The local real estate market is going full speed ahead, but one market that is emerging amongst the resurgence is high-end properties – and Gary Ferragamo of Celata Real Estate is primed to sell the city’s first $1 million home.
The Italian Villa on Rice Avenue faces the Atlantic Ocean and has a master bedroom with large glass windows that provide unfettered sunrise views – to name just a few stunning attributes.
“I have looked for the past 20 years on the Massachusetts Listing Service (MLS) and I believe there has never been another sale for $1 million on a single-family home or condo in Revere,” said Ferragamo. “There could have been a private sale, hand to hand, but nothing public. That shows how far we have come. I used to say it’s location, location, location, but now it’s location, location, beach. That certainly applies to this home. You don’t have to watch TV to see luxury properties here.”
Ferragamo is listing the property for $1.295 million.
Ferragamo is a Revere native who spend a great deal of time selling real estate in California before coming back home several years ago. Ferragamo managed high-end properties in Boston, including Charlestown’s Flagship Wharf. That’s when he signed on with the Ocean Club on Revere Beach – a luxury apartment building that would have transformed Revere Beach had the housing downturn not spoiled the project. Ferragamo set record after record in sales on the Ocean Club, millions of dollars in potential sales, and now he’s looking to follow suit with luxury properties in Revere and surrounding areas.
Already, he’s gotten a $5.5 million listing in Everett for a multi-unit Townhouse development.
“These are great listings and I want more of the high-end properties,” he said. “Real estate in Revere is on fire. I’ve sold everything I have. I was the top agent through the winter with 12 listings. Everyone else had two. Things are on fire here. It’s really a sellers market now because there’s not a lot of inventory. Buyers are paying over the asking price to get a property. I’ve seen people bid $50,000 over asking price.” Part of the reason that real estate has come back to where it was prior to the 2007 bubble bursting is due to the fact that Revere is still a diamond in the rough.
Ferragamo points out that the Italian Villa on Rice Avenue is about 5.5 miles away from Haymarket in downtown Boston. He said he feels Revere is the most underdeveloped beachfront community in the area, but perhaps not for long.
“In only 5.3 miles from downtown Boston your toes are in the sand,” he said. “I’ve said this since I came back from California, Revere is the most underutilized, underdeveloped beachfront community in a 100-mile radius.”
But properties like the Rice Avenue villa are turning heads this way.
The home is literally about 10 steps away from the private Point of Pines beach. It has eight rooms, two full-baths, one half bath and three bedrooms – including a master bedroom that has large windows facing the ocean.
Additionally, there are three fireplaces, an office, a build-in pool, a master bath with Jacuzzi and a driveway.
One of the most striking features of the house is a dining room that faces the ocean, has a grand piano and a custom, wooden spiral staircase.
While it could be the first million-dollar single-family sale in Revere, Ferragamo said he believes it will be but the first of more to come.
“If anybody can do it, I think I can,” he said. “I’m selling everything I can put my hands on. The price is not a factor and I’m looking to list more and more high-end properties in this area. In the last year, I’ve personally exploded in my sales, but everything is exploding around me. It’s a very extraordinary time.”