Famed Roxbury property transformed into multiple units
The United States housing market is hovering around an interesting and influential point in the economic recovery. Pent-up household formations, improved consumer confidence, increased builder confidence and higher rental demand has thrust the real estate market into a position of growing strength, and homes for sale in Boston are even more attractive investment options for prospective buyers.
Rising home prices across the nation indicates recovery is underway, but uncertainties and several other hardships will make the road bumpy in the coming months. Recently, the National Association of Home Builders (NAHB), forecast a 21 percent increase in single-family starts in 2012 to 528,000 units and a 26 percent uptick to 665,000 units in 2013. What's more, multifamily property starts are expected to rise 26 percent in 2012 to 224,000 units and 6 percent in 2013.
"We're seeing a more robust housing sector than many other parts of the economy," NAHB Chief Economist David Crowe said in an official statement. "One of the reasons is we have finally begun to see on a national scale that house prices are picking up again."
Ignored neighborhoods received funding
In the Greater Boston area, home values are on the rise and inventory is down significantly. This creates new demand for property, and investors have begun to develop projects to bring new apartments and homes to the Hub.
Local real estate nonprofit Historic Boston Inc. will receive $200,000 to transform historic Alvah Kittredge House in Roxbury into market and affordable homes, The Boston Herald reports. The funding was recently approved by the Boston Redevelopment Authority, and the project could bring new homeowners to the Roxbury community.
The Greek revival-style home, which is approximately 6,400-square feet, will be developed into five housing units. Historic Boston said the funding will help close a financing gap in the $4.7 million project, which has grown out of control because of structural decay.
"The restoration of the Alvah Kittredge House is a wonderful testament that will bring even more energy to this part of Roxbury," Boston Mayor Thomas M. Menino said in a statement, as reported by The Boston Herald.
Buyers should consider Roxbury
Prospective homebuyers who want to invest in property in an area with all of the resources necessary to see positive growth in the near future should consider Roxbury. The neighborhood is just south of downtown Boston, and offers residents easy access to Interstate 93 and beyond.