Allston Investment Properties

Bounded on the northern, eastern and western sides by the Charles River and on the south by Commonwealth Avenue, the Allston neighborhood in west Boston is considered one of the most beautiful in the city. Just across the river from Harvard University and the Massachusetts Institute of Technology, the vibrant neighborhood includes parks, biking routes, proximity to public transportation and quick access to major thoroughfares. Brick apartment buildings around Commonwealth Avenue, three-story wood frame houses on Brighton Avenue and Victorian single-family homes in the southern part of the neighborhood make Allston one of Boston's most architecturally interesting areas.

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Allston Residential Investments

Allston has one of the lowest homeownership rates in Boston. A tight apartment rental market and Allston's proximity to downtown and Cambridge is causing real estate values in this neighborhood to appreciate. Allston's median rent as of March 2015 was $2,250, lower than Boston's of $2,485. With almost 30,000 residents and approximately 10,000 rental units, Allston provides great opportunity for rental investments. New development such as the Green District has provided more rentals in a low-vacancy area.

Boston's median home value of $463,300 is higher than Allston's of $365,500. Sales prices in Allston increased more than 10 percent between 2014 and 2015 and are predicted to increase 3.7 percent for the coming year. In comparison, sales prices for all of Boston rose 7.6 percent for the same period. Allston's rate of 2.8 foreclosures per 10,000 is higher than Boston's rate of 1.2 but lower than the national rate of 3.9. Foreclosures provide investors an opportunity to enter a tight market.

Choosing the Right Allston Investment Property

A new investor may be uncertain about which properties will yield profitable results. Even a seasoned investor may not be familiar with all neighborhoods of Boston. Working with a Boston real estate company with experience in identifying and evaluating Allston residential properties is an important part of successful investing. Boston City Properties maintains an extensive database of apartments and condos in Allston and has listings in every major apartment complex in the city. Whether your interest is in apartment rentals, condos or renovations, our agents work closely with you to identify properties that work with your budget and investment goals. For more information, fill out the contact form on this page, or call us at 617-247-1933.

Allston Real Estate Market Overview for 2017

Allston/Brighton is considered one of the vibrant neighborhoods in Boston. It is where you can find a blend of concert halls, small businesses, and just about anything you can think of. Just as diverse as this community is its real estate market.

Allston real estate features a mix of condos, apartments, historic brownstones, and standard New England properties. There are many people looking forward to living in this neighborhood, mainly because they are attracted to its proximity to the top universities in Boston.

Indeed, there is a large student demographic in Allston that keeps its hipster vibes strong and visible. Over the years, the community has developed into a premier nightlife destination with its refined bars, night clubs, cafes, and restaurants. These places cater to the young professionals and students in the area.

Although Allston is not a huge neighborhood, there is a decent amount of development that took place here just these few years, including 2017.

Home Prices and Values in the Allston Area

Currently, the median home value in the neighborhood is marked at $469,100. The home values in Allston have increased more than nine percent compared to the last year of the same period. It is also predicted that the number will rise at least four percent by the end of 2017 up to next year.

As for the rent prices, Allston has an average of $2,450. It is lower than the average of the city of Boston, which is $2,650. However, it does not mean the neighborhood is not developing. In fact, since it has a bit of lower price than the rest of the city, many individuals choose Allston for renting. These neighborhoods include West Cambridge, Peabody, and Kenmore.

Rentals through the end of October 2017 were looking pretty good, considering the health of the real estate market. Allston has a 2.8 breakeven horizon, which refers to the number of years in which buying is much smarter than renting. The rent list price per square foot in Allston is currently affordable, which is jest $2.69.

Meanwhile, if you take a look at foreclosures, Allston has more than Boston and the national average. Foreclosures impact the value of homes for the next several years. For Allston, there were almost 13 homes that were foreclosed this year in contrast to Boston’s average which is 4.7 and the national value, which is just 1.6.

Nevertheless, experts still believe that the homes in Allston will keep increasing. It is projected that the homes would reach almost $512,000 next year.

Allston is Gaining Momentum

For three years in a row, Brighton-Allston has consistently become a part of the growing neighborhoods in Boston. The area has set itself apart from the other nearby communities as it continues to attract and create jobs that provide high wages. These jobs vary from pharmaceuticals to technology to finance. Because of such growth, the local housing market saw the influence in a great way.

What is happening in Allston is that there is a short supply of homes. However, the small number collides with homebuyers with high income. As a result, there is a hot and super-competitive climate in the neighborhood’s real estate scene.

Without a doubt, the neighborhoods near Harvard and the Massachusetts Institute of Technology have become hotspots. Allston is one of them and based on the factors that are used to determine the state of the real estate market, this particular neighborhood is indeed appealing to homebuyers and renters. From the price increases to the days on the market to the bidding wars and the prevalence of offers involving all-cash, Allston has many of them.

Experts know that it is quite unusual for a home in the neighborhood to get just one offer from a buyer. Because of the tough competition, there are many buyers who are willing to make offers above the listed price of the property. These buyers also waive contingencies and perform other measures to make sure that the transaction goes through.

Home prices are also soaring in this part of Boston. During the first quarter of 2017, Allston had an average of $422,900 for the condo prices. Since 2011, it has seen growth and has achieved an almost 65% jump. Nothing has changed much in Allston, except that it is more expensive to live here now. Plus, the Lower Allston area, which is the much quieter place compared to the rest of the neighborhood, has just experienced some development.

Harvard has expanded in Lower Allston and it resulted in many apartment buildings appearing in the sidewalk. More and more people are planning to move to this part of town. There is also the Boston Landing complex, which brings in more transit options and recreation for the locals.

Notable Developments in Allston This 2017

Perhaps one of the most easily recognized projects in Allston-Brighton is the luxury property that has 80 units, which are all up for sale. Announced before the end of September, the Trac 75 was purchased by a developer and has planned to sell all the 80 units to those who would like to live in Allston.

Trac 75 is set in Allston’s 75 Braintree Street and was well-received during the declaration of the leasing. During that time, an average of 22 units monthly were leased before the luxury property opened in August. After that, it was no surprise that all the units are leased.

Stop & Shop is also one of the talked about projects involving the Allston-Brighton line. The supermarket chain has recently submitted its plans to the officials of Boston for something that can be considered as one of the biggest housing developments in the entire city. The aim is to remake a few neighborhoods as the company proposed to build over 1,000 apartments in Allston’s Massachusetts Turnpike. The area is mostly a commercial spot and the development will include an 11-acre property.

If the proposal is accepted, it will be near the Boston Landing complex that will also have several units of apartments, along with a new commuter train station.

The plan, along with the new and future developments that will soon take place in Allston, is all a part of keeping with the Boston mayor’s push to build more housing. The idea is to get more properties in the outer neighborhoods in which the goal is to create about 53,000 units by the year 2030.

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