Luis, Home Buyer in Brookline, MA

In what direction do you see the East Boston Jefferies Point and Maverick Areas heading in the next 5-7

Asked by Luis, Brookline, MA Sun Mar 16, 2008

We are looking to buy a place near the city and we have looked at Southie, Charlestown and Cambridge. These areas are well established and for our budget of $400K it is impossible to get space plus a parking spot. We expanded our search and came about East Boston. I'm Puerto Rican so I don't want anyone bringing up the "ethnicity" of the neighborhood. I'm well aware of it. I'm more concerned about the future developments of the several piers and where home values may be in the next 5-7 years.

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Luis,
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!
0 votes Thank Flag Link Sun Mar 16, 2008
Luis,

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.

Best regards!

Claudia Forgione, Realtor
Century 21 Northshore
cforgione@c21norrhshore.com
617-312-2517
0 votes Thank Flag Link Wed Feb 27, 2013
I grew up in East Boston and I work in East Boston and Chelsea and East Boston has so far to rise compared with the South Boston and Charlestown Real Estate Markets. One great thing about East Boston is the comminity public schools and the 2 charter schools that are here now plus the Montessori, which is one of the highest rated pre-schools in the state. There has been so much green space added with the new park systems over the past 5 years, constitution beach has been redone, there is a new public library being built right now and all of the train station have or are currently being renovated. Plus the MBTA blue line is going to be connected to MGH and the red line within the next 5 years. The real estate values are still relatively low compared to the rest of the city, however I would not expect that they stay that way forevor. Whne the Casinos come i expect even more an uptick to real estate values as residents will have options for upscale dining and entertainment in the area and not have to travel into the city to go to fine dinng destinations. People may disagree, however the options for fine dining in the East Boston, Chelsea and Revere areas are slim to none. Restaurant companies overlook these areas and I think it is time for them to not. Revere beach has only 5 eating establishements and the views are specatacular. Anyways, that is my take on the local Real Estate markets.
0 votes Thank Flag Link Mon Jul 16, 2012
Hi Luis, I see this question was asked about 3 years ago. I'm wondering if you've now moved into East Boston and what your experience with living there has been so far. My husband and I have a 4 year old son and 2 year old daughter. Any advice or insight you can offer would be extremely helpful as we are looking to move from the west coast to East Boston. Thank you!
0 votes Thank Flag Link Sun Jul 3, 2011
Luis,
That was the best thing you could do....hear it from the people who live there! Glad to hear it was such a positive experience. Good luck with everything!
-Mike
Web Reference: http://AppraiserRealtor.com
0 votes Thank Flag Link Sun Mar 16, 2008
Thanks to everyone for replying to my question so far. I went down to East Boston and spent about 2 hours talking to people in the neighborhood about the area. It was an extremely positive experience for me. Everyone I met was extremely pleasant to speak with and they provided me with helpful and straightforward answers to all of my question. They all admit that Eastie has had its ups and downs but the reality is that it's on its way up and they are all excited about it!.

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.
0 votes Thank Flag Link Sun Mar 16, 2008
I truly believe it's going to have a big turnaround...whether or not it happens in the next 5-7 years is hard to say. FWIW, I've hear from several sources that people have been saying this for years already. There have been a ton of recent developments (East Boston Greenway, Pier's Park, Harbor Walk), and one HUGE residential project that is on hold.

It's basically the most affordable, closest spot to downtown still left.
0 votes Thank Flag Link Sun Mar 16, 2008
Hi Luis,
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
0 votes Thank Flag Link Sun Mar 16, 2008
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