Lafayette Lofts Penthouse Open House

June 8, 2008 By

After a recent price reduction of $50,000, duplex penthouse unit 7F at the Lafayette Lofts development in Boston’s Midtown neighborhood is sitting at just under $800 per square foot. The unit provides outdoor space with excellent city views in a boutique like 42-unit development at the corner of Essex and Kingston Streets.

Lafayette Lofts Boston Midtown

The above photo is of the front upstairs bedroom, complete with double exposure and commanding city views. The two upstairs bedrooms have their own bathrooms, and are separated by an open and bright sitting / office area with tall ceilings and an overhead skylight.

Listed at $1,449,000 and boasting 3 bedrooms and 3.5 baths, this 1,827 square foot unit offers all the perks of Boston penthouse living (including outdoor space) in a sophisticated building. HOA fees are $759 and include Heat, Hot Water, Gas, Water, Sewer, Master Insurance, Elevator, Exterior Maintenance, Snow Removal. Perhaps the only downside to this unit is that it does not come with deeded parking – rental garage parking is available for $385 per month. Lafayette Lofts is a pet-friendly condo development, has two elevators, and offers secure keyless entry (but no concierge). Boston property taxes are estimated at $10,296.44 (not including the Boston residential tax exemption).

Our Featured Open House will take place at Lafayette Lofts (88 Kingston Street Boston, MA 02111) on Sunday, June 08, 2008 from 1:15 PM to 2:15 PM. Also, an additional open house will take place on Monday, June 09, 2008 from 5:00 PM to 6:00 PM for those of you who work in the city and can pop in after work.

For more information about this Boston midtown penthouse at Lafayette Lofts, or the other two units that are currently available in the building, contact us using the link at the top of this page.

Filed Under: Boston Open Houses Tagged With: , ,

Boston Parking Spaces at Somerset Garage

June 5, 2008 By

Over the past 12 months, there have been two Boston parking spaces for sale at 425 Newbury Street, otherwise known as the Somerset Garage. In late April, spot 171 went Under Agreement (it had a list price of $59,500 and an HOA fee of $63), and in late September of 2007, spot 190 sold for $63,000 (it had an original list price of $75,000 and an HOA fee of $69).

We currently have a Buyer who is interested in purchasing a parking spot at the Somerset Garage. If you, or someone you know, is considering the sale of a spot at the Somerset, please contact us.

Filed Under: Boston Parking Spaces

Broadluxe Financial District Condo Auction

June 3, 2008 By

We’ve received literally hundreds of inquiries over the past year regarding Broadluxe in Boston’s Financial District, and the time has finally come to announce the condo auction details. Tranzon, an auction company that will represent the seller, TD Banknorth, will be auctioning 44 individual condos ranging in size from 539± to 1,887± square feet at Broadluxe in the heart of the Financial District of Boston.

The auction will be held on Saturday, June 21, 2008 at 10:00am at the Langham Hotel, located at 250 Franklin Street, Boston, MA 02110.

We are providing Buyer representation at no cost to you (i.e. leveraging our services versus “going it alone” does not impact your purchase price). Allow us to setup property previews, guide you with comparable market analysis so you know how to bid, and serve as a sounding board for downtown Boston condo expertise. Contact us for further details on next steps.

Tranzon is requiring a deposit amount of $20,000 per unit or $50,000 for 3 or more units, in cash or certified check, to bid. Deposits will be increased to 10% of purchase prices (TBD) within 5 days of auction close. Deposits will be held by Tranzon during the auction, and the intention is that the Purchase & Sale Agreement will be signed at the auction should you win a unit.

Building amenities include storage, ground level commercial space (restaurant and wine store), elevator, state of the art fire alarm and sprinkler system, concierge (more security level), and professional management. Condo fees will include maintenance, trash removal, professional management, concierge/security, and common area expenses/utilities.

Tranzon will follow 30-Day closings, sold in as-is condition, with no contingencies on the Broadluxe condo auction.

Broadluxe Condo Auction

Filed Under: Financial District Condos Tagged With: , ,

Common Mortgage Scams

June 3, 2008 By

Forbes recently released an interesting article on common mortgage scams, something that is appropriate for Buyers, and those interested in refinancing, to look over before they consider moving forward with a lender.

Scam artists may promise to save cash-strapped home owners from foreclosure but then, instead, steal their money or any remaining home equity. Such scams are becoming more prevalent, and some states are fighting back.

In Florida, one of the nation’s foreclosure capitals, State Attorney General Bill McCollum has filed suit against National Foreclosure Management, a mediation company, for allegedly defrauding troubled home owners. Fraudulent rescue companies in Illinois have been increasingly penalized, while in Massachusetts the for-profit practice of foreclosure rescue transactions has been banned.
Here are the most common ploys scammers use to prey on desperate home owners:

  • Bait and switch. The home owner is presented with what appears to be an application for refinancing, but in reality it’s title transfer papers. Once the home owner signs, he loses his home.
  • Upfront fees. Scammers ask for money to be used for locating rescue funding. Once the home owner pays, the scam artist disappears.
  • Bankruptcy ploys. An attorney – or someone who pretends to be – persuades the home owner that filing for bankruptcy will save the house. The only one who wins is the person who pockets the fees he charges to file.
  • Rent-to-buy. Fraudsters offer to buy the property with a provision that the home owner will pay rent while building equity. Once the title is transferred, the former home owner is locked out.
  • Fraudulent refinance deals. A scammer offers to use his higher credit score to secure a refinance deal, but first the home owner has to hand over title to the house.
Filed Under: Mortgage Information

Small Changes Make Difference

May 29, 2008 By

The Wall Street Journal recently reported on tips that Sellers oftentimes overlook when trying to increase the value of their homes. Some of the ideas may not be entirely applicable in the downtown Boston real estate market, given the predominance of condos versus single family homes, but nonetheless, interesting information.

Forget about overhauling the kitchen or redoing the bathroom. The fix-ups that pay off the most are often the simpler and more mundane, says Diane Saatchi, senior vice president at the Corcoran Group in New York.

Her specialty is selling high-end properties in the Hamptons. She recommends that sellers focus their improvements on small exterior changes rather than big-ticket projects inside the home. “Make the outside of the house look really great so that people fall in love between getting out of the car and the front door,” Saatchi says.

That includes repainting the trim and adding new hardware, manicuring trees and shrubs, replacing old siding and replacing windows that aren’t energy efficient.

Nationally, returns for all major home-improvement projects are fetching 70 cents on the dollar, according to a Remodeling magazine’s survey of real-estate professionals conducted late last year. That’s down from 80 cents in 2004.

Filed Under: Seller Advice

Memorial Weekend Real Estate Action

May 27, 2008 By

In between the hot dogs, Indy 500, Earthfest, and watching the Celtics go 1-1 over the weekend, 12 downtown Boston properties went Under Agreement (view the details 10 KB PDF).

We’re in the midst of the buying and selling spring and summer season, and even with a holiday weekend keeping many other things on our minds, real estate transactions continued to progress forward. 2 units at the Intercontinental Boston went Under Agreement, along with one of the still standing 210 South Street Leather District lofts. All said, the average listing price per square foot was $615 on these properties (actual sales price per square foot is pending on the close of each property).
Gas prices are topping $4 per gallon across the country, and the “rise of the city” is something that is becoming more of a reality every day (more thoughts on this soon).

Filed Under: Boston Condos

Columbus Center Now Stalled

May 25, 2008 By

As you know, developers of Columbus Center requested an 18-month moratorium on construction earlier this year, effectively leaving the state of the entire project in limbo. Developers met with officials from the Boston Redevelopment Authority (BRA) on May 1, 2008 to discuss the developers’ attempts to get the project back on track.

Information flowing from the South End News earlier this month paints a somewhat positive picture that parties are moving towards a resolution.

Jessica Shumaker, a spokeswoman for the BRA, said that “nothing really was settled from the meeting.” After filling the agency in on their current situation, the developers, represented by the local Winn Development Company, told the BRA that they’re still exploring their options. “We’re still very much working hard to see if this project can move forward and how we can get it to move forward,” said Shumaker. As for the developers, she said, “They were very committed, they weren’t trying to say to us that they were stepping away at all.”

Last week, the South End News reported that the construction on the Columbus Center site would continue at a slower pace over the next 18 months, according to Alan Eisner, a spokesman for the developers. Eisner said that the developers would be doing “minimal work there” so as to “keep the site in play.”

“If it keeps them going until they can get things finalized and fully move forward, I would say that further proves that they’re committed to finding a solution so that they can move forward,” said Shumaker. “I would say that’s a positive that they’re doing everything they can to get this up and running.”

Given the significant ups and downs that the Columbus Center project has experienced over the years, the only thing that is clear now is that Winn Developers (in business with California Public Employees’ Retirement System (CalPERS) and MacFarlane Partners on this deal) will continue to search for financing to make the development happen – the timeline, however, is uncertain.

Filed Under: South End Condos Tagged With:

285 Columbus Lofts Open for Business

May 23, 2008 By

We had the opportunity stop into the 285 Columbus Lofts development this week. Closings began last week at the development after receiving its certificate of occupancy (ahead of the originally proposed June 2008 opening, which puts them well ahead of the Mandarin, FP3, and the Bryant), and some residents have already moved in and have begun customizing their units. We have to say, 285 Columbus Lofts is slick, the finishes are excellent, and it just feels “plush” and has an aura of calm luxury.

Upon entering the development from the Columbus Avenue main entrance, you’re greeted by the 285 Columbus Lofts Concierge who is on duty Monday – Friday 8 am to 6pm and Saturday and Sunday Noon to 5pm. With only 19 units remaining, nearly 70% of the building is sold – phenomenal pace and numbers that are setting the new baseline for success in the luxury market.

An exclusive video below of the 285 Columbus Lofts lobby and concierge:

If there are any drawbacks to this development, the list is short, namely, lack of views in some units on the north side of the building and no direct access parking. Unit floor plans 01, 02, and 03, which overlook the Back Bay Orange Line T Stop, do not offer great views – you really need to get on floor 7 and 8 (penthouse) before you get above the adjacent parking garage (see exclusive photos below). Parking is, unfortunately, not direct access – garage parking is a 25 year deeded lease at $320 per month (which is on top of monthly HOA fees at approximately 60 cents per square foot).

Interested Buyers can contact us to learn more about available units – the development is move in ready.

The below exclusive photos provide views from floors 2, 4, and 8 respectively of the north facing views overlooking the Back Bay transit station. 285 Columbus has done a superior job of insulating both interior noise, as well as exterior noise.

285 Columbus Lofts - 2nd Floor

285 Columbus Lofts - 4th Floor

285 Columbus Lofts - 8th Floor

Filed Under: Back Bay Condos Tagged With: , , , ,

Wall Street Journal Gets a Clue

May 21, 2008 By

The Wall Street Journal gave some press yesterday to “downtown” real estate markets, Boston included. Some comparisons were drawn between the 2005 market (which some say is the height of the market over the past 10 years) and today’s market conditions. Some of the statistics included in the article reference single family homes, which there are little of in the core of downtown, but the “press” is perhaps finally starting to realize that there is a difference between core downtown Boston real estate and the suburbs or pan-US housing.

Prices in the city’s core (Boston) are off less than 1% over the past year, according to first-quarter data from Listing Information Network, (one of) Boston’s MLS system. The real difference today is that homes are staying on the market for 111 days on average, up from 85 days in 2005.

Prices in key neighborhoods, such as Back Bay, the South End, Fenway and the Waterfront, are all up between 3% and 10%. Beacon Hill and the North End, however, are down sharply, as much as 33%. That’s partly the result of a slew of high-end properties that hit the market in 2006 and 2007 that were priced as high as $1.5 million, skewing the price data upward. Even without those sales, however, the median price would be down by double-digit amounts.

“No one is taking prices higher these days just to see if they can get it, like they used to,” Michael DiMella says of Boston’s downtown core. “But you have to come with realistic expectations. This is a highly desirable area, and you’re not going to find a steal.”

Given the supply and demand principles that are present in the city center of Boston, “deals” on real estate are truly few and far between – more to come soon on setting realistic expectations when it comes to downtown Boston real estate.

Filed Under: Boston Condos

Ritz Carlton Garage Parking Spaces

May 20, 2008 By

If you are in search of a Midtown parking spot, or are a resident of the Ritz Carlton towers, you may be interested to know that two deeded garage parking spaces have recently come available. For more information about these two new spots, see our Boston parking spaces page.

For an up to date view of available condos for sale in the Ritz Carlton Boston, contact us using the link at the top of this page.

Also recently available is a garage parking space at 168 Camden Street in the South End / Roxbury area for $29,000, located adjacent to Carter Park.

Filed Under: Boston Parking Spaces Tagged With:
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