Allston is synonymous with students here in Boston. It even has its own holiday with Allston Christmas in September when they all move back in. There are the obvious cons associated with living in a student-dense area, but there are plenty of pros such as a plethora of hip coffee shops and restaurants to enjoy. Allston has some major mix-used developments on the horizon which is one of the reasons it has landed on my up and coming neighborhood list. Let’s dive in!
Allston Condo Market Snapshot
Similar to the rest of the city, the average price steadily rose over the past few years. In 2016, the average sale price was $446,198 and peaked in 2018 at $559,840, a 25% increase in two years. The average price per square foot (ppsf) was $497 in 2016 and peaked in 2018 at $632, a 27% increase. The 2018 increases were driven by sales at Penniman on the Park, a 36-unit lux condo building steps to Allston’s Union Square and the new Boston Landing development. Average sale price (of 29 units) was $746,341 and average price per square foot (ppsf) was $781. Although prices dropped significantly in 2019 without the Penniman on the Park sales, the average sale price ($472,874) and average price per square foot ($540) were still up, 6% and 8.6% respectively, versus 2016. Lower prices and a fair amount of mix-used developments approved or under construction make this a ripe market for investment or an alternative to pricier neighborhoods such as neighboring Brookline or Fenway.
*Sourced by LINK
*Sourced by LINK
Developments to Watch
44 North Beacon St.
According to Curbed Boston, plans call for 16 condos and 38 apartments running from studios to three-bedrooms. The U-shaped building would rise from three to seven stories. But what’s really striking about the pending plans is that rooftop farm. It would support a “hyper-local community-supported agricultural program,” per the Herald’s Donna Goodison. That usually means that those with shares in the program can reap the fruits of the rooftop farm.
The Allston Yards redevelopment will create a new neighborhood at the nexus of Allston, Brighton, and the new Boston Landing district. The four-building Allston Yards project is due to include up to 868 condos and apartments. The development will also bring 1 acre of privately owned public parkland as well as 117,000 square feet of retail and restaurant space (including a new Stop & Shop), 350,000 square feet of office space, and 10,000 square feet of community art space. It’s estimated the project will take almost a decade to complete, but it will undoubtedly transform Allston and potentially drive up home prices in the area. Savvy home buyers and investing will buy in now rather than later.
The Boston Planning and Development Agency approved this six-building, mixed-use project in November. It’s due to include 100 rental units and 244 ownership spreads, 158 parking spaces, and 12,860 square feet of retail. Those spreads will include 12 income-restricted ones aimed at artists seeking live-work space. All totaled, 45 of Allston Square’s units will be income-restricted. Allston Square is also due to host a lot of public artwork, including murals and sculptures as well as exhibition space amid 91,000 square feet of open space. That open space is meant to connect the six buildings too.
What Does Your Dollar Buy in Allston?
According to 2019 Q4 data from LINK, the median price for a condo is $375,000. Compare this to the $810,00 median price for a condo in neighboring Brookline and you can see why savvy home buyers and investors are taking a second look at Allston.
Looking to learn more about the Allston lifestyle or view properties? Let’s talk!