September 1 Moving Tips

Here’s a fun little post : Moving Tips from Budget!

First 10 Days of May Market Report

This month’s market data shows  a return to the spring market and an improvement over last year’s crazy decline. The improvements in every neighborhood are a positive sign for the market but it will be more interesting to see what happens with the full month of data.

Back Bay 2010
11 Condo’s sold
Avg. Sale Price: $2,680,013
Avg. Price/Ft: $909.43

Back Bay 2009
9 Condo’s Sold
Avg. Sale Price: $1,514,778
Avg. Price/Ft: $919.01

Beacon Hill 2010
3 Condo’s Sold
Avg. Sale Price: $793,333
Avg. Price/Ft: $758.40

Beacon Hill 2009
1 Condo’s Sold
Avg. Sale Price: $637,500
Avg. Price/Ft: $671.05

South End 2010
13 Condo’s Sold
Avg. Sale Price: $604,962
Avg. Price/ft: $623.8

South End 2009
7 Condo’s Sold
Avg. Sale Price: $563,286
Avg. Price/ft: $609.80

Boston Rental Market: Tough on Renters

For those of you that are looking to rent an apartment in the 12 months hopefully you’ve read this article on boston.com or read it in the paper. The article goes on to describe a story that any broker who’s worked in the Boston rental market can tell you.

First, if you think you’re going to get a steal on a place because you’ve heard in the news rents are going down keep dreaming. The article in the paper wisely points out that a minimum you’ll pay for a unit in downtown is $1400. Is this a hard and fast rule, no are there places less than $1400 sure, but they are few and far between and they are smaller than some single dorm rooms. Despite some vacancies landlords are holding out for their price and not willing to compromise. In one case I heard a landlord tell someone about their offer “I’d rather use the unit for storage!”

Second, if you have a pet especially a dog or are a family with small children who need a lead-free apartment it’s a very small market. Rental brokers have been telling people for years that if you have a dog it’s a very small market, very few owners and buildings for that matter take dogs. Unfortunately there are double standards in some buildings which can confuse people even further. At the Ritz and One Charles, owners are allowed to have dogs but anyone renting one of the condos cannot. Renters with small children often find themselves in similar situations due to the fact that the buildings in Boston are so old and so few people have renovated to the standards necessary. This leaves this group with few options depending on what they are looking for and not something they are always pleased with.

Finally, yes the sad fact is that due to previous market conditions most private landlords don’t want to pay the broker’s fee, for the tenant. The market had previously been that people we’re willing to pay to get into that place they saw and loved, but that’s no longer the case. The apartments have gotten older in many cases and more are sitting empty; but few landlords are willing to break the psychological barrier of paying the brokers fee. This surely hurts some landlords as their properties sit vacant for months at a time and others are just dealing with it. There is no right or wrong decision on this one it’s all about what the market will decide and it’s something that both sides should be aware of.

First 10 Days of April Market Report

The market data makes some interesting points this month. If you live in the Back Bay or South End, you’re seeing a sizable jump in the price/ft. but in Beacon Hill there was a large decrease. So if you were thinking about selling last year but were scared, don’t wait this one out because there are buyers out there and willing to pay more!

Back Bay 2010
3 Condo’s sold
Avg. Sale Price: $2,588,000
Avg. Price/Ft: $985.07

Back Bay 2009
5 Condo’s Sold
Avg. Sale Price: $1,345,900
Avg. Price/Ft: $836.83

Beacon Hill 2010
3 Condo’s Sold
Avg. Sale Price: $1,133,592
Avg. Price/Ft: $697.45

Beacon Hill 2009
3 Condo’s Sold
Avg. Sale Price: $3,483,333
Avg. Price/Ft: 1009.20

South End 2010
9 Condo’s Sold
Avg. Sale Price: $ $668,239
Avg. Price/ft: $618.63

South End 2009
7 Condo’s Sold
Avg. Sale Price: $564,143
Avg. Price/ft: $570.03

What was the best size condo to own from 2000-2009?

After doing some exhaustive research into what’s really happened to the Boston Condo Market for the past decade, we thought we’d release this little nugget of information for you. The best size condo to invest in from 2000-2009 in Back Bay was a studio. I know this probably catches quite a number of you off guard, with many thinking that buying a 1 bed would have been a good idea, but it was studios that gained the most value.

From 2000-2009 the price/sq.ft. for studio’s in Back Bay increased 87%! This was well above the next best investment, (1 beds) which came in at increase of 58%. The real loser so to speak for the decade was 3 beds or more which only increased 25% on price/sq. ft. basis.

The First 10 days of March Market Report

The market data speaks for itself here. Condos in Boston’s top neighborhoods are moving and they are moving for more than last year. If you were thinking about selling last year but were scared, don’t wait this one out because there are buyers out there!

Back Bay 2010
15 Condo’s sold
Avg. Sale Price: $1,979,553
Avg. Price/Ft: $1137

Back Bay 2009
7 Condo’s Sold
Avg. Sale Price: $1,255,929
Avg. Price/Ft: $946

Beacon Hill 2010
4 Condo’s Sold
Avg. Sale Price: $453,000
Avg. Price/Ft: $694

Beacon Hill 2009
0 Condo’s Sold

South End 2010
12 Condo’s Sold
Avg. Sale Price: $542,042
Avg. Price/ft: $596

South End 2009
2 Condo’s Sold
Avg. Sale Price: $370,000
Avg. Price/ft: $523

Tax Credit Running Out: 51 Days Left

There are only 51 days left until the First Time Home Buyer Tax Credit runs out. The extended tax credit deadline means you have to have your P&S signed by April 30th. So far out of top 7 Boston neighborhoods 190 condos have been sold under $500k (a typical threshold for first time buyers). If you’re interested in taking advantage of this tax credit before time runs call me this week to get started! 617-449-3642

Real Estate Wars: Tom Brady Off Market

The Real Estate Wars between Tom Brady and wife Gisele maybe done for the time being, but it’s far from over. Tom Brady’s house has been pulled off the market after 144 days without a single price drop. The monster home with over 5300 sq. ft. of space and priced at $10.9 million has been marked as withdrawn from the MLS. So are we likely to see this property come back on sometime soon? I think so, I’m surprised no one picked up this property already considering the owner. I guess until the next round we will just have to wait and see who wins this war.

2010 Spring Condo Market

The spring Boston condo market has arrived early this year! In the past week alone, 77 new condos have come on the market in Boston’s major neighborhoods. The majority of these new condos have come on the market in Back Bay, South End and South Boston. These 3 neighborhoods alone account for 63 of the new listings. It’s important to keep in mind that these lists don’t include new development condos. If you’re thinking of purchasing this spring you might want to start looking now, so as to not miss out on what’s coming on the market. If you’re thinking of listing your property for sale, I can tell you our office is swamped with buyers looking to purchase homes in these neighborhoods. Call us today to find out what your home can fetch, or email as contact@backbayrealtygroup.com

The First 10 Days of February

First 10 days of February 2010 market data:

Back Bay 2010
11 Listings Sold
Avg. Sale Price: $1,705,818
Avg. Price/ft: $1,010

Back Bay 2009
3 Listings Sold
Avg. Sale Price: $1,804,632
Avg. Price/ft: $1,115

Beacon Hill 2010
2 Listings Sold
Avg. Sale Price: $393,500
Avg. Price/ft: $766

Beacon Hill 2009
0 Listings Sold
Avg. Sale Price:
Avg. Price/ft:

It would seem that buyers are looking sooner this year than last year. Prices might be down slightly but inventory is moving.