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23 Buffum St
Salem, MA

23 Buffum St

849K
3 bd • 2 ba • 2,024 sf

This analysis was generated by artificial intelligence on 2/25/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

AI Property Analysis

0:00
0:00 / 0:00
List Price

$849,000

Price/Sq.Ft

$419

Year Built

1870

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Prime Location: Situated on charming Buffum Street in Salem, the home is within walking distance (10 minutes) to the MBTA and downtown Salem, offering convenient access to amenities, transportation, and attractions. • Recent Renovations: Extensively renovated in 2014 and 2019, including the kitchen, great room, bathrooms, electrical service, and mini-splits. These updates reduce the likelihood of immediate major repairs. • Stylish and Well-Maintained: The property is described as beautifully maintained and stylish, blending original 1860s character with modern updates. • Flexible Living Space: The first floor offers a large office/BR that can serve as a sitting room, providing flexible space for various needs. The library/office also adds versatility.

The Bad

• Potentially High Maintenance Costs: As an 1870s home, it may require ongoing maintenance and repairs despite recent renovations. Older homes often have unforeseen issues. • School Ratings: Collins Middle School has a rating of 3/10, which is below average. This could be a concern for families with school-aged children. • Heat and Wind Risks: The property has a major heat risk (6/10), with a 98th percentile temperature of 96°F. The wind risk is also major (6/10), which could lead to higher insurance costs and potential damage. • Price Increase: The property was listed for sale on 2025-02-11 at $849,000, representing a 150.4% increase from its previous sale price. This significant jump may deter some buyers.

The Ugly

• Unclear Lot Size: The property description mentions a lovely mature private garden but does not specify the lot size. This lack of clarity may deter buyers who prioritize outdoor space. • High Estimated Insurance: The estimated annual insurance cost of $3056.4 is relatively high. This is likely due to the home's age, location, and potential risks, such as wind damage. This adds to the total cost of ownership. • Moderate Air Quality Risk (3/10): While not critical, the moderate air quality risk and 3 bad air days per year may be a concern for buyers with respiratory sensitivities. This should be factored into long-term health considerations. • Unknown Salem Prep High School Rating: The lack of a rating for Salem Prep High School may concern buyers with older children. This missing information makes it difficult to assess the quality of local high school education.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Buyers Who Appreciate Historic Charm with Modern Updates: The home blends original 1860s architecture with renovated kitchen, great room, and bathrooms, appealing to those who value both character and modern amenities. • Buyers Seeking Walkability: Located 10 minutes by foot to the MBTA and downtown Salem, it suits those who prefer easy access to transportation, shops, and restaurants. • Buyers Prioritizing Energy Efficiency: With updated electrical service and 6 mini-splits, the home is more energy-efficient than many older properties, reducing utility costs. • Buyers Needing Flexible Space: The first-floor office/BR offers versatility as a sitting room, office, or bedroom, accommodating various lifestyle needs.

Not For

• Buyers Seeking a Large Yard: The property description highlights a mature private garden but does not specify the lot size. Buyers seeking a large yard may find it insufficient. • Buyers Requiring Top-Rated Schools: With Collins Middle School rated 3/10, families prioritizing high-ranking schools may need to consider other options or private schooling. • Buyers on a Tight Budget: The asking price of $849,000, plus property taxes and potential maintenance costs for an older home, may be prohibitive for budget-conscious buyers. • Buyers Sensitive to Climate Risks: While flood risk is minimal, the major heat and wind risks, with a 96°F 98th percentile temperature and the need for wind insurance, may deter buyers sensitive to climate-related issues.
Demographics
Area Median Income

$72,994

Property History

Price History
Ownership Timeline
$0Cash Purchase
Jan 1, 1970
Mary Christine Garcia, Jonathan ThomsonMary Christine Garcia
Deed
Non-Arm's Length Transactions
$339,000Financed
Jan 1, 1970
Alan B Wall, Jennifer A WallMary Christine Garcia, Jonathan Thomson
Deed
Standard Sale (Purchase/Resales)
$199,000Financed
Jan 1, 1970
Frederick M Johnson, Lauren JohnsonAlan B Wall, Jennifer A Wall
Deed
Standard Sale (Purchase/Resales)

Property Taxes

$7,286
2024 Tax Assessment
5.1%from previous year
Assessed Value$627,000
Tax Rate1.16%

Market Insights

Real-time analysis of the local housing market

January 2025
Seller's Market

This is currently a competitive market for buyers in 01970. Homes are selling quickly and often above asking price, so be prepared to act fast and make strong offers.

$599,159
$398/sqft
8.9%
Change from last month
Your price: $849K (+42%)
Your price/sqft: $419/sqft (+5%)
80
27 sold last month
14.9%
Change from last month
32 days
Average for homes in this area
4.2%
Change from last month
This property: 14 days (-56%)

Sale Price Distribution

Last month
15
Over Asking
homes
3
At Asking
homes
9
Under Asking
homes
Total: 27 homes sold

If you're buying a home in 01970, you could pay more than the asking price. 55.6% of homes here sold above asking price last month.

Sale Time Distribution

Last month
20
Under 30 Days
homes
Your property
6
30-90 Days
homes
1
Over 90 Days
homes
Total: 27 homes sold

Many homes in 01970 are selling fast, if you're buying plan to act quickly.

Risk Assessment

Climate Risks

heatMAJOR

7 extreme heat days per year

98th percentile: 96°F

windMAJOR

Insurance: Required

airMINIMAL

3 bad air quality days per year

floodMINIMAL

FEMA Zone: Minimal Risk Area

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

• High Heat Risk (6/10): Requires efficient cooling systems, potentially increasing utility costs during the summer months. The 98th percentile temperature of 96°F indicates potential for extreme heat. • Major Wind Risk (6/10): Necessitates critical wind insurance and potential maintenance costs related to wind damage, especially for an older home. • Older Construction (1870): May require ongoing maintenance and potential repairs to address issues common in older homes, such as outdated plumbing or electrical systems. • School Ratings: Collins Middle School's 3/10 rating may be a concern for families, potentially impacting resale value if school quality is a major factor for future buyers.
Insurance
Annual Cost

$3,056

$255 per month

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Schools

Bates Elementary School

Public•Grades PK-5
5/5
Primary
0.5 mi
Get more information on GreatSchools

Collins Middle School

Public•Grades 6-8
3/5
Middle
0.9 mi
Get more information on GreatSchools

Salem Prep High School

Public•Grades 9-12
/5
High
0.6 mi
Get more information on GreatSchools

Financials

Monthly Costs
Market Rent (3 bed)

$3,207

Get a detailed estimate on Zillow®
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Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Subject Property

Price
$849,000
Price/sqft
$419
Layout
3 bd•2 ba
Days on market
14 daysat time of analysis

Stats in the Area

Based on 6 comparable properties nearby

Average Price

$636,667

33.4%

Your price is 33.4% above average

Median Price

$680,000

24.9%

Based on 6 recent sales

Price per Sq.Ft

$362

15.9%

Your price is 15.9% above average $/sqft

Comparable Properties

4 Sprague Street, Peabody, MA 01960
Price: $700,000
Sq.Ft: 1,652
Beds/Baths: 4/2
$/Sq.Ft:
$4241.0%
Sale Date: 1/3/2025
35 Flint St #301, Salem, MA 01970
Price: $690,000
Sq.Ft: 1,820
Beds/Baths: 2/2
$/Sq.Ft:
$3799.6%
Sale Date: 11/6/2024
17 Eagan Place #17, Peabody, MA 01960
Price: $470,000
Sq.Ft: 1,626
Beds/Baths: 2/2
$/Sq.Ft:
$28931.1%
Sale Date: 12/4/2024
60 Proctor Street, Salem, MA 01970
Price: $680,000
Sq.Ft: 1,865
Beds/Baths: 3/2
$/Sq.Ft:
$36513.1%
Sale Date: 10/17/2024
2 Rockdale Avenue, Salem, MA 01970
Price: $660,000
Sq.Ft: 1,928
Beds/Baths: 3/2
$/Sq.Ft:
$34218.4%
Sale Date: 9/26/2024
84 Ord Street, Salem, MA 01970
Price: $620,000
Sq.Ft: 1,651
Beds/Baths: 3/2
$/Sq.Ft:
$37610.5%
Sale Date: 11/13/2024

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