Jamaica Plain
The 4.4 square-mile Jamaica Plain neighborhood, locally known as JP, blends historic roots from the 1600s with modern-day living. Luxury condos, exquisitely maintained historic single-family homes, triple-deckers and industrial buildings converted to living space are some of the residential options in JP. Greenspace is ample. Jamaica Pond, Franklin Park and Arnold Arboretum are part of the Emerald Necklace park system. Local businesses thrive, with an array of ethnic restaurants and a brisk retail area. Four historic districts and a number of Boston landmarks give a distinctive flavor to subdivisions in this vibrant neighborhood.
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Jamaica Plain is well-connected by the Boston T, bus and Green Line streetcars. It is one of the most walkable in the city. Bike paths connect JP to adjacent neighborhoods and downtown.
Jamaica Plain Residential Investments
Property values increased by 8.0 percent over the last year in JP. The median home value of $484,700 in May 2015 is higher than Boston's $463,000. Zillow predicts a 3.2 percent rise in home values in Jamaica Plain over the next year. As of February 2015, there were 1.5 homes per 10,000 in foreclosure in Jamaica Plain, slightly higher than Boston's 1.2 homes but lower than the national average of 3.9.
Rents are lower than for Boston as a whole, with two-bedroom apartments averaging $2,500 in Jamaica Pond and $2,200 in Jamaica Central. The rate for Boston overall was $2,600.
Choosing the Right Jamaica Plain Investment
Jamaica Plain is a vibrant and popular neighborhood. Prices vary within the distinct sub-districts. It is important to work with an experienced real estate firm that knows which properties have the greatest investment potential. Boston City Properties is one of the leading real estate brokerages in the city, with comprehensive rental and sales listings for the greater Boston area. We work closely with our clients to make sure that potential investment properties are compatible with investment goals.
Jamaica Plain Real Estate Market Overview 2017
The real estate market in Jamaica Plain continued its boom in 2017. Prices steadily rose, while the inventory dropped to a dramatic low. The low inventory led to a steep rise in property values. In a strong sellers' market, private properties saw multiple offers.
The key for sellers is to choose the best initial asking price and to go from there as they continue to receive offers.
In a sellers' market, however, buyers have more difficulty finding the right property at the right time.
Rental prices, as well, increased in the neighborhood, as new luxury complexes were higher priced than were condos. The cost of renting property is now higher than that of owning. The median rent price at the end of November was $2,700, the same as that in the City of Boston.
With a warm real estate market temperature gravitating to a sellers' market, the Jamaica Plain real estate market at the end of November was rated at 1.6 out of 10, or less than healthy. The median value of a home was $570,300, which is a 7.6 percent rise over the past year. The median list price was $599,900 at $466 per square foot. At $661, the Boston average price per square foot was higher. Homes with a price cut comprised 13.1 percent of those sold.
Foreclosure rates in the neighborhood were exceptionally high with 208.3 homes out of 10,000. The rate for Boston was only 4.7, and the national average only 1.6.
Breaking down the statistics by number of bedrooms, the median sales price of a one-bedroom home rose nearly 40 percent over the previous year and a two-bedroom home nearly 11 percent over 2016. However, the price of a three-bedroom home decreased 2.5 percent from the prior year and that of a four-bedroom home dropped nearly 30 percent from the previous year.
2017 Real Estate News
In response to the demand for housing in Jamaica Plain, developers proposed several new projects in 2017.
Completed in February, 29 Peter Parley Road Units 1, 2 and 3 are 1,146-square-foot luxury condos in the neighborhood's Parkside area. Each open-concept unit features three bedrooms, two full designer baths, laundry, private deck, large kitchen with high-end appliances and breakfast bar, private basement storage and off-street parking.
Recently completed, the five-building, 24-unit Tilia Jamaica Plain is a blend of two- and three-bedroom open-concept duplexes and flats. Designed with 21st-century energy efficiency in mind, the condos feature triple-paned windows, double-wall construction and energy-saving fixtures. Available in either nature or urban designs, each unit features modern cabinetry, quartz kitchen countertop, hardwood flooring, laundry, private storage space and garage parking.
Newly completed in May, two luxury town homes are conveniently located between the Green Street Station and Center Street's retail establishments. Both 1900-square-foot open-concept homes feature three bedrooms, two and one-half baths, modern kitchen, master suite with walk-in closets and off-street parking.
Fully renovated in the summer and overlooking the Arnold Arboretum, a 4,200-square-foot, five-bedroom, four-bath single-family home features an attached two-car garage and designer kitchen and baths.
Currently under construction is a three-story, nine-unit condo building in the center of the neighborhood at the former site of an auto body shop and garage. The contemporary-style two- and three-bedroom units will feature an open-concept living area, wood floors, mosaic bath tiles and quartz countertops. Private rooftop decks on upper-floor penthouses include full outdoor kitchens complete with gas grills, sinks and refrigerators. Off-street parking will be available.
Completed in the summer, three high-end condos in Forest Hills feature three bedrooms, two baths and off-street parking.
In January, the Boston Zoning Board of Appeals approved a proposal to construct a three-story, 11-unit condo complex at the former site of James's Gate pub at 5 McBride Street. One- and two-bedroom units will be available, two of which will be designated affordable. The first floor of "The Gate" will feature commercial space, and there will be parking space for 11 vehicles. When the plan was approved, two area neighbors spoke out in opposition to the building's height and density.
The Townhouses at Boston Rock, two newly-constructed residences in the center of the neighborhood, both feature four levels of contemporary living similar to a single-family home. A garage, large foyer and half bath are located on the first level. The open-concept second level features a kitchen, living and dining areas, den and full bath. Four bedrooms and three baths occupy the third and fourth levels with laundry on the top level. The front unit features a patio with planting boxes, and the back unit features a large back deck. Both units include garage parking.
In March, the Boston Planning and Development Agency board approved a plan to reduce the size of a residential project at the Goddard House nursing home and rehabilitation center on a two-acre site on South Huntington Avenue. Under the new plan, only 150,000 square feet containing 149 units will be constructed. The original proposal called for 167 units for a total of 165,000 square feet. The plan includes expanding and converting space into residential units. An additional multi-family residential building will be constructed on an existing parking lot.
Constructed in the 1920s, the existing building will be renovated to include 110 units. The new building will only contain 39 units instead of the 57 in the original plan. Nineteen units will be designated affordable and available to households earning no more than 70 percent of the area's median income.
The number of parking spaces will also be decreased from 83 in the original plan to 65.
Located on Heath Street, American Brewery Lofts featured a 1,507-square-foot, one-bedroom, two-bath loft for a stunning $1,750,000. Among the lofts located in the site of a former brewery, #505 featured 16-foot-high ceilings, exposed beams and brick and several skylight windows. The open-concept floor plan included a gourmet kitchen with stainless appliances, breakfast bar and generous-sized pantry. The steel staircase takes the occupant to a lot bedroom complete with bath and three closets. Also included are a laundry, central air conditioning and garage parking.
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