As you know, I’m a physician in my day-job. I enjoy taking care of patients in the ER and teaching medical students. I was honored by being accepted to the Harvard Macy Program for Educators in Health Professions. It was an intense 8-month course and I spent the last week at Harvard Medical School.
While the medical school has been around since 1788, this building is relatively new, being built in 1906. It’s located in the Longwood Medical Area of Boston, close to downtown, and some of the highest property values in the world. If a property is listed in the area, it’s likely been developed, and will sell for around $1,000 per square foot!
Location
Despite the value, Harvard Medical School maintains a massive park-like quadrangle, which I was able to enjoy last week. By my Google Maps calculations, the quad is 70,400 square feet. At 1k per square foot, that’s $70 million dollars, but a buyer would have to pay much, much more, I suspect. Probably due to the fact that it is right in the middle of Harvard Medical School.
Location
While there, I sat on a chair and marveled at the beautiful day. Walk a couple hundred feet in any direction and I would be in the urban center, likely a research facility or hospital. Though there was security, I suspect I could have reached down and grabbed a handful of that expensive soil and walked off with it. Bring that home and the value drops to nearly zero. There must be something more to that soil than the material of which it is composed.
Location
There’s a T line stop (Boston’s subway system) within a comfortable walk from the quad. It connects the medical school to downtown and the international airport. Within minutes, one can move about the city. This stop allows many more visitors to come to the area, additionally driving values up.
That one building from the top picture on this post defines the look of that area, but there are thousands of larger, taller, and newer buildings out there. Of course there is also prestige of the Harvard name, but when considering the ground under it, the value is in the location, and you should be willing to pay for it. When you are evaluating your next deal, pay attention to what is near it. A well-placed subway stop or retail store can be huge. Look at what the city is planning for the area. Zoning maps can be a big help. Remember to consider location as a big factor in your next purchase.
