Is the Seaport becoming Boston's hottest new neighborhood?
With a close proximity to a burgeoning culture and food scene and ocean views, the Seaport's glossy high-rises are more attractive than ever.
If living in a neighborhood that resembles The Capitol in Hunger Games is your thing, you’re in luck: Boston’s Seaport is a spotless, futuristic area where you’d expect the Jetsons to put down roots. What used to be a vast wasteland of parking lots is now a spotless vision of luxury condos and office buildings. With the Boston Convention and Expo Center holding main court and looming above, the Seaport is one of the most coveted (and expensive) neighborhoods in the city.
“The Seaport skyline changes almost on a monthly basis,” says Stacey Alcorn, owner of LAER Realty Partners. “There are new luxury buildings popping up all over the Seaport.”
It’s quite the contrast, says Alcorn, from five years ago when the Seaport wasn’t even on the top 10 list of areas to live in within the city. But now, millennials with money to burn are flocking to the area — and are ponying up the cash to live in luxurious rental units. Rents range from $2,600 to $3,200 a month for one-bedroom units, with two-bedroom units starting in the $3,800 range, says Alcorn. If you’re looking to actually buy a property, get ready to spend around $1 million for a one bedroom.
Residents praise the Seaport’s access to Interstate 93 and the Mass. Pike for those who work in the suburbs, as well as restaurants and downtown Boston.
“The Seaport, unlike a couple years ago, now has that ‘neighborhood feel,’ and people want to walk outside their door and have dining options, green space and know they can get to any other Boston neighborhood in a matter of minutes,” says Patrick Flynn, CEO and founder of Northeast Suites, which helps companies find housing for temporary employees and those who have relocated to Boston from out of state.
Ten years ago, filling luxury residences in the Seaport was much more complicated than it is now, with the influx of companies like General Electric, Vertex and the incoming addition of Reebok. Now, Flynn is renting all-inclusive units to temporary residents and transplants for around $6,500 per month for a one bedroom, with two beds coming it at around $8,000 a month.
“When Park Lane Seaport opened, it was a ghost town. I remember when we were trying to help fill that building up with 100 Cirque Du Soleil actors because they were hurting for occupancy so bad, and they could actually accommodate a group that size. Rents lingered around the low $2,000s unfurnished,” says Flynn. “Now rents are double that and occupancy is in the mid-90 percents.”
And while the sky-high prices in the Seaport are certainly rising, in comparison to other high end neighborhoods in the city, they’re still considered somewhat decent.
“Rents are rising in the Seaport just like every other part of the city,” says Alcorn. “But prices are still reasonable relative to the other parts of the city like Back Bay and South End.”