East Boston Investment Properties

Home to Logan International Airport, Santarpio's Pizza and the first American home of the Kennedy family, East Boston is steeped in history. It was created at the beginning of the 19th century by joining six islands with landfill. Planned residential and business districts featured straight streets, single-family homes, community squares and open spaces.

Original sections of the neighborhood including Jeffries Point, Maverick Square, Central Square and Orient Heights are popular subdivisions today. Each features distinctive architectural styles, streetscapes and commercial enterprises. Eagle Hill Historic District, dating to between 1834 and 1900, is largely single-family and multiple-family wood frame homes. Maverick Square is defined by brick apartment buildings from the late 19th and early 20th centuries clustered around a central square. East Boston is connected to greater Boston by the metro and harbor tunnels that link to the Massachusetts Turnpike.

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East Boston Residential Investments

Home to more than 40,000 residents, East Boston's homeownership rate is 65.3 percent, almost double that of Boston's 34.1 percent. The demand for housing surpasses supply, driving prices up. Triple-deckers in the Maverick Square area are being converted to condos and apartments. New residential projects are varied. An unused office building is being converted to 259 rental units. The Seville Theater is being converted to a 66-unit residential and mixed-use center. A new residential apartment, condominium and retail area is under development on Pier 1.

Median rents in sections of East Boston in mid-May 2015 were lower than Boston as a whole. A one-bedroom in the Harbor View-Orient Heights area averaged $1,395. Comparatively, the average for Boston was $2,250.

The median home value for East Boston was $316,300 at the end of April 2015, an increase of 7.4 percent over the previous year. Zillow predicts a 3.1 percent increase for 2016.

Choosing the Right East Boston Investment Property

Investment opportunities abound in East Boston. Rents can be almost double for upgraded apartments, and new luxury condos have hit record-setting prices. The foreclosure rate of 7.2 homes per 10,000 is higher than Boston's of 1.2 homes and the national average of 3.9. Purchasing land is another way to enter a high-demand market. The licensed agents of Boston City Properties work closely with investors to identify properties that are compatible with investment goals and strategies. Call us at 617-247-1933. We are available seven days a week to help you find real estate properties that will enhance your portfolio.

East Boston’s Real Estate Market Health, Numbers, and Other Facts 2017

Developments are happening all over Boston and one of these areas is East Boston, which is a waterfront neighborhood. East Boston is experiencing an influx of development. Just a few years ago, this part of the city where the Logan International Airport resides, was quite different from the nearby towns. It is known as a working class area and its locals call it Eastie.

East Boston used to be a small enclave of ethnic and affordable cuisine with breathtaking views of the Boston skyline. For those considering Eastie as their next home, one of the most appealing reasons why it is a good choice is because of the affordable real estate. Unlike most of the other places surrounding it, East Boston has cheaper properties for sale.

However, the last few years were not really kind to the buyers because there was a drop in the supply of homes on the market. The inventory was almost scarce so people were forced to look at other areas. Nevertheless, the Eastie still had a lot to offer and this is why developers are seizing the opportunity.

Both commercial and residential developers are working to transform East Boston into one of those “it” areas in the city. There are a striking number of residential projects, including several luxury condos. There are also plans involving new stores and restaurants. With these developments, the appeal of the neighborhood as well as the average home value here will certainly be on the rise.

Before we talk about the developments in East Boston, let us take a look first on the real estate data for this part of the city. The trends are showing a decrease in median home sales, although it is just seven percent. The average price for every square foot in the area saw an increase, however, from $436 to $460.

One and two bedroom homes, as well as four bedroom properties, did reduce in median sales prices compared to last year. However, sellers of three bedroom homes had something to be truly happy about. This year, this property size saw an increase of more than 32% compared to last year. The huge jump resulted to three-bedroom homes to have an average of $552,500 in sales price.

Meanwhile, rentals were up during the start of the year until June. The average during these months in rental prices was $1,900. In August, it went down to $1,595 as the number of available rentals decreased as well.

Developments in East Boston

There are new constructions in East Boston and some of the hottest ones are the following:

Clippership Wharf

This project is a mixed-use development that takes 12 acres of land on the East Boston waterfront. It is a phased project that started with the construction of three buildings first. Two of them contained more than 280 apartments (called the Dox), while the third building has 80 condominiums that are now called Slip65. The condos will have one to two bedroom units with waterfront views and appliances.

Phase two of the project will soon be underway and it will finish the development to have 478 residences in total. Approximately 30,200 square feet will be used for community and retail space, including for restaurants and cafes. There will also be four acres of open space, which will include a new part of the waterfront called Harborwalk.

Apart from the mentioned parts of the project, it will also have a total of 321 parking spaces for vehicles and only 21 of them are not in the underground parking garage. This development is just steps from the MBTA Blue Line station and the Maverick Square. It is also just a few minutes from Downtown Boston via train.

Portside at East Pier

This project offers views of the cityscape as it is ideally situated on more than two acres of the waterfront. The first phase is already completed before the year 2014 ended. As for the second phase, it is expected to be completed in 2018, particularly in September.

When the project is finished, it will feature almost 300 residential units in two five-story buildings. About 43 of the units are designated affordable, eight are for extended stays, and finally, the remaining units are at market rates. Aside from the residential space, there will also be 11,000 square feet of ground floor amenities, such as an indoor pool for the residents. There will also be an underground parking garage that contains 253 spaces.

Coppersmith Village

This particular development is under construction and is located along the streets of Liverpool and Border. It is a mixed use project with both ownership and rental condos. There will be a total of 71 residential units, along with 3,000 square feet of space for ground floor retail.

Coppersmith Village will have two multifamily buildings with one to three bedrooms that are for rent. One of the buildings will have 15 condominiums for those who want to purchase and not rent. Meanwhile, there will be 37 parking spaces for the two buildings that will be connected by a lobby. Condos will have their own garage.

The Residences

Finally, here is the much talked about The Residences project at 245 Sumner Street. It will feature a luxury apartment building in East Boston, which is quite rare. It is a great opportunity for those who want a luxury space without the high price tag, especially when compared to neighborhoods like Downtown Boston, Seaport, and Back Bay.

The units at The Residences will have natural lighting, nine-foot ceilings, and private decks among others. They will also have stainless steel appliances, granite countertops, and LED lighting. The building will also include 2,257 square feet for retail. The units are offered starting at $2,400 per month for the two bedroom apartments.

Mixed-Use Building at 70 Bremen Street

Many of the construction projects in Boston are made up of mixed-use buildings. This is because developers know that buildings that come with retail space are quite attractive to those who are looking for a place to stay. They are more convenient and they have several activities to offer unlike those buildings that are strictly residential.

In the case of this project at 70 Bremen Street, it is just a few steps away from the East Boston waterfront, which makes it ideal for those looking for beautiful water views that only the harbor can offer.

Some of the details regarding this particular construction are that it will contain 32 residential units that will also come with 1,028 square feet for retail space at the ground floor of the building. It is not as huge as the other projects but there is no doubt that it can lure more potential residents when it has finished its construction. Not only is it close to the waterfront, but it is also nearby the MBTA Blue Line, East Boston Greenway, and the Maverick Square.

The building will have four studio units, 16 one bedroom units, and 12 two bedroom units. The residents will also have their own parking space where there are a total of 30 spaces.

The Faretra

Here is something that buyers searching for luxury condominiums will like. In East Boston, The Faretra is a building dubbed as the boutique residential project in the area. It is just a few steps away from the MBTA Blue Line as well as the Boston Harbor.

The Faretra will contain nine condos, which all have two bedrooms and two full baths. They will also have luxury finishes, such as recessed LED lighting, solid oak hardwood flooring, and custom kitchens that have white Caesarstone countertops and cabinets that are of white shaker style. The kitchens will also have white marble backsplash, along with appliances.

The pricing for the condo units will differ based on their features, size, and views offered. There are residences that come with their own private balconies. Apart from that, The Faretra will also include penthouse residences with roof decks only the owners can access. These roof decks offer great skyline views of the city. Of course, garage parking is available onsite.

Residential Condos at the Maverick Square

Another new development close to the MBTA Blue Line is the residential condominium building, which is expected to complete its construction phase in early 2018. The condo is just around the Piers Park, East Boston Waterfront, and 320 Maverick Square.

The buildings will have 33 condos, which will be up for rent for the residents. Four of the condos will be designated affordable and there will be 32 parking spaces that will be on the site.

The Eddy

If East Boston is the neighborhood that you really want to live in, you may want to go for the try before you buy approach, which you can experience at The Eddy. It is perfectly situated on the East Boston Waterfront with views of the Boston skyline.

The Eddy is jam-packed with cool amenities that are not present in many rental buildings. Some of these features include a dog wash and a space for practicing music. The property will also include 258 units that will consist of studio, one, and two bedroom units. These units are available for leasing at the moment.

There are also other amenities in the units, including roof decks at the top floor, which will provide you with sweeping views. Additionally, there is a pool deck at the second floor that comes with barbecues and a fire pit. There are also music practice rooms, spaces for conferences, communal lounge space, onsite parking, and a fitness center.

The rents are quite affordable as they start at $1,800 for studio units. Meanwhile, one bedrooms will start at $2,050, while two bedroom units cost $3,200 per month. A waterfront restaurant is also situated on the ground floor of the buildings. Additionally, there will be an outdoor open space measuring ¾ of an acre. It is open to the public and will be an extension of the Harborwalk in East Boston.

Most of the developments in East Boston offer waterfront views. Therefore, if you want a place that will give you nice amenities, beautiful sights of the waters, and an affordable area that you can call your next home, this neighborhood has everything you are looking for. Let us also not forget that there is Boston East, which is a rental option in East Boston, which has already opened to the public. It has 200 residential spaces, art galleries, boat launches, and interpretive exhibits to name some of the amenities.

Without a doubt, East Boston is on its way toward achieving its goal of becoming a more popular neighborhood in the city. Commercial and residential spaces are underway and perhaps there will be even more in the not-so-distant future.

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