East Boston…Up and Coming?

There has been an ongoing debate over the past 25 years as to whether East Boston is “up and coming,” or not. While waterfront development has been slow, and Pottery Barn and Starbucks have yet to arrive, it is important to note that in the last 25 years East Boston has had a strong real estate market fueled primarily by our safe streets, five T stations that provide easy access to mainland Boston, and the continued development of green open space such as Piers Park, the Greenway, and Bremen Street Park.

In 1985, the average triple-decker sold for about $75,000. Today, a standard 4-5-5 three-family sells between $300,000 and $350,000. Unlike 25 years ago, most properties are purchased by owner occupants. In the late 1980s, about 1,000 East Boston condos were developed and almost all of them were sold to speculators. Today, about 98% of all well developed, well constructed condominiums sell to owner occupants, most of whom are young professionals—an almost nonexistent market 25 years ago. Today, older, rundown two, three and four family homes as well as commercial buildings such as the former GE building on Porter Street are successfully converted into high quality housing. While businesses were boarded up and vacant in the 1980s, there are almost no vacant storefronts in East Boston today. Similarly, the vacancy rate for apartments is almost zero. Hopefully in the next few years renovations and new construction will continue to meet the needs of business owners, apartment renters and homebuyers who have been steadily seeking and willing to pay for high quality housing and business space in East Boston.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments

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