Bank’s refusal leads to price-cut for Newton tiny home

Asking price for Newton tiny house slashed after bank refuses to finance offer

Updated: 8:08 PM EDT Oct 13, 2021

A tiny home with a big price tag in the Boston area is having some trouble finding a buyer.The 251-square-foot home at 1295 Boylston St. in Newton Highlands attracted immediate attention for its size and initial asking price of $449,900. That equates to roughly $1,792 per square foot.Realtor Hans Brings, with Coldwell Banker, said the owner received several offers in the first week and accepted one.”Unfortunately, the buyer was unable to obtain financing because every lender they contacted said the home was too small to finance,” Brings wrote in an email. “The backup buyers had the same issues.”So, the tiny home with an open floorplan, an updated kitchen and a desirable location is back on the market with a new asking price and a new strategy.Brings said the owner is now hoping to find a cash buyer who can afford to pay $389,900.According to the listing, the bedroom is a loft with knee-high ceilings. The kitchenette boasts a new granite countertop, and the bathroom was recently remodeled. It is located on a 2,452-square-foot lot. There is a “ready to finish basement” that might offer a few additional square feet. According to the Massachusetts Association of Realtors, the median price for single-family homes in the state was $552,000 in August.