Financial District Broadluxe Studio Loft Condo Now Available

Central location and convenience are the story behind the latest listing to hit Boston’s Financial District.  A studio, unit 5F, at the loft-style Broadluxe condominium development hit the market earlier this week.  Unit 5F is essentially the second true resale in the building since the auction in 2008 and the subsequent sellout of the remaining units.

Unit 5F at Broadluxe, a downtown Boston studio loft-style condo boasts approximately 539 square feet and is being offered at $309,900.  The exposed brick and beams, convenient floorplan (554 KB PDF), and extra deeded storage in the basement of the building presents a nice package to those looking for city center living.

Downtown city living loft-style exposed brick and beam studio unit in an elevator served concierge building. In the heart of the Financial District, you’re moments from the Waterfront, all downtown amenities, and the newly completed Greenway. Gas cooking, granite counters, stainless steel appliances, extra deeded storage. In unit W/D hookups. For pure turnkey move in, furnishings negotiable.

An open house will take place at Broadluxe unit 5F this weekend, Sunday, January 23, 2011 from 11:00 AM to 1:00 PM. Moments from the Rose Kennedy Greenway and the Waterfront, Broadluxe’s Financial District location has proven to be a coveted spot in downtown Boston.  For more information, use the Contact Us link tab at the top of this page.

Broadluxe Financial District Condos

Broadluxe Loft 5F

Boston Property Taxes Continue Rise

Boston property taxes are continuing to rise, from last year’s $11.88 to now $12.79 per $1,000 of assessed property value.

With assessed home values remaining relatively stable in many Boston neighborhoods and an approximate 8% increase in the tax rate, many Bostonians will face larger property tax bills during fiscal year 2011.

Relief is available, however, as the residential exemption will continue to be available to residents who maintain their Boston home as a primary residence. The fiscal year 2011 residential exemption subtracts $124,695 from a property’s assessed value, saving qualified homeowners approximately $1,595 on their tax bill.

For an example of how to calculate taxes for your condo, as well as a historical look at tax rates in Boston, visit our newly updated Boston property taxes article.

Put Your Personal Items Away

The two things that most sellers want is top dollar for their property and a quick sale. Careful planning on what to do with your home when you put it up for sale will lower the number of days on market. One very important step is to put all your personal items away including family pictures. Try and disconnect yourself from the home or condo and realize this property will not be yours for very much longer. Buyers want to imagine their own items and pictures in the home, making it feel like a home to them. You don’t want buyers to focus on who lives in the home or condo now, but what will it be like for them to live there in the near future. Putting your personal items away also helps the home appear larger since there is less clutter.

All counter tops and dining room tables need to be kept clear. Think of a model home you walk into, you don’t see any clutter or personal items. Everything is clean and clear of all newspapers, magazines, knickknacks and food items. No dirty dishes in the sink. A cluttered home makes the buyer feel uncomfortable and will potentially push them out of the showing quickly. It also sends a message to the buyer that you may not be taking care of the rest of the home if you can’t keep it clean – what else is wrong with the home?

As part of de-cluttering, don’t forget the closets and kitchen cabinets. Buyer’s love to open up closets.  Make sure shoes are nice and neat and boxes are not stuffed to the ceiling – nothing makes a closet look smaller than boxes from floor to ceiling. Kitchen cabinets should be nice and neat as well, rearrange and straighten food items, dishes and glassware. Think of how a buyer would feel coming into a sparkling clean and neat home. They want to live there!

About the Author: Eric Miller is a broker associate /owner with Keller Williams Realty in Fort Lauderdale with over 10 years of experience. Eric Miller and Associates is an award winning team of Ft. Lauderdale realtors and can be found online at FortLauderdaleGroup.com, where you can view every Fort Lauderdale condominium listed for sale.

Real Estate Goal Setting

Create and Achieve Your Real Estate Goals!

A new year presents an ideal opportunity for reflection and goal setting. The purchase or sale of a new home may also be your goal this year. Maybe your goal includes an improvement to your health routine. Whether the goal is large or small, creating it can create change in your life. Any change can be challenging, but a new year provides an impetus to create a fresh start.

Maybe your goal setting revolves around real estate, launching a home-based business or finishing a home remodeling project. Regardless, a few simple steps can guide you to making it a reality and bring you closer to realizing your dream. Achieving success at each of the steps requires that you acknowledge each step and take pride in your progress, as well. Enlist someone to act as your Goal Partner and keep them involved as you work through each of the steps.

Step 1: Set Your Goal

Write down the details of your dream. The goal that you’d love to achieve but feel is beyond your reach. Use a pen and paper and find a peaceful place where you can brainstorm freely. From these notes, create your list and start to jot down an action plan. Put your list away for three to seven days and then re-evaluate what you’ve written. Share your goal with your Goal Partner.

Step 2: Discover Any Potential Stumbling Blocks & What You Need To Succeed

Listing the potential problems and issues that may interfere with the completion of your goals can help diminish them. Their significance will lessen as you quantify them.

List the key products, people, educational steps, and processes that can help you reach your goals. Having a tangible list brings your knowledge base much closer. You can even include contact information or specific statistics that may benefit you in reaching your goal.

Step 3: Set Mini-Steps In Writing & Define An End Date

Break each goal into a series of small goals that will direct you to your dream goal. Set an end date for each goal to be achieved. Make it far enough away to give time for it to be possible, but close enough to make it relevant. Write the date next to each goal on your final list, culminating with your dream goal and subsequent date.

Step 4: Review Your Goal Often and Update Your Goal Partner Regularly

Add reminders to your email account or calendaring program. Determine how often you need to be held accountable (weekly, monthly, quarterly) and check in with your Goal Partner on a regular basis.

Step 5: Enjoy Your Success

Celebrate your small success and your large ones, together!

About the author: Real Estate Journalist Jennifer M. Miller writes on housing, home organization, and finances. 

Who is Fannie Mae?

Fannie Mae is the Federal National Mortgage Association, originally a government-owned corporation, and now a private corporation. Its purpose has always been to expand the United States’ secondary mortgage market by securitizing selected mortgages.

In 1938, in response to the Great Depression encompassing the entire country, US President Franklin Delano Roosevelt and the US Congress created Fannie Mae in order to make available federal money to local banks for the financing of home mortgages. The goal was to increase both home ownership in the US and the supply of affordable housing. Fannie Mae buys bank mortgages, in essence creating a liquid secondary market for mortgages. Loan originators can then originate more loans.

In 1954, an amendment to the Federal National Mortgage Association Charter Act turned Fannie Mae into a mixed-ownership corporation which meant that private individuals could own common stock of Fannie Mae. The federal government retained the preferred stock.

in 1968, Fannie Mae was completely converted into a private corporation so that Fannie Mae funds would no longer appear in the federal budget. Fannie Mae was split in two entities, one still called the Federal National Mortgage Association (or Fannie Mae), while the other was called the Government National Mortgage Association, or Ginnie Mae. Ginnie Mae remained a government organization, buying and supporting insured mortgages of the Veterans Administration and Farmers Home Administration, with the complete financial backing of the US government.

In 1970, the federal government gave authorization to Fannie Mae to allow the corporation to buy private mortgages not insured by the federal government. At the same time, the federal government created the Federal Home Loan Mortgage Corporation, called Freddie Mac, as competition with Fannie Mae, in order to build a more efficient and robust secondary mortgage market.

The way in which Fannie Mae works is that the corporation buys mortgages from approved mortgage sellers. Fannie Mae’s form of payment can be either cash, or a mortgage-backed security that promises timely payments of principal and interest. The recipient of that security can keep it, or sell it.

Fannie Mae can also securitize mortgages out of its own portfolio and sell the result to buyers, with the same guarantees of timely payment of principal and interest.

By paying for these mortgages, Fannie Mae gives financial institutions new money with which to originate new loans. Credit and housing markets in the US thereby become more liquid and more flexible, allowing the markets to deal with new financial and business situations more easily.

Fannie Mae sets guidelines for loans that will be accepted by Fannie Mae for purchase — such loans are called “conforming”, while loans that don’t meet the Fannie Mae guidelines are “nonconforming” .

Fannie Mae gets no direct government backing or funding. Securities issued by Fannie Mae have no government guarantee of ever being repaid. Fannie Mae certificates are not an obligation or debt of any part of the United States government. Fannie Mae is the sole issuer of Fannie Mae securities, and is the only guarantor of the certificates, and of payment of principal and interest.

Top 10 Boston Real Estate Stories of 2010

2010 is coming to a close, and we wanted to take a moment to reflect back on the year and remember the most popular Boston real estate stories of 2010.

As 2010 played out, the Boston Real Estate Observer continued in its efforts to be one of the top Boston real estate news sources.  Our quest to continue expanding coverage was made possible with the addition of multiple new regular contributors, bringing our total list of authors to 11 – learn more about becoming a contributor.

As we did in 2009 and 2010, we plan to implement  innovative new ideas in 2011 to continue bringing readers robust and comprehensive coverage of the Boston real estate market.  Here are the top 10 most read articles from 2010 (some of which were actually written well before 2010):

  1. Craigslist, Rental Properties and Listing Scams
  2. Best Places to Live 2010: Massachusetts Real Estate
  3. Overall Boston Property Taxes Up in 2010
  4. The Clarendon Brings Unique Living to Back Bay
  5. Condo Kitchen and Bath Remodel Options
  6. Channel Center Seaport District Lofts Open Houses
  7. Understanding the HUD-1 Settlement Statement
  8. Disputing a Low Home Appraisal
  9. Boston Apartment Rental Scam Exposed
  10. W Hotel Boston Foreclosure
  11. We appreciate your readership and look forward to a prosperous 2011, Happy New Year!

Martinez’s Scholarship Strives to Break Poverty Cycle

With a goal of breaking the cycle of poverty, financial self sufficiency, and graduation with a four-year college degree, the Boston Scholarship will provide sufficient funds for one eligible student to attend UMass Boston for 4 consecutive years for the school term commencing in September 2011.

This is the vision of Matthew Martinez.  After witnessing first-hand how families on Section 8 vouchers found themselves in a cycle of poverty that could not be broken, Martinez, a Boston-area property owner, decided to do something about it.

He created a scholarship that supports single parents on Section 8 vouchers who are determined to obtain a college degree so they may improve their earning capacity and their family’s long-term economic stability.

The scholarship is the result of a partnership between Metropolitan Boston Housing Partnership, The University of Massachusetts Boston, and Beacon Hill Property Group, owned and operated by Martinez.

Applicants must meet certain criteria, including being a member of the Family Self-Sufficiency Program.  Once awarded, the scholar will work with an Advisor from MBHP to establish goals, responsibilities, timelines and a specific plan of action.

Unfortunately, the number of applicants far exceed the capital currently raised for this initiative. Private donations are being sought to meet the overwhelming demand for this groundbreaking scholarship opportunity. The Boston Celtics will award 4 of the President’s seats (a value of $2,000) to the individual or organization that donates the most to this endeavor.

If you are interested in making a donation, please contact Martinez at 617-448-5550 or matt@beaconhillpg.com.  Or, simply mail your donation to:
University of Massachusetts Boston 100 Morrissey Blvd Boston, MA 02125-3393 Attn: Kelly A. McLaughlin, Coordinator for Merit-Based Scholarships
For: The Boston Scholarship

For more information, see The Boston Scholarship (PDF).

Bryant Back Bay Condo Auction, Again

It was almost one year to the day when the Bryant Back Bay hosted its first condo auction to reestablish market pricing for the luxury South End / Back Bay units and jump start further sales, and the public now gets a second crack at it.  In October 2009, 10 luxury condos at the Bryant were auctioned at approximately $674 per square foot, and now, the remaining 11 units in the building are being brought to auction on Sunday, November 7, 2010 with an average minimum bid at $592 per square foot.

Since the 2009 condo auction at the Bryant, the building has undergone a significant lobby renovation, beautifying both the interior and exterior.  As well, it’s arguable that there is now significantly less risk buying into, what is essentially, a sold out building – buyers in this final auction will not be faced with significant concessions in equity and price point with which, for example, early owners at Nouvelle at Natick were faced (see Nouvelle at Natick Condo Auction Results).

Bryant Back Bay Auction Pricing

Accelerated Marketing Partners, LLC is welcoming potential buyers at an open house preview of available units in the building (303 Columbus Avenue Boston, MA 02116) through November 6, 2010 with hours that include, Wednesday–Friday, 12pm–5:30pm, and Saturday–Sunday, 12pm–4pm. 

The auction event itself will take place on Sunday, November 7, 2010 at the Colonnade Hotel located at 120 Huntington Avenue Boston, MA 02116.

Bryant Back Bay

What You Must Know Before Hiring a Long Distance Boston Moving Company

A Boston Real Estate Observer reader recently submitted an article to us chronicling their cross-country move from Boston, specifically, the long distance moving company selection process in sorting through the best moving companies.  Here’s their informative account.

After opting for the U-Haul experience a few years ago to get to Boston, I really didn’t want to have anything to do with personally moving my belongings out of a 600+ square foot downtown Boston condo and a small self-storage unit to another state approximately 2,000 miles across the country.

I knew well before I moved out of Boston I was going to hire a long distance moving company to lift the burden off of me.  To that end, I tried to do as much due diligence on the moving process as possible to avoid moving scams, pay a reasonable price, and ultimately have peace of mind.

From my standpoint, there were a few options on the table, some of which were more work for me, while others involved little to no effort.

I checked out PODS, got quotes from 2 “less reputable” moving companies over the phone, and got in-person quotes from 3 “more reputable” full-service movers.

PODS Boston Moving Service

If you’re familiar with the PODS concept, it’s pretty cool.

However, it’s pretty expensive for what you get.

To the tune of approximately $4,000 for the setup I was considering, and you do all the packing and placing of items into the PODS yourself.

Once the PODS is dropped in front of your home, you load it up and then they pick it up, store it for up to a month for you at your destination (where it is accessible to you), and drop it off in front of your new home for you to unload it (on your own).

If you’re reading between the lines here, that’s still a lot of work, especially for someone like me who lived in an old brownstone with tight stairs, four flights up!

I knew it would be a lot of work going up and down stairs on my own, easier going down than up, but still an arduous process.

During the PODS quote process, they try and lock you into making a reservation (that you can cancel later with no obligation if done by a certain date), which I did do just to have a safety net, but given the circumstances and the pricing of my other options, PODS quickly got taken off the list.

PODS Boston Moving Service

“Less Reputable” Boston Moving Companies

The two moving companies, one Boston-based and another New York City-based, I spoke with over the phone who did not come out to my place to do an in-home estimate provided me very attractive quotes from a price perspective, somewhere in the $2,000 to $2,500 range.

The pricing obviously sounds good, but when I started doing more research, BBB, message boards, and some of the government websites, you’re advised to run away if a firm doesn’t come out to your place to actually see what they are going to move.

Therefore, these “less reputable” options were essentially scratched off my list, even though at first glance the price was right.

While a low price tag is a really attractive option, just think about some of the implicit realities that accompany a phone-only estimate.  At its core, how much you pay for moving is based on both the amount of stuff you move and the distance it travels.  The inventory of items collected by the moving company over the phone is invariably going to be incomplete, which essentially voids that low estimate you were given and leaves you exposed to additional and unexpected charges, or worse yet, not enough room on the truck for your shipment on the big moving day!

Additionally, moving companies who provide phone-only estimates, in most cases, aren’t familiar with the area and don’t really know what they are getting themselves into – for instance, it was a little fishy when one of the moving companies suggested that they shouldn’t have any problem getting an 18-wheeler down my street to pick up my belongings when I know for a fact there’s little to no possibility of that size truck making it down my tight Boston street.

“More Reputable” Boston Moving Companies

The three moving companies that actually came out to my condo were North American, Allied, and Eagle Van Lines (smaller, and local to Boston, but with cross-country moving capabilities).  All of these companies came out to my condo, provided quite thorough in-home estimates, and can give you different prices for different levels of packing (self-pack, partial pack, or they pack everything for you with a full pack).

How much does it cost to hire Boston movers? Full pack quotes were approximately $4,000, $4,100, and $3,700 respectively.

The major difference between them for me was that Eagle Van Lines (with the lowest full pack quote) would store my stuff for up to a month in their warehouse at no charge.  Based on my move itinerary, I really needed that extra storage time.  North American and Allied, the bigger firms, would only provide additional storage time for a hefty extra charge.

That said, I chose Eagle Van Lines.

They picked us up early one month, and we ended up taking delivery approximately one month later.  I wanted Eagle Van Lines to store our stuff for a while because we made a couple of stops before actually getting to our destination, and once there, I had some renovations done on my new home and wasn’t sure exactly when I wanted my goods to arrive.

Theoretically, if I was ready for them, Eagle Van Lines could have delivered within 7-10 days of picking me up.  Basically, you give them your “first available date”, and then per their contract, they have to deliver within 7-10 days of that.  Given my situation, I obviously needed the flexibility and so I stayed close, via phone, to the cross country shipping manager to keep my finger on the pulse of the location of my stuff and its actual arrival date.

While I was a little skeptical going with Eagle Van Lines, they checked out on the BBB very well (a listing that is no longer on the Boston-area BBB website), they had some complaints but not too many, they had all their licenses, etc.  Admittedly, there were some questionable things, like why did they change their name some time back?  Outside of the storage situation, which was important to me, it was a relative wash among the reputable moving companies that provided me an in-home estimate.

At the end of the day, I just had to trust that Eagle Van Lines was going to step up and do what they said they would do.

With that, I negotiated a change in the percentage deposit that I gave Eagle Van Lines, moving the balance in my favor – I didn’t want a moving company, regardless of who they are, to have 50% or more of my money upfront with no real incentive to actually make the delivery.  With no significant issues, my stuff arrived, including a working plasma TV.  Admittedly, Eagle Van Lines broke several dishes and cracked a snowboard of mine, and my email inquiries to them regarding how to “reconcile” the damages have gone unanswered – I’m not sure if I’m going to make phone calls and actually push the situation or not yet.

Boston Moving Tips

If I had to provide tips to someone else on the cross-country moving process, the first thing I would suggest is to start the endeavor early.  Have at least 3 firms come out to your Boston condo, seeing if you can eventually play them off one another if there are any significant differences (admittedly, you don’t want there to be huge differences because that would mean they don’t know what they’re doing and how to estimate properly).  If they are bunched up like they were for me, perhaps there’s one thing that separates them (the storage for me), or just a feeling in your gut you get after you do your own research.

Boston Moving Companies

Boston Wine Week Well Underway

Raise a glass to the inaugural Boston Wine Week,
September 20 – 26, 2010

Celebrate quality wines at incredible value at the city’s best restaurants.

A week-long celebration of handcrafted wines by winemakers and growers from around the world, served by the glass or bottle at some of Boston’s top restaurants. Taste great wine at great prices (some of which retail at $90/bottle) all week long when all wines are offered at $9/glass and $32/bottle. Participating restaurants will offer a minimum of six wines for your tasting pleasure.

Boston Wine Week

Oenophiles will also have the opportunity to taste and discuss wines with local experts at a number of special events, from sipping and chatting with Tyler Balliet of The Second Glass at BiNA Osteria (9/20), wine and cheese parings at Bin 26 (9/21), a wine & cookie tasting at 75 Chestnut (9/21) to a “Classy Bar Crawl” of Downtown Crossing (9/23). Cleanse your palate and visit www.bostonwineweek.com for a complete list of restaurants, wines and special events.