Revere

Revere is just five miles north of Boston and home to Revere Beach, the first public beach established in the U.S. Revere is a popular vacation destination, housing thousands of visitors from a multi-state area during the National Sand Sculpting Festival held each summer.

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High-rise apartments and luxury condos, some with beachfront access and marinas, have great views of miles of sandy shoreline. Multi-use complexes offer stunning new apartments, international cuisine, shopping and entertainment. About half of Revere's homes are owner-occupied, and single-family detached homes account for one third of all housing. Neighborhoods present a pleasant mix of old and new. Well-established homes built after 1940 account for 60 percent of housing. The city is the terminus of the Blue Line. Access to downtown and Logan Airport is fast and efficient.

Revere Residential Investments

Each neighborhood has its own character. The Beachmont neighborhood, bounded by Revere Beach on the east and Belle Isle Marsh on the south, features lovely, late 19th century single-family homes intermixed with small apartments, studios and condos. Ethnic restaurants and bakeries add charm to the area. The neighborhood has its own Blue Line station and yacht club.

Revere's median home value is $291,800, an increase of 5.3 percent over the last year. Values are predicted to increase 2.4 percent in the next year. The foreclosure rate is 2.9 homes per 10,000, lower than the national rate of 3.9.

The median rental rate is $1,314, and the vacancy rate is 6.41 percent. New developments like the Vanguard at Waterfront Square feature luxury rental apartments with beachfront access and spectacular views. The Vanguard is the first of several projects planned for Waterfront Square that will include residential quarters, hotels, public plazas and retail space.

Choosing the Right Revere Investment Property

Revere's proximity to downtown Boston makes it an attractive community for those wanting a more relaxed living environment near the city. Single-family homes on large lots, waterfront condos and new luxury apartments give investors a choice of properties with potential for great earnings.

Boston City Properties offers a number of services that support an investment portfolio. We work with investors with advance leasing and sales during pre-construction and construction phases of new developments and renovations. We have access to listed properties for sale and rent as well as unlisted properties in Revere and neighboring communities. Our foreclosure specialists can help you find undervalued properties that have the potential for high returns. Call 617-247-1933, or fill out the form on this page for more information about investing in Revere.

Revere Market Report 2017

Placed only five miles north of Boston, Revere is known as the home of Revere Beach. This was the first public beach to be set up in the entire country. Even in the modern day, it still attracts millions of visitors for vacations. During the National Sand Sculpting Festival, it brings in thousands of visitors from across the country.

Today, Revere is home to a number of luxury condos and high-rise apartments. Many of these luxury buildings boast of marinas and beachfront access. From the beachfront condos, residents can enjoy amazing views of the sandy shoreline. The area is also home to multi-use complexes. These complexes offer new units, excellent shopping, international cuisine and top entertainment.

The neighborhoods in Revere are a mixture of old architecture and new complexes. Roughly half of the homes in the area are owner-occupied. Nearly one-third of the housing options consist of single-family, detached homes. Today, about 60 percent of the homes in the area were built after 1940. Residents choose to live in Revere because of the easy access to Logan Airport and downtown Boston. In addition, this city serves as the terminus of the Blue Line.

Real Estate Options in the Neighborhood

Investors and prospective residents have a number of different options to choose from in this city. On the south of the city, residents will find the Beachmont neighborhood. This area consists late-19th century, single-family homes. The real estate options in Beachmont include a range of studios, small apartments and condos as well. Known for having its own Blue Line, Beachmont also boasts of unique bakeries, ethnic restaurants and a yacht club. It is bounded by Belle Isle Marsh on the south. On the east, it is bordered by Revere Beach.

In the last year, the median home price in Revere has advanced $51,000. This marks a 16 percent increase between 2016 and 2017. Presently, the median home sells for $375,000. In August of 2016, the median home only fetched a price of $324,000. During the same time period, the median rental price rose from $2,100 to $2,600.

While the national average for foreclosures is much higher, Revere had a foreclosure rate of only 2.9 homes per 10,000. Meanwhile, the vacancy rate was at a low 6.41 percent. Because of the demand for housing in the area, new developments and luxury apartments are constantly under development.

2017 Real Estate News in Revere

In the last few years, a number of new developments have started in the area. One of the most luxurious is the Vanguard at Waterfront Square. This new development features luxury units that boast of gorgeous views and beachfront access. While this may be one of the most famous projects in the area, there are a number of projects planned for the area in and around Waterfront Square. The new projects will include public plazas, residential units, retail space and new hotels.

When finished Waterfront Square will completely remake the shoreline. It will include a beautiful footbridge to the park and beach. In addition to a state-of-the-art transit center, Waterfront Square will include a beachfront residential community, offices, retail shops and hospitality sites.

In total, Waterfront Square will be a $500 million, mixed-use development. It will span 8.8 acres and look out on 3.5 miles of beaches. The hotel will encompass 150 rooms, and there will be 900 luxury apartments or condos. In total, the development will include nearly 40,000 square feet of fine dining, ground floor retail, entertainment venues, outdoor cafes and cultural venues. In keeping with the beachfront ambiance, the development will be designed with plenty of open spaces, public plazas and miles of walking paths.

Currently, there are 230 luxury apartments under construction at Ocean 650. Vanguard's 320 units started construction earlier in 2017. The 320 units at 500 Ocean will start construction in late 2018.

Meanwhile, the public infrastructure next to the site has funding worth $75 million. It will include a state-of-the-art transit center with the MBTA's Blue Line. The transit center also boasts of direct access to downtown Boston and Logan Airport. In addition, it will include a bus terminal and garage parking for 1,465 vehicles.

In the upcoming year, new changes could be underway for the Necco candy factory. The 50-acre manufacturing site was recently purchased for $54.6 million. Necco previously held the lease on the 830,000-square-foot building, but their lease will end in August 2018. The new developers will most likely be updating the parcel for new commercial or residential projects.

Another potential update may be underway at the Wonderland Greyhound Park. In 2008, a statewide vote banned the sport in Massachusetts. While the 34-acre park lay dormant for years, it has recently been purchased by a new buyer. The future of the park is unclear, but the large space can easily be used for a number of different development projects.

Suffolk Downs will also be getting a makeover. Earlier this year, a developer closed on their purchase of Suffolk Downs. The new firm typically creates mixed-use developments. Now, the developers plan on getting the right permits for redeveloping the 161-acre site. Once it gets the right permits and approval, it will become one of the biggest development sites in the Northeast. It is connected to two different Blue Line stations, which makes it ideal for commuters.

Ultimately, the site will become a mixed-used development that includes residential units, retail shops, restaurants and entertainment venues. The first few floors will have a blend of shops and restaurants. Above the shops, affordable, beautiful units will be designed for residents. The new construction will be easily accessible for downtown Boston and Beachmont residents.

Last year, another new development was approved in the area. The site at 205 Revere Beach Parkway was once the home of Shaw's grocery store. It will ultimately become an extended-stay hotel and residential units. The project is expected to include 195 apartments as well as 132 rooms in the hotel. The developer will also be investing $100,000 in improving Beachmont's Donnelly Square. Once it is completed, the project will be the first hotel complex built in the city in the last two decades.

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