It’s crunch time for those looking to take advantage of the First Time Home-buyer Tax Credit. The clock is certainly ticking on them to get started and to illustrate that point I’ve added a count down above. The current plan is for the credit to run out on November 30th which gives potential buyers just over 90 days from today to close on a new place. The typical time it takes to close on a place is around 60 days this gives people not a lot of time to find a new place. Granted, some can close faster than others and some people find what they are looking for faster than others but if you want to take advantage of this feature you have to start now. Call 617-449-3642 for help starting the search for your new home.
The question on everyone’s mind is when will the housing market rebound? For those in some parts of the country it already has. If you live in Boston or the Greater Boston Area, then it’s your lucky day, because you are living in one of those areas. The Case Shiller Index you see on the news every night talking about the country still having housing problems has shown Boston having modest increases in home prices for the past 3 months. We aren’t alone in our increases either, 18/20 markets that they monitor show increases in recent months.
Looking for further evidence the housing market is headed up, let’s go take a look at the data shall we? June home prices in Massachusetts were 2.6 percent above the month before and the number of single-family homes that sold statewide in July was 12 percent higher than a year ago. Even this past month Back Bay alone has seen a 26 percent increase in the average condo price compared to a year ago. If you’re interested in buying condo in Boston this fall is definitely the time to do it.
U.S. News and World Report, has ranked Boston as one of the top 10 places to grow up in the US. The report cites the city’s exciting history and many activities as a great option for parents looking to raise children in a big city.
“Kids will marvel at the African penguins in the New England Aquarium, gawk at the humpback whales on a whale-watching tour, and erupt as the Red Sox take the field at beautiful Fenway Park.”
Our exciting activities are just one reason that parents should consider raising their children in the city. The great schools that surround the city are yet another reason more and more parents are deciding to raise their children here. For more information on schools in and around Boston feel free to contact us any time at (617) 449-3642
Smart Money Magazine this month has done a special, on 5 ways to put your cash to work for you. Some of you may have cash from pulling out of the stock market in time or even those of you that just have cash lying around. One of the main points of the article is that real estate is one of the few industries that is expected to keep pace with inflation over next few years. There is even better news for those of you over the age 59 and ½ when it comes to putting your money to work for you.
If you’re over the age of 59 ½ and have a sizable sum in a Roth IRA you can use a “self-directed” Roth IRA to buy a investment property in cash and then take the rental income from that property tax free! The only catch is that you can’t live there, not an issue for those true investors. For many people now is a great time to get into investment properties and this is a great way to earn passive tax-free income. If you’re interested in looking at investment properties feel free to contact us at 617-449-3642.
Agents are always saying it’s a great time to buy, and I know to many people agents sound like the boy who cried wolf. All they hear is how it’s such a great time to buy and they think the agent is really only saying it to make some money. While that might be case for some less than scrupulous agents, you certainly won’t hear it from me. It’s always much better to simply let the facts speak for themselves and right now the facts are saying it’s a great time to buy, if you want to live in the Seaport District.
FP3 is the newest condo development in the Seaport District and consists of 89 fantastic loft units. Perhaps the best feature of the building is its ability to grow with you. Condos in the building start, in the low $300’s and go up $2.6 million. As your life changes and you need more space or want a better view, you never have to leave the building! They have it all right there for you and in addition, right now they have some great prices. For close to $300,000 you can get almost 700 sq ft. of brand new loft space. We’re talking top of the line appliances, granite counters, the works! The fantastic mortgage rates in the market place right now, mean you can be in this building including condo fees for pennies above $1700/month. Now let’s compare this to the rest of the neighborhood.
The only complete rental building in the Seaport doesn’t even come close to getting you this square footage right now, even when you bump the price almost $1900. If you look at other private condos in the Seaport District with similar sq footage, they are fetching roughly the same price. What this means, is that you’re seeing a lot of rents at the lowest they are going to get since for many investors they are renting at cost. With the rent in private condo buildings for similar units being the same as the cost of owning one yourself, you have to ask: why pay someone else’s mortgage when you can pay your own?
If you’re interested in seeing what exciting condos FP3 has to offer give us a call at 617-449-3642.
More and more people as of late are thinking about getting into the real estate investment game. The low mortgage rates right now have attracted a new crop of investors who have a little extra cash on hand. There is a shift taking place in the market right now, which can only be described as the beginning of the shift between old investors and new ones. Many of these investors have been in the market for years and they are starting to sell off parts of their portfolios and for a select few, this is an excellent opportunity. Most of these investors are quietly marketing their properties, meaning that if someone made them offer they are happy to sell, but they aren’t going out and advertising it. So why should you call a rental agent then?
The answer is should be obvious; rental agents deal with these people on a daily basis and know who might be open to selling and who will not. They are also able to give prospective investors a much better handle on what kind of income a unit might generate since they have access to a wider range of properties, than one would find in the MLS. If you are interested in investing in Boston please don’t hesitate to call us and we’ll be more than happy to help identify opportunities, which meet your requirements. Call 617-449-3642 to speak with someone about your next great investment.
Financials | chris | 
August 30, 2009 1:59 pm | 
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