South Boston is one of the most popular Boston neighborhoods for residents of all income levels. The real estate listings reflect a vibrant mix of single and multi-family structures, including brownstones, duplexes, condos and apartments big and small. There are also some unusual properties in the area, such as a bank that was converted into residential space. Many buildings feature private outdoor spaces and nearby green spaces, making this a highly walkable and enjoyable living destination.
If you don't already live in South Boston, you may find yourself looking for a new home once you find your first investment property in the area. Along with the availability of units with outdoor living spaces and nearby parks, many investment-worthy buildings are within walking distance of public transportation and within driving distance of downtown Boston and popular beach areas. These features of the neighborhood make South Boston attractive to buyers as well as renters, and there are many multi-unit buildings in all areas of the neighborhood.
There are other areas of Boston better known for their exclusive housing and luxurious condos and apartments, but you won't find many neighborhoods with the number of multi-unit properties as South Boston. This area is known for large residential buildings, brownstones, duplexes and other types of housing where residents are grouped together. This is good news for an investor interested in profiting from multiple renters in a single property.
South Boston is Budget FriendlyWhat makes South Boston such a popular area for home buyers as well as renters? It often comes down to economics. This is one of the most affordable neighborhoods within close proximity of the downtown area, so residents can enjoy a pleasant home life without straying too far from the city's business center or their budget. This provides a healthy pool of buyers and renters looking at the South Boston real estate market year after year.
This is also good for investors interested in spending as little as possible to secure investment properties in Boston. Not only will the diverse selection of housing types and rental price ranges attract more potential renters to your investment property, but you have a good chance of finding a property that you can afford when making your initial investment.
What's On the Horizon for South Boston?If you're still on the fence about investing in South Boston, keep in mind that it's likely to grow in coming years. One significant project currently in the planning stages may cover six city blocks around the intersection of Old Colony Avenue and Dorchester Street. The project will include approximately 700 apartment units surrounded by pleasant sidewalks, massive retail buildings and parkland. It's close to public transportation and will bring a lot of new residents into this area of the city if it comes to life.
It's becoming harder and harder to find condos in most areas of Boston, but Southie is one area where you can still find some at reasonable prices. In fact, plans are in the works for a new condo building near the intersection of Albany Street and Traveler Street. The building will have eight floors, including more than one maisonette which is a townhouse located inside a larger building with direct access to the street.
Many condos in Boston sell above asking price, so you may want to invest fast if you find one within your budget. Of course, you aren't limited to condos with single-family homes, brownstones, duplexes and apartment buildings hitting the market every month. One great thing about Southie is that investors at all levels can get into the action. There are opportunities for small investors interested in managing a single apartment building as well as those interested in making more substantial investments in luxury units or larger development projects.
