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Beacon Hill Investment Properties

The stately manors and well-kept brick row houses of Beacon Hill are among Boston's oldest and most elegant. The neighborhood is designated as a National Historic Landmark for its architecture and its importance in United States history. The district contains the Massachusetts State House as well as residences, commercial establishments and public buildings. Retail and office space, antique shops and restaurants are seamlessly integrated into the neighborhood. Beacon Hill is one of the most expensive areas of Boston and has one of the lowest inventories of residential listings for sale or rent.

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Beacon Hill Residential Investments

Property values in Beacon Hill are higher than those for Boston as a whole. The median home value rose 6.4 percent over the past year. Values are expected to increase by 4.2 percent over the next year. The median list price for Beacon Hill was $688,400 in the first quarter of 2015.

Beacon Hill's median rental rate of $2,060 is higher than Boston's rate of $1,430. The neighborhood has a low turnover rate, and its population of about 11,000 includes many long-term residents. Vacancy rates average between 3 and 4 percent. A market analysis in mid-May 2015 shows rental rates are higher for Beacon Hill than Boston as a whole:

Choosing the Right Beacon Hill Investment Property

Approximately 2.6 homes per 10,000 were in foreclosure in Beacon Hill in March 2014, higher than Boston's rate of 1.2 but lower than the nationwide rate of 3.9. Foreclosures in neighborhoods with high real estate values give investors an opportunity to enter competitive markets at lower costs.

Working with an experienced real estate company like Boston City Properties is an important part of successful real estate investing in Beacon Hill. We work with both seasoned investors and those entering the market, and provide current data about sales and rentals for Beacon Hill. Our database is updated daily and includes listings throughout the city and state as well as off-market properties. An investment property can be rented immediately, providing quick returns on expenditures. For those interested in renovations, we can assess the potential return on a property and evaluate how this complements your investment strategies. To find out more about investing in Beacon Hill, call 617-247-1933 to speak to one of our agents.

Beacon Hill Real Estate Overview for 2017

Beacon Hill is one of the downtown neighborhoods in Boston. The area will make you feel like you are in an old community with its gas-lit streets, brick row properties, and cobblestone. The neighborhood is indeed steeped in history, though it is definitely not stuck in the past.

Today, Beacon Hill is an intimate village, but is lively and friendly. You will find cosmopolitan residents and an interesting restaurant scene.

When it comes to real estate, Beacon Hill continues to be one of the most coveted areas in Greater Boston. It has always been like this since the revolutionary times. The houses here are among the most expensive and yet they are also among the most sought after.

This upscale neighborhood has indeed benefited from the rise in the number of buyers. The influx is mostly due to people moving from the suburbs back into the city. Additionally, there are older couples who now prefer to be in the town because it is a more convenient place for them to live. Almost everything they need is on their doorstep and they can walk to work. All these traits are part of the appeal of Beacon Hill.

Beacon Hill Real Estate Price Range

On average, people pay under $1,000 for every square foot of land. However, there are upper end markets in which the prices start at $1,800 to $1,900 for every square foot. The high end markets in which townhouses are for sale, the buyers typically pay from $1,600 to $1,700 for every square foot. Meanwhile, those who are looking for a condominium may have to pay at least $2,000 per square foot.

In June 2017, the buyers purchased condominiums that were in an average of $1,077 per square foot. The number is up at least 13% compared to last year. On the other hand, row houses are much cheaper in comparison to the condominiums. For instance, a 14,000+ square feet property with three bedrooms in Beacon Street would be in contract for $15.3 million, which is lower than $1,000 per square foot.

In contrast, a condominium with four bedrooms and four bathrooms can be sold for almost $8.30 million, which is around $2,300+ per square foot.

The prices have increased significantly over the past 10 years. In 1978, a house located at Beacon Street could be bought for $275,000. A similar property would sell for $5.89 million today. The increase is more than 2,000% in almost 40 years.

When it comes to the most expensive street, Louisburg Square wins. This part of Beacon Hill has some of the wealthiest residents in the district, such as a former US Secretary of State and his wife, who happens to be a philanthropist and a businesswoman.

Housing Inventory in Beacon Hill

The housing stock in Beacon Hill is mostly made up of single-family homes, which are actually what the area is known for. They range in size from $5,000 square feet to 7,000 square feet. Some feature just one bedroom but there are many others that would have four to seven beds. Commonly, you will find private gardens, which is almost a must at the properties being sold.

The earliest homes that were constructed in the neighborhood include row houses, semi-detached homes, and mansions that are freestanding. They are all charming with their red brick and they can even be compared to the townhouses in the United Kingdom from the Regency era.

These homes were designed in Federal style, which is a classical style developed at the end of 18 century. Many houses have terraces and roof decks where people can see Cambridge and the Charles River. As for condominiums, there are some that have been converted to condos from row houses.

Garage Condominium in Beacon Hill

At Beacon Hill’s Brimmer Street Parking Garage, the garage condo sales were quite strong in November. The prices hit $400k to secure a private parking space. It was back in 1979 when the property was converted into a condo by a local developer. The initial price was just $7,500 for every space.

The spaces for parking are real estate pieces that are deeded, so they can be bought and sold. The last time it went on sale was in December last year in which the monthly fee for the condo was only $250. The rise in prices did not stop the buyers from taking the space since there is no more available space to be bought right now.

Condominiums in Beacon Hill

The condominiums in these streets are adjacent to Cambridge Street and the Red Line. The units are currently up for lease. Inside the units, there are hardwood floors, exposed brick, and high ceilings. The features of the buildings include a roof deck where there are city views that will take your breath away.

Another condo building is located at 37 Beacon Street, which is also near the Red Line but is across from the Boston Common. The units are quite cozy as they feature coffered ceilings, plantation shutters, hardwood floors, and recessed lighting. The units also come with a kitchen with granite countertops, stainless steel appliances, and more. You will feel home in these condo units.

Coming soon are two six story buildings, which are located at 33-51 Temple Street and the other at 61 Temple Street, A local developer bought the pair and plans to transform the structures. The buildings were previously utilized by Suffolk University in which their administrative offices and classrooms once existed.

The conversion will result to a condominium with a total of 75 units and 60 parking spaces. The size of the building will take 119,000 square feet. The building permit for this plan was granted on December 1st this year, but the plan was submitted to the Boston officials in June of 2016. The developer already submitted the letter of intent on December 2015.

With the developments and the flourishing real estate market in Beacon Hill, it is no wonder that the future of the neighborhood looks bright. Many owners are actually looking forward to renovating their homes and they plan to sell it in the coming years since there is a guarantee that they will get an even bigger return on their investment. With just a few renovation projects here and there, they can get a good deal out of their efforts.

The low levels of supply and the high demand in the neighborhood created a very active market. The real estate market in Beacon Hill will continue to be hot but it is possible that there will be a shift from being a seller’s market to becoming a buyer’s market, especially next year.

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