Boston Real Estate Observer, Author at Boston

Clarendon Back Bay to Block Pope's View

September 25, 2008 By Boston Real Estate Observer

In March 2008, we ran a story about the Clarendon (see Clarendon Back Bay Condos Looking Up), out of which came a conversation thread about whether the 33 story tower would block views of the Hancock Tower from the adjacent luxury Albert A Pope Building once the new ultra luxury Clarendon was complete.

It was somewhat speculation in March what the situation would entail, but it is apparent now that the Clarendon Back Bay will indeed block views of the Hancock Tower from the Pope condo development. Inside sources connected to the Clarendon are stating that the building should top off in approximately 6 weeks time, and the 33 stories will definitely block views of at least the lower portion of the Hancock Tower.

There were two units available for sale at the Pope building earlier this year, both have since closed for $1 million+ each, with price per square foot averaging a little over $600. Sales at the Clarendon appear to be strong, at a different price point ($1,100+ per square foot) entirely. Regardless of a direct view of the Hancock Tower, the 24-unit boutique Albert A Pope Building that sits above the Mistral restaurant will remain one of the premier condo developments along the Back Bay and South End border.

Buyer Advice: No Condo is Perfect

September 22, 2008 By Boston Real Estate Observer

While a Buyer’s Agent is prominent in driving a real estate transaction to close on behalf of their Buyer, any Buyer’s Agent worth their weight will set expectations with their client that a real estate transaction has its ups and downs – times of excitement, anticipation, surprise, and perhaps even some relief with closing. A Buyer’s Agent assists in quarterbacking the overall flow of a transaction, and a key expectation that needs to be set up front with Buyers is that no condo is perfect.

One of the “ups” of a transaction for a Buyer is immediately following the signing of an Offer to Purchase. Maybe there was a hard fought, but fair, negotiation that got the Buyer truly vested into the property, or perhaps it was an all cash transaction with little back and forth between Buyer and Seller. Regardless, following the excitement of having a signed contract, a Buyer needs to mentally prepare for the various steps in the transaction process that are soon to follow, one of those being a property inspection.

Accompanying almost all Offers to Purchase real estate in Boston is a contingency that allows the Buyer to, at their own expense, conduct a property inspection. A property inspection is one of several items of Buyer due diligence that is conducted between signing the Offer to Purchase, and execution of a Purchase and Sale Agreement.

A home inspection is typically performed by a Home Inspector that is licensed in the state of Massachusetts (see the Home Inspector Fact Sheet for more information about Home Inspectors in Massachusetts). It is beneficial for the Buyer to attend the home inspection in person, as this gives the Buyer the opportunity to be in the property for an extended period of time, and get a true feel for the ins and outs of the unit, and the common amenities of the building. While the Buyer is still riding that “high” of having a signed Offer on the unit and moving forward in the real estate transaction, the property inspection has the potential to put a damper on the situation.

The Property Inspector will more than likely generate a “punch list” of items (be that small or large) that need attention in the unit. Seeing a list of items that are “wrong” with a condo can oftentimes intimidate a Buyer, and can move the transaction into one of the “downs” that we talked about earlier. However, if expectations are set up front with a Buyer that no condo is perfect, seeing a list of items that need to be fixed may not be all that shocking. As well, there are multiple ways to respond to such a situation.

At this point in the transaction, all parties should be moving forward in good faith, so unless there are “deal breaker” items on the list, it’s in the best interest of everyone to try and work things out. Following the inspection, essentially, there is another round of negotiations that take place whereby the Buyer and Seller agree on a means to appropriately address and/or correct the punch list items – be that with immediate repair, or a credit at closing for instance.

A Buyer should feel comfortable giving the Seller an opportunity to respond to items that arise from a property inspection. Bear in mind, the Seller has taken the unit off the market, and all marketing activity for the property has been significantly dialed back. That said, the Seller, if faced with reasonable requests, will want to come to an amenable solution to the situation in order to see the transaction continue, rather than putting the unit back on the market after having lost viable “selling time”.

Armed with this information, and realistic expectations that no condo is perfect, a Buyer can more easily traverse some of the ups and downs that are an inevitable part of a real estate transaction.

Filed Under: Buyer Advice

Affordable South End Living at 67 Rutland Street

September 20, 2008 By Boston Real Estate Observer

For more information, visit the official 67 Rutland Street webpage.

A 2008 condo conversion, 67 Rutland Street is a 4-unit building on a one-way tree-lined street in the heart of Boston’s South End. Built in the late 1800’s, 67 Rutland Street served as a rooming house at one time, and was most recently purchased in 2005 as a single building. Electrical and non-historic portions of the roof were redone in 2006, along with the common areas. All units in the building offer original pine hardwood floors and some type of existing or exclusive rights to outdoor space. An alternative to purchasing an individual condo in the building, units 2, 3, and 4 could be converted into a duplex or a triplex. There is a lovely community garden located across the street from the building, as well, there are common laundry facilities on the second floor of the building accessible by all units.

Owner-occupants may want to renovate these condos, or consider them as a rental investment (units had in the past rented for approximately $1,300 per month).

An open house will be held on Sunday, September 21, 2008 from 12:00 PM to 3 PM at 67 Rutland Street (Google Map). For more details and photos of each individual unit, priced from $275,000 to $329,000, continue reading.

67 Rutland Street Unit 2

Unit 2 is a 1+ bedroom 1-bathroom unit with 2 original nineteenth-century marble mantels, complemented nicely by 10′ ceilings with crown molding in the living room. Listed for $329,000, unit 2 offers approximately 618 square feet of living space, along with exclusive access to a large private roof deck with views of the John Hancock Tower and the Prudential Center.

67 Rutland Street Unit 3

A 1+ bedroom 1-bathroom condo with approximately 654 square feet of living space, unit 3 boasts 9′ ceilings and 2 original nineteenth-century marble mantels, as well as the rights to build a deck on the rear of the unit. Sealed bids for unit 3, with a minimum bid price of $275,000, are due by October 3, 2008.

67 Rutland Street Unit 4 (Penthouse)

The penthouse one-bedroom one-bathroom unit is approximately 720 square feet, and is listed for $319,000. While this unit does not offer the nineteenth-century marble mantels, it does come with unique architectural style, while the large skylight and interior east and west facing windows offer a sun-filled living space. Unit 4 boasts exclusive roof rights to construct a roof deck.

Filed Under: Boston Open Houses Tagged With: 02118 Boston Condos

Art Show at 1850 South End

September 18, 2008 By Boston Real Estate Observer

The 1850 will host an Open Studios Art Show this weekend, part of a yearly tradition that draws over 15,000 art enthusiasts and local spectators alike to the South End art scene. This year, as part of a continued focus on art and architecture, the 1850 Lofts South End development is converting 6 residences to art studios for the weekend.

What: The Art Show at The 1850 for Open Studios Weekend
Where: The 1850 Lofts, 90 Wareham Street, Boston, MA 02118
When: Saturday and Sunday, September 20th & 21st, 11am-6pm
Who: Eight artists will showcase their work in six loft spaces.

Refreshments and appetizers will be available. As well, while viewing the art, there will be an open house at the development on Saturday and Sunday from 12:00 PM to 5:00 PM for the remaining for sale condos in the building, with units starting at $365K.

Filed Under: Boston Tagged With: The 1850 Lofts

Macallen Price Reductions Generate Interest

September 16, 2008 By Boston Real Estate Observer

Absorption of the 140-unit new green (LEED certified) Macallen Building in South Boston has been steady since its opening in summer 2007. Given the complexities and care that go into the development of such an environmentally-friendly and progressive building, price points are naturally higher than its adjacent sister condo development, Court Square Press. That said, we predicated that a fully sold out Macallen Building would take slightly longer than perhaps a “standard” condo development elsewhere in the city, but nonetheless, Macallen is quickly approaching a sell out.

The sales team at the Macallen has the privilege of pushing a really good product. And when we say good, we mean amenities galore, attention to clever details, accommodation / willingness to work through any punch list items to make a unit perfect, easy transportation (public and private) access, and an anchor property in a neighborhood now well-grounded in high-end condo developments and emerging commercial and retail space. Additionally, the marketing effort has been helped by some innovative sales plays, the most notable of which involved the sales office giving a free hybrid car to unit Buyers that went Under Agreement and closed by certain deadlines (see Buy at Macallen, Get a Free Hybrid Car). The latest move is perhaps not as headline catching, but provocative in its own right, as some units have been reduced in price upwards of $100,000.

Take for instance unit 804, a 1,191 square foot two-bedroom two-bathroom unit that features a balcony, lots of light on a high south-facing floor, and one deeded garage parking space in the direct elevator access garage, recently reduced approximately $100,000 to a new listing price of $689,000. While the onsite sales office is accessible seven days a week, an open house was held this past weekend, and traffic in response to the price moves, was strong.

With the crisp, clean, and minimalist type lines and finishes at Macallen, the look may not suit everyone’s taste, but it’s hard to argue with the community that is being created between Macallen and Court Square Press (the two buildings now combine to form one condo association), and the living style and amenities (bordering on the “valet lifestyle” that we coined here) that are at your fingertips. For more information on available units at the Macallen, contact us using the link at the top of this page.

Filed Under: South Boston Condos Tagged With: 02127 Boston Condos, Macallen Building

Moderately Priced South End Condo

September 14, 2008 By Boston Real Estate Observer

The northern part of the South End offers quiet tree-lined streets in close proximity to the Back Bay, restaurants deeper in the South End, and the remainder of the city by either foot or T. 406 Columbus Avenue Unit 2 is a condo that recently hit the market that offers a very well laid out floor plan, making it feel like you have much more than the listed 540 square feet.

A spacious living area with exposed painted brick, as well as a deck overlooking the very private Carlton park are several of the highlights of this unit currently listed at $399,000 with a $102 monthly HOA fee that includes water, sewer, and master insurance. This unit is conveniently located 3 blocks from the Orange Line Back Bay T Stop.

A first open house is scheduled for Sunday, September 14, 2008 from 12:00 PM to 1:30 PM. For more information on this condo, or others similarly priced in the South End, please contact us using the link at the top of this page (406 Columbus Avenue Boston, MA 02116).

Filed Under: Boston Open Houses Tagged With: 02116 Boston Condos, Columbus Avenue Condos

Move-in-Ready Luxury Boston Condo Developments

September 11, 2008 By Boston Real Estate Observer

We oftentimes work with clients who need to purchase and physically move into a condo almost immediately. With those circumstances in mind, the typical one to three-month real estate transaction life cycle is simply too lengthy, and alternative options need to be considered to expedite the closing process.

For the majority of Boston condos, you’re dealing with a resale of an existing condo, there is an individual Seller associated with each unit, and oftentimes, when the Seller’s timeline is taken into account along with the Buyer’s desired (expedited) timeline, there’s simply a mismatch.

Situations like this can be specifically addressed by what we call move-in-ready condos.

Move-in-ready condos (in the sense that a Buyer can move in immediately versus simply being in good physical condition) are typically only found in new construction condo developments that have completed construction (a certificate of occupancy has been issued), and there are available units in the building still owned by the developer. In situations like this, the only thing between you and sitting down in your new home is a Purchase & Sale Agreement, and financing if it will be a part of the transaction – essentially, any roadblocks and/or delays that would be due in part to (traditionally) dealing with an individual unit owner are removed, and the Buyer is the only party that is truly throttling the speed of the transaction.

There are over 100 either new, or relatively new, condo developments in downtown Boston, however, the list of truly move-in-ready developments (as described above) is significantly shorter. We’ve assembled the below list of the top move-in-ready Boston condo developments. Contact us using the link at the top of this page for more information about available inventory in each building.

Lofts at 36 A (South Boston)
285 Columbus Lofts (Back Bay)
Meads of Commonwealth (Back Bay)
Broadluxe (Financial District)
Macallen Building (South Boston)
700 Harrison (South End)
The 1850 (South End)
Penny Savings Bank (South End)
D4 Police Station (South End)
Claflin Building (Beacon Hill)
Intercontinental Residences (Waterfront)
FP3 Boston (Seaport District)
Allele (South Boston)

Filed Under: Buyer Advice

Buzz Continues at Boston Mandarin Oriental

September 9, 2008 By Boston Real Estate Observer

As the sidewalks around the Boston Mandarin Oriental clear, Bostonians (and beyond) are buzzing about the ultra luxury hotel, rental apartments, and for sale condos that will soon be move-in ready.

Closings of the for sale condos at the property began last week, with several 9th floor units along with a 10th floor unit being recorded as sold – average sales price per square foot has been approximately $1,500. In addition to the for sale condos in the development, there are 25 high-end luxury rental apartments that are coming online as available. Opening of the Mandarin Oriental is slated for October 2008.

In addition to the above-mentioned activity , there are six (6) Mandarin Oriental resale condos that are now available for sale (resale in the sense that they are being resold by owners who have not yet moved into the units). One of the currently for sale condos available is unit W-10B, a 3,564 square foot 3-bedroom 3.5-bathroom corner unit over Boylston Street in the west building adjacent to the Prudential Center shops – this unit is priced at $6,500,000 ($1,824 per square foot) and includes two garage parking spaces, while HOA fees are $5,500 per month, and include such things as hot water, water, sewer, master insurance, security, elevator, exterior maintenance, landscaping, extra storage, refuse removal, valet parking, and garden area.

The Boston Mandarin Oriental (condos) are perhaps the only downtown condo development that completely sold out well before a prospective Buyer could step foot in a finished unit, and it was done via an almost invite only type sales process. The six available resale units offer potential Buyers a chance to partake in what will be one of Boston’s most exclusive properties.

A breakdown of the currently available for sale units in the building is noted below. For more details about each unit, and/or to setup a private showing, please contact us.

E-10H 1,437sf 2bed 2bath $2,200,000 (1 parking space)
PH1-C 5,000sf 3bed 4.5bath $12,500,000 (2 parking spaces)
W-10C 2,683sf 3bed 2.5bath $4,295,000 (2 parking spaces)
W-10B 3,564sf 3bed 3.5bath $6,500,000 (2 parking spaces)
E-11F 1,830sf 2bed 2bath $3,050,000 (1 parking space)
E9-B 2,580sf 2bed 2.5bath $3,995,000 (1 parking space)

Important to keep in mind is that for views of the Charles River (for front facing units) and beyond, one really needs to be on at least floor 10, while the view opens wider on 11 and each floor after that. Commercial spaces within the complex will be occupied by Gucci, Freete, L’Espalier, and Sel de Le Terre.

Filed Under: Back Bay Condos Tagged With: 02116 Boston Condos, Boston Mandarin Oriental, Boylston Street Condos

Record Setting North End Parking Spot

September 7, 2008 By Boston Real Estate Observer

Back in mid June (see Boston Real Estate Under $100K), we briefly covered an available garage parking spot at 44 Prince Street, a relatively new higher-end condo development in the heart of the North End, that was listed for sale at $100,000. Our friends at Universal Hub even caught wind of it and were entertained, to say the least.

After being on the market for 17 days, the parking space went Under Agreement, and the piece of property closed on September 2, 2008, for…$100,000 – perhaps setting a new record for North End parking spaces.

Filed Under: Boston Parking Spaces Tagged With: 44 Prince Street

Facade Visible at Bryant on Columbus

September 6, 2008 By Boston Real Estate Observer

Columbus Avenue, slicing the Back Bay and the South End, is home to multiple condo developments, both new and old. 285 Columbus Lofts recently completed construction and is approximately 90% sold. While just a stone’s throw from that site at the corner of Clarendon and Columbus is the Bryant.

We’ve been tracking the Bryant since before it broke ground, and provide the only exclusive time-series photo set of the development through construction (see Bryant on Columbus). Recently, the Bryant began revealing its face to the outside world. Moving away the construction tarps, Bostonians are getting their first look at the facade of the Bryant on Columbus, and it appears as though it will do a good job of blending a clean, and perhaps stately, polished looking finish with the older neighboring buildings.

While nearby residents to the Bryant have not enjoyed the constant construction noise, they will be happy to know that their property values will go up as a result of having a boutique luxury building nearby, beautifying the area along Columbus, and injecting more demand into local businesses.

The Bryant on Columbus currently lists 11 units, only part of their existing inventory, available in the MLS, providing a good feel for what is available in the building – mainly three-bedroom units, as well as an unprecedented four-bedroom unit, all ranging in size and price from approximately 1,900 to 2,800 square feet and $1,550,000 to $2,950,000 (penthouse). The Bryant will be a unique addition to the area, for more information and/or to setup a tour of the sales center, please contact us.

Filed Under: Back Bay Condos Tagged With: 02116 Boston Condos, 303 Columbus Avenue, Bryant on Columbus, Columbus Avenue Condos