Affordable First Time Homebuyer Opportunity!

October 7, 2020

The Somerville Community Corporation is pleased to announce the sale of a total of eight (8) deed restricted condominiums to income eligible, first-time homebuyer households at a below market price with support from the City of Somerville Community Preservation Act. Four 2-bedroom units will be offered to households earning at or below 80% of the Area Median Income (AMI). One 2-bedroom unit and one 3-bedroom unit will be offered to households earning at or below 100% of the AMI. And two 2-bedroom units will be offered to households earning at or below 110% of the AMI.

Units have extra high ceilings, oversized windows, modern white kitchen cabinetry, stainless steel appliances, laminate wood flooring, tiled shower/bath combo, in-unit laundry, and private patio or balcony. All units include one parking space per unit. The parking spaces cannot be sold separately from the unit. Seven of the units are two-bedroom, and are only available to households with a minimum of a two people. One unit is a three-bedroom, and is only available to households with a minimum of three people.  These units are adaptable and will be ready for occupancy upon closing, which is anticipated for Spring 2020. Visit https://163glenstreet.com/ for more information on the 163 Glen Street development and units. 

 

Unit Information and Sales Prices 

Floor 

Unit # 

Bedroom Count 

Minimum Household Size 

Square Feet 

% AMI 

Sales Price 

Monthly Condo Fee* 

Estimated Taxes** 

Minimum Required Down Payment 

1 

101 

2 

2 

780 

110 

$ 397,300.84 

$208.38 

$334.00 

$19,865.04 

102 

2 

2 

780 

110 

$ 397,300.84 

$208.38 

$334.00 

$19,865.04 

103 

3 

3 

1285 

100 

$ 399,100.00 

$229.00 

$336.00 

$15,964.00 

104 

2 

2 

1185 

80 

$ 277,000.00 

$172.00 

$233.00 

$8,310.00 

2 

203 

2 

2 

780 

80 

$ 277,000.00 

$172.00 

$233.00 

$8,310.00 

204 

2 

2 

705 

100 

$ 342,000.00 

$198.39 

$288.00 

$10,260.00 

3 

302 

2 

2 

820 

80 

$ 277,000.00 

$172.00 

$233.00 

$8,310.00 

303 

2 

2 

785 

80 

$ 277,000.00 

$172.00 

$233.00 

$8,310.00 

*Monthly condo fees are set for the initial year but are subject to change thereafter by the 163 Glen Street Condo Association. The fees are based on the condo budget and percentage interest associated with the value of the home.  

**This is a monthly estimate for taxes. Households are eligible to apply with the City of Somerville’s Assessing Department for an exemption after residing in this unit and filing taxes there. With an exemption your taxes will decrease according to then current rate. For fiscal year 2019 the residential tax rate proposed is $10.09 per thousand dollars value. The condominiums are not a market rate unit and will not be valued according to the market, but instead according to the below market rate price listed in the table above. For more information on taxes, contact the Assessing Department. 

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