Union Square Real Estate in Somerville, MA

Don't miss the opportunity to become part of one of the fastest growing neighborhoods in Somerville. Union Square and its seven unique sub-neighborhoods are in the middle of a modern renaissance. This community occupies the southern corner of Somerville, so it's minutes from Cambridge, Inman Square and Boston. Compared to other parts of the city, Union Square is impressively affordable. This is especially attractive for an up-and-coming neighborhood with a great location.

Union Square Neighborhoods

East Union Square, West Union Square, Prospect Hill, Brickbottom and Boynton Yards are a few of the sub-neighborhoods located in the immediate area. Union Square is a wonderful location for loft living as more mixed-use properties and industrial buildings undergo conversions, particularly in the Brickbottom and Boynton Yards areas. Now is an excellent time to move into a new construction or join a waiting list if you're interested in being among the first to live in one of the hottest modern buildings in the area.

Houses and Condos for Sale

Union Square has a number of single-family homes that were built during its heyday and display distinctive architectural details associated with constructions from the Victorian era and turn of the 20th century. Today, redevelopment strategies are revitalizing historic neighborhoods and changing the ratio of single-family and multi-family housing options. In some cases, traditional homes are being replaced by modern buildings and luxury developments that are marketed to students and young professionals.

The median cost of a single-family home or condo near Union Square is $480,000 or about $440 per square foot. Although the area's main avenues have traditionally been home to shops and independent businesses, condos are also available in these mixed-use buildings. High-end condos are generally located in smoke-free, eco-friendly buildings and have all of the best amenities, including walk-in closets, stainless steel appliances, granite counters, tall ceilings and private outdoor spaces. Condos are the number one alternative to single-family homes in the Union Square neighborhood. However, rentals are even more popular.

Union Square Apartment Rentals

Union Square has many great options for renters. Current rentals in historic homes, business areas and high-rises apartment buildings are being supplemented by luxury units in mixed-use properties. Today, the average cost of a Union Square apartment is just $2.17 per square foot. The median rent is $2,200 per month, which is about average for Somerville. Two-bedroom apartments start between $1,800 and $1,900. Luxury lofts and high-end apartments cost slightly more and are leasing in the $3,000 range.

Union Square Real Estate Agents

Whether you prefer modern amenities or historic properties, you'll find a large number of rentals and condos around Union Square. This neighborhood has a strong housing market that's growing quickly. If you're ready to move to this exciting area, Boston City Properties can make it happen.

Our agents work quickly and are familiar with every part of Union Square. This ensures that you'll have access to the latest listings and will have the best chance to secure a prime property before anyone else. If you're living in Boston currently or are relocating from another city or another country, we'll make the move easier. Use our web-based system to request information about Union Square condos or rentals that fit your requirements.

What You Need to Know about the Union Square Somerville Real Estate

Union Square has become a more affordable alternative to Cambridge. People are now looking at Somerville, especially those who are seeking countercultural adventures. This trend may have started when the rent control ended in 1995, which pushed the Cambridge students to look for rents that are much lower than the prices in their city.

Aside from the lower rents in Somerville, the policies here, including in Union Square, are innovation-friendly. There are a lot of developments going on since the early 2000s up until 2018 and is expected to continue in the coming years as the neighborhood grows and expands.

A Look at the Real Estate Properties in the Neighborhood

The high demand vs. the limited stock has prompted the condo and housing costs to soar, particularly in the metro area of Boston. For several years though, the prices stalled starting from 2008. Things began to move again in 2011 where notable neighborhoods, such as Roslindale and West Roxbury, saw the positive effects that led to home prices increasing by more than 40%.

As for Somerville, the prices of multi-family homes surged as well with the highest reaching over 50%. Since then, the area, including the neighborhood of Union Square, has been enjoying a hot market. It is now catching up after an extended period of unchanging prices.

The surges in the costs of the homes in the area are due to several reasons. One is that the interest rates are quite low, so buyers are excited to invest in places that are nearby public transportation that will lead them quickly to the city of Boston. Millenials are also moving into different areas and with the rents lower in Somerville, so it comes as no surprise that they have chosen the neighborhood over the other expensive cities.

Additionally, many individuals are looking forward to putting their home on the market as they downsize, so they turn to Union Square and other nearby districts. This tactic allows them to move in the same city at their financial means.

The sales prices have reached millions for single and multifamily homes. The increase is quite dramatic in the neighborhood with sales prices rising almost up to 60% since 2015, however, even with the gain, Somerville remains with more affordable options than Cambridge.

As for the condos in Union Square and the other neighborhoods in Somerville, they also rose in prices for about 32%. Nevertheless, still comparing to Cambridge, the average price is always at least $100,000 less expensive than the other mentioned city.

Like many places in the Boston metro area, the homes would yield different prices, but it would mostly depend on the specific area. Demand is higher if the apartment for sale or rent is close to squares, particularly those that are near the train lines. Additionally, Union Square has seen a considerable increase in market prices because of the probability that there will soon be a Green Line station in the area.

A Huge Development Approved and Will Surround the Green Line Stop

The Planning Board of Boston and the Somerville Board of Aldermen have permitted the construction of a massive development that will soon happen in Union Square. The project reached its approval granted just this June 2017, which allows the building of 2.3 million square foot project in the neighborhood, which will be built around the future Green Line station.

It is indeed one of the most significant projects available with a $1 billion fund to support the whole construction phases. The aldermen’s vote gives the developers the freedom to spend infrastructural elements for the area. As for the nod of the Planning Board, it signals the agreement for the multi-block project.

A firm will oversee the project, which will include almost 1.40 million square feet of space dedicated to arts, hotels, retail shops, labs, and offices. It is a mixed-use development, which means it will also feature residential units. Based on the proposal of the project, there will be a total of 950 units with some for lease and others for sale.

Approximately 25% of the project will be for an open space that the public can use. It will have several common areas that will encompass about 2.5 acres of land. The stop of the Green Line is anticipated to open in 2021, and with the new construction taking place, it should wrap up in 2020. There will be two phases of the project though, and the first one will begin this year. Once it finishes, the building should have around 400 units that are leasable, along with 175,000 square feet of space that will be used either for labs or offices. There will also be some slots for retail stores.

Bringing the Green Line to the Community

The rest of Somerville, including Union Square, has had a complicated relationship with transportation and economics. By the mid-19th century, families and businesses found a reason to invest in the city. Thousands of homes, commercial units, and industrial buildings were built, and they flourished.

Years passed, and the residents, as well as the workers, had many choices for transportation. Additionally, the neighborhood is highly walkable while economical transit provides services to it. As for the commuter rail with connections to nearby communities, it is just along the shared streets. It was in 1945 when the state level commission recommended that the trolley service of the Green Line be extended to the town all the way to Lechmere and Woburn.

The proposal had to be studied, and it went on for three decades even though the concept was quite simple. Rapid transit service is just what the residents need to help them stay connected with the other places in the city as well as their jobs and other amenities that they can find in other communities.

The Green Line Extension (GLX) was conceptualized in the 70s, which had the goal to improve the flow of traffic and gain access to the development opportunities that were present in downtown Boston. However, there were significant setbacks, including protests about health and environmental impacts, so the project was delayed. It was supposed to be finished by 2011 and was later moved to 2014.

The new plan now is to begin the construction in 2018, and the Green Line stop will open by 2021. With the GL expansion approved, the Massachusetts Department of Transportation, along with the Massachusetts Bay Transit Authority, is committed to improving transit services for the enhancement of mobility and transportation access for the residents.

The Federal Transit Administration’s approval for the MBTA’s Green Line extension is equivalent to the $2.3 billion estimate. The project will involve a scaled back version that will provide services from Somerville to Medford.

The plan encompasses 4.7 miles and will come with seven new stations that will include the relocation of the Lechmere stop. There were supposed to be imposing buildings that would enclose the new channels, but all these inclusions were turned down, leading to a simpler version of the expansion. Additionally, the 7,000 feet of the community path will no longer be a part of the project. The reason for the eradication of those elements is tied to the budget constraints of the project.

For many of the authorities, the presence of those components in the project is just ambitious and will lead to more expenses. As a result of the decision, the project will not open to the public until 2021. Many of the stations are said to be open-air, but they will not have many features, such as fare gates and elevators. The locations will be as simple as they get and the community path will only be 3,000 feet.

Although the project has shrunk in size because of the limitations, it could have been worse since the feds were hesitant about agreeing to the plan. Nevertheless, with the approval and the go-signal from the authorities, it does secure the future of the project. Decades were spent worrying about whether or not the project will commence. Thankfully, the approval tells the people to become confident that it will soon start.

The foundation petitioned for the GLX to begin for years even after the members have threatened legal action against the project. Soon enough, the state approved the completion of the extension in 1990 to offset the environmental impacts caused by more and more people choosing to drive their cars on the highway.

However, the foundation decided to file a lawsuit accusing the state that it reneged on the commitments. The suit was settled after just a year in 2006 and agreed to complete the project in 2014. There was still one big problem though because the extension remained unfunded. The solution came in 2015 when the Congress approved the federal grant of almost $1 billion for the project.

Time passed, and it was clear that the project would cost more than its $2 billion budget. The officials of the state blamed overreliance on third-party consultants. They also said that the contracting procedures of the construction were something that the country was unfamiliar with, which was why the project could not start.

It was in the same year when the oversight board of the MBTA halted the project. It did not mean that it will not happen though as the consultants of the development promised to downsize the plan. Now, it has a new design, including the enclosed stations becoming stops that feature open-air slots, along with a shortened community path, it looked like the project became more appealing and less restricting when it comes to its budget.

In May 0f 2016, the transportation board of the state finally approved the new plans. However, the MBTA was given warning that it still had to find more funding for the development. It sought a few sources, including Somerville itself, which will pay $50 million. Cambridge also pitched to provide $25 million for the project. The Boston Region Metropolitan Planning Organization has also agreed to give funds to the GLX.

According to the MBTA officials, they will use almost $65 million of the state’s money for the Green Line project. The organization will use bonds from the rail engagement program of Massachusetts, which is typically used for the payment of transit projects.

The FTA and the MBTA had a two-day meeting for the review of the estimates in January 2017. Some people were worried about the federal funding under the Trump administration. However, the budget blueprint coming from the White House showed that it would support the funded projects, including the GLX.

To speed up the process of construction, the MBTA has said that it will use a different contract. Doing so will also help avoid the increases in costs that led to many issues for the project in the past. The contracting process that the MBTA is endorsing is known as “design-build” which involves hiring several firms. They will all work together to design the project and help start the construction.

The Bow Market for Doubled Business Numbers in the Neighborhood

Apart from the very controversial GLX, there is also another development that is highly anticipated. Called the Bow Market, it includes different business in the form of small-scale retail shops, numerous dining options, a brewery, and many more.

Bow Market is located between Somerville Avenue and Bow Street and will house over 30 storefronts that will take 165 square feet of space. These tiny storefronts will only hold short-term leases. The developers behind the market want the stores to be of small scale with unique concepts and should be operated by the owners themselves.

The space is quite small, mainly since the developers are aiming to find more food production businesses. However, the areas are based on a cost-effective design with a possible lease term. The city was quite supportive of the vision for the market, and it immediately received the OK from the Planning and Zoning Board of Somerville.

Today, the Bow Market is now open to food vendors, artists, and retailers hailing from Greater Boston and Somerville. Some of the vendors include Jaju, Maca, 9000 Things, and Buenas Empanadas.

Other Real Estate Properties in Union Square

The neighborhood indeed has many other things to offer, including homes for sale with single and multifamily units. For instance, the two-bedroom and one-bathroom condo unit located at 70 Prospect Street is asking for $700,000. The condo unit is in a building with 15 other units and is conveniently placed in the busy area of Union Square. It is a beautiful space that offers many amenities and features, making you think it deserves more than the asking price.

Another hot property is at 197 Union Square and the new development that just opened last January 5th, 2017. The new housing offers 35 affordable units at 181 Washington Street. All the apartments are energy-efficient and a part of a 2,400 square foot building with commercial space on the ground floor. The location is just a few blocks away from the much-awaited Green Line stops at Union Square and Washington Street.

Today, all the residential units are rented and occupied because of their affordability and friendly features. This property was actually where the Pope Elementary School stood. Later on, it became the Boys and Girls Club back in the 80s. A developer purchased the property just last 2012 after the club closed its doors.

The Community Economic Development Assistance Corporation (or CEDAC) gave the developers a loan for the pre-development as well as the acquisition of the property. The condition was to make sure that they would turn it into affordable housing.

Most of the public supported the developers’ plans although some setbacks resulted in a few changes in the original plan. Initially, the building was supposed to be made of five stories during its proposal. However, some changes had to be made, so the supposed-to-be five-story building with 40 units became smaller as it was scaled down to just four stories with 35 units. The commercial space was also reduced to meet the standards of the city and the budget as well.

From affordable homes to luxury units to spaces for businesses, the neighborhood has all these elements. More of these things will soon start sprouting, especially once the Green Line extension becomes a reality. Till then, Union Square in Somerville is still one of the best places for finding real estate properties in the city of Boston.

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