In early 2019 Steinmetz Real Estate Professionals marketed a charming two-bedroom colonial farmhouse at 45 Beecher Place in Newton’s Chestnut Hill neighborhood. Set on a 5,000 square-foot lot just steps from the lifestyle destination “The Street” and Wegmans grocery, the home dated to the late 19th century and offered nearly 960 square feet of living space. Listed for $550,000 and zoned MR1, it represented a rare opportunity to own an entry-level single-family home or redevelop the property in one of Newton’s most coveted enclaves. After just over a month on the market, it sold for $515,000, reflecting the premium buyers place on prime location and potential.
The existing farmhouse had classic lines – a gable roof, front porch and simple frame construction – but its true value was in the bones and the land. The main floor featured living and dining rooms with good ceiling height and a functional kitchen with a propane-powered gas stove. Upstairs were two modest bedrooms and a full bath. A walk-out basement offered space for storage or future finish. Outside, a level yard and patio, complemented by a large storage shed, provided room to garden or entertain. A recently installed oil furnace and tank ensured reliable heating while buyers considered how they might transform the space.
For many purchasers, the appeal of 45 Beecher Place was its flexibility. The MR1 zoning and lot size meant a buyer could renovate the existing home, add on, or potentially tear down and build two attached townhomes (subject to city approvals). Developers and homeowners alike were drawn by the chance to customize a property within walking distance of high-end shops, restaurants and parks. Chestnut Hill’s proximity to top Newton schools, public transportation and commuter routes added further lifestyle value.
Our team positioned this offering to highlight both its livability and its redevelopment prospects. We guided interested parties through due diligence on zoning, utilities and building constraints and priced the home competitively to generate interest despite the need for a full renovation. Ultimately an investor purchased the property after robust showings and careful negotiations. The sale demonstrates how strategic marketing and market expertise can unlock value even when a home requires significant work.
Property highlights:
– Two-bedroom, one-bath Colonial/Farmhouse on a 5,000 sq ft lot
– Approximately 960 sq ft of interior space ready for renovation or expansion
– MR1 zoning allows for potential redevelopment into two townhomes, subject to approvals
– Newer oil furnace and tank; propane gas stove
– Walk-out basement, patio, large shed and fenced yard
– Steps to Chestnut Hill’s shops, restaurants and Wegmans; near top schools and transit