82 Pearson, Philly style multi-family: 2011-2012 Case Study

 

82 Pearson in Somerville

82 Pearson Avenue is a Philadelphia style 3-unit multi-family property in the Davis Square/Ball Square part of Somerville, MA. This is a photo of 82 Pearson taken in 2011 and you can see the windows are boarded up and it looks like some work is needed to restore the property to it best use.

 

What you need to know

The property was purchased in 2005 for $775,000 as a 3-family property that was in average condition and each unit is said to have had 5 rooms and 3 beds.

 

In 2008, the financial markets were in crisis and the housing market has been in a recession since approximately 2006. The owner of the property from 2005 had fallen into hard time as well and the property was for sale in the low $800,000s as a short sale. It may have looked like a good deal for a contractor to take over the renovation that was started. The listing in 2008 stated “Complete renovation started with approved plans and condo docs. The entire building has been gutted. New basement drainage system and basement floor, new framing, new windows, new roof, new electrical completed and inspected, new plumbing and gas completed and inspected, new sprinkler system, new furnaces and ducts, new intercom and fire monitoring roughed.”

 

With all that work completed as of this 2008 short sale listing, it looked like someone could buy the property and finish the project. However, this was a tough time in 2008 and third party approval (lender) would be needed. Jump to 2011 and 82 Pearson was asking $425,000 and the listing as of November 2011 reads “Property in receivership and all offers are subject to approval of Somerville District Court.”

 

2012 UPDATE:

The property sold for $625,000 in early 2012. The new owner finished the renovation project and marketed the property as 3 brand new condominiums.

 

Here are the ACT, UAG, and SLD data for 82 Pearson

..

[recloud-forsale address=”82 Pearson” city=”Somerville” status=”ACT, NEW”]

 

 

[recloud-soldtable address=”82 Pearson” city=”Somerville”]

.

 

Willard D. Cunningham
Willard Cunningham, Broker/Principal
 
 
(617) 921-4758
cell/direct
will@willardgrp.com
http://willardgrp.com/bio
MA License# 9077116
 
 
WILLARD REALTY GROUP, Inc.
1953 Massachusetts Ave.
Ste. 400775
Cambridge, MA 02140
http://willardgrp.com/
MA License: 9011

.

“Your referrals to me will get the best of many years’ residential real estate experience

– and my heartfelt thanks.”

Leave a Comment