Boston's Columbia Point gets a makeover
A recent home construction report proved the United States real estate market is in full recovery mode, and even more recent U.S. commercial real estate data suggests the sector will also continue to recover in 2013. According to PwC U.S. and Urban Land Institute's Emerging Trends in Real Estate Forecast for 2013, commercial markets will experience modest gains in leasing, rents and pricing moving forward.
Along with an increase in real estate construction, strong demand for apartments will erupt in 2013, even with many projects already underway in Greater Boston. In fact, in the recent report released by PwC U.S. and the Urban Land Institute, real estate in Boston was listed among the top 10 markets to invest in within the next 12 months. The latest praise is indicative of how stable and profitable Hub property is long term compared to other metros in the United States.
For homebuyers looking at properties in Greater Boston, it's difficult to find homes that are affordable and in close proximity to downtown, without stumbling across an unclaimed fix-me-up condominium. However, new construction projects in Columbia Point, an isolated peninsula of Boston that has been neglected for far too long, is about to transform the community that overlooks Dorchester Bay.
Columbia Point is bursting with activity that will bring housing communities, retail stores, restaurants and academic and cultural facilities. In the past few weeks, developers filed more than 450 apartment plans on Morrissey Boulevard and Mount Vernon Street, according to the Boston Globe. What's more, UMass Boston is undergoing a $700 million expansion in the area, and Boston College High School is building a new arts and athletic center in Columbia Point. City officials even plan to build new roads, bike lanes and walking paths to improve transportation around the neighborhood, which already has subway access to downtown at the JFK/UMass stop on the Red Line.
"Nobody could imagine these possibilities a few decades ago," Boston Mayor Thomas M. Menino said about the once crime-ridden housing project of Columbia Point, to the news source. "Now it has the potential to be a great walkable neighborhood through a balance of residential and retail development."
Homebuyers looking for a great deal in an emerging neighborhood should look at houses for sale in Boston, especially near Columbia Point.