East Boston Multi-Family Homes
More than 6 square miles in area, East Boston is the largest neighborhood in Boston, and it's even older than the city of Boston proper. In fact, it's so large that it's divided into many smaller neighborhoods, some of which are famous in themselves: Ashmont, Jones Hill, Savin Hill, and so on. The MBTA Red Line services East Boston, and among the area's many worthwhile attractions are the Franklin Park Zoo, the John F. Kennedy Library and Museum, and the Pope John Paul Park. The James Blake House, which is Massachusetts' oldest private residence, is also located in East Boston.
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East Boston is notable, among many other things, for its many multi-family homes. In fact, for decades, they've really been a backbone of the community, and countless people fondly recall growing up in them. These buildings come in a range of styles, including stately Victorian manors, graceful duplexes, and apartment buildings that vary widely in size. Among the latter group, the largest is the well-known Harbor Point development. In a few sections of East Boston ― Columbia Point is one of them ― there are multi-unit buildings that are situated on the water.
East Boston's triple-deckers are particularly special as they contribute greatly to the flavor and character of Boston. By 2009 or so, however, some of them had fallen on hard times. Many triple-decker landlords lived far away and did not maintain them properly, and their foreclosure rates were high during the recession. But these homes are now booming. Thanks to government subsidies and a spate of concerned investors, so many of those buildings and the streets on which they stand ― Hendry Street is a perfect example ― have been completely revitalized, and the edifices look as good as new. Therefore, they make excellent investments; residents really appreciate living in those beloved local landmarks.
In East Boston, the real estate market is quickly rising. The price for a single-family home and multi-unit building has risen in the last year. Right now, these homes fetch a price ranging from $230 to $889 per square foot. The upper-end of the market tends to be focused around newer developments in Jeffries Point and Eagle Hill.
Right now, the median home fetches a price of $425,000 on the marketplace. This is actually a decline of $30,000 since last year, but the decline is primarily caused by smaller units being placed on the market. The actual price per square foot has advanced from $436 to $460 during the last year.
In 2018, East Boston has rapidly risen as the site of housing and commercial investments. As developers move away from the crowded regions of downtown Boston, this area will only grow in popularity. Renters are also searching for areas like East Boston that offer more affordable rentals than downtown Boston.
Spanning about six miles in size, this area is known for its many multi-unit homes. Residents will find homes ranging from Victorian manors to luxury duplexes. This area has long had a reputation for multi-unit homes. With its easy access to MBTA transportation options and local amenities, it has become a popular destination for renters.
Investors can find multi-unit properties like brownstones, triple-deckers and condos in the area. The best properties have a low vacancy rate and a location near transportation options. While areas like East Boston saw a number of foreclosures during the recession, the area has rebounded since that time. Now, investors will find a fairly competitive market.
Thankfully, East Boston's prices have not risen as much as some of the surrounding neighborhoods. For investors, this makes right now a good time to invest before prices continue to increase. To find out which multi-unit property is right for you, call us at Boston City Properties today.
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