A 609-square-foot Cambridge cottage has traded for $530,000. That price, according to Curbed‘s Tom Acitelli, is a full $90,000 above the original asking price.
“It’s a sign of the Thunderdome of a Hub housing market” that this glorified shed sold for more than a half a million bucks, Acitelli writes. One could also argue that it’s indicative of the impact the MBTA’s planned Green Line Extension is having on the “Mid-Cambridge-East Cambridge borderlands” real estate market.
Related:
Take a look at this map of the planned GLX project.
GLX project plans call for a total of six new Green Line stops added in Cambridge, Somerville and Medford, as well as the relocation of the existing Lechmere Station. One of those planned stops is Union Square – a location which is due to receive its own billion dollar makeover.
The following Google Maps sreengrab shows the exact location of the Cambridge shed – the inside of which actually looks pretty nice, judging by the photos posted on Curbed – at 194 Elm St.
And now, finally, here’s a close up of the planned location of the future Union Square Station; it’s about a five minute walk from Elm St…
The Union Square stop is due to open in December 2017, and savvy real estate players appear to be cashing in.
Here’s a better look at the shed.
Cambridge city records list the value of the building at $72,100, and the land value at $327,000. The property’s total assessed value, according to city records, is $400,000…
…It just sold for $530,000.
Screengrabs via Google Maps; Somervillestep.org
