Shift of Affordable to High End Homes Throughout Boston NeighborhoodsMay 10, 2014
The special thing about Boston used to be the identity of its unique neighborhoods with their own distinctive characteristics. That is changing rapidly as Boston luxury real estate prices keep rising and affordable homes are being replaced by luxury residences to fulfill the insatiable demand for high end Boston luxury homes.
Changing Landscape of Boston Luxury Real Estate
The once affordable neighborhoods are now very high end communities and in high demand. As a result, buyers looking for affordable housing and are forced to move further out of metro Boston.
South Boston, for example, was an area known for a great value in home prices. It’s within walking distance to the financial district and offered lower scale, affordable Boston homes. Developers started moving into South Boston and the Seaport District adding amenities and luxury towers with all the bells and whistles. They also increased hotspot restaurants and, in general, created a buzz in the neighborhood making the area more desirable and “the place to be” these days.
Boston luxury real estate owners who would ONLY live in historic and high end Back Bay or Beacon Hill are now willing to move to South Boston or the Seaport District. These areas have now become the happening places.
This upward, high end housing trend is more and more evident in most of the older, once affordable neighborhoods. Once they get discovered, they’re no longer affordable. With increasing demand in city living and desire to have comfort and amenities, the growth of Boston luxury homes is inevitable.
The question is always, where is the NEXT “hidden gem” going to appear?