Part 1: Location | Leading The Way at Suffolk Downs
The Pacer is a 38 unit new construction, amenity filled, elevator condo building that CHARLESGATE is exclusively marketing for sale in one of the hottest condo markets in the city, East Boston!
The Pacer offers what will surely be one of the best investment opportunities in East Boston, and the entire greater Boston real estate market in the foreseeable future for a multitude of reasons.
In this series we will highlight different aspects of what makes this building such a great investment opportunity.
The first being:
Location, Location, Location! On the Edge of Suffolk Downs in East Boston
First things first, The Pacer is steps from what will soon be the largest development project in the history of the City of Boston at the site of the old Suffolk Downs Horse Racing Track.
This development is a huge deal (think Assembly Row, but much larger, with more open space, and brand new) with $8 Billion Dollars in total investment, 10.5 million square feet of forward-thinking development, and 40 acres of publicly accessible open space.
One of the Only Investment Opportunities Next to Suffolk Downs
The condos at The Pacer are the first new homeownership opportunity sitting on the edge of the development site (see the location on the map image above) and are leading the way out in front of this massive and history making development.
The building is named The Pacer for this very reason (as we described in a previous blog post: The Pacer: Brand New East Boston Condos). As the construction of the Suffolk Downs redevelopment moves forward (adding destination retail shopping, MBTA improvements, stores & restaurants, parks, trails, whole new streets, more housing, and office / lab space in an entirely new neighborhood), owners at The Pacer will almost certainly see tremendous appreciation and return on their investment as demand to be close to this future destination grows.
Nevermind how awesome it will be to live in an incredible new neighborhood literally springing to life around you. This is the major reason why values in this building are projected to appreciate over the next few years.
East Boston Real Estate Market
Even prior to the announcement of The Suffolk Downs Redevelopment, East Boston was one of Boston’s leading up and coming neighborhoods. East Boston is one of the only neighborhoods with this type of close proximity to Downtown Boston, that is on the T, and is still at a reachable price point for many first-time condo buyers and young professionals.
Geographically, East Boston is right on the Boston Harbor, Chelsea Creek, and Belle Isle Marsh, so there are a plethora of city and/or water views (as there are at The Pacer), beaches, and green space right on the water. Due to all of this, Eastie has seen an influx of young professionals, artists and musicians priced out of other neighborhoods, students looking for nicer or more economical off campus housing (a few of the local college sports teams play their home games and practice at fields in East Boston), and private & public development/investment.
For many that want to be in the city, close to downtown, and/or get more bang for their buck, Eastie has become THE location to live, as Charlestown and Southie had been in the past 10-15 years. East Boston has also outperformed other Boston neighborhoods in property value appreciation and rent growth in the last 5 years. With all of this going on, you are seeing new restaurants (to accompany the diverse selection of local established restaurants) and retail pop up, just as you saw in Southie and Charlestown in the past 10-15 years.
Additionally, The Pacer is located in the Orient Heights neighborhood of East Boston which is historically the most residential and quiet area of East Boston with a large portion of the neighborhood being single family homes and is still, price per square foot, the most economical area of East Boston. This brings along tremendous upside. Eastie is where it’s at!
Invest in Transit Oriented Development
On top of all of this, The Pacer is literally a stone’s throw from the Suffolk Downs Blue Line T Stop. The Blue Line goes direct into Downtown Boston and connects to buses, the Orange Line, Green Line, Silver Line, and is a 20 minute train ride into Downtown Boston. Historically, properties in close proximity to the T have appreciated at higher rates than those that aren’t and with the trend of urban living without a car continuing, proximity to the T is becoming even more desirable.
Right now, buyers have a huge and perhaps only opportunity to get into this area early, on the upswing, at this price point, ahead of the emergence of this neighborhood and the expected price appreciation that comes with it (as we've seen happen in many of Boston's other up and coming neighborhoods).
The Pacer is "Leading The Way at Suffolk Downs" and we feel this building’s location (among several other reasons we will outline in future posts) make condos in this building truly a tremendous investment opportunity.