Bay Village Investment Properties
Bay Village, the smallest neighborhood in Boston, has high resale values and above-average rental prices. The charming Greek Revival-style brick row houses that line the narrow, winding streets of Bay Village resemble the stately Beacon Hill neighborhood for a reason. They were built by the same artisans. Also known as Church Street District and South Cove, Bay Village has retained its historic integrity while keeping pace with modern Boston. Gas street lights, brick sidewalks and outstanding street appeal contribute to the atmosphere of the area.
Nestled between Back Bay, South End and the Theatre District, Bay Village is rated as one of the most walkable neighborhoods in the city. Residents also have convenient access to the Boston metro.
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Bay Village Residential Investments
Despite its small size, Bay Village is a popular neighborhood with more than 1,300 residents. Rental residential properties, luxury condos, single-family homes and commercial space in the area don't stay on the market long. The median list price of $1,079,000 is about double that of Boston's.
In an analysis of Boston neighborhoods with the highest rents, Bay Village ranked 15th out of 30. The median monthly rental rate of $2,340 is higher than Boston's rate of $1,430 as of March 2015. Median rents for studios in Bay Village between November 2014 and May 2015 were below the median for Boston, but one-, two- and three-bedroom rents were higher:
- Studio $1,395 | $1,750
- 1 Bedroom $3,538 | $2,300
- 2 Bedroom $6,350 | $2,700
- 3 Bedroom $4,200 | $3,000
Choosing the Right Bay Village Investment Property
Bay Village's location near commercial, medical and entertainment centers places it in a strategic position for high occupancy. With high occupancy rates and high rents, Bay Village presents exciting opportunities for residential investment. Boston City Properties works closely with each client to identify properties with great investment potential. Whether you prefer long-term investments for regular income or want a property with a quick turn-around, we can help. Call Boston City Properties at 617-247-1933 to speak to one of our agents for more information about investing in Bay Village.
Bay Village Real Estate Market 2017
Many of the neighborhoods in Boston are gaining attention because of their increasing home values and prices this 2017. One of these places is the Bay Village, which is experiencing growth in home sales and rentals.
Let us take a look at the median sales price for Bay Village properties from September last year to May this year:
- September 2016: The median sales price was $722,500.
- October 2016: The price went up to $865,000.
- November 2016: The price increased just a little bit to $869,250.
- December 2016: The median sales price slightly went down to $851,900.
- January 2017: The sales price was lower than September as it was only around $720,000.
- February 2017: The price went even lower with just $715,000 this time.
- March 2017: Good news for this month as the prices went slightly upward to $720,000.
- April 2017: This was the best time of the year when the price went all the way up to $1.435 million.
- May 2017: The price decreased but was still high during this month with $967,500 as the median sales price.
As for the number of sales, the highest was during the month of October. November also saw a good number of buyers. During April 2017 when the home prices were so high, the number of buyers decreased.
Now, let us take a look at the median rent prices in Bay Village:
- January 2017: During this month, the price was $5,250.
- February to March 2017: The price was steady since January.
- April to June 2017: The price went slightly lower but during mid-April, it went back to $5,250 until June.
- July 2017: When July came, the rent prices went up and reached an average price of $6,000.
- August 2017: During this month, the prices decreased to $4,550.
April to July were the months when there were a small number of renters. It was the highest in August. According to market data gathered, there were six properties sold in the Bay Village with five new ones on average every month. Based on the real estate properties that are listed until November, the average asking price for every square foot is $720,000, while the average days in the market are 66.
Interesting Developments in Bay Village
Bay Village is one of the smallest neighborhoods in Boston. However, its lack of size is not a problem, thanks to its homey and friendly atmosphere. Bay Village stemmed from a landfill back in the 1820s and now, it has a few developments that would help make it a progressive place in the city.
When it comes to real estate, Bay Village has homes that look like smaller versions of the impressive townhouses in Beacon Hill. It should not be surprising since the people who built the residences in Beacon Hill first settled in Bay Village first where they constructed homes for their personal use.
As mentioned, there are a few developments in the neighborhood. One is where the 200 Stuart Garage stands. This project is currently ongoing and it will soon provide more than 825 spaces for parking with over 10,000 square feet, which will be used for ground floor retail space. The location is quite ideal for the locals because it is just near the Revere Hotel, which is set in the center of Downtown Boston.
What makes the construction quite interesting is that the rooftop and the pool of the Revere Hotel are actually found on top of the garage. Currently, the retail space for the 200 Stuart Street Garage is available as it is vacant. The project will consist of a total of seven stories.
Another talked about development involves the Bay Village Church. A residential real estate developer proposed to redevelop the church that was once known as the Old Lady of Victories Church in Isabella Street. According to the developers, they plan to convert the rectory into several residential units. If the proposal is accepted, the future project will be called The Marc.
In May this year, the developers already presented their ideas, including the design for the rectory’s redevelopment. They submitted the proposal and other requirements during the executive meeting with the Bay Village Neighborhood Association. It turned out well since the committee agreed that they would not oppose the plans of building about nine condo units in place of the rectory.
The plan also included upgrades, which would mean a new roof deck for the building, along with rear decks. The developers also intend to convert the parking spaces, which are on the sidewalk to a garden. This conversion is part of meeting the requirements for open space as demanded by the BVNA. In addition, there will be a closed entranceway, which will face the street. There are already two parking spaces available for every unit in the upcoming building.
While the developers have yet to submit their letter of intent to the Boston officials, the 212 Stuart Street project has already been approved. Another development in progress, it will consist of a tower that rises 19 stories high and will feature a total of 131 residential apartments that will be available for renters.
There will be 3,000 square feet, which will be used by ground floor retail shops. Meanwhile, the apartments will range from three-bedrooms to studios. The residents can enjoy amenities that include rooftop deck, bicycle storage, and parking space. Other improvements will be made to the public plaza located at the nearby Church Street.
The development has confirmed a lease for 50 parking spaces, which are connected to the adjacent Stuart Street Garage. 212 Stuart Street just started its construction and is expected to last for about 20 months.
Bay Village is not as popular as the other neighborhoods in Boston. However, it is slowly gaining in status, especially in real estate. As a matter of fact, Bay Village has the highest increase in all of the communities in Boston for the first three quarters of 2017 when compared to its prices back in 2012.
This neighborhood outdid Downtown, which included the Financial District, the South End, and Chinatown or Leather District. It also outperformed Beacon Hill, which took the fifth spot.
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