Located just a couple blocks south of the Boston Public Garden, Bay Village lies between Back Bay, South End, and the Theatre District. Inside these six square blocks is Boston’s smallest neighborhood officially recognized by the city. Its borders are represented by much busier streets but once you leave Arlington or Charles Street, you enter into a world where the buzz of city fades away. A strategic system of one way streets keeps cut through traffic at a minimum.
With easy access to South End, Back Bay and Midtown alike, many suggest that this location is hard to beat and real estate pricing has historically come at a relative value. For data tracking purposes, we file it within the South End.
In 2021, 3 properties sold for over $2 million in Bay Village, totaling $7,586,000, which is a significant drop from 2020’s 7 properties and $18,047,000 sales volume. The price per square foot saw a 13.8% gain from $1,085.64 in 2020, to $1,236 in 2021.
This neighborhood is home to several periods of classic Boston architecture that line Bay Village’s narrow, tree-filled streets. Many of the area’s Federal style townhouses imitate larger Beacon Hill mansions since the carpenters and craftsmen who built the grand houses on the hill erected smaller versions for themselves in this nearby neighborhood. While prominent, this is not the only architectural style featured in the neighborhood. Turn the corner on Fayette Street, to find examples of English Neoclassic architecture or head to Melrose Street and find larger Greek Revival townhouses. In 1865, the City of Boston decided to raise the neighborhood by jacking up the streets, houses, and stores 18 feet above sea level. However, the city decided that back yards only needed to come up to 12 feet. As you walk through the quiet streets, you can find these sunken gardens (6’ below street level) throughout Bay Village.
2022 is destined to see much more significant volume in Bay Village as a collection of brand new townhouses is under construction on Edgerly Place. These 9 homes are slated for delivery mid summer and are currently 100 percent under agreement. The units sold out almost instantly in their pre-construction phase with pricing in the high $2M’s to $3M for each unit. A separate but related development is underway adjacent to the Edgerly townhouses (fronting Arlington St) and may also deliver in this calendar year. A third condo development in this tiny area is progressing on the site of the old Erbaluce restaurant. Finally, a little bit farther down the development pipeline is the redevelopment of a church at 25 Isabella Street which has a good chance of commencing construction in 2022 but will not deliver new homes until at least 2023 or later.
The massive, nearby Motor Mart garage project is still stalling out. This project is a mixed-use offering that will have a large retail footprint plus accompanying apartments and condos on the higher floors. The parcel of land fronting Stuart Street on the edge of Bay Village will finally finish up in 2022 with a 19 story apartment building built by Graystar.
We believe when real estate consumers are presented with a complete and robust spread of data, in conjunction with their personal preferences, decisions can be reached with the most confidence.
For more sales data and details on it’s sub-neighborhoods check out our Boston Luxury Real Estate Review >