(Photo Credit: avaloncommunities.com)

AvalonBay Communities Inc. is at it again! The luxury apartment developer is currently hard at work putting up the Avalon Exeter, at 88 Exeter Street in the Back Bay neighborhood of downtown Boston.  The sleek new construction project is underway, and expected to deliver an additional 187 rental units to the Boston market in the fall of 2013.  The residential tower will be an impressive 28 stories, and will offer studios, one-bedroom, two-bedroom, three-bedroom, and penthouse floor plan units.

Avalon Exeter boasts the state-of-the-art resort-style amenities that clients have come to expect from the Avalon brand name:

    •    Fitness center
    •    Swimming pool
    •    Lounging decks
    •    Clubhouse
    •    Playgrounds
    •    Garage parking
    •    Concierge
    •    LEED certification

The Avalon Exeter will also include high-end finishes, typical of the Avalon name, floor to ceiling windows, and panoramic views of Cambridge, Back Bay, and downtown Boston. 

As if these luxury amenities weren’t enough, Avalon Exeter, along with all AvalonBay luxury rental communities offers its tenants its prestigious Avalon Access website portal; where tenants can make maintenance requests, set up utilities, and make rent payments online.

The future luxury building will be located on Exeter Street next to the Lenox Hotel and opposite the Prudential and Copley Malls; which, given the immediate location, tenants will enjoy open access to the malls. 

As noted, this luxury building is scheduled for availability starting in fall 2013. Alternatively, if you or need housing immediately please call me, Jonathan at 617-320-6548 or jgoldman@bradvisors.com.

The Avalon at Prudential is a luxury apartment complex located just down the block from this project, and the amenities and units are not only very comparable, but practically identical.
 

 More changes are coming to the city's skyline.

A boutique hotel and residential complex skyscraper will add to a flurry of development in Back Bay. News of a 400,000 square-foot, potentially 35-story high rise was recently announced.

The site, 40 Trinity Place, is located at the corner of Stuart and Clarendon Streets. The site contains the former John Hancock Hotel and Conference Center (renamed the Boston Common Hotel and Conference Center); whether this building will remain is unclear at the time.

Trinity Stuart LLC, a joint venture between Gary Saunders, Jeffery Saunders and Jordan Warshaw, purchased the site for $22.6 million in December 2011.

Gary and Jeffery Saunders are owners in the Saunders Hotel Group, one of the city’s most prominent hoteliers, which formerly owned and operated the Park Plaza and Copley Square hotels.

According to a statement from Trinity Stuart, as quoted in the Boston Business Journal, the developers intend to “continue to work closely with the neighborhood and the City to create a signature Back Bay building that complements the surrounding urban context.” 

For more info, please the Boston Business Journal and Boston Globe.

photo credit: Boston.com

New Construction in Back Bay, Underway?: "AvalonBay Communities Inc. is expected to start construction today on a 28-story apartment building on Exeter Street in Boston’s Back Bay" Read More

Former Govenor's Cambridge Home up for Sale for 5.5 Million: "The 15-room, eight-bedroom, 4 1/2-bath “Arthur Astor Carey House” at 28 Fayerweather St. went on the market during the middle of last week. The seller is Susan Roosevelt Weld, the former governor’s ex-wife. She now lives in Washington." Read More

Amanada Knox is Headed Home to the USA a Free Lady: After being in an Italian prison for 4 years, "Knox sobbed at the news conference and held her mother's hand as her lawyer Theodore Simon said her acquittal "unmistakably announced to the world" that she was not responsible for the killing of Meredith Kercher." Read More

                        Photo Credit: Boston.com

Boston's Waterfront Branded the "Innovation District": After being delayed for quite a while, work on Pier 4 in Boston's Seaport district is finally underway. A $170 million apartment and retail tower are just among some of the things that will continue to transform the city's waterfront. Mayor Menino also added, "There's a lot of excitement, and it's really different from anything anything I have seen in my career."  Read more

Single-Family Home Sales Up 7%: The Warren Group, a Boston firm that specializes in tracking real estate data has reported that the sales of single-family homes in Massachusetts is up 7% from July 2010. Read more

BRA is Hosting a Pubic Meeting: On Wednesday, August 24th from 6-8PM, in the Fenway Health Center, 10th floor auditorium at 1340 Boylston Street, the Boston Redevelopment Authority will be hosting a public meeting regarding a proposal for the McDonald's lot at 1282 Boylston Street. Come have a say in your community! Read more about the proposal

Citybizlist.com recently featured Boston Realty Advisors (BRA) in an article about the realty company's announcement that the owners of the historic Brownstone at 86 Commonwealth Avenue have decided to use BRA to sell the property.

One really could not ask for a more beautiful building in downtown Boston.  86 Commonwealth is a four-story (including the basement) French, Academic style, brick brownstone with tandem parking for six cars. Designed and constructed by acclaimed architect T.P. Briggs in 1877, this building is rich with historic detailing that is difficult to find and gives residents and visitors a feeling of deep, historic luxury.  How often do you come across hand carved marble mantels, wainscoting, mahogany staircases, and ornamental crown molding all in one home? You'll find all of that and even more ornate touches at 86 Commonwealth.  

According to Jason Weissman, BRA Principal and Founder, "86 Commonwealth has so many potential uses, it could be an incredible condominium conversion, or potentially a single family."  Boston Realty Advisors is currently offering tours of the property by appointment to qualified buyers.  If you would like to schedule an appointment, contact Boston Realty Advisors.

View the original article on citybizlist.com

Why do they call these the dog days of summer I wonder? Could it have anything to do with consuming hot dogs perhaps? 

I read somewhere or maybe heard it on a radio talk show Howie Carr or NPR or somewhere that in 2009, consumers spent more than $1.6 billion that's BILLION with a B on hot dogs and sausages in U.S. supermarkets. Gosh if you think about it that's alot of dogs! Or could it be they call it dog days of summer simply because someone once noticed a correlation between a hot day and their lazy dog just laying around in the shade doing nothing.  Just resting.  Could it be that simple I wonder? Interesting. 

Well it seems we sure are experiencing some pretty serious dog days so far this month!  100-105 degrees oh my! And I'll tell you it affects me. Not just the way the heat makes me feel slow but it affects work. While I can lay in the shade and rest any time I want in the type of work I do...that would be real estate sales.... unfortunately I can't do it for long.  As a REALTOR I'm pretty much self employed and often host open houses on Sunday's to meet prospective buyers (a small part of the marketing I do to reach out to prospective clients).  In the Real Estate world Sundays it seems is the traditional day to host open houses.  It sounds logical because most work from Monday to Friday however is it really practical? Does it make sense to host open houses on a weekend in the summer time? The dog days of summer time.

Hosting open houses hasn't been so much fun these past few weeks.  I assume if you're a sales agent or know one (and most of us know someone who is one) you know what I mean.  I really don't mind giving up a hot day at the beach or laying by my brother's pool to stand instead in a beautiful air conditioned home for a few hours.  Especially these days it's more important to me that I build my business and a future retirement.  God knows I've done enough bathing, lounging and BBQing to last a life time. As I said it's not so bad hosting an open house during these hot dog days. So I do it for myself and for others I work with at my company.  I stand there in the comfort of an air conditioned unit with iced coffee in one hand and listing sheet in the other.  Then someone enters!!!  And I've got to say how exciting it is when that sweaty, drained and tired home seeker happens to finally come through my door! Can you imagine how excited I am?.!?# I smile at them and offer a hand shake.  Some catch their breath while kindly shewing me away with a grin not interested in talking with me and others engage in a little kabitzing then off they go.  These days it seems there are fewer and fewer visitors.  Maybe I should consider offering lemonade or something thirst quenching...hmmm...

Seems many a Sunday has passed with only a few to none pay me a visit at my air conditioned listing.  Other than offering an iced beverage we're doing all the right things. Advertising. Marketing. Could they all be enjoying themselves at the beach on these dog days of summer? Or perhaps basking in the shade under a tree drinking their ice tea?  Yeah I'll bet they are hanging out being handed a beer and a grilled dog somewhere fun. 

Well we all work hard and deserve to enjoy dog days off especially on the weekend when all of our freinds are doing the same thing.  Enjoying themselves that is..  And who really wants to walk around 105 degree Boston touring open houses sweating bullets all over the place when they could be sprawled out with their face planted in a blanket on Carson Beach in Southie or sailing the Boston Harbor with friends or throwing a fishing line out to hook one of the many thousands of yummy striped bass swimming our waters right now!!

But isn't touring open houses important to some of you who recognize property values and interest rates are at the lowest they have ever been in a LONG time?  Touring open houses gives buyers AND sellers a better perspective of what a certain square footage can buy them in a particular neighborhood of interest.  It's an opportunity to investigate, talk to the agent and learn details they wouldn't if they just read about the unit.

So how about attending an open house on a weekday?  Perhaps after work when the sun is going down and it's more convenient for you?  Attending an open house on a week night for example promises not to interrupt your dog day summer afternoons especially the weekends!  And if you happen to spot a home that isn't open on a week night BUT wish to see it you can always call a qualified experienced AND helpful person like myself to set up a showing for you!  Happy Dog Days of Summer!

Vivian Zottola # 617-721-8025  617-721-8025 vzottola@bradvisors.com 

Boston Realty Advisors www.bradvisors.com

It’s April, the month when Boston gets back into high gear!

The month of April brings new energy to the Boston area, temperature changes, symbolic sporting events, spring blooms and more… Most importantly, an abundance of NEW apartment inventory!

Increased Apartment Inventory - the “rental season” in Boston has now begun. It is the best opportunity to be exposed to the maximum number of units, as approximately 90% of the city moves during the next few months. We currently have access to units available NOW through Sept 1st!!

Red Sox Opening Day – Baseball season has officially begun, our hometown Red Sox kicked off the season in a home opener against their all time rivals the New York Yankees! Boston took the win, Boston Red Sox: 9 - NY Yankees: 7 – we’re looking forward to get season!

Marathon Monday - The Boston Marathon, the world's oldest annual marathon will be held on Monday April 19th. Be prepared for delays!! Visit: http://www.bostonmarathon.org/default.asp for more information.

Spring Blooms – March Showers, bring April Flowers! Watch for the blossom trees, tulips and daffodils as they bloom creating picturesque sites throughout the Public Garden, along Commonwealth Avenue and the beautifully landscaped brownstone entries.

Street Cleaning - Street Cleaning is in full affect as of April 1st. If you brought your car with you to school and/or you commute in, be sure to look for the “street cleaning” signs. Otherwise, you may find your car with a parking ticket and/or worse, having to get your car out of the tow lot! Visit: http://www.cityofboston.gov/publicworks/sweeping/ for more information.


We have an abundance of NEW Boston apartments coming available; please feel free to contact one of our advisors if you’re looking to find your ideal apartment.


 

Office rents in Boston's Back Bay, Financial District and beyond......

Where are office rents in the Boston market today and how much lower will they go?

Boston’s central business district has earned the unfortunate distinction as the most deflated rental market in all of the Americas¹. Combine that with a lackluster economic recovery characterized by problematic job growth will hamper the pace of any real estate market resurgence, which probably cannot gain much traction until late 2011 or 2012².

What does this mean for you and how do you capitalize on it? Landlords are working extremely hard to preserve market rents on renewals and new leases. Yes, those numbers have come down significantly, but more so then that, tenant improvement allowance (T/I) and rental concessions are two buckets that deserve far more play. When one thinks about cost of space PSF, it should be that of net effective basis. Meaning the asking price less the free rent, example a 60 month lease @ $35.00 PSF with 6 months free is $32.50. Rent abatement was not an available option for tenants 24 months ago, now it has become main stream. The amount depends on the financial viability of the tenant to perform as well the landlord’s competitiveness in the marketplace.

Tenant improvement allowance in the recent past never moved above 50% of the first years rent on a standard lease term. Now, we are seeing that number grow from 65% to 110% of the first years rent. In many cases in times past tenants would have to pay to move into their new space. Nowadays tenants are getting the benefit of turnkey deals, thus no out of pocket expense.

Why hire a broker if I plan to renew my lease? My landlord and I have a workable relationship. Your landlord profits by getting the highest rent possible from you. Until your broker creates competition with your landlord, you’re a captive Tenant exposed to paying above market.

The call to action is to seek out professional advice to assist you in these tumultuous times. To learn more about how the Boston Realty Advisors commercial leasing team can help your business, please do not hesitate to contact us.

Sincerely,

William H. Catlin, Jr. • Principal   
Boston Realty Advisors
715 Boylston Street • Boston MA 02116    
T 617.850.9606 • F 877.868.1672
www.bradvisors.com • wcatlin@bradvisors.com
Boston • New York

¹ Boston Business Journal – 12.1.2009

http://boston.bizjournals.com/boston/stories/2009/11/30/daily26.html

² Emerging Trends in Real Estate 2020 – PricewaterhouseCoopers

http://www.pwc.com/us/en/asset-management/real-estate/assets/2010-emerging-trends-us.pdf

Where will the prices end up at some of the best office addresses in the Class “A” market? 

Hub's Historic High-Rises In 'Fight To The Finish'

Prime Addresses Pitted Against Upstarts

By Scott Van Voorhis

Banker & Tradesman Columnist

Yesterday

The overall vacancy rate for the Boston office market hovers around 13.5 percent, Colliers Meredith & Grew reports. But some of our best-known skyscrapers, like the Hancock, are struggling to fill much larger blocks of space, a trend likely to have a profound impact on the city’s economy for years to come.

With so much top shelf office space available, why would a major law firm or financial company take a chance on what could very well turn out to be a developer’s pipedream? Indeed, for companies that have long dreamed of setting up shop in one of the city’s elite towers, this is the time to make a move to an established property.

Developers hoping to start construction on a range of new skyscrapers, from the ill-fated Filene’s project to a pair of new towers next to the Rose Kennedy Greenway, can kiss these grandiose plans goodbye for the foreseeable future.

“It is going to be a tough sell for some of them, it really is,” said Vivien Li, head of the Boston Harbor Association and an astute office market observer, of developers pushing plans for yet-to-be-built towers.

Instead, in the midst of one of the worst downturns in generations, we have a fight to the finish between some of Boston’s best-established corporate addresses, like the Hancock, and a pair of relatively new upstarts on the city’s waterfront.

Established, Vacant

On the surface, the vacancy rate for downtown towers, at 13.3 percent, would appear to be closely tracking that of the overall market, if not a little below, according to Colliers Meredith & Grew.

But look more closely and you see some big blocks at some very well known addresses.

For starters, there’s the Hancock Tower, which, after being sold at a foreclosure auction last year, sports a vacancy rate that now hovers in the low 20s. Along with the 60th floor, there’s space available on the 20th, 21st and 22nd floors, as well as the 19th and 10th floors.

Just down the street, the vacancy rate at 500 Boylston St. puts the Hancock to shame. Nearly half the 1980s tower is available, including a huge, 150,000-square-foot block of space being sublet by publisher Houghton Mifflin.

Over in the Financial District, prominent towers also have gaping holes to fill.

There’s 200,000 square feet of empty offices over at 100 Federal St., where Bank of America has its regional operations. A couple hundred thousand square feet is also available at both 99 and 100 High St.

And if Don Chiofaro’s International Place towers seem to be doing a little better than most right now, sporting a 14.2 percent vacancy rate at One International Place, just wait a few months. Ropes & Gray is slated to vacate 350,000 square feet in the tower, moving over to the top floors of the Prudential building.

And as if the competition for tenants weren’t already fierce enough, two upstart high-rises on Boston’s waterfront are now entering the fray.

New Kids On The Block

Waterfront builder Joe Fallon is rolling out the first high-rise at the long-delayed Fan Pier project, with anchor law firm Fish & Richardson committed to 124,000 square feet. Not bad in a down market.

But that leaves another 376,000 square feet of space to fill in the 18-story building at One Marina Park Drive.

For its part, Boston Properties has managed to get the new Russia Wharf tower financed and built amid the worst downturn in generations.

But even after a lease to anchor tenant Wellington Management that will fill more than half the new tower, our vaunted hometown real estate giant still has another 300,000 square feet to rent.

Fan Pier and Russia Wharf bring to the market a pair of ultra modern high-rises in a city where most of the skyline is decades old. There’s the additional attraction of breathtaking harbor views, and, in the case of Fan Pier, plans for a new neighborhood of shops, restaurants and homes.

But there’s a price to be paid for new construction as well, a cost that may be hard for some firms to justify right now. Towers that are already established are going to have more price flexibility than a brand new tower with an expensive debt load to service and even more space to fill.

Say Hello To 2020

So where does that leave all those developers still hoping to make a big mark on the city’s skyline?

Well, to be blunt, it leaves them looking at a construction launch of 2020 – if that.

Tough times have never deterred Chiofaro, who opened up his twin tower International Place complex amid the brutal real estate downturn of the early 1990s.

But it’s not clear where Chiofaro will find the tenants to fill the new pair of twin towers he would like to a build a few blocks away on the site of the current Harbor Garage, overlooking the Greenway. And he will soon be scrambling to fill a huge hole in One International Place after Ropes and Gray waltzes away this year.

And what of poor John Hynes and his beleaguered drive to salvage the Filene’s fiasco and fill in the block he gutted in Downtown Crossing with a new tower?

All that needs to be said is that Fish & Richardson was once slated to go into his Filene’s tower, but is now headed for Fan Pier.

No, there is simply too much space to fill – and top shelf space at that – for any towers still sitting on the drawing boards to have a fighting chance right now.

“Who is going to go into these offices and all these fancy condos they are talking about?” Li asks. “Where is the absorption going to come from?”

But the emerging duel between establish, marquee addresses and new, chic upstarts will be interesting. Let the office market wars begin!

http://www.bankerandtradesman.com/news137009.html

Today there was a broker's open house at 128 Commonwealth Avenue, the Back Bay townhome of Herb Chambers of the car dealership empire. A stunning home with over 5 bedrooms, 5 full baths, 3 half baths, 3 decks, elevator, and indoor & outdoor parking for 5 cars.

128 Commonwealth has been on the market for over 1,100 days (that's over 3 years, in case you're counting), listed with Beth Dickerson at Sothebys. It was originally listed at $14,500,000, but has been priced as low as $9,995,000 & currently being marketed for $10,500,000.

Brokers from across the city converged in Back Bay today to take a peak at Herb's home and eye some baubles by Persona, a jeweler who hosted a show at the open house.

So what do you think? Check out the MLS listing here.

Search other Back Bay single families here.