August 29, 2011
We have posted on our Needham Real Estate page updated sales data for the month of March-2010. The average sale price over the last half of the month inNeedham was approximately $666,000 and $363 per square foot. The lowest priced sale was a condominium located at 100 Rosemary Way – this was a foreclosure acquired by the selling bank for $250,000. The high end of the market in Needham was represented by the sale at 99 Country Way (pictured left), which sold for $2,075,000.
On the new construction front there were a few noteworthy transactions. 30 Upland Road, a custom build project, sold for $1,385,000. Two smaller lots recently traded in Needham. One was located at 16 Hawthorn Avenue, which sold for $455,000. This property, which has already been razed, is located on an approximately 7,000 SF lot. Perhaps of greater interest was the sale of 70 Hillcrest Road. This 5,663 lot sold for $425,000, or $75 /SF. This sale appears to be well above the current market range for a Needham tear downs, which typically ranges from $45 – $65 /SF. On the other hand, it may be reasonable to assume that smaller lot would sell for more on a per square foot basis.
Either way, the sale at 70 Hillcrest continues a recent trend in the Needham new construction market of very aggressive land prices.