Boston Real Estate Observer

Moving? Don’t Forget These

2010-07-23T13:54:07Z

You’ve successfully sold your Boston condo and now the only thing left to do is simply make the move to your home. If only it were that easy.

There are a multitude of important things to remember when moving, and some are more obvious than others. We all know to schedule a mover, accumulate a bunch of boxes and get plenty of packing materials to get things underway. However, there are a handful of things that are often forgotten in the flurry of activity that surrounds a move. Here are a few things that are at the top of my list:

Cash and Credit Cards – If you must make a long trip to your new property, you will need cash and credit cards to get you there. I suggest stopping by the ATM several days before your closing / move takes place. Make sure you have enough cash to take care of incidentals, such as tipping the movers or paying tolls if you’re driving, enough that you don’t run out and have to use an ATM out of your network and get hit with ATM fees. As well, ensure you have a functioning credit card or two to pay for larger lodging and travel-related expenses.
Personal Care Items – Although you may be inclined to pack everything up for convenience’s sake, it is important to keep a certain number of personal items with you. Keep a small bag and load it up with important medications, any other prescriptions or over-the-counter medications that you and your family may need during your transition time between houses. I advise you think about what you might need ahead of your move by creating a list at least one week before the move happens, and think about it in the context of what you will need between now and when all your goods in moving boxes will show up – keep in mind that if you are being moved any significant distance by a shipping company, you won’t have access to your boxes, and there may be delays associated with the arrival of your goods, so give yourself some buffer time on the back end.
Your Kids’ Favorite Items – Comfort items for your children are an important part of any move, as they provide stability and comfort kids may need to make the transition to a new home a bit easier. It is therefore extremely important to keep these cuddle items, such as blankets and stuffed animals, with you at all times during your move to soothe and comfort your child. After all, you don’t want to wait weeks for your goods to arrive in your new home, or spend your first night in your new home searching through countless boxes for your child’s favorite doll!
Items of Special Importance or Value – If you have special items that are either of great value or great sentiment, consider keeping them safe during your move and/or transporting them yourself (always keeping them in your possession). You may want to hire a specialty moving company to take care of priceless antiques and pianos, verifying that there is proper insurance in place to cover any losses. Additionally, you may want to ask a close family member or friend to take care of your personal items, such as jewelry and china, until you have settled into your new home. Also in this group may be important papers, such as tax documents, receipts, or credit card statements that you would like to keep close to your person throughout the move, decreasing or eliminating the chance that your personal information, such as a social security number or credit card number, be compromised.

These items may or may not already be on your list of to-do’s associated with your move, but they represent a small handful of things that I oftentimes see go forgotten until it’s too late to change. Happy moving!

Beat Summer Heat & Utility Bills

2010-07-19T15:31:46Z

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).

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.

Potential or Location in Greater Boston?

2010-07-16T14:00:24Z

The Boston real estate market is one of the oldest markets in the nation and with a wide variety of housing available and neighborhoods that range from multimillion dollar estates to economical fixer uppers, many Boston-based homebuyers need to stop and ask themselves this one essential question: In a buyer’s market, is the potential of a property more valuable than its location?

In Potential, Potential, Potential Rona Fischman examines this very issue. As many neighborhoods are up and coming in the greater Boston area, are buyers better off paying more for an established location and perhaps sacrificing home size, or is your dream home in a less than desirable location worth the risk?

Location, Price Point, and Sacrifices

In each instance many variables apply and as Fischman points out, you can generally tell what to expect from a property by examining what the developers have left behind. Case in point, the examples Fischman gives of a modest ranch home in Newton and a fixer upper in Somerville.

The modest ranch in Newton, an affluent Boston suburb, is surrounded by homes that have been developed and turned into multimillion dollar investments. Why was this house the one stone unturned? Digging deeper, the lot on which this house is situated was not quite big enough and would not permit a two family townhome (as the developer would want to build), in fact the lot permitted the modest type of home it already housed, revealing that the maximum possibilities, (and earning potential) for this home have already been reached – this also serves as a reminder to perform ample due diligence during the purchase process.

Potential, Maximize Your Dollar, Forfeit Curb Appeal?

In her second example Fischman discusses a home in Somerville, a suburb of Boston that is evolving into a desired area, for among other reasons, expected updates to public transportation. Many homes in this area are old, run down and need extensive work. Because of the foreseeable convenience of public transportation, new schools are being built and people are beginning to move into the area. Though the location is not yet comparable to Newton, Wellesley or any other established area, the potential is building, and is far from reaching its limit.

Ask Your Realtor

There are many questions buyers must ask themselves before buying their first home. Know yourself, know your bottom line, and most importantly, know a good realtor. For some, the risk of buying a home in a growing neighborhood is not worth the safety of living in an established locale. For others, a beautiful home in a slightly less affluent area is more desirable. A good realtor familiar with your market can help you and your family find the right balance and maximize your investment.

Go Green with Cork Floors

2010-07-16T14:04:32Z

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:

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.
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.
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.
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.
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.

Locatecture

2010-07-10T13:20:56Z

One of the many perks of being a New England resident is the surroundings. From Boston to New Hampshire to Maine you’re surrounded by natural beauty in the landscape. In between paved lots and developed land there are a plethora of trees, mountains and coastal views as far as the eye can see. Not to mention a large amount of building resources at one’s fingertips, from granite to rich native woods such as birch, maple and pine. So why are so many housing and decoration materials imported? And, if we choose to be a “locatect”, where would we even begin? In What I Did For Local, Sarah Pinneo attempts these questions.

Buying Habits

Pinneo begins the article by stating she simply feels the “imported is best” frame of mind is old fashioned and something many of us need to grow out of. She gives the example of the Venetian windows Isabella Stewart Gardner had imported for her Boston home. Imported materials were once a sign of wealth. However, the times are beginning to change. Imported materials are cheaper than ever, it is actually sometimes more expensive to buy locally produced materials.

Why Buy Local?

Pinneo points out that supporting local business is an indirect result of being a locatect, and with the New England economy in its current state, now is a better time than ever to begin your journey.

Where the Buying Process Begins

Though it is catching on, many don’t know where to buy a granite countertop made in New England. Ironic, Pinneo notices that as a resident of the Granite State she has never seen a showroom feature New Hampshire-made granite countertops. Her advice is to consult older people of the community, who may be more in touch with their surroundings, and be willing to experiment with much smaller businesses. Consumers would be hard pressed to find locally hand carved maple stools at their neighborhood Ikea.

Increase the Value of Your Home

Pinneo points out that although there are some limitations, such as limited color palettes, beginner locatects must be open-minded. One bonus is local materials have adapted to thrive in the environment in which both you and them are present, and will likely retain their appearance once incorporated into your local home. Valuable, sturdy building materials may increase the market value of your property.

What About Those Large New Condominium Developments?

As Boston turns green, and developers strive for LEED certification of their buildings, to both attract environmentally conscious buyers and to act in a more sustainable way, it should be noted that sourcing all construction materials locally is a key mechanism for developers to gain points towards their LEED certification – the Macallen Building for instance, South Boston’s greenest large-scale condominium building developed by Pappas Properties sourced many of its materials locally in New England.

If locatecture helps the New England economy, environment and builds a stronger house, why wouldn’t we hop on the bandwagon? Pinneo sure does make this sound like an appealing real estate trend to watch.

How to Buy Landlords Buildings Insurance

2010-07-10T13:01:32Z

Do you have rental properties? Would you like to make sure that you can continue to maintain them and protect your investment well into the future? Would you like to insulate your investment as much as possible from natural catastrophes and more? If so, you need to consider landlords building insurance. If you have heard of it, but have been hesitant to buy because you didn’t know how to go about buying, don’t worry, you’re in the same position as a lot of people.

The best thing you can do to start is ask professional acquaintances who they have their landlords building insurance through. This is a great way to get recommendations about how much you should pay, which insurers will offer you the best rates, where you can get the best coverage for the best rate, and you may even be able to learn a little bit more about the type of coverage you should be looking at in your market to respond to any local nuances in property ownership.

When you talk to others you can not only get some great information about landlords buildings insurance and which companies to use, but you can also gain insider information about which companies or policies you may want to stay away from – sometimes the best information and the most help can come from the negative or less than ideal experiences of others. When you ask others about landlords buildings insurance, be sure that you ask for those companies or policies that you should stay away from, as this can be just as helpful as what firms and policies to pursue.

Another great way to shop for landlords buildings insurance is through your current insurance provider. If you have home owners insurance or anything like this, you should contact the company or agent that you go through. They can often provide you with this type of coverage as well, and because you have other policies with that carrier, you may often be able to receive better rates via multi-policy discounts. This is definitely worth looking into, and if by chance they cannot provide you with the insurance that you need as a landlord, they may be able to give you some great recommendations.

The Internet is a great tool when you want to shop for any type of insurance, too. Yes, even landlords buildings insurance. Online you can make the process straight forward by submitting your needs and requirements into a form, followed oftentimes by receiving several quotes at a time from different providers. The Internet has made shopping for landlords insurance, much like many things, more convenient and efficient. In some cases, you will also receive an online discount, which is always a good thing!

Mortgage Rates Remain Low for Potential Home Buyers

2010-06-23T16:42:22Z

According to a Reuters article released at the beginning of the month, mortgage rates throughout the United States had remained at or near record lows during the last week of May. Furthermore, the 30-year fixed rate came in at ½ percentage point lower than where it was at just one year ago. Additional reports indicated that home loan rates continued to make affordability high, while the demand for home loans fell to a 13 year low in May. Interestingly, during the weeks preceding this low, the demand for loans had spiked as buyers attempted to take advantage of the homebuyer tax credit that expired on April 30, 2010.

According to many experts, the drop in loan requests experienced in May is likely to be only temporary, as many of the increases in sales that typically take place during the spring simply took place a bit earlier as buyers attempted to take advantage of the tax credit. Furthermore, many experts agree that the low borrowing costs coupled with low home prices will likely put the United States housing market on a gradual path toward recovery during the second half of 2010. In fact, during the week that ended on June 3, fixed 30-year mortgage rates averaged a mere 4.79%. Although this is up by 0.01 percentage point when compared to the previous week, it is still a full ½ point lower when compared to the rates one year ago. Furthermore, this rate is still only slightly above the low of 4.71% that was reached last December (2009).

15 year home mortgage loan rates are also remaining quite low. In fact, a new record of 4.20% was set after the rate dropped an additional 0.01 percentage point. This rate is well below the 4.79% rate that was seen just one year ago.

“The economy grew at a slower rate than originally reported in the first three months of the year, according to the Bureau of Economic Analysis, which suggests inflation will remain tame in the near term,” said Frank Nothaft, who is the chief economist for Freddie Mac. “As a result, mortgage rates held at historic levels this week.”

These low rates are good news for buyers, real estate agents and the economy as a whole, as those who are interested in purchasing a home can potentially save thousands of dollars by taking advantage of these low interest rates. Real estate agents, on the other hand, are hopeful that these low rates will encourage people to continue to both sell and purchase homes despite the expiration of the homebuyer’s tax credit. This, in turn, will benefit the United States economy as it continues to work toward recovering from the recession.

Gulf Real Estate Market Surviving in Wake of Oil Spill

2010-06-23T16:21:18Z

The oil spill in the Gulf of Mexico is one of the largest disasters the United States has ever had to face. Wildlife, fishermen, and the boating industry have all been drastically affected by this devastating event, but how has the real estate market in the Gulf region weathered this occurrence?

Surprisingly well, according to a survey conducted by Beaches of South Walton. Though a small percentage of travelers to Florida and other Gulf of Mexico hotspots have changed their vacation plans after the spill, this study found that a mere 1 in 20 tourists are seeking alternate accommodations.

For property owners, this is a sigh of relief-for now. Though the spill is not a deal breaker for most, it is still a slippery slope for property owners. Marketing Gulf properties for either purchase or rental when an estimated 12,000-19,000 barrels are still pouring into the Gulf each day may become more difficult as the oil continues to spread. The real question for property owners on the Gulf is not only how to attract customers, but how to keep them returning, season after season.

Real estate author Christine Karpinski, has a few tips on how to maintain an honest and profitable relationship with your seasonal renters:

1. Talk up your properties, and keep information current. Updating listing photographs as often as possible and discuss beach conditions honestly. Emphasize attractions in the area and offer incentives for positive customer reviews once their trip has been completed.

2. Offer incentives such as free meals or gas cards.

3. Make cancellation and refund policies less rigid – if you have faith in your properties then the client will as well!

4. Though it may seem like the right thing to do, do not slash prices and devalue your property. Many realtors are offering a “clean beach guarantee”, make yours with terms that are both fair to you and your seasonal renters.

5. Loosen up and be prepared to accept last minute bookings, to make up for cancellations.

An overall change in approach is what will enable property owners in the Gulf region to thrive in the wake of this disaster. Climate change, natural and man-made disasters can all have a devastating effect on coastal properties. As property circumstances change, the marketing approaches of real estate owners need to evolve as well.

How Home Appraisals Have Changed – Part II

2010-06-19T03:34:11Z

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.

Non-Newspaper Ways to Find Boston Apartments

2010-06-11T15:53:19Z

There are many ways to find the best apartment, whether to rent or to buy. Here we’re going to talk about five non-newspaper ways to find Boston apartments. Finding an apartment in Boston is not always easy, with inventory sometimes turning very fast. Most people will immediately turn to the newspaper when searching for apartments for rent, but there are many other ways through which you can get a nice apartment that matches your needs, desires and budget. Here are just a handful of the ways you can find the perfect apartment without ever opening up another newspaper.

1. Brokers: You might be aware that there are many broker agencies that work with apartments for rent, oftentimes housing a team of specialists within the brokerage that focus solely on rentals. You can get help from them and they’ll assist you in finding something that is perfect for your needs. Keep in mind that they will oftentimes charge for their services – oftentimes not directly, but indirectly. If you have a budget to afford it, then you can easily get an apartment that has everything you need. This is a great option if you simply don’t have the time to carry out the hunt entirely on your own. They’ll search for you and you’ll only spend time going to look at apartments for rent when they find one that seems to be just what you’re looking for – in terms of budget, needs, location and amenities you’d like to have.

2. Word-of-mouth: Always keep your ears open when you’re on the hunt for an apartment. You can ask your colleagues if they know of any and ask them to also keep an ear out for you. They can contact their neighbors and if something comes up, you’ll find new opportunities you would have possibly never known about before. You will be surprised to know that this way you will be able to save lots of money as well, as you will more than likely not have to pay a broker’s fee.

3. Walking around Boston: Do you have an idea of the area you would like to live in? If so, get out and spend some time walking around in that area. Many times, owners place for rent signs in the windows of a brownstone or rowhouse, or on the gates surrounding a larger complex.

4. Housing offices: Find out what kind of local housing offices and services there are. You may be surprised at the deals you can find through these kinds of organizations. For instance, the Boston Housing Authority has several resources available. If you’re a college student, then you may want to contact the office of student housing at your institution.

5. Boston apartment referral services: These services aren’t particularly well known, but they are growing in popularity. They’re especially helpful if you are searching for apartments for rent on the Internet. The Internet is the perfect way to connect you to any area and you can find websites that offer specialized services to help you find an apartment in a distant area – ideal for students moving into an area of the city that they are not at all familiar with as new transplants. These sites will let you look for apartments based on various features like budget, location, area, number of bedrooms and other amenities.