Affordable Condominiums Exist … In Rozzi
In 2017, the average condominium price is Roslindale was $427,374, up 7% since year end and a staggering 43% in the last decade. Unlike other markets that have grown out of reach for many families, Rozzi is one of the last affordable markets where deals still exist. In recent years, Roslindale has seen a transition from its previously antiquated housing stock into modern multi-families, further attracting tenants to this booming market. In Q2 2018, the average condominium sold for $509,517.
Out of the 110 transactions to date, 19 have been built in the last two years, and 37 were completely renovated, implying that 49% of all inventory sold is up to contemporary standards, significantly higher than primetime markets such as the Back Bay, Beacon Hill, and South End.
Last month, 543 Hyde Park Avenue – Unit 1 sold for $449,000. This renovated 2-bedroom contains quartz countertops with custom cabinetry and is transit oriented to MBTA Forest Hill Station. It was on the market for just 4 days.
From average days to offer at 18 days (the 3rd lowest of any submarket within city limits) to the on-going bidding wars stretching 2.5% over listing price, Roslindale is a supply constrained market. With just 36 condominiums under construction, there is a need for not just renovations to previously antiquated housing stock, but a demand for new multi-family projects that are characterized in other submarkets.
For example, out of the 10,176 units currently under construction, 49.2% of the development are taking place in the Seaport, South End, Downtown and Dorchester. Roslindale accounts for just 0.35% of developments in the city.
Given the lack of new housing stock in the pipeline, Roslindale will continue to be a cost-alternative for families that still want to live in Boston.