Boston Real Estate Observer, Author at Boston

New South End Condo Development

June 8, 2011 By Boston Real Estate Observer

I’ve had the opportunity to tour 83 West Brookline Street in the South End several times now, and long story short, the condos in one of the South End’s latest rowhouse renovation projects are coming together very nicely. A photo tour of several of the units can be found below. The developer will take these condos to market in approximately two weeks.

The penthouse kitchen at 83 West Brookline Street features granite counter tops, lots of natural light, stainless steel appliances and gorgeous white cabinets that complete the space.

The view from the living room of the South End penthouse unit boasts the iconic Prudential Center tower.

3 of 6 skylights in the cathedral ceiling flood the penthouse unit with natural light.

The bathroom finishes at 83 West Brookline Street include subway tiles, wood framed mirrors, and trendy vanities.

A view of the kitchen in the 1 bedroom unit at 83 West Brookline, complete with a washer/dryer combination unit – a must have in the South End.

The garden and parlor level duplex, which is a 2 bedroom 2 bathroom condo, features a bright and open kitchen complete with prep island.

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

Aragosta Bar & Bistro at Battery Wharf

June 3, 2011 By Boston Real Estate Observer

Battery Wharf recently announced the opening of Aragosta, the Boston Waterfront’s newest restaurant dubbed “where Italian meets New England”.

Chef David Daniels was said to have been lured back to Boston from the award-winning Topper’s at The Wauwinet on Nantucket to create and oversee the dining experiences at Aragosta.

Drawing on the Italian cooking of his childhood, the contemporary flavors of the Mediterranean and the fresh products of local New England Farms, Chef Daniels is putting a new twist on traditional pastas, prime meats and just-caught seafood.

With the addition of Aragosta, the Battery Wharf Condos take another step towards creating the quintessential waterfront living experience in downtown Boston.

Filed Under: Boston Restaurants

South End Condos at 83 West Brookline Street

May 22, 2011 By Boston Real Estate Observer

In the heart of the South End, Ideally located between the bustling restaurants and shops of Tremont and the parks of Franklin and Blackstone Squares is 83 West Brookline Street. Consisting of 3 condominiums, 83 West Brookline is the latest offering from local developer AJM Group, Inc. While currently under construction, I did have the opportunity to tour the project recently and I was pleasantly surprised. The floor plans are well thought out, the finishes are rather tasteful, and the craftsmanship was truly top notch.

The first of the 3 units is a 1,135 square foot duplex spanning the parlor and garden levels of the building. 2 Bedrooms and 1.5 baths, the condo has crown molding, in unit washer/dryer, and oak floors throughout, as does each of AJM Group, Inc.’s offerings at 83 West Brookline. Located on the second floor is a rather charming 1 bedroom, 1 bath unit consisting of 557 square feet. An ideal starter home for a young professional, the condo boasts the same finishes as its larger counterparts. The penthouse duplex; however, steals the show. With views of the Pru and Boston’s Financial District, this 2 bed, 1.5 bath 1,197 square foot duplex is gorgeous. It would make an ideal home for a young couple or a pair of empty nesters.

Filed Under: South End Condos

How to Pay off a Mortgage and Save Money

May 20, 2011 By Boston Real Estate Observer

A mortgage is oftentimes the biggest debt that a person faces in life, with the largest part of the mortgage due to the interest that is on the mortgage. Every homeowner would gladly be rid of the mortgage interest, but since that is how lending institutions make their money, it’s a necessary evil. If given the opportunity, homeowners would love the opportunity to reduce the amount of interest paid, with the key to reducing mortgage debt lying in reducing the amount of interest that they pay on their mortgage. By paying off a mortgage before the life of the loan has expired no matter if we are talking months or even years in advance, all of the interest that they would have had to pay during that time will not have to be paid. Also, the interest that will be paid off early will be at a reduced rate because they are reducing the total amount that the interest is applied to at a much faster rate. Now the trick that comes into play is finding out a way to pay off the mortgage early. For the typical homebuyer who is on a tight household budget, the mere idea of paying off a loan early is a joke. No need to laugh about it though, and as humorous as it may seem to be on a tight budget and at the same time paying off a mortgage loan earlier, it can be done. Yes, you can pay down on a mortgage loan in order to pay it off early without having to cause a strain financially and there are services which can assist a homeowner with a mortgage loan to help them find avenues in which to pay off their mortgage at a faster rate. Here are just a few examples of how a mortgage can be paid off early.

One simple way to pay off a mortgage early is by putting a portion of a mortgage payment aside automatically from each paycheck into an interest baring savings account. In doing so, the money is out of sight and out of mind, no need to worry about how it’s going to be done, because if you don’t even see it then you won’t be tempted to spend it. If one sets aside approximately half of their mortgage payment every other week, it will end up in a savings that is equivalent to an extra payment every year. Setting aside slightly more than half will cause an even greater savings, causing the mortgage loan to be paid off at an even a faster rate. Depending upon the length of your mortgage term and when a savings plan was implemented, months or even years will literally be peeled off of your mortgage loan. All that has to be done is to pay whatever is put aside each time a mortgage comes due which in all actuality will cause a homeowner to end up with a few payments that are significantly more than the minimum monthly mortgage payment.

Don’t like the idea of having to track how much is being saved over the course of a year? Then one may want to use income tax returns to help you make up the difference. For many people, the amount that they receive in their tax returns is significantly more than their mortgage payment. While many count on monies received back from the United State Government on their taxes to pay off other debts, or to make purchases, it is better to use at least part of that money especially if the money that is to be received back is quite significant. By using part of your tax return money to pay down a mortgage loan, it can be the equivalent of an extra mortgage payment once per year which can significantly reduce how much one owes. If you can afford to contribute more than just the amount of one payment or if you use this in conjunction with the savings plan mentioned above you can pay off your mortgage even faster. Now how great would that be?

Now back to the interest baring savings account. If you have a high-interest savings account, you can use that interest to help you pay off your mortgage ahead of time. Once or twice per year, pull out money from your savings that’s equivalent to part of the interest that you’ve accrued and add it in with your mortgage payment. Provided that you have a high enough savings balance you should be able to make a significant impact on your mortgage debt by doing this. Over the course of the year the amount that you add to your mortgage payments could potentially equal an entire extra payment or more. Should you worry that you can’t keep yourself motivated to keep making these extra payments, you might consider using a bi-weekly mortgage service. These services automatically withdraw one half of your mortgage payment from your checking account every two weeks, and then make your payment for you when it comes due. The system works similar to the paycheck savings plan mentioned above, but since you have an outside company doing the work for you all that you have to do is make sure that you have the money in your account to cover the withdrawals. Though the services do charge fees to cover their costs, the amount that you save in interest payments will be significantly more than what you pay to the service – some lenders even provide these types of flexible payment plans at no extra charge, check with your lender for options.

Filed Under: Mortgage Information

Down with Fannie and Freddie?

May 1, 2011 By Boston Real Estate Observer

With the US bailing out Fannie and Freddie in 2008 to the tune of some $250 billion, adding to the $40 trillion+ net worth of the country, many would like to see these quasi government entities done away with all together. But what consequences and repercussions would that have on the housing market, and the American way of life for that matter?

What do Freddie Mac and Fannie Mae actually do? Their purpose lies in creating a secondary mortgage market, in its simplest terms, so that that loan originators do not have to carry loans on their own books, freeing them up to extend loans to others.

In a recent Fortune magazine article entitled Fixing the Mortgage Mess, Wells Fargo CEO John Stumpf articulates that if we were to do away with Fannie and Freddie, we’d be transported back to to 1976 when he first purchased a home, struggling to find a mortgage because banks did not have ample deposits on hand to provide loans. There are approximately 76 million homes in the US today, and of those, 51 million have mortgages, which aggregates to approximately $11 trillion. Banks simply don’t have the ability to burden that level of debt on their own, and therein lies the need for a secondary market facilitated by Fannie and Freddie.

While it’s a fact that a secondary mortgage market must exist for borrowing to be feasible and somewhat affordable for the masses (granted, it could be argued that lending to the masses is not an ideal we should strive for), that shouldn’t come without reasonable boundaries put in place to protect us from the same meltdown that occurred several years ago. That is where Stumpf inserts what appear to be reasonable guidelines that might help right the ship so to speak.

First, all parties having financial skin the game. With loan originators often not holding loans on their own books and exploiting the secondary market, this leaves the overall lending system exposed. Some consequences of this may be higher down payments, and minimums for how much of a loan should be maintained in a lender’s portfolio. Second, additional transparency and explicit clarity is needed in how any quasi government agencies operate, which would in turn lead to bolstered confidence and market liquidity. And the third guideline that Stumpf highlights is uniform and consistent underwriting standard across the industry. This latter point seems terribly obvious should we want to maintain any sort of health in the system on a long term basis as over time constituency groups tend to shirk responsibilities and test the boundaries.

So, should we aim to down Fannie and Freddie? To support home ownership for a large percentage of the population, a secondary mortgage market in some form must exist, is it in Fannie and Freddie, that’s to be debated.

Filed Under: Lending Markets

Protect Your Pipes from Extreme Cold

April 26, 2011 By Boston Real Estate Observer

Many homeowners don’t know how much damage extremely cold weather can put on their plumbing systems until it is too late. Following a harsh winter in most parts of the country where heavy snowfall and low temperatures were somewhat never-ending, some of our readers have horror stories to share about pipes in their home, which turn into lessons learned for other readers. When you are in a particularly bad winter, you need to take preemptive measures to make sure that you protect your pipes from cracking or rupturing. A few dollars and a few minutes of your time in a proactive and preemptive way can potentially save you tens of thousands of dollars down the road.

The first step is to protect your most exposed pipes. These are the ones that are most likely to be damaged. Simply wrapping them with cloth or plastic will help keep them warm. If you can put foam around them that will be even better. Just do everything you can to reduce their exposure to cold.

Make sure that you have drained any water sources that you aren’t running. I take it you aren’t using your swimming pool when it is 20 degrees below freezing. Drain the circulation system for the pool so that you don’t have to worry about the water freezing while it circulates. Make sure that your sprinkler systems have been thoroughly drained as well.

You also need to be watch your daily routine and be mindful about how it may affect your house. Many people get into bad habits because they think they will be saving money. First of all, don’t turn your thermostat off just to save money on heat. You may think there is no point turning the thermostat on when you aren’t around, but you need to keep your house heated a little in order to prevent damage to your pipes. You may also try to save a little money on your water bill by making sure your faucets don’t drip, but it is actually better for your pipes if you leave them alone.

If you are going to be gone for extended periods of time (i.e. more than a few days) you may want to think about turning off the water. All you have to do is make sure that you turn the shut-off valve after turning the faucets off.

No matter what precautions they take, homeowners may still face the possibility of their pipes freezing. Before it has a chance to burst, thaw it out with a warm heating source. Something as simple as a towel soaked in hot water may be all you need. Slowly move towards the coldest part of the pipe and be careful not to focus all your attention on one spot. Sudden heating and cooling is traumatic and can cause a pipe to shatter.

If your pipes do burst, turn off the water and call a plumber immediately. The last thing you want to do is cause thousands of dollars in water damage on top of what is already going to be an expensive project. You can consider replacing the pipes yourself, but I personally recommend leaving that up to the professionals.

Extreme weather can be a huge problem for homeowners. Make sure that you know the risks to your pipes and take appropriate precautions. Plumbers will charge a lot of money for their services and the material costs alone can be devastating. Your best solution is to keep your pipes warm and focus your attention on the pipes that are most likely to be exposed to the elements. And now…onto summer 2011!

Kalen Smith writes about insurance, finance, home improvement and similar topics for Homeowners Insurance.

Filed Under: Condo Energy Efficiency

How to Check Your Home for Energy Efficiency

April 24, 2011 By Boston Real Estate Observer

If you are concerned with the energy efficiency of your home, you can quickly and easily conduct your own energy assessment to check for potential issues. By locating problem areas, you can make the necessary repairs, which will save you money on monthly utility bills and increase your home’s energy efficiency, getting your home closer to the efficiency you’ll find in many of today’s new homes.

To begin your home energy efficiency assessment, grab a pen and paper and begin at one end of your house. Carefully walk through each room and make a detailed list of any air leaks/drafts you encounter. Leaking air can cause your home to be up to 30% less energy efficient, resulting in a hard hit on both the environment and your wallet. You need to look carefully for both indoor and outdoor air leaks, even in some of the unlikeliest of places—baseboards and electrical outlets are just as likely to leak air as window frames and door frames. Write down any leaks you find, so that they can be repaired.

Next, inspect the insulation in your attic. Insulation requirements and recommendations have changed drastically over the years, so your home, particularly if it’s older, may lack adequate amounts of insulation. Research the recommended insulation levels for your area and compare them to the insulation present in your home. You may need to hire a professional to check the insulation levels in your walls, as adding intra-wall insulation is a more complicated process that should not be attempted if you are unfamiliar with construction and electrical wiring.

Inspecting your heating and cooling units is another key step in your energy usage audit. It is recommended that HVAC units over 15 years old be replaced, as newer models are much more efficient. Make sure the unit is functioning properly and is clean. You should hire a professional to clean your furnace once per year to maximize its functionality. Make sure to also replace the unit’s filters regularly, which keep the unit running more efficiently.

Lastly, check all of the light bulbs in your home to ensure you’re using the correct size and wattage for each light. Trade out the bulbs in your house until you’re sure all lights are using the recommended wattage, and consider investing in CFL or LED bulbs. These light bulbs last longer and use less energy than traditional incandescent lights.

Did you know?

“If every American home replaced just one light with a light that’s earned the ENERGY STAR, we would save enough energy to light 3 million homes for a year, save about $600 million in annual energy costs, and prevent 9 billion pounds of greenhouse gas emissions per year, equivalent to those from about 800,000 cars.” source www.energystar.gov.

Filed Under: Condo Energy Efficiency

Home Buying Considerations

April 10, 2011 By Boston Real Estate Observer

Nothing can be as rewarding as buying a home. Whether one is a seasoned buyer or a first time homebuyer, the feeling of excitement cannot be duplicated. To purchase a home is an excellent decision, and is a step ahead in the right direction. Because purchasing a home is the single most important decision and most emotional decision in which one will make in their lifetime, therefore it is wise to think about the kind of lifestyle in which one desires, what type and design of home is preferred, what location is desirable, and a home is a reflection of the homebuyer and their family. It could be a condominium, a Gulf-front home, brand new construction, a fixer-upper, or a traditional home in a large community. When considering purchasing a home, there are a few helpful tips that one should ensue.

Keeping in mind the price range that one can afford is imperative, not swaying from that range. Being realistic and cautious, understanding what one can afford to pay monthly, what expenses the property will entail, if one can cover any emergency expenses as well as what household expenses can be expected monthly is significant. Remembering to have the financial means to cover these expenses is fundamental. Secondly, make a list of wants and needs. Writing down what one must have when looking to buy a home and what one truly needs will help to keep things into perspective. Discussing this list with a real estate professional is a good idea as a real estate agent can search for a home based upon the needs and wants making it possible in finding a home that offers both.

Now think about how many rooms are important, size of rooms, square footage of the home, how much storage space there is, and if there is ample and adequate closet space. Specifying items such as these can really narrow down a list of homes if there are several in which are on the market that are of interest.

Evaluate and examine finances and get approved for a mortgage. Now is not the time to drag one’s feet by shying away from the realities of one’s financial situation. Again, be cautious, realistic, open and honest with your real estate professional as they will work diligently in finding the right home based on the financial information that is disclosed. Additionally, knowing where one stands credit-wise will determine what type mortgage one can qualify for and what homes are available based on that information.

Pay attention to every detail when looking to purchase a home. This includes finding the best and most trustworthy real estate professional that offers the experience, knowledge and is qualified to best represent one in this major purchase. Finding a real estate professional that makes one feel at ease and comfortable is also vital. Real estate agents that are familiar with the best selection of homes can save lots of time and money, and puts the homebuyer at a great advantage in that the real estate agent can negotiate effectively with the seller or the seller’s agent.

Some great tips when looking for a home to purchase are to check out the community in which the home is located in; is it safe, close to schools, close to public transportation, shopping, place of business? Also when choosing a home to purchase, check the inside as well as the outside very carefully and be sure to hire a licensed home inspector who can identify potential problems if any. Some common issues that could arise may be related to the A/C, roof, foundation, etc.

Once the final decision to purchase a home has been made, be sure not to rush the process but at the same time don’t waste any time. Now that the real estate market is on the upswing, it is possible that multiple offers could come in on the home so make the move to purchase quickly and efficiently.

After the contract has been accepted, one can look forward in anticipation to move into the home of their dreams. Following these tips only assures a smooth transaction, and proves that the more prepared one is when purchasing a home the less overwhelming and chaotic the buying process can be.

Filed Under: Buyer Advice

20% Down Payment Required Reality?

April 8, 2011 By Boston Real Estate Observer

In an attempt to prevent a recurrence of the lax mortgage lending culture of years past, there is now a push among government agencies and officials for regulations that would require a down payment of at least 20% for lower risk classified loans.

The Federal Reserve, along with the FDIC and the Office of the Comptroller of the Currency, is on board with a proposal that will require home buyers to make a down payment of 20% of a home’s sales price in order to be categorized as a qualified residential mortgage borrower. Another proposal would demand that a borrower keep a 75% loan-to-value ratio for refinances and 70% for cash out refinances where a borrower is granted a larger loan.

The proposals must be signed off on by six federal agencies, including the Federal Reserve, FDIC, and the Office of the Comptroller of the Currency, as well as the Exchange Commission, Department of Housing and Urban Development, and the Federal Housing Finance Agency. Once the proposal has been passed by all agencies, it will be released to the public for review.

The proposals being considered are ultimately aimed at improving home financing standards, subjecting non-qualified residential mortgages to strict risk retention rules, which will force banks to maintain five percent of the value of a mortgage on their books. The rule is meant to force lenders into a vested interest in their lending decisions, instead of leaving them free to lend to unqualified individuals and then package those loans into securities that are sold to third-party investors.

Filed Under: Mortgage Information

Ten Inexpensive Home Upgrades

March 26, 2011 By Boston Real Estate Observer

Today’s consumer is smart and savvy, thrifty and well-educated and knows that when it comes time to sell their home, there is no need to spend major bucks on upgrades.

The top ten inexpensive upgrades that are essential when it comes time to make those mini changes prior to listing a home are really quite simple and the most obvious to prospective buyers.

1. Make that kitchen sizzle. Add a new faucet, snazzy cabinet door handles, fun and fresh light fixtures that use energy efficient bulbs, resurface cabinet doors and countertops if need be, add contrasting paint colors to walls, hang food-themed vintage pictures or unique culinary wall art on a blank wall.

2. Upgrade old appliances. Not only is this pleasing to a potential buyer and an expense they won’t have to deal with in the future, upgrading to Energy Star energy efficient appliances means a lower electric bill and that you, the seller are into being ‘green’.

3. Spruce up the bath. By adding a fresh coat of paint, a nostalgic pedestal sink and faucet, new seat for the commode, and new shower curtain can make all the difference. Replace chipped ceramic tiles in the shower and if necessary a complete prefabricated and professionally installed shower can be less expensive than re-tiling and entire tub and shower combo.

4. Don’t forget the flooring. Be sure to check out the floor in which one walks upon. Whether it be ceramic tile, hardwood or laminate flooring, or carpeting it is imperative that the floor is cleaned by the homeowner or by a professional when it comes to carpeting prior to listing. It’s not necessary to replace the entire flooring unless it is hideous and recommended by your real estate professional.

5. Clean it up. Nothing can be worse than a realtor showing a property that has dirty clothes lying on the floor, a filthy bathroom and kitchen with dishes piled in the sink. Make your home sparkle and display it as though it were a model home.

6. Turn it up. Lighting creates a mood and adds ambiance. In addition having fixtures that accentuate this can create an essence of drama especially if wanting to emphasize a particular area in a room or if wanting to draw the eye using light to a sculpture or piece of art.

7. Space. Do you have enough? Closet space is essential and often there is not enough room to store items. By adding shelving to existing closets and pantry’s makes spaces more functional and appears to the potential buyer as though it were customized.

8. Call the plumber. Call the electrician. Leaky faucets? Tripped outlets? These items need to be addressed as well and can be checked for a minimal fee.

9. Check the front door. Does it need to be spiffed up a bit with a coat of paint, stain, or varnish? Does the trim need a coat as well? Or worse, are there dents in the frame, the door itself that indicate a need for replacement? If so, now’s the time to do so. Adding large planters with inviting and colorful plants on either side of the door are pleasing to a buyer and are part of the curb appeal.

10. You only get one chance. To make that first impression, that is. Curb appeal is what attracts potential buyers to your property. By having a nicely manicured lawn, with a few tailored shrubs and plants can really impact a person’s perception of a property and of the community that surrounds.

Filed Under: USA Real Estate