Winthrop

Situated on a promontory surrounded by the Atlantic Ocean and Boston Harbor, Winthrop has spectacular views of coastline and the Boston skyline. Belle Isle Marsh forms its western side. The rural feel of Winthrop belies its proximity to downtown. Logan Airport is just 14 minutes away. Winthrop Shore Drive, part of a series of ocean parkways, follows the coastline to Revere Beach Parkway and Revere, which is four miles north.

Winthrop residents are proud of their historic roots that date back to 1630. Metcalf Square, the city center, is a National Register district with more than 100 properties that showcase the town's history. Single-family and two-family homes on large lots are common. A number of architectural styles give an interesting look to the city center and other town subdivisions. Wood frame triple-deckers and villas built between the 1850s and 1920s are found throughout. The one-, two- and three-story homes on tree-lined roads create an attractive streetscape that contributes to Winthrop's quaint charm.

Winthrop is connected to Boston via Massachusetts Route 145, two bus routes and water taxi. Three Blue Line stops are nearby.

Winthrop Residential Investments

Almost 56 percent of the homes in Winthrop are owner-occupied. The vacancy rate is 7.6 percent. About 33 percent of residences are single-family homes. Many older multi-family homes have been updated into stunning condos, lofts and apartments, often with views of the shoreline and beach access.

Winthrop mean home values have increased from $297,000 in June 2012 to $375,000 in June 2015. Mean home values have risen 5.6 percent in the last year and are expected to increase another 2.2 percent in the coming year. The foreclosure rate of 2.1 homes per 10,000 is lower than the national average of 3.9.

Rents are lower in Winthrop than in Boston. The median rent for a two-bedroom apartment in the Winthrop Beach area was $1,500 in June 2015. Desirable amenities in Winthrop apartments include hardwood floors, high ceilings, off-street parking and large windows.

Choosing the Right Winthrop Investment Property

Residential properties in Winthrop include townhomes, condos, apartment complexes and single-family homes. Increasing property values parallel those of the greater Boston area, but Winthrop's home prices are lower than Boston's. Investors looking for high-quality, well-kept homes may be interested in what Winthrop has to offer.

If you are interested in rental income from long-term investments, Boston City Properties can help you select properties with high earning potential. We make our extensive statewide database available to clients. We also showcase properties for rent and sale using a number of marketing strategies including virtual tours. Call us at 617-247-1933 for more information about investing in Winthrop.

One of the highlights of the 2017 real estate market in Winthrop has been the creation of a new health center designed to serve residents of the area. Real estate developers and city leaders alike recognized that the area was experiencing a serious shortage of primary healthcare options. The solution came with the addition of a new building on Main Street that now houses the city's newest healthcare clinic.

The clinic is located along the mass transit lines that serve Winthrop as well as East Boston and Revere. It is also easy to get to for patients who prefer to drive themselves.

The first year of the clinic has proven to be a success and a well-appreciated addition to the real estate market of Winthrop. The primary care doctor and nursing staff see patients of all ages and offer services from dermatology to gynecology.

While the health clinic is a welcome addition to Winthrop, discussion is still ongoing about the proposed idea for the old middle school on Pauline Street. The project, informally named the Erozione Community Center, will involve knocking down the old school and eventually the existing skating rink.

The demolition will make way for a new community center that will have a brand new rink as well as spaces for retail use and housing. The developer also proposes building townhouses that will face Waldemar Street.

Inside of the community center, residents will have access to a lap size swimming pool, a gymasium, and office spaces. The center could potentially serve as a place not only for town residents but also children to spend time in during school breaks and after school hours.

The property developers admit that they are excited to attach their names to the project. However, they also acknowledge that they will not actually tear down the existing ice rink until the new one is built. Even after it is built, it will bear the former's old name of Larsen Rink.

As exciting as this proposal is, the developers say that they do not have a final price tag for it. They likewise do not know how many housing units will be built.

They say that the price could total around $5 million. The land itself, however, could be valued at $2 million.

Sources of funding the project could come through a MassWorks grant, which could generate much or all of the money needed. Developers could also get money from private donations and fundraising as well as funds from the county and city.

Regardless of how the project is paid for, developers and residents of Winthrop alike anticipate the opportunity that could exist for the area once the community center is finished. City leaders envision it being a place where locals can relax and have fun. Developers are trying to sell it as a place for the city's youth and a venue for meetings, competitions, and other events.

While many of Winthrop's residents are excited about the potential community center on Pauline Street, they are less eager about what they call the city's master plan for new developments in 2018. In fact, many residents say they do not know what the master plan is or how it will impact them exactly. They only know that they want the look, feel, and function of Winthrop left largely intact.

That is not to say that they are against new developments. However, they argue that they want the city leaders to be more transparent and open with them. As they watched the improvements being made to the area's infrastructure during the summer of 2017, they wondered for what reason this project was taking place.

Some residents argue that Winthrop maxed out on its development potential 10 years ago and that there is no more need or space for new projects. Existing structures can be redeveloped. However, there is little space for new buildings to be created.

In all, Winthrop locals view the real estate market particularly that which is geared around commercial development as a proverbial battle between David and Goliath. They are battling to keep the history and charm of the area intact while outside developers are keen to come in and find properties on which to build new structures. Locals feel like their city leaders are doing little to assist them in their bid to keep Winthrop intact and unscathed by over development.

The reluctance to embrace new property development is not reflected in the town's housing market. In fact, real estate websites note that home sales are going strong in Winthrop. In the last year, the market has grown by 7.9 percent and is predicted to grow by another 3.3 percent by the end of 2018.

Further, home appraisal values are holding strong with the typical Winthrop house having a value of $449,900. This price translates into a per square foot price of $286, which is slightly higher than the Boston Metro average of $268 per square foot.

As robust as the local housing market may be in terms of appraisal values, it does have a foreclosure rate that is higher than the national average of 1.6 out of 10,000 homes. Winthrop's foreclosure rate is 34.6 out of 10,000 homes.

Further, 7.3 percent of Winthrop homes have negative equity while 1.5 percent of local homeowners are delinquent on their mortgages. The rental prices for Winthrop average around $2501 per month, which is on par with the Boston Metro rental price of $2500 per month.

Winthrop's real estate market for 2017 has been hallmarked by huge successes like the new healthcare clinic as well as the proposed development of the old middle school on Pauline Street. Despite these success stories, locals are wary about any new development projects being discussed at the weekly city council meetings.

They argue that they need more information and want to be kept in the proverbial loop. They also want city leaders and developers to take practical measures to retain the area's history, beauty, and function.

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