285 Columbus Lofts New Condo Development

We stopped by the 285 Columbus Lofts jobsite today to have lunch with the crew. Work is steadily progressing on the new 63-unit development at the corner of Columbus Avenue and Clarendon Street, steps from the Bryant on Columbus and the Clarendon Back Bay.

Planned for a Certificate of Occupancy date in June 2008, 285 Columbus Lofts is an exciting redevelopment of the former American Red Cross Building. Units will include high-end sophisticated finishes, hardwood floors, large windows, and high ceilings (9’6″).

For more information, please contact us. Check out the exclusive 285 Columbus condos construction photos below.

285 Columbus Lofts

285 Columbus Lofts

285 Columbus Lofts

285 Columbus Lofts

285 Columbus Lofts

285 Columbus Lofts

285 Columbus Lofts

Zillow Raises Another $30 Million

According to the Wall Street Journal Zillow will announce today that they have raised an additional $30 million of outside capital from various institutional investors and asset management firms (Legg Mason Capital Management, Benchmark Capital, Technology Crossover Ventures and PAR Capital Management Inc.).

Zillow will use the new cash to continue improving its Web site and augment its advertising sales force. The company, which offers estimates of home values called “Zestimates,” has 155 employees, including 20 national ad sales representatives. It also now lets people post homes for sale on the site and ask questions about specific properties.

The continued investment into online technology strengthens the position and gives the nod of approval to top real estate brands in Boston, such as Boston Condo Guy, who are making strides to provide visitors with the latest technology available to search the Boston real estate market.

New Atelier 505 Three Bedroom Listing

Unit 803 in the exclusive Atelier 505 condo development has recently hit the market for $1,750,000 ($1,008 / square foot). The Atelier South End condo development at 505 Tremont Street is a 2004 high-end new construction building with 99 units and underground parking. Unit 803 is a three-bedroom, two-bathroom 1,735 square foot unit that includes parking, private balcony, and gorgeous city views from every angle.

For more information, or to setup a showing, please contact us.

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The Modern South End Opens to Residents

We were informed that after little more than a year of construction, The Modern is finished and its new residents have begun moving into their new homes.

A joint development of New Boston Ventures and PEG Properties + Design, The Modern is a strikingly contemporary building blending huge windows, high ceilings, and all the modern amenities of an elevator, garage parking and stylish finishes into the historic fabric of the South End. Note that parking spaces are not included in the listing price, and are available for $39,000 – $59,000.

This is a very exciting time for us as we know it is for our new residents. We are very pleased how the Modern evolved from initial conception to its final completion. It’s a beautiful building inside and out,” said development team partner David Goldman.

Total Units: 25
Currently Sold: 13
Pricing: $449,000 – $765,000
Special Features: Interiors by Duffy Design Group
Parking: On-site Garage
Zen Rooftop Garden
Private terraces

For more information on remaining units at the Modern South End, please contact us.

The Modern South End

Condo Kitchen and Bath Remodel Options

The Wall Street Journal published an article recently that highlighted some of the unique and innovative things that homeowners are doing to remodel and keep their homes current, whether they are looking to sell now, or in the future. Here are some ideas to keep you thinking.

What have you been doing to your Boston condo?

Cabinets

About 70% of kitchen cabinets installed last year were made of wood, according to the National Kitchen and Bath Association. Clean lines and unusual woods like apple are increasingly being used in contemporary kitchens; manufacturers say traditional buyers are ditching fussy details and opting for dark-stained cabinets intermixed with white ones.

Neff Kitchens ash veneer cabinets, $30,000.

Faucets

Faucets were the most commonly purchased item for kitchen spruce-ups last year, according to the Research Institute for Cooking and Kitchen Intelligence. Retailers say pullouts and specialty faucets such as potfillers are selling well. Brushed nickel and stainless steel are the best-selling finishes, especially in contemporary kitchens; in retro ones, buyers are choosing oil-rubbed bronze, aged pewter and copper.

Moen Showhouse oiled-bronze pot filler. $815.

Lighting

LED under-cabinet lights and chandeliers with energy-efficient fluorescent bulbs, like American Fluorescent’s Chesterfield and Facet models, are popular now, kitchen designers say; Freedonia Group projects this “advanced-lighting” category will grow 14% annually through 2011. Meanwhile, lights in range hoods are becoming decorative as well as functional: Elica’s Wave looks like, well, waves, while its Star hood resembles a disco ball.

Elica Collection wave light/range hood combination. Price not available.

Appliances

For resale, stainless still rules for its status value, real estate agents say. But some homeowners are opting for easier-to-clean glass-front appliances like Jenn-Air’s, or metallic finishes like copper, titanium, graphite and oiled bronze. (Some makers, like Fratelli Onofri, are showing colored finishes, like burgundy and blue.) Whirlpool Corp. says square shapes are losing ground to more contoured designs.

Jenn-Air floating glass refrigerator $2,949.

Floors

Vinyl is still the best-selling flooring, but it has been losing ground to laminates, ceramic tile and wood. Some vinyls now mimic natural materials: Earthwerks’s vintage planks look like distressed wood, while Stainmaster’s Ocean Crest mimics water-washed stones. Better-made bamboos, once thought to be too soft to use in kitchens, are catching on, too: Teragren says its specially processed Synergy bamboo is twice as hard as red oak.

Synergy bamboo flooring $10-$12 per square foot installed.

Countertops

According to the National Association of Realtors, 23% of home buyers consider granite or similar stone countertops “very important” in a home. Caesarstone’s Concetto is made of semiprecious stones, including agate and jasper. New eco-conscious alternatives include counters made from paper fiber, from companies like KlipTech and Richlite, and recycled glass, by EnviroGLAS and IceStone.

Caesarstone Concetto quartz countertop, $500-$600 per square foot installed.

Battery Wharf Regent Names General Manager

The Regent Boston at Battery Wharf has named François Thomas as the hotel General Manager. Located on Boston’s historic North End waterfront, The Regent Boston Hotel is the newest property in the Regent Hotels & Resorts group, and the company’s first hotel in the Northeast. The Hotel is part of the Battery Wharf 104-unit residential luxury condo development that is slated for occupancy late this year.

François Thomas has a long history of managing successful and elegant hotels, we welcome him to Boston, and wish him well. The Battery Wharf Regent Hotel is scheduled to open in Spring 2008.

PropertyQube Builds Real Estate Community

Propertyqube is a free real estate social community which just launched about two weeks ago. The community site allows homeowners, buyers, sellers and renters to share their PropertyLife stories, discuss home improvement projects and connect with and recommend Property Professionals to their trust network. The site allows members to build a network of trusted property resources.

Members of the site can also get answers to property related questions on one of four Conversations Boards, including a dedicated board to Green Living. After looking through the Conversations boards, topics cover the entire real estate lifecycle. Some examples of conversation topics include home improvement return on investment and making your property environmentally friendly.

Here’s a sample homeowner profile.

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For real estate professionals, the site is a good way to reach and promote your services to consumers for free. The professional profiles are designed differently from homeowners where agents can host a featured listing, a website link, a blog link along with contact information. Contractors have the ability to host featured projects. Here is a screenshot of an agent profile.

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An important feature on the site is the different privacy setting controls. All Real Estate Professionals have public profiles displaying the number of connections in their network by user type (ie. 5 contractors, 2 appraisers, etc) but only those connected to the professional can see the actual individuals they are connected with. For homeowners and renters, each PropertyLife story is public but you must be connected to the individual to see their full profile. Photos also have multiple privacy settings.

A recent entry on their blog indicates that there is new functionality coming soon so it should be interesting to see how their platform morphs over time.

125 B Street Lofts Open House

Our Featured Open House of the week is the 125 B Street Lofts in South Boston / Seaport District. An old schoolhouse has been converted into 16 high-end lofts with soaring ceilings, exposed brick and beam, and an old elevator shaft that doubles as an office nook.

Three lofts remain, all corner facing with double exposures, right around 1,100 square feet, and priced from $539,000 to $589,000. Parking is included in the lot adjacent to the building.

The 125 B Street Lofts Open House will take place on Sunday, September 16, 2007 from 12:00 PM to 1:30 PM. If you stop in, let the listing agent know that Boston Condo Guy sent you. For more details, or to submit an offer, please contact us using the link at the top of this page.

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Zero Marlborough Penthouse Sold

For more information on luxury condos currently available for sale at Zero Marlborough, please contact us.

The Boston Courant reported today that the penthouse at Zero Marlborough went under agreement with a list price of $8,355,000 (according the Boston MLS, this actually happened back on February 12, 2007). Four of the available 13 units at the boutique luxury development seated at the foot of the Public Garden are under agreement, with eight units remaining. Still for sale are two to three-bedroom units priced from $1,635,000 to $4,799,000.

Zero Marlborough is currently on schedule for a Summer 2008 completion, similar to its ultra-luxury sister development, the Boston Mandarin Oriental, which is poised for a June 2008 occupancy date.

The Boston Courant spoke with the often quoted Kevin Ohearn, who stated “This is demonstrative…of the overall strength of the downtown (Boston) market, which is reacting contrary to national and state trends.”

Perhaps Kevin read our article from last month, City Center Condo Prices Buck Trend, where we said the exact same thing. Or perhaps Kevin read our Boston Condo Sales Increasing article from July, where we, again, said the exact same thing, namely, many reports that have come out lately are discussing Massachusetts housing statistics, rather than the city of (downtown) Boston itself, note the difference when looking at statistics.

Boston Property Taxes

A client recently inquired about how Boston property taxes are calculated, which is an excellent question. The City of Boston has an Assessing Department that is responsible for accurately determining the value of all real and personal property located within the City for the purpose of taxation. The City takes the assessed value of a condo for instance, and applies a residential tax rate to it to determine the total gross tax bill.

The City of Boston publishes a residential tax rate table to assist in estimating your taxes based on your home’s assessed value. For 2009, for every $1,000 of assessed value in your condo, you are taxed$10.63.

  • 2011 Boston Property Tax Rate: $12.79
  • 2010 Boston Property Tax Rate: $11.88
  • 2009 Boston Property Tax Rate: $10.63
  • 2008 Boston Property Tax Rate: $10.97
  • 2007 Boston Property Tax Rate: $10.99
  • 2006 Boston Property Tax Rate: $11.12

Let’s look at a 2009 example. Say you had a condo that was assessed at a value of $515,000, what would your tax bill look like?

  • First, determine how many thousands are in your assessed value: $515,000 / $1,000 = 515
  • Second, multiply every thousand by the tax rate of $10.63. 515 * $10.63 = $5,474.45

On a Boston condo that is assessed at $515,000, your gross tax bill is estimated to be $5,474.45.

Bear in mind that the City of Boston offers what is called a Residential Tax Exemption for those who occupy their condo as a primary residence. The tax exemption will decrease your yearly tax bill on the order of $1,375.36. Be cognizant that you do need to apply for the exemption on a yearly basis, it will not automatically be given to you.

With the Residential Tax Exemption, what would the tax bill be on your $515,000 condo? $5,474.45 – $1,375.36 = $4,099.09.

Use this information as a rough guide when calculating Boston property taxes – for more information, please contact the City of Boston Assessing Department.