andover||15 Regency Ridge||$1,520,000|
|37||Essex||51 Lufkin Point||$1,520,000|
|38||Medfield||273 Noth St||$1,490,000|
|39||Hopkinton||Lot 55 Connelly Hill Road||$1,454,000|
|40||Scituate||16 Barrys Landing||$1,375,000|
|42||Plymouth||44 Five Lanterns Ln||$1,340,625|
|43||Wakefield||127 Chestnut St||$1,265,000|
|45||Newbury||18 High St||$1,200,000|
|46||Norfolk||3 Keeney Pond Road||$1,150,000|
|48||North Andover||Lot 5 Abbey Ln||$1,075,000|
|49||Waltham||58 Matthew Lane||$1,052,000|
|51||Braintree||Lot 4 Oregon Ave||$975,000|
|52||Pembroke||32 Canoe Club Ln||$975,000|
|54||Watertown||25 Russell Ave||$967,500|
|55||Foxboro||4 Alice Bradley Lane||$949,000|
|56||Holliston||6 Deer Run||$940,000|
|58||Hanover||43 Forest St||$910,000|
|62||Burlington||10 McCafferty Way||$784,900|
|63||Saugus||12 Vinegar Hill||$770,000|
|65||Danvers||40 North St||$735,000|
|66||Peabody||5 Lantern Ln||$710,000|
|67||Lowell||24 Harland Ave||$682,250|
|68||Norwood||Lot 3 629 Nahatan||$680,000|
|69||Stoneham||2 Thomas Cir||$650,000|
|70||Millis||Lot 16 Orchard St||$629,000|
|71||Haverhill||45 Seven Sister||$525,000|