Beacon Hill Spotlight
Drenched in history and character, Beacon Hill is Boston’s most exclusive neighborhood. The development of Beacon Hill dates back to the early 1800s. As celebrated architect Charles Bulfinch was completing the new State House, Mount Vernon Proprietors, one of the earliest land developer operations in the country, purchased 18 ½ acres of land to the west of this new landmark for residential development. The new homes of Beacon Hill, built in the Federal and Greek Revival style, showcase the work of other noted architects of the time such as Asher Benjamin, Solomon Willard, and Alexander Parris. Because of this rich history, Beacon Hill is now a protected historic district. The Beacon Hill Architectural Commission oversees and must approve any and all exterior work visible from a public way. This preservation-minded civic association ensures Beacon Hill maintains the intimate feel that makes the neighborhood so unique.
Partly because of these stringent guidelines coupled with a lack of open space for development, Beacon Hill has not seen the boom of new construction like other Boston neighborhoods. In fact, since 2010, only one large scale residential development has been approved in Beacon Hill, The Archer Residences. The Archer, under construction now, consists of a full-scale renovation of two former Suffolk University buildings, along with the addition of a penthouse level. The development, located on Temple Place, will feature 62 luxurious homes blending the historic character of the neighborhood with a suite of full-service amenities so hard to find in a neighborhood of primarily rowhomes. Amenities at The Archer will include concierge service and valet parking, a resident club room, fitness and wellness rooms, and a roof terrace with amazing views of the neighborhood.
While new construction may not be the norm, many of these historic buildings are undergoing renovations and the average closing price per square foot for a condo at $1044 is amongst Boston’s highest just behind The Seaport and Back Bay. These units are also selling quickly with an average number of days on the market at just 26. The demographics of Beacon Hill also support a positive outlook for his small market. According to a study by the BPDA Research Division around 90% of Beacon Hill’s population over the age of 25 hold a bachelor’s degree and the median household income is 65% higher than the Boston average.
For over 200 years, Beacon Hill, with its cobblestone streets and tucked-away parks has been a thriving residential community. Today, this cozy enclave brimming with Old World charm is surrounded by the very best Boston has to offer. Minutes from the Boston Common and Public Garden, The Charles River Esplanade, numerous restaurants and shops Beacon Hill’s options for culture and play are endless. With all major MBTA lines also within a short walk, Beacon Hill offers easy access to all parts of Boston and Cambridge. While historical preservation will remain paramount, unique opportunities like The Archer are available, however, they will get snapped up quickly in such an elite location.
For more market insight on Beacon Hill (or any of Boston’s other hot neighborhoods) contact The Caulfield Properties Team at www.caulfieldproperties.com
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