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22 2016 Economic Forecast www.wbjournal.com Worcester Business Journal T he triple decker has long been a staple of New England's housing stock, especially in the region's cities. In Worcester, specifically, these buildings grew out of the need to house a growing immigrant population that worked in manufacturing at the turn of the 20th century. To this day, according to U.S. Census data, nearly 25 percent of Worcester's homes contain three or four living units. When the Great Recession struck about seven years ago, it ate away at the value of all sectors of the housing mar- ket: single-family homes, condomini- ums and multi-family buildings. But as the market continues to recov- R e a l E s t a t e People. Places. Product. Photographic images for advertising, public relations, graphic and corporate communications groups . See the difference. 165 Holly Lane • Holliston, MA 01746 Phone: 774.248.4050 • www.ronbouleyphoto.com R O N B O U L E Y P H O T O G R A P H Y Number of sales 390 392 342 342 271 289 Median sale price $118,500 $133,750 $130,000 $136,505 $170,100 $180,000 Triple deckers gain in value e median sale price of a three-family home in Worcester and Middlesex counties soared more than 50 percent from 2009 to 2014. WORCESTER COUNTY MIDDLESEX COUNTY Source: The Warren Group Number of sales 268 289 277 325 315 330 Median sale price $340,000 $400,000 $415,000 $440,000 $457,500 $529,500 2009 2010 2011 2012 2013 2014 er, the three-fami- ly investment property — spe- cifically the triple decker — has surged ahead of the others. The median price of a three- family home in Massachusetts has soared 83 percent since 2009, with Worcester and Middlesex counties see- ing jumps of 52 and 56 percent, respec- tively, according to The Warren Group, the Boston real estate data firm. During that span, the median price of a single- family home rose a relatively paltry 16 percent statewide, which has cemented the value of triple-deckers among investors. Investor interest is so intense in Worcester, experts said, that it's out- stripping inventory and driving up pric- es. Warren Group data showed that the median price for single-family homes and condominiums in Worcester grew 6 and 18 percent, respectively, between 2010 and 2014, well below the 56 per- cent for three-family homes, since the Great Recession's nadir in 2009. Demand is strong for these unique housing options, according to Dave Stead, a Worcester real estate agent and regional vice president for the Massachusetts Association of Realtors. A property with a desirable location or condition will be snatched up within days of entering the market, he said, while those with both have recently resulted in bidding wars. T he city of Worcester agreed in March to sell the former Worcester County Courthouse to a New Hampshire developer that specializes in historic properties for $1.2 million. Brady Sullivan Properties LLC plans to convert the building into a projected 115 market-rate residential apartments along with 3,000 square feet of retail space, the city announced Thursday. The entire building will be preserved through construction and all of it will be renovated. Redevelopment of the former court house, vacant since 2007 when the cur- rent courthouse opened downtown, will pave the way for even more devel- opment in the Lincoln Square area. n City agrees to sell former courthouse for $1.2M for housing, retail Sales of triple deckers surge after recession Tom Rhealt, a realtor building a portfolio of selling triple deckers 2009 2010 2011 2012 2013 2014