Roxbury

Roxbury, situated at the geographical center of Boston, is a thriving neighborhood that blends the oldest of Boston with the newest. Founded in 1630, the town was a farming community, industrial center and popular suburban get-away. Eliot Square was the heart of the neighborhood.

Click Here to Search Investment Properties

Today Roxbury's buildings and businesses reflect almost four centuries of growth, with Dudley Square at the economic heart of the neighborhood. Its several commercial squares are surrounded by elegant brick apartment buildings, community centers and businesses. Single-family wood frame homes, row houses and triple-decker multi-family homes built during the 19th and 20th centuries are popular housing options for today's residents. Franklin Park forms the southwestern edge of Roxbury. Small parks in each subdivision add to the greenspace.

Roxbury is well-connected to Boston by subway, bus and major roads. The community is one of the most walkable in the city. Recognizing the demand for housing in neighborhoods easily accessible to the city, several new developments have increased the number of residential units in this popular area.

Roxbury Residential Investments

Roxbury's median home value was $386,800 as of April 2015, an increase of 22.9 percent between 2014 and 2015. Boston's was $460,000 for the same period. Zillow predicts an increase of 7 percent in the coming year. The condominium market in Roxbury is small, with only 29 units sold in 2014. Upscale luxury condominium renovations such as those recently listed in the Fort Hill area have sold quickly.

Median rent for a one-bedroom in Lower Roxbury was $2,330 in March 2015, slightly higher than the average for Boston at $2,300. Several new apartment projects are underway. The 1950s-era public housing project on Whittier Street is being redeveloped into mixed-income residential apartments. Other planned projects will fill in areas that were demolished in the 1970s and never rebuilt.

Choosing the Right Roxbury Investment Property

Investors should look closely at Roxbury as new development further enlivens this active neighborhood. With several subdivisions of varying income potential, understanding neighborhood dynamics is important in ensuring that investment goals are realized. Boston City Properties has listings in all areas of Boston and provides clients free access to our citywide database with up-to-date market analyses of rentals and sales properties. Call 617-247-1933 to find out more about Roxbury residential investments.

Roxbury Market Report 2017

Known as the geographical center of Boston, Roxbury is a blend of old and new buildings. Long ago, it was originally founded in 1630 as an agricultural community. Over the years, it has developed an industrial center and a suburban atmosphere.

In modern Roxbury, residents will find buildings from different eras during the last 400 years. The neighborhood hosts a number of commercial squares, but Dudley Square is the true heart of the economy. Around many of the squares, residents will find elegant apartments, brick buildings and community centers. Many of the homes in the area are single-family, wood-frame homes. A number of multi-family houses and triple-deckers also dot the area. Many of the buildings were constructed during the 19th and 20th centuries.

Living in Roxbury

Over the years, the makeup of the neighborhood has gradually shifted. It started as an agricultural nexus, but it changed to an industrial area during the 1800s and 1900s. By the late-19th century, it turned into a residential area. By the 1940s and 1950s, the arrival of new immigrants changed the culture and diversity of the area.

Now, this community is a diverse, vibrant region of Boston. Residents can find historic brick row houses, single-family homes and traditional triple-deckers. Active community groups like the Roxbury Historical Society and the Dudley Street Neighborhood Initiative help to preserve and develop the community. Residents can find a number of green spaces in the neighborhood. Franklin Park is a popular green space along the southwestern border of the neighborhood. Small parks are found in each subdivision. In addition, residents can check out the William J. Devine public golf course.

For shopping options, residents can check out the main commercial areas like Grove Hall and Crosstown. Dudley Square is the commercial hub for the neighborhood. In addition, the area is home to a LEED-certified police station that was just constructed. In addition, Blue Hill Avenue has been transformed into a thriving business district. For educational options, residents can check out the John D. O'Bryant School of Mathematics and Science or the Roxbury Community College.

Real Estate Properties and Investments

At the moment, the housing project on Whittier Street is being redeveloped. Originally built in the 1950s, it will be transformed into mixed-income residential apartments. Another project will take place throughout the neighborhood. There were some buildings in the 1970s that were demolished that are now being filled in with new structures.

Currently, the median sales price in Roxbury is $434,000. The typical home received a median price of $363 per square foot. This marks a 12 percent increase over the price per square foot in 2016. For rentals, the median rent was $3,200.

Investing in this neighborhood is a popular option for residents in the area because there are a number of undervalued properties. Residents can find steals like the property at 100 Mount Pleasant Avenue. This fixer-upper is priced at just $310,000, but it includes a 7,000-square-foot lot and four bedrooms. Outfitted with three bathrooms, it is considered a two-family home that is ideal for the savvy investor.

For a move-in ready home, residents can check out properties like 41 Robey Street #41. This property encompasses three bedrooms and two bathrooms. Spanning 1,800 square feet, this new townhouse is still under construction. Once it is complete, it will include Shaker cabinets, Samsung appliances, natural oak flooring and granite counters. A fireplace is in the living room, and the master closet can fit a large shoe collection. Best of all, this new, lavish property is priced at just $649,000.

Another option in the area can be found at properties like 46 Alpine Street #1. Priced at $529,999, this home is a part of Tommy's Rock. Known as one of the latest townhouse developments in the area, it offers beautiful finishes and amazing craftsmanship. Residents will find LED recessed lighting, low maintenance cost and two master suites. Designed with garage parking, it includes abundant closet space and extra storage.

In a list of the 10 most affordable market-rate, two-bedroom apartments in the city, two of the units are from Roxbury. The two that made the list range from $314,000 to $314,900.

2017 Real Estate News in Roxbury

One of the latest, major projects in Roxbury is at Tremont Crossing. In March 2017, the city signed off on a multi-building project. Once it is completed, this project will encompass 1,928,400 square feet. The entire project will consist of 728 apartments in two buildings. Commercial space will house enterprises like a new Museum of the National Center of Afro-American Artists and BJ's Wholesale Clubs. Tremont Crossing will be the largest Roxbury development for decades and one of the largest since Boston's development boom after the Great Recession.

Another change in the neighborhood will be the South Bay Harbor Trail. The city will start working on this project in spring 2018. Once it is finished, the South Bay Harbor Trail will connect Roxbury to the Seaport and the South End. The trail will run for 3.5 miles from the Orange Line's Ruggles stop to the Fan Pier on the waterfront. It will be ideal for bikers and joggers in the area. The initial phase of the project will be a 0.75-mile area located near Albany Street in South End. This section will run underneath the Southeast Expressway before it links up to the Harborwalk. Ultimately, the final phase of the project will probably not begin until 2019 or later.

On Shetland Street, a new project may bring dozens of apartments to the area. This construction will be a four-story apartment complex spread across three conjoining parcels. The land was originally purchased in 2016 for $1.75 million. When this project is finished, the building will encompass 50 market-rate apartments. It will also include seven affordable units. Half of the apartments will be studio units. While 12 of the apartments will be two-bedroom units, the last 18 apartments will be one-bedroom units. To ensure plenty of parking space, the complex will include parking for 52 cars. The Shetland Street apartments will also include a 5,000-square-foot interior courtyard, a fitness center, a shared deck and bicycle storage.

Click Here to Search Investment Properties