dorchester - In Realty

THE 7 BIG WAYS
DORCHESTER
CHANGED FOREVER
IN 2014
and four predictions for 2015!
Savin Hill explodes
with development
Major commercial development in Dorchester has historically come in dribs and drabs. But in 2014, it came to Savin Hill like a tsunami, with six major development plans and proposals in less than one square mile. 6
This fall, the sprawling Spire printing facility hit the market. Two weeks later, a developer announced plans for 92 housing units at Pleasant and Hancock Streets. As investors and the development community took notice, other major tracts quickly changed hands or were put up for sale as redevelopments. Meanwhile, the long‐stalled developments at Savin Bar & Kitchen and 24 Grampian Way were approved for construction. 4
T
1
5
3
2
1) Hancock/Pleasant
2) Russell Engineering
3) Spire Publishing
4) Savin Residences
5) 24 Grampian Way
6) Boston Globe site In Realty | 5 Savin Hill Ave., Dorchester, MA 02125 | InRealtyInc.com | 617-265-3500
The year we all could
finally hail a taxi ride
in Dot at 2am!
Dorchester is a sprawling collection of neighborhoods, some easily accessible and others not so much. We all have neighbors with stories about taxi drivers refusing service to or from Dorchester – but that common frustration came to a widespread end in 2014 when the ride‐sharing revolution brought ‘taxi’ service to Dorchester in a way that was previously unthinkable. The growth of apps such as Uber and Lyft in 2014 made Dorchester smaller and more connected to the rest of Boston, erasing one of the key headaches to living here.
These apps leveled the playing field, making it just as easy to grab a ride from dbar at 2am as it is to hail a cab outside L'Espalier at 2am. Uber in action: at 8pm on a Sunday, it was just as easy to find a car in Dorchester as it was to find one in Government Center. In Realty | 5 Savin Hill Ave., Dorchester, MA 02125 | InRealtyInc.com | 617-265-3500
It was no longer rare
to find a condo for
over $500,000
As of January 1st, 2014, only 24 total condos in Dorchester had ever sold for over a half million dollars. # of Sold Dorchester Condos Over $500k
In 2014 alone, 22 condos sold for half a million dollars or more. That’s right, nearly as many $500,000+ condos sold in 2014 as in every other year combined.
Dorchester is a collection of different neighborhoods with different housing stocks, but 2014 was the year that the highest‐end market absolutely exploded in value. In Realty | 5 Savin Hill Ave., Dorchester, MA 02125 | InRealtyInc.com | 617-265-3500
The return of the
$700,000 triple decker
Triple deckers are one of Dorchester’s most iconic and important source of homes. They are a key indicator of underlying trends in the market – from rentals to high‐end condo sales. # of Sold Dorchester 3 Families over $700k
There hasn’t been a Dorchester triple decker to sell for more than $700,000 since 2006. But in 2014, we saw four triple‐deckers exceed that mark. 2014 featured a return to buyer bidding wars, as out‐of‐market investors turned their eyes (and checkbooks) towards Dorchester. In Realty | 5 Savin Hill Ave., Dorchester, MA 02125 | InRealtyInc.com | 617-265-3500
Fairmount Line opens
weekend services
But don’t call it the T.
It’s no accident that Dorchester’s eastern neighborhoods along the T’s Red Line are where most recent development has occurred, while Dorchester’s western neighborhoods lacking T service have lagged.
But, in 2014 when two major improvements came to the Fairmont don’t‐call‐it‐a‐T‐line “commuter rail” line: 1) The line opened its doors to weekend travel.
2) The pilot program to charge lower “T” fares was made permanent.
Now operating as more of a ‘city T line’ than a ‘suburban commuter train’, the Fairmont Line will bring newfound access – and opportunity – to Dorchester’s western neighborhoods. While real estate values along the Red Line corridor have boomed, western neighborhoods in Dorchester have lacked adequate public transportation –
until now. In Realty | 5 Savin Hill Ave., Dorchester, MA 02125 | InRealtyInc.com | 617-265-3500
Boston political power
centers on Dorchester
For the first time since 1950, a Dorchester native was sworn in as Boston’s Mayor. But it’s more than just being from Dorchester that matters, it’s being for Dorchester. Marty Walsh has worked for nearly 20 years as one of Dorchester’s state reps, fighting for improvements throughout his Dorchester district. Taking the oath of office at City Hall in 2014 marked an important moment – Dorchester would have the most powerful voice in City Hall. But it doesn’t end there ‐ Mayor Walsh has brought a powerful team of Dorchester movers and shakers into his cabinet, including his Chiefs of Economic Development, Civic Engagement and Neighborhood Services. Mayor
Walsh’s
Cabinet
Marty Walsh currently has 16 cabinet members,
7 of whom have direct ties to Dorchester –
indicated in orange.
In Realty | 5 Savin Hill Ave., Dorchester, MA 02125 | InRealtyInc.com | 617-265-3500
Southie became an
exclusively luxury
neighborhood.
The most important way that Dorchester changed forever in 2014 didn’t even happen in Dorchester. It happened next door, in South Boston. $500,000 2014 made it official: Southie is now a luxury neighborhood. This was the year that the average condo price topped $500,000 for the first time ever. Southie’s march to luxury has been well‐documented, but buyers could always find good values near its industrial edges. But not in 2014. This was the year that there were no more bargains to be found. This caused a massive domino effect throughout 2014 as value‐seeking buyers and renters followed the Red Line out of Southie and into Dorchester. 2009
2010
2011
2012
2013
South Boston condo prices have
climbed 47% over their 2009 levels In Realty | 5 Savin Hill Ave., Dorchester, MA 02125 | InRealtyInc.com | 617-265-3500
2014
2014: a ‘restoration’
2015: four predictions
What a year for Dorchester. Development is booming. New restaurants and shops are cropping up at every corner. New neighbors flooded our offices while infrastructure improvements knitted our neighborhoods closer together. Justin Green
[email protected]
Justin Green is President of In Realty, Dorchester’s largest independent real estate brand according to MLS sales data from 2011‐2014.
A long‐time Dorchester resident, Justin was Dorchester’s #1 in sales from 2000‐
2010, until handing off his crown over to his colleague, Chris Poulos, In Realty’s Director of Sales. It seemed like 2014 was a year that Dorchester changed forever. For good or for bad? My neighbor has lived in Dorchester for over 80 years and she had an interesting perspective, “it’s not new, it’s a return to the old times.” She called the dramatic changes a “restoration” of what she’s always loved about her neighborhood ‐ going back to when she first moved in! So maybe Dorchester isn’t changing into something new, maybe it’s just becoming better at what it always has been: a diverse collection of great neighborhoods for great people from all walks of life. After an exciting 2014, what’s in store for 2015? Here’s four predictions:
Chris Poulos
[email protected]
Chris Poulos is Director of Sales at In Realty and is Dorchester’s first agent to sell over $100,000,000 worth of Dorchester real estate according to MLS sales data. Chris is also a long‐
time Dorchester resident, living at the foot of Jones Hill, near Upham’s Corner and Savin Hill. 1) Prices will go up. We expect a 6‐
12% increase along our Red‐Line‐
serviced neighborhoods and a 3‐5% increase in western areas. 2) An early Spring. Dorchester’s spring market will get an early start based on the low supply of homes for sale and the historic highs that ended 2014 on Wall Street, fueling buyers to get in early. 3) Expect more college renters. And not just from UMass. We’re seeing rental demand spike from students at four schools located on the Red Line: Suffolk, Emerson, MIT and Harvard. They are chasing red line T stops in search of affordability and they are landing in Dorchester. 4) Morrissey Boulevard on the rise Look for a single, marquee development on Morrissey Boulevard that finally jumpstarts the long‐planned (and long‐stalled) developments all around the JFK station on the Boulevard’s corridor.
Justin Green
In Realty | 5 Savin Hill Ave., Dorchester, MA 02125 | InRealtyInc.com | 617-265-3500
Chris Poulos
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