I noticed an expired listing in MLSPIN today, #70742963.
It is a five-bedroom condo on Park Drive, conveniently located near Emmanuel, Simmons, Wheelock, Northeastern, BU, MassArt, SMFA, Mass College of Pharmacy, and Wentworth, among others. It was listed at $585,000.
Not that it matters.
With five bedrooms, it’s too large for a group of students to rent.
The Boston City Council recently approved (unanimously) and the Mayor signed into law a regulation which forbids landlords from renting out their units to more than four students.
So, anyone buying this property would either have to leave one bedroom empty or buy it to live in.
Which is why it expired, probably. The number of families looking for a five-bedroom condo to live in, in the Fenway, for anything close to that price, can be counted on one hand. Actually, on no hands.
When the regulation was passed earlier this year, Councilor Michael Ross said that Boston needed it in order to bring down the cost of housing in the city and make it more affordable to families.
Guess he’ll get his wish. At the expense of current owners.
(* The city of Boston needs to get on the ball regarding assessed values – they have this condo assessed at $592,000; given that it’s basically useless as a five-bedroom, it is probably “worth” a lot less.)
(** Yes, it’s hard to feel bad for the owner, who bought it for $140,000 back in 1996 and has now listed it for rent at $3,900. I think you get my point, though.)
(*** Includes a hot tub!)