2014 Boston Real Estate Forecast: Hot ‘hoods
With the temperature of last year’s hot real estate market expected to continue to rise, high demand sheds a spotlight on upcoming, more affordable neighborhoods. These are often adjacent to typically desirable destinations and with equal access to lifestyle amenities such as restaurants and shopping. Fortunately, hot doesn’t always mean high prices, but, rather, a better investment.
“There is no question that the definition of the South End is expanding when local real estate agents are advertising Roxbury condos over the Mass. Ave. line as South End living,” says real estate agent Linda O’Koniewski of ReMax/Leading Edge. “Younger singles and couples who can’t afford the South End, but who want to be near the desirable shopping, restaurants and coffee houses, are extending their search into Roxbury. They report to their friends that they are in living the South End, though. After all, that’s what the listing ticket said,” she jokes.
Speaking of the South End, the Innovation District is another hot neighborhood as Fort Point fever continues to run high. “This is the new South End, where the young creative class hangs out at cool bars and restaurants, contemporary art museums, craft breweries and specialty shops,” says O’Koniewski. “The ‘Innovation units’ are in the hottest new rental buildings in town. Watch for more retail and residential developments, including Seaport Square and the condominium phases of Fan Pier. The growth in this neighborhood is ‘wow’ for the next five years.”
O’Koniewski also touts Chelsea as a soon-to-pop neighborhood. “Chelsea has amazing waterfront appeal. We’ve all heard for years that Chelsea has been an up-and-coming community, but this resurgent real estate market will see that anyone who invested there during the downturn made a good buying decision.”
When it comes to the single-family homes, O’Koniewski says Melrose is hot. This traditional, family-oriented town offers beautiful Victorian neighborhoods.
“With three commuter stations, Melrose is 13-15 minutes from North Station,” she adds. “This Mayberry-like community, with its vibrant downtown, is a smart choice if your budget is for a house between $350 and $500 thousand. Melrose is surrounded by a green belt for exercise enthusiast ]s and, with sidewalks on most streets, it’s welcoming to strollers and dog walkers. Charm and a good community vibe, and lovely tree-lined streets, make Melrose worth checking out for savvy homebuyers.”