Real Estate Market Just as Hot Nextdoor in Chelsea

Jeff Bowen and Sandra Castillo set to unveil Parker Place condominiums on Parker Street

Chelsea real estate agent Jeffrey Bowen said all the hard work by city officials over the past 20 years is paying off.

“Chelsea is booming,” says Bowen. “City Managers Jay Ash and Tom Ambroino, the city councilors, and the community have brought it back to where we are now. Chelsea is the No. 1 gateway city in America with the lowest price-per-foot next to a major metropolitan city (Boston).”

Bowen knows much the city’s resurgence and the booming real estate scene. He is currently marketing his third major project, Parker Place, 12 new luxury condominiums at the corner of Parker Street and Spencer Avenue. The developer for the three projects has been Jason Roback of Roback Real Estate.

“Jason prides himself in bringing value and quality to the future residents of Chelsea,” credited Bowen.

Bowen and his partner, Sandra Castillo, of ERA Russell Realty Group, will host an open house each Saturday and Sunday (noon -2 p.m.) at Parker Place, which is already drawing significant interest among prospective buyers.

Bowen’s previous successes span the city, notably the Beacon Condominiums (81 Broadway) and the Thomas Martin Lofts (204 Spencer Ave.)

Parker Place, located at 87 Parker St, is a seven-story building featuring 12 units: 11 two-bed, two-bath, one two-bed, one-bath. Five of the units have garage parking, seven have outdoor spots. Out of the 11 two-bed, two-bath units, one is an affordable unit for medium-income residents (price to be determined by the City of Chelsea).

According to Bowen and Castillo, the prices at Parker Place range from $449,000 to $539,000.

 “Each condo has air-conditioning, maple hardwood flooring, custom kitchens, and stainless-steel appliances,” said Bowen. “This in an elevator building. Four of the units have roof decks. Eight of the units have balconies.”

Bowen said the area has become one of the hottest in the greater Boston real estate market.

“You have the DaVinci Lofts (960 Broadway), the Industrie Lofts (950 Broadway), the Spencer Lofts (60 Dudley St.), the Keen Lofts (220 Spencer Ave.), and the Thomas Martin Lofts (204 Spencer Ave.),’ said Bowen.

And the boon is continuing, with the Chelsea Zoning Board’s approval Tuesday night of the Forbes Development that will consist of 590 units.

A good time to buy

There is no time like the present to invest in Chelsea, according to Bowen.

“Condominium prices are 25-50 percent higher a mile or two away in East Boston and Charlestown,” said Bowen. “Downtown Boston and the Seaport District (South Boston) is double and triple. Chelsea is still very affordable. It’s a good time to buy. You get more bang for your buck. There is room to grow here.”

Other advantages for buyers are access to Route 1, the Silver Line, five bus routes, and a commuter rail. Five new hotels in Chelsea also underline the fact that the city is flourishing. The new Encore Casino opens in Everett in June.

Bowen takes personal pride in Chelsea’s resurgence. A resident of the city, he was featured in a recent segment on Channel 5’s “Chronicle,” showcasing all the good things that are happening here.

“Sandra and I are our team and we work well together helping people find the residence of their dreams,” said Bowen, who has been No. 1 in the luxury condominium segment of real estate in Chelsea. “I have a relationship with a lender that has a program with rates as low as 3.69 percent on a 30-year fixed mortgage that also includes $7,000-lender-paid closing costs (for qualified buyers).”

Said Castillo, “Whenever we go in to a building, we actually get the highest price for the seller. We also get calls from previous buyers and we’ve been able to double their investment. Our condos don’t last very long on the market because they are such a great value and they have everything people are looking for.”

(For more information about Parker Place Condominums, please email [email protected]).

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