Finding Hidden Value in a Kendall Square House
While visiting an open house with a first-time buyer couple in Cambridge’s Kendall Square, we encountered a single-family house with a hidden upside. The listing agent had described the property as a single-family home and that’s what we had expected to see. The seller had effectively created a two-family with a separate apartment in the basement complete with an entrance, kitchen, bathroom, laundry, and bedroom. As an Architect, I knew that the ceiling height was high enough to be considered a habitable space. Yet, it wasn’t a separate unit as the basement didn’t have a separate second means of egress, and the windows were too small.
The hidden upside was that creating a true 2-family residence, which this couple was attracted to, would cost only $30,000, yet the list price was at least $250,000 less than any comparable 2-family in Cambridge at that time. The house was located in a zoning district http://www.cambridgema.gov/~/media/Files/CDD/Maps/Zoning/cddmap_zoning_base_9600.pdf that allowed 2 and 3-family homes, so converting this single-family residence into a 2-family residence would not require a variance from the zoning code. What a great value that had the promise of flexible uses! It could be used as a single-family home, a 2-family home with modifications, or even as a 3-family home (a tear-down of the existing, and construction of a new 3-family home).
This couple didn’t realize the hidden value of the property until we left the premises and discussed it privately. These clients received tangible benefits from my education, training, and experience as an Architect.
Jeff Meese Realtor + Architect