When you’re thinking about premium locations for your next secure property investment, Boston, MA might not necessarily be the first place that springs to mind. The historic eastern city has always enjoyed a prestigious reputation thanks to its Ivy League university, Harvard, and its important role in shaping the early American nation, but today, it’s becoming even more sought-after as a second-home destination. The city’s real estate market has enjoyed a remarkable upswing in recent months, with property in and around the urban centre becoming a highly desirable asset.
While some American housing markets were badly affected by America’s 2008 financial issues, Boston’s market only briefly deflated before quickly getting back on its feet. The impressive numbers of both international buyers and residential homeowners moving up the property ladder confirms that the market is well on the way to surpassing its pre-2008 heyday in the coming years. As a result, demand for properties in Boston is far outweighing the supply and prices are rapidly rising, all of which means that now is a fantastic time to think about making an investment.
In East Boston, prices are up by 18% while in the Ashmont and Lower Mills neighbourhoods, values have increased by more than 17%. In some cases, homes are now selling for more than 20% of their original asking price and there is fierce competition in many neighbourhoods to secure a property. Certain homes have committed potential buyers within days or even hours of being listed and the market is definitely currently in favour of cash buyers, with as many as 25% of family homes selling without mortgages in April.
Boston’s position on the eastern coast of America has always made it popular with expatriates from around the world, and this trend shows no signs of slowing down, with many potential buyers coming from overseas. Dawn Beckman, the Engel & Völkers Boston Managing Director, notes that “Boston has always been a city strong with international home buyers,” and Chinese and Russian nationals in particular are now increasingly well-represented in the local real estate market.
The properties most in demand tend to be either modern, luxurious condos, or traditional, peaceful brownstones. The latter is most popular with families and professionals valuing space and privacy, while condos are prized for their convenience, modernity and amenities such as on-site spas, gyms and parking. Areas with excellent public transport links and easy access to colleges are also proving popular with international buyers, many of whom are purchasing properties for children attending a prestigious city university.
The good news for any Bostonians who have as yet remained on the fence about selling is that the city’s property market is expected to prosper even more in the coming months. With demand far outweighing the supply of properties at the moment, it’s certainly a competitive market, but as always, the right real estate agency and agent can make all the difference for those hoping to invest.
If you want Engel & Völkers’ help in securing a property that not only meets all your present requirements, but will also be an asset for years to come, just visit our website, or like us on Facebook. Our expert agents have unparalleled local knowledge to help ensure you close a successful sale on the property you choose.