I’ve been crunching numbers on all the cities that surround Boston, as I do this time of year - every year. Just for a moment though I want to revisit Revere, MA. I promise to post the other cities as well. You’ll be astonished at what I found in Revere!

At first, I thought I had a typo in my work but after crunching the numbers again and again I couldn’t believe what my calculator was telling me. Simply put, the condos being built in Revere are the steal of the century. Theses condos sell at and average square foot price of $230.00 while only 7 miles away in Boston they sell at $630.00 per square foot. It’s safe to estimate that 75% percent of the condos being built in Revere are along the Revere Beach Parkway making these condos waterfront or water view properties. While the majority of Boston’s condos are not.

Creating a 6-8 Mile Radius around Boston I found something even more beneficial to Revere vs. its commuter competitors. Here’s a look at the numbers.

Price Per Square Foot Miles From Boston
Boston, MA  $630.00 N/A
Revere, MA  $230.00  6.75
Medford, MA $343.00   6
Watertown, MA  $322.00 8.26
North Quincy $288.00  7.39

Simply put if you buy a 1,000 square foot condo in Revere the cost will be on average $230,000.00 and if you bought that comparable 1,000 square foot condo in Boston on average it would cost $630,000.00. That’s a savings of $400,000.00 dollars by living 6.75 miles outside of Boston. Not to mention the likelihood of owning something with a water view. Which of course holds value in slow markets and appreciates faster in hot markets!!

Revere is working very hard to make its ocean front the greatest deal in the Boston Market. These numbers don’t lie. For every mile you commute from Boston to Revere you literally save $59,259.59 per mile (400k/6.75).

Mapquest.com puts the Revere to Boston commute at 15 minutes I think 400,000.00 in savings is worth every penny of it!!

I think I have also identitfied some deals, within deals, in Revere, MA. If you are interested in learning more about these potential deals please conatct me at JamesM@NextGenRealty.com

Happy Holidays,

James Morrison

Disclosure: These numbers are based off of 1 Bedroom condos. However, the same favorable conditions exsist in the 2 and 3 bedroom market as well for Revere, MA

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