Newton Market Fast Facts
1. The spring market is heating up, but uncertainty is strong. Interest rates are still high, gas prices are up, tech layoffs continue, among many concerns held by buyers and sellers alike. We don’t foresee this sentiment shifting anytime soon.
Other News
The Hidden Foundation Risk Under Thousands of Boston Brownstones
You might remember from history class that over 5,250 acres of homes in the Boston area are built on reclaimed land. Hence why Back Bay is called what it is.
This recent article, “Historic Boston homes at risk of sinking, crumbling.” reminded us of this issue. The short synopsis is that the brownstones were built on timber piles submerged in groundwater. That’s actually fairly standard practice around the globe. However, when groundwater drops below the top of the piles, for example drainage into an excavation nearby, the wood is attacked by microorganisms and loses structural integrity.
You may also remember the recent pyrrhotite crisis impacting thousands of homes in central MA. A different mechanism also affecting building foundations.
These are good reminders that structural and foundation issues are often the most expensive repairs we see during our real estate transactions.
So what’s the solution? When in doubt, consult a structural or geotechnical engineer during your home purchase contingency period. While certainly not necessary for every purchase, we’ve brought an engineer on multiple occasions for clients. At worst, it costs a few hundred dollars (though it does bring peace of mind). At best, you avoid a disaster waiting to happen or will know the required repairs and can negotiate the price accordingly.
