Back Bay Multi-Family Homes

If ever there were a sure thing in the real estate market, a property in Boston's Back Bay would be it. At any given time, no matter what the economic situation might be for the rest of the nation, most of the buildings in this neighborhood are able to provide their owners with reliable and healthy streams of income.

Click Here to Search

sales

The Back Bay is a highly exclusive and in-demand section of Boston, one that pulsates with culture and history. That sense of dignity and style extends to its many multi-family units, which often come in the form of brownstone buildings boasting ornate Victorian details. At the same time, multi-unit properties are rarer in this part of the city than in many other neighborhoods. In fact, between 2000 and 2008, approximately one out of every five Back Bay duplexes was converted into a single-family home. Of course, as with anything, scarcity drives up the price, and it's reasonable to expect that any multi-family building that you buy in the Back Bay will see steep levels of appreciation over the years. Consider as well that between early 2010 and early 2015, the median sales price of the average Back Bay home has gone up an astonishing 650 percent.

Sales prices aside, the Back Bay is simply a magical place in which to live, work, and serve as a landlord. Its streets are lined with trees, and those avenues are strikingly graceful and peaceful. Further, this neighborhood is home to some of the most beloved sites and attractions in Massachusetts, including the Boston Public Library and the Public Garden. The area is also full of boutique shops and elegant restaurants and cafes, and two Massachusetts Bay Transportation Authority (MBTA) subway lines ― the Orange and the Green ― service the Bay Bay.

The median home in this area currently sells for a price of $747,500. Over the last year, the average price per square foot has advanced from $1,086 to $1,126. While the median sales price has actually declined, this is primarily a reflection of the size of the homes sold. As real estate becomes more expensive per square foot, many buyers have turned to condos and smaller residences.

For investors, Back Bay offers an excellent investment choice. No matter how the economy is going, renters still want to live in this area. For investors, this means that Back Bay homes can be a continued source of revenue.

For years, this area has enjoyed a high demand for rental units. This exclusive area has enjoyed real estate prices to match that demand. From 2010 to 2015, the median sales price in this neighborhood advanced by a surprising 650 percent.

Investors who buy a property with multiple units can enjoy having one of the most desirable investments in the neighborhood. From 2000 to 2008, one out of every five duplexes in Back Bay was transformed into a single-family home. As properties with multiple units become more scarce, their price and desirability has increased.

Within this neighborhood, residents will find beautiful brownstone buildings. Many of the larger units have Victorian details and architecture. Surrounded by tree-lined streets, these investment properties are conveniently close to the Orange and Green Line. With many attractions and shops in the area, Back Bay is an excellent place for landlords to start their investment journeys.

This neighborhood is generally seen as a safe bet for investors because residents always want to live and work in Back Bay. From beautiful properties to a growing demand for rental units, this are is a top spot for investment properties. To discover how you can start your investment dreams, call or email Boston City Properties today. We can help you navigate the real estate market and find the right investment for your needs.

Click Here
to Search

sales

Click Here
to Search

rentals