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17 Lansing Way #17
Millis, MA

17 Lansing Way #17

$889,000
3 bd • 3 ba • 2,495 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$889,000

Price/Sq.Ft

$356

Year Built

2019

AI Property Analysis

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

The Good

This 55+ community townhome at 17 Lansing Way in Millis, MA offers exceptional value at $356.31/sqft, which is 14% below the median price of $415/sqft for similar properties in the area. Built in 2019, it's a relatively new construction with modern amenities and finishes. The 2,495 sqft layout is 25% larger than the average 3-bedroom condo in Millis (typically around 2,000 sqft). The first-floor master suite with two walk-in closets and a large tiled shower adds significant value, appealing to the 55+ demographic. The open floor plan, finished basement, and ample entertaining space cater well to this market. Community amenities like the pool, pickleball courts, and clubhouse offer a resort-like lifestyle, potentially saving residents $1,500-$2,000 annually in private club memberships. The property's minimal flood risk (1/10) is significantly better than the area average of 3/10, potentially leading to lower insurance costs.

The Bad

The current listing price of $889,000 reflects a 10% increase from its last sale price of $809,000 in 2022, which may be ambitious given the broader market conditions. The property has been on the market for 16 days with several price reductions since June 2024, suggesting potential overpricing. The HOA fees, while inclusive of many services, are not specified and could be substantial for a property of this type and in this area (typically ranging from $400-$600/month). The moderate fire risk (3/10) and major heat risk (5/10) may lead to higher insurance premiums and increased cooling costs during summer months. The location in Millis, while charming, offers limited access to major employment hubs, with Boston being approximately a 45-minute drive away.

The Ugly

The property faces a major wind risk (6/10), which is categorized as critical for insurance purposes. This could lead to significantly higher insurance premiums, potentially 20-30% above average rates. The multiple price reductions since June 2024 (from $949,900 to $889,000) indicate a softening market or potential overvaluation, which could impact future appreciation. The 55+ age restriction limits the potential buyer pool, which could affect resale value and liquidity. The lack of specific HOA fee information is concerning, as these fees can substantially impact the total cost of ownership. Given the amenities offered, annual HOA fees could potentially range from $5,000 to $8,000 or more.

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

This property is ideally suited for active retirees or pre-retirees aged 55+ with a household income of at least $200,000, based on the purchase price and potential ongoing costs. It's perfect for those downsizing from larger family homes who still want space for visiting family and entertaining. The first-floor master suite caters to those prioritizing accessibility and aging in place. The community amenities make it ideal for social seniors who enjoy an active lifestyle and want a maintenance-free living situation. It's also suitable for part-time residents or snowbirds who want a lock-and-leave property with year-round maintenance.

Not For

This property is not suitable for families with children due to the 55+ age restriction. It's also not ideal for first-time homebuyers or those with limited budgets, given the high purchase price and potential HOA fees. Investors looking for short-term rentals should avoid this property due to likely restrictions in the 55+ community. Young professionals or those prioritizing a short commute to major cities like Boston would find the location less than ideal. Additionally, those seeking a more rural or completely private setting may find the community-style living less appealing.
Demographics
Area Median Income

$131,138

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Risk Assessment

Climate Risks

windMAJOR

Insurance: Required

heatMAJOR

7 extreme heat days per year

98th percentile: 98°F

fireMODERATE

Insurance: Recommended

airMINOR

1 bad air quality days per year

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

Risk Analysis

The major wind risk (6/10) poses a significant threat to the property and could result in damage during severe weather events. This high risk level will likely lead to increased insurance premiums and may require additional coverage. The moderate fire risk (3/10) and major heat risk (5/10) could also impact insurance costs and energy bills. The property's appreciation potential may be limited due to the age-restricted nature of the community and the recent history of price reductions. There's a risk of special assessments in the future for major community repairs or upgrades, which could lead to unexpected costs. The lack of diversity in the community age demographic could potentially impact future resale value. Lastly, changes in local zoning laws or community regulations could affect property use or resale in the future.
Insurance
Annual Cost

$3,200

$267 per month

Financials

Monthly Costs
Market Rent (3 bed)

$3,290

Get a detailed rental estimate on Zillow®
HOA Fee

$625

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$829,658

-6.7% below list price

Median Price

$839,995

Based on 6 recent sales

Price per Sq.Ft

$329

Comparable Properties

35 Dudley Rd, Holliston, MA 01746
Price: $789,900
Sq.Ft: 2,379
Beds/Baths: 4/3
$/Sq.Ft:
$3326.8%
Sale Date: 10/23/2024
23 Helen Lane #23, Millis, MA 02054
Price: $905,000
Sq.Ft: 2,448
Beds/Baths: 2/3
$/Sq.Ft:
$3703.8%
Sale Date: 10/3/2024
4 Curtis Ln, Medway, MA 02053
Price: $853,059
Sq.Ft: 2,671
Beds/Baths: 4/3
$/Sq.Ft:
$31910.4%
Sale Date: 10/19/2024
12 Plimpton Farm Rd #246, Millis, MA 02054
Price: $839,995
Sq.Ft: 2,557
Beds/Baths: 2/3
$/Sq.Ft:
$3297.8%
Sale Date: 9/28/2024
49 Richardson Dr. #296, Millis, MA 02054
Price: $799,995
Sq.Ft: 2,557
Beds/Baths: 2/3
$/Sq.Ft:
$31312.2%
Sale Date: 9/11/2024
15 Grove Street, Millis, MA 02054
Price: $790,000
Sq.Ft: 2,525
Beds/Baths: 4/3
$/Sq.Ft:
$31312.2%
Sale Date: 8/17/2024

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