Archive for the 'Waterfront Real Estate' category

As I am sure many of you have read, Boston is undergoing several transformations throughout several of its neighborhoods. Some are undergoing new additions, while others are getting renovated.

Here is an inside look with David Manfredi, principal of Elkus Manfredi Architects, whose firm happens to be one of which that is highly involved with several current/upcoming projects.

"Given all the development in places like Dudley Square, the Fenway, and the South Boston Waterfront, how do you expect the design and atmosphere of the city to change in coming years?

We’re very fortunate, planners and architects especially, to be in Boston. There is activity here, and there are large parts of the country where there’s not nearly as much activity. What’s exciting is that we have this incredible waterfront that sits right next to our downtown, and there is a lot of development there now. It’s not like we’re building at the edges; we’re building so close to the heart of everything." ...Read more HERE (photo credit boston.com) 

                        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

A new study has found that the total worth of Boston's taxable properties has once again declined this year - making it the second straight year in a row to do so.  However, the drop was less than 1% and perhaps lessened by the success and rise in Boston's condominium market.

This is not surprising, considering there have been huge efforts going on to revamp the Seaport and Downtown districts.  This of course includes increasing the number of luxury units available in the area. Overall, leading to a .5% increase in total residential values.

Stephen Murphy, President of the Boston City Council believes that the study contains numerous "good signs", especially towards waterfront development. 

Read more about this study here:  Boston.com

 I had the pleasure of visiting a beautiful loft at 55 Temple Place in Boston's Midtown this week. Few lofts are offered in this location - Dexter Ditson, 42 Chauncy,  Lafayette Lofts & 43 Winter Street are among the handful of Boston loft buildings here, giving any available space here a uniqueness in relation to other neighborhoods, such as the South End, Waterfront and Leather District.

This front facing unit at 55 Temple is designed with a clean, crisp modern touch. Although white dominates the color palette here (white cabinets, white walls, white stone countertops, white lighting AND white furniture), it actually expands the feel and comfort of the space. Gleaming bamboo floors, well places mirrors / artwork and illuminated frosted kitchen cabinets are among the thoughtful details that punctuate the recent upgrades.

Other finishes include stainless steel appliances, large bedroom and closets, forced hot air heat / central AC, in-unit washer/dryer, and spa-like bath - complete with whirlpool bath.

Price: $479,000
Size: 1040 Square Feet, One Bedroom, One Full Bath

Contact Paul at 617-694-0004 or paul@bostonlofts.com for more details 

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 that time of year again, and I am predicting where the residential real estate prices will be in the City of Boston at the end of 2010.

To accurately predict pricing, we have to look at the historicals and segment the marketplace, here are some key points:

We are covering the following neighborhoods:
Back Bay, Beacon Hill, Fenway, South End, North End, Midtown and the Waterfront.

We are covering only Condominiums.

Prediction # 1: Days on Market will decrease in 2010 to an average of 80 Days on Market to Sell.

Prediction # 2:  Nominal "average" sale prices will increase by 4% to 5% in the neighborhoods mentioned above. However, real prices will be flat as we expect the Urban Northeast CPI to increase to just under 5%. With this, actual appreciation will be flat.

Prediction # 3: There are about five luxury condo developments in the neighborhoods covered above. These projects will either become rentals and the larger, higher price point units will sell at significant discounts, if developers and the corresponding lenders want to unload product. Look for "original" pro forma sales prices that were $1000 to $1200 per square foot, to sell for $700-850 per square foot. In fact, there will be significant price declines in the luxury full service buildings with "a lot of product." Prices in brownstone properties and boutique full service buildings (inelastic product) should increase in the high single digits due to buyer demand.

Prediction # 4: The healthiest segment in the marketplace will be Back Bay and South End "brownstone" condominiums priced from $400-700K. These properties could have double digit price increases in 2010.

Prediction # 5: Driving the pricing stability will be the fact that mortgage interest rates should remain relatively flat this year in 2010.

Prediction # 6: Look for more purchases from international buyers and investors looking to hedge future inflation risk with purchasing top quality Boston Condo Product.

Read the detailed explanations below and Graph:
Volume of unit sales peaked in 2007 with 1,512 sales. There were 1,160 sales in 2009. To place volume of unit sales in perspective, in 2003 there were only 779 sales, while the volume of unit sales in 2004, matched the volume of 2009. What does this mean? There remains a heavy demand for condo product type in the target neighborhoods and the market remains very fluid. Days on market "DOM" increased from 2005, but with an average in 2009 of just over 100 "DOM", the Boston Condo Market remains highly liquid and vibrant.



I am the Founder and Principal of Boston Realty Advisors. Please check in weekly to review my blog entries. I value client/reader feedback! Also, please email in questions and discussion topics.