Identifying up-and-coming neighborhoods before they become the next big thing can be a game-changer for real estate investors and homebuyers alike. These areas often offer more affordable properties with the potential for significant appreciation.
One of the most prominent up and coming areas as of late is Allston-Brighton, a short drive down the Commonwealth Mall, past Kenmore and into Boston University territory. Its proximity to downtown, coupled with its large lots featuring multi-family homes has transformed this "college town" into a fast-paced market with rising rental rates and appreciating property values. Here are some ways to spot the best nooks of this cultural hub.
Consider Proximity to Thriving Areas
Neighborhoods adjacent to popular areas often benefit from spillover effects. Factors to consider include:
- Proximity to High-Demand Neighborhoods: Bordering towns of Brookline, Newton and Watertown are some of the most popular suburban neighborhoods with staggering home valuations. Allston-Brighton is still considered to be part of the city of Boston, which comes with down payment assistance programs and tax incentives.
- Improved Transportation Links: Downtown is accessible via Commonwealth Ave, Storrow Drive + the Mass Pike, OR via MBTA bus, Green Lines B&C on the T, or Commuter Rail.
Watch for Infrastructure Improvements
Investments in infrastructure are strong indicators of a neighborhood on the rise. Local governments and developers typically invest in areas they believe have growth potential.
- The Boston Landing commuter rail stop is an addition to the existing bus lines and Green Line B&C T routes. This new neighborhood is nestled amongst new housing, entertaining and dining.
- Allston Yards was just completed, bringing a community of ground up construction featuring luxury apartments, shopping, and much more!
- Many recent redevelopment projects have been completed alongside the Charles River Esplanade, offering more play areas for children and families, areas for pop ups from local vendors serving food and refreshments, plus new lighting and outdoor music venue.
Follow the Artists and Creatives
Artists and creative professionals are often the first to move into affordable, character-filled neighborhoods. Their presence can ignite a cultural renaissance, making these areas more attractive to a wider audience. Key indicators include:
- New Galleries and Studio Spaces: The opening of art galleries and studio spaces suggests a growing creative community. BU Art Gallery is a vibrant resource of learning and cultural engagement for BU, the city of Boston, and the surrounding metro area. The galleries, which are free and open to the public, maintain ongoing rotating exhibitions that feature a wide scope of art from all ranges of mediums and artists.
- Foodies Rejoice: Family owned, local restaurants and dive-bars galore! Start Here.
- Music: Known for it's punk-rock, live music, venues - Allston-Brighton is home to staples such as Brighton Music Hall and newer additions like Roadrunner, where you can catch a show practically every night of the week.
Analyze Real Estate Trends
Real estate market data provides valuable insights into neighborhood growth. Important trends to monitor include:
- Decreasing Days on Market for Listings: Faster sales suggest increasing demand.
- Gradual Increase in Home Prices: Rising prices can indicate growing confidence in the neighborhood's future.
- More Renovation Projects and Flips: An uptick in renovations and property flips suggests investor interest.
