BACK BAY STAKEHOLDERS’ REPORT FALL 2019 For all your real estate needs, call the best. Check out our testimonials on Zillow and Yelp, then call the real estate economists of choice. CONTACT THE STEVEN COHEN TEAM 607 Boylston Street #500 1313 Washington Street #115A Boston, MA 02116 Boston, MA 02118 617-861-3636 www.stevencohenteam.com [email protected] Subscribe to our Stakeholders’ Reports at stevencohenteam.com/publications BACK BAY STAKEHOLDERS’ REPORT 1 MARKET ANALYSIS Zoning and Multi-Family Housing in the Boston Area ....... 2 You, Your Property Taxes, and Your Residential Exemption ......................................................................6 Boston’s Top 10 Neighborhoods ..................................................8 Focus on Back Bay .............................................................................9 Citywide v. Back Bay ....................................................................... 10 Top 20 Most Expensive Back Bay Sales ...................................11 Notable Back Bay Sale ................................................................... 14 Back Bay Development ...................................................................18 COMMUNITY FEATURES Honey Bees: The New Urbanites .................................................4 Meet a Back Bay Landmark .......................................................... 16 WalkUP Boston ................................................................................. 20 So Good Sounds................................................................................22 THE BACK BAY REAL ESTATE ECONOMISTS OF CHOICE The Steven Cohen Team .................................................................12 Market Movement Index ............................................................... 24 Sunday Open House Guide ..........................................................25 COVER ART Designed by Boston-based illustrator and jewelry designer Belle Hornblower (www.bellepepperboston.com). Commissioned for proprietary use by the Steven Cohen Team. If you’re interested in purchasing a print, please call us at 617-861-3636 or email [email protected]. Co mm n o t s o B 1 on we alth M Av Institutional as F sac u hus ll ett e s 2 STEVEN COHEN TEAM r Tn t pk d Overlay District P o t n t y S R a S Alm r S d k l t e i D Ip F r s wic e S t s h S Cambridg r Van Ness St e i d l o S Boylston St ay Wy d Allston/Brighton rw R ve rim i lg R Pi t v S Maps 7A, 7B & 7C A y e a in kl w o n ro Queensberry St e B m e A H gas siz J Rd o s l Park Dr in P Zoning Districts City of Boston l v Map 1 A r t u S e Boston Proper ey st nn a Bi P y is u W o y h L W t y y int S L a rs Sa o d w o Pl n R n F eare g e F e Sp w c Adopted by the F o a r o l a d a n P y ing Commission of the City of Boston c A i v s W s S n a in meeting on August 1 5 , 1 9 6 2 t v E t S h gton Av t Huntin y s ZONING AND r o F t S W n ar o d e S L t t t S T S r N re s e R H 0 800m 1,600u Feet rk u MULTI-FAMILY HOUSINGt s ill ( o n a g s ( S n o P g i d t t h le e i S p S a l s t t A S W t t Map Designed for 1" = 800' in a Chairman IN THE BOSTON AREA S C As amended om m H-4 o nw ea lt h Effective: J une 1 3 , 2 0 1 8 Av Public Notice: May 2 4 , 2 0 1 8 H-1 B NEW STUDY IDENTIFIES ZONINGay RESTRICTIONS St at e Rd C h a r l e s R i v e r M C B AS KEY IMPEDIMENTo TOum HOUSINGa cSUPPLY u k n m S t i t fo ng rt to S n t M St - As of June 2019, we offcially surpassedH-2 2 New York City as the third most expensive large OS L-2 metro rental market in the country. The Boston area’s expensive housing costs affect indi- H-3 Groundwater Conservation District Beacon St Audubon Cir t Beacon St t S B-4 vidual households, neighborhoods, and the region as a whole. As affordable options become S r t e S d t r s d l Map 1M o e M f e a i s c sa e f t Marlborough St unavailable near where people work, they move further awayc resulting in additional traffc r u r hu H-4 i S D s e o l a e B H-3 -6 5 r a F t ts H F T G e r u n - t pk t 8 r l m o o k l y e l i n e e - x r o congestion, discouraging companiesP from moving toW or expanding in the region, and affect- t 1 E o u a y 2 n t r e h 0 k S Commonwe alth Av k b S D t w t ing our economic competitiveness.r Unsurprisingly, a principal reason for the area’s housing v a t A Y Ip c ine sw tri kl ich is oo St B-2 affordability crisis isn D the longstandingBr mismatch of demand and supply. B-3 -6 5 t io S at H-2 el v p r H-3 B-2 a ons e v B-8 -1 2 0 a B h ter C A C dwa Boylston St n s t u t o S t B-8 -1 2 0 c r y B-8 rwa e As theG vfasteste growing state in the Northeast, Massachusettsy added 245,000 new jobs from Ri s Peterborough St e B-6 -9 0 b u s h B-8 -1 2 0 c r S e c B h J t a e 2010 to 2017, a 14%o increase. Yet cities and towns permitted only 71,600 housingS unitss overlv c r s id 0 t y 2 a e 1 BIDMC IS H-1 S a re 8 - t - w M S B n t the same time period, a growth of only 5.2%. One area where we are very clearlye not meeting S m Huntington S I e tuart S C H d M R d D Avenue/Prudential R H-2 I y B l demandrim is for multi-family homes in a range of prices, both for rent and sale. In additionr ilg Park Dr e P -1 H-2 g Center L d Fenway E DANA FARBER to being the preferred downsizing option for empty nesters, multi-family homes provide Map 1D CANCER INTITUTE IS v A B-4 ur Map 1Q -1 te environmentalL benefts suchas as reduced heating and cooling loads, less land required per P St is h H-3 u olp Lo ot unit,H-1 and, if locatedL near transit, reduced auto-dependency. The Metropolitan Area Planningt t B o S in n y en Sa t g W ph S w y te on o a nt S t o w Sai rle Council (MAPC) has projectedd thatd nearlyF two-thirdsen of housing demand moving forward C a A R F v e G r c a a a H-2 t l i n a n S c P s y will bei for multi-family units as the region calls for 227,000 additionalh apartmentsb and s a t w MCOP o r S e y Warren Av v r t s i o P R r IS u e H-3 o g m condominiums by 2030. However,B-1 despite all efforts,n Av the currentF rate of housing h growth ngto v b Hunti S A s r t u R b o u um k g l o e lags well behind that target and production increasesg are nowhere near the necessary scale. C le t S s t W S t a S S r t n n d C o o S a A new study commissionedt t by the Massachusettst Smart Growthe Alliance, in conjunction g L m n S i d h s t u e r s n o n o S with several localW groupsh such as the Massachusetts Association of Realtors and MAPC, H t p W il l ls A id t N e n i e S a w tnames municipal-levelS zoning and land use policies as a major impediment to housing W t o o Sou t r n Mission Hill c S S t e r s t P e supply throughout the Boston metro area and much ofb Massachusetts. t Ma r l e Map 6D S e A m n r t S it is h t s H S P S a a D t t m rk e ll e m r t e H S A L The study analyzes zoning bylaws and ordinances both as barriers to limit developmento v il c e l a n n H A i t t t S d v n n o e o m o x re S a P T t t S h of multi-family housing, and as vehicles to enable that development. And while only a fewt t S S on t t ing ash v Pl W A r E n municipalities effectively prohibit multi-family housing from being builtr altogether, all e S o K t p g N r t i n Fi S o s g E he d r municipalitiesr highly restrict developmento relative to demand. The report assesses the t f A h i N v o B e a M e w l a a d m w m lc l l o l S l t t E m S p E o t S Roxbury X t t state of zoning for multi-family housing in 100 cities and towns of Greater Boston, outside C n e B o c n o Web Zoning Maps Disclaimer a lv S d n r t r S e Neighborhood c W T R t o o r e M of Boston itself, to inform efforts at reforming the regulatory system.