Home prices of
neighborhoods in Somerville and Medford that have once been
overlooked are expected to soar in the next few years as the Green
Line adds a multi-billion-dollar extension.
With years of planning and construction still ahead, the long
anticipated extension of the Green Line from Lechmere to Union
Square in Somerville and College Avenue in Medford will be running
sometime in 2017. Stops will be open in Ball Square and Lowell
Street of Somervilles Magoun Square, Gilman Square and a connection
up to Union Square.
Desire for real estate along these new routes has grown
significantly. It has been noted that real estate investors and
homebuyers have been hungry to have access to some of the
neighborhoods along the new route like Magoun Square and Winter
Hill of Somerville. Long time real estate agents of Somerville have
noted that prices seen in these areas have been outstanding.
Although Magoun Square and Winter Hill do have bus services,
benefits of T services cannot be compared.
Recently, homes in Somerville have sold for far more than
$600,000, thus showing how much progression is occurring in this
market.
David Begelfer, chief executive of NAIOP Massachusetts, a
company that represents developers across the state, noted that the
neighborhoods around this planned route of extension have become a
main focus for developers. They are looking to build new apartment
and condo buildings as soon as possible.
Real estate booms have been known to follow T line construction
and expansion in the past as well. For example, the transformation
of neighborhoods caused by the Red Line extension in the mid-1980s
was spectacular, and we can expect to see the same positive results
in the Somerville and Medford areas. Mass transit is a key element
of economic growth and will add incredible value to the surrounding
communities.
More Information: Boston.com