What was once a neighborhood characterized by its affordable property values and family-run restaurants has transformed into a rapidly-developing market filled with million-dollar homes. In 2018, the average sale price in South Boston skyrocketed to $803,513, up 10% from 2017 and 86% from 2008. South Boston’s housing market is booming, with 55 transactions currently under agreement and average days-to-offer at just 20 days.
South Boston’s housing market is shifting out of reach for working-class adults and into the territory of elite young-professionals. Ten years ago, only 3% of the 419 condominiums sold were priced between $700,000 – $1,000,000. Almost all condos were selling under $699,000, with a huge portion under $349,000. Last year, 278 condos, or 45% of all inventory was listed within the 700,000-1,000,000 range. These exorbitant prices keep condominiums as a distant aspiration for young adults looking to establish themselves.
In 2008, a $429,500 investment could get someone a new construction two-bedroom condominium with a private roof deck and other state-of-the-art amenities. For the same price in today’s market, buyers won’t even be able to find a single listing.
While the condominium market is certainly experiencing dramatic growth rates, it may be nearing a cooling point in price growth. For the first time since 2013, listing prices have surpassed the asking prices, indicating that there is less competition in bidding for these coveted condominiums. Given its proximity to the Seaport and the surplus of upcoming housing in Washington Village, South Boston will remain a highly demanded sub-market for young-professionals.
As prices continually to rise, it may seem unlikely one will be able to find a reasonable priced condominium for sale, but there are still affordable options out there. Like Charlestown, the average price per square foot is markedly more affordable when purchasing a 3-bedroom condominium. These three-bedroom spaces have nearly double the average living area when compared to one-bedroom listings, with the 24 active three-bedroom spaces having an average living area of 1,553 and the 12 one-bedroom listings having an average of 873.
This neighborhood spotlight focuses on South Boston as it is becoming one of Boston’s top markets after transforming from a gritty neighborhood to an area booming with home sales and new construction projects.
There are many factors contributing to Southie’s newfound popularity, but we’ve summed up some of the highlights thanks to Boston Agent Magazine.
In July, South Boston was the top-selling neighborhood in the city, and the condo market was amongst the best selling in the whole of Greater Boston.
As with much of the rest of Boston, the neighborhood’s sales have been continually strong and prices are high and rising. So far this year, the median price for single family homes is $699,500, which is 24.2% higher than in 2015.
Construction in all of Boston has been booming and much of this has been in South Boston.
A RealtyTrac report covering the city’s housing boom said that the BRA has approved 52 projects alone in South Boston, as well as 36 along the waterfront.
The neighborhood is much more than just the housing boom, with rich cultural and culinary scenes.
The St Patrick’s Day Parade is the second largest in the country and many of the popular Boston dining options are situated in the neighborhood.
488 Dot luxury condos in Southie are scheduled to open to residents this September, emphasizing even more how the neighborhood is drastically changing.
The 33-unit building is not quite a high-rise, but is much different than what was originally found in the area.
The standout features of this new development lie in the phenomenal views, luxury amenities and prime location.
The fourth floor penthouses come complete with private roof decks and all of the units have features to brag about. These include, in-ceiling speakers, soaking tubs, gas fireplaces, heated parking, a fitness center and it is pet friendly.
The location is ideal, right in the center of the evolving Southie neighborhood, within close walking distance to both Broadway and Andrew T stops and surrounded by plenty of dining and bar options.
Southie has undergone a huge transformation in the last decade and Dorchester Ave. is convenient and seeing a ton of new and redevelopment.
The 488 Dot luxury condos are spacious and open, each offering two bedrooms and two bathrooms.
Price for the units range from $650,000 to just over $1 million.
Washington Village has been in the works for over a year and will bring over 650 housing units and 99,000 SF of retail space to the area.
The developers, DJ Properties LLC, have proposed a project that spans eight buildings bounded by Dorchester Avenue, Dorchester Street and Old Colony Avenue.
The huge new development is hoping to transform the area, with convenient Red Line access at Andrew Station and by offering a community for residents. The project is among the largest residential developments recently approved by the BRA.
While there will be rental and ownership options within the residential units, there will be more for sale than for rent. There will be options ranging from studios to three-bedroom units available within the development.
The eight buildings will range from three stories to 21 stories and construction will be carried out across three phases.
Along with the residential and retail space will be 42,500 SF of new open space, including pedestrian plazas and landscaped areas and a new roadway network hoping to compliment the surrounding neighborhood.
Within the retail development there is expected to be a grocery store, a pharmacy, restaurants and cafes.
Contact our advisors for more information about Washington Village and other new developments around Boston!
With its abundance of Irish pubs dotting the sidewalks of almost every neighborhood in Boston, bagpipes and the annual St. Patrick’s Day parade in the South End, Boston embraces its Irish heritage every March 17th through the weekend.
Ink Block, South End’s newest and arguably swankiest modern luxury apartment complex at 300 Harrison Avenue, will be home to the newest cycle studio. Turnstyle Cycle is joining forces with Velo-City to become one boutique fitness company. The two studios made the announcement in a press release and on the Velo-City blog last week and tweeted about the new relationship. Ink Block welcomed them with open arms adding the cycling studio to its ShrINK classes and fitness amenities. Velo-City will take on Turnstyle’s name, bringing the instructor count to 30 instructors and sporting the most bikes of any boutique fitness company in the area at 130 stationary bikes spread across 3 studio locations.
March 30th from 7:30pm-10:30pm, Turnstyle in partnership with Pan Mass Challenge will co-host a launch party in the posh main lobby of “1 INK” at the Ink Block luxury developments. There will be an open bar and sneak peek tours of the new studio. Tickets are $15 and available for purchase. 50% of the proceeds will be donated to the Dana-Farber Cancer Institute’s Pan Mass Challenge.