South Boston Spotlight 02/06/20
Few neighborhoods in Boston have undergone the sweeping change seen in South Boston while maintaining a strong sense of community and history. It’s not hard to understand why renters and buyers have flocked to this neighborhood in droves. Situated just a few minutes from Downtown Boston, South Boston offers numerous green spaces, beach access, and a vibrant restaurant scene. Southie has become the target neighborhood for recent graduates, young professionals, and young families looking to avoid a long commute while maintaining a community feel.
Between 2000 and 2015 the population of South Boston grew by 25%, much faster than growth in Boston overall which was at 10% for the same time period. Amongst Southie’s 35,000 plus residents the largest age demographic is 25-34, making up 37% of the total. The residents of South Boston also have a higher median income than the rest of the city, at $93,078 per year compared to $62,021.
As the population of South Boston grew the need for additional housing ballooned and developers rushed into the neighborhood to create new apartment and condo offerings. One of the most recently completed projects, 14West features the new high-end finishes and luxury amenities these buyers are now expecting to find in South Boston. This building boom continues with 14 residential projects now under construction and another 17 approved in the pipeline. While The Compass Q4, 2018 report shows prices have plateaued slightly, the South Boston condo market remains strong and these new developments should continue to sell out as we don’t expect the neighborhood’s charm to wain.
When looking at the South Boston market there are also two upcoming projects that will have a major impact on the housing market and the community. First is Washington Village, the long-awaited transformation of the 5-acre site just outside Andrew Square. This mixed-use development is set to hold eight buildings containing 656 residences including both apartments and condominiums, 98,600 square feet of retail space and parking for 560 cars. Completion of this project will bring a whole new set of residents to this section of South Boston and create another dining/entertainment destination. This new development will also make other new buildings like 232 Old Colony, right across the street, a highly sought after product. Let’s also not forget about the proposal for the redevelopment of the South Boston Power Plant. While still under review, this project could bring another 1.93 million square feet of development featuring 1,344 residential units, 368,070 square feet of office space, a 344-key hotel, and 85,630 square feet of retail and restaurant space to Southie, near the Seaport border. This would be another game-changing project for the area, bringing renewed life to these historic buildings now sitting empty.
While new projects continue to come online, the pool of buyers looking at the neighborhood is only growing as Boston’s young, elite workforce continues to grow with the expansion of tech and life science industries. With its ideal location and varied housing option, South Boston will continue to be one of Boston’s most sought after neighborhoods for years to come.
Looking for more expert insight on South Boston (or one of Boston’s other hot neighborhoods), contact The Caulfield Properties Team at 617-501-3685 or visit their website at https://www.caulfieldproperties.com/.
The Caulfield Properties Team is one of the premier real estate advising groups in the entire Boston market. Working with seasoned developers and investors, first time home buyers, and everyone in between, The Caulfield Properties Team provides elite level service and attention to each of their clients.
With experience in all neighborhoods throughout the city of Boston, recent transactions have ranged from $200,000 to $10 million. They provide unparalleled market analyses, pricing strategies, and off-market information which their clients have come to appreciate.Caulfield Properties >>