Boston Neighborhood Spotlight: Seaport Real Estate
by Nick Warren
on Friday, October 14th, 2016 at 4:54pm.
A few decades (and a few mayors) after these observations from Kevin White, the Seaport district is a thriving, booming area for Boston real estate and development. The skyline is hardly recognizable compared to that of the late 1980s––a testament to the investors who saw potential in its beautiful harbor views and wide-open spaces.
"Mayor Kevin White moved into his office at the new City Hall in 1968. According to the late Boston College historian Thomas O’Connor, “When he looked out … down at Faneuil Hall and Quincy Market, they were rotten. And just beyond that, he could see the Seaport, and that was rotten, too." — "The Rise of the Seaport," Boston Magazine
It seems new businesses open their doors almost daily, catering to the 11,000 inhabitants who now call the Boston neighborhood home. In this month’s neighborhood spotlight, you’ll see the rich history, transformations, and projections for the district that could help you picture life as a Seaport resident:
The area of Seaport used to be drastically different than you see it today. In fact, just before the 20th century, the area was muddy and water-bogged. People did not go there very often during those days. However, the water began to recede––and as a result, Seaport was turned into a popular shipping port. It was used to ship and receive raw materials for the local textile factories in Boston.
Unfortunately, the mid 1900s were not great for the area. At that time, it was known for the unused lots and abandoned warehouses that made up its real estate.
HOW SEAPORT REAL ESTATE IS CHANGING
Over the past two decades, Seaport real estate and its physical makeup has changed rather drastically. In 1991, the city announced it would move the federal courthouse to the area, and many people were confused by this move because it was a desolate area.
Seven years later, the beautiful building was opened, and it instantly became a monument for the city. New interchanges were built so people could get to the area faster, hotels opened and provided a view that others in Boston could not offer, the Hynes Convention Center was built, and the Institute of Contemporary Art was moved to the area.
Many things changed for Seaport during those two decades, and it quickly became respectable place to spend a day or to call home. Major neighborhood events throughout the year, like F1 Racing, have brought national attention to the neighborhood, as well.
WHAT’S COMING NEXT?
Seaport real estate
In the coming years, grocery stores and a pharmacy will be added, among other everyday amenities. These services are needed in the area, as it is booming with residential developments. You should expect to see some residential towers built as well as other buildings by firm like Cottonwood Management and The Drew Co. This will open even more residential spaces for the people clamoring to get into the beautiful district.
There is a (sometimes controversial) conversation around “building a culture” in a neighborhood of historic Boston that is actually brand-new. People are beginning to talk about how the feel of Seaport real estate will change in the coming decades as the new residents become more settled, and a generation or two inhabits its buildings and brings in new restaurants in which to congregate.
Currently, there is no school in Seaport––but there are rumors of the building of a charter school in the area by an undisclosed developer.
WHAT YOU CAN EXPECT TO PAY
If you plan on renting in Seaport, you are likely looking at a range of$2,900 to possibly over $7,000 per month. On the other hand, if you are looking to purchase in the area, the range could be from $500,000 to over $10 million. The area is booming so you can expect these amounts to increase in the next few years.
THE BOTTOM LINE
Right now, Seaport is a very popular place for developers, visitors, and business-minded people. Since it is an up-and-coming location within Boston, many people are looking to get in on the action before prices substantially increase. Seaport is also already the home of thousands of Boston residents, and they have already fallen in love with the innovation of the area and the view of the Boston Harbor.
It already provides easy access to the downtown area, the airport, and mass transit in Boston. Seaport is in a Boston neighborhood that has an exciting future, and we are excited to see it grown in the next few years as we work in the area.
To learn more about the timeline and process of buying your Boston home, download our Buyer’s Guide.