Newton

Newton was voted the best place to live in the United States by USA Today in 2014. Newton's homeownership rate of 67.82 percent is among the highest in Massachusetts and double that of Boston's rate of 33.6 percent. The vacancy rate is about 10 percent.

The city is organized into 13 villages, each with its own character, economic base and access to major roads and public transportation. The city has one of the highest densities of pre-World War II architecture in the state at 52.13 percent. Well-maintained homes built in a range of architectural styles line major streets and economic corridors, giving a cohesiveness to neighborhoods. About 21 percent of Newton's housing was constructed after 1970.

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Newton Residential Investments

Single-family detached homes comprise 54.06 percent of Newton's housing. About 22 percent are small apartment buildings, duplexes and older homes converted to condos and apartments. High-rise and large apartment complexes account for close to 17 percent of all residential units. Row houses and attached homes account for the remaining 7 percent.

Newton real estate has appreciated 133.38 percent since 1990, an average annual rate of 3.48 percent. Last year, Newton real estate values rose 7.06 percent. The average sales price for the first quarter of 2015 was $1,356,521, an increase of 19.23 percent over the previous year. Home foreclosure rates were 1.5 homes per 10,000, higher than 1.2 for Boston but lower than 3.56 for Massachusetts.

The median rent in Newton is $1,673, but real estate values, appreciation and occupancy rates differ from village to village. The Chestnut Street-Commonwealth Avenue area has one of the lowest rental vacancy rates in the city at 3.4 percent and an average rental rate of $1,517.

Choosing the Right Newton Investment Property

Successful residential investment in Newton requires precise information. For example, Chestnut Hill has more luxury condos than other villages. Working with an experienced real estate company like Boston City Properties is a key factor in successful investment in Newton. We provide historical data so that clients are well-informed about neighborhood trends. We assist in calculating annual rents, expenses and deductions and in determining the capitalization rate that defines your investment strategy. Call 617-247-1933 for more information about Newton's neighborhoods and investment opportunities.

Newton Market Report 2017

Designed into 13 separate villages, Newton was named the best place to live in 2014 by USA Today. Each of the villages offers its own economic center and character. This vibrant area is home to numerous public transportation options and major roadways. Currently, the area has a homeownership rate of 67.82 percent. This is the highest level in Massachusetts. Meanwhile, the entire city of Boston only has a homeownership rate of 33.6 percent.

Currently, Newton has a vacancy rate of just 10 percent. This neighborhood is a beautiful place to call home because of its unique architecture. Even today, 52.13 percent of the homes were built before World War II. This is the highest density of old homes in the city, and these properties have been exceptionally well-maintained. Only 21 percent of the housing market was built after 1970. The beautiful, historic architecture line beautiful streets and give the villages a strong sense of community.

Investing in Residential Properties

The majority of residential homes are single-family, detached houses. Roughly 22 percent of the buildings are duplexes, small apartment complexes or older homes that were transformed into apartments and condos. An additional 7 percent of the community consists of attached homes or row houses. Another 17 percent includes larger apartment complexes and high-rise buildings.

For investors, Newton offers an excellent investment potential. Since 1990, the homes have advanced in value by 133.38 percent. This works out to about 3.48 percent per quarter. In 2017, the median sale price was $1,025,000. From 2016 to 2017, the median sale price has increased by 16 percent. Depending on the village, the median rent can vary. Overall, the neighborhood has a median rent of $1,673. The lowest vacancy rates are in the Chestnut Street-Commonwealth Avenue area. This area had a vacancy rate of just 3.4 percent. On average, properties in this section rent for $1,517.

Living in Newton

This medium-sized city has a population of 85,146 people. It is just 7 miles away from downtown Boston. To the east, residents will find Brighton. West Roxbury is on the south, and Brookline is on the east. While Waltham and Watertown make up the northern border, Needham and Wellesley make up the western border. This neighborhood is popular among residents because of its excellent public schools, historic architecture and quiet streets. Plus, it offers a convenient commute to Boston. From Newton, residents can use commuter rail, light rail and local buses to commute to the city.

The most distinctive aspect of this neighborhood is the many villages that form the city. Newton is comprised of a patchwork of 13 villages with 13 separate downtown areas. These villages include Newton Lower Falls, Auburndale, Newton Corner, Newton Upper Falls, Nonantum, Waban, Newton Lower Falls, Chestnut Hill, West Newton, Thompsonville, Newton Highlands, Oak Hill and Newton Centre.

Originally, Newton was settled in 1630. It was renamed Cambridge in 1639. Over the years, it was renamed Cambridge Village and Newtown before it settled on Newton in 1766. When it was incorporated as a city in 1873, it was given the nickname of the Garden City. During the early years, the water power in the area was used by local mills. While some manufacturing existed in Newton, it was better known as a commuter suburb. Some of the first railroads in the country stretched from Boston to West Newton in 1834. The affluent businessmen from the city would live in Newton on beautiful estates.

Over the years, the neighborhood has become increasingly suburban. The development of streetcars and automobile roadways made it easy for commuters to live in the suburbs while working in downtown Boston. Today, Newton is home to major employers like Newton-Wellesley Hospital, TechTarget, Boston College and Upromise.

2017 Real Estate News

While the cheapest home on the market during recent months was just $350,000, there are far more lavish homes available in Newtown, Massachusetts. In early December of 2017, the mansion at 181 Pine Ridge Road was posted for sale. This amazing mansion was constructed in 1892, but has been renovated to include modern details. For an asking price of $2,799,000, it offers five bedrooms, a living room and a dining room with a fireplace. It includes a designer kitchen and a deck that overlooks a private lawn. Meanwhile, the master suite offers a lavish bathroom and a walk-in closet.

For an even more luxurious home, residents can check out this 9,000-square-foot home at 65 Essex Road. Just listed for sale, this property includes a pub in the basement, a darkroom, a spa, a swimming pool, a finished recreation room and an exercise room. The back yard covers 1.22 acres. Built in 1920, this brick Colonial offers an exceptional level of privacy for $7,550,000.

Gorgeous mansions are not the only options for residents in the area. In 2015, Mayor Setti Warren released a plan to bring seven mixed-use developments to the area. This was after a 69-unit housing and commercial complex was pushed through in Newtonville during the previous year. The new project will include locations in villages like Newton Center, John F. Kennedy Circle and Newtonville.

One of the projects will replace a defunct water tower near the Golda Meir House with 60 to 70 units. In Newtonville, a 171-unit complex will be built at Washington Place. Meanwhile, 32 units will be constructed at Jackson Gardens on John F. Kennedy Circle. These new properties will be built in a way that preserves the community's character while providing more diverse housing options.

Upcoming Projects

In future months, the community will see additional developments in the area. Mount Ida College proposes a subdivision at Carlson Avenue. This will divide a part of the school's campus into eight, single-family lots. This will include the Boulder Farm House.

Another upcoming project is at Kesseler Woods. This multi-family residential building sits on 14.7 acres. While the area is currently a vacant, wooded lot, it will turn into 88 residential units. In addition, Kesseler Woods will encompass a surface parking area and an underground parking garage.

At 300 Hammond Pond Parkway, residents will soon discover a new park for residents. Placed behind the former Temple Mishkan Tefila, this undeveloped parcel will be transformed into a permanent conservation and recreation area called Webster Woods.

One of the largest residential units in the works is at Washington Place. This mixed-use development will include an impressive 40,000 square feet of commercial and retail space. It will encompass a 2,000-square-foot community arts center and a 9,000-square-foot outdoor public plaza. The 2.85-acre parcel is located on the corner of Washington Street and Walnut Street in the village of Newtonville. Once it is finished, it will include 164 units of mixed-income housing.

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