Alma Townhomes Close Modestly

By Dave Fratello | August 28th, 2014

For once, we see a couple of closed sales in this market that don't seem bonkers.

Both were townhomes on Alma, up in the North End, each with some views.

First was 2801 Alma (3br/4ba, 1960 sq. ft.), a 2005-built Spanish by a well-regarded builder with very nice details.

Views? Yes, some, off the balcony, probably blockable.

Don't let the build date fool you, the listing seemed to say: "[It] still looks new. It’ll look new next year. And it’ll probably look new 10 years from now." Hey hey, a house that never gets old!

This one launched at $2.500M and caused something of an instant buzz: Isn't that a bit high?

But they drew an offer within about 2 weeks. And here's what's smart: The buyers worked it. Even though the sellers had shot high and the buyers came in quickly, they all found a better level: $2.350M.

It's not easy for a seller to shave 6% like that off the top early in the listing, but they did, and both sides seemed to get a fair deal in the 2.3s.

And it doesn't look bad at all given what's going on with townhomes around MB these days.

Another Alma townhome has just closed, too, and also looks fair.

3304 Alma is substantially bigger (4br/4ba, 2450 sq. ft.) and has somewhat better views, being on the east side of Alma. (Huge panoramas they're not, though.)

It's also got a ton of parking (6 cars!), which is absolutely vital in the North End, even more so in the 30s.

This one seemed to occupy the field alone for a long time, launching in March at $2.350M and running all the way until late July before drawing an acceptable offer. Meantime, there must have been 20 other comps that sold.

Now it has closed for $2.250M, and that, too, doesn't seem half bad.

The buyers got a discount for the age of the property (2001 build, maybe a bit of a 90s feel) and its long time on market, and paid less than they would have west of Highland or with bigger views.

Neither of these approached the super-high sale prices seen recently in the area, including:

  • 2300 Alma (3br/4ba, 2270 sq. ft.) at $2.800M (off-market),
  • 408 32nd (new modern, 4br/4ba, 2650 sq. ft.) at $2.815M, and
  • 2520 Alma (3br/4ba, 2520 sq. ft.), sold furnished, off-market in March for $3.139M.

(See our post, "Now 3 East of Highland THs Sell at $2.8M+.")

Now, while these prices seem moderate compared to those high fliers, and to the rest of the Sand Section townhome market, there's still a record-breaking aspect to this story.

Both this week's sales (2801 Alma and 3304 Alma) represent the highest prices ever paid for a townhome on Alma – and there are plenty – except for those 2 Alma properties mentioned above (2300 and 2520) and one other: Gorgeous 2412 Alma (3br/4ba, 2380 sq. ft.), which hit $2.360M way back in 2005. (2412 sold more recently in 2011 for a lot less: $2.010M.)

So, yes, it looks like you can break into the record book without raising a ruckus.

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