130 Fearing Street building lot (290 Lincoln Ave house in background)
Some good news for year-round residents of Fearing Street and Lincoln Avenue living in the shadow of UMass: The lot sold by real estate speculator You-Pan Tzeng, after tearing down a "historic" barn, is going to become an owner occupied house.
So I hope they get a warm welcome to the neighborhood that aggressively laments absentee owner student rentals.
The new owners spent $140,000 to buy the lot and according to their approved building permit will spend an additional $250,000 on constructing a two-story, four-bedroom colonial.
With that kind of investment you probably are not going to rent it to four students. Besides, you would have to charge way more than going rate (which is already too high) in order to cover overhead -- including Amherst's high as a satellite property tax rate.
Mr. Tzeng is still trying to sell the house at 290 Lincoln Avenue from which the lot on Fearing Street was spun off.
Although he has dropped his price somewhat ($15,000), chances are anyone paying $425,000 for that grand old abode is not going to rent it out -- especially since the house is a "one family" and could be occupied by only four unrelated housemates.