Behind the Beacon Hill ordinances and regulations that extensively protect the historical integrity of neighborhood home exteriors, Bostonians would be surprised to know that interior renovation work is constantly happening inside the stately residences in one of Boston’s most premier neighborhoods. The most recent addition to the Beacon Hill neighborhood is the complete interior renovation of the five units at 73 Myrtle Street, which have been listed for sale at prices ranging from $639,000 to $879,000 (average of $776 per square foot).
The building is comprised of a garden level 3-bedroom 2.5-bathroom duplex with its own private entrance, as well as four 2-bedroom 2-bathroom units with the penthouse capped with its own exclusive roof deck. The gut renovation to the building at 73 Myrtle Street was completed over a period of 10 months by Zamok, Inc., a local real estate investment and development company. Zamok has been doing condominium developments in the Boston area for approximately 6 years, and recently branched out to a luxury single family development in Wellesley, MA.
While new projects, especially townhome and smaller condo developments, continue to be brought to market, developers are working on projects that can easily be distinguished amongst the available downtown Boston inventory. “Buyers, in general, prefer renovated properties over those that need work. There is nothing else on the market on Beacon Hill right now that compares in terms of level of renovation and pricing to 73 Myrtle Street. The 73 Myrtle Street units offer a buyer the opportunity to purchase a home that is move-in ready,” says Pauline Donnelly, Vice President of Coldwell Banker Residential Brokerage at 48 Charles Street, who represents the property as the exclusive Listing Agent.
When asked if there was apprehension on the developer’s part in approaching a gut rehab project in the current market, Donnelly stated,”A developer has apprehension about a new project in any market. However, 73 Myrtle offers a quality product within reasonable price points and with attractive listing prices. The Beacon Hill sales market is one of the most robust in the state and typically properties in this neighborhood hold their value more than other areas.”
The units at 73 Myrtle Street feature kitchens with granite countertops, stainless steel appliances, and gas cooking. Each unit includes a master bedroom suite with a walk-in closet. Additional features include central air conditioning, recessed lighting, and a washer and dryer hook up.
According to LINK, one of Boston’s to MLS systems, the average price per square foot for sold listings on Beacon Hill in the past six months has been $716, with an average days on market of 126.