the 7 big ways dorchester changed forever in 2014

THE 7 BIG WAYSDORCHESTER CHANGED FOREVER

IN 2014 and four predictions for 2015!

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1) Hancock/Pleasant2) Russell Engineering3) Spire Publishing

4) Savin Residences5) 24 Grampian Way6) Boston Globe site

Major commercial development in Dorchester has historically come in dribs and drabs. But in 2014, it came to Savin Hill like a tsunami, with six major development plans and proposals in less than one square mile.

This fall, the sprawling Spire printing facility hit the market. Two weeks later, a developer announced plans for 92 housing units at Pleasant and Hancock Streets. As investors and the development community took notice, other major tracts quickly changed hands or were put up for sale as redevelopments.

Meanwhile, the long‐stalled developments at Savin Bar & Kitchen and 24 Grampian Way were approved for construction.

Savin Hill explodes with development

In Realty | 5 Savin Hill Ave., Dorchester, MA 02125 | InRealtyInc.com | 617-265-3500

Dorchester is a sprawling collection of neighborhoods, some easily accessible and others not so much. We all have neighbors with stories about taxi drivers refusing service to or from Dorchester – but that common frustration came to a widespread end in 2014 when the ride‐sharing revolution brought ‘taxi’ service to Dorchester in a way that was previously unthinkable.

The growth of apps such as Uber and Lyft in 2014 made Dorchester smaller and more connected to the rest of Boston, erasing one of the key headaches to living here.

These apps leveled the playing field, making it just as easy to grab a ride from dbar at 2am as it is to hail a cab outside L'Espalier at 2am.

The year we all could finally hail a taxi ride in Dot at 2am!

Uber in action: at 8pm on a Sunday, it was just as easy to find a car in Dorchester as it was to find one in Government Center.


As of January 1st, 2014, only 24 total condos in Dorchester had ever sold for over a half million dollars.

In 2014 alone, 22 condos sold for half a million dollars or more. That’s right, nearly as many $500,000+ condos sold in 2014 as in every other year combined.

Dorchester is a collection of different neighborhoods with different housing stocks, but 2014 was the year that the highest‐end market absolutely exploded in value.

It was no longer rare to find a condo for over $500,000

# of Sold Dorchester Condos Over $500k


Triple deckers are one of Dorchester’s most iconic and important source of homes. They are a key indicator of underlying trends in the market – from rentals to high‐end condo sales.

There hasn’t been a Dorchester triple decker to sell for more than $700,000 since 2006. But in 2014, we saw four triple‐deckers exceed that mark.

2014 featured a return to buyer bidding wars, as out‐of‐market investors turned their eyes (and checkbooks) towards Dorchester.

The return of the $700,000 triple decker

# of Sold Dorchester 3 Families over $700k


It’s no accident that Dorchester’s eastern neighborhoods along the T’s Red Line are where most recent development has occurred, while Dorchester’s western neighborhoods lacking T service have lagged.

But, in 2014 when two major improvements came to the Fairmont don’t‐call‐it‐a‐T‐line “commuter rail” line:

1) The line opened its doors to weekend travel.2) The pilot program to charge lower “T” fares was

made permanent.

Now operating as more of a ‘city T line’ than a ‘suburban commuter train’, the Fairmont Line will bring newfound access – and opportunity – to Dorchester’s western neighborhoods.

Fairmount Line opens weekend services But don’t call it the T.

While real estate values along the Red Line corridor have boomed, western neighborhoods in Dorchester have lacked adequate public transportation –until now.


For the first time since 1950, a Dorchester native was sworn in as Boston’s Mayor. But it’s more than just being from Dorchester that matters, it’s being for Dorchester.

Marty Walsh has worked for nearly 20 years as one of Dorchester’s state reps, fighting for improvements throughout his Dorchester district. Taking the oath of office at City Hall in 2014 marked an important moment – Dorchester would have the most powerful voice in City Hall.

But it doesn’t end there ‐ Mayor Walsh has brought a powerful team of Dorchester movers and shakers into his cabinet, including his Chiefs of Economic Development, Civic Engagement and Neighborhood Services.

Boston political power centers on Dorchester

Marty Walsh currently has 16 cabinet members,7 of whom have direct ties to Dorchester –indicated in orange.


Mayor Walsh’s Cabinet

The most important way that Dorchester changed forever in 2014 didn’t even happen in Dorchester. It happened next door, in South Boston.

2014 made it official: Southie is now a luxury neighborhood. This was the year that the average condo price topped $500,000 for the first time ever.

Southie’s march to luxury has been well‐documented, but buyers could always find good values near its industrial edges. But not in 2014. This was the year that there were no more bargains to be found.

This caused a massive domino effect throughout 2014 as value‐seeking buyers and renters followed the Red Line out of Southie and into Dorchester.

Southie became an exclusively luxury neighborhood.

South Boston condo prices haveclimbed 47% over their 2009 levels

2009 2010 2011 2012 2013 2014

$500,000


What a year for Dorchester. Development is booming. New restaurants and shops are cropping up at every corner. New neighbors flooded our offices while infrastructure improvements knitted our neighborhoods closer together.

It seemed like 2014 was a year that Dorchester changed forever. For good or for bad?

My neighbor has lived in Dorchester for over 80 years and she had an interesting perspective, “it’s not new, it’s a return to the old times.”

She called the dramatic changes a “restoration” of what she’s always loved about her neighborhood ‐ going back to when she first moved in!

So maybe Dorchester isn’t changing into something new, maybe it’s just becoming better at what it always has been: a diverse collection of great neighborhoods for great people from all walks of life.

Justin Green

2014: a ‘restoration’After an exciting 2014, what’s in store for 2015? Here’s four predictions:

1) Prices will go up. We expect a 6‐12% increase along our Red‐Line‐serviced neighborhoods and a 3‐5% increase in western areas.

2) An early Spring. Dorchester’s spring market will get an early start based on the low supply of homes for sale and the historic highs that ended 2014 on Wall Street, fueling buyers to get in early.

3) Expect more college renters. And not just from UMass. We’re seeing rental demand spike from students at four schools located on the Red Line: Suffolk, Emerson, MIT and Harvard. They are chasing red line T stops in search of affordability and they are landing in Dorchester.

4) Morrissey Boulevard on the rise Look for a single, marquee development on Morrissey Boulevard that finally jumpstarts the long‐planned (and long‐stalled) developments all around the JFK station on the Boulevard’s corridor.

Chris Poulos

2015: four predictions


Justin [email protected]

Justin Green is President of In Realty, Dorchester’s largest independent real estate brand according to MLS sales data from 2011‐2014.

A long‐time Dorchester resident, Justin was Dorchester’s #1 in sales from 2000‐2010, until handing off his crown over to his colleague, Chris Poulos, In Realty’s Director of Sales.

Chris [email protected]

Chris Poulos is Director of Sales at In Realty and is Dorchester’s first agent to sell over $100,000,000 worth of Dorchester real estate according to MLS sales data.

Chris is also a long‐time Dorchester resident, living at the foot of Jones Hill, near Upham’s Corner and Savin Hill.

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