Archive for the 'Real Estate Sales Data' 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.

                        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

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!

...and interest rates and housing prices are rising!

The American Dream..."Baseball, Hot Dogs, Apple Pie and..."

Work hard, and have a family.  The government and banks will help you buy a home that's affordable.  Live a good wholesome life, retire and leave your debt-free home to your kids. 

The American Nightmare...

Work hard, and have a family.  Buy a home you may not be able to afford, then have your wages drop or worse - lose your job, and lose your home!  Then realize you will have little or nothing left to give to your kids when you're gone.

The tax law subsidizing home ownership has and does help us have and enjoy the American Dream, the 'Apple Pie'.  Now, some say we've had too much pie, that it costs too much, it 'makes us fat' or worse, it kills us...

Recent propsals to remove ingredients from our Great Americal Apple Pie Recipe would result in loss of a fixed rate mortgage and removal of the IRS tax deduction of mortgage interest and real estate taxes on your primary residence..both are no better than a plain baloney sandwich!

The Obama administration released a proposal this past Friday that would make major changes to the U.S. housing finance system; restructuring it to reduce its dependence on federal subsidies.  Fannie Mae, Freddie Mac, and the Federal Housing Administration currently finance more than 90% of mortgages. 

The plan is to slowly put Fannie and Freddie out of business by gradually reducing the value of the loans they can guarantee and raising the prices they charge lenders. Plans will also require larger down payments from borrowers. The Treasury secretary, Timmothy F. Geithner, has indicated he expects these changes to take 5-7 years to fully implement, stressing that the housing market will dictate how slowly or quickly the agencies close.

So do we have to dream a new dream?  Go on this kind of fiscal diet?  Will we ever eat Great American Apple Pie again? 

Don't worry!  Home ownership has been and should be the engine that helps drives this country.  History has shown that in the long run, property values increase. 

Housing, like many other businesses, is cyclical- and despite the fact that there have been some bad patches,  no one should change this system without either coming up with an alternative plan, or make changes over a long period of time and include some protections for certain situations/owners.  If not, housing will devalue once again, and this time, there will be many who will be "under water" who would not have been of these changes dp come about.  At best they may have to change their lifestyle, be locked into staying in their homes that they cannot afford and worse yet, they could lose their homes.  

We do not want to see people on the street trying to find the Great American "Apple Pie" that is no longer available to any of  us.

Here is more of what may be coming:

New York Time - Shockwaves on the housing market?  

FORTUNE - Earthquake, are we really capable of handling this change to the mortgage industry?

Karl Case is a noted Professor of Economics at Wellesley College and founder of the research firm Fiserv Case, Shiller, Weiss Inc.  The S&P Case Shiller Indexes are the most widely accepted measure of home prices in the U.S.

He has been addressing the Realtors in Boston for years and for the first time in a long time, he has positive things to say about the housing market.  He said "the bust was a huge affordability program."  The Bubble was inevitable and the correction was needed - just like the correction we had in the late 80s and early 90s which was a precursor to the run up again in the early 2000s.

The above chart shows the now more affordable homes in Massachusetts based on the comparison of income to home values.  In addition, the combination of  historically low interest rates and what he calls imputed value of owning due to tax advantages - mortgage and real estate tax deductions compared to renting.

Housing is one of the leading economic engines.  With home prices down and interest rates down which in combination lead to a lower cost of owning the same home, we now need confidence that tomorrow will be better than today.

The "Spring Market" seems to have arrived early.

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.

Last night Boston Realty Advisors' CEO David Friedberg, lobbied Congressman Barney Frank for another housing tax credit program based on the success of the First-Time Buyer Tax Credit Programs of 2009!

He also talked about a new Boston property plan for HUD (Housing and Urban Development) similar to those from the early 70's which created housing for the moderate and poor while creating 1,000's of jobs for the Bay State.

 

Incredible Value for Huge 2 Bedroom Loft
21 Park Street, Unit 1, Somerville MA
PRICE: $439,900
CONDO FEE: $225/ Month

Loft living at its best with over 1800 square feet of living space, this large open floor plan boasts two separate living rooms, a central dining area and has a central kitchen equipped with granite counters, maple cabinets and stainless steel appliances perfect for entertaining in style! The two full baths are on opposite sides of this loft home allowing for each large bedroom to also have their own bathrooms. Within walking distance to Harvard, Porter & Union Square, blocks to Kirkland Village, this well positioned building was built new in 2004 and continues to have high owner occupancy and a strong Boston condos association.

----------------THE VALUE----------------

Take a look at this value of this incredible Boston condo vs. ALL current Somerville condos on market with 2 bedrooms, 2 Full Bathrooms & Deeded Parking:

Average Price Per Square Foot:
21 Park St, Unit 1= $241
ALL others on Market = $356
That's 33% less than the other comparable units!

NOW take a look at the asking price of this incredible Boston condominium vs. ALL current Somerville condos between 1800 - 1900 Square Feet:
21 Park St, Unit 1 = $439,900
Average of ALL others on Market = $519,460
That's 16% less than the other comparable units!

Highlights Include:
- 1825 Square Feet
- 2 Bedrooms / 2 Full Baths
- Gorgeous Kitchen
- Gleaming Hardwood Floors
- Custom Closets
- Open Layout
- Beautiful Bathrooms
- Amazing Storage Space
- Deeded Parking
- Common Patio & Lawn
- High Owner Occupancy
- Small Association
- Low Condo Fees! - 255/month
- Steps to Kirkland Village

For a private showing, contact Paul Santucci 617-694-0004 or paul@bostonlofts.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     

Ok, so you want to live in the suburbs but aren't exactly thrilled to buy a single family home or a cookie-cutter condo? How does an 1800 Square Foot one-of-a-kind townhouse Firehouse Loft conversion sound?

Engine 1 Lofts in Belmont were converted in 2007 by Urbanica, who delivered impressive and unique lofts including 3 levels of living, soaring ceilings, 7 foot windows, huge bedrooms (with lofted 3rd floor bedrooms), gourmet kitchen, gleaming bamboo floors, fireplaces, private patio and multiple parking spaces.

The firehouse is located steps to the commuter rail and shopping, so it is very convenient. Just down the road is acres of hiking and biking trails, great dining options and the best the suburbs of Boston have to offer.

Currently on the market: 1812 SF,  3 beds, 2.5 baths, fireplace, private patio, 2 parking spots for $649,000

Contact Paul Santucci at paul@bostonlofts.com or 617-694-0004 for more information and showing times.

BostonLofts.com