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Davis Square spillover effect

Posted by Scott Van Voorhis September 4, 2013 07:43 AM

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"Jake" is a filmmaker from the Big Apple.

And he has found something in Medford he couldn't get in Brooklyn - an affordable house that he really loves.

Jake recently bought a small, four-bedroom house built in 1910 and is now going nuts fixing it up, with plans to pump in $80,000 in renovations.

"It's awesome. It's what I couldn't afford in BK," he writes.

But Jake also clearly has in mind an eye to the future sale value of his 1,400-square-foot Medford fixer-upper. It's just a 20 minute hop on the commuter rail into downtown Boston and the green line is coming to Medford as well, he notes.

(It's a big deal, I might add, especially given what the red line extention did for Davis Square back in the 1980s.)

"I'm thinking in 5 years it will make very nice and rare alternative to a Davis square 3 b condo," Jake writes.

Certainly home prices are rising in Medford, up 10 percent through July to a median sale price of $385,000, The Warren Group reports.

And it doesn't take a rocket scientist to see how spillover from increasingly pricey Somerville and Cambridge will help keep driving up values in Medford.

Here's how Jake sees it.

"I'm a Brooklyn transplant. Gentrification is 2nd nature to me and from where I'm standing Medford has potential to see massive gains by next summer.

Medford (west and south) is to Somerville as Greenpoint is to Williamsburg..or it could be, at least, with more development..that's my notion anyways.."

Here's more:

"It's surrounded by big income towns. Arlington, Winchester, Somerville and engulfs tufts.

It has a whole foods smack dab between south medford and west medford.

Considering Harvard square is shaping up to be the worlds biotech VC hotspot Somerville is seeing rapid development, Medford, in my view, was the deal of the selling season."

So what's your take? Is Jake on target or simply blinded by love for his new hometown?


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Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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