Not-so-frothy market for fixer-uppers in Boston

/ Source: CNBC

What exactly does a cool $1 million get you in the suburbs of Boston? House-hunters hoping for a stately mansion with a gourmet kitchen might be disappointed.

In the sought-after Boston suburb of Brookline, there’s a 1938 colonial on the market. And while the housing market hasn’t deflated in this area because of demand from lawyers, financiers and academics, the market for a million-dollar fixer upper isn't exactly frothy.

Some parts of the spacious 1938 colonial have historic detail, but prices at just under $1.1 million, this four bedroom, three and a half bathroom home has been waiting for a buyer since August.

The kitchen needs some serious work and updating. But there’s space, lots of it, up and down -- a fully-finished basement with kitchenette and separate entry, plus a bonus attic room and bath. And outside, a new deck overlooks some good lawn for this neighborhood, and there’s a two-bay garage.

Unfortunately, inside there is work to be done. Under all the carpeting there are hardwood floors.

What you’d be buying is a really excellent neighborhood and some good solid bones -- a big house on a good sized lot, but the $1 million price tag is really just the start.

The Boston-area market has definitely slowed in the recent real estate slowdown. Prices are up just under 2 percent from a year ago, while other metro markets are still in double-digit appreciation. The price on the 1938 colonial has already dropped a bit, but given its location, close to great schools and 10 minutes from downtown Boston, the lot alone may be worth it.