Midtown Real Estate
In the market to buy, rent or invest in Midtown real estate? Midtown Boston boasts booming real estate and rental markets, making it an ideal location for home buyers, property investors and renters alike. As with the rest of the city, however, properties come and go quickly. For up-to-the-second real estate listings for Midtown and other areas in Boston, sign up for free access to Boston City Properties' incredible online database. We're also available to assist you in lining up tours of properties, negotiating prices and much more.
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With plenty of activity in both the residential and commercial sectors, this area is poised for growth in the years ahead. A large workforce, educated population and stable economy in Boston is bringing residents to stay, and there are also many tourists who continue coming to the city to see top tourist attractions. This is beneficial for retailers and small businesses who depend on a steady stream of foot and vehicular traffic to flourish.
Homes in the Boston area have continued to rise in price, and they are available in several different varieties. Condominiums and apartment complexes are some options for residential customers in this part of the city, and they are appearing a mixture of newly constructed buildings and in existing buildings. The price points for new living units and those in recently updated buildings can be significantly higher than the prices in older buildings that need renovations and touch-ups. Whichever type people choose to go with, they can rest assured that they will be living in a part of the city that is close to area businesses, key attractions, and major transportation routes, including the Mass Pike. Public transportation is readily accessible in this part of the city, which is convenient for residents and commuters. Those considering a condominium or apartment will see several trends in prices in amenities. A single bedroom and bath condominium fetches a sale price of about $690,000. For that price, one can expect to get a space of about 600 SF. The sale price for a new or renovated two-bedroom, two-bathroom condominium is about $1.8 million. This is for a space that offers about 1,400 SF of space. In contrast, one can get a two-bedroom condominium with two bathrooms that has more room (1,200 SF of space) for a price of under $1 million in a less desirable area, or if the building is older and has fewer amenities. As with large condominium buildings and apartment buildings, price varies based on a number of factors, including the age and location of the building. For a newly constructed condominium with three bedrooms and three bathrooms that covers about 2,300 SF of space, the price can reach as high as over $3.5 million. In an older building, one can get a three-bedroom condominium with three bathrooms for a price of around $1.5 million.
Those looking for a simple and more basic place to rent or buy in this neighborhood might find something like a single bedroom and bathroom condominium for a price of around $529,000. The estimated mortgage payment on such a building is approximately $2,045 per month. The building is an older structure that is equipped with fewer luxury amenities. It is still attractive aesthetically, however, with exposed brick and large windows that let in a considerable amount of natural sunlight. High ceilings are another benefit of the building, which features a recently renovated kitchen that is complete with top-notch stainless steel appliances, wooden cabinets, and granite countertops. The bathroom has been recently renovated, and it is equipped with attractive marble countertops. An in-unit washer and drying machine are the other standout features of this unit. The space itself is situated in a prominent luxury building that has a 24-hour concierge service. It is also close to many major attractions in the city and multiple forms of public transportation. The building in which the unit is located has a number of creature comforts, including central air conditioning and heating. Prospective tenants should be aware that living here comes with a requisite homeowner’s association fee. In this case, the homeowner’s fee is about $460 per month, and it covers the cost of basic services that are required to maintain the upkeep of the building. The unit covers approximately 5,700 SF of space, and it is covered by carpet and hardwood flooring.
Another one-bedroom, one-bathroom condominium unit that one might look into renting or purchasing is the unit on Broad St. This modern condominium features a spacious design with a nice blend of modern conveniences and classic charm. The unit covers a total area of just over 600 SF. With an investment of $690,000, which is the asking price for a sale, one can expect to find a number of desirable features. Ideal for entertaining and hosting, one main benefit of the condominium is the fact that it has an open floorplan layout. This means that the dining room, kitchen, and living areas are seamlessly connected. The kitchen has been recently renovated, and it has been equipped with a number of top of the line features like a Subzero refrigerator, a professional-grade cooking stove and a conventional washing machine and dryer, which are located within the unit. Under-cabinet lights have also been installed, and the backsplash has been given an aesthetically appealing designer’s finish. Blackout shades have been added to the bedroom and living areas to control the amount of ambient lighting, and the bedroom has been finished with hardwood flooring and custom large closets. Heating and cooling are a part of the building in which the unit is located, and incoming tenants are expected to contribute a price of $521 per month for homeowner’s association fees, which take care of the building’s upkeep and maintenance needs. The location is a commuter’s dream with several MBTA lines and access to major transportation centers close by.
For those looking to buy or rent a place in this area, a two-bedroom and two-bathroom condo unit will typically offer a bit more room. For a modest older building with improvements, a two-bedroom and two-bathroom condo may cost around $999,000. This equates to a mortgage payment of just under $4,000 per month. For this amount, one can expect to get a nice combination of old and newer amenities. The unit is located on the 14th floor or the Harbor Towers building. It is characterized by gleaming hardwood floors and high ceilings, which heightens its sense of grandeur. There are a number of large windows in the unit, which are ideal for drawing in bountiful natural sunlight. Another major benefit of the space is the fact that it has a renovated kitchen that is equipped with top-notch stainless steel appliances and more than enough storage space. The master bedroom, also spacious, features enough room for a king space bed, a large walk-in closet, and impressive views of the city’s skyline. The second bedroom in the unit also has a sizable closet and beautiful views of the city. A balcony adds to the second bedroom’s enchantment and makes it a particularly welcoming place during warmer months, when one can sit outside with a cup of coffee or a drink and enjoy the sunshine. The unit is part of a prestigious building that offers a number of other desirable amenities, including an around-the-clock concierge service and gated security for the comfort of residents and their guests. The building also contains an indoor heated pool, and those with cats and dogs will be pleased to know that it is a pet-friendly facility. The building is conveniently situated within walking distance of the waterfront, the vibrant downtown center and several key places including the Rose Kennedy Greenway, which is a popular recreation trail, and the Seaport district. A number of good restaurants and retail establishments, including workout facilities and shopping stores, are located within walking distance to the building as well. Parking, an enviable and increasingly scarce amenity in Boston, is offered to tenants at a nearby detached garage. Those looking to move into the condo can expect to have a homeowner’s fee of about $809 per month in addition to the sale or rental cost.
Those looking for even more space might look into a three-bedroom condominium unit. An example of a top-notch unit available is a three-bedroom and four-bathroom space offered on Broad Street. Recently refinished, the space offers a beautiful, modern interior characterized by glowing hardwood floors and large floor-to-ceiling windows that let in plenty of light. The space covers a total area of about 2,320 SF. It includes a modern open floorplan, with a seamless transition between the kitchen, dining room, and living room that makes entertaining a breeze. The neutral color schemes of the unit, which are predominantly a neutral white, make the place ready for a personal finish. The space is located close to several major conveniences, including the Rose Kennedy Greenway, which is a major recreational trail for biking, running, and walking. Those living close enough to work can also bike or walk to work via the path, which saves a considerable amount of money each year on commuting expenses. The building is located close to several major transportation corridors, including the Mass Pike, and it is situated with prime access to local medical centers, tourist attractions, and multiple lines of the MBTA. In addition to the exterior conveniences, the space has recently been outfitted with a kitchen fortified with stainless steel appliances and enviable amenities like Wolf and Sub Zero fixtures. The space also comes with an expansive master bedroom that has an ensuite bath. There are fewer than 40 condo units total in the building, which means that there is plenty of individualized attention. Shared amenities among the building’s residents include a two-story atrium lobby, a clubroom that can be used for private events, a fitness center and onsite parking, which is a major amenity that can easily tack on hundreds, if not thousands, of dollars for Boston area residents and commuters each year. The realtors for this enviable space also note that it is located directly across from the Rowes Wharf, which is in itself a prime destination for locals and visitors. Rowes Wharf is also a center for a few transportation centers, including the water ferry and a commuter rail. The site is conveniently near good restaurants and bars, attractions, and key transportation centers including several lines of the MBTA. Those looking to potentially purchase the condominium unit should note that there will be a homeowner’s association fee attached that amounts to a price of $1,392 per month. However, this covers the cost of basic amenities and conveniences like snowplowing, trash removal, and recycling. The homeowner’s association fee also takes care of additional maintenance like painting and leaf raking in the fall.
The retail sector, as is evidenced by the descriptions above, is full of potential for a variety of tenants and incoming residents in this part of the city. What is important to note is that to date, retail rates have been comparatively lower in Boston and the surrounding area than they have in many other parts of the country, such as New York City and San Francisco, which are some of the most expensive places to rent and buy property in the country. However, Boston is quickly closing that gap, due to the amount of open space available and the steady economy that continues to drive sales, rentals and jobs in the area.
Like the retail sector, the commercial sector in this area has historically been quite productive and valuable, and it continues to be that way in the present market. In fact, the recent resurgence of commercial activity in the area has made Boston’s commercial sector worth watching, and investing in, for both prospective commercial enterprises and local investors. This is an interesting and encouraging time for both tenants and landlords, as all fingers point to a win-win potential for both. Rental prices for commercial, industrial, and retail properties have been historically rising, but recently leveling, for entities across all sectors of industry. Rental rates rose sharply between 2016 and 2017, but there seems to be some uncertainty about whether they will continue to rise in the coming years or level off. For now, the commercial market is quite promising, as there continues to be a high volume of vacancy rates available and a high volume of space that can either be rented or sold for a good deal. Space continues to remain available in all classes of buildings, ranging from Class A to Class B and Class C. Vacancy rates in this area, especially along major transportation corridors, have historically been high but they are continuing to fall, and fall quite rapidly, as incoming tenants are buying and leasing space to meet their needs. In 2017 alone, the gap between Class A buildings and Class B or Class C buildings narrowed significantly. Class A buildings are equipped with the latest amenities like sprinkler systems, concierge systems, security cameras, and gated security. Class A buildings have typically been built recently or outfitted with modern amenities and conveniences to make them qualify as luxury properties. The advantage of Class B buildings is that they generally contain quite a bit more space than Class A buildings and they are strategically located near prime transportation routes. The rental rate for all buildings rose by over seven percent between 2016 and 2017, but the growth in that sector capped at around three percent. The spread between Class A and Class B rental rates narrowed in 2017, with more Class B buildings being rented and sold than Class A buildings. It is unclear to commercial investors whether that trend will continue in 2018, or whether that gap will close as more Class A buildings are sold and rented than Class B buildings in the next year. An advantage of Class B buildings, as many tenants are finding, is that they offer many of the same basic conveniences that Class A buildings have, like space and location. Additionally, many Class B buildings are located near major transportation routes, which means that they are poised to ship their products to customers in the Boston area and beyond. Traffic and access to transportation, commercial realtors note, remains a key concern for tenants. Fortunately, this neighborhood alleviates that concern in many ways, ranging from innovative traffic management systems to improved investments in public transportation, a water ferry service, overhead gondolas, and easy access to the Boston Logan International Airport, which is one of the busiest transportation hubs on the East Coast. The increasing population of Boston, both in terms of daytime commuters and permanent residents, means that more attention will be allotted in the future to improving public transportation, access to that transportation and its affordability across all categories, including water, land and air traffic service. Value, commercial real estate agents note, has been good in the past. That trend is expected to continue in the near future, but agents caution, both to prospective tenants and investors, that the trend may dissipate soon as incoming businesses seek to fill available space in types of buildings, regardless of whether of whether they are Class A, Class B or Class C.
Commercial spaces cover a wide range of varieties, including manufacturing, high bay, industrial, and mixed-use. In the third quarter of 2017, there was about 70,192,000 SF of SF supply space available in Boston. Of that amount, approximately 6,200,000 SF was designated as direct SF available for use, and approximately 1.18 million SF was open for sublease. The vacancy rate around all areas of the city was about 10.5 percent. A mix of spaces is available on the commercial market, with office spaces being one of the main categories. Office and retail space in the downtown area is averaging $2.50 per SF each month. An example of an office space available is a single space that covers 0.06 acres in a 21,474 SF building. The building is six floors high, and it has a prime location with both a picturesque setting and access to several key forms of transportation. A tree-lined park and an outside patio are key features of the building, as is the fact that it is located near several major transportation centers and has been recently refurbished. The building is close to top restaurants, a busy expressway and retail centers, which adds to its appeal. Safety is paramount in the building, which has been recently upgraded to accept only a swipe-in card reader system. Combining old with new, the building, which was constructed in the early 1800s, was recently designated as a site of significance to the Custom House National Register Historic District. A beautiful brick and sandstone exterior completes the building’s façade.