Archive for the 'Real Estate Investment' category

According to the National Association of Realtors Q3 report, Boston metro showed improvement in median home prices while most others were down.

Condo median prices are up 1.9% and single families are up.3% over Q2. We say that means it's a good time to sell your home!

You can read more context in this article on Bloomberg.

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!

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

Earlier this year, renowned economist Karl E. Case wrote a summation of the housing crisis and the 'Great Recession' in the form of a poem called, 'Reflections on the Housing Market'.

Dr. Case is the Professor of Economics at Wellesley College, a Founding Partner of the real estate research firm Fiserv Case Shiller Weiss, Inc., and he also co-developed the Case-Shiller Home Price Index, which is the most widely referenced source of housing market prices in the U.S. today.  

Dr. Case was one of the economists that predicted the current collapse of the U.S. housing bubble.  In his poem below, he writes about the early indicators of the troubles to come, the crisis as it unfolded, the effects the collapse is still having today.

He closes the poem by acknowledging that markets will correct themselves in time, no matter what, and calls for politicians to work towards a solution to the problems created by the housing bubble collapse.       

Do you agree with Dr. Case's summation?  What do you think politicians can do to 'help find solutions'?  Share your thoughts in the comment section below.  

Reflections on the Housing Market
By Karl E. Case

"For the last few years, we have shed many tears
Living through a recession.
The economy's broke and it's not a joke,
When we talk of another depression.
Fifteen million without a job,
Foreclosures and banks that fail,
401K's became 201K's,
And everything's up for sale.

How can it be? What didn't we see
That led to all of this trouble?
There is little doubt that the proximal cause
Was a bursting housing bubble.
But other than that, who can we blame?
And what do they lament?
Millions of people contributed to
This hundred-year event."

Read the full poem by Chip Case.

The collapse of the housing bubble really emphasizes the importance of  investing in a home that has intrinsic value to you and to future buyers.  If you need help finding a Boston property you can feel confident in investing in, you can rely on the experience and knowledge of a Boston Realty Advisor to help you find the ideal Boston real estate to meet your needs.

1. That other BRA approves Boston property projects in Chinatown, South Boston, Back Bay [Banker & Tradesman]
2. Speaking of Back Bay, it's been named one of the US's best neighborhoods by the APA [Boston Business Journal]
3. Some Good Boston Commercial Real Estate News: Investors say they're "hopeful" for 2011 [Banker & Tradesman]
4. Buyer's Guide to Navagating the Foreclosure Freeze [Wall St Journal]
5. 150 years ago today, the first aerial photo was taken in a balloon over Boston! [Boston.com]

Image copyright 2010 Saul Blumenthal

Incredible Price! $279,000
Stunning Two-Level Loft: Spencer Lofts #104, Cambridge MA

This is an exceptional opportunity to own a stunning loft, perfect for both a live/work scenario, or just as an extraordinary home in Chelsea's loft district area.

Average Price Per Square Foot SOLD last 6 months in building = $210.
This loft is priced at just $157 Per Square Foot!!

Just painted top-to-bottom, brand new granite countertops installed, huge ceilings, oversized factory windows, two-levels, kitchen island, exposed beams, clean & bright, custom closet, great storage, huge bedroom with enough size to make 3 bedrooms! Or, just keep open and enjoy almost 1800 Square Feet of perfect loft living. Also included is one deeded parking space, easy access to a common roofdeck with water and Boston views. The loft also contains a central A/C system and a forced hot air heating system.

Spencer Lofts is one of the area's most distinct loft buildings of Boston condos, and is at the center of Chelsea's vibrant art scene. Spencer Lofts is also FHA approved!

HIGHLIGHTS INCLUDE:
- 1768 Square Feet
- 2 Living Levels
- High Ceilings
- Central A/C
- Oversized Factory Windows
- Gas-Fired Forced Hot Air Heat
- Bright Full Bath
- Exposed Wood Beams
- Deeded Parking Space
- New Granite Countertops
- Abundance of Storage
- Common Roofdeck w/views
- On-Site Art Gallery
- Great Chelsea Location

$350 Condo Fee Includes:
Water, Sewer, Master Insurance, Elevator,
Art Gallery, Snow Removal & Landscaping

For a private showing of this Boston Property, please contact Paul Santucci: paul@bostonlofts.com or 617-694-0004.

More Information click here.

This week Barron's lead story is about shifting demographics that will lead to a reduction in U.S. Households owning their own homes. Interestingly, we have been following this and correlating the trend in why there is still continuous cap rate compression with multifamily trades. The article is dead-on.

Unrelated to real estate, the ICA (Institute of Contemporary Art Boston) is featuring Artist Jenny Holzer. Take a look at the article in today's Boston Globe:

http://www.boston.com/ae/theater_arts/articles/2010/07/26/illu
minated_poetry_delivers_insights_at_ica/

Conceptual artist Jenny Holzer gave the main facade of the Institute of Contemporary Art a lively new look by projecting works of poetry onto it. (Aram Boghosian for The Boston Globe)

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

Boston Realty Advisors is pleased to announce that Vivian Zottola has joined our team as a Residential Sales Associate, representing buyers and sellers.

Vivian has lived in Boston for over 20 years, giving her a great understanding of the city’s various neighborhoods and real estate market. She attended Suffolk University, receiving her undergraduate degree in Economics, and then received her graduate degree in Communications Management from Simmons College.  

•      Compare the rent vs. buy numbers
• Learn how to protect your interest
• Review the overall buying process
• Overview of Boston market trends
• Closing cost credit offer
• Complimentary pre-approval     

The American Brewery Lofts, located in Jamaica Plain, are auctioning off 21 loft-style units on June 26th. Prices have been dramatically reduced -up to 57% off of pricing. Units range from $195,000 to $295,000 and financing with downpayments of as little as 3.5% is available!

The American Brewery Lofts has reached out to the Boston Lofts Team in an effort to further promote this auction and welcomes all of our clients to be involved in this opportunity. As exciting and advantageous as the prospect of purchasing a unit such as these at auction is, there are many different facets to this procedure - including financing, inspections, bidding and documentation - that are very different from a standard purchase. The Boston Lofts Team will guide you through this process - it is imperative that you are represented by the most qualified loft buyer agents in Boston!

Email us at paul@bostonlofts.com or call 617-694-0004 for more information and a personal tour.