Worcester Business Journal

6 Worcester Business Journal | December 9, 2019 | wbjournal.com $1.7 Billion Strong. 100% Local. Focused on delivering solutions Dedicated to serving you Committed to local communities unibank.com 1.800.578.4270 Stop by our Worcester branch at 24 Gold Star Boulevard. UniBank's team has deep local roots and are committed to serving our customers. UniBank President Chris Foley is dedicated to working with Worcester organizations and serving the local community. Member FDIC/Member DIF Priced out of Greater Boston, real estate profession- als are driving up demand and prices in Worcester Investors seeking Worcester multi-families BY THOMAS GRILLO Worcester Business Journal Staff Writer W hen Gustavo Veloz's client from Revere was searching for a multi-family invest- ment property, the agent took him to Worcester. "Many buyers are priced out of Revere, where there are very few multi-family homes for sale, and the ones listed are very expensive," said Veloz from Com- Pro Real Estate Services in Revere. e MLS Property Information Network on Dec. 4 had 10 two- and three-family homes for sale in Revere. e lowest-priced property is a two-fam- ily for $464,900. e highest-priced is a three-family, six blocks from the Beachmont MBTA Station, for $899,900. In Worcester, MLS listed 47 multi-family properties from a low of $159,000 for a two-family needing work on St. Johns Road to $498,000 for a triple-decker on Oread Place. "For investment purposes Worcester makes more sense," Veloz said. "e homes are unique, they are much big- ger, and offer more space than multis near Boston." His buyer closed on a renovated three-family on Windham Street last month for $435,000. He paid $10,000 over asking price, but still considered it a bargain, said Veloz. "Everything is so overpriced near Boston, it doesn't make sense," he said. "But Worcester is up and coming and buyers are paying attention." Rising demand, rising prices From January through October, the number of two- and three-family homes sold in Worcester increased by 7% compared to the same period a year ago, according to Peabody real estate data firm e Warren Group. As sales rose, so did prices. e medi- an price for a two-family home reached $260,750 this year, up from $251,600 for the same period a year ago, a nearly 4% hike. e price of triple deckers really sailed. Median prices for three-family homes rose by 19% to $336,750 for the first 10 months of the year, up from $283,250 in 2018. "ere's lots of interest in multis, and there's lots of interest in Worcester from Boston buyers," said Arthur Berry, a broker at 1 Worcester Homes. "ere's lots of optimism because of the Worces- ter Red Sox stadium being built; and there's a sense that Worcester is turning around, and they want to invest here." Klaudia Dang, a sales agent with Keller Williams in Worcester, said she's seeing lots of first-time homebuyers who want to be owner-occupants. A big Apartment complexes in Worcester include the new 145 Front Street apartments (left), where rents are listed as high as $2,175, and (above) the Central Building on Main Street, an affordable housing complex for seniors.

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