According to Justin Green, president of Justin Boston Properties and #1 real estate broker in Dorchester, the real estate market in that neighborhood of Boston is on the rebound.
His quarterly InSight market analysis reports that prices have jumped 22% since first-quarter 2009 while inventory is down 38% from this time, last year.
Low rates, lack of inventory, and buyer credits from the Feds contributed to the rise in pricing. Also, the reduction in the number of foreclosed units being listed and sold has helped, according to Mr Green. In fact, now that many of these units have been resold, they are being renovated and re-occupied.
The Northeast “Bayside” section of Dorchester, what he calls the “south end” of the South End, has seen the greatest spike in prices. This area includes Jones Hill, Savin Hill and Pleasant Street. In fact, one could almost buy three homes in the “Parkside” area (Bowdoin, Geneva, Uphams Corner) for the price of one home on the Bayside.
Savvy investors may see deals to be had. Prospective Boston homebuyers should check out the neighborhood, too. There’s a lot happening in Dorchester, these days.
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