The 1850 Lofts Host Open House

March 1, 2008 By

On March 1st and 2nd from 11AM to 3PM, the 1850 is holding its first sneak preview opening to the public. 2 model units have been furnished with bedroom and living spaces and are handsomely decorated by Terrat Elms, one of the South End’s award winning design firms. Take a stroll over, or park in the lot behind The 1850. A hostess will meet you in the lobby and take you up to the new sales office for a tour.

Typically our Featured Open House listing runs on Sunday mornings, but with the 1850 doing a two day gala, we’re running our listing early this week. Let the hostess know that you heard about the open house on the Boston Real Estate Observer when stopping in. The 1850 Lofts – for more information, including a map to get you there.

For Buyer Agency representation on any condo in Boston, please contact us.

Filed Under: Boston Open Houses Tagged With: , , ,

No Real Estate Crisis in Boston

February 28, 2008 By

Bostonians are bombarded with talk of a “real estate downturn”, the buzz around town is that Buyers want to take advantage of the real estate crisis, sometimes we hear that prices are falling, and foreclosures are being touted as a widespread epidemic.

However, in the core of downtown Boston:

  • There’s no real estate downturn
  • Boston city center real estate is not in the middle of a real estate crisis
  • Prices are not falling, but appreciating, in downtown Boston
  • There are little to no foreclosures in downtown Boston

What do we mean by “downtown Boston”? Simply put, it’s the neighborhoods that make up the core of the city: Back Bay, South End, Beacon Hill, West End, North End, Waterfront, Financial District, Midtown, Leather District, northern South Boston, and the Seaport District. Oftentimes, generalizations are made about what “Boston” actually encompasses, and Boston is inaccurately lumped into state-level Massachusetts information, skewing the public’s perception of the real story.

Does it matter that distinctions are made between downtown Boston, the suburbs, the state of Massachusetts, and the US, when talking about the status of the real estate market? On many levels, yes. Sellers need to know that they can still sell and make a profit, Buyers need to know that they are still going to have to pay a premium for living in the city center, and everyone needs to know that the downtown Boston real estate market is much more stable than the majority of news stories would have you believe.

Kevin Ahearn puts together yearly statistics for downtown Boston real estate, representing a broader scale of neighborhoods than we alluded to above, and he displays a 5.74% appreciation in average Boston condo prices in 2007 over 2006. Additionally, to take a specific South End neighborhood example, we see both average and median home prices continuing to rise. The city center is much different than the rest of the state, or the country for that matter, and these statistics demonstrate that.

Across the USA, foreclosures are indeed up in numbers, however, there is by no means an epidemic of foreclosures in the city of Boston. Take, for instance, a recent foreclosure map that John Keith put together that provided a visual representation of where foreclosures are cropping up in Boston. One might think that there are tens of foreclosures all across the city. There was 1 foreclosure in downtown Boston at the time of this writing, at 25 Channel Center. A single foreclosure is far from an epidemic.

We aren’t trying to put a “positive Realtor spin” on these messages. Truth be told, there are many towns, cities, and even states that are experiencing falling prices, and significant foreclosure numbers. However, mass generalizations that liken downtown Boston to the state of Massachusetts, or the country for that matter, paint an inaccurate picture. More accuracy and attention to detail needs to be practiced when citing real estate statistics – real estate is local. Bottom line, according to the data available, downtown Boston real estate is doing just fine.

Filed Under: Boston

Europeans Buy Boston Real Estate

February 26, 2008 By

We have been working with more and more Europeans over the past six months, all of whom are interested in purchasing downtown Boston real estate, not because the core of downtown Boston is in a real estate crisis (see No Real Estate Crisis in Boston), but because their “dollar” (i.e. Euro) is going a lot farther than it ever has in the past.

In essence, since the launch of the pan European currency, called the Euro, we have seen a complete flip flop in its value. One Euro went from being worth less than 70 US cents in 1999, to now, almost 1.5 US dollars. The euro (currency sign: €; banking code: EUR) is the official currency of the European Union (EU), and has been implemented in 15 member states, known collectively as the Eurozone (Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Spain). Yes, the UK still uses the Pound, but the trend there is the same; as demonstrated in the chart below, the Euro continues to appreciate against the dollar (i.e. one Euro is now worth almost $1.50, and has been moving up since 2003).

currency-chart

The one economic mantra that you are more than likely familiar with is buy low, sell high. The Europeans are contacting us because, at this point in time, they have the ability to buy low. For Bostonians, and those here in the US, prices aren’t “low” (and in real terms, prices continue to rise in the core of the city, more to come on this soon), however, for Europeans, who currently enjoy the fruits of a currency trend whereby their Euro now buys more dollars, prices are low, and they are seizing this opportunity.

We talk with a growing number of Europeans each week who are interested in buying Boston investment property, or a Boston vacation home in one of America’s most historic cities. Europeans recognize that downtown Boston real estate will always hold its value, and the best time to “get in” is when their currency allows them to do so at a discount.

Filed Under: Boston Condos

Columbus Avenue Boston Open House

February 24, 2008 By

If you want to be close to the action of the soon-to-be very high end Bryant on Columbus and 285 Columbus Lofts, the penthouse at 290 Columbus Avenue may be a good fit for you. Located across the street from the two luxury developments, 290 Columbus Avenue is our Featured Open House of the week.

The unit has been on the market for quite some time, but with renovations recently completed, this unit shines nicely. Listed at $599,000, the unit boasts 916 sq. ft. ($653.93/sq. ft.), a private roof deck, and central air (come on, we can at least dream of the warm temperatures to come in a few months).

The open house will take place on Sunday, February 24, 2008 from 2:00 PM to 3:00 PM. To discuss writing an offer on this home, or any other that you see while out today, please contact us.

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Filed Under: Boston Open Houses Tagged With: ,

American Brewery Lofts Give $30K Refund

February 23, 2008 By

The Boston Business Journal recently reported that sluggish sales at American Brewery Lofts are prompting the owners to offer discounts of $30,000 each to the first 20 buyers.

The American Brewery Lofts is a restoration of a former brewery west of Boston originally architected by Frederick Footman of Cambridge. The development is an elevator served 79-unit loft development at 251 Heath Street, which includes garage parking and a 5,000 square foot interior courtyard.

The owners of the American Brewery Lofts in Jamaica Plain are holding a winter clearance sale, offering the first 20 buyers a $30,000 discount each in hopes of pushing the project past the 50 percent sold mark.

Further, the first 10 buyers will each be eligible to receive up to three $5,000 coupons they can use toward closing costs, hardwood floors or for sealing and staining floors. Only the next 10 buyers will receive the $30,000 discount.

The clearance sale begins February 24, 2008.

The loft units are being offered for between $299,000 and $700,000.

Filed Under: Jamaica Plain Condos Tagged With: , ,

Massive Gateway Terrace Boston Loft for Sale in South End

February 22, 2008 By

Built in 2005, this Gateway Terrace Boston Loft style three-bedroom two-bathroom duplex offers 2,789 square feet, as well as multiple outdoor private spaces. The kitchen boasts the de facto standards for luxury, and the master bedroom includes an en suite bath with television, steam shower, and rain showerhead (as well as ample closet space). Currently listed at $2,695,000 ($966.30 per square foot), including four (4) garage parking spaces and a private storage room.

Gateway Terrace at 1166 Washington Street Boston, MA 02118 offers condos and lofts in South End Boston with garage parking, at the corner of Washington Street and Berkeley Street. The $1,115 HOA fee on this Boston Loft includes Heat, Hot Water, Gas, Water, Sewer, Master Insurance, Elevator, Exterior Maintenance, Landscaping, Snow Removal, Refuse Removal.

For more information on listing your condo for sale with us, use the contact us link at the top of this page.

Boston Gateway Terrace
Boston Gateway Terrace
Boston Gateway Terrace
Boston Gateway Terrace
Boston Gateway Terrace
Filed Under: South End Condos Tagged With: ,

Columbus Center Gets Reprieve

February 21, 2008 By

It was back on January 8th that we did a feature on Columbus Center (see Will Columbus Center Ever Be Built). At that time, the development team behind Columbus Center were under pressure to secure funding before a January 15, 2008 deadline to secure the necessary funding for the project to continue (after lenders backed away from the deal). January 15th came around, and the decision was postponed, until February 15th.

Recently the South End News (see Turnpike Authority waives Columbus Center deadline for funding) reported that the deadline has now been waived and the development team behind Columbus Center is free to move forward. A lender is not yet in place to pump the needed $500 million into the project, but those involved feel as though everyone is working in good faith, and they’re comfortable moving forward on that notion.

Some people are fans of the Columbus Center condo-hotel development, others are staunch pessimists. Regardless, if and when the development is finally complete, the area will look much better than it currently does, neighbors, however, are more than likely in for a noisy few years if and when construction gets going for real.

Filed Under: South End Condos Tagged With:

Cheapest & Most Expensive Beacon Hill Boston Condos

February 20, 2008 By

The narrow cobblestone streets of Beacon Hill, historic homes, and quaintly tucked-away brick rowhomes make this neighborhood one of the stateliest in all of Boston. Old school, high-end, classy shopping, and eating are standard fare on Beacon Hill, the last of the three original hills of Boston.

Boston Beacon Hill Condos & Real Estate for Sale & Rent

For 2007, condominium sales statistics on Beacon Hill were:

Lowest Price: $219,500
Highest Price: $4,700,000
Median Price: $497,000
Average Price: $702,346

We wanted to take a look at what you can get for your money on Beacon Hill, and what better way than to spread the gamut from cheapest to most expensive currently available condos.

Cheapest Boston Condo on Beacon Hill

Currently, $225,000 will get you 285 square feet at 60 Myrtle Street (Google Map) in the heart of Beacon Hill. It’s a two-room studio unit that, for 285 square feet, is laid out quite well. It’s one in a 10-unit building, with a $167 HOA fee that provides heat, hot water, gas, water, master insurance, and snow removal. Full unit details (2.7 MB PDF)

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Most Expensive Boston Condo on Beacon Hill

There are two units on Beacon Hill that are close to the $7 million mark, and 8 Walnut Street edges out 5 Byron Street to take the current crown as the most expensive condo for sale on Beacon Hill. Listed at an even $7 million for 3,920 square feet, this is a five-floor four-bedroom four-bathroom (15 room) luxury residence only moments from Boston Common. This home is accompanied by 1 deeded Beacon Hill parking space. Full unit details (2.01 MB PDF).

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The Most Expensive Boston Homes for Sale

Search the most expensive condos for sale in Boston, updated every 15 minutes, for a look at what luxury homes in Boston are for sale – many are condos, including some at ultra-luxury condo buildings like the Mandarin Oriental Boston, yet there are also single family homes (townhomes) available as well.

Filed Under: Beacon Hill Condos Tagged With:

Park 461 Fenway Condos Receive Certificate of Occupancy

February 19, 2008 By

A new 21-unit condo development in Boston’s Fenway neighborhood, Park 461, has just received its Certificate of Occupancy – we provided some exposure to these condos in early January (see New Fenway Condos Viable Option to Renting). There are currently 8 units remaining for sale in the development, priced from $249,000 to $349,000. For more information on available units, see full listing details (1.9 MB PDF).

Filed Under: Fenway Condos Tagged With: ,

Meads of Commonwealth Price Reductions

February 19, 2008 By

Following multiple price reductions in 2007, the Meads of Commonwealth lowered prices by roughly 3% on several units in mid-February, putting many of the boutique luxury units below the $1,000 per square foot threshold. Click on the below exclusive panoramic photo of the Meads o Commonwealth to get a feel for the grandeur of the development.

Meads of Commonwealth Condos

Seven units remain at the boutique 13-unit redevelopment, including the grand penthouse listed at $5.5 million. These are stunning residences that we have written about many times before (see Meads of Commonwealth Blog Posts). Given the pricing inconsistencies, these units may have been passed up before, but they are absolutely worth a look if you are in the $2 million +/- property range.

Filed Under: Back Bay Condos Tagged With: , ,
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