Boston Real Estate Observer

83 West Brookline South End Condos

2012-01-17T17:25:31Z

If you’re in the market for a 2 bedroom home in Boston’s South End, take a moment to look at the development at 83 West Brookline, a gut rehab with all of the bells and whistles. The building is in close proximity to Blackstone Park and all of the great shopping and dining that come with living in the South End. The condos themselves are beautiful. They boast hardwood flooring throughout, skylights, recessed lighting, central A/C, in unit washer and dryer, intercom, solid wood custom kitchen cabinets, high-end stainless steel appliances (Kitchen Aid, Bosh, and LG), gas cooking, granite counter tops, and fabulous views of the Boston skyline (from the penthouse unit).

83 West Brookline Condo Development Market Update

While Unit 2 at 83 West Brookline is currently under agreement and no longer on the market, two (2) condos do remain for sale at this South End property. The 2 bedroom 1.5 bath penthouse and the 2 bedroom 1.5 bath parlor level duplex are still available and priced aggressively. The duplex has undergone an $80,000.00 price reduction. After coming to market with a list price of $695,000, the condo is currently being offered at $615,000. In terms of price per square foot, this unit is $541.85/square foot. The penthouse has also undergone a price drop; from $765,000 to $699,000 ($583.96/square foot). With both units dipping below the $600/square foot threshold, it is anticipated that these units will come under agreement rather quickly.

If you are interested in scheduling a showing, please contact me at sg@stuartstjames.com.

Staging Your Home for Sale

2012-01-14T16:56:41Z

Staging your home for sale is essential to ensure that you get the highest dollar amount for your home. Staging your home for sale does not need to be a costly production, it can be as simple as a few coats of paint and pulling the weeds from the yard.

Getting your Home Ready to Sell

First, it is important to disconnect your emotions. Although you may have years of memories in the home, it will be the new home of another family, and you cannot get too emotional when you hear potential buyers considering tearing out a wall, or covering the wallpaper.

Go through the home and remove all the clutter. Clutter alone is a distraction and takes from the beauty of the home. Go through each room and get rid of everything that is not necessary. Also, box things up to give the home added space. Don’t take from the beauty of the home, but organize and de-clutter.

Give the walls of the home a fresh coat of paint. You would be surprised at how far a fresh coat of paint goes, and it freshens the home and makes it updated, and it is one of the least expensive projects that you can do to get your house attractive in appearance.

Clean the carpets in the home, and all floors, as well as window sills and so on. You might also consider some new hardware for the doors or cupboards in the kitchen or bathroom.

Make sure the outside of the home is clean and presentable. Consider power washing the outside of the home. Make sure the entry is inviting. Clean the outside of the door, sweep and place a potted plant at the entry to the home. Also, make sure that the lawn and landscape are manicured.

When you meet with agents to sell the home, meet with at least three to get a good idea of what your home is worth. This not only gives you a good idea of what you can get for your home, it also allows you the opportunity to meet with various agents and listen to what they will offer you should they be your listing agent. It also gives you the opportunity to choose an agent that you feel the most comfortable with.

Getting top dollar for your home is essential and something that without taking simple steps to ensure its selling price, will cost you profit in the home.

Real Estate Finally Logs on to Facebook

2012-01-05T19:24:48Z

Any start-up founded in 2008 or after would be remiss without plotting an online social media marketing course that included Facebook. But in practical implementation terms, are Facebook or Twitter legitimate and earnest ways to drive exposure to your brand? With significant search engine results page (SERP) related penalties being paid in the past by firms who went online and did what all their peers were doing, trying to drive content creation and links, but doing it in an unnatural and manipulative way, any firm has to ask themselves whether they’re poking and tweeting for the right reasons.

What’s the true value of social media in real estate for buyers and sellers, the real essence of it? For instance, as a seller, am I getting any real value out of having an Agent tweet about my listing, or if my Broker has a Facebook page, are they going to sell my house faster? If Brokers are out there trying to do the right things for the right reasons, are social media websites and real estate a value producing combination, or are they just a necessary evil for Brokers who are trying to get ahead in SERPs?

While worth considering, perhaps these are deeper and more thought provoking questions than what we want to cover in this particular article. But currently with more than 800 million active users and more than 50% of those users logging on in any given day, Facebook is a formidable reality that, rather than being taken advantage of for the benefit of SERPs or the like, a firm must make part of their standard operating procedures. And for that reason, we recently implemented Facebook login at Stuart St James.

Stuart St James is a growing Boston real estate brokerage and Facebook login is a feature function that we recently incorporated into our flagship website. Facebook login was developed by our real estate web design & search partner, Displet, and the feature allows users to register or login to our site using their Facebook credentials. Centered on the principal that when real estate buyers and sellers are online, there’s a good chance that they are logged on to Facebook, the Facebook login feature is a technology advancement that makes the home search process more seamless, simple, and efficient by allowing users to leverage their already known and memorized Facebook credentials to setup an account on our site.

At this moment, as far as we know, we’re the only Boston real estate brokerage that offers this convenient Facebook login technology. That badge of honor is surely not going to last. Much like in 2006 when a site like Boston Condo Guy was the forerunner in bringing Google map-based search to the Boston market, the feature function was soon replicated by other brokerages and is now commonplace across real estate related websites.

So rather than focusing on SERPs and how to leverage social media, even with shielding yourself from those “wrong reasons”, we’re trying to keep it simple, focusing on rolling out simple and intuitive technology that ultimately drives a better real estate experience for buyers, sellers, renters, and developers.

Foreclosures Halted for the 2011 Holidays

2011-12-09T20:32:07Z

Great news for struggling homeowners in foreclosure! Fannie Mae, Freddie Mac and some other big mortgage lending companies have promised not to foreclose on delinquent mortgage borrowers during the 2011 Christmas season.

Fannie Mae and Freddie Mac

Fannie Mae (FNMA) and Freddie Mac (FMCC) have agreed to delay foreclosures from December 19th through January 2nd of 2012. All of the legal and administrative work required for the evictions will continue during this time. But, according to a statement made by Fannie Mae, the physical evictions will cease. This will allow these families to remain in their homes until after the new year.

“No family should have to give up their home during this holiday season,” said Terry Edwards, an executive vice president for Fannie Mae.

Big Mortgage Lending Banks

Chase and Wells Fargo, major banks that offer home loans, are also allowing delinquent borrowers to enjoy their holidays in peace. Chase Mortgage has vowed to hold off on all evictions between December 22nd and January 2nd.

Wells Fargo has also agreed to not evict during that same time frame. But, this rule only applies to properties within their own portfolio. For loans that Wells Fargo services for outside lenders, foreclosures may still happen. That’s because these smaller lenders have not made this 2011 holiday season vow.

Bank of America, another big leader in the mortgage lending industry, has made a vow that is slightly vague. They said that they will, “avoid foreclosure sales or displacement of homeowners or tenants around the Thanksgiving and Christmas holidays.” Although this statement does not give specific dates, it may help to give BofA’s delinquent borrowers a little peace of mind during Christmas time. Just a little…

Holiday Miracles

Halting foreclosures during the holidays could have a major impact on tens of thousands of homeowners. According to RealtyTrac, an average of 89,000 foreclosure auctions per month were scheduled for 2011. This is the final step in the eviction process before actual eviction occurs.

When we think about Christmas, we think about movies like “Miracle on 34th Street.” This is one of our all-time favorite Christmas movies because everyone wants to believe that miracles can happen. It’s the holidays. Miracles can happen. The foreclosure halts give homeowners a second chance to believe in miracles and the spirit of the holiday season.

You never know. You just may get the greatest Christmas gift ever, or scratch that perfect holiday lottery ticket. You just may get the miracle you need to save your home, because come January 2, 2012, the lenders will be getting back to business as usual.

Due Diligence and the Final Walk-Through

2011-11-08T19:59:27Z

Before you close on the purchase of your home you have one more chance to view the interior of the house you are about to buy. This is the final walk-through and it is your chance to ensure that the house you are buying is the one you agreed to buy when you signed the purchase agreement.

I’ve noticed that how my clients approach the walk-through is a mixed bag. Some treat it with all the seriousness it deserves, while others offer nary a glance as they speed through the home.

So, what should a buyer be on the lookout for during the final walk-through? Plenty. If the seller agreed to make certain repairs, check first to ensure that those repairs were, in fact, made, to the specifications outlined in the purchase agreement. If checking these repairs requires water, gas or electricity, and those services have been shut off, don’t close the escrow until the services are reinstated and you can perform your inspection.

Next, make sure that the rest of the house is in the same condition as when you made the offer. Go through each room and look for recent major damage, such as to walls, baseboards and flooring. Check the attic and basement to ensure the seller didn’t leave behind his unwanted junk. If appliances were included in the sale, check to ensure they are in working condition; run the dishwasher through an entire cycle, check that the icemaker in the freezer is in working order and that the refrigerator remains cold.

Check the plumbing by flushing toilets and running both cold and hot water through all of the faucets. Turn on the heater, then the air conditioner. I once had a client that moved into her home only to find that the garbage disposer was missing. The sellers took it with them. So, tinker with everything you need to tinker with to assure yourself that all is as it should be.

The home should be at least swept clean. If it’s not, request that the seller have it cleaned before you close escrow.

Don’t neglect the exterior of the home. Check that the sprinkler or other irrigation system is in working order. If there’s a timer, did the seller leave the instruction booklet? If not, ask your agent to get it from the listing agent or have the sellers buy you a new one.

Run pool and hot tub equipment, including heaters, lights and filters. Do you understand how to use the control panel for these items? If not, ask your agent to get this information from the seller.

After you’ve signed the closing papers, this house, and any problems, belongs to you. The time for due diligence will have come and gone and you may have little recourse for items you find after the sale. Take your time during the final walk-through, listen to your real estate agent’s advice and you can go to the closing table confident that you are getting what you’re paying for.

You can learn more about buying a home by visiting Kimberley Kelly’s La Quinta real estate website.

Most Expensive Boston Condo Sold (October)

2011-11-04T21:17:19Z

Would it be surprising to know that there have been ten (10) Boston condos that have sold in the last two (2) months for more than $2,000,000 a piece? As Boston enters the fall market, the most expensive condo sold in the month of October sets a high bar. Penthouse unit 21K at the Intercontinental Boston Condo Development sold on October 28, 2011 for $6,000,000

After being on the market for 295 days, with a starting listing price of $6,450,000, the 4,752 square foot duplex broke the $1,200+ price per square foot mark in the Waterfront neighborhood of Boston.

Listed for sale by Jeffrey Goldman of Otis & Ahearn, Goldman describes the listing:

Walking into the 1100 square foot living/dining room of this magnificent four bedroom plus study Penthouse is breathtaking! The spectacular vews of Boston Harbor, 10′ high ceilings, gas fireplace and 500 square foot private roof terrace, make this a rare offering on The Waterfront! Each bedroom, has an en-suite bath and the kind of closet space one can only dream about! With the best concierge services in the city and all the amenities of The InterContinental Hotel at your fingertips!

Interested in making the ultra luxury condo-hotel development home, there are currently 4 units for sale in the building – search all Intercontinental Boston condos for sale.

Buying Your First Investment Property

2011-10-29T13:32:37Z

Given today’s low housing prices and interest rates, it is easy to understand why so many people are considering purchasing an investment property for the first time in their lives. While you will have to take a few extra steps when purchasing an investment property versus an owner occupied property, buying investment property can certainly be quite rewarding. Before you take this step, however, it is important to learn a bit more about what purchasing an investment property entails.

Financing Your Purchase

Financing the purchase of an investment property can be a bit trickier than purchasing a home to occupy. When purchasing an investment property, you should be prepared to make a down payment that is equivalent to 20 percent of the cost of the home. Furthermore, the funds you use for your down payment cannot be a gift. In some cases, the seller can contribute up to 2 percent toward the closing costs an you may be able to have a second mortgage of up to 85 percent of the cost, but taking advantage of these offers will make it more difficult to obtain a loan. The same is true when it comes to your credit score, as those with low scores will be hit with higher interest rates.

Having Funds in Reserve

In addition to having enough money to put down as a down payment, most guidelines also require you to have six months reserves in your savings account by the time the transaction is complete. The six months reserve includes the amount needed to cover your mortgage payment for six months as well as any home owners association dues. Retirement funds and stocks can count as your retirement reserve, but lenders will discount the value of these to 60 or 70 percent when determining their reserve value.

Using Special Programs

For those who need a little help with purchasing an investment property, there are two options available: Fannie Mae Homepath and FHA. With a Fannie Mae Homepath Mortgage, you can put as little as 10 percent down on a property that has been designated for the program. No appraisal is required and you do not have to purchase mortgage insurance when purchasing a property through this program. You do, however, need to have a credit score of at least 660 to qualify.

You can also purchase an investment property with the help of an FHA loan, though you will need to occupy part of the property. This is a good option for those who are interested in purchasing a 2-4 unit property in order to live in one of the units and to rent the others. When going this route, you still receive owner occupied interest rates and you only have to pay a very small down payment. Furthermore, the rent that you expect to receive from the property can be put toward helping you qualify for the loan. As with any FHA loan, you will have to pay upfront mortgage insurance as well as monthly mortgage insurance, though the upfront insurance can be financed as part of your loan.

Do You Need A Tech Savvy Agent To Sell Your Home?

2011-10-20T20:46:29Z

That is the question, right? So I guess it would be rude to answer a question with another question, but I just have to. Why would you NOT want a tech savvy agent to help sell your home? With the National Association of REALTORS® reporting that the number of people who begin their home search on-line is now upwards of 80% and climbing every year, it is not a matter of if a buyer is going to find your home on-line, it is a question of when and how.

When considering agents, there is definitely something to be said for those that have been around to see the neighborhood grow and change. The knowledge that they possess is priceless. But, have they kept up with the times? Even if they have not personally, do they hire somebody to take care of the ‘techy’ stuff for them? If you are getting pressured into interviewing your friend’s great aunt who has been in ‘the business’ for 30 years, make sure you ask specifically what the plan for your listing will be technology-wise. If she brings a booklet for her listing presentation or asks you to fax back your listing papers, she may not be the one.

Taking this a step further, my definition of tech savvy includes a wide variety of things. Having your home listed in the MLS (Multiple Listing Service) is really just scratching the surface. There are literally hundreds of real estate websites it could be syndicated to, but the highest priority ones are; Trulia, Zillow, and Realtor.com. But I am getting slightly ahead of myself. Let’s back up and talk about the photography. It is so critically important. It stands to reason, if the web is where most people’s first impression of your home comes from, it needs to look good. So, either the photos need to be done by a professional, or at the very least a high quality camera. It is still appalling, in this day and age, to see dark, blurry, or shadowy photos of a house on-line.

Being tech savvy is also more than having tools or gadgets. It is the ability to connect with today’s consumers via several different means; text, e-mail, and social media. Some experts have said that increasingly, consumers are searching Facebook first to find information. With the depth of personal data Facebook records, it is typically able to offer more accurate search results to the searcher. In addition, e-mail blasts to other agents or target audiences (apartment dwellers), can prove to be highly effective in getting the word out about listings. It is all about getting your property in front of as many people as possible. For a REALTOR® with a good Twitter following, tweeting is another way to do that Think now about your sign. An empty flyer box and generic phone number will not satisfy today’s buyer. They are looking for instantaneous information. To that order, a real estate QR code or text-for-more-info number can answer that need.

In essence, the number of different ways to use all the available technology is almost limitless. This is absolutely a more-is-more scenario. So, when selecting an agent to list your home, remember that marketing is that agent’s number one responsibility. Make sure that they have at least a handful of ideas that involve more than the typical MLS, sign in yard, and faded flyers. It only takes one good buyer to accomplish your goal of selling your home, so the more people that know about it, the sooner you’ll be home free!

For more information about marketing your Palm Springs home with a tech savvy Realtor, you can you can visit my La Quinta CA real estate website.

What to Expect When Purchasing an Older Home

2011-10-08T12:49:54Z

Purchasing an older home can be a good decision. Not only can it help you save money, but it might also be your only option if you are interested in living in a certain neighborhood. Of course, older homes can also offer a certain kind of charm that cannot be achieved in newer homes and many offer mature trees and other well-established landscaping features. Before making a purchase, however, it is important to have a better idea of what to expect when buying an older home.

Performing Maintenance

When purchasing an older home, it is important to keep in mind that you will likely have more maintenance costs than you would if you purchased a new home. While there are no guarantees that a new home will not have problems, you are more likely to experience issues with an older home. Even routine maintenance issues, such as replacing your furnace or roof, are more likely to be an issue with an older home. Therefore, while you will usually save money when purchasing an older home, be aware that the money you save upfront may still need to be put into your home in terms of maintenance costs.

Addressing Safety Issues

Many older homes have certain safety issues that need to be addressed. When purchasing a new home, for example, you can be sure the wiring and plumbing will be in compliance with the most current safety codes. Older homes, on the other hand, may be grandfathered into the new codes. Therefore, if you want to ensure your home is as safe as possible, you may need to do some major work to get it up to code. As is the case with many Austin homes for sale and elsewhere, it is quite common in older neighborhoods for very few homes to already be up to code.

Making Upgrades

Even if your home is up to code and does not require any immediate maintenance, you may discover that the home needs some upgrades in order to compliment your lifestyle. Many older homes, for example, do not offer dishwashers, garbage disposals or other appliances that are commonly found in newer homes. Similarly, the home may not have energy-efficient windows, appliances or other desirable features. If you want to enjoy these amenities or other popular features, you will need to invest in your home in order to make the necessary upgrades.

For many people, purchasing an older home is the right decision. Before you decide to go this route, however, it is important to explore all of your options and to examine the pros and cons of each in order to determine which option is right for you.

South End Boston Parking Spaces

2011-09-26T17:43:40Z

Hard to imagine that Boston is poising itself for another winter season. Invariably, as the thought of snow and ice, digging through snow, and saving parking spots enters the minds of car owners, parking spaces listed for sale seem to increase in velocity on the Boston MLS. For a complete view, evaluate all Boston parking spaces for sale that are currently available.

Some of the most attractive parking spots continue to be those that are found at Wilkes Passage and Rollins Square in the South End. Prices in these buildings are quite competitive, the velocity is rather steady, and HOA fees are relatively low for garage parking. The one thing to keep in mind when considering Wilkes or Rollins is that you do not need to live in either complex to purchase a parking space in the building, however, you do indeed need to be a resident of the South End neighborhood. This combination of information is not always entirely clear in listings, yet, critical to know especially if you are an investor looking to make an investment in parking spots.