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.

clip_image002

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.

clip_image004

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.

US Condo Downturn Troubles Lenders and Developers

The Wall Street Journal reported this weekend that in cities across the US, namely Miami, instances of foreclosure and condo development bankruptcy are increasing. The problems are emerging as some buyers who signed contracts to by new condos two to three years ago, when construction was just starting, seek ways to back out as they encounter trouble getting financing in the suddenly dicey mortgage market. Falling prices are forcing appraisals down, so banks aren’t willing to lend the full amounts that people committed to in the sale contract.

Boston appears to be bucking that trend slightly, or at least serving up a different flavor of the same end result. Consider that Bostonians continue to lay down large deposits on units in condo developments that are far off on the horizon, with what on the surface, appears to be little to no concern over obtaining financing when the occupancy date approaches, and final checks have to be written (take for instance the Mandarin Oriental, which is practically 100% sold, and will not open until June 2008, as well as 45 Province, which is on track for a 2009 completion, but is experiencing strong sales, and large deposits, thus far).

Where condo developments seem to be experiencing issues in Boston is not so much on the consumer financing end, or consumer demand for that matter, but on construction costs that have increased to levels that do not allow developers to turn a profit on making the project a reality. Take for instance, Columbus Center, which was approved years ago, but has not broken ground due to rising construction costs that erode project profit potential, the Broadluxe that is currently foreclosed upon by TD Banknorth for various construction cost related issues, the original Channel Center effort that saw a whole block purchased by a developer, only to see a small portion of the area developed, or perhaps most recently, the announcement that East Pier (Portside at Pier 1) in East Boston may flounder because developers anticipate not obtaining the profit levels for which they had hoped.

However, a broad brush stroke story on the state of the entire US provides little insight into the local market here in Boston. Despite the four above-mentioned condo development projects experiencing issues, be that temporary or permanent, construction still continues and will continue. Take for example The Clarendon and Russia Wharf (to name only two), both of which have recently broke ground on new construction in the Back Bay and on the Waterfront respectively.

With the little consistency that is seen (or unseen) in even the Boston market, it leads one to question whether the failure of certain condo development projects in the city are simply a result of particular developers seeking to take advantage of the demand from three to four years ago (the time when planing and permitting took place) , and a lack of planning and foresight to build proper safeguards into their projects.

We Will Buy Your Boston Loft

Here’s your chance to make a quick sale of your Boston loft. We have clients who are both interested and motivated to purchase your Boston loft-style condo. If your loft meets the following criteria, we’d love to hear from you.

  • South End, South Boston (close to Broadway T-Stop), Seaport District, Leather District
  • Two-bedroom, or capable of easily being converted into a two-bedroom
  • 1,200 + square feet
  • Attached (garage or adjacent lot) parking included – no rental lots half a block away
  • Exposed brick and beam – we’re looking for some character
  • Recent construction or renovation

If your loft fits the criteria, and you are interested in selling, we may have a buyer for you –  please contact us.

[where: 02127, 02210, 02118, 02111]

US Housing Market Poised to Improve

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.

Installing a New Central Air Conditioner

Are you considering the install of a new central air conditioner in your Boston condo? You can save energy and money – and stay cool- by buying an energy-efficient model.

Today’s most efficient air conditioners use between 30 and 50 percent less energy that models from 30 years ago to generate the same amount of cooling. Even if your air conditioner is only ten years old, replacing it may save you up to 40 percent in energy costs.

Consider these factors when shopping for a new central air conditioner.

Proper Sizing – Match the right unit to cool your home efficiently. A unit that’s too large will not adequately remove humidity, and one that is too small won’t cool enough on those oppressively hot days.

Season Energy Efficiency Ratio (SEER) – This measure indicates the relative amount of energy needed to provide a specific cooling output. Look for a model with a high SEER (much like you should look for a window air conditioner with a high ER). Many older systems have a SEER of 6 or lower. Residential central air conditioners made since January 2006 must have a SEER of 13 or higher.

Unit location, insulation, duct installation, and other factors also affect air conditioning efficiency. An experienced contractor can recommend a system that’s best for your Boston condo.

Google Maps Technology

On Wednesday at 6 a.m. PDT, visitors to the Google Maps website will find a new tab called MyMaps, which allows you to be in the driver’s seat on creating maps using hundreds of mini-applications created by independent software developers to overlay data on top of Google’s popular online map service.

This could take any number of spins, anywhere from mapping out your open house weekend with pictures and video to overlaying your next Boston condo with crime statistics.

To get your started, let’s take a look at a base map of the Bryant on Columbus, and then overlay gasoline prices at nearby stations so you know where to fill up your car:

  1. Check out a quick MyMaps of the Bryant on Columbus condo development
  2. Once there, click on the MyMaps tab just under the Google Maps logo in the upper left
  3. You should now see some options under ‘Featured Content’
  4. Click on the checkbox next to ‘Gas Prices from GasBuddy.com’, which should then ask you for a zip code, go ahead and type in ‘02116’, click ‘Find Gas Prices’, and you’re off and running!

If you would like to experiment further, go back to step 2 and click on the ‘Add Content’ button, which will open up many more options. Happy map making!

Boston Condo Search

What has helped you in your Boston condo search? More and more of our clients are starting their search for a Boston condo early in their home-buying thought process, giving themselves plenty of runway to find the right condo.

One of the easiest, and most effective, ways to keep you finger on the pulse of the Boston condo market is to sign up for free Boston condo updates in your email. You control all of the search criteria for these updates, allowing you to develop a handle on the condo market for the specific niche of properties in which you are interested.

Take the next step, and sign up for Boston condo updates today.

Beacon Halls Cleaning Service

Coming to a common area near you, a new Boston condo cleaning company has just launched, Beacon Halls Cleaning Service, LLC. Beacon Halls will focus on common area cleaning for condominiums, apartment buildings, and single family residences in the Boston proper area.

Given the name, Beacon Halls, the company does indeed have a focus on the Beacon Hill neighborhood, however, they service all of downtown Boston, and are capable of handling any size condo development.

The Founder of Beacon Halls Cleaning Service has a Boston property management background, and has first-hand experience with how to serve condo owners and residents alike with professional, prompt, and courteous service.

Based upon my property management experience, there is a real need out there, so what better than to provide a service that puts condominium owners and residents at ease, knowing that when they come home from their day in the city, the main areas of their building show well,” said the Founder of Beacon Halls Cleaning Service, LLC.

For further information, and to schedule an introduction or a cleaning with Beacon Halls, please contact us, and we will put you in touch.

Hong Lok Affordable Elderly Housing Development

In response to affordable housing waiting lists for the elderly in Boston, at times approaching seven years, redevelopment of the 28-unit Hong Lok House in the Chinatown neighborhood has been announced. The current house at 25-31 Essex Street will be torn down and replaced by an eight-story building that will include 74 residential condos, an apartment to house a full-time manager, and a new senior center on the street level.

The development team is currently waiting for approval from the city’s historic commission, since the area is a historic district.

Pending approval, construction will take place in two 12-month phases, the first to begin in 2008. The 2,500-square-foot elder center will include a gathering place, medical treatment clinic, and a room for ballroom dancing.

Thank you to the Boston Business Journal for breaking this information.

And Your Winner Is…

As you may recall, we ran a poll that was open for the entire month of April, where you could vote for your favorite new Boston condo development – the results are in, and your winner is: The D4 Condos in Boston’s South End.

D4 Boston Condos

The D4 development, in the South End of Boston, on Warren Avenue is now move in ready, with only six units remaining. We’ve watched the D4 Condos from the beginning, and the location, finishes, and amenities are second to none. For a detailed look at the remaining six units, view the D4 condo listings.

D4 slightly edged out the high-end Battery Wharf waterfront condos in the North End. The 104 unit Battery Wharf condo / hotel development on Boston’s Waterfront is one of several developments in Boston that brings together the amenities of a luxury hotel, with a luxury condo – a new standard of living.

For more details on all the new Boston condo developments that participated in our poll, please see the below links:

Battery Wharf (North End Waterfront)
Penmark Condos (South End
D4 Police Station (South End)
The Bryant on Columbus (Back Bay)
Harbor View Navy Yard (Charlestown)
Meads of Commonwealth (Back Bay)