Boston Real Estate Observer, Author at Boston

Sealed Bid South End Condo Auction

October 1, 2008 By Boston Real Estate Observer

Real estate auctions, or auction style listings, have become more prominent in Boston over the past year. Auctions do not yet represent a mainstream commonplace sales method in the city, but it has proved to be an innovative way to expose a property to the market and let the market determine its value.

In June 2008, there was a South End condo on Warren Avenue that underwent a sealed bid condo auction, and there is now another South End condo auction opportunity. Sealed bids are being taken on 67 Rutland Street Unit 3 until this Friday, October 3, 2008. Unit 3 is a 1+ bedroom 1 bathroom floor-through with approximately 654 square feet of living space. With a minimum bid price of $275,000, unit 3 represents the least expensive one-bedroom unit in the South End. More information about the unit (as well as the other units available for sale in the building) can be found at our 67 Rutland Street webpage.

Single One-Bedroom Condo Remains at Broadluxe

September 30, 2008 By Boston Real Estate Observer

The dust has pretty much settled at Broadluxe following the condo auction that took place there earlier this summer. 29 out of 44 units (66%) were sold at auction, and there has been significant action on the development since then to close out the remaining units. At this point, only two studio units remain unsold. Additionally, there are four units on the market for resale – three of which are asking for significant premiums above prices paid several months ago (see Flip That Condo at Broadluxe), while the fourth, the only remaining one-bedroom in the building is priced to sell.

Unit 4E at Broadluxe, a corner unit with double exposure boasting approximately 750 square feet is being offered at $459,000. The ten foot ceilings, exposed brick and beams, water views, and some extra storage in the basement of the building complete a nice package for what some are calling one of the best floorplans in the building.

Own the essence of modern city living with this loft style exposed brick and beam corner unit with water views in an elevator served new 2008 concierge building. In the heart of the Financial District, you’re moments from the Waterfront, all downtown amenities, and the newly completed Greenway. Gas cooking, granite counters, stainless steel appliances, and hardwood floors throughout. Double exposure front facing unit, with only 7 units per floor, never occupied, W/D hookups, and extra storage.

An open house will take place at Broadluxe unit 4E this weekend, Sunday, October 5, 2008 from 1:00 PM to 3:00 PM. Steps from the Rose Kennedy Greenway and the Waterfront, Broadluxe’s Financial District location has proven to be a coveted spot in downtown Boston.

Filed Under: Financial District Condos Tagged With: 02110 Boston Condos, Broad Street Condos, Broadluxe

Least Expensive South End Condo

September 28, 2008 By Boston Real Estate Observer

If you do a search on South End Condos that are under $300,000 in the Boston MLS, five (5) results will be returned. One of the 5 is a parking space, and 3 of them are studio units no larger than 378 square feet. The remaining unit, 67 Rutland Street (Unit 3) is a 654 square foot one-bedroom in the heart of the South End steps from Tremont Street and four blocks east of Massachusetts Avenue.

67 Rutland Street Unit 2, the least expensive one-bedroom South End condo, is currently accepting sealed bids with a minimum bid price of $275,000. Bids are being accepted until October 3, 2008. Keep your umbrella handy today and head out to the open house at 67 Rutland Street, taking place Sunday, September 28, 2008 from 12:30 PM to 3:00 PM.

Filed Under: South End Condos Tagged With: 02118 Boston Condos

Mandarin = Affordable. Possible Typo?

September 27, 2008 By Boston Real Estate Observer

The Boston Courant ran an insightful piece this weekend that gave some visibility into the Mandarin Oriental rental apartments that are now available for rent, and ready for move-in shortly.

New housing projects in the city of Boston with more than 10 units are required to include an affordable component with units “comparable” to market-rate units. The Boston Mandarin Oriental Developer, CWB Boylston, LLC, is leveraging their apartment rental units to fulfill the affordability requirement, and interestingly, decided to bypass the “comparable” piece and make the affordable rental units the same as the market rate rental units.

A two-bedroom market-rate apartment…rented for about $12,000 per month. That same two-bedroom unit, [with the same finishes] will rent for $2,316 a month to a four-person household not making more than approximately $102,950, or 120 percent of the areas’s median income.

The 14-story residential tower will house 10 affordable rental units, along with 25 market-rate ones, all between floors four and eight. While there are affordable units on the rental side, the for-sale condos, which sold out long ago, with some now going through resale (see Buzz Continues at Boston Mandarin Oriental) have no affordability component to them – recent closings on for-sale luxury condos at the Boston Mandarin Oriental include:

E-9C $4,450,000
E-10B $4,095,800
W-9D $2,950,000
E-PH2 $13,089,000
E-10E $5,685,420
E-10A $5,616,300
E-9C $4,450,000
E-9F $2,223,920

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

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.

Filed Under: Back Bay Condos Tagged With: 02116 Boston Condos, 221 Columbus Avenue, Clarendon Back Bay, Columbus Avenue Condos, Pope Building

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