Fenway

Fenway may be most well-known as the home of Fenway Park and the Boston Red Socks. It is also an important cultural hub of the city, home to Symphony Hall, the Museum of Fine Arts and the Isabella Stewart Gardner Museum. Local dining ranges from oyster bars and bistros to ethnic fare from around the world.

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The marshy area that became Fenway was drained in the 1880s and made into Fenway Park, the first portion of Boston's Emerald Necklace park system. Fenway is characterized by residential brownstone townhomes, five- to six-story apartment buildings, brick walk-ups and luxury hotels from the late 19th and early 20th centuries. Institutional buildings from the same time such as Harvard Medical College and the Massachusetts Medical College lend a classical elegance to the area.

Each area of Fenway—East Fens, West Fens, Kenmore Square and Audubon Circle—has its distinct character. Major commercial areas center around Kenmore Square and Landsdowne Street. Renovation of older buildings such as Symphony Court Condominiums and new construction like the 31-story Fenway Point contribute to an ever-evolving streetscape that gives a vibrancy to Fenway. The area is connected to greater Boston by MBTA bus lines and the Boston T.

Fenway Residential Investments

One of the more affordable downtown neighborhoods, Fenway has a median home value of $404,400, a decline of .6 percent from one year ago. This is lower than Boston's median value of $460,000 and half of adjacent Back Bay's median value of $844,400. Zillow predicts a 1.6 percent increase in Fenway home values over the next year. The percentage of owner-occupied housing, 8.6 percent, is the lowest in Boston.

Rents are higher in Fenway. The median apartment rental in Fenway/Kenmore/Audubon Circle was $1,970 in March 2015, higher than Boston's median rate of $1,450. The median rate for a one-bedroom was $2,300. Comparatively, the rate for Boston as a whole was $2,350. Fenway has more one- to three-bedroom rentals than the citywide average.

Choosing the Right Fenway Investment Property

Fenway has one of the highest population densities in Boston, and the majority of residents rent rather than own their homes. Knowing which areas of the Fenway-Kenmore neighborhood have the most investment potential requires professional analysis of rents, renter mobility, vacancies and expenses. Working with a realtor with experience in a neighborhood is critical to successful investing. Boston City Properties provides up-to-date market analyses of subdivisions and neighborhoods to help investors target appropriate properties and maximize annual returns. We are also Boston's 1031 exchange experts.

Fenway Real Estate Market Overview 2017

At the end of November, the home market in Fenway was rated 8.6 out of 10, indicating a very healthy trend. Heavily populated with millennials, the neighborhood's median home value is $536,500, which has risen 10.8 percent over the past year.

The median value of homes sold, $615,000, increased 17 percent over the previous year, which was $585,000. It was also an increase over the prior 3 months' median value.

Breaking down the statistics by number of bedrooms, the price of a one-bedroom home at $540,000 increased 27.4 percent over that of the prior year at $424,000. It was also an increase over the previous 3 months' value of $500,000.

A two-bedroom home went for an average of $778,000, which was a 21.4 percent increase over last year's price of $641,000 and also an increase over the previous 3 months' price of $700,000.

The price of a three-bedroom home rose a dramatic 80.3 percent to $1,100,000 from the previous year of $610,000 but decreased from the immediate prior 3 months' price of $1,230,000.

The most stunning increase in 2017 was the price for a four-bedroom home, at $1,700,000, which was a rise of 108 percent over the previous year's price of $817,500.

In 2017, the average price per square foot rose to $905 from $774 the prior year.

In August, the median rent was around $2,800, an increase over the just under $2,500 at the beginning of the year but a decrease from the year's high of approximately $3,250.

Foreclosure rates in Fenway tend to be relatively high. The current rate is 42.8 per 10,000, compared to the 4.7 rate in the City of Boston and the 1.6 national rate.

2017 Real Estate News

The Harlo, meaning "haven," a 17-story, 183,000-square-foot apartment tower at the site of a former Burger King on Boylston Street, opened in October. Starting at about $2,500 a month, the 212-unit complex includes studios, one- , two- and three-bedroom units and duplex lofts featuring private outdoor space.

The Harlo offers its residents a Sky Deck on the 18th floor overlooking the downtown and Fenway Park, 5th-floor terrace with barbecue station and fire pit, grills, a fitness center, underground parking for more than 100 vehicles, bike and storage room, complimentary Wi-Fi in common areas and laundry facilities.

The first floor of the Harlo contains a bakery and pizza and Mediterranean eateries. The residents' lounge includes open work space and a billiards area.

Set to open in February 2018, the 30-story, 340-foot-high Pierce Boston luxury condo building is anticipated to offer Fenway's highest-priced residence. Asking more than $2,000 per square foot, the complex's 2,344-square-foot Penthouse 28-4 D features three bedrooms and three-and-one-half baths.

The Pierce Boston will offer its residents a rooftop pool and lounge, fitness center, restaurant, sky deck with kitchen and fireplace and library. Featuring floor-to-ceiling windows, the generously-lit apartments will be available in one- , two- and three-bedroom units and penthouses.

Originally having planned to include more than 500 apartments in its Landmark Center project, a developer chose instead to focus on the commercial aspect of the plan.

The developer now plans to concentrate on creating over 500,000 square feet of office and lab space and 17,000 square feet of retail space in a building located at the corner of Fullerton Street and Brookline Avenue. Also included in the plan is to renovate the center's existing 950,000 square feet for office and lab space and 300,000 square feet for retail.

The Landmark Center will be renamed 401 Park Drive. In addition to the commercial space, the project includes a one-plus-acre public park at Brookline and Park Avenues featuring lush green lawns, trees, walking paths and seating.

The plan reflects a trend in Fenway during 2017 away from apartment development. Earlier in the summer, a developer had announced they would convert apartments in the Government Center Garage Project's 45-story tower into condos. Another developer that planned to replace the West End's Garden Garage with a 44-story, 470-unit complex put the construction on hold.

In late November, a South Carolina-based developer announced a plan for an eight-story, 180-plus-room hotel complex at the site of a gas and service station and convenience store on Boylston Street. The 90-foot-high contemporary-style building will feature more than 80 underground parking spaces and a main-floor restaurant.

Around one-half mile from the site, at the corner of Beacon Street and Commonwealth Avenue, is another planned development that includes the construction of two high-rise hotels totaling more than 700 rooms.

In October, the City of Boston approved a plan to add dugout seating along the first-base line of Fenway Park. This will allow up to 25 fans to experience the same view of the diamond as players in addition to being able to stand while not blocking the view of fans seated behind. Twelve seats in the stands on the first-base side will be eliminated but thirty added on the third-base side. The Red Sox organization may need to add safety nets to the area to protect fans. Major League Baseball must approve the plan.

The Red Sox made other improvements to Fenway Park for the 2017 season. A bar area, name the Tully Tavern, was constructed in the former area of several rows of seats at the back of the right front grandstand. The area includes terraces with tables and swivel stools and 64-inch TVs. A new video board in the right field was also installed to replace a Cumberland Farms sign.

A 5,600-square-foot, 200-person capacity private rooftop deck event space was created for pre- and non-game events. Over 600 square feet of garden planters on the deck provide fresh vegetables and herbs to Fenway Park eateries. The deck also contains outdoor televisions and a high-tech sound system.

One popular contemporary-style luxury apartment complex that remains in Fenway is the Veridian. Featuring well-lit open-concept floor plans, the Veridian's units are available in studio, one-bedroom with or without den and two- and three-bedroom options.

Each unit features 9-foot-high ceilings, floor-to-ceiling windows that open, stainless steel high-efficiency dishwasher, refrigerator, wall oven and concealed microwave and electric stovetop built into the white quartz countertop.

Veridian residents enjoy a two-story atrium with fresh flowers and meeting areas, a sun deck on Level 15 with dining facilities, chaise lounges, showers and outdoor TV, a sky deck on Level 20 with lounging and dining areas with outdoor TV, grilling areas and the reservation-only Greenhouse with catering kitchen.

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