Watertown Condo Prices Signal Shift in Market
Watertown condos are approaching the $1 million mark as a heated Cambridge market spills over.
On Pleasant Street, where an empty red brick factory once stood, a local developer is betting that Watertown is the new Cambridge.
Cambridge-based JW Construction is building seven luxury town homes on the Charles River not far from Watertown Square, with the hope of selling some of its super-spacious, 2,400-square-foot townhomes at price tags approaching the $1 million mark.
“This is the poor man’s opportunity to own a really high-end, beautiful, newly construction home at a 70 percent discount from Cambridge,’’ said Matt Dillon, who is helping market the project. “If these were two miles down the street, they would be going for $1.2 to $1.5 million in Cambridge, at the drop of a hat.’’
JW Construction is not alone, though, in its hopes of hitting the luxury condo jackpot.
At 75 Summer Street, just off Watertown Square, a newly built, 3,400-square-foot townhome has hit the market for just under $1 million. Meanwhile, this past August a 3,000-square-foot condo in a converted, 1899 stone church in the town’s Mount Auburn section fetched $1.2 million.
Back on Pleasant Street, Jon Wardwell, owner of JW Construction, acknowledges that reaching the $1 million mark with his new townhomes is ambitious. Instead, the units will start in the $800,000s, rising into the low and mid $900,000s.
Watertown is a new market for Wardwell, with the contractor’s bread and butter being high-end homes and condos in more affluent communities like Lexington, Cambridge, Newton, and Belmont. However, Wardwell is betting that as Cambridge prices go through the roof, some of its high-tech crowd will take a chance on Watertown.
The three-story units, which feature rooftop decks overlooking the Charles and its popular bike path, will be outfitted with high-end finishes and amenities typically found in top-shelf Cambridge condos, including natural wood flooring, granite countertops, and energy star appliances. Each unit will also offer a two-car garage.
The first townhome, serving as a model, will be complete in December, followed by the remaining units this spring, Dillon said.
But Wardwell is betting on more than just big units with fancy amenities to attract buyers. He also sees an increasingly vibrant Watertown Square acting as a magnet, with plans that see a proliferation of new restaurants and nightspots.
“People who were looking in Somerville and Cambridge are also now moving to Watertown,’’ Wardwell said. “It’s changing a lot.’’
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