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Cambridge Investment Properties

Situated on the north bank of the Charles River opposite the city of Boston, Cambridge is an enclave of old-world charm in a modern urban setting. The city is home to two world-renowned universities, the Massachusetts Institute of Technology and Harvard University. Cambridge is organized into six commercial districts that also define its neighborhoods.

Historic brownstones, wood frame duplexes, 19th century mansions and new developments like Twentyǀ20 in East Cambridge provide a wide array of housing options. Cambridge is very walkable and has excellent links to local transportation. Bike routes connect Cambridge to Boston and nearby communities.

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Cambridge Residential Investments

About 70 percent of housing is renter-occupied. Almost 80 percent consists of apartments, condos and townhomes. Single-family detached homes account for just under 10 percent of residential units. Less than 10 percent were built after 2000.

The median home value for Cambridge in April 2015 was $585,800, 3.7 percent higher than last year. Values are expected to increase 2 percent in the coming year. Median home values vary dramatically from neighborhood to neighborhood. West Cambridge median home values were the highest at $968,300. Those in Wellington-Harrington were the lowest at $541,700 as of May 2015. Appreciation rates also vary by neighborhood. Wellington-Harrington had the highest appreciation rate of 5.6 percent during the past year.

The median rent is $1,642, higher than Boston's $1,263. The vacancy rate averages 6.94 percent. Both rental and vacancy rates vary from neighborhood to neighborhood.

Choosing the Right Cambridge Investment Property

Kendall Square tops the list of neighborhoods with the highest median rent in the Boston area. A one-bedroom apartment averaged $3,360 in May 2015. Six other Cambridge neighborhoods were included in the 30 most expensive areas. More than 5,000 new units are under construction or permitted for construction as of June 2015 in an effort to meet housing demand.

Boston City Properties is the number one brokerage for apartment rentals by volume in the greater Boston area. Our expertise in rental listings and marketing gives investors the edge in making sure properties are given full exposure to the rental market. We include floorplans, photographs, streetscapes and lists of amenities in our numerous marketing channels. Call Boston City Properties at 617-247-1933, and speak to one of our investment specialists to find out more about how Cambridge properties can enhance your investment portfolio.

Cambridge Real Estate Market Trends and Other Facts 2017

When it comes to real estate prices, Cambridge has always been one of the frontrunners in the Bay State. You might think people would avoid buying or renting here but the demand is still high despite the soaring costs.

Homes are projected to increase in the coming months because of the real estate market trends. There is currently an eight percent increase or $54,500 in median home sales this year. In addition to that, the price per square foot has also increased from $708 to $767. The price is so much higher than the average of Boston Metro, which is only $267.

As for the home value index in Cambridge, there is almost a nine percent change this year as it reached $743,300. By November 2018, it is expected that this number will grow up to 4.1%. Cambridge has been a sellers’ market for quite some time now. The median price of the listed homes in Cambridge as of November 2017 is $849,450. As for rents, the average price per month is $2,900, which is $400 higher than the median of Boston Metro as well.

One of the Most Expensive Places to Buy a House

Cambridge has always been at least at the top three when it comes to the home prices of homes in the cities or towns in Massachusetts. With the median price of single family homes hitting more than $1.6 million in just the first four months last year, experts are seeing a trend. They believe it will continue for the next few years.

While Cambridge is quite charming and appealing to the locals, the surging demand comes mostly from university professors and biotech executives. Due to the high demand, there is a problem with the shortage of homes that are up for sale in this neighborhood. As a result, home prices are at their all-time highs.

It is indeed a sellers’ market in Cambridge because not only are the homes expensive but there are buyers competing with one another to get the deal. For buyers, it is a difficult time to purchase the home of their dreams in this part of Boston. In May this year, the homes that were up for sale had many offers and soon enough, they went off the market in just 12 to 13 days.

Compared to the towns a few miles from Cambridge, it would take them at least 50 days to get offers. What’s more these towns, such as Melrose or Waltham, have median prices that are just 1/3 of Cambridge’s average selling price.

Additionally, a 1.6 million house in this town will not be as gorgeous as the other mansions you can see in other neighborhoods. To get a beautiful place, you will need at least $4 million. For the median price, it is possible for you to get an older home with four to five bedrooms just near Harvard Square.

Houses and Condos: Which are Pricier in Cambridge?

According to an analysis, the market rate homes in this neighborhood start at $423 per square foot with the most expensive reaching $1,490 per square foot. These numbers were provided during the second week of May 2017.

Single family properties were surprisingly more expensive than townhouses and condominiums as houses had an average price of $798 per square foot, while condos were priced at $725 on average. As for townhouses, this type of condos averaged less than $545.

Here is the summary of the price range of homes, condos, and townhouses in Cambridge:

The most expensive area in Cambridge was 1 Ellery Place where a 1,296 square feet home was listed for $1,375 million, which means it was equivalent to $1,060 per square foot. It was followed by 168 Brattle Street where an 8,372 square foot home was up for sale for $8.8 million, which is equivalent to $1,051 per square foot. Meanwhile, the most affordable home that was up for sale during this period was in 101 Harvey Street where a 1,846 square feet house was listed for less than a million or specifically $985,000. The price is set to $533 per square foot.

More about Cambridge Real Estate

A 19th century property was sold in October for $7.4 million. This amount is the highest sales price for Cambridge this year based on real estate agents and records from MLS. The home, which is located on Brattle Street in the Historic District of Old Cambridge, was previously owned by an oil heiress.

The home consisted of three stories and was constructed in the late 19th century for a philanthropist and author named Sara Chapman Thorp Bull who was the wife of Ole Bull, a violinist from Norway. The other owners of the home were notable names from academia and architecture.

Just recently, one of the East Cambridge developments called NorthPoint has been renamed to Cambridge Crossing. It is official and the re-launch gives new life to the tight yet sleepy commercial market in this Boston town. The newest building will be constructed in 250 North Street and will have 430,000 square feet of space, which will be dedicated to laboratories and offices.

The newly named Cambridge Crossing is anticipated to bring about 2.1 million square feet of area for science and technology as well as office space when it is completed. This addition is actually warmly welcomed in Cambridge because the neighborhood needs more lab space, especially now that the vacancy rate is only below one percent.

Apart from the lab space, there will also be 2,400 residential units, at Cambridge Crossing. There are already 2,500 existing units in the area and there will also be an extra 100,000 square feet, which will be used for retail space. It is evident that Cambridge Crossing is one of the biggest developments in this part of Boston.

Top Developments to Watch Out for in Cambridge

While Cambridge may not have as many developments as the other neighborhoods in Boston, which are seeing fast-paced growth, it still has some sizable projects to know about. Apart from the mentioned Cambridge Crossing, which was formerly known as NorthPoint, there are other developments going on in this town.

Harvard University – Harvard Square’s Forbes Plaza

One of the most notable involves Harvard University as it planned to improve and revitalize the Harvard Square area, particularly Forbes Plaza. It is where the university’s student union is located. Plans have already been talked about and it seemed like a good idea, especially because the space serves as some sort of a nerve center for the square. At times, it also functions as such for the whole Mid-Cambridge community.

The university has undergone some changes and it did look like the redevelopment of Harvard Square may be an attempt to clean the plaza just a little bit. The plan, if it pushes through, will become a part of a much larger project, which is to renovate the student union designed by Josep L. Sert.

The plan was put forward at the end of 2015, although there were still some changes that took place. Nevertheless, it included a second floor balcony, which will become semi-public and it will jut from the student union. Additionally, the university also aims to extend the current glass wall of the building by about four feet. If this happens, it will gobble up some parts of the plaza. The university already had the nod of some of the municipal officials. However, the project can seem a bit ambitious, so it requires some serious work on the part of the educational institution.

Massachusetts Institute of Technology – Kendall Square Initiative

Another school-related development has something to do with MIT. The project is huge as the campus of the Massachusetts Institute of Technology is slated to provide about 250 new housing units, which will be used by graduate students. That is not all as there will also be about 290 housing units, which the general population can use.

The campus will utilize more than 100,000 square feet for retail space, which will be repositioned on the ground floor. The open spaces will be repurposed and it will take about three acres. All in all, the project will add a total of six buildings in Kendall Square.

The plan for this project is to complete it within six to 10 years. According to the Cambridge Planning Board, there is no reason not to approve the preliminary plans and the other presentations for the university’s buildings.

88 Ames Street

There was another Kendall Square development that began before 2015 ended. The tower started its construction and it will provide about 280 apartments. It is one of the largest structures in Cambridge and it will reach 22 stories. The ground floor retail space will total 16,000 square feet, which will be located across 88 Ames Street. Overall, it will take 164,000 square feet.

The developers of the project aim to open the tower in 2018.

Mass + Main

After the long-awaited approval for this project, it has now received the go signal to begin its work. It was in 2015 when the zoning changes were allowed for this development. It will involve a tower in Central Square, which will rise a total of 195 feet.

Mass + Main will replace the building that was once the headquarters of Quest Diagnostics. The developers also purchased the surrounding lots. Once completed, the tower will include approximately 230 apartments that vary in affordability. Some are luxury apartments, while there are also market-rate offers.

This tower though is just a piece of the puzzle. Mass + Main is one of the biggest Cambridge projects in its history. It will take at least 300,000 square feet of space, along with additional 700,000 square feet for different purposes, including office, hotels, and retail.

With these developments underway, there are even more reasons why Cambridge is a great place to hunt for real estate properties.

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