Archive for the 'Commercial Real Estate' category

100 people attended Tuesday evening's Urban Apartment 2.0 panel presented by NAIOP Developing Leaders. Our own Chris Sower served as the moderator for the discussion that covered the current multifamily market and what is in store for the future.

Panelists included: Kevin Ahearn, President, Otis & Ahearn, Inc; Scott Dale, Vice President, Avalon Bay Communities, Inc.; and Patrick McMahon, Vice President Development, Northeast Region, Simpson Housing.

Exciting things are happening in Boston's multifamily market: over the next 24-48 months, an additional 4,500 apartment units are predicted, including Avalon Exeter and Atlantic Wharf. With demographics are trending toward the Gen Ys and empty nesters, smaller units are the norm to fit within a price point. Development amenities are incuding better space solutions, basketball courts, and outdoor space.

If you would like specifics about the apartment development climate, please email Chris Sower.

photo credit: Boston.com

Enhancing the Landscape: "For a casual passerby, it is easy to overlook the entrance of the Southwest Corridor Park, one of Boston’s largest and most prominent public spaces. It presents itself along Dartmouth Street like an alley between commercial buildings, offering little indication of what lies just a few feet away: a plush, linear park that stretches for 4.7 miles, running from the Back Bay to Jamaica Plain."...Read More

Downtown Crossing Luxury Apartment & Retail: "The 27-story glass-and-stone tower will rise on a vacant lot at LaGrange and Washington streets that once hosted the Gaiety Theater. Scheduled for completion in the summer of 2013, it will also include two or three small retail shops."...Read More

Changes for Fanueil Hall: "Ashkenazy Acquisition Corp., a New York real estate firm, said it has closed on the acquisition of a 63-year lease for Faneuil Hall Marketplace from General Growth Properties, a Chicago mall operator."..Read More

The Halloween Season: Two scary classic films for the price of one? Yes, please! Check out the schedule of double features over at the Somerville Theatre in Davis Square...Read More

Boston Realty Advisors has proudly announced the fourth annual "Playing for Parkinsons" charity tennis event and dinner to support the Beth Isreal Deaconess Medical Center on Wednesday, September 14, 2011.  

The two part benefit will feature tennis on grass courts at the Longwood Cricket Club, followed by a dinner at the Beth Isreal Deaconess Medical Center with honorary speaker Karl "Chip" Case, co-creator of the acclaimed Standard and Poors Case-Shiller Home Price Index.

Full information and registration for the event is available at www.gratefulnation.org/playingforparkinsons

The sponsor, Boston Realty Advisors, is one of Boston's biggest and best real estate firms.  If you or someone you know is interested in residential or commercial real estate, contact Boston Realty Advisors today!

Recently, Boston Realty Advisors' principal and founder Jason Weissman was featured in New England Real Estate Journal as well as Banker & Tradesman for selling two retail properties in Beacon Hill. The two properties were located at 125 Charles St. and totaled 2,073 square feet. The final sale price was $1.4 million to Charles Avenue LLC who was represented by Chuck Silverston of Prudential Real Estate. Weissman represented the seller, 125 Charles, LLC.

Boston Realty Advisors (BRA) was featured in the July 15th, 2011 issue of The Real Reporter because they are currently handling two exciting listings in Back Bay that will prove to be great rehabilitation projects. 

493-497 Commonwealth Avenue

Formerly the JS Waterman Funeral Home, BRA's listing at 493-497 Commonwealth Avenue has been out of use for several years, and is finally going to be brought back to life.  It is a 19,500 building currently in "shell condition."  This makes the building a blank canvas.  It may possibly become a residential space, but the central location could make for great offices or other forms of commercial space.  The building is right on the edge of Kenmore square, which is a great area and will soon benefit from major improvements to Boston's Green Line.  Boston Realty Advisors has not announced any definite details of a deal, but whatever happens, Kenmore square will soon have a new great space.

463 Beacon Street

Just a few blocks away, this beautiful building is currently a 20-room lodging house offering nightly and weekly rates.  This property may stay as is, but according to BRA founder Jason Weissman, it is possible that the space may work as a single household.  He also told The Real Reporter that converting the space to condominiums could be a viable and possibly more valuable solution.  The building has 2,400 square feet of frontage on Beacon street, easy access to Massachusetts Avenue and a slew of prestigious Universities, and six parking spaces in the rear.

Interested in these listings or looking for more information on buying or renting real estate in the Boston area?  Contact Boston Realty Advisors today!

1. Paranormal Selling Points: Does MLS have a field for "number of ghosts"? - [Boston.com] Photo credit: Boston.com

2. House Call: A Marblehead house in peril dials 911. [WHDH]

3. Style Secrets: No Trump money? At least you can have hair like the Donald.  [Huffington Post]

4. Conversation Starter: Twitter for real estate? Take a look at this article and leave us a comment with your thoughts. Or tweet us! @bradvisor [Boston.com]

5. Follow Up:  Remember yesterday's story about the man who tried to open a plane door? He could probably use these tips on overcoming embarassment. [Huffington Post]

These are just a few insights into competitive advantage in Boston real estate.
 

I get asked about tax exemptions and tax rates for the Boston area several times a year - naturally, my clients want to know what the rates are and what they will saving if they own their home in certain areas! Here's a quick look at how you are taxed and residential exemptions:

BOSTON:

Boston Residential Real Estate: $12.79 per $1,000 assessed value
Boston Commercial Real Estate: $31.02 per $1,000 assessed value
Residential Exemption (what you are discounted when this is your primary residence): $1,594.85

BROOKLINE:

Residential: $11.30 per $1,000 assessed value
Commercial: $18.30 per $1,000 assessed value
Residential Exemption: $1,837.46

CAMBRIDGE:

Residential: $8.16 per $1,000 assessed value
Commercial: $19.90 per $1,000 assessed value
Residential Exemption: $1,601.00

SOMERVILLE:

Residential: $12.71 per $1,000 assessed value
Commercial: $21.21 per $1,000 assessed value
Residential Exemption: $1,738.02

Here's a link to referencing more info about Residential Tax Exemption in Boston.

To discuss in greater detail, or any Boston real estate questions or real estate search in the Boston area, let me know!

Paul@bostonlofts.com

Jason S. Weissman, Founder and Principle of Boston Realty Advisors, chaired last night's Annual CJP Real Estate, Construction and Design Team Dinner at the Four Seasons Hotel alongside colleague and friend, Tad Lee.  This year's dinner boasted the highest attendance ever for the event, setting a new bar for years to come.

This year's event honored Boston real estate giant, Bill Finard, founder of real estate development, investment, and management company, Finard Properties, LLC.  Introduced by his son and business partner, Todd Finard, Bill spoke about the significance of community, interpersonal relationships, and selfless giving.  Bill has lived a life dedicated to helping others, actively contributing his time and resources to institutions such as Hebrew Senior Life, the Beth Israel Deaconess Medical Center and WGBH, not to mention awarding a total of ten college scholarships annually.

Additionally, Governor Deval Patrick delivered the night's keynote address, touching on subjects such as affordable housing, the state's retention and procurement of private enterprise operations, and public and private economic recovery strategies.  The Governor was also gracious enough to allow for a stimulating Q&A section following his comments.

Boston Realty Advisors is truly elated with the success of the event and is excited to again hold CJP's Annual Real Estate Market Update Event at the Modern Theatre on May 4th.

http://cjp.convio.net/site/MessageViewer?em_id=23261.0&dlv_id=24661

2010 has marked the return of the large office trades. Here are some notable deals:

Boston Properties now owns the Iconic John Hancock Tower in Boston, MA

111 Eighth Avenue, NYC - $1.8B
Google purchased the asset at a 5.5% cap OR $618 PSF

John Hancock Tower, Boston - $930M
Boston Properties purchased the asset a 6.5% cap rate going in or $540 PSF

300 N. Lasalle, Chicago - $649.8M
KBS purchased the asset for a 6.2% cap or $499 PSF

Landmark Center, Boston - $530M
Samuels & Associates purchased the asset for a 5.7% cap or $558 PSF

(Market Data supplied by Real Capital Analytics)

Our prediction for 2011. Watch for core assets cap rates to continue to compress. We may see some sub 5% cap rate trades of core office assets in major Eastern Seaboard cities such as Boston, New York and DC. Large core multifamily assets will continue to have sub 5% cap rates for choice assets, while retail assets cap rates may return to peak 2007 levels. Core retail assets such as dominant supermarket anchored centers and necessity based centers such as well located CVS's and Walgreens will lead the charge.

To learn more about what your commercial asset is worth, please contact us.

Bed bugs are back, and may even be living in Luxury Buildings in Boston!

1. Receive a thorough inspection by a qualified exterminator, who will confirm the identity of the pest.
   
   
2. Seal cracks & crevices in walls and floors.
   
   
3. Secure loose wallpaper and eliminate other areas of insect harborage.
   
   
4. Properly treat or remove infested furniture.
   
   
5. Mark infested items that are thrown away so others will know not to bring them into their home and spread the infestation further.
   
   
6. Frequent laundering of bedding and clothing during extermination process.
   
   
7. Frequent vacuuming of carpets and steam cleaning of furniture and mattresses during extermination process.  

 

1. Never pick up free roadside furniture (it may be tempting, but it isn’t worth the risk).
   
   
2. When traveling, make sure to keep your clothing in your luggage and your luggage in the bathtub (this may sound strange, but bugs have a hard time crawling up slippery surfaces).
    
3. Bed bugs like warmth, they have even been known to enter laptops and DSL ports.
   
   
4. When looking for bed bugs pay more attention to wood and upholstered furniture. Bed bugs seem to prefer wood and fabric over plastic and metal. Pull back the sheets from the mattress and look for bugs along the seams or tiny blood spots on the mattress.  Also look along the edges of the box springs and in the seams of the bedding.  You might also smell a strong musty smell. 
   
   
5. Many pest control services employ the trained nose of a rescue dog (often a beagle) to sniff out live bugs and viable eggs. Make sure that you check out the dog’s credentials, however. There have been a few instances of people trying to pass off the family pet as a super-smeller. 
   
   
6. Bed bugs are not known to transmit any infectious disease. The bites look very similar to that of a mosquito or other blood-sucking insect. Some bites may be unnoticeable while others might turn into larger sores. 
   
   
7. To treat a bed bug bite, treat the area with antiseptic soap to reduce the infection. Don’t scratch!  If it becomes infected, contact your health provider.