When a developer in Boston builds a large condo project (over 10 units, I think), it has to agree to set aside a certain percentage of units as “affordable”. This is somewhere in the 13% range. Whether or not this is a good thing is open to debate (to me, at least), but it does end up making home ownership possible for people who would otherwise be priced out of the Boston market.
The good part is, if you are looking to buy one of these, the income restrictions are not as severe as you might fear – often, you can make $40,000, $50,000 or even up to $70,000 or $80,000 a year and still qualify.
The bad part is, often these units are “stripped down” – you won’t get the stainless steel appliances, or hardwood floor upgrades.
But, you can always put them in, afterward, right?
Why am I bringing this up?
There’s an “affordable” unit for sale at Wilkes Passage, 1313 Washington Street, in Boston’s South End.
It’s a second floor one bedroom, 788 square feet. (It’s says “one bedroom, but I’d check on that – the photos make it look as if it’s a studio …) No parking included. $159,365.
Yes, you read that right: $159,365.
Income restrictions are $48,050 for 1 person and $54,900 for 2 people (not bad!). You will have to submit proof of income to the Boston Redevelopment Authority.
There’s an open house on Saturday.
Contact me for more information and to discuss me working for you as a buyer’s agent.