Buying an investment property in Boston
Investors as two types of people: the first are those looking to purchase one or more units to rent out and generate income and the second are those looking to buy multiple units, perhaps pre-construction, with the idea that they will sell off most or all, once the project is completed.
It is very possible to find investment properties in Boston. Just about every neighborhood is full of potential renters. Rents in the Back Bay and the South End can run anywhere from $1000-1200 for a studio, $1300-$1700 for a one-bedroom, and $2000-$3000 for a two-bedroom, and up. Rents in the outer areas, like Brighton and South Boston, can be less. Due to the large student population, however, rents are still high in those areas, as well as in the Fenway.
The person looking to make some money from buying condos pre-construction has plenty of options. Over the past couple of years, there has been so much new construction, to the relief of many. Prior to this, pretty much your only options to buy in the city were in five-story Victorian homes. Now, however, new construction is popping up everywhere; the majority is luxury and high-end developments.
There are several areas primed for growth. These would be areas where investors might hope to buy low and sell high. Pretty much, the entire downtown area is off-limits – prices are high and new construction is priced at the top of the market. Of course, you can purchase these luxury units pre-construction and hope you can sell once the building is done, and make a profit, but that’s not where the most potential might be.
In the city, there is the potential to make gains in neighborhoods such as East Boston and Dorchester. South Boston is pretty well along in its renovation and revival, but there is room for growth, there, too.
People always ask about the South End and the “Washington Street” corridor. That area has already been revitalized. If you are a first-time investor, drive down that street. See how it is alive and full of people. Now, imagine it twenty years ago, with the Orange Line subway trolley overhead, and bare, open spaces with chain-link fences and decrepit buildings.
Ask yourself, are you really the type of person who is willing to take a chance on something like that. If so, buying an investment property might make sense.
SEARCH FOR CONDOS FOR SALE AND RENTALS
- Back Bay
- Beacon Hill
- Charlestown Navy Yard
- Dorchester Heights
- Jamaica Plain
- Leather District
- Seaport District
- South Boston
- South End
For more information please contact one of our on-call agents at 617-595-3712.
Updated: November 2017
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114