In my appraisal business, I recently did a couple of appraisals of condo conversions of former three family dwellings. They were on Webster Street and were some of the highest priced condo sales in Eastie. They offered water and skyline views. Old three family homes that developers had condo'd out and fixed up. They were tough appraisals to do because there weren't many good comparable sales in East Boston. After citing some sales from the neighborhood, I supported the appraisal with a couple Charlestown comps. You and I both know East Boston and Charlestown are different animals, but in order to convince the lender of the inherit value of these East Boston units, I showed her some similar sales with similar views in a distant (and admittedly more desirable) section of Boston.
The point of my story is that the deals closed, the lender accepted the appraisals and the sales went down as some of the highest for condos in East Boston. They are not new construction units (renovated units), but they have great views. In a so-called "down market" like the one we're in, when I see newly developed properties setting the bar for the neighborhood, I consider that a strong sign. I see Jefferies Point as an up-and-coming section of East Boston.
Where will it be it 5-7 years? If any of us knew that we'd be making a lot more money in our fortune telling businesses, but it does seem to have to makings of a good revitalization area!
I grew up in East Boston most of my life. The views of Boston from Jeffries Point and Maverick Square are picturesque. There is a bike path and park on Bremen Street. The Maverick T sattion was rebuilt and new establishments and businesses were created. Resident permit parking is permitted were posted. Few areas of Jeffries point have driveways. if you are not working with a Real Estate agent, please feel free to contact me, I would be happy to assist you.
Claudia Forgione, Realtor
Century 21 Northshore
A huge positive I took away from my time there today was that all women I spoke to (of different ethnicities and ages) felt safe walking around the immediate neighborhood, as well as to and from the Maverick T station. This was extremely reassuring.
It's basically the most affordable, closest spot to downtown still left.
I work mainly in the North Shore area of Boston, so I would defer any real estate trend predictions to someone working the market. Here is the BRA's recent draft of the East Boston Waterfront District Municiple Harbor Plan http://www.cityofboston.gov/bra/pdf/PlanningPublications/DRA I hope it can answer some of your questions