Neighborhood Feature – Back Bay – Greater Boston Mortgage Report

We will continue to provide insight into neighborhoods where those seeking a Boston home loan might relocate or settle. One of the most prestigious addresses in the Boston area is in Back Bay. The Back Bay neighborhood is located to the East of downtown Boston and on the South shore of the Charles River Basin. It is bordered to the North and South by Storrow Drive and the Massachusetts Turnpike. This location and the scenic riverfront are just two of the things that make Back Bay one of the most luxurious places to call home. Residents in Back Bay are younger than the average age of greater Boston, and the average income is over $100,000. The average income of the Boston area is just over $55,000.

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The median rent in Back Bay is $1,795 and homes are valued from between $600,000 and over $1 million. The majority of residents in Back Bay are renters and condo owners, and most homes and properties were built before 1936. Back Bay residents have their choice of rental units, townhouses, attached homes, and majority of the rental units and homes are located in buildings with five or more units.

Boston is one of the few markets in the country which is experiencing a rise in home values. From the first quarter of 2011, home values in Back Bay have risen almost $50,000. Condos are a popular choice for home ownership in Back Bay. Home buyers will find luxury condos in well maintained buildings which reflect the upscale market of the area.

On Beacon Street in a building built in 1900 a two story, 2 bedroom, 3 bath condo unit lists at $2,999,000. This condo takes up the entire second floor and the front half of the third floor. It is accessed through a private elevator opening into a large foyer and winding staircase. This unit has 3 parking spaces, 2 of which are in the garage. Large windows with a view of the waterfront give this condo a bright and sunny feel.

Another luxury listing can be found on Marlborough Street. This 2 bedroom, 2.5 bath third floor condo has large windows with views of Hancock Tower and Marlborough Street, high ceilings, a fireplace, and a garage parking space. It is listed at $2.3 million. The building was constructed in 1878, and the unit has been completely remodeled.

One of the newer buildings in Back Bay is located on Newbury Street and features loft condos. A recent listing fora1 bedroom, 1 bathroom loft condo lists for $705,000. This unit is a totally modern condo in a concierge building which has won the Parker award for most beautiful new building in Boston. All of the unites in this building have floor to ceiling windows with a view of the Back Bay neighborhood.

Back Bay offers residents access to downtown Boston and the entire Boston metro area with public transportation and several main thoroughfares. Beautiful views, luxury homes, and the mix of historic and modern buildings combine to make Back Bay one of the most sought after addresses in the Boston area.

Phil Ganz (354 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

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