$2,000,000 view with a $100,000 house

Imagine looking across an open lawn, past the rocky coast that drops to crashing waves, to see the Boston skyline on the horizon. You’re at the very tip of Gloucester beyond that checkpoint you could never get past on your coastal house-peeping drives. Unless you know that you can sneak past the guards by telling them that you’re going to visit Beauport, an Historic New England house that’s open to the public, you haven’t discovered this magical pennisula. It’s filled with great turn-of-the-century seaside “cottages.”

 More recently, unfortunately, some of the larger parcels were split and, um, shall we say, temporary placeholders erected until visionary new owners arrive. Could that be you…looking for a magnificent lot with a disposable house….ready to build your turn-of-this-century seaside cottage?

What would you build?

Without a doubt, one of the ugliest houses in the entire South End. Built as an infill project with restrictive covenants in the 60’s, it’s now ready for a makeover. The existing building spans two building lots and contains two five bedroom apartments. It could have a face-lift, well, more like a complete facial reconstruction like it’s going into the witness protection program. Or consider knocking it down and building something new… or two new something news. There are so few opportunities to start from scratch in historic neighborhoods and, at about a million dollars, that’s about what you’d pay for a very small shell in need of a complete makeover. So why not get exactly what you want…brand new…with parking!

Charm, not space

Few of us can imagine living in 332 square feet. Consisting of the front bow and over-the-entry alcove of a converted townhouse, this condo features high ceilings and three windows overlooking the cast iron fountains of Concord Square. The alcove makes a perfect bed space with plenty of room left over for a comfortable sitting room in the bow. There is a separate bath and kitchen. So what would compel someone to live in such a grand, yet compact, space? A price tag of $219,000. And there is a deeded storage space.

Golden Triangle Wreck

Not a project for the timid, this rental wreck needs a new owner. The building was gutted when it was converted a couple of decades back, so the bones are solid and well maintained with a unique and well-run condo association. The finishes need complete updating. This is the easiest kind of renovation…think acid peel, not a facelift…a little tile, plumbing fixtures, cabinets and a decent paint job. It’s a great opportunity!

First-time Homebuyer Tax Credit due to expire soon!

Who says you can’t get a break when you buy a new home? The American Recovery and Reinvestment Act may give you the break you’re looking for – a tax credit of up to $8000 if you’re a first-time homebuyer.

That means you haven’t owned a home in the past three years and your spouse hasn’t either, if you’re married. The credit amount starts phasing out if you make more than $75,000, or $150,000 if you’re filing a joint return.

But you have to complete the purchase transaction before December 1, 2009 to claim the credit on your tax return. This is going to make for a competitive fall market in Boston where inventories are very low in the price ranges where the credit is targeted.

Union Park

Union Park Penthouse

View from the Top

A prime 2 bedroom condo on Union Park with parking, sunshine, views and a deck under $600k is a rare find. There are plenty of stairs to climb to this penthouse and what awaits is, well, in need of some new ideas. Oh, but what potential!

Garrison Hall

Garrison Hall

Garrison Hall combines great architecture and a great location. Between St. Botolph and Huntington, it is a large limestone Beaux-Artes structure with an impressive lobby which have both been expensively renovated in the past couple of years.

The units tend to be small with lots of studios and one-bedrooms and prices that match. There are still a lot of rental units in the building but the great value and location is changing that. The best units face south with bright exposures and multiple bays. Prices for those units are comparable to anywhere else in Back Bay. But there are small units facing neighboring buildings that offer an interesting opportunity to get a Back Bay pied-a-terre for under $200,000.

For a first-time buyer wanting to take advantage of low rates and the tax credits, this could be a chance to get in the game cheap and have a future rental unit. One such 275 sf unit is on the market right now for $199,000. It has the classic layout of a building of this age and feels like a grand hotel room with a nice entry, tall ceilings, bath and dressing area.