‘Potential’ is all about maximizing your investment dollar and is measured largely by foreseeable changes that will make the area more convenient and desirable, and therefore increase the value of your home in time.  The article uses Somerville as an example.  While not widely considered to be one of Boston’s most attractive locations, it is becoming increasingly popular, due in part to the pending improvements of public transportation with the extension of the MBTA Green Line.

The prospect of such improvements weighs heavily with those who value potential in their real estate investment.  Other area improvements such as new restaurants and stores in Davis Square and other parts of Somerville also indicate that the area is ‘up-and-coming’ and a good investment.  Many neighborhoods of Somerville are often already compared to Cambridge Real Estate, for example.

On the other hand, there are those who believe that the future potential of a currently-less-desirable-location is not worth sacrificing the convenience or piece of mind that comes with investing in an already-established area.

These individuals might feel more comfortable investing in a less impressive home in a more affluent neighborhood in order to stay within their budgetary constraints and live in a location they desire.  For example, would you rather live in a Boston waterfront condo, or for the same price, purchase a home in Dorchester that is three times as large?

In order to determine what will drive your Boston Real Estate search, you should create a list including your ideal area amenities and your ideal property features, and then determine what you value most in each category.  Once you’ve determined what matters most to you, you can use your list and your budget to help guide you in your search for a new home.  You may find you are willing to live further from the city in exchange for a private parking spot, or decide that you’d rather pay the extra money to live in the city and have a shorter commute, etc.

An experienced Boston realtor can help you weigh the costs and benefits of the ‘location’ and ‘potential’ of the properties you are considering investing in.  The realtors at Warren Residential Group have the experience and knowledge to help you find a home that suits your needs and fits your budget.  Contact us today for assistance or uses our Sales Search Tool to browse our large inventory of Boston and Greater-Boston homes for sale.

Source Article here.

Related posts:

1. Help for the Real Estate Distraught: New Re-Purchase Rules Here’s some good news for people who’ve had to give...
2. Greater Boston’s Top 10 Towns to Live The following towns have been determined on basis of stability...
3. Home Staging and What it Can Do For You If you are in the process of selling your home...

The building also features the The Vintage Lounge and restaurant, which is inside the building and is a prime after-work meet-up location.  Rent prices range from $2,000 for a small one-bed and $3,500 for a two bedroom. Contact Warren Residential today to get more information and to schedule a viewing in this amazing building.

617-848-9616

Related posts:

1. Russia Wharf to Convert Residential Units into Boston Waterfront Rentals Boston’s newest Waterfront development is the 33 story gleaming...
2. Featured Listing: Park Lane Seaport Park Lane Seaport brings stylish living to the Boston Waterfront...
3. Home Staging and What it Can Do For You If you are in the process of selling your home...

Other statistics reflect this currently successful real estate market: there is a 2.6$% increase in the median home price range from last month, now $290,000 from $282,520 from May of 2009. Additionally, condo sales have also increased 24% to 1,950, as compared to 1,570 in May of 2009.

If you are thinking of purchasing a home, now’s the perfect time to browse our listings and contact us for a showing! Pictured below is one of our units available in the Back Bay – click here to read more about this listing.

Source article:  Boston Business Journal

Related posts:

1. Help for the Real Estate Distraught: New Re-Purchase Rules Here’s some good news for people who’ve had to give...
2. Greater Boston’s Top 10 Towns to Live The following towns have been determined on basis of stability...
3. 10 Things to Know if You are Now Buying a Home If you’re buying a home right now, things are looking...

First off, it may be helpful to likening staging your home to that of literally staging a theatrical production. As the “director”, you have to use a critical eye to create an ambience via open space, décor, and furniture. When done correctly, you can create this feel for your buyers that can persuade a purchasing decision.

For example, the layout of rooms can generate ideas of how buyers can use the space. Where did you put the couch in relation to where you could put the TV? Is a mass of electrical cording indicating lack of outlets? Is that single computer on the office desk in front of a light-streaming window, which is reminiscent of model home catalogue? Anything that can be perceived as cramming to its limit can unconsciously make buyers feel uneasy. This is especially true for the snooping buyer who goes into an overflowing closet. A neatly organized office or living space conveys a feeling of accomplishment and success, as buyers feel as if they can get things done in your home. Something as simple as this can lead to an offer.

Here are three tips you can use to stage your home:

• De-clutter: Clutter is a give-in with any home, as we tend to accumulate over the years. However, it can be a huge distraction to potential buyers, as it’s difficult to imagine a home without the clutter.
• De-Personalize: Personal photos or trinkets can also hold more time and attention of your buyers than your actual home. Store these items temporarily, or pack them up – aren’t you moving soon?
• Brighten and Lighten: This goes back to the look of the model home catalogue, and going for that ideal atmosphere and aesthetic. A dark house with mood lighting can be good for your personal, creative ambience, but bright light is best for showing your home.

In following these simple things, you can improve your chances of selling your home through home staging. You want the potential buyers of your Boston loft to envision their life there – and to make you an offer!

View the full article here.

(Image is from a WarrenRe listing – click here for full listing details!)

Related posts:

1. Help for the Real Estate Distraught: New Re-Purchase Rules Here’s some good news for people who’ve had to give...
2. Property Potential vs. Location In the Boston real estate market, which is more valuable...
3. Seller vs. Buyer Advantages in South Boston Real Estate South Boston has traditionally been popular among young professionals due...

Additionally, we have sped up our foreclosure process – from petition to auction – to 138 days, down from 234 days in 2008. Timothy Warren, the CEO of The Warren Group, credits the facilitation of foreclosure to the familiarity of government foreclosure programs.
Read the full article here.

Related posts:

1. Help for the Real Estate Distraught: New Re-Purchase Rules Here’s some good news for people who’ve had to give...
2. Real Estate Market Hopeful But Wary Is the Massachusetts housing market officially in recovery? In a...
3. 10 Things to Know if You are Now Buying a Home If you’re buying a home right now, things are looking...

Even with the current economic environment, Menino and the BRA are looking forward on development, specifically along the corridor between the Back Bay and Theatre District along Stuart Street.  They have recently come out with new development guidelines in this area which would allow developers to go well above the height restrictions to over 400+ feet.  However, there will be some trade-offs.

For developers to go above and beyond the 400 foot mark they must provide the following:

• Incorporate advanced sustainability methods” at Leed Gold level or net zero energy consumption.
• If there is already a “Historically Significant” building on the site, the developer must preserve the facade

After the developer meets these guidelines, they then must choose one of the following:

• Pay for affordable units to be built.  Either make 15% of the project affordable or build affordable housing elsewhere
• Contributing to a “street scape/pedestrian and bicycle fund.”  This is basically a fund to improve pedestrian street conditions
• Provide “publicly accessible art” of their own, or donate to the Fund for Boston Neighborhoods.

While these options might not sound that bad, they must account for .5% of the total project which can really add up on a $200-300m project.

Some people are moaning and groaning about these new guidelines saying that basically “anyone” can have a “400 foot tower”.  I think it is good for the city.  New buildings bring jobs and excitement to a city.  As they say, f you aren’t growing, you’re dying.

Check out some of Boston’s newest luxury condo highrises right here:

• The Clarendon Back Bay
• The W Boston Residences
• 45 Province
• One Charles
• Atelier 505
• The Ritz Carlton
• Midtown Boston Luxury Apartments

Related posts:

1. Home Staging and What it Can Do For You If you are in the process of selling your home...
2. Property Potential vs. Location In the Boston real estate market, which is more valuable...

Local developer Raymond Properties has officially filed plans with the city to build two office towers.  The towers, 42 and 52 stories respectively, would have a glass exterior and from the rendering above, look quite interesting and unique.

The plans would require the demolition of the massive garage standing on the site right now.  The garage is really an eye sore and with the right development, the location aesthetics of the location would really be improved.

Along with the two office towers, the plans also include hotel, retail and residential buildings.  The major hurdle for Raymond Properties is going to be convincing the city to sell the property next to the garage which currently houses the Boston Police department which would be required if he wants to build the larger of the two towers.

While many wonder how Raymond plans to obtain financing for this new Boston development when banks are hardly giving out loans.  Raymond has stated that his financial partners, the International Brotherhood of Electrical Workers and Lewis Trust Group, are very stable and willing to lend once approvals are given.

Source: Boston.com

My Thoughts:  I would love to see this development happen.  That area is a no mans land right now and this development would bring life to the neighborhood and new Rose Kennedy Greenway.  There is a new luxury apartment building already going up about two blocks further down towards the TD BankNorth Garden and more residential and retail space would be great.  Given that this project is probably 12-18 months away from even getting final approvals, I think the completion date would be around 3-5 years which hopefully will give the economy plenty of time to turn itself around.

Related posts:

1. Mayor Menino and the BRA Looking to Have More Boston Skyscrapers Built Even with the current economic environment, Menino and the...

Foreclosures are all the rage in the media.  You hear about people losing their homes and complaining that they were duked into an adjustable rate mortgage that “they didn’t know would reset from 2% to 7%” almost every day in the news.  This ones a little different.

Earlier this month, Broadway Real Estate Partners LLC defaulted on the $700 mezzanine loan they took on the Hancock Tower.  The Hancock was part of a $3.3 billion portfolio acquisition by Broadway from local real estate firm Beacon Capital (talk about getting out at the right time!).

Broadway is now feeling the effects of a softening Boston commercial real estate market with tenant of the Hancock Tower vacating their spaces with downsizing and budget cuts.  These vacancies have brought the market value down below what is owed by Broadway on the Hancock.

Like in a home foreclosure, the first lender priority over anyone behind them in line.  That first lender is a developer out of Chicago named John Buck.  Buck stands to make a substantial gain if the property goes under since his loan was well below market value for the building.

My Thoughts:  I’m not suprised to hear about this happening.  Just like people investing at the top of the residential market, some investors are bound to be burnt.  What I still don’t understand is why some companies still pay the $60-100/sq. ft. to be in a building in the middle of a city.  If your company has no need to be near a city, why pay those prices?  I think after this downturn you will see a lot more office construction outside of cities.

No related posts.

This is also going to affect future 2009 transactions.  By having few sales in 2008, many Boston commercial real estate brokers and their clients are going to have a tough time pricing potential purchases.  “Its a huge challenge right now for investors to figure out if they’re getting a fair price,” said Lisa Campoli, executive vice president at commercial brokerage Colliers Meredith & Grew. “During the last downturn in the 1990s, we had the S&L crisis and some banks went under, but there wasn’t the global lack of confidence we’re seeing right now.”

Commercial real estate, while not terribly similar to residential, is similarly affectly by the three major factors contributing to the residential downturn:

1. Job Losses
2. Lack of Available Credit
3. High Leveraged Loans Defaulting

The funny thing is, many Commercial Real Estate brokers are saying that part of the reason they got into the mess is the reason transactions might go up in 2009.  With many of these highly leveraged owners about to default, they will most likely be selling for losses in 2009 to cash heavy buyers, thus returning the market volume to levels somewhere near 2008’s.

“There are buyers with plenty of dry powder waiting to get back in the market,” Edward Maher, an executive director at Cushman & Wakefield, said “The only problem is, nobody wants to be first.”

Source: Boston.com

No related posts.