Quincy

Situated 11 miles south of Boston on the south bank of the Neponset River, Quincy has stunning views of shoreline along Quincy Bay. Settled in 1625, the town was home to two U.S. presidents, John Adams and his son John Quincy Adams. Several beaches, the largest marina in the region and a world-class golf course provide an array of outdoor activities.

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Quincy's neighborhoods mirror the development of the city. About 41 percent of the homes were built before 1939. Adams Shore, once a popular beach resort, is one of the city's most desirable neighborhoods today. Wollaston is a thriving economic hub and residential area with Victorian single-family homes, triple-deckers and a number of small apartment buildings that give the neighborhood a distinctive look. Quincy is linked to nearby communities by road, MBTA Red Line, bus and water shuttle.

Quincy Residential Investments

Home to almost 100,000 people, Quincy feels like a suburban town. Many neighborhoods still retain their original character. Single-family detached homes account for about 34 percent of all housing. Almost half the residents own their own homes. The vacancy rate is 5.68 percent.

Quincy's median home value was $370,100 at the end of May 2015, an increase of 6.3 percent over the previous year. Home values are predicted to rise an additional 2.5 percent over the next year. The foreclosure rate is 1.6 homes per 10,000, higher than Boston's rate of 1.2 but lower than the rate of 3.56 for Massachusetts. The median rental rate is $1,322, but both rental and vacancy rates vary between neighborhoods.

Choosing the Right Quincy Investment Property

Downtown Quincy's vibrant redevelopment program will provide more residential units, parks and retail space. New developments like the upscale West of Chestnut luxury apartments and Quarry Edge 445 add much-needed living space to a desirable community.

Boston City Properties is the number one apartment rental brokerage by volume in the greater Boston area. We offer listings for existing properties, pre-construction and new developments. Pre-construction sales offer investors the benefit of getting into new residential developments as they are built. Pre-sales can also reduce up-front costs. Call us at 617-247-1933 to speak to one of our agents about investment options in Quincy.

Quincy Market Report 2017

Bounded by Boston on the north, Milton makes up the western border of Quincy. While Weymouth is the eastern border, Braintree and Randolph are to the south. Today, residents can find the largest beach on the Boston Harbor at Wollaston Beach. In the waterways, residents will find unique sections of Quincy like Moon Island, Hangman Island, Raccoon Island and Nut Island.

The entire neighborhood includes about 26.9 square miles. Most of the neighborhood is fairly urban, but 2,485 acres are a part of the Blue Hills Reservation. Considered a part of metropolitan Boston, this city was the birthplace of two United States presidents. While it was originally settled in 1625, it was not incorporated as its own city until 1888. Once the home of a vibrant granite industry, it was also the home of a thriving shipbuilding area. Later on, Dunkin' Donuts and Howard Johnson's started within the neighborhood.

Located only 11 miles to the south of Boston, it is placed on the southern bank of the Neponset River. From many homes, residents can enjoy views of the Quincy Bay shoreline. It hosts the largest marina in the area, the desirable Adams Shore resort community and a world-class golf course.

Homes in the Neighborhood

Today, Wollaston serves as the economic hub of the neighborhood. While it is home to a number of businesses, it is also a residential area. This area is home to Victorian single-family homes, small apartment buildings and triple-deckers. While there might be 100,000 people who live in the town, it still has a suburban atmosphere. Residents in the area can easily reach neighboring communities by bus, the MBTA Red Line, roadways and the water shuttle.

Roughly 41 percent of the homes in Quincy were constructed before 1939. One of the most desirable neighborhoods is at the site of the former Adams Shore beach resort. Today, about 34 percent of the properties are single-family, detached homes. Real estate developers and property owners can enjoy having a vacancy rate of just 5.68 percent. Altogether, an estimated half of residents own their own homes.

In August of 2016, the median sale price was $380,000. By August of 2017, the median price had advanced by 2.9 percent to reach $395,000. The average price for square foot is currently at $327, which is 7 percent higher than it was in 2016.

During the month of August, the average rental price hit $2,300. While the foreclosure rate is slightly higher than the average for Boston, it is lower than the average for Massachusetts.

2017 Real Estate News in Quincy

One of the latest development projects in Quincy centers around the downtown area. This development initiative will create more retail spaces and parks for residents. Additional residential units will be added throughout the neighborhood. The development at Quarry Edge and the luxury West of Chestnut apartments will increase residential homes by 445 units.

The Quincy Center Station development is one of the largest projects in the neighborhood. On December 4, 2017, the MBTA board approved the plan for a maximum of 300 apartment units. The plan will also include extra retail space and offices. The plan starts by upgrading the station with an extra 600 parking spots and new renovations. If everything goes according to plan, the first half of the project will be finished by 2023. This portion of the plan also includes the upgrades and the new bus terminal. The remaining apartment units will be completed by 2031. The project was originally supposed to include 602 apartment units, but the Quincy City Council reduced the number on December 18 to make sure that bus lines would not have to be rerouted.

Throughout the neighborhood, large-scale buildings are constantly going up. Some of the most expensive rents are found in sleek apartments near MBTA stations. Over the last three years, Quincy has received $527 million in public and private investments. These investments have funded almost 6,000 construction projects.

Developers love building in Quincy because of its closeness to the Red Line and public transportation. The new mayor, Thomas Koch, has worked to spearhead new developments. By spring 2018, the updates to the Hancock-Adams Green is expected to be finished. Koch has said that the new green will create a town common environment.

While most of the developments are residential, there are a few commercial projects in the planning process. The Ross Garage site will be expanded. On Newport Street, Granite Telecommunications will also see an expansion. The defunct Quincy Medical Center was recently purchased and a revitalization plan is currently being designed.

Some of the largest developments in the neighborhood will be at Quincy Center and North Quincy Station. Quincy Center's Cliveden Place will boast of 56 luxury condos spread across two buildings. The Cliveden Place project will start construction in 2018. Meanwhile, Chestnut Place will create 124 units and ample retail space in a 15-story tower. At the West of Chestnut project, 159 units of high-end apartments, retail sites and restaurant spaces are reshaping the neighborhood. West of Chestnut is already 75 percent rented. The commercial space is already leased out completely. The new venues at the complex will include Fuji and KKatie's Burger Bar.

While luxury condos and lavish apartments are the norm, there is also a drive to create market-rate and workforce housing projects. Quincy Point will soon be the home of the Watson. This building will include 140 units that encompass workforce and market-rate housing. Expected to cost $40 million, this project will increase the number of subsidized units in the town to 9.9 percent.

At North Quincy Station, there will soon be a development including 610 apartments. It was approved by the planning board in June 2017. The finished project will include a state-owned parking lot and seven acres of space. The North Quincy Station development will ultimately encompass 50,000 square feet of commercial space, 610 apartments and 1,600 parking spots. Construction is expected to take up to four years.

Across the street from the station, there will be another apartment complex set up. It will include 89 units. Next door, there will also be a Marriott-branded hotel that includes a total of 180 rooms.

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