With prices skyrocketing in the Seaport District and South Boston, home buyers are turning to Dorchester as an affordable option as it allows easy access to downtown and public transportation via the MBTA red line without the hefty price tag. Thanks to the size and diversity of Dorchester’s neighborhoods, one is not limited to condos. There are a plethora of options available including single family homes with more of a suburban feel and multi-family properties ripe for flippers and investors. For the purpose of this post, I focused exclusively on the condo market since it’s closely tied to the new developments in the works and on the horizon.
Dorchester Condo Market Snapshot
Average sale price and price per square have been steadily climbing since 2015 and continue to climb. A look at 2018 year-end shows a 49% increase in average sale price and a 40% jump in ppsf since 2015. These stats are all tell-tale signs of a hot neighborhood for real estate investment. The jury is still out on 2019 with slightly less increases, but still significant and affordable enough to signal a rising market. Year to date, the average sale price is $405,000 up 20% since 2015. Year to date, the average ppsf is $375 up 22% from 2015.
Other strong indicators of an up-and coming neighborhood are commercial and residential development. What’s on the horizon, for example?
Developments to Watch
South Bay Expansion
The project is immense in scope and includes:
- 475 studio, 1-BR, 2-BR, and 3-BR apartments, including 62 more affordable “workforce” housing units. Tenants will have access to amenities such as a roof deck, a pool, and a gym.
- A 130-room hotel
- 113,000 square feet of retail, including restaurants. Those eateries will include a Wahlburgers, which native Dot sons Mark, Donnie, and Paul Wahlberg own.
- A 12-screen AMC Theatre with Imax and AMC Prime Technology
- 1,094 new parking spots
- Community space for events such as farmers markets, craft shows, charity drives, and festivals
This mixed-use development will transform a collection of vacant parcels located at the juncture of Dorchester’s Savin Hill, Jones Hill, and Meeting House Hill neighborhoods. In total, approximately 488 residential units will be built at DotBlock, a mix of apartments and condos, across five mixed-use buildings. DotBlock will include approximately 23,000 square feet of retail with underground parking for 360 cars. Among DotBlock’s residential amenities will be a pool and fitness facility and around 15,000 sf of green space.
There have been rumblings of tentative plans for the stretch of land from the old Boston Globe building to Hub 25. Developer Center Court Partners is proposing a three-phase project that could take well into the next decade and perhaps beyond to complete. The project could include up to five new buildings, including housing units, retail, as well as parking spaces. Center Court also envisions a new road through the Hub 25 site, in part to create green space.
What does your dollar buy in Dorchester?
The median condo price for Q1 2019 came in at $449,000. Compare that to $668,000 in neighboring South Boston* and you can see why savvy buyers and investors alike are turning towards Dorchester.
Click the photo below to view a collection of available condos in Dorchester.
Interested in learning more about the Dorchester lifestyle or available properties? Contact me and let’s get the conversation started!
*Stats sourced from Compass