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By the Numbers: Stats on Boston's Burgeoning Neighborhoods

Boston's neighborhoods are growing, and they're building up their communities to appeal to young professionals who can't afford the rent and mortgages of Boston proper. Specifically, South Boston is becoming a contender in the world of luxury condo living. Now mind you, these condos certainly aren't cheap. Some units are going for upwards of a million bucks. However, it's still a far cry from condos in the Back Bay, for instance, which are fetching anywhere from a few million up to $13 million and more on Beacon Street.

Looking to invest in South Boston condos? There are many to choose from at the moment, thanks to a luxury condo construction boom overtaking the city. South Boston's not alone -- East Boston's and Dorchester are getting in on the action too. But Back to South Boston... The Boston Globe says this Boston neighborhood is seeing an influx of median single-family home prices of $680,000 and condo prices of $632,000. This is a 70 percent change since 2011, putting Southie front and center of a growing South Boston real estate market. You have The Austin at 205 E Street, with units starting at $699,000 and going up to $1.1 million. Then you have 39 A Street and 150 West Broadway, also offering luxury living at a premium. There are more, of course, but you get the picture. In Dorchester According to The Boston globe The median Condo price is $375,000 which is an 88% change since 2011.  Dorchester has certainly come a long way with Condo units such as 8-12 Enterprize street consisting of 9 units ranging in price from $680,000-$950,000 or 364 Neponset Ave which features townhouse style 3 bedrooms with garage parking.  Not to be outdone East Boston has exploded with a median condo price of $ 416,000 an 83% change since 2011. Lower prices and a quick T ride to downtown with an incredible view of the Boston skyline. It’s no wonder East Boston has caught on so quickly in the last few years. With nearly 1,000 new units in the works along the waterfront such as Clippership wharf which sold out all 80 of the units at the Slip 65 in 8 weeks, 320 Maverick place  with 33 units  due for completion in the fall of 2017

 

Facts on South Boston Real Estate

Let's take a look at some interesting stats on South Boston homes and condos.

  • The median price of a condo is $790,000 up 16 percent from last year -- even higher for a luxury full-service building, which increased twice that to more than $2 million.
  • The median price of homes in the pending sales category decreased by about two percent in 2016 to $308,000, jumping 75 percent in February compared to 2015. This was the highest number of pending sales for that month since 2004.
  • Home values throughout the Boston area are forecast to increase by a percent and a half over 2017.
  • Home prices in Southie range from $230,000 to $1,950,000. For that, you can get a home anywhere from 450 square feet to 3,300 square feet.
  • South Boston condo prices average about $700,000, much more than its cousins Allston and East Boston, featuring condo prices at $422,000 and  $416,000 respectively.
  • South Boston has 13 schools, about half private and half public.
  • The unemployment rate in South Boston is 16 percent lower than the national average. The per capita income is about 60 percent higher than the national average.
  • Southie is home to 36,000 people at last count.
  • The average household income is $98,000.
  • The average price per square foot has increased to $656 up from $590 last year.
  • Median rent is $3000 per month.

 

Facts on East Boston Real Estate

Here are some of the more interesting facts and figures, relative to the East Boston real estate sector:

  • The average sale price of a single-family home in East Boston over the past year hovered between $380,000 and $580,000, with the low point coming in November of 2016, and the high point being in March of 2017.
  • For multiple-family dwellings, the average sale price was $770,000, with a high in May of 2017 and the low coming in December 2016
  • The average sale price for a condo in East Boston was $460,992, with an average price per square foot of $534.39
  • Single-family homes on the market in the past year spent an average of 95 days on the market before being sold, which is an average increase of 8 days per housing unit; condos which sold last year spent an average of 92 days on the market, and multi-family dwellings spent an average of 114 days on the market before being sold
  • Over the past year, there was a 10% increase in the number of real estate listings in East Boston

 

Facts on Dorchester Real Estate

In the Dorchester area of Boston, these facts and statistics are some of the more important and relevant ones:

  • Over the past year, the average sale price of a single-family dwelling in Dorchester was $432,500, with a price-per-square-foot of $305, and an average of 108 days on the market before being sold
  • For multi-family dwellings, the average sale price was $626,622, with a price-per-square-foot of $181.38, and an average time on the market of 158 days before being sold
  • Condos in the Dorchester area over the past year had an average selling price of $496,740, with a price-per-square-foot of $392.92, and an average of 81 days on the market
  • The trend for condos was generally very positive, with an increase of $17,498 in sale price, a $39 increase in price-per-square-foot, and a 37.5% increase in new listings
  • Trends for multi-family dwellings were somewhat less positive, with a decrease of $37,379 in average selling price, accompanied by a decrease of $20 per-square-foot in sale price
  • The selling price of single-family dwellings remained fairly stable, experiencing a modest $750 decrease over the prior year, and a $32 increase in the price-per-square-foot. Dorchester single-family dwellings sold last year were on the market an average of 5 days longer than the prior year.

The experienced real estate agents at Home Town Brokerage can give you more insight into this burgeoning neighborhood. Give us a call today to inquire about listings or to setup a showing at 617-877-1479 or email us at info@htbrealty.com.

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    Realtors in South Boston: Connecting You With Homes and Condos

    Having a Realtor in your corner who not only knows the ins and outs of the real estate industry, but the South Boston neighborhoods as well are key. Even further than that: you need real estate agents who know firsthand the luxury condo market in South Boston. Without that local touch, how can you trust the recommendations, skills, and experience of your realtors in South Boston? It's even more important than ever, as South Boston is starting to surge with new properties aimed at the up and coming professional.

    Here, at Home Town Brokerage, we know South Boston. Our agents have the experience and tenacity to connect you with the property you want. Browse our Agent Bios and check out our featured listings. You'll see just how much experience we all have buying and selling condos and homes in South Boston, particularly Guy Assetta, senior agent. He has more than 17 years experience in the custom home building and remodeling industry.  Guy is a 3rd generation builder. He started out as a child watching his grandfather and father, who were builders.  As a teenager, Guy worked in the shop of the family business, Assetta Construction, because he was not yet old enough to be on site. When he turned 18 he worked out in the field. However, his father wanted him to go to college so he left the family business to get a degree in engineering. Guy quickly discovered that his heart was not in it and went back to work for the family business. In 1999, Guy enrolled in the North Bennet St Schools carpentry program. At North Bennet, Guy learned the finer details of Carpentry and home building. When he graduated, this time he did not return to the family business, rather he went to work for S+H Construction of Cambridge, MA. At S+H, Guy worked with some of the finest craftsmen in the industry restoring and modernizing the grand old Victorian homes of Cambridge. After many years there, Guy and a fellow carpenter went out on their own to start a construction company. The company ran successfully for 5 years until the two partners went in separate directions. That is when Guy started out in South Boston, buying a three-family home that he converted into the highest quality and highest priced per square footage condominium in South Boston at the time. He has successfully remodeled and converted a variety of buildings into condos since then, creating Home Town Brokerage in 2009 with partner Ryan Sullivan.

    After starting Home Town Brokerage Guy And Ryan realized that there's a real need for guidance in the buying process.

    Our buyers always say how comfortable they feel because we keep them in the loop and are in constant contact throughout the process. It's our goal to ensure a seamless transition from selling your current home to investing in a new one. But it's not just the house you're moving into: you're adopting a whole new neighborhood and community. You're in for a treat in South Boston. That's because there's a lot on the horizon.

    The South Boston Condo Market: "We're in the Know"

    Going in alone, in terms of buying into a whole new neighborhood can be daunting to say the least. You need someone to enlighten you about the current state of the real estate market here. You may already know that luxury condos are starting to become a mainstay of the South Boston landscape. You may even know that the prices -- and indeed quality -- of those condos are hitting all-time highs. Just like its neighbor East Boston, South Boston is seeing condo prices that are leading house prices by a wide margin, says Curbed. You can snag a condo in this area for about $790,000 up 16 percent from last year, says The Boston Globe, but even more for a high-end, full-service building which is fetching $2 million a unit.

    Appealing to an audience comprised of young professionals and even suburban empty-nesters, these condos are beckoning these groups with an improving economy, growing job market and more affordable urban life than the city proper. That's not to say the houses are slowing down. WBUR says that since 2011, nearly 22,000 units have been completed or permitted, mostly in central or South Boston. While the prices of houses for sale in South Boston, MA took a bit of a hit last year, pending sales increased -- an excellent marker for growth.

    Home values throughout Boston and its outer neighborhoods like South Boston are expected to increase by even more over the next year. You can rest assured Home Town Brokerage will keep you posted! Call our South Boston Realtors at Home Town Brokerage at 617-877-1479 to learn more.

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      The Condos at 320 Maverick in East Boston

      320 Maverick at Jeffries Point

      The latest condo project to dominate the East Boston landscape is The Condos at 320 Maverick Place. Featuring luxury condos in the popular Jeffries Point neighborhood of East Boston, these condos offer beauty and convenience in one. You get quick access to the Blue Line MBTA Stop in Maverick Square, Piers Park and the waterfront area, plus each unit showcases the very best materials for good living. For example, no expense was spared when it comes to stone countertops, energy efficient appliances and more. For a taste of modern urban living at its finest, check out The Condos at 320 Maverick East Boston.

      Quick Facts

      Here's a look at some quick facts about 320 Maverick Place, slated for completion  fall 2017:

      • Five stories
      • 33 units (29 market rate and four affordable )
      • 34 garage parking spaces
      • 16,567 land sq ft
      • 39,674 sq ft building size
      • Minimum price $450,000; maximum $900,000
      • 24/7 security
      • Bike storage
      • One bedroom
      • Two bedroom
      • Penthouse
      • Units range from 610 sq ft to 1275 sq ft
      • Architects: LaFreniere Architects

      Construction began on these residential condo apartments in 2016, with expected completion this fall. The condo is comprised of a wood framed building constructed above a new on-grade parking garage.

      A Growing Luxury Presence

      These new condos are just the latest to contribute to the burgeoning East Boston real estate scene. They offer convenient positioning just across the Boston Harbor from the North End, Waterfront and Financial District, targeted to high-end clientele like up and coming professionals who can't afford the high rates of the city's core but who still want quick access to work and play. 320 Maverick certainly isn't alone. The Eddy, Trinity Financial, Clippership Wharf and Portside make up a huge influx of luxury housing in recent months, comprised of 1,000 new units with access to a mile-long stretch of waterfront, says the Boston Globe.

      These neighborhoods, along with the Maverick, are luring in college students and young professionals who want more affordable housing close to downtown, resulting in a wave of new investors buying up row houses and converting them into appealing housing options. The hope for city officials and the inner neighborhoods of East Boston is that residents of the newer condo units popping up along the vastly underused waterfront (up until now) explore everything else there is to love about the city, such as Maverick Square and Day Square.

      With a three and a half minute ride from East Boston to downtown Boston, as well as luxury condos selling for a fraction of the cost, Eastie is becoming a player in the luxury housing market with no signs of stopping soon. Check out more about 320 Maverick Place in Jeffries Point here.

      Pre-sales have already begun on 320 Maverick East Boston. If you'd like to know more or schedule a showing with us, please call Hometown Brokerage today at 617-877-1479 or email us at info@htbrealty.com.

       

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        Red Carpet Real Estate: South Boston Condos Bringing the Celebrity Treatment

        Boston's Back Bay and Beacon Hill have historically laid claim to the highest price tags for condo living in the entire city. While that's still true, now there's a new kid in town and it's called South Boston. Luxury condos like The Austin at 205 E Street, 150 West Broadway and 170 West Broadway are forming the heart of Boston's hottest neighborhood. Southie has grown up with a somewhat tough past but it's starting to reform fast and furious. Not only is this area bursting with new residential developments and opportunities, it's rolling out the red carpet to give residents the celebrity treatment.

        Now it's no longer a question of can you afford to live in South Boston, but can you afford NOT to? While the luxury condo prices are certainly high -- approaching a cool $700,000 and up to over a million in some instances -- the prices are starting to rival the likes of Southie's older and more sophisticated cousins, the Back Bay and Beacon Hill. Of course, they have a long way to go to reach the prices of the Back Bay -- some of which top out at a cool $15 million.

        Now, those have long been coveted addresses for the city's elite, but now with the likes of high-end South Boston condos for sale, this location gives singles, professionals, up and comers and even progressive families the chance at an elite Boston address without the crazy price tag. Still, $700,000 is nothing to sneeze at. It's still much more than Allston and East Boston, with condo prices averaging $422,000 and $416,000 respectively, according to Boston.com.

        Features of the South Boston Condo Scene

        Featuring up-scale bars, coffee houses, boutiques and condos, South Boston is starting to adopt a more sophisticated look and feel. According to The Boston Globe, the city is seeing median single-family home prices of $680,000 and condo prices of $632,000 representing a 70 percent change since 2011. That makes this a growing, ideal market for Boston area developers. One such example is The Austin at 205 E Street, with units starting at $699,000 and hitting $1.1 million. These two three-story buildings will comprise 34 luxury condos with floor plans of one-, two- and three-bedrooms to choose from. Each comes with two parking spaces. From Thermador appliances and quartz countertops/backsplashes to custom cabinetry and Hans Grohe fixtures, residents will be living in the lap of luxury here.

        Then, there's 150 West Broadway and 170 West Broadway, that also offers luxury living at a premium. 170 W. Broadway comprises 33 luxury condos with high-end kitchens featuring quartz countertops and stainless steel appliances. 150 West Broadway boasts 24 luxury condos,  31 parking spaces an elevator and common terrace.

        Interested in South Boston condos for sale and upcoming developments? Reach out to a knowledgeable South Boston realtor and call Home Town Brokerage now at 617-877-1479.

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          Houses for Sale in South Boston MA That are Getting Noticed

          There's no doubt that the luxury condos beginning to pepper the South Boston landscape are hitting all-time highs. In fact, the median price of a condo in this area is $790,000 up 16 percent from last year, says The Boston Globe. It's even higher for a high-end, full-service building, which jumped twice that fast to more than $2 million. This is part of a broader market that's being fueled by young professionals, suburban empty-nesters, and even some international buyers, all of whom are being enticed by the city's burgeoning job base and urban life.

          That being said, it's not just the condos that are propelling South Boston to new heights. The houses are also contributing to this spike in interest, although the market still has a long way to go. The prices of houses for sale in South Boston MA dipped slightly last year although pending sales increased, which is also a good indicator of growth. The median price of homes in the pending sales category decreased by a bit more than two percent last year to $308,750, but that was a jump of 75 percent in February compared to the year before, according to Boston.com Real Estate. That represented the highest number of pending sales for the month of February since 2004.

          Home values throughout Boston are expected to bump up by a percent and a half over the coming year, but last year that dip extended to the most exclusive addresses in Greater Boston, including Lexington, Concord, Weston and Lincoln. Some experts are optimistic about home prices rising due to a shortage of homes for sale in South Boston and the surrounding area.

          Houses to Keep Your Eye On

          The popularity of this area is growing year over year. After all, you have quick, close access to the city, dependable transportation, and a rich history built on Southie Pride. It's no surprise that there are many homes for sale here. The real estate market here consists mainly of traditional triple-decker homes, many of which have been converted into condos over the years. There's also an influx of newer, luxury residential projects infiltrating the area, from the Units at 150 West Broadway to the Signal Lofts to the Macallen. There are plenty of single family homes for those looking to raise kids here, meeting a variety of budgets.

          Right now, home prices are ranging from $229,900 to $1,700,000, with sizes jumping from 456 square feet to 3,295 square feet. Southie's natural allure lies in its surroundings. Just take a look at the waterfront, home to Castle Island and some of the top-rated local beaches. You can run, walk, jog, hike and picnic here, as well as learn all about the Revolutionary War fort that sits on Castle Island.

          With Logan Airport just 10 minutes away and the West 4th Street Bridge connecting residents to Newbury Street, more and more people are investing in homes in South Boston. There's little doubt that the proximity to the city proper is a major draw for people looking to put down roots. And with MBTA bus routes and Silver Line service to South Station forming the backbone of the city's commuting options, houses for sale in South Boston MA will continue to rise.

          Want to know more? Call Home Town Brokerage at 617-877-1479.

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