Beat Summer Heat & Utility Bills

July 18, 2010 By

With temperatures still in the 90s, Bostonians are staying inside, pumping up the air conditioning, and trying to beat the summer heat (and humidity).  With air conditioners on maximum cooling, energy bills are on the rise – consider 10 ways to beat summer utility bills.

The Rose Kennedy Greenway is now consistently crowded with families taking advantage of the many fountains that can bring a cool relief to those taking in the Waterfront.  If screaming children having the time of their lives is not in the cards for you, and you’re looking for something a little more sophisticated, try the Colonnade Boston Roof Top Pool (admission required).

Boston Heat Wave

Colonnade Boston Roof Top Pool

And for those dreamers out there, if you were the proud owner of 74 Beacon Street, a stunning Beacon Hill home, you’d be able to enjoy your Boston infinity pool in the private comfort of your roofdeck deck overlooking the Public Garden perhaps the quintessential Boston pool of them all.

Boston Rooftop Infinity Edge Pool

Filed Under: Boston Tagged With:

Go Green with Cork Floors

July 12, 2010 By

It’s a fact that homeowners are looking to green home decor solutions for inspiration today. Not only are the number of available options increasing, but there are also more affordable options that offer incredible value for money. One such option is cork flooring. Sustainable, beautiful and very comfortable, cork flooring is becoming popular with homeowners and renters alike for a variety of reasons, not least of which is because it is incredibly hard wearing and a cheaper alternative to other traditional wood flooring options.

Cork is undoubtedly a sustainable form of flooring because it comes from the Cork Oak, the only tree that can regenerate after the removal of its bark. As such, there is no need to chop trees down to make it. Trees can remain standing and can oftentimes be harvested again in ten years without inflicting damage. However, this amazing fact is by no means the only benefit of cork floors, others include:

  1. Cork flooring is particularly durable. It is not the same type of cork as that used in wine bottles, which chips away easily and is relatively soft.  Cork flooring is incredibly tough, does not wear easily and can actually take heavy traffic over a sustained period of time. If maintained well, there is no reason why it cannot last in excess of fifty years.
  2. Unlike other types of wood flooring, cork floors are actually resistant to fungus, mold and mildew so it will not degrade easily. It is also hypoallergenic and thus is ideal for homeowners with pets and children.
  3. Cushion for your feet.  Most wood floors do not give but cork flooring is different. It is comfortable for those walking on it barefoot and gives a little to cushion your steps, which is actually a strange but lovely sensation.
  4. In keeping with its eco-friendly makeup, cork can help you save on your heating bills. It insulates any room well and resists temperature fluctuations so it remains a comfortable temperature all year round.
  5. Cork flooring does not require any special DIY knowledge because the tiles or planks are very easy to install

Although many individuals still choose to go for traditional wood flooring, more and more experts are beginning to recognize the value of cork floors and so are actively recommending them to homeowners. It is actively considered to be an upgrade on other flooring types because of the advantages outlined above and the fact that it is just a affordable as other types of flooring, if not more so. For example, it is more sustainable than bamboo and yet not as expensive. Furthermore, it comes in a variety of colors and is not limited by the use of an individual room – it can be suitable for all rooms in the home.

In short, cork floors give you a fantastic option that checks all the boxes at once. No trees have to be cut down to create it and it can last for years. As a durable, healthy, affordable and comfortable choice, it offers every member of your household significant advantages. It also ups the value of your home so it is an all round winner.

This article has been written by Dylan Taft, an experienced Hudson Valley real estate professional, working in home sales and purchases. You can visit Dylan’s website for more information on property taxes, and details on the Ulster County real estate area.

Filed Under: Condo Energy Efficiency

How Home Appraisals Have Changed – Part II

June 18, 2010 By

In early June, I kicked off a two-part article on how the home appraisal landscape has changed across the country in the recent past. The first piece of the article (see How Home Appraisals Have Changed – Part I), went over two characteristics, and I’ll be wrapping up the piece today in an effort to outline the 5 Ways Home Appraisals Have Changed.

Let’s continue the thread with the following…

3) What’s bad for the seller is good for the buyer

A big part of the problem that caused the housing bubble was appraisals coming in extremely high, well over market value. Now it seems just the opposite, due to a declining market mixed with short sales and foreclosures, traditional home sellers are taking a huge hit. For instance, I had an appraiser tell one of my clients the upgrades (over $25K) they did added very little value to their home. No home seller wants to hear that the house they feel is worth $300,000 is actually only worth $219,000 now and no home buyer would want to pay an inflated price. So if you’re a home buyer, hang in there with the time and price, in the end it will be worth it.

4) Know the comps if you’re a seller

As a seller you should take a proactive approach in the appraisal process, and be prepared ahead of time to answer any questions the appraiser might have. A good recommendation is to have listings of what homes sold in the past 3-6 months in your neighborhood and documentation of any repairs or upgrades made while you owned the home. Anytime you can make the appraiser’s job easier, you’re both helping them, and yourself.

5) Appraisal Rules will smooth out naturally

I know the current situation might not look promising, but like all good things it will take some time to fix. Part of the reason the larger US economy took such a huge hit was due to the real estate debacle. We need regulations so this will not happen again. On July 28, 2009 the Federal Fair Housing Agency, Fannie Mae and Freddie Mac issued an alert to all lenders clarifying two points that had made a lot of people in the industry upset.They said that appraisers should have clear experience in the geographic area. If they don’t, they should be reported to state appraiser licensing agencies. This is a great step to ensure one of the most valued assets one owns is protected by recognizing that real estate values are hyper local.

This article was contributed by Ryan Nager, a specialist in Mesa Real Estate in the Phoenix Metro Area.

Filed Under: USA Real Estate

How Home Appraisals Have Changed – Part I

June 2, 2010 By

I’m sure we’ve all heard that appraisal guidelines and regulations have changed dramatically in the past year or so. But is anyone sure why and what changes were made?

Inflated home prices in many markets across the US contributed to the housing crisis, motivating the New York Attorney General to pass the Home Valuation Code of Conduct (HVCC) — a set of rules that determines how appraisals should be made — in May 2009. The law aims to distance appraisers from the real estate transaction so they can provide an unbiased, objective analysis of a property’s fair market value.

But real estate agents (like myself) argue that the system is flawed and deals are falling through because of the ever-changing, lengthy maze of rules. Long story short, with the new rules in place, appraisals now take longer, are more expensive and are often conducted by appraisers unfamiliar with the local market. The National Association of Realtors has called for a moratorium to address the shortcomings of the HVCC, but until these rules are ironed out, expect them to hinder deals in 2010.

Here are 5 ways the home appraisal process has changed:

1) Appraisals are taking longer

Historically, after your lender or mortgage broker called their appraisal company, you would have a valuation back in a matter of days, not weeks like they are now. Now, an independent third party, usually called AMC (appraisal management company) is oftentimes involved, adding a layer of independence, but also time, to the process. This is extra frustrating for agents and buyers because the appraisal is a huge part of the FHA and VA process. With the majority of FHA loans being used for REO listings, the appraisal is the only justification we have to ask for repairs necessary, and banks are being good at making these lender required repairs. The problem I’m seeing is that close of escrow dates are being extended out to accommodate the lengthy appraisal process and make any repairs. Then after the repairs (if required) are completed, another appraiser is brought in to certify that the repairs were done. Now do you see why this can be very convoluted?

2) Appraisals cost more now

The typical appraisal on a single-family now costs in excess of $350. These third party AMC companies are driving the price up. And for the money, most would contend the value of service is worse. Instead of having a local appraiser evaluate your home, AMC company sends a request to a random appraiser that may live 50 to 100 miles away from the subject property, clearly unaware of the hyper-local real estate market trends.

Stay tuned for part II of this series, where we’ll discuss the final three ways in which the home appraisal process has changed.

This article was contributed by Ryan Nager, a specialist in Mesa Real Estate in the Phoenix Metro Area.

Filed Under: USA Real Estate

Census Pulling Out All Stops

May 9, 2010 By

A local real estate broker was recently contacted by a census worker to solicit entry into a local South Boston condo development, 321 West Second Street, in an effort to wrap up census work in the neighborhood. The tactic, noted in italics below, of contacting local real estate brokers to drive completion of census work appears to be on the rise.

“I am with the US Census Department and I need to conduct interviews at 321 West Second Street. Specifically at units 7, 10, 11, 12, 13 & 16. Can you please contact me with either a time I could gain access to the building to complete these interviews, phone numbers where I could contact these residents or if you could please confirm if these units were not occupied on April 1st that would be most appreciated.

To confirm this information is accurate, below is a contact number for the local census office and the information for Unit 7.

Phone: 617-848-3262
LCO: 2118
Case ID: 32-11297 7152 401 71
OP: 032
CLD: 0703
AA: 32-2206
Map Spot: 0004
Block: 13189

Thank you

Nathan Clifford”

The census is slated to add more than 1.4 million new jobs to the federal payroll, making it the largest peacetime government jobs program ever, according to the Census Bureau. Some 140,000 people were hired in 2009, while the bulk of these temporary workers are being brought out board during 2010, an effort that provides a timely boost for what appears to be a positively trending US economy.

Filed Under: Boston

HGTV's My First Place Hits Boston

April 16, 2010 By

My First Place, HGTV’s hit series, is coming back for an eighth season and they’re looking for first-time homebuyers (and their agents) in the Greater Boston area right now. As either a first time bomebuyer or real estate agent, here’s your chance to be on HGTV My First Place in Boston.

HGTV is looking for fun, high-energy people who are just starting the home-buying process for their first place and would like to share their story with HGTV. Their goal is to capture all the trials and tribulations of looking for, bidding on and buying a first place.

Taping takes place spring and summer 2010. Ideal candidates will be enthusiastic buyers with a great story to tell and a desire to share their experiences. Singles, couples and families are all invited to apply!

Candidates (including Realtors) who complete taping of a My First Place episode will receive a DVD copy of their show so that they can relive their first-time home buying experience for years to come.

Request an application to be on HGTV My First Place Boston by emailing cbaggish@highnoontv.com or calling Cindy Baggish at (303) 712-3093.

Filed Under: Buyer Advice

VA Mortgages Based in Boston

April 15, 2010 By

Famous for its rich American history, sports and overall vitality, Boston is home to more than 30,000 civilian veterans. All of Massachusetts houses more than 425,000 veterans. Veterans who are considering purchasing a home in Massachusetts are entitled to the VA home loan program.

In the Bay State, VA uses two income qualifications to deem veterans eligible: debt-to-income ratio (DTI) and residual income. To qualify, a veteran’s total debt should not be more than 41 percent of his or her total income. The residual income requirement measures whether or not the borrowing veteran can cover daily living costs after taxes, housing, insurance and liabilities (e.g. credit card and car payments) have been made.

With the exception of seven counties with higher VA loan limits, Massachusetts’ counties’ limit is $417,000. Suffolk County, where Boston is, has a $475,000 maximum, and Nantucket’s ceiling goes up to $1,094,625. Qualified veterans can pay no money down to finance 100 percent of the lower of the selling price or appraised value.

In addition to the no money down, VA loan interest rates tend to be lower than those of conventional loans. VA guidelines in Massachusetts curb a handful of fees, such as underwriting and processing fees. Another fee that veterans can get waived is the VA funding fee, which supports VA loan guarantees. If they cannot get it waived, veterans in Massachusetts can finance the fee. Other advantages to VA loans include:

  • No private monthly mortgage insurance
  • In some cases, sellers paying the closing costs
  • No penalty for making loan payments early
  • Several refinancing options

The median cost of a single family home or condominium in downtown Boston during 2009 was approximately $475,000, and roughly $350,000 at the sate of Massachusetts level. That’s why the state’s VA loan limits balloon above the norm. But before veterans start looking at homes in Boston and its state, they should check their eligibility for a VA loan.

Veterans who meet one of the three following criteria may be eligible:

  • Military members who’ve served 181 days on active duty or three months during war time
  • People who have spent at least six years in the National Guard or Reserves
  • Spouses of those killed in the line of duty

For more information on VA loans in Massachusetts, visit VAmortgagecenter.com.

Filed Under: Lending Markets

Boston Roof Decks

April 6, 2010 By

As the Boston winter begins to crack and Spring weather and warmer temperatures become more the norm, one of the first things on the minds of Bostonians is getting outside. And while roof decks across downtown Boston neighborhoods are not ubiquitous, there appears to be a growing number of buyers who will only consider purchasing a condo if it has a private outdoor living area.

“I won’t look at a condo unless it has outdoor space,” says one South End condo buyer.

The merits of a private roof deck run deep, anywhere from taking in great city views, to increasing the size of livable space and square footage of a condo. Case in point is Unit 4 at 167 Warren Avenue in the South End, a 614 square foot one-bedroom penthouse condo, where owners added a 160 square foot private roof deck in 2009, in effect, increasing the square footage of the unit by almost a third. The Warren Avenue condo was recently listed for sale with an asking price of $439,000.

“The roof deck at this South End penthouse condo is gorgeous, with stunning views. The use of the composite redwood decking material for low maintenance, and the incorporation of extra storage via an innovative bench, was very thoughtful,” says John Keith, listing agent for the Warren Avenue condo.

In addition to the views and practical uses of a roof deck, some of the added value that a private roof deck brings to a unit is the result of the effort expended by a unit owner to construct a deck that is fully permitted, up to code, and approved by the city of Boston. This process can be arduous, and includes numerous application and approval processes from various city of Boston governing entities, rounds of plans and engineering documents from licensed architects and/or structural engineers, at least two inspections by Boston’s Inspectional Service Department, and a sizeable investment of time to shepherd the process through.. As a buyer, the ideal situation is that you walk into a unit not with deck rights or plans to build a deck, which both imply hope and a dream of a deck but a long runway ahead, but rather, an actual constructed and city approved deck that can be enjoyed immediately upon purchase.

167 Warren Avenue Private Roof Deck

Filed Under: Boston Condos

W Boston Condos Onsite Sales Center Opens

April 2, 2010 By

Recently, the W Boston Condos announced the opening of their on-site sales center that will welcome potential buyers to the newly opened 28-story iconic glass hotel and condo tower in Boston’s Theatre District.  What’s the significance of this?  Potential buyers will no longer need to visit the original sales center located in a low-rise office building on Newbury Street in Boston’s Back Bay, a far cry from the Theatre District, and ultimately, a situation that created a struggle for listing agency Otis & Ahearn to truly give clients an accurate feel for the luxe living experience of the W brand.

A sales center inside a development, rather than across town or down the street in a different structure, is something a condo developer wants as early in the development sales cycle as possible.  A condominium developer wants to have a model unit finished as quickly as possible so that they can help buyers envision their living experience for what it will actually be.  The trouble is, the construction process most oftentimes cannot accommodate the buildout of a complete unit in the midst of hard hat construction everywhere else.  And that said, marketing firms like Otis & Ahearn that are marketing the condos at the W are stuck trying to make the best of a situation, trying to sell a product with models and a showroom that aren’t entirely representative of the end product, and involves shuttling highly qualified buyers to the development site to do hard hat tours during specific hours of the day to not disrupt mainstream construction (arguably, the time constraints are more of a safety concern than anything else).

With the launch of the Boston W Condos on-site sales center, sales velocity at the ultra-luxury development, where units range in size and price from studios to three-bedrooms starting at $400,000 to over $4,000,000, should begin to accelerate.  According to LINK, one of the city’s two Boston MLS systems, only 11 of the 123 condos at the W have sold (9%).  With the addition of the on-site sales center presence, giving buyers the ability to touch and feel the real product and tour the building all under one roof, Sawyer Enterprises, the developer behind the hip new building, is poised to make a strong sales push in the summer of 2010.

W Boston Condos Opens Sales Center

Filed Under: Condo Developer News Tagged With: ,

West End Open House at Charles River Park

March 28, 2010 By

For medical students and first-time homebuyers that need to be located near Massachusetts General Hospital (MGH), there is arguably no better location than Charles River Park, a 4-building complex located in Boston’s West End.

2 Hawthorne Place, unit 3G, a studio one-bathroom is currently listed for $269,000, and boasts 637 square feet along with private outdoor space.  Along with a 24 hour concierge, residents of Charles River Park enjoy easy access to Whole Foods, MGH, Public Transportation, and the Esplanade.

An open house will take place at 2 Hawthorne Place Boston, MA 02114 on Sunday, March 28, 2010 from 1:00 PM to 2:00 PM.

2 Hawthorne Place Living Room

2 Hawthorne Place Private Outdoor Space

Filed Under: Boston Open Houses Tagged With: ,
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