Investing In The South Boston Waterfront
Many of the locals in this area still refer to the Seaport District as the South Boston Waterfront. Whichever name you chose to use to refer to this area, it is evident that investing into this area is well worth the effort.
Luxury apartments and condos are now available in the Seaport District. However, these units move quickly when they become available. On average, an apartment or condo that is placed up for sale only averages 58 days on the market. This is one-third the amount of time that other homes for sale in Boston, or nearby Cambridge, average on the market. On a national scale, this is incredibly fast.
Properties for sale in this area are also shown to sell at asking price or higher. This has been a constant within this market, even during the housing crisis. Because availability can be limited in this area, demand is always high. High demand always leads to better prices for sellers.
The South Boston Waterfront Is Designated "The Hottest and Fastest Growing Real Estate Market In U.S."
Why is the demand so high for real estate in this area? Demand is high because there is so much commerce in this area. At this time, there are nine major area attractions, four world-class hotels, and almost 60 different restaurants to enjoy. There are countless shops ranging from ultra-high dollar boutiques to everyday casual stores.
The South Boston Waterfront is home to the John Joseph Moakley U.S. Courthouse, a masterpiece in architecture. This beautiful high rise even has an 88 foot high glass window that overlooks the harbor. At first, this masterpiece stood alone in this area. Now, it is surrounded by commerce.
The Institute of Contemporary Arts has located to this area. Overlooking the waterfront, the art museum is now housed in a beautiful building that draws nearly 200,000 visitors a year. This is almost five times the amount of visitors that the museum experienced in its former location. As a cultural hub for the waterfront, this museum has also enticed other museums to enter the area. Programs that the Institute sponsors also bring many people into this revitalized area, drawing more attention to these hot properties.
The new Boston Convention and Exhibition Center was built in this area and opened in 2004. Since this magnificent modern marvel was constructed, it has made Boston one of the top ten convention spots in the country. The economic impact that these conventions have on the South Boston Waterfront equals over a half billion dollars a year.
Major corporations are also locating to this area. Office buildings are being constructed quickly, and office space fills almost instantly. One pharmaceutical company is current construing 2-18 story towers with over one million square feet of space just to relocate their headquarters to this area. Other top financial and pharmaceutical firms already call this area home. These businesses represent high-tech and high-paying jobs or the people in this area.
The new I-93 and I-90 interchange has also helped this area grow. Now pope from Boston or other areas can effortlessly access this area whenever they desire. Additionally, the Silver Line has a large transportation hub here, making reaching the airport or other areas of the city quite easy. Both of these new transportation systems has allowed the South Boston Waterfront to finally "connect" to the main part of Boston, something that was not accessible in the past.
Construction is continuing even now. Developers are taking advantage of this hot real estate area and many new developments are under creation. One of the many developments that is in the beginning stages of construction will contain luxury condos, a park, several retail areas, office space, a hotel, and a marina. Additional mixed use plans are also being considered in the area.
Another large draw to this area is the three major hotels that have recently been constructed. These world-class structures are much-needed. Boston has always been short on hotel room availability, and these new hotels have drawn many people into the Boston area that may not otherwise have come. Easy access to the airport via the Silver Line has also increased the desirability of these three hotels.
With so much commerce in this area, it became apparent that it would be necessary to create housing for all of the employees. In the beginning of the revitalization effort, you saw thousands of people leave the area each day to return to Boston to live. Soon, housing began to be constructed in this area and the employees began to fill the area. This has increased the desirability of the area because the residents are now here full time, creating a community and boosting the economy.
Most market analysts believe that this area will continue to see higher-than-normal demand for housing and office space for the foreseeable future. With so much happening in the South Boston Waterfront area, and with so many new projects currently underway, this area will continue to lead the country in real estate demand.