Requesting Credit Report Hurts Credit Score?

August 9, 2007 By

The Wall Street Journal recently published a short, but rather pertinent, piece on requesting credit reports and their impact on credit scores.

Question: If I request a copy of my credit report will that hurt my credit rating if I want to apply for a mortgage? One bank said I should not ask for multiple credit reports during the year because that would show up as multiple hits against my credit report and could lower my credit rating.

Answer: Requesting a copy of your own credit report is generally considered a “soft” inquiry, which shouldn’t hurt your credit score. Other types of soft inquiries include ones that are initiated by lenders who want to make you a preapproved offer, or by prospective employers or insurers who want to check your credit report.  “Hard” inquiries, where lenders pull your credit report in response to your application for credit, may contribute to a lower credit score depending on what else is in your credit report.  Fair Isaac, the maker of the FICO score, notes that its scores ignore all mortgage and auto-loan inquiries made in a rolling 30-day period prior to scoring and typically counts mortgage and car-loan inquires older than 30 days as one inquiry when they are made within a 45-day period.

Filed Under: Mortgage Information

US Housing Market Poised to Improve

August 6, 2007 By

The housing market is likely to stabilize in the months ahead, according to the NATIONAL ASSOCIATION OF REALTORS™ (NAR) forward-looking indicator on pending home sales says Realtor Magazine Online. Note that we have stayed positive about Boston Real Estate (specifically downtown condos) throughout the ups and downs of the entire market.

The Pending Home Sales Index (PHSI), based on contracts signed in June, was 5 percent higher from the downwardly revised May index of 97.5, but is still 8.6 percent below June 2006 when it stood at 112. Nevertheless, this 5 percent monthly gain is the largest in more than three years, since a 6.1 percent increase was recorded in March 2004.

Lawrence Yun, NAR senior economist, says it’s encouraging that the increase occurred in all four major regions of the United States. However, it is too early to say if home sales have already passed bottom, he says. Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand.

The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.

Regionally, here’s a breakdown of what the PHSI showed across the country:

  • West: the PHSI increased 8.6 percent in June to 103.6, but was 5.5 percent below a year ago.
  • Northeast: the index rose 3.1 percent from May to 96, which is 2.4 percent lower than June 2006.
  • South: the index increased 4.7 percent in June to 111.6, but was 12.7 percent below a year ago.
  • Midwest: the PHSI rose 3.5 percent in June to 92.5, which is 8.2 percent lower than June 2006.
Filed Under: Boston Condos Tagged With:

Boston Condos for Sale on Ring Road

August 6, 2007 By

You may have noticed the off and on closure of Ring Road in Boston’s Back Bay over the past nine months, as well as the stealthy looking structure covered in black mesh that has rather quickly changed the skyline at the southwest corner of Ring Road and Boylston Street (close to Shaws and Starbucks).

Boston Mandarin Oriental

If you don’t already know what that structure is, impress your friends by letting them know that the building will be the new Boston Mandarin Oriental. Both a luxury hotel, and a 50-unit ultra-luxury condo development (minimum price tag of $3 million for a unit), the Mandarin will be a nice addition to the corner of Ring and Boylston, but will perhaps block the sun for patrons of Starbucks, Atlantic Fish Co., and others. The official address for the Mandarin will be 750 Boylston Street.

Condos at the Mandarin Oriental never made it into the MLS, and have sold out, simply through word of mouth and little to no significant marketing presence. For more information about the Mandarin, or other Back Bay condo developments, please contact us.

Boston Mandarin Oriental

Boston Mandarin Oriental

Boston Mandarin Oriental

Filed Under: Back Bay Condos Tagged With: ,

SoWa Boston Condos

August 5, 2007 By

So you’ve been considering a condo in the one of the areas of town known for its gentrification, SoWa, which stands for South of Washington Street in Boston’s South End.

Currently, there are a large handful of choices available in the SoWa district:

  1. Worcester Square
  2. Penmark Condos
  3. ArtBlock Harrison
  4. 700 Harrison
  5. SoHa Loft (renamed to the 1850)
  6. Laconia Lofts
  7. Gateway Terrace

And we thought we needed to include two additional condo developments that are on Washington Avenue, but technically, lie on the north side of the street.

  1. Wilkes Passage
  2. Penny Savings Bank

Except for 700 Harrison and SoHa Lofts, units are available in the remaining condo developments are ready for occupancy. For more information on these SoWa Condo Developments, please contact us.

Filed Under: South End Condos Tagged With:

Allele Condos South Boston

August 4, 2007 By

We stopped by the Allele Condos at 150 Dorchester Avenue in South Boston to grab some exclusive new photos of current construction status. Allele is a 48-unit new condo development, currently under construction, located just across the street from the newly opened Macallen Condos and the Court Square Press condos, and adjacent to the Lofts at 36 A.

The Allele condo development is slated for a 2008 completion, and units are currently available (to be reserved). Units start at $429,000 for a one-bedroom, one-bathroom with 979 square feet and a $332 HOA fee – each unit will feature private outdoor space. For more information about Allele Boston, and any other new development in South Boston and beyond, contact us.

Allele Condos South Boston

Allele Condos South Boston

Allele Condos South Boston

Filed Under: South Boston Condos Tagged With: , , ,

FP3 Boston Pushes Out Occupancy Date (Again)

August 3, 2007 By

The FP3 Boston condo development, one of the anchor properties of the up and coming Seaport District, has pushed out its scheduled occupancy date for the second time. Originally slated for a December 2007 completion, FP3 had pushed out their target date to April 2008, and more recently, announced that June 2008 is looking more realistic.

Roughly 15 units in the 97-unit FP3 Boston development have been reserved. There are many great buys currently available for occupancy, mainly $550 per square foot and under, in the Seaport District and South Boston (in the Broadway T-stop area). Contact us for more information.

Filed Under: Seaport District Condos Tagged With: , , ,

44 Snow Hill Condos Sold Out

August 1, 2007 By

It was somewhat of a long time coming, including a change in listing brokerages, and some price reductions, but the 5-unit new luxury redevelopment at 44 Snow Hill in the North End is now sold out.

We’ve featured 44 Snow Hill several times as one of the best, and most reasonably priced, North End condo developments due to its craftsmanship and attention to detail. The majority of the units sold for over 98% of (the reduced) asking price, and some came with a full year of pre-paid condo fees.

Residents have moved in, and can now enjoy the 90 second (we timed it) walk to the Waterfront. For further details and/or questions on sales at 44 Snow Hill, feel free to contact us, or leave a comment on the blog.

Filed Under: North End Condos Tagged With: ,

Free Concert Tonight – The Joshua Tree

July 31, 2007 By

Tonight, come by Christopher Columbus Park (right next to Long Wharf and the North End) for a special ONEin3 Boston event.

The Mayor’s Office of Arts, Tourism and Special Events, in conjunction with ONEin3 Boston, present an outdoor concert that can’t be missed: The Joshua Tree, a U2 tribute band and great entertainers in their own right, perform live in concert Tonight at Christopher Columbus Park on Boston’s beautiful waterfront.

Stop by after work to hear all your favorites while you enjoy the spectacular weather.

Date: Tonight, Tuesday, July 31
Time: 6:00pm – 8:00pm
Location: Christopher Columbus Park, Atlantic Ave
Cost: Free

Filed Under: Boston

City of Boston's Real Estate Tax Classification

July 31, 2007 By

If you own property in the City of Boston (or are thinking about owning), either Residential or Commercial, you will be interested in the following tax related information. The Boston Municipal Research Bureau, an independent organization that studies the City of Boston’s finances, recently issued the Boston Real Estate Tax Classification System and Structure Report. In a nutshell it calls for legislation honoring the Classification Compromise of 2004.

Residential tax values (the amount of funds coming into the city) increased from 2006 to 2007 due to new construction, primarily new Boston condominium developments, however, residential tax rates decreased slightly over the same period.

Filed Under: Boston

Boston Condo Sales Increasing – Still Scared to Buy?

July 30, 2007 By

The Massachusetts Association of Realtors (MAR) recently release the 2007 2nd Quarter housing numbers for the state. It is interesting to see that condo sales in the Greater Boston area are increasing / appreciating on all levels (number sold, average price, median price).

Per the MAR Report, here is a look at 2nd Quarter 2006 numbers versus 2007 (2006 / 2007)

  • Average Sales Price: $405,619 / $443,654
  • Median Sales Price: $345,000 / $359,900
  • Number of Condos Sold: 2,981 / 3,247

Stock market highs and lows, mortgage industry issues, and everything else that is on people’s minds lately don’t seem to impact a steady (and respectable) 4% increase in median selling price, and a 9% increase in average sales price in Boston.

Median prices did fall on Cape Cod, and in the Northeast, Southeast, South Shore, and the West, but Statewide, median selling prices were up 2.7%. Many reports that have come out lately are discussing Massachusetts housing statistics, rather than the city of Boston itself, note the difference when looking at statistics.

Filed Under: Boston Condo Statistics
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