Banding together, neighbors take advantage of South Boston's real estate market.
Three property owners just outside of Andrew Square in South Boston are taking advantage of a rare opportunity. The three neighboring property owners are banding together in order to take advantage of what could be a much larger development opportunity for potential buyers.
As South Boston continues its major growth spurt, many property owners are looking to cash out on their investments while the market remains at an all-time high. For some, it's bittersweet to sell and (potentially) leave the neighborhood after many years. However, property owners realize the market fluctuates and if there is any consideration to sell it would be when the market is at its best.
JR Associates, a real estate and design-build brokerage in East Cambridge is at the helm of the offering. James Riel, the firm's broker-owner has lived in South Boston for nearly a decade before relocating to East Cambridge. Intimately knowing the neighborhood and friendly with many of the long-time locals, James approached the three property owners with the unique value proposition to maximize their return in this highly sought-after market. Positioning the offering as a much larger (potential) development opportunity would help strengthen the value of the property more so than if the real estate was sold individually to separate buyers at different times.
This is truly a unique and rare opportunity for these property owners but also any potential buyers/developers. As a broker who specializes in multi-family properties and development projects, this is a great sales strategy for these property owners to realize the most amount of value from their investments.
Mr. Riel comments on the benefits of this type of "package" offering for the property owners.
JR Associates will act as a facilitator working with both sides of the transaction but will also take an active role in the community outreach to the direct abutters.
We want to be as transparent as possible right from the initial marketing of the property. That means we'll be speaking with the abutters ourselves to convey the types of real estate that could take the place of these three existing properties in the future. We see too many situations where the abutters just simply aren't being considered, not being notified and their feedback being dismissed. We want to see everyone play nice and transparency goes a long way.