Gentrification of Boston NeighborhoodsApril 26, 2014
Boston neighborhoods, like most cities, are changing rapidly. New housing developments / construction projects and demand for Boston luxury real estate properties have impacted the prices of land and property - both are soaring . In some ways, the historic and charming neighborhoods are disappearing and giving way to the new housing demand, luxury storefronts and brand new retail spaces.
Impact on Boston Luxury Real Estate
Gentrification is good and bad. For example, take Downtown Crossing and Midtown, the area was populated by night clubs and mediocre retail stores. The luxury residential tower development has changed the landscape and made a positive impact on the area and the value of nearby Boston luxury homes.
Recent changes in other neighborhoods like the South End, North End and Beacon Hill are not that positive. These historic areas provide an abundance of specialty shops run by generations of old families and their contributions to the local community are somewhat nostalgic. Unfortunately, these shops are disappearing, and old families are encouraged to sell their Boston homes for big prices and cash in.
Going to the North end, one feels transported directly to Italy. This special area is also getting smaller and being swallowed slowly by luxury developments. Since there is such a high demand for Boston luxury homes in the North End, many specialty shops run by old Italian families are slowly being replaced by more expensive, high end boutiques.
There are positive aspects to the changing shape of neighborhoods. Some areas didn't have a strong culture or personality, but gentrification has developed particular areas. Going to the industrial area of the Seaport and parts of South Boston, it’s great to see the area being cleaned up. All in all, different neighborhoods have different characteristics and a specific feel. The high demand for Boston luxury homes continually shapes these areas.