The project to watch in Watertown: Elysian Watertown Square
If you’re buying or selling in Watertown right now, keep an eye on Elysian Watertown Square. It’s a 142-unit, five-story building with retail on the ground floor, right by the historic town center. They broke ground a while back and were aiming to finish around summer 2026. So by this fall it should be done or close to it.
A few things make it interesting. Fifteen percent of the units are set aside for households earning 65 to 80 percent of area median income. They’re also renovating an 1890 row house into five for-sale condo townhouses, and one of those is reserved for affordable homeownership. That’s a real chunk of new rentals and new for-sale inventory, including below-market units, hitting Watertown Square just as the resale market slows down for the season.
If you’re buying, don’t commit until you’ve compared new construction to resale. Look at price, yes, but also look at what you actually get for it: amenities, finishes, monthly costs. Sometimes new wins. Sometimes a resale a few blocks away is the better deal. You won’t know until you put them side by side.
If you’re selling, especially close to the Square, watch your buyer traffic over the next couple of quarters. Are showings on comparable homes holding up? Is the feedback changing? One development won’t move the whole town overnight. But this kind of project shapes value street by street, and the streets closest to it will feel it first.
Want to know how this affects your block or your search? Call me. I’ll pull the numbers for your specific situation.
Ready to talk?
Nouné Karapetian, REALTOR®, Compass — 617.256.7097
Allen Babroudi, REALTOR®, Compass — 617.388.9601
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