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Million dollar condos, unlikely towns

Posted by Scott Van Voorhis November 25, 2013 09:33 AM

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OK, there is no shortage of million-dollar condos and town homes in downtown Boston, Cambridge or hip parts of Somerville like Davis Square.

But would you lay out more a million or more for a town home or condo in Natick, Wayland or Watertown?

If so, here's a $1.1 million town home in South Natick that was built in 2002. That counts as brand spanking new in the Boston area.

Now South Natick is nice - it feels like an extension of Wellesley - but that's a lot of dough.

And how about this $1.2 million condo in Watertown? If you are religiously inclined, it may be the place for you, taking up more than 3,300 square feet of a converted, 1899 stone church.

Here's a 3,289 square foot Wayland condo that's for sale just under $1.2 million, though it has more bathrooms, 4, than bedrooms, 3.

Looks like the town didn't want kids moving in when it approved the development, but who knows.

So what's going on here?

Tight zoning restrictions and a dearth of buildable lots have pushed the cost of new construction to increasingly insane heights.

And condos like these are actually an alternative to even more expensive single-family homes. If you want a brand new, single-family home with a bit of size near the 128 beltway, you will easily find yourself staring at million-dollar-plus price tag, even in a middling town like Natick.

While the South Natick condo is a bit of an outlier, there are lots of examples near Natick center of new town homes selling in the $700,000, $800,000. Basically, if you don't have the kind of cash to buy a single family, then maybe you can afford one attached to another house sharing the same lot.

Ready to buy a million-dollar condo in Natick or Watertown? Is this just a reflection of the scarcity of new construction or has the market gone mad?


This blog is not written or edited by Boston.com or the Boston Globe.
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Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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