If you’re in the market for a 2 bedroom home in Boston’s South End, take a moment to look at the development at 83 West Brookline, a gut rehab with all of the bells and whistles. The building is in close proximity to Blackstone Park and all of the great shopping and dining that come with living in the South End. The condos themselves are beautiful. They boast hardwood flooring throughout, skylights, recessed lighting, central A/C, in unit washer and dryer, intercom, solid wood custom kitchen cabinets, high-end stainless steel appliances (Kitchen Aid, Bosh, and LG), gas cooking, granite counter tops, and fabulous views of the Boston skyline (from the penthouse unit).

83 West Brookline Condo Development Market Update

While Unit 2 at 83 West Brookline is currently under agreement and no longer on the market, two (2) condos do remain for sale at this South End property. The 2 bedroom 1.5 bath penthouse and the 2 bedroom 1.5 bath parlor level duplex are still available and priced aggressively. The duplex has undergone an $80,000.00 price reduction. After coming to market with a list price of $695,000, the condo is currently being offered at $615,000. In terms of price per square foot, this unit is $541.85/square foot. The penthouse has also undergone a price drop; from $765,000 to $699,000 ($583.96/square foot). With both units dipping below the $600/square foot threshold, it is anticipated that these units will come under agreement rather quickly.

If you are interested in scheduling a showing, please contact me at sg@stuartstjames.com.

Any start-up founded in 2008 or after would be remiss without plotting an online social media marketing course that included Facebook. But in practical implementation terms, are Facebook or Twitter legitimate and earnest ways to drive exposure to your brand? With significant search engine results page (SERP) related penalties being paid in the past by firms who went online and did what all their peers were doing, trying to drive content creation and links, but doing it in an unnatural and manipulative way, any firm has to ask themselves whether they’re poking and tweeting for the right reasons.

What’s the true value of social media in real estate for buyers and sellers, the real essence of it? For instance, as a seller, am I getting any real value out of having an Agent tweet about my listing, or if my Broker has a Facebook page, are they going to sell my house faster? If Brokers are out there trying to do the right things for the right reasons, are social media websites and real estate a value producing combination, or are they just a necessary evil for Brokers who are trying to get ahead in SERPs?

While worth considering, perhaps these are deeper and more thought provoking questions than what we want to cover in this particular article. But currently with more than 800 million active users and more than 50% of those users logging on in any given day, Facebook is a formidable reality that, rather than being taken advantage of for the benefit of SERPs or the like, a firm must make part of their standard operating procedures. And for that reason, we recently implemented Facebook login at Stuart St James.

Stuart St James is a growing Boston real estate brokerage and Facebook login is a feature function that we recently incorporated into our flagship website. Facebook login was developed by our real estate web design & search partner, Displet, and the feature allows users to register or login to our site using their Facebook credentials. Centered on the principal that when real estate buyers and sellers are online, there’s a good chance that they are logged on to Facebook, the Facebook login feature is a technology advancement that makes the home search process more seamless, simple, and efficient by allowing users to leverage their already known and memorized Facebook credentials to setup an account on our site.

At this moment, as far as we know, we’re the only Boston real estate brokerage that offers this convenient Facebook login technology. That badge of honor is surely not going to last. Much like in 2006 when a site like Boston Condo Guy was the forerunner in bringing Google map-based search to the Boston market, the feature function was soon replicated by other brokerages and is now commonplace across real estate related websites.

So rather than focusing on SERPs and how to leverage social media, even with shielding yourself from those “wrong reasons”, we’re trying to keep it simple, focusing on rolling out simple and intuitive technology that ultimately drives a better real estate experience for buyers, sellers, renters, and developers.

I’ve had the opportunity to tour 83 West Brookline Street in the South End several times now, and long story short, the condos in one of the South End’s latest rowhouse renovation projects are coming together very nicely.  A photo tour of several of the units can be found below.  The developer will take these condos to market in approximately two weeks, for more information or a sneak peek showing, contact me at sg@stuartstjames.com.

The penthouse kitchen at 83 West Brookline Street features granite counter tops, lots of natural light, stainless steel appliances and gorgeous white cabinets that complete the space.

The view from the living room of the South End penthouse unit boasts the iconic Prudential Center tower.

3 of 6 skylights in the cathedral ceiling flood the penthouse unit with natural light.

The bathroom finishes at 83 West Brookline Street include subway tiles, wood framed mirrors, and trendy vanities.

A view of the kitchen in the 1 bedroom unit at 83 West Brookline, complete with a washer/dryer combination unit – a must have in the South End.

The garden and parlor level duplex, which is a 2 bedroom 2 bathroom condo, features a bright and open kitchen complete with prep island.

In the heart of the South End, Ideally located between the bustling restaurants and shops of Tremont and the parks of Franklin and Blackstone Squares is 83 West Brookline Street.  Consisting of 3 condominiums, 83 West Brookline is the latest offering from local developer AJM Group, Inc.  While currently under construction, I did have the opportunity to tour the project recently and I was pleasantly surprised. The floor plans are well thought out, the finishes are rather tasteful, and the craftsmanship was truly top notch.

The first of the 3 units is a 1,135 square foot duplex spanning the parlor and garden levels of the building. 2 Bedrooms and 1.5 baths, the condo has crown molding, in unit washer/dryer, and oak floors throughout, as does each of AJM Group, Inc.’s offerings at 83 West Brookline.  Located on the second floor is a rather charming 1 bedroom, 1 bath unit consisting of 557 square feet. An ideal starter home for a young professional, the condo boasts the same finishes as its larger counterparts.  The penthouse duplex; however, steals the show. With views of the Pru and Boston’s Financial District, this 2 bed, 1.5 bath 1,197 square foot duplex is gorgeous. It would make an ideal home for a young couple or a pair of empty nesters.

These units are not yet on the market as the developer intends to list them late second quarter 2011. However, for more information or to arrange a sneak peak, contact me at sg@stuartstjames.com.

I had the pleasure of touring the Toll Brothers model home at the Pinehills recently. The home was beautiful, well appointed, and tastefully decorated; all of which one would expect from the builder that touts itself as America’s Luxury Home Builder. The real strength of this particular model; however, was just how warm and livable the home felt.

Sure it was a model home with countless premium upgrades (e.g., tray ceilings, wainscoting, hardwood floors, and premium cabinetry just to name a few), but the floorplan and quality of the finishes throughout the home stole the show. At just over 2,000 square feet the Bayhill (pictured above) has a floorplan that is cozy without sacrificing its sense of openness that homebuyers have come to demand.

Toll Brother’s Bayhill model also offers single level living with the kitchen (pictured above), master bedroom (pictured below), den, family room, dining room, and guest room all located on the first floor of these single level homes. Fans of two story homes can opt for the loft upgrade. Moreover, each of the homes within the Toll Brothers at the Pinehills development includes a basement, which can be finished (as an upgrade of course!) complete with an additional bedroom, bath, and game/bonus room.

My only criticism of the Toll Brother’s model at the Pinehills is that the builder chose to only feature one (1) of its five (5) available floorplans. Having said that, if you are in the market for a south shore home, take the drive down Route 3 to the Pinehills and tour this gorgeous model. Just don’t forget to bring your Buyer’s Agent with you!

Bostonians longing for new home construction have long had to settle for condominium living, but two new master planned communities on the South Shore are changing that. With easy access to Boston via the MBTA commuter rail, one can now work in the Hub while enjoying the benefits of new single family home construction in the suburbs.

Located in Weymouth, the 1,400-acre master planned South Shore SouthField real estate development offers single-family homes by Whitman Homes and IBG, a local builder out of Hingham, MA. With countless options, everything from cabinets and countertops to flooring, buyers have the opportunity to truly personalize their home. SouthField is a master planned community and with that comes the many amenities that one would expect: restaurants, shopping, golf, a sports complex, 1,000 acres of open space, and even an onsite South Shore MBTA commuter rail station.

Further to the south is the resort like community of the Pinehills, home to the 2010 HGTV Green Home. Boasting two top tier gold golf courses (with two more in the works), miles of walking trails, a fitness club complete with lap pool, restaurants, shopping, and the quaint yet somewhat upscale grocery store simply known as the Market, the Pinehills, located in Plymouth, MA, is an excellent example of master planning at its best. Housing product within this community includes custom homes, single family home construction, and townhomes. Builders at the Pinehills are many and include: MacKenzie Brothers (the folks who constructed the 2010 HGTV Green Home), Kistler & Knapp, Whitman Homes, Toll Brothers, The Green Company, Barefoot Cottage Company, Del Webb, and Abbott Homes.

While it’s hard to compete with the convenience of a downtown Boston condominium, for those looking for a little more space, the amenities of a master planned community, and the ability to select all of the options and finishes within their home, SouthField and the Pinehills South Shore are exciting alternatives.

What is a HUD-1 Settlement Statement and When is it Used?

The HUD-1 Settlement Statement, which is commonly referred to as the HUD or the Settlement Statement, is a standardized form which provides a line item detail of all of the charges associated with a residential real estate transaction (i.e. a purchase or refinance).

The Real Estate Settlement Procedures Act (commonly known as RESPA) requires the use of the HUD-1 Settlement Statement for transactions involving a federally related mortgage and in which there is a Borrower and a Seller. However, the industry standard is to use the HUD-1 for cash deals and refinances as well.

How is the Settlement Statement Read?

Page 1 of the Settlement Statement identifies the loan type (e.g. FHA, VA, conventional), the Buyer/Borrower, the Lender, the Seller, the Settlement Agent, the property location, and the settlement and disbursement dates. In addition, the first page provides a summary of the transaction with the Buyer’s side of the transaction documented in the left column of the Settlement Statement and the Seller’s side recorded in the right column. If the transaction is a refinance, a summary of the Borrower’s transaction will appear in the left column and the right column will be left blank since there is no Seller.

Page 2 of the Settlement Statement provides a line by line accounting of the various settlement charges with the Buyer’s fees again accounted for in the left column and the Seller’s charges listed in the right column. These settlement charges are grouped by type. For example, Items Required by the Lender to be Paid in Advance (e.g. prepaid interest, mortgage insurance premium, hazard insurance premium) can be found in Section 900 of the Settlement Statement. All of the individual settlement charges are then totaled at Line 1400 of the HUD (titled Total Settlement Charges) and recorded again on Page 1 at Line 103.

Download a sample HUD-1 Settlement Statement (1.34 MB PDF)

Summary of the HUD-1 Settlement Statement

The HUD is a standardized form which provides a line item accounting of the transaction. It is commonly used for both purchases and refinances, although it is only required by RESPA in transactions involving a federally related mortgage and in which there is a Borrower and a Seller.

In preparing for a real estate closing, be sure to review the HUD before arriving at the closing table (presuming of course that time allows for the circulation of the final HUD in advance of closing; in practice this does not always happen as oftentimes there are last minute adjustments). Do not presume that the HUD is perfect. Although the settlement agent should thoroughly review the HUD prior to circulating the final version, it is entirely possible that a mistake was made while entering the data. If you have questions, consult with your attorney and real estate agent. By reviewing the HUD and addressing any issues in advance of the closing, you are setting the stage for a smooth and successful closing.

In preparing for a recent closing on a refinance, it came to my attention that the Borrower did not have a Declaration of Homestead. A simple fix, but it is surprising how many property owners hold title without the protection afforded by the statute. Under Massachusetts law, an individual may declare a homestead in their principal residence thereby protecting up to $500,000.00 in their home from unsecured creditors (see General Laws of Massachusetts Chapter 188, Section 1).

Example: Joan owns a home, which is her primary residence, and has recorded a Declaration of Homestead. Joan’s credit card company seeks to attach $10,000.00 in credit card debt which Joan contracted for and defaulted on subsequent to the recording of the Declaration of Homestead. The credit card company would be barred from attaching this debt under the statute. It should be noted that Joan is still liable for this debt, but her interest in the property is protected.

Example 2: Dan owns a home, which is his primary residence, and has recorded a Declaration of Homestead. Dan has taken out a second mortgage with his local credit union. Dan then defaults on his second mortgage. In this example, the statute will not protect Dan. The credit union holds a security interest in the property and therefore is a secured creditor who would be exempt.

Summary:

• A Declaration of Homestead protects the investment in one’s primary residence from the claims of unsecured debts up to a maximum of $500,000.00.
• The Declaration of Homestead must be filed with the appropriate Registry of Deeds.
• A Declaration of Homestead will not protect a homeowner from the following: (i) tax assessments, claims and liens; (ii) first and second mortgages; (iii) an execution issued by the Probate Court to enforce a judgment for support; (iv) court judgments based on fraud, mistake, duress, undue influence, or lack of capacity; and (v) debts contracted prior to the recording of the Declaration of Homestead.

In 1992, the Massachusetts legislature provided condominium associations (more commonly known as HOAs) throughout the Commonwealth with a powerful tool, the so called “Condo Super Lien Bill” (M.G.L. c. 183A § 6). Under this law, condominium associations can enforce a lien against condo owners who fail to pay their condo fees. The lien for these unpaid condo fees, as well as attorney’s fees and the cost of collection, have priority over the first mortgage. In order to achieve priority; however, the statute requires that the owner and first mortgagee (i.e. the bank/lender) be provided with a notice once the fees are 60 days delinquent. This first notice is commonly referred to as the 60 Day Notice. A second notice, known as the 30 Day Notice, is then required 30 days prior to filing the lien foreclosure action. The 30 Day Notice is sent only to the lender. Should the unit owner and lender fail to pay the outstanding condo fees, the court may order a lien enforcement sale of the unit. The buyer at the lien enforcement sale would take the condo free of the first mortgage. Clearly lenders will want to avoid this situation and so most every mortgage includes a provision allowing the lender to pay outstanding condo fees on behalf of the unit owner.

In the typical case, when all is said and done the condominium association has collected the outstanding fees, the lender has protected its interest (in the real property) by paying the outstanding fees, and the offending unit owner is left having to repay his lender the condo fees as well as any collection costs and attorney’s fees.

If you are a condominium association in need of assistance with respect to outstanding condo fees, please consult with a Boston real estate attorney before beginning the process to ensure that the statutory requirements of the Condo Super Lien Bill are met.

If you have fallen behind on your monthly mortgage payments and are faced with foreclosure, a mortgage loan modification may be a viable solution. What is a mortgage loan modification? Simply put, it is not a new loan; but an agreement between you and your lender to modify one or more of the terms of your existing mortgage thereby allowing the loan to be reinstated.

While each lender’s program is unique, typical modifications result in the negotiation of a lower interest rate, a fixed rate mortgage, and/or lower monthly payments. The end goal of both the mortgagor and the bank is a payment that the mortgagor can afford, thus facilitating keeping them in the home.

There are countless entities who offer mortgage loan modifications, however, your attorney will be best suited to negotiate the modification and explain its benefits and risks to you given the fact that a mortgage loan modification will result in new legal rights and obligations with respect to your existing mortgage.

With respect to legal fees, foreclosure costs, and late charges, lenders are permitted to capitalize legal fees and related foreclosure costs into the modified principal balance. However, late charges should be waived at the time of the loan modification.

Before contacting your attorney regarding a mortgage loan modification, it’s best to gather some preliminary information:

• the name of your current lender
• your current lender’s contact information
• the loan number
• a brief summary of the current state of the loan
• any documentation that supports evidence of an economic hardship

Preparing this information in advance will provide your attorney with all of the information necessary to negotiate a modification with your lender, thereby expediting the process.