Chinatown Multi-Family Homes
In the U.S., only New York City and San Francisco can claim a larger Chinatown than Boston's. This part of the city is densely populated, and its architecture is rich, colorful, and unfailingly beautiful. Plus, Boston Common borders this neighborhood, and wherever you live in Chinatown, Boston's main financial, theater, and shopping avenues are all practically next door. Not to mention, Chinatown's cuisine is fabulous.
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In this neighborhood, multi-family homes primarily come in the form of low-rise buildings. During the 2010s, many of the condos and apartments inside those buildings were converted into high-end living spaces, and such transformations continue to take place. In particular, luxurious lofts have proven to be popular. At the same time, Chinatown still has a larger percentage of affordable homes than any other neighborhood in Boston.
In addition, many single-family residences in Chinatown have been changed into duplexes and triplexes in recent years. In some cases, Chinatown residences and businesses share a building, which can often be a convenient arrangement. Imagine living above, say, a restaurant and being able to head downstairs for a delicious meal whenever you wanted.
If you're thinking about buying a residential property in Chinatown, study the area carefully, and look for developments that seem to have few if any vacancies. You might even decide to follow the recent trend and renovate the building that you buy, turning its living spaces into deluxe condos or apartments. Naturally, that would allow you to collect higher rents over time.
Here's another tip: Carefully consider how strict you want your rental policy to be. You might think about changing your rules to some degree as the market changes. That is, whenever it seems as though many people are looking to live in Chinatown, you can afford to be picky. For example, you could forbid your renters from owning any kind of pet. However, during market downturns ― those occasional periods when fewer people are seeking to rent homes ― you might decide to be a little less stringent and let each of your tenants keep, say, one cat.
Discover new investment opportunities in Chinatown. Other than the Chinatowns in San Francisco and New York City, this is the next largest Chinatown in the country. Known for its colorful designs, this area is densely populated. With its top restaurants, theaters and shopping options, it is a popular option for renters and investors.
In the last year, the median sales price has actually fallen by $44,000 to reach $610,000. Since the average price per square foot actually rose, this change mostly indicates that smaller homes are selling more frequently. During the last year, the average price per square foot increased from $914 to $1,036.
Most of the multi-unit homes in Chinatown are inside of low-rise buildings. In the last decade, many buildings have been transformed into luxury, high-end homes. Loft units have risen in popularity, so many historic buildings have been converted into luxury lofts. Unlike the rest of Boston, Chinatown still has a surprising number of affordable homes. Right now, investors can buy homes at a comparably lower price and watch their investment rise in value over the upcoming years. Since many renters are looking for homes in the area, investors never have to worry about finding tenants.
Investors can also find single-family properties that have been converted into duplexes and triplexes. As more renters look for homes in the area, larger homes have been transformed into multiple units. Investors can also find unique properties that rent retail and residential space within the same building. A number of the buildings in the area house a business on the first floor with a residence on the top floor. At these properties, investors can rent out commercial and residential space for a low investment price.
To find a property in the area, start by looking for rentals that have few vacancies. There are also fixer-upper homes that are ideal for investors who have a limited budget and want to put their sweat equity to work. Whether investors want deluxe apartments or basic rentals, they can find options in this area. To discover all of the available properties, call us at Boston City Properties today.
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