Boston area FTHB here. Appreciate your input on the below (sorry for the length):
We found a 3-level condo in an apartment building listed for $850K slightly outside Boston (about 15 min drive with no traffic & 30-45 mins with traffic), 2 parking and low HOA. It’s right next to a major highway – like less than 0.25 mile from it.
I’d love to get opinions / experiences on potential benefits and downfalls of such a layout in terms of lifestyle and resale value:
The property has a hip feel with nice finishes but living style is odd. The first level where you enter has your guest bed & bath, 2nd level has your MBR & MBTH, kitchen, small living room and 3rd bed & bath, and the 3rd floor has your family room with a nice deck. Your parking is across the street and the unit is on the second floor (elevator building). So, each time you do groceries, you’ll need to carry your things from across the street and once you’re in the unit then one floor up. If you want to eat at your deck, you’ll need to cook in your second level and carry your food upstairs and then bring things back downstairs. It’s convenient that your kitchen, living room and 2 bedrooms are on the same (second) floor, but I can see that going up and down can at times be a factor of inconvenience and extra effort at times. The building only has people younger than 40 and no families with kids as I’m guessing the vertical lifestyle is not attractive to older demographics and people with kids. Did you live in such ‘townhouse in an apartment building’ style layout? Did you find it convenient or regret buying? The unit next door (200 sq ft smaller) sold for $700K 2 years ago vs this one listed for $850K with an additional bed & bath. The next door unit took 6 months to sell during a more normal market (2019). I’m thinking that if the market finally cools down I may now have (slightly) overpaid and may sit on a unit that may take months to sell given the limited buyer pool for this kind of vertical layout. The good thing is this is the only 3 bed & 3 bath in the building so it gives a lot of sq footage, but it’ll be the most expensive unit in the building and nearby as most properties in the neighborhood are multi-families and SFHs selling for a similar price with similar finishes and sq ft.