Have you heard of Fort Point?
Real estate in Boston resembles environments nationwide - recovery is coming ever so slowly. A new measure shows the amount of time it takes to sell a home is shrinking and is now similar to historic norms for a balanced market. The median time a home remained on the market was 69 days in July 2012, which is down 29.6 percent from 98 days in July 2011. Additionally, by the end of July 2012 there was a 6.4-month supply of homes on the market at the current pace - down 31.2 percent year-over-year when there was a 9.3-month supply.
With activity heating up in the Hub, construction projects slated for the coming months may get underway. This is good news for investors and residents of Boston's Fort Point, as the growing community would greatly benefit from an influx of residents and commercial offerings.
The Fort Point Channel Landmark District (FPCLD) is approximately 55-acres across the Fort Point Channel from downtown Boston. The area was originally developed in the 1830s by the Boston Wharf Company and owned by the company until the early 2000s. In its earlier years, Fort Point was a mass of 19th and early 20th-century industrial loft buildings, used for a variety of purposes, and not renovated for residential units.
Today, the area is still comprised of those loft structures, which represent a well-preserved collection of Boston's history, and residents enjoy the unique style of architecture these spaces offer. These buildings are designed in a masonry style, with simple flat roofs, and the current average real estate asking price for a property in Fort Point is $448,536, ZipDataMaps reports.
The neighborhood is close to Seaport and South Boston Proper, so Fort Point residents can enjoy local amenities from the Hub's emerging social center. Residents can visit the Institute of Contemporary Art/Boston in the early evening, and then head down to the street and enjoy a fancy cocktail at Drink, one of Boston's most talked-about establishments.
If you are considering a move to Boston, make sure you give Fort Port the attention it deserves. This is your opportunity to become a resident of a growing neighborhood that is in the midst of a redevelopment. Make sure you are a part of the action by looking at the homes for sale in the 55-acre community.