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Since Revolutionary Times, Boston’s Beacon Hill Has Been a Coveted Area

The neighborhood feels like a throwback, with quaint streets and houses

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Beacon Hill is one of the most expensive and sought-after residential areas in Greater Boston Area.

GIBSON SOTHEBY'S INTERNATIONAL REALTY
Beacon Hill is one of the most expensive and sought-after residential areas in Greater Boston Area.
GIBSON SOTHEBY'S INTERNATIONAL REALTY

Boston’s downtown neighborhood of Beacon Hill, with its cobblestone, gas-lit streets and brick row houses, is steeped in history. But it’s not stuck in the past or too genteel. It is a liveable, friendly kind of place, with the intimate feel of a village, cosmopolitan residents and a great restaurant scene.

Beacon Hill is one of the most expensive and sought-after residential areas in Greater Boston Area, according to George Ballantyne, senior vice president of Gibson Sotheby’s International Realty, a Boston MA brokerage.  

Like other upscale neighborhoods in Boston, Beacon Hill has benefitted from an increase in buyers moving back into the city from the suburbs, Mr. Ballantyne said.

Older couples with grown-up children, a.k.a. "empty nesters," now want to be in town,  because they view it as a more convenient place to live. Having everything on the doorstep and being able to walk to work, rather than commuting by car, are large part of the appeal.

Meanwhile, city-dwellers are choosing to stay in the city, and not move to suburbs.

"Those who traditionally would have left for the suburbs to start a family are staying put. This shift has created huge demand for property, he said. "Homes are in short supply, with a large number of families are competing for a few properties."

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Boundaries

Positioned on a hill, the area is bounded by Cambridge Street on the north, Somerset Street on the east, and Storrow Drive on the west, which borders Charles River.  It has areas known as the south and north slopes, and the flat of the hill.  

Price range

Buyers pay an average of just under $1,000 for a square foot; but at the upper end of the market, prices range from $1,800 to $1,900 per square foot, Mr. Ballantyne said.

At the high end of the market, row or townhouses cost between $1,600 per square foot and $1,700 per square foot, while condominiums can command in excess of $2,000 per square foot.

According to a report by Coldwell Banker in July, buyers purchasing condos paid an average of $1,077 per square foot in June this year, up 13.1% from $952 in June last year.

Row houses, in general, tend to be cheaper per square foot compared with condos. A 14,345-square-foot three-family property on Beacon Street recently went into contract for $15.3 million or just under $1,000 per square foot. Gibson Sotheby’s International Realty recently sold a four-bedroom, four-bathroom condo at The Whitwell, a new development of 14 condos on Derne Street, for $8.25 million or $2,317 per square foot.

But prices have increased considerably over the past few decades. A house on Beacon Street went for $275,000 in 1978 and a similar property on nearby Chestnut Street recently for $5.89 million, an increase of more than 2,000% over nearly 40 years, Mr. Ballantyne said.

The most expensive street in Beacon Hill is Louisburg Square, according to agents at Coldwell Banker’s office in Beacon Hill. The enclave is home to some of the district’s wealthiest residents, most famously the former U.S. Secretary of State John Kerry and his wife Teresa Heinz, a businesswoman and philanthropist.

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Housing stock

The area is known for single-family houses, which range in size from between 4,000 square feet and 7,000 square feet, and feature four to seven bedrooms.  Private gardens are common features.

Beacon Hill’s earliest built homes, which range from row houses to semi-detached houses and freestanding mansions, are full of charm.  Constructed in red brick, they have a similar look to Regency-era townhouses in the U.K., with tall sash windows, exterior timber shutters and elaborate front doors.

They were mostly built in Federal style, a classical style of architecture developed at the end of the 18th century in America. Symmetrical facades, square layouts, sash windows and front doors with fanlights are key characteristics. It was popularized by Charles Bulfinch, an architect who designed Massachusetts State House, a prominent landmark in Beacon Hill.

Many houses have roof decks or terraces, which offer views of Charles River and Cambridge, a district located across the river.  

When it comes to condominiums, there are few purpose-built buildings, and most have been converted from row houses.

New high-end condo developments are being created from some period properties. The aforementioned Whitwell development is a renovation of an older property once owned by Suffolk University; 25 Beacon is a development of five homes set behind the facade of a Jazz Age-era building that overlooks the gardens of the Massachusetts State House.

Rising demand and house prices have brought developers into the area, said Sue Collins, branch manager at Coldwell Banker, a brokerage in Beacon Hill. "There is increased demand for luxury turnkey homes. People are less interested in buying property that needs extensive work."  

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What makes it unique?

The oldest of the nine districts in Boston, Beacon Hill is rich in history. It has revolutionary roots and it became a center for black and white abolitionists in the 18th century.  

Designated as a historic district, the facades of houses are protected because of their historical significance, meaning the heritage look of the place has been maintained.

And the historic streets of Beacon Hill are well preserved, full of character and feel steeped in history. European-style details, such as townhouses tightly packed together, narrow streets and small-scale shops, are distinctive features of the neighborhood.

Acorn Street, with its gas-lit-style lampposts and original cobblestones, is one of the most photographed streets in America, but there are many more picturesque alleyways hidden away that are less known.

The pictured historic single family home is located on Mount Vernon Street in Beacon Hill. The four-bedroom property is currently asking for $3.75 million.

GIBSON SOTHEBY'S INTERNATIONAL REALTY

"It looks pretty identical to how it looked 50 years ago," Mr. Ballantyne said. "It’s not going to change any time soon and that’s what people like about it."

It is an "in-demand" area because it is historic, has a real sense of community and small independently owned shops, according to agents at Coldwell Banker in Beacon Hill. They added that the neighborhood’s proximity to the city’s financial district and flourishing biotechnology hub in Cambridge are a big draw.

The neighborhood has plenty of green space as well as elegant public gardens. Boston Common, a 50-acre park, adjoins Boston Public Gardens, which has 24 acres and historic monuments and memorials.

Plus, Charles River is a five-minute walk away.  The financial district and Faneuil Hall, a historic marketplace and shopping mall, are a 10-minute walk away. Back Bay shopping district is close by.

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Luxe amenities

The Greater Boston Area is known for its world-class universities and colleges, including Harvard, Massachusetts Institute of Technology (MIT) and Boston University.

These institutions are less than four miles from Beacon Hill, making it an ideal base for (wealthy) students.

Beacon Hill also has several popular dining spots. Charles Street’s Toscano has a Tuscan menu, which includes classic dishes such as pappardelle Bolognese and linguine vongole, in an elegant setting.

Other hotspots on Charles Street include Beacon Hill Bistro and Hotel, which has 13 rooms and a dining room that serves modern American and French-influenced menu including some classic brunch dishes, and Bin 26 Enoteca, which has a seasonally driven menu.

Number 9 Park, a fine-dining spot overlooking Boston Common, has sophisticated French and Italian-style food. There is also Tatte bakery and café, which serves breakfast, brunch and lunch, and Pressed, which has a line of superfood shakes and bowls.

Charles Street, the area’s main shopping street, is particularly picturesque, with individually owned independent shops and historic buildings. Pick up interesting furnishings at Theodore & Company, an interior design company and shop, and handbags and scented candles from December Thieves.

Those who like a bit of 1980s nostalgia should head to the pub that was the inspiration behind the sitcom Cheers, which is located in Beacon Hill.   

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Who lives there?

Wealthy families within the merchant and finance industries, known as the Boston Brahmins, dominated Beacon Hill during the 19th century. Now the area is more diverse.

It’s a mix of families and single professionals. There’s entrepreneurs in the digital and biotechnology industries, along with investment bankers, hedge-fund managers, doctors and attorneys, artists, architects, old-money families, and some wealthy foreign and American students, according to brokers. (Higher education and healthcare and financial services are the biggest employment sectors in Boston. But the biotech research and development industry is becoming a big employer as well. )

It’s sought-after by people relocating to the city for employment from abroad or other cities in the U.S. who want single-family homes, Mr. Ballantyne said.

In terms of the aforementioned suburb-to-city migration, Mr. Ballantyne said, "They are mainly coming from two major suburbs, Weston and Wellesley. Most want an 8,000-square foot-house with a low-maintenance garden."

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Notable residents

John and Teresa Kerry are perhaps Beacon Hill’s most famous residents.  They have lived in a townhouse on Louisburg Square, one of the area’s most affluent parts, since 1995.

Famous past residents include John Singleton Copley, an Anglo-American painter who was famous for his portrait paintings of the affluent and prominent figures in colonial New England. A statue of the artist stands in a public square named after him, in the neighboring district of Back Bay.

John Hancock, an American merchant and a prominent figure in the American Revolution, lived with his family in a house on Beacon Hill. Their home, Hancock Manor, stood on what are now the grounds of the Massachusetts State House.

An important hub for the anti-slavery movement, Beacon Hill was home to a significant number of black and white abolitionists, many of whom played a part in the Underground Railroad, the network of safe houses and routes used by escaped southern slaves escaping slavery.

The home of Louis and Harriet Hayden, two prominent African-American abolitionists and former slaves, is a Boston African-American National Historic Site and is located on Beacon Hill’s Black Heritage Trail.

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Outlook

Boston’s property market proved to be more resilient to the global economic downturn, according to Mr. Ballantyne.

He notes that house prices and levels of demand have increased significantly over the past few years. "The imbalance between demand and stock has resulted in rising prices," he said.

Home values in Beacon Hill have increased by 8.6% over the past year, according to the property portal Zillow, and it predicts they will rise 3.6% within the next year.

"If you live in Beacon Hill and spend a few million on a renovating your home, you’re likely to get your money back and more," Mr. Ballantyne said.

Ms. Collins agreed:  "Owners are realizing that when they wish to sell, a renovated product will get them a better price."

"Low levels of supply and high demand have previously created a frenetic market," said Leslie Adam, an agent at Coldwell Banker in Beacon Hill. "The market is still hot but properties are now taking longer to sell. We expect there to be a gradual shift from a seller’s market to a  buyer’s market over the next 12 months."

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