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Fenway Area Sees Considerable Price Increase
July 21st, 2014
In the recent quarter that ended on June 30, year-over-year condominium prices in the Fenway area increased by almost 43%. This significant jump can be attributed to a housing market that is gaining momentum, in addition to the recent new developments in the area near Symphony Hall. Specifically, a new luxury condominium complex, Symphony Court, helped fuel this increase. Located at 43 Westland Avenue, the 48 unit Symphony Court has seen approximately 90% of its units either sold or rented in the second quarter. Prices of these varying condos have ranged from $450,000 to $1.2 million. Compare those prices with the median prices in the Fenway area: $531,500. The median price has increased from $374,000 a year earlier. According to the Listing Information Network, or LINK, this data was collected from the 104 sales in the second quarter of 2014. Century 21 Cityside agent Collin Bray is not surprised by the sudden increase in Fenway prices, and even believes the area is still undervalued. Collin was recently featured in an article regarding Fenway price increases by the Boston Business Journal.
Collin is currently listing 16 Miner Street in the Fenway area, a 1,084 square foot, two bed, one bath condominium unit with a listing price of $774,900. “Fenway is the hottest neighborhood in Boston outside of the Seaport District and South Boston,” states Bray. ““If you walk down Boylston Street, there are three major luxury apartment projects with commercial space on the ground level under construction. The buyers see the Fenway as the next ‘it’ neighborhood and it’s booming.” According to Collin, new buyers in the neighborhood are a mix of those who have been priced out of the Back Bay and South End neighborhoods and investors who are looking to rent their properties to the plethora of Boston’s college students.
This historically affordable neighborhood may not be so affordable in the future, so take advantage of the opportunity to live in “Boston’s hottest neighborhood” by contacting a Century 21 Cityside agent.