Allston Hits Record of $1,026 PSF Sale
Recently ranked #20 as the “hottest” growing urban neighborhood in America, Allston has become a bustling community of not just young professionals and students, but to an array of mixed-use commercial development.
Over the past eight years, Allston has seen unprecedented growth in the housing market, growing at a rate of 10% since year 2017. In Q2 of 2018, Allston has accumulated 55 condominium transactions reaching an average price per-square foot of $656.00, with new developments such as Penniman On The Park & 180 Teleford fetching as much as $1,000 per-square foot. More importantly, for the first time since 2012, asking price per-square foot surpassed sold price per-square foot indictating a maturity and stabilization of the Allston market.
The future realignment of the Massachusetts Turnpike and Harvard University’s acquisition of the 90-acre Beacon Park Rail Yard opens an opportunity for more development in this thriving sub-market. Moreover, Harvard’s plans on building a science complex on Western Avenue, further indicates its initiative on building a mixed-use community home to ground-breaking research.
Developer, the Mount Vernon Company has too taken bets on the Western Avenue with W Ave; a 132 luxury unit apartment building slated to open in 2018. Further down the road, the completion of Trac75 has ignited a luxury housing boom in the North Beacon corridor. With Allston Yards, a four phase proposed development expected to bring another 1.9 million square feet of mixed-use space, to market, Allston will become a thriving hub for technology, life science and sports.
Source: Boston Realty Advisors Research and HotSpotRentalsTags: Allston, Jason Weissman, Multi-Family, new developments, Redevelopment