All Forum Posts by: Brian J Allen

The Worcester market is super hot.  those numbers may have worked 3 months ago, but maybe not now.  Anything under $400k will have major deficiencies.  There will be 5 Multis over $500k that close in March.  Remember Worcester is Hyper local, and Traffic is huge.  You need to understand the traffic patterns and demographics to know what you are buying.  The building or a dot on a map only tells you 1/2 of the story.

On that condo fee for 531 Main street, i believe it includes heat and hot water,  I think there is also so roof and facade work tied in there.  Location is great as there are so few opportunities to buy in Walkable areas of worcester.  But condo fees in worcester are typically high for some reason.  I think it is that management used to be hard to find.  i think they will come down.  There is a condo for sale 65 Lake AVE, # 1006 which is a great penthouse for $290k,  but it has taxes of $4500, and here is the kicker . CONDO FEE of $1036/month so the condo fee is 4X the mtg minimum.  Those condos in downtown are being snapped up but the tenant really needs to be someone who doesnt want a car, or you have another $100 a month to have a car.

The good 3 families in Worcester are now over $500k, i predict you will see 4 close in March that are currently under agreement for over the $500k mark

In Worcester, going from a 2 to a 3 is a change in use and requires a variance.  That is where they get you to add the sprinklers.  Sometimes they are nice to you and dont make you do it, other times they do.  The good thing is with sprinklers you only need 1 Egress from the units as long as you have fire rated doors and the sprinklers.  Was in a 6 family today with only one egress per unit.

I love Worcester as well!

Welcome, would be glad to meet you in Worcester if you are in the area.  

Best of luck.  If you make it to Worcester let me know in advance and we can meet up.

Welcome to BP.  Worcester is very hot right now on the MF front, and some of the commerical stuff is slipping through the cracks and may have better value. The key is to figure out where you want to put your money and be ready when the opportunities open up.  You definitely want to visit the locations you are interested in and see if you are comfortable with the directions of the city.  

Matt, Welcome, there are a lot of people who are interested in Worcester on this Forum.  Will your next project be live in/owner occ as well?

We are finding it really hard to do those deals as there is a ton of $ chasing around in worcester, and the low down payment folks often have to over bid the others by a lot.

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