Anyone investing in Worcester?

Question

Just want people’s thoughts about Worcester,Ma and where it’s real estate market is going.

Brian J Allen · Answer

Worcester 3 Deckers are HYPERLOCAL.  Some places are going up for fundamental reasons, others are going up due to momentum.  The key is to know what you are getting.  Though ground up construction and commercial construction are almost as expensive as Boston, maintenance and repairs are less as there are more tradespeople available to do work at lower cost.  Three deckers have hit the $500k mark, 27 Shamrock will sell in the next couple of weeks over $500k, with market rents at $1500 X 3 for $4500 Gross Monthly rents.  This works to about an 8 CAP.  That is the new norm in worcester.  With low vacancy in most areas, things look like if interest rates remain low, it will continue.  Worcester Red Sox open up Spring 2021

Colleen F. · Answer

Yes, Someone has to own all those tripledeckers!  (couldn't help it, it was the first thought I had driving through Worcester years ago). There are a number of people on here who invest in Worcester, I currently live nearby but don't invest there.  Black Diamond holds meetings in Worcester so you should have some luck attending those, they alternate with Waltham. The general trend I have heard is that prices are up although it isn't something I am actively tracking.  It has good and bad areas by street so you need to know the area.

Barry Pekin · Answer

Hi @Eric Malone,

You're definitely going to get the best information about the local REI market by attending local REI meetups.  Do this a LOT.  This is the core of how you can get your business rolling.

Christopher Collette · Answer

Hi Eric,

I both personally invest in Worcester (3-family, house-hack) and also have lots of clients who work in Worcester.  Worcester is seeing rent rate increases higher than any other city New England! From 2018 to 2019, the average rent in Worcester went up 16% year-over-year.  And a quick pull of MLS data shows that about 250 3-family properties were sold in both 2018 and 2019, but the average price went up almost 18% from 2018 to 2019.  This is making Worcester a fantastic place to invest right now.

Brian J Allen · Answer

I love Worcester as well!

Paul Ireland · Answer

I own a few multi-family properties in Worcester. Some in worse areas than others. I love it all. Worcester is a fantastic market with lots of trading taking place.

Eric Malone · Answer

Thank you, I will look into a local ReI.

Anyone investing in Worcester?

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