Spotlight On Boston Real Estate After Red Sox Win
by Blanche Evans
Boston is steeped in history from its Tea Party days, but suddenly it is drowning in champagne thanks to the World Series win by the Red Sox. "Boston is where 17th century history meets 21st century urban metropolis; old time charm flows easily here with contemporary style and sophistication," says Realtor Kathleen Chiras. "Boston is known as "America's College Town", boasting universities the caliber of Harvard and Cambridge. Commonly seen on the Charles River are sailboats and rowing crews, and Boston also has quaint cobblestone streets that lead to Quincy Market and Haymarket Square. The home of the Boston Red Sox and the Boston Pops, Boston also has an endless stream of museums, theaters and galleries. There is plenty to do and see!" Chiras advises, "Home values continue to increase in the greater Boston area. The areas of South Boston, Chinatown, Back Bay, Beacon Hill, North End, South End, have some very nice neighborhoods and housing is mostly apartments, town homes and condos in the price range of $200K for a condo to over $2 million. for homes. More Boston neighborhoods include W. Roxbury, Jamaica Plain, & Roslindale which is more residential and homes start at $300,000.00 and to up to over $1 million. A little further out you have towns such as Cambridge, Malden, Chelsea, Everett, Somerville, Brookline, Milton, Newton, Arlington--and these cities are contiguous to the city of Boston. In Cambridge, Somerville, & Arlington, it's tough to find even a studio condo in Cambridge for under 200K. Once out of the Academic area, you will find homes in the Harvard Square area in the range of $300K to 700K. Metro Boston consists of the area that is circled by Federal Route 95, also known as State Route 128. Winthrop, Revere, Nahant and Chelsea are coastal towns and of course have higher prices due to their proximity to the ocean. You have areas north of Somerville, including Winchester that has homes starting at $350K up to over $1 million. Malden, Waltham, and Medford tend to attract more blue collar workers and has a good supply of 2-family homes in the $300-600K range. Waltham has homes in starting at $250K. Lexington and Newton are another expensive towns, with homes starting at $400K. "If you are willing to be out 25 miles from the city, you can get much more for your money," she suggests. "It is possible to get a 2000 square foot home for $350K. If you are willing to be 70 miles from the city, you will have a 1.5 hour commute into town." Says Realtor Louis Maloof, "Boston, the capital of Massachusetts and located on the Atlantic coast, is a city of many contrasts from red brick sidewalks and brownstone townhomes to newer construction with state-of-the art amenities. A bright and vibrant city where politics are a hobby but sports are taken seriously, Boston has a rich history and is in the midst of creating an exciting future." Maloof says, "In Suffolk County, which includes all of Boston, the average residential selling price from January to August of 2004 is $352,000 which is up 9.2 percent over the same period last year. Sales volume over this period is 714 units which is up 35.1 percent over the same period in 2003." "As we all keep hearing, today's real estate market is driven by purchases," says mortgage professional Roman Shulman. "With rates about 0.75 percent higher than the lowest point, everyone who wanted to refinance has already done so. However, with everyone expecting the rates to move up some more, and real estate prices still growing, forward-looking people are buying up homes as well as investment properties. The reasons for continuing real estate price appreciation in and around Boston are improving economy and some level of migration of people and businesses from states like California, where prices have reached unreasonable levels. The two factors combined create more demand, pushing home prices higher. It may be a pretty good time to finally consider making the move. Don't forget to get a preapproval letter from your mortgage company, as the seller would want to see a proof that you are a qualified buyer." |
