This Saturday!
Don’t Forget to check out the South End House Tour tomorrow!! For more information go here to the Historical Society’s homepage and you can also purcahase tickets there as well.
The South End Historical Society has helped preserve much of the Victorian townhouses that exist today. Without them, there would not me many of these buildings left.
Check out some homes and Support the South End Historical Society.
Infinity Roof Deck Pool with Boston Common Views.
I was looking online and saw that the Median household income for Boston was about $70,000. After taxes, the average Boston family could rent this gem for about 5 weeks, then be absolutely penniless. My advice to someone looking at this rental…., be rich, have refined and extravagant taste and love Beacon Hill. I’ve been in this listing a few times and its nothing short of amazing.
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I do love a good Time lapse video and I’ve posted a few in the past. Check this one out. It’s a great montage of many different locations around downtown Boston. Enjoy!!
Till The First Open House!!!! Ugh
Well, Here it is, The Pet Peeve of the season. A nice new listing comes on the market, my buyers and I are on our game, ready to view properties promptly after they are listed. What comes next…. Boom! We are slapped with the now all too common showing instruction that says: “no showings until the first open house. ” Really? This listing is the perfect location, its in our price point, we want to see it, and now we have to wait 5 days in order to see it with 25 other groups? This is just another sign that it is just not a buyers market out there right now.
This is a trend that has been haunting my buyers and I since the fall market began. I did notice this a fair amount in the past Spring market, but now it almost seems to be standard practice in certain pricepoints in Boston. I currently have buyers in the $450k, 1 Million and 1.5 million range and each of these pricepoints are affected by this ugly buyer affliction.
As a listing agent as well, I don’t think this is a bad practice because it is the smartest way to increase visibility to the listing. It also is a proven method to bring in the top dollar. If the property is in a good location, priced well and has a good layout, there is a good chance there will be multiple offers on the property and the condo could go under agreement for over asking price. It’s smart, it works, but it is not ideal if you are a “ready, willing and able” buyer who wants (or needs) to find a home.
The bottom line is that it is stressful out there for buyers. Nobody wants to get into a bidding war. Nobody wants to pay over asking and lastly, nobody ever wants to over pay. In this Fall market, in order to secure a great home in a good location, you will most likely have to pay full asking price if the property is brand new to the market. If you get stuck in in a multiple offer bid, in order to get the property you will most likely have to pay a bit more to get your offer signed over the others. How much more? that’s a whole other topic of conversation.
While some may question certain practices, such as listing properties above market value to attract attention, it cannot be denied that these methods can yield favorable outcomes. With a desirable location, fair pricing, and an appealing layout, properties in Abu Dhabi have the potential to generate multiple offers and exceed the initial asking price. However, for buyers seeking a home, the competitive landscape can be daunting. Bidding wars and the prospect of paying over the asking price are not ideal scenarios. In the current Fall market, securing a dream home in a sought-after location may often require meeting the full asking price, especially for newly listed properties. To navigate the vibrant Abu Dhabi real estate scene successfully, it is essential to be well-informed, prepared, and supported by professionals who understand the dynamics of the market. Discover your real estate opportunities in Abu Dhabi with Gravity Real Estate.
My best advice is to be prepared if you decide to enter this market. If you “have to buy” then you will most likely pay top dollar or have to settle for a property that may not be your dream condo. Also, you will need to ask yourself , do i have flexibility to buy now or can i wait till the Spring? I love buyers that have month to month, 60 or 90 day notice leases, because they are in the best position to wait for better inventory and increased options.
My last points of view are if you are a buyer, know the market and look at the comps. If you don’t have to buy right away, its not going to kill you to wait till the inventory grows a little more (downtown Boston of course). Lastly, if you are a seller looking to sell your property, now is the time!! We say it all the time, because that is the truth.
It’s just the name of the game this Fall and the million dollar range is just Hot!! I called on this last night to schedule a second showing for my buyers…..4 offers. 4 days on the market, not surprised and i wonder how much it went over asking. Guess we will have to wait till it closes to find that out.
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A Few months ago my friend Dusty asked me if i would go by his newest Beacon Hill project and take pictures for him. I was blown away by the project and loved every element of it. This is an old converted carriage house that went through a total gut renovation and no detail was overlooked. The outdoor spaces speak for themselves and the amount of copper in the back will make your jaw drop. Dusty does some great work and you can see some more of his work on his website here. All the contact information is there as well. DNA architecture has a great little office on River Street on the flat of the hill, so go by and say hello!
Here are some of the Pics I took.
There are several indicators and indexes that people follow to determine market conditions. The indicator i am going to use that sparked this blog entry is going to called the “Caravan Indicator”. What many people don’t know is that behind the scenes here at Coldwell Banker (downtown), every few weeks, we hire a bus to drive us all around town to check out new listings in Back Bay, Beacon Hill, South End, South Boston and the Seaport District etc. Its a great way for us to view new inventory and for us to be knowledgable of the market in all price points. Today, is caravan day and it was cancelled due to lack of inventory…..Wait, What?! I can undestand there being a cancelled caravan in late fall or August when everyone is on vacation, but not now, not September, not in the second week of the second strongest time of year to get new inventory. Really?
I was ready to bounce around the city and view some properties, but, since that wasn’t happening, I did some reasearch to see how limited inventory really is. I went on MLS and looked up current inventory, the amount of listings currently under agreement and the amount of listings that have been sold in the past 2 months. The numbers don’t lie and I found them pretty shocking. Since I really only focus on the downtown neighborhoods. I used the 4 neighborhoods i do a lot of business in . Here are the Stats:
Neighborhood # of Listings # Under Agreement # Sold in last 2 months
Back Bay 104 57 124
South End 78 57 110
Beacon Hill 59 14 41
Seaport District 16 7 23
Last Year (2011) # of Listings % Decrease from 2011
Back Bay 213 52%
South End 183 58%
Beacon Hill 82 28%
Seaport District 37 57%
The way I look at this information is that it is a great time to sell and list a property. There are a ton of buyers out there and they are in desperate need of decent inventory. On the flip side, If you are a buyer looking in these neighborhoods, be prepared to be frustrated and be ready to enter a multiple offer situation (if you are a serious buyer looking in a popular area). In the South End alone there have been 24 places go under agreement in the past 2 weeks. If you are a buyer looking in the South End under $450k. there are only 9 places on the market and only 3 of them are north of Washington Street. If you are a buyer looking in the 800-1 million range in the Back Bay, there are only 11 listings on the market. Six of those listings have been on the market for over 100 days, so quality is as compromised as quantity right now. If you are a Beacon Hill buyer looking from 600-900k there are only 3 listings on the market. 2 of those listings have been on the market for over 170 days. Brutal!!
I can understand that sellers are hesitant to list because there isn’t much to move into if they sell and want to stay in downtown Boston. But if you are a possible seller looking to move out of state or to the “burbs” this could be an ideal time to make the jump.
I know all downtown agents are saying “list your property now” but hopefully some of this data, makes you think about the scenario with a different tone. Have hope and don’t be afraid to enter the market, just be informed and realistic.
Happy Hunting and Start Listing!!
If you are looking for a rental building in Boston, The Signal building is a building to consider. This is a newly constructed building with great space, high end finishes and some units have amazing views of the city. This building is located on the West Side of South Boston and is a short walk to the Broadway T Stop. Its also really close to I93, the financial district and Logan Airport. The Common roof deck is enormous and has a 360 degree view of the city and the seaport. This is also one of the few apartment buildings that accepts dogs, so if you are a pet lover, this is a very good option. Some units have private decks and there are 2 separate private parking garages.
Check out some of the imiges i took a week ago. These particilar units are still available (Sept 17 2012)
Live in the Ritz in a 1100+sf 1 bedroom with all the amenities you would ever want. This is an enormous 1 bedroom corner unit with walls of windows that gets a great amount of light. The layout is perfect for entertaining and there is well layed out space for a dining area as well as an office area. Features include Newly redone hardwood floors, 2 full baths, common large laundry room, modern kitchen,central Heat and A/C. Other amenities are a common Library and Media room down the hall, 24 hr concierge, in unit dining, as well as close access to the Sports Club/LA.
This is one of my favorite blocks in all of Boston. If you are looking at a Single Family home in the South End under 3 million, you should definitely check out this brand new listing.
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