23 01, 2023

South Boston Real Estate Recap: Interest Rates Cause Transaction Numbers to Plummet

2023-01-23T18:31:28-05:00January 23rd, 2023|Categories: Business, Featured, Happenings, Lifestyle, News, Real Estate|0 Comments

 By Ginger DeShaney  Interest rates are wreaking havoc on the real estate market. In South Boston, real estate transactions in 2022 were down 34 percent from 2021, but at the same time, median prices have increased, said a longtime South Boston realtor. In 2021, there were 933 transactions; in 2022, that number was down to 615, of which 467 were condos.  “It’s not shocking given what happened with the interest rates spiking up,” said Jackie Rooney, broker/owner of Rooney Real Estate. “The interest rate is the main culprit.” Sales volume of condos and single-family and multi-family homes is down almost $300 million in 2022, Rooney said, noting that almost 40 percent of that amount came in the fourth quarter. Increasing median prices are a testament [...]

14 10, 2022

South Boston Real Estate Market Recap: Year-to-Date Transactions Down but Prices Hold Steady

2022-10-16T14:49:32-04:00October 14th, 2022|Categories: Featured, Happenings, Lifestyle, News, Real Estate|Comments Off on South Boston Real Estate Market Recap: Year-to-Date Transactions Down but Prices Hold Steady

 By Ginger DeShaney The third quarter of 2022 held some local real estate market surprises. “Some things even surprised me,” said long-time South Boston realtor Jackie Rooney. “The big change is the number of sales is down 30%.” But the bigger surprise is that prices held through the year's first three quarters, although many of these transactions went under agreement when the rates were lower (from November 2021 through March 2022). At the end of the third quarter in 2021 (year to date through Sept. 30), there were 756 transactions; this year, that number is 531. “Some of it is due to the interest rate, and maybe people were reluctant to sell,” said Rooney, broker/owner of Rooney Real Estate. Even if some homeowners prefer to [...]

1 09, 2022

Moving Season: Despite Better Timing, It’s Still a Tough Week for Locals

2022-09-01T14:33:21-04:00September 1st, 2022|Categories: Featured, Happenings, Lifestyle, News, Real Estate|Comments Off on Moving Season: Despite Better Timing, It’s Still a Tough Week for Locals

By Ginger DeShaney The Sept. 1 lease cycle puts a lot of pressure on our neighborhood – from clogged traffic and mounds and mounds of trash, to long lines at local businesses. But because the move-out (Aug. 31) and move-in dates fall midweek, we may have gotten a bit of a reprieve this year.  Jackie Rooney, broker/owner of Rooney Real Estate in South Boston, said some tenants couldn’t take time off during the week, so they were able to move out last weekend. “That works a little bit better in the sense that the move-out, the move-in are not all concentrated on Aug. 31 and Sept. 1. It’s a little more gradual this year.” Historically, the Sept. 1 cycle was put in place in areas [...]

1 02, 2022

Dorchester Bay City – 2022 Update

2022-02-01T09:24:39-05:00February 1st, 2022|Categories: Featured, Real Estate|Comments Off on Dorchester Bay City – 2022 Update

by Rick Winterson For the past few years, a project entitled “Dorchester Bay City” (DBC) has been in the works – from initial exploratory discussions to the formation of development/construction organizations, and recently followed by the first property usage plans and proposed building designs.  Briefly, the DBC development agent is Accordia Partners, LLC; the DBC area is just over 35 acres.  Initial proposals (all of them still under review) amount to more than six million square feet and the total DBC project cost will be several billion dollars, particularly if much of the space is devoted to life sciences – a very fast-growing (but costly) Boston industry. Make no mistake, DBC is a massive project entirely located within the district we call “Columbia Point”.  The [...]

1 02, 2022

Dorchester Bay City – “Housing and Economic Development”

2022-02-01T09:21:52-05:00February 1st, 2022|Categories: Real Estate|Comments Off on Dorchester Bay City – “Housing and Economic Development”

The second of four virtual meetings in 2022 concerning the proposed Dorchester Bay City project (the “DBC”) took place via ZOOM on Thursday, January 20, from 6 to 8 p.m.  The two key topics discussed were housing, followed by economic development, with particular emphases on affordable housing and jobs that would become available as DBC is developed. The overall outline of this meeting had diversity, equity, and inclusion as its themes.  The benefits claimed from the DBC project include economic/small business development in a little-used part of Boston, protection of the Harbor Point neighborhood (and its residents) from storms and sea level rise, resilient infrastructure for outdoor pursuits (biking, walking, beaching), building sustainably green structures that are carbon neutral, and enhancing Boston’s access to nearby [...]

22 09, 2021

Deconstruction of the Edison Power Plant to Begin

2021-09-22T16:37:57-04:00September 22nd, 2021|Categories: Featured, Real Estate|Comments Off on Deconstruction of the Edison Power Plant to Begin

by Rick Winterson  Tuesday evening at 6 p.m., a ZOOM meeting began, which concerned the major project at 776 Summer Street.  This ZOOM meeting explained the first onsite step, called “Deconstruction,” in developing the property where the Edison Power Plant now sits – at the 776 Summer Street address, from the Dedicated Freight Corridor near the Reserved Channel, and extending around the corner of East First Street.  The developer of this property is Hilco Redevelopment Partners (HRP), who acquired the property five years ago. The property to be developed was once called the Edison Power Plant, or just “the Edison”.  L Street Station was another name it had.  South Boston Online will refer to it as HRP’s development or as “776 Summer Street”, the address [...]

11 09, 2019

The South Boston Zoning Initiative (cont.)

2019-09-11T11:31:48-04:00September 11th, 2019|Categories: Featured, Real Estate|Comments Off on The South Boston Zoning Initiative (cont.)

by Rick Winterson     No one has to be told that South Boston is an unusual place.  It was annexed to the City of Boston 215 years ago in 1804, and certain areas in Southie still retains their original names, evoking a “once-upon-a-time” connection with Dorchester.  These names include Washington Village, whose brother neighborhood was Adams Village near Quincy, and of course, Dorchester Heights, the site that anchored the first Evacuation Day on March 17, 1776. After 215 years, South Boston’s historic beginnings, middles, and current-day endings have seen enormous, earthquake-like developments, accompanied by equally enormous, earthquake-like arguments between its residents and its developers.  Zoning and its controlling regulations were supposed to provide the answers (or were they?). At approximately 40,000 residents, South Boston [...]

31 05, 2019

Amazon Project Breaks Ground

2019-05-31T10:37:47-04:00May 31st, 2019|Categories: Featured, Real Estate|Comments Off on Amazon Project Breaks Ground

Another keystone, landmark event occurred in South Boston.  Call this event what you will, the Amazon Corporation and WS Development broke ground that day, for a new office complex in the center of South Boston’s booming Seaport District.  The nameplate address of the new complex is 111 Harbor Way, and it is located near the northeasterly corner of Boston Wharf Road and Congress Street.  The project is an important piece of construction for WS Development and their Seaport buildout, which is the largest real estate project in Boston’s history.  The Amazon Project is planned for completion in 2021.  Many elected and appointed officials from the Commonwealth of Massachusetts and City of Boston were on hand.  Even though the weather on Tuesday exhibited its well-known Boston [...]

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