So you have 500k to spend on a new place, excited yet? Now you have to figure out where you want to live. Everyone knows that their money will go farther from the city than from the center. So if you’re looking for a large unit or home, living in downtown Boston may not be the best place for you. Consider areas like Jamaica Plain, Malden, Revere, Cambridge, and Sommerville. However, if you want to be in the most exciting parts of Boston, read on.
So now you’re considering downtown condos. Areas like the Back Bay, South End, and Beacon Hill are high on his list. Now you must consider Brownstone or a larger building. They both have their ups and downs. Always keep in mind before you buy how much the condo fee is. I have seen brownstones with huge condo fees and some buildings with low fees. You should always add that to your cost.
The great thing about owning real estate in Boston is that, for the most part, you’re making a safe investment if you buy downtown. If you find a good unit, you can be sitting on a gold mine. Why? Think of the tenants.
If you buy a place in the city center, you have at your disposal one of the strongest rental markets in the world. There are always investors looking to buy and tenants looking to rent. This drives demand toward the center and keeps prices high.
So where are the best areas to shop? Anywhere in the Back Bay is a safe bet. In particular, Marlborough and Commonwealth seem to be the most desirable streets and any side streets in between. In those areas, you can find brownstones and many mid-rise buildings to suit your needs.
South End is another area as well. Every year it becomes more and more popular. You can still get really lucky and find a relatively cheap gem from time to time. But keep in mind that these units never last long on the market. Some sell out in as little as a day! The most popular area to live in SE is around Tremont St.
If you’re looking for something a little more modern, check out the Leather District, where you can find some of the most amazing lofts available. Or check out some of the newer buildings in the seaport.
There is a lot to know about the Boston condo market, but definitely use a professional who knows the area well. If you buy a place in a hot area, you will be very happy.