Posts Tagged ‘financial district’

Globe chart

Friday’s Boston Globe featured a revealing look at Boston’s apartment market, which has strikingly high vacancy rates.  In turn, rent prices, which had been steadily increasing, are on the decline for the first time in a decade.  Luxury communities and property managers are “chasing after prospective renters, showering them with deals.”

South of Boston, the discounts are even more pronounced.  Owners of high-end apartment communities and private properties, like the ones listed below, are offering two- and even three-months free on a standard lease.  Here’s what the updated prices look like…

The prestigious BroadLux condominiums – Faneuil Hall

Market rent: $3,400

Discounted rent: $2,800

4-floor, 3-bed townhome on the water– Port Norfolk

Market rent: $2,700

Discounted rent: $2,500

High-end penthouse (heat/hot water included) – Quincy

Market rent: $2,200

Discounted rent: $1,910

Luxury apartment with free shuttle to the T – Quincy

Market rent: $1,596

Discounted rent: $1,383

Top-of-the-line, 1-bed luxury townhome – Braintree

Market rent: $2,449

Discounted rent: $2,080

Spacious 1-bed on preserved land – Braintree

Market rent: $1,884

Discounted rent: $1,413

If you’re a renter and know where to look, you can take advantage of Boston’s historically generous discounts.

Call Patriot to learn more: (617) 436-6000
Patriot Real Estate Group homepage

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Twenty years ago, the Boston Redevelopment Authority knew that the city’s size and economy would be expanding rapidly by the turn of the century. In order to make room for new residents and businesses, the BRA and the City of Boston sought out a few high-potential locations that could be revamped into vibrant and desirable neighborhoods. First on their to-do list: Port Norfolk, Dorchester’s charming east peninsula.

Port Norfolk waterfrontSince then, “the Port” has become one of Boston’s most surprising real-estate gems. Commuters have fallen in love with its near-instant access to 93 and close proximity to the city. Separated from the noise and traffic of Neponset Circle and nestled next to Dorchester Bay, Port Norfolk offers tranquility that few (if any) other neighborhoods in the area can match. And as more waterfront attractions pop up, its residents can stroll along the bay and treat themselves to a downtown-quality meal and a unique view of both the city and the ocean.

The Port’s attractions

A new section of the Boston HarborWalk was built in Port Norfolk in 2006, right next to the award-winning Venezia Restaurant. Just last year, the one-of-a-kind Boston Winery went up. Tenean Beach was recently renovated by the state’s Back to the Beaches program and features freshly combed sand, a new playground, and both basketball and tennis courts.

A few steps away from Port Norfolk lies Pope John Paul II Park, a 65-acre piece of land that stretches along the Neponset River. A nearby Planet Fitness facility, which moved in a few years ago, prides itself on its friendly atmosphere and offers incredibly affordable membership fares.

Port Norfolk’s future

Still on the horizon is a project that – if approved – would create a 14-acre, neighborhood waterfront park.  The multi-million-dollar restoration would include a pine grove, a lookout, and a small boat dock.

As new attractions continue to move in, so do residential developers.  An increasing number of hopeful residents has stirred property owners to provide houses and apartments that match the area’s beauty and desirability.  If an interested renter knows where to look, he or she can take advantage of one of Boston’s lesser-known, real estate treasures.

Apartments in Port Norfolk
Patriot Real Estate Group

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Brand-new kitchen

With residential developments popping up all over the Quincy area, one thing is becoming clear: More and more people who work in Boston want to live nearby, but don’t want to pay Boston prices.

Quincy – with its high number of restaurants, shops, and bars – gives residents a taste of city living* for a fraction of the price.

Property developers realize how attractive this can be to a renter.  So, many of them are turning old properties into spacious, stylish new apartments – with hardwood floors, new counters, and new kitchen appliances – and asking for affordable rates.  The three-bedroom shown above is going for $1,700/month.  A similar place in South Boston (in terms of size and style) won’t start below $2,200.

*Walkscore.com rates any location based on its walkability (proximity to restaurants, stores, attractions, etc.).  Check out how Quincy Center ranks:
Faneuil Hall: 98 “Walker’s paradise”
Quincy Center: 92 “Walker’s paradise”
East Broadway, South Boston: 83 “Very walkable”

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