The rising price of South Boston real estate is luring in all sorts of buyers from all over the area. More and more people are looking to stick closer to Boston for the convenience of it all, yet they still can't afford the prices that homes and condos command in the prime areas. As a result, South Boston real estate is witnessing a boom of epic proportions, one it really hasn't seen in, well, ever. That's why we're seeing South Boston condos for sale with higher price tags than anyone would have thought to cater to before.
Those high prices do come with some pretty nice perks, though. From state of the art appliances and amenities to access to on-site restaurants and gyms, these aren't your run of the mill condos. The Boston Globe points out that South Boston is seeing an unprecedented influx of median single-family home prices of $680,000 and condo prices of $632,000, a 70 percent surge in just seven years. Consider that the median price of a condo is $790,000 up 16 percent from last year and climbing toward $2 million for luxury full-service buildings.
Why Such a Demand?
What's accompanying this upward trend? Well, the unemployment rate is about 16 percent lower than the national average and the per capita income is 60 percent higher than the national average...this makes Southie a desirable place to set up shop and raise a family. South Boston condos are commanding a cool $700,000, well over those seen in Allston and East Boston at $422,000 and $416,00 respectively. People aren't looking to stray too far from Boston proper. North Reading, Wilmington and Tewksbury are just too far out for them. Quincy is expensive in its own right, and short of living right over the line in New Hampshire (where the prices are fairly cheap), the ideal option is to stay right here in Southie.
The location is great, thanks to that city feel and plenty of eateries, fitness centers, coffee joints and retail spaces to keep you occupied. Buying a luxury condo means you get a guaranteed parking space or two -- which are in short supply in the city anyway. Plus, you don't have to even leave the property to hit the gym, grab a bite to eat, or enjoy some green space. Let's take a look at some premier properties in South Boston that prove our point.
Luxury Condos Selling Fast
150 West Broadway, forming the cornerstone of location and design, is comprised of 24 high-end condos, plenty of on-site parking spaces, an elevator and common terrace. On track to be finished this year, these condos are all about natural light with a variety of layouts available in one, two and three bedrooms. You get cavernous ceiling heights and over-sized windows, garage parking, a common outdoor roof deck, marble and porcelain tile bathrooms, Grohe plumbing fixtures, Jenn-Air appliances and white shaker cabinets in the kitchen, and open layouts throughout. Here are a few other must-see features:
- Oak flooring
- Oversized windows and sliders
- Quartz countertops and custom kitchen cabinets
- Glass tile backsplash
- Private outdoor balcony for many units
- Garage parking for one to two vehicles
It sits just two blocks from the Red Line T, so you can easily commute to Cambridge or other areas. You're close to the Seaport District and the South End, as well as new restaurants, and a Whole Foods market. Fun fact: Guy Assetta of Home Town Brokerage has all the listings in this building. Call him now to find out more!
100 A Street is also new to the area, a six-story luxury condo featuring spacious units, space for a coffee shop or cafe, and a parking garage. This luxury condo has nine units spanning six stories, zoned for commercial usage. You'll find a five-car parking lift as well, with a convenient option of eight more spaces to rent out from a nearby garage.
The land used to be the site of Williams Tavern and My Diner and has both common and private roof decks. This is the latest in a string of changes to this area of A Street, such as the State Street Building, 900-space car garage, and the development of 69 A, says Caught in Southie.
The Surrounding Area
Southie has long been known for its history, character and thriving arts community run by many working local artists. The area is also known for its many pizza places, diners, coffee shops, restaurants, retail spaces and more. The nearby beaches are a big draw in the summer, especially Curley Community Center's family-friendly shores. Mayor Walsh has set aside part of the budget for much-needed upgrades to South Boston in the years to come, including paving many streets, tackling an overhaul of Medal of Honor Park, and making renovations to many other community parks, according to Boston.gov.
Property values in this area are among the highest you'll find, depending on the size, style and level of luxury you want. In addition, the price tag shoots up if the property is considered waterfront or not. Because the market is favoring sellers right now, it's not uncommon to see condos in South Boston listed for less than 30 days on the market -- the majority in less than a week. Bottom line? Interested buyers can't rest on their laurels or make big demands. They need to prepare to offer something fast, and not just at asking. Many are going well above asking, with some even opting to waive the inspection to snag the South Boston condos for sale that they have their eye on.
To get in on this growing real estate trend in South Boston, contact Home Town Brokerage at 617-877-1479 or fill out our online form for a speedy reply. Or, you can search any property you like in South Boston or any of its neighborhoods, from the Back Bay to Beacon Hill.