West Roxbury

West Roxbury is the southwestern-most neighborhood of Boston, northwest of Hyde Park and west of Roslindale. Originally a farming community and part of Roxbury, it was incorporated as a town in 1851 and annexed to Boston in 1874. The experimental utopian community Brook Farm was established in the area in the 1840s.

Characterized by tree-lined streets and single-family homes, West Roxbury has a suburban feel in an urban setting. It is a rare enclave of predominantly single-family residences. Centre Street, the neighborhood's economic artery, hosts banks, retail shops and restaurants. The neighborhood is ringed by large parks including Arnold Arboretum and Stony Brook Reservation.

West Roxbury Residential Investments

The pleasant streetscapes and single-family homes of West Roxbury are attractive to those wishing to live outside downtown Boston but still have convenient access to the city. The median sales price for homes in West Roxbury was $370,000 for the quarter ending May 15, 2015, 13.15 percent lower than that of Boston of $426,000. Zillow reports a median home value for West Roxbury of $472,500, a 5 percent increase over the past year. Home values are expected to increase 2.3 percent over the next year.

Apartment rental rates vary by neighborhood. A two-bedroom in West Roxbury Central averages $1,763, lower than Boston's of $2,600.

Choosing the Right West Roxbury Investment Property

Few single-family homes in this neighborhood have been subdivided into multi-family units. West Roxbury's homeownership rate of 63.6 percent is the highest in Boston. The foreclosure rate of .9 homes per 10,000 is lower than Boston's rate of 1.2. This stable, popular neighborhood offers great potential for investors.

Selecting an investment property in a competitive market requires detailed analysis of current market data and an intimate knowledge of the neighborhood. The licensed real estate agents at Boston City Properties use data that is updated daily to ensure that pertinent information is available to clients looking for residential investment property in West Roxbury. We analyze listing and sales prices, the history of a property and calculate the number of days a property is on the market. We also have access to off-market listings. Call 617-247-1933 and let our agents help you find investment properties in your target area that complement your investment strategies.

Like many cities throughout the state and country, West Roxbury struggles with what to do with blighted neighborhoods that bring down the value and appearance of the area. One neighborhood in particular, located along Belgrade Avenue across from the Centre Street and West Roxbury Parkway rotary, caught the eye of a real estate development company. The developers are able to see past the blight and instead envision a residential project that will bring newcomers to West Roxbury.

Right now, the plot of land is occupied by an out-of-service gas station. Once that building is removed, however, the land will be cleared for a new four-story residential building that will house 20 individual single-family units.

Three of the units will be designated as affordable housing. All 20 of the new apartments will be two-bedroom with at least one bathroom. The complex will then be finished off with a parking area with 20 below grade parking spaces.

When asked by the city council why it would choose this part of West Roxbury, the real estate development company responded that it aimed to address the frustrations of local residents. People who live in the area do not like the way that this part of Belgrade Avenue looks now. They want to see it improved to bring value and curbside appeal back to the neighborhood.

Further, the company told the Boston Redevelopment Authority that it has been consulting with neighborhood homeowners all along about the project. Developers have taken the time to listen to what these people have had to say and to realize what residents want done with the blighted property. They have incorporated the vision of the local residents into the design and modification of the property.

The company and local residents are hopeful that the BPA will approve the 20-unit project and allow for the building project to begin soon. They bank their hopes in part on the fact that the BPA approved a similar project on Allandale Avenue earlier this year.

The input of residents of West Roxbury in real estate developments is not unusual considering the culture and vibe of the area. Developers from outside of the area learn quickly that the town is very owner-occupied and that people who live here value locally owned businesses over national or international chains. In fact, 2017 saw an influx of locally owned businesses like bakeries, restaurants, and coffee shops open up throughout West Roxbury.

Moreover, the town saw more churches, banks and supermarkets come to the area this year. One of the most exciting additions to West Roxbury in a Roche Bros supermarket that will soon be open to the public.

Many of the newest real estate developments are being built along public transportation routes, making them convenient for single professionals, families, and older residents. The locals get the perks of living in an area with a big city feel to it without actually having to move into Greater Boston.

This appeal factor has caught the attention of real estate developers who want to maximize on the red hot market quickly. They realize that there are more people wanting to move to West Roxbury than there are available houses. So many people want to move into the town that sellers are finding it easy to close on the sale of their houses often within days or weeks rather than months. Even more, statistics show that 40 percent of homes are sold above their listed prices.

Further, real estate studies for the area show that homeowners stay in West Roxbury on average for 22 years. This number is higher than the national average of 13 years and Boston's number of 18 years.

Part of the reason that homeowners may stay in their homes in West Roxbury could stem from the fact that the homes are appraised for prices that many local buyers find practical and affordable. The typical appraisal value of a house in the town is $559,300 while the listing price is around $569,450. Most homes sell on average for around $512,260 or $401 per square foot of space.

The foreclosure rate here is also relatively low compared to other parts of Boston. Only 2.8 out of 10,000 houses are foreclosed on in West Roxbury. This number is lower than the national average of 1.6 and the Boston average of 4.7. Approximately 16.2 home listings have prices that have been significantly reduced.

Rental housing in West Roxbury is also affordable. Rates in 2017 for rent averaged around $1925 a month. This amount is lower than the Boston Metro average of around $2500 for rental housing. Overall, the 2017 housing and commercial real estate market in West Roxbury received a score from real estate insiders of 8.7 out of 10. This score indicates the market is very healthy.

The robust real estate market of West Roxbury is owed in part to the owner-occupied vibe to the town. People who live or want to live here like the fact that the town's best real estate developments are conveniently located and prioritize the needs of the community. Home purchase and rental prices are also within the typical buying or renting budget.

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