Jamaica Plain real estate wasn't always the hottest neighborhood in Boston, but well-preserved (and sometimes not-so-well preserved) Victorian single-family homes could sell for more than $1 million. Lately, some condominiums are joining the million-dollar club. Take, for example, the very visible yellow house at the corner of Pond Street and the Jamaicaway. Two of the condos are currently listed for $1.875 million each, reports the Boston Herald. Statistically speaking, condo prices are rising faster than single-family home prices in the Boston area, with condo prices jumping 12.2% in JP in the first half of 2016, according to Boston.com.
The old James's Gate Pub will become 11 condos plus ground-floor retail in a four-story building approved this week by a key neighborhood group. The Zoning Committee of the JP Neighborhood Council voted 8-2 with one abstention to recommend support for a plan by local developer Stephen Ballas to transform the site at 5 McBride St. The proposal has been on the table for roughly a year. Wednesday marked at least the fifth community meeting about the project. While condos are nothing new in JP, the size of the proposed development and fact that it takes the place of a well-known pub have focused attention on the project.
One of the most-watched real estate developments in a neighborhood full of them returns to public debate this week. The former James's Gate site at 5 McBride St. will be on the docket Wednesday when the JP Neighborhood Council's Zoning Committee meets. The meeting begins at 7 p.m. at Farnsworth House, 90 South St., just a block from the abandoned pub. Proponents are pitching a four-story mixed-use building that would have 11 residential units and commercial space on the ground floor.
Forest Hills residents peppered a would-be developer with questions about where hundreds of car commuters will go if the LAZ Parking lot becomes a mixed-use development. There were other issues raised during a community meeting Wednesday about "The Residences at Forest Hills," but much of the discussion revolved around parking. The three-building, six-story development would add 252 apartments and townhouses plus 5,500 square feet of retail to Forest Hills' burgeoning stock of mid-rise transit-oriented developments. The meeting was held in the fellowship hall at St. Andrew Church, just up Orchardhill Road from the proposed development.
You probably don't need us to tell you that real estate in Jamaica Plain is becoming increasingly expensive. A couple of articles from the past week bring that point into focus. The Metro calls the JP housing market "fierce," with scarce inventory and quickly rising prices. According to the piece:
There are currently only 47 properties on the market in JP, and less than 25 percent of those that are single-family homes, says Doug McClure, an agent with LAER Realty Partners. Over the last six months, the average sale price of a single family home in JP was $830,000, while the average sale price of a condo was $560,000.