JP Brewery Lofts hit the auction block!

Much to my surprise, the Brewery building in JP has come up for auction.  This was unexpected because the building was closing a good number of properties and was mostly sold.  After talking to some of the people involved the prospect of the carrying costs over the next year or so that it would take to sell the rest of the building was just too much and they decided to sell it all at auction.  This means a great chance for anyone looking for a home or an investment.  The bidding starts at between 195,000 and 295,000.  All the starting prices are between 45 and 57% off the original list price.

No two units here are the same.  Many feature exposed brick and beam, duplexes, even triplexes with open layouts, skylights and cathedral ceilings.  All units come with a deeded garage parking spot and the place is dripping with character.

I am offering a $750 cash incentive to go towards closing costs to anyone who goes to see the building with me for their first showing and purchases at the auction.  Want to know more?  Give me a call at 717-917-8842

Is the recession over in MA?

Here is an exerpt from the Boston Globe.  I really think the opening paragraph sums it up.

“Supported by universities and hospitals, and buoyed by a housing rebound, Massachusetts has pulled out of recession ahead of most states and could start to add jobs steadily in coming months, according to a leading economic forecasting firm.”

The article goes on to say

“… Home sales have risen at double-digit rates from the previous year for four consecutive months, while prices have risen in each of the past two months, according to Warren Group, a Boston company that tracks the real estate market”

If you want to read the whole article, you can find it here.  From what I have seen over the last 6 months in Boston I could not agree more.  Your thoughts?

When is the best time to list in Boston?

I wanted to pose a question to everyone.  Conventional wisdom for rentals in Boston has always said that a September move in date is king for rentals but over the last few years I have begun to question that some.  Obviously for the student market there can be no question but I feel that for higher end units especially in the Back Bay/South End a June listing date is best.  There are a couple reasons for this,

First off, the hospitals in the area run on a June-June cycle.

Second, the South End and Back Bay are so nice in the summer that renting a nice unit in those areas in June is like falling off a log

Third, if the market is flooded around 9/1, any unit that comes to market before that will get much greater exposure because there are less listings to compete with.

Please, if anyone has any input on this I would love to hear it.

A bit of good news from the Boston Metro

Here is a bit of good news to come out of the Boston Metro Yesterday.

Boston real estate brokers are saying the Back Bay market is “on fire,” with 69 sales since January with an average price of $1.4 million. “Many buyers feel the recession is ancient history,” says John Ford, owner of Ford Realty on Charles and Tremont streets. “Last year at this time, peoples’ investment portfolios were losing money. They’ve gained the losses from 2009. Now they are using their recouped losses, and have more confidence in purchasing luxury condos.”

During the same time period last year, only 29 units sold in the Back Bay area with an average sale price of $1.3 million. The high-end market in Back Bay was also driven up by two luxury properties that just received occupancy permits — the W Residences and The Clarendon, both on Stuart Street.

Many of these condos were put under agreement in ’08 and ’09, but closings on about 28 units occurred this quarter.

There are currently 42 properties under agreement in Back Bay with 26 valued at $800,000 or more, and 21 at $1 million or more, according to Multiple Listings Service.

“Activity in the entire Boston market has really picked up and the momentum in Back Bay is excellent right now,” says Paul Santucci, a broker with Boston Realty Advisors. “Although there are hotter neighborhoods in Boston at the moment, the Back Bay still embodies the characteristic of luxury and perfect Boston location, continuing to attract buyers.”

Columbus Center thrown on the scrap heap

The Columbus Center was a planned development of condos, shops, park, and office space that was set to be constructed over the Mass Pike starting at Back Bay station and running to the end of Bay Village.  The project has been 13 years in the making and construction has been taking place along the Mass Pike for the past 2 years to prepare a foundation for the project.  This all ground to a halt recently when the developer decided to pull the plug.  Political wrangling, dried up financing and an outcry from the neighborhood saying the development did not fit the neighborhood are among some of the reasons for the projects downfall.  Great job guys.  The open highway really does look so much better than potential reclaimed useable space and a spanner between Bay Village and the South End.  I really don’t see what the NIMBYs are up in arms about…  they are trying to preserve the reputation Cortes Street once held for Tranny prostitutes and are really enjoying being lulled to sleep by the roar of the traffic on the pike.   You can read more on the project here

Menino threatens to take Filene’s Basement by eminent domain

The stalled Downtown crossing project at Filene’s Basement has reached an impasse.  The original plan for development called for a 39 story mixed use building with stores, office space and 160 condos.  The work on the project halted in 2008 because the developer, Vornado Realty Trust said they had been unable to borrow enough money to continue the project.  The situation came to a head when Vornado’s chairman, Steven Roth gave a speech at Columbia University in which he said he sat on the former Alexander’s Department store in midtown Manhattan in the 1990s, allowing it become blighted in order to squeeze money out of public officials.   This sent Mayor Menino on the war path.  In a letter Menino told Vornado that Roth’s speech has undermined his company’s credibility in Boston and has his staff looking into the possibility of taking the property by imminent domain.

Swing and a miss!

The 5700 square foot renovated Beacon Hill town home on Brimmer street went on the auction block for $4.975 million dollars and the bidding closed minutes after it was set to start.  No bids were placed and the building has gone back on the open market.  Some feedback from the buyers was “This isn’t the price we’re willing to pay right now. It may have been the price six months ago, it might be the price six months from now. But it’s not the price right now.’ ’’

Will the tax credit be extended?

As the end date for the federal first time home buyers tax credit draws near the national association of Realtors along with other industries that would stand to benifit from the extention.  Congress has insisted that this time around will be the last for the extention but only time will tell if the tax credit will be renewed for a third time.  As it stands currently, the deadline is to have a property under agreement by April 30th and closed by June.

The Devil is always in the details, foreclosure auctions may not be what they seem

I heard a story on NPR today about a foreclose auction in the Boston area.  These auctions have been becoming more commonplace as banks try to sell of the stock of homes they have taken from owners who could no longer pay for them.  If you find yourself considering one of these auctions there is one important detail you will want to be aware of before you bid.  Nearly all foreclosure auctions are not absolute auctions, rather they are reserve auctions.  What that means is there is a hidden reserve, or minimum number the bank has set for a property to sell at.  If the bidding does not reach that number, even if someone has the winning bid, the bank will not sell them the home.  The “hidden reserve” is not published and bidding starts significantly lower in hopes of drawing more bidders.  An absolute action by comparison means that the property will be sold for the winning bid.  Typically auctions held in a new development such as the Bryant, or the 1850 lofts this last year are absolute auctions and the starting bid is the reserve.  That being said, people can walk away with great deals at foreclosure auctions.  If you would like more information on upcoming auctions please do not hesitate to contact me bwoofter@warrenre.com

New High End Rental Building Opens in Southie

50 West Broadway

West Broadway opened recently and is currently in the process of leasing up all its units.  It is the latest higher end apartment building to open up in the Boston area and the first apartment building of its kind to open up around the Broadway T stop.

The building offers studios, 1 beds, 2 beds, and 2 plus dens.  Dogs are allowed and all the units feature stainless steel appliances, granite counter tops, washer/dryer in unit and some  pretty impressive views.

There is also a common lounge with WiFi, garage parking available and a gym onsite.

The area is very convenient to downtown Boston as well as the South End/Back Bay by T or by car.  The area also boasts a half dozen restaurants and bars just on the block.

If you have any questions or would like to schedule a viewing please contact me:

Bobby Woofter 717-917-8842

Open kitchen/living room

bwoofter@warrenre.com