Foreign Investors Now Get Visa with Home Purchase

For years foreign buyers have been investing in Boston real estate as they look for stable long term real estate investments. As the world has gotten smaller, more and more foreign parents are sending their kids to school in Boston and many parents are making the  decision to buy rather than rent. In recent years, many families have taken advantage of the great exchange rates and purchased homes for their children while they attend college in Boston. Right now, congress is on the verge of voting on a bill that would give these parents a little something extra, a residence visa.

The bipartisan bill would give any foreign property buyer who spends at least $500,000 a residence visa. The amount can be further broken down, with the buyer only spending $250,000 on their residence and using the remaining to $250,000 to purchase an investment condo for renting out. According to the Wall Street Journal the biggest groups taking advantage of this offer are the Chinese and Canadians.

At Back Bay Realty Group we’ve seen a surge in investor buyers in recent months with many coming from China, India and Canada. The number of sales as a result of foreign buyers has increased in the United States has increased by $16 Billion in the past year alone. If you’re thinking of investing in Boston real estate call our office today at 617-449-3642 to speak to some of our investment specialists who can discuss options with you.

Boston Parking Meter Rates Set to Rise

If you thought parking in Boston was expensive before, the city has decided to raise the rates even higher. The transportation department has already started resetting the city’s 7,000 parking meters to charge 25 cents for 12 instead of the previous 15. This represents a 25% increase in the cost  of metered parking in the city. While some might say parking is already expensive enough, the argument the department makes is that parking is still cheap compared to other major US cities. Do you agree or does this just make garage parking look more attractive?

Best Buy Concert

I was recently treated to a unexpected and wonderful surprise on a trip to Best Buy. An in store concert that by a local Boston artist at the Best Buy on Newbury, which if you don’t know actually has a stage on the 3rd floor where you can show off your talents.  Check out a quick clip below of a concert.

Single Family Homes Getting Snapped Up!

While some people may be concerned with the possibilities of a double dip recession, those in the know aren’t worried. For proof, look no further than the recent under-agreement listings for single family homes. Three top single family homes in Back Bay and Beacon Hill have gone UAG in just the past few weeks. These places weren’t going for small dollars either, with a combined asking price over 30 million these homes are some of the best in the city.

19 Marlborough Street

This stunning single family home on the first block of Marlborough Street, boasts an impressive 7,600 sq ft of living space, including 2 garage parking spaces and an indoor pool. The home, originally built in 1872 has impressive  architectural details throughout each room in the home. The 4 bedrooms and 5 baths have been scrupulously cared for and much of the home has undergone top notch renovations.

One of the crowning details, has to be the marquetry like hardwood floor design on the second floor. This stunning home was listed at $7.35 Million and has an anticipated sale date of  January 7th 2011.

128 Commonwealth Ave

This is one beast of a home, boasting a whopping 9,000 sq. ft. of living space it is the largest of our featured homes. The home includes 5 bedrooms 5 full baths and 3 half baths along with 7 fireplaces as well as 2 heated garage parking spaces. Oh did I forget to mention the 3 outdoor heated spaces as well!

The home has been spectacularly maintained to preserve some of its finest details. This incredible room is a rare find in most homes on the market today and it’s preservation speaks volumes about the rest of this gorgeous home.

Master Bath

The master bath in the home is a classic example of the stunning level of renovation you find in top notch homes. Designed to provide the ultimate in luxury for even those of the most discerning tastes, this bathroom relaxes the mind cleanses the soul as soon as you walk in.

The home is was listed at $9.5 million and has an anticipated sale date of 1/20/2011

74 Beacon Street

We’ve saved the crown jewel for last! This incredible home features the only roof top infinity pool in a single family home in the city. The majestic views of the Boston Garden and Back Bay skyline are simply to die for. If you think the pool is amazing, the rest of the home will not disappoint. The Benjamin Mansion as it’s known is comprised of 6 bedrooms 6 full baths and 3 half baths as well as a garage parking space all wrapped up inside 8,450 sq. ft. of incredible style.

The spectacular dining room has been renovated to bring back some of its original character and charm. The inlay flooring can be found in many rooms in the house and it helps define the rich history of this home.

Perfect for entertaining, this home has plenty of space to do it. A myriad of rooms to choose from means you never have to worry about where to put guests. The addition of a wine cellar in the home, besides the over-sized fridge means your guests will always be well taken care of.

The home was listed at $14.95 Million and has an anticipated sale date of 5/31/2011

If you like anything you saw here or would like more information on single family homes in Boston, please give us a call at 617-449-3642.

Met Back Bay

Many people have wondered what’s going into the former Joe’s American Bar and Grill, and though we have known Met Bar for a bit, we now have some photos. Met Bar a small chain started by Kathy Trustman, (who’s also responsible for Stephanie’s on Newbury) will be opening shortly in the former Joe’s space. The posters outside the building indicate that the food will be distinctly american but the interior decore suggests that it will be decidedly more upscale than Joe’s. The space has been divided into 4 dining areas from what we hear and will do it’s best to cater to all sorts of crowds. We certainly can’t wait for it to open and look forward to it!

Where is Gen Y Renting?

Top 5 reasons why Gen Y’ers are choosing luxury buildings over brownstones:

They have to put less money down!
This is a simple answer and the headline says it all. Most buildings only require 1 month down and some sort of minimal security deposit. The building has the advantage of economies of scale and can afford to take the risk of someone leaving; a small landlord can’t afford that. This is the reason private landlords make you put so much money down, because they don’t want you walking out on the lease! Additionally, almost all luxury buildings pay the broker’s fee, which due to the rental market, most private owners have never had to do. In the past, people were willing to pay to get into their places, now with the economy that has changed.

Gen Y likes to be coddled
Growing up Gen Y was the group that was always told they were the best and the brightest and they could do anything they wanted! Their parents took care of them; they weren’t the latch key kids from prior generations. But now that they are out on their own, who is going to do that? Allow me to introduce, 24hr concierge and maintenance staff! Services that had previously only been available to those making high six figure incomes are now available to everyone. Have a problem? Call the maintenance staff; they will take care of it for you just like mom and dad used to. Private landlords can vary in how well they respond, but you definitely can’t get them at 3am if you have problem.

Gen Y likes feedback
Feedback has always been important to Gen Y; they like to know how they are doing. This is a large part of why Gen Y gets technology, because it’s really all about speeding up the feedback process. Keeping this in mind, luxury buildings have responded. Luxury buildings in Boston have developed something called “Building Link”. It’s a system that after a quick setup, sends an email or text message to your phone when an action occurs. This can be that your dry cleaning was returned and is now waiting for you to pick up, or that a package or fax has arrived. If it’s a package, the system will even let you know which delivery company dropped it off. It’s constant feedback. Needless to say, private landlords don’t have anything like this.

Someone waiting for you when you get home
When Gen Y’s came home generally there was someone (a parent) at home waiting for them, to ask them how their day was. Luxury buildings have even figured this out, and have positioned doormen at the entrance so when you get home after a long day’s work there’s someone there to greet you. If you’ve lived there long enough, possibly even by name and ask how your day is going.

They have had better than their parents had
It’s certainly the wish most parents have, that their children have more than they had, but now it’s out of hand. When most parents tell the story of their first apartment they talk about leaks in the ceiling and strange neighbors and bugs of some variety. They generally had to walk to the laundry-mat down the street in the winter and it was up a hill. Gen Y will have no such stories. Many of their first apartments feature granite counters, stainless steel appliances and have laundry directly in the unit. The buildings have rules and regulations that prevent obnoxious neighbors and if something breaks, once again there is someone on call to get it fixed.

So what can private landlords do to compete? The answer is simple, pay  the broker fee if asked, and make sure you update your units every 10 years or so. In ideal world it would be less than every 10 years, but people will settle for a 10 year update. For more information on luxury buildings in Boston call us at 617-449-3642

Home Improvement Tip: How to find a leaky toilet

This week will be the first of a multipart series in how to find the leak you may have in your toilet. This tip will help you if you have water puddling on the floor or you think your toilet might be running but aren’t sure.

Step 1: Clean the Toilet!
Cleaning the toilet and make sure the surrounding area is dry will go a long way towards making this process easier.

Step 2: Add Food Coloring to your toilet tank (red is easiest to spot) then flush the toilet.
After you’ve flushed the toilet give it a few minutes that take a dry paper towel and wipe around where the toilet meets the floor. If your paper towel turns red you now know where the leak is. (Most likely it’s the wax flange that the toilet rests on.)

Step 3: If you think the toilet might be running and want to be sure…
After you flush the toilet then add food die when the tank is half full. As the tank begins to fill, if it’s working properly the water should stay inside the tank. If you come back 45 mins later and see that water in the toilet bowl turning a red color you know that yes your water is running because you’ve got a leaky stopper.

Boston a Great Place to Grow Up

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

Back Bay Realty Group Launches Blog

The Back Bay Realty Group has launched it’s new Blog section of our website. This will be a great way to follow what’s happening in the Boston Real Estate market. We will discuss Boston Condos, Boston Apartments, Boston Real Estate Trends, and general Boston Real Estate information.

We are truly excited to be able to offer our clients and general real estate buffs the chance to interact with this type of resource. We look forward to sharing our passion and knowledge of the Boston Real Estate market with all of you!