Commonly and fondly referred to as ‘Eastie’, East Boston is located directly across Boston Harbor from the North End and Financial District. Formerly a gritty dockland landscape, East Boston has emerged as Boston’s next hot neighborhood spurring an onslaught of new construction condo and apartment developments.
East Boston is its own peninsula with waterfront property along the neighborhood’s edges. Removed from the commotion of the bustling city, East Boston’s tranquil neighborhood, welcomes young professionals and families.
Luxury residences are tucked between surrounding parks and recreational spaces and are just a short distance to Boston’s Logan International Airport for travel to and from the city. Grocery stores and shops are interwoven in the neighborhood. Paths along the waterfront give residents scenic walks and runs peering out to the Boston Downtown skyline, making East Boston its own peaceful neighborhood just outside the city.
East Boston experienced a sharp quarter over quarter decline in number of units closed (113 last year versus 60 this year); however, prices continue to be driven up by the new construction at The Mark and Slip 45, as well as resales at Slip 65
As Q2 took place fully in the midst of the pandemic,East Boston took a greater hit this quarter due to its accessibly.East Boston is accessed primarily via the Blue Line and water taxi, not on foot, which poses an issue in a pandemic as many feel uncomfortable riding public transportation
East Boston was hit particularly hard by COVID-19: no neighborhood in Boston tested positive at a higher rate than Eastie (5.4% positive out of 7,083 people tested, while Boston’s overall rate is 2.5%)
When Slip 45 closes in Q4 2020 and The Mark closes in Q2 2021, we will see two large corresponding spikes, as those buildings have some closings north of $1,400 psf, nearly double what we are currently seeing close in the East Boston resale market