Real Estate Observer
The Wall Street Journal did a recent piece on racking up points onto your credit score that is rather timely given the tightened lending practices that we are seeing out there. Here are some of their top points to consider when trying to improve your credit score, which can range from 300 to 850.
On a related note, if you are tired of receiving all of those credit card application sin the mail, stop into the Opt Out Prescreen website to get off the “list”.
Much has been happening this week, the activity levels on multiple fronts (announcements, under agreement properties, website traffic, auctions, etc.) is truly starting to create a buzz around town. Here is some of the latest.
Auctions – yes, that’s plural, it looks like downtown Boston residents will see at least two auctions in the near future, both at the Modern South End and the Broadluxe. Stay tuned for more information as it becomes available (i.e. auction dates, etc.). Update: see Modern South End Boston Condo Auction.
285 Columbus Lofts – construction is flying along, as well as under agreement units. Occupancy is currently being targeted for mid May (this would be the first on time or ahead of schedule development in quite some time) and they are approximately 60% sold out at 285 Columbus Lofts – congratulations to Pat Cutter and the rest of the team there, fabulous property.
Parking Spaces – we just included a new Back Bay parking space for sale on our Boston Parking Spaces page – $90K for an inside tandem spot is pushing the envelope.
Macallen Building Video – the green Macallen condo development in what we call, northern South Boston, is getting some serious exposure from the Sundance Channel in a new feature film on the “greening of Southie”. Kudos to Pappas Properties for establishing green building as the new benchmark in Boston condos.
The Clarendon Back Bay – the ultra luxury Clarendon Back Bay began to install a huge plywood enclosure system from PERI Formwork Systems on the development. Soon the entire property will be covered in plywood so construction can continue behind it. Rumor is that large Boston Condo Guy ads will be displayed on the exterior of the plywood.
1330 Boylston Now Leasing – The new Fenway development is now leasing for August 1st occupancy. Contact the leasing team at 617 267 1330 for more information (look at that, catchy phone number, eh?).
Boston Marathon – not Robert Cheruiyot, but, John Keith. Congratulations go out to John for knocking out the tough course in a strong 3:45:29 finishing time, and for raising thousands of dollars for Community Servings in the process.
Some definite water cooler tidbits from the Boston Condo Blog. For more details, or for assistance in buying or selling a downtown Boston condo, please contact us using the link at the top of this page.
Robert Cheruiyot of Kenya won his fourth, and third straight, Boston Marathon today with an unofficial time of 2:07:46. This year’s marathon was quite different from last year in only one aspect, the weather. Last year’s 2007 Boston Marathon risked cancellation due to extreme cold / snow / rain conditions, while the 2008 running enjoyed sunny skies and temperatures in the low 50s.
With the launch of the Boston Courant’s open house section this weekend, along with Boston Homes, and the warmer weather, the streets should be filled with potential Buyers looking to eye the perfect Boston condo as we dive into the spring market.
Where will we be? The Pope Building (see Rare Albert A. Pope Building Condos Available), and down in northern South Boston, checking out 141 B Street, along with our friends, the 3 Amigos (see The Three South Boston Amigos).
Unit 404 at the Pope Building (221 Columbus Avenue) will be open Sunday, April 20, 2008 from 11:30 AM to 1:00 PM. 141 B Street in South Boston will be open on Sunday, April 20, 2008 from 11:30 AM to 1:00 PM.
For Buyer Agency representation on any condo in Boston, please contact us.
We somewhat regularly try and feature listings outside the Boston market for those Buyers visiting our blog who are thinking of a move outside the state of Massachusetts. We’ve got 3 properties to feature today, all with their own uniqueness.
50 Heather Drive in Rye, New Hampshire is a custom built estate in a country club community located along the shores of the Atlantic Ocean. New Hampshire provides tax-free living, and this newly built 4 bedroom home with multiple outdoor living spaces is great for entertaining – listed for $3.6 million.
1505 Pearl Street in sunny Boulder, Colorado is a new 22-unit loft-style condo development at the foot of Boulder’s Pearl Street walking mall. The development is poised for a Summer 2008 completion. Prices range from $528K to $1.4 million. For more details, you can contact the Colorado Home Finder team at 800-231-9153.
328 W. 200 S. #505 is a Salt Lake City downtown loft that boasts urban opulence. The two-bedroom two-bathroom 1,715 square foot unit offers soaring ceiling, custom chandeliers, two balconies, above and below ground parking, extra storage, and high end finishes throughout. For more information, you can contact the Cody Derrick Team in Salt Lake City at 801-326-8971. Listed for $635,000.
Back in February, we discussed the increased activity of Europeans interested in purchasing Boston real estate (see Europeans Buy Boston Real Estate), and recently, the National Association of Realtors released a survey discussing investment and vacation home purchases across the entire US, much of which chronicles the influx in foreign investment trends.
In spite of a decline in the total vacation and investment home sales, second-home sales accounted for 33% of transactions in 2007. Sales of vacation properties fell 30.6% to 740,000 in 2007 compared to the prior year which boasted a record 1.07 million, while investment-home sales fell 18.1% to 1.35 million (down from 1.65 million in 2006), according to NAR’s new Investment and Vacation Home Buyers Survey report. During this same time, primary residence sales declined 10% to 4.34 million in 2007 from 4.82 million in 2006. NAR Chief Economist Lawrence Yun cited the disappearance of speculators from the market as the reason for the decline, leaving the market to serious buyers. The disruption in the mortgage market and tightening of credit during the second half of 2007 also impacted this market sector, but lifestyle factors and strong demographics (including a peak of population in their prime years for buying recreational property), point to a positive outlook for the vacation home market. While U.S. buyers may be taking a wait and see attitude, foreign buyers are taking advantage of the weak U.S. dollar and are propping up second-home sales. Conversely, Inman News reports that U.S. buyers are looking abroad for their second home investment in such markets as Costa Rica, Belize or Mexico, taking advantage of newer resort markets where prices are still relatively low and the U.S. dollar can buy more than at home.
Given that the report chronicles a summer 2007 time period, the data is relatively old, however, the report provides insight into some high level buying trends that are interesting in and of itself.
Download (297 KB) the 2007 report on international homebuying activity in the United States.
The warm weather has Boston condo owners poised to put their units up for sale. Our recent survey shows that 32% of respondents have their condo listed for sale now, or plan to sell within the next several months (if you are a Boston condo owner, take our Reader Poll).
So if you are selling soon, what will make your unit stand out in the crowd, here are a few tips.
Photos – wow, first on the list, photos. That’s right, most Buyers decide if they want to visit a condo after looking at the first few available photos, here’s your chance to make your property shine.
Exposure – Thousands of potential Buyers visit us here at the Boston Condo Blog every week, and with over 80% of home buyers starting their search online, talk to us about how we can provide you the exposure your condo needs.
Pricing – it’s obvious that price is important, but what’s your strategy? A thorough analysis of what’s realistic given your condo’s location, style, amenities, etc. is crucial. Give advanced thought to the impact of multiple price reductions on a condo because it wasn’t priced right in the beginning.
Contact us to discuss the listing of your Boston condo.
One of the most sought after buildings in the northern part of the South End is the Albert A. Pope Building, a 25-unit boutique luxury development with the high-end Mistral Bistro on its ground floor – some refer to this development as the Mistral Condos.
As of this week, there are now two units available in the building, including one corner unit with multiple exposures. Unit 603 is a 1,508 square foot two-bedroom two-bathroom listed at $1,049,000 ($695 per square foot), while the multiple exposure unit 404, is a 1,873 square foot two-bedroom two-bathroom listed at $1,350,000 ($720 per square foot). Both units include one deeded garage parking space.
Readers recently inquired whether the Clarendon Back Bay would eventually block the view of the Hancock Tower from the Pope building, and by the looks of the below picture of the Clarendon job site taking from the Pope Building, the answer to that question is, yes – eye level views will be blocked, but you will obviously still see the Hancock Tower in the background above the 33 story Clarendon.
With the Spring selling season getting into full swing, we wanted to get a feel for whether or not Boston condo owners are poised to sell their units before Fall of this year. If you’re a Boston condo owner, take our Boston Condo Blog Reader poll below. Inventory typically picks up in the spring and summer months anyway, but let’s see what Bostonians are really saying.
A new restaurant in New York City has ditched the phone and adopted a unique reservation system: the Internet. Momofuku Ko, a new French Asian restaurant (perhaps similar to our own new French Asian house, see Banq Restaurant) by famed chef David Chang, runs a no favor or hook-up gathering place.
The only way to land a spot is to log on to Ko’s web site, create an account, register with a credit card and take a shot at finding an empty space on a bingo-like grid. Seats are released at 10 a.m. everyday for the current seven-day period.
It wasn’t the intent to make people frustrated,” Chang said. “It was just something we thought would be easier. Why would we need a phone? People have the Internet. At the end of the day, it’s a silly, silly reservation system. But we have to be straight up. We are trying our best to make some system work that is not corruptible.”
Are people scalping reservations? Yes. But, Chang is not a fan of that,”I … loathe reservation scalpers,” Chang said. “I’d take a bat to their head if I could. You can quote me on that.”
Is this action by Chang a forerunner to relying exclusively on the Internet here in Boston, including other industries, such as Boston real estate? Time will tell.
Keith Munsell
CPM & Master Lecturer
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Mark Strickland
Realtor & ABR
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Dean Charles
Real Estate Thought Leader
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Bobby Quinn
EcoBroker Certified
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Mark Martin
Broker & President 2mrealty
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