Midtown

Midtown is an active district at the juncture of several established neighborhoods. The Theatre District is home to live stage performances and two colleges. Downtown Crossing features a premiere shopping area enlivened with new luxury condos. Boston Commons is the historic greenspace that serves as a focal point for surrounding neighborhoods. The area is a pleasant mélange of historic brownstones, brick row houses, luxury hotels like the Four Seasons and boutique condos like the Grandview. Midtown has come into its own as an upscale, happening place to live, work and enjoy.

Click Here to Search Investment Properties

Midtown Residential Investments

Midtown is alive with renovations and new construction. The area's population increased 48 percent between 2000 and 2010, far outpacing Boston's rate of 4.8 percent for the same period. The goals for the Midtown Cultural District set out by the Boston Redevelopment Agency include promoting balanced growth in the downtown area, reestablishing the area as a center for the arts and creating a new residential neighborhood.

Residences in Midtown command high prices. Luxury condos at Millennium Place range in price from $420,000 for a studio to $650,000 and more for a two-bedroom. Tremont on the Common, a high-rise on the east side of Boston Commons, offers both condos for sale and apartment rentals in the same price range. The luxury condominiums in the 60-story Millennium Tower, currently under construction, were 70 percent sold in May 2015. Units begin at $1.15 million and are as high as $37.5 million for a spacious penthouse. Although on a smaller scale, the 16 apartments in newly renovated 37-43 Temple Place were 100 percent pre-rented before construction was complete.

Choosing the Right Midtown Investment Property

Midtown offers a great opportunity for residential investment. Residential properties range from renovations in historic townhomes to new luxurious condominiums in the majestic Millennium Tower that will soar 625 feet into the sky. The area's residential revitalization is accompanied by a commercial resurgence. The remaking of historic Filene's Department Store into an upscale supermarket by Roche Bros. is just one example.

Boston City Properties works with each investor to find the best properties that meet investment targets. We have access to not only all listed properties in Boston but off-market listings as well. With so many Midtown residential properties sold out before occupancy, pre-sales is a way to enter a tight market. Our pre-sales agents help investors find high-quality properties in the development and construction phases. Call Boston City Properties at 617-247-1933, send us an email or stop by our office in Copley Square to talk about investing in Midtown. We are open seven days a week for your convenience.

Midtown Real Estate Market Overview 2017

One of the most expensive of Boston's neighborhoods, Midtown features an average sales price for a home of $2,913,540, which is an increase of $263,840 over that of a year ago. This amounts to an average sales price per square foot of $1,506.27, an increase of $289 over that of last year. Over the year, there was an increase of 30 days on the market, which is now an average of 176 days.

The low point of average sale price for 2017 was in October when it was around $1,550,000. The average days on market of sold properties was at its low point of around 90 in July and peaked in September at around 305 days.

2017 Real Estate News

In September, a developer received approval for a financial package in the amount of $100 million to construct a 26-story office building at 106 West 56th Street. The 90,000-square-foot luxury building will feature a tiered-glass façade with landscaped terrace. Designed for high-end tenants, the property is expected to appeal to private investment businesses, family offices and wealth managers. Spaces will range in size from 2,500 to 5,000 square feet.

With a one-bedroom unit starting at $925,000, the newly-built Millennium Tower is the costliest condo complex in all of Midtown, if not in the entire Boston area. Offering a country-club lifestyle, the 685-foot-high, 60-floor Millennium contains more than 420 ultra-luxurious condos that overlook such stunning sites as the Boston Garden and Harbor, the Charles River and the Atlantic Ocean. Each unit features floor-to-ceiling windows, hardwood floors, a modern kitchen and a washer and dryer.

Community amenities include a restaurant, lounge, game room, gym, indoor swimming pool, Jacuzzi, steam room, library, children's playground, spa, security and underground parking. The retail space in the building measures over 250,000 square feet.

The 15-story, 256-unit Millennium Place is considered to be the most family-friendly residence in the entire Boston area. Over 30 resident families have children younger than five years of age. The family social life is an important part of the community, as there are plenty of activities from which to choose, including parties, movie nights and fireside chats.

Condo prices for Millennium Place begin at $850,000 for a one-bedroom unit, and rental prices begin at $3,700 per month for a one-bedroom apartment.

The abundance of community amenities is no doubt one reason for the popularity of Millennium Place. The Owner's Lounge with fireplace and bar allows residents to casually entertain their guests in a relaxing atmosphere. Meanwhile, the kids can enjoy themselves on the creative playground. There's more opportunity for relaxation in the screening room equipped with a large HDTV and comfortable seating. A two-story garden welcomes owners and their guests.

A spacious two-bedroom, two-bath fourth-floor penthouse at Winter Place is listed for $3,299,000. Featuring a single-family home atmosphere, the 3,323-square-foot condo includes an open-concept formal dining/living/kitchen area, family room with gas fireplace, built-in office area, laundry, master bedroom with walk-in closet and en-suite heated-floor bath with steam shower and jetted tub, private roof deck and common roof deck with kitchen and bath.

One of two residences on the 25th floor at the boutique luxury 45 Province is listed for $4,395,000. The 2,872-square-foot, three-bedroom, two-and-one-half-bath high-rise condo features a private terrace accessible to the living and dining rooms and master bedroom. The updated kitchen includes custom cabinets and counters and large island. Also featured are floor-to-ceiling windows, laundry room with pantry, two parking spaces and private storage.

Located on the Boston Commons, Tremont on the Common is one of the most affordable condo properties in the neighborhood. Condo prices begin at $420,000 for a studio, $475,000 for a one-bedroom and $650,000 for a two-bedroom unit. Rental prices begin at $2,200 per month for a one-bedroom and $3,500 for a two-bedroom unit. Each unit features hardwood or carpeted flooring, dishwasher, microwave, disposal, washer and dryer and air conditioning.

Community amenities include an outdoor seasonal swimming pool, gym, outdoor space and 24/7 security.

A 1,986-square-foot, three-bedroom, two-bath condo at the Waterside Beacon Street eight-unit complex is listed for $2,295,000. The open-concept unit features a designer kitchen with range, wall oven, refrigerator, dishwasher and disposal, washer and dryer, hardwood flooring, living and dining area opening to a private balcony and plenty of bedroom closet space. The recently-updated complex features central air conditioning, new roof, alarm system and balconies.

Low condo fees are an appealing feature of a 1,690-square-foot, two-bedroom, one-bath loft at 21 Wormwood Street. Listed at $1,545,000, the open-concept condo features 11-foot-high wrap-around windows that provide stunning views of downtown. The living and dining area is spacious enough for a large table, and the open kitchen includes a large island and high-end appliances. Also included is hardwood flooring and restored early 20th-century wood beams throughout the unit. Management and maintenance are on site.

Built in the early 1900s, a carefully-renovated, two-story, 3,292-square-foot, four-bedroom, three-bath condo at 51 Hutchings Street lists for $1,199,000. The kitchen and dining and living rooms blend together in an open-concept plan. A large island and high-end appliances create the chef's dream kitchen. Two bedrooms are master suites with walk-in closets and dressing rooms, spa baths with double vanities and walk-in showers. The beautifully-designed home comes complete with a private back porch, outdoor patio and one-car garage parking.

Built in 2017, a 764-square-foot, two-bedroom, two-bath condo with private terrace at 121 Portland Street lists for $905,000. Amenities include elevator, washer/dryer hookup and fitness studio.

If 2017 real estate trends are any indication of the future, the value of homes sold in the area will continue to reach record highs in 2018. Also, as new developments continue to add apartment units, the demand for rentals will plateau or even drop, leading to lower rent prices. In addition, the current hot real estate market could cool considerably for expensive homes if the federal government caps or even eliminates the mortgage interest deduction. This could result in more households continuing to choose the option of renting.

Click Here to Search Investment Properties