mondoboston.com

Posted by jenn on January 28th, 2008 in real estate advice, real estate market

Welcome to Mondo Boston!

Searching for a home in Boston can be a daunting task if you live abroad. Mondoboston.com exists to help introduce international buyers to Boston and the home buying process. Use our site to find out more about the logistics of house buying in the United States. Catch up on neighborhood news, surf our links to other Boston real estate websites, and check out our featured house listings. Our neighborhood descriptions can help give you a feel for each downtown neighborhood, and our picks can help you find the best places to find the important stuff in life… like a loaf of crusty bread or a decent wedge of cheese. Ultimately, should you decide you need a realtor, we can even help you find a professional who can work with you in your search for a place to call home.

No Comments

Posted by Pam on July 2nd, 2009 in real estate market

From time to time we take stock of housing and real estate news stories in Boston and Massachusetts. Here are a few recent headlines:

Read the results of the condo auction at the South End’s 1850 project.

Renters around Boston are getting good deals on rents as the rental market softens.

Massachusetts home sales drop to ‘89 rate.

Some positive signs emerge on the housing market.

Five new online tools make homebuying easier.

No Comments

Posted by Pam on June 30th, 2009 in Cambridge Homes, real estate market

At the time this post was written, the Euro was soaring against the dollar. We thought we would check out condos in Cambridge to get a European perspective on prices.

42 Linnaean Street, #3
Cambridge, MA
BEDS:1/BATHS:1
SQ.FT: 660
$349,000 or 248,000 Euro.

PROS: It’s within walking distance to Harvard and Porter Squares, and is next door Radcliffe. There’s also a live-in superintendent.
CONS: The unit does not come with a parking space.

15 Mount Vernon, #8
Cambridge
BEDS:2/BATHS:2
Sq.FT: 1280
$614,900 or 436,000 Euro
PROS: It’s on two levels, features lots of light and includes garage parking.
CONS: The kitchen looks a bit small.

18 Centre Street, #103
Cambridge
BEDS:1/BATHS:1
Sq.FT: 453
$312,000 or 221,000 Euro

PROS: It features a new kitchen and 9 foot ceilings.
CONS: At 453 square feet, it’s a pretty small one-bedroom.

No Comments

Posted by Pam on June 25th, 2009 in South End Homes, real estate market

You’ve probably heard by now, but just in case you haven’t, you still have time to attend the auction of the lofts at the 1850 Loft building in the South End.

Located at 90 Wareham Street in Boston’s South End, the auction is set to take place on Sunday (June 28th).  From the looks of it, the auction may present quite the opportunity. Units originally priced from $350,000 to close to $800,000 will now be sold off starting at $175,000 to $395,000 — that is, almost half of the original asking prices!

About 25 of the 60 units have sold over the past year with the remaining 35 going to the auction block.  Bidders will be required to bring a $5000 cashiers check to the auction and will be signing a P+S on the spot.  All units must close on August 14th or you must pay a 1% extension fee.

How did the 1850 end up this way?

We think it probably has something to do with its location — on the far side of the South End, quite a distance from the T or the shops and restaurants the area is known for. The building is, however, adjacent to the expressway, with all its fumes and noise. Besides just plain bad timing, we also notice from the pictures (we have not visited personally) that the “lofts,” ranging in square feet from 681 to 1564 square feet, actually feel a little tight. More like regular old apartments. And some visitors have complained that the floor plans are awkward — long and skinny, providing a difficulty in furniture arrangement. Take a look for yourself:

No Comments

Posted by Pam on June 23rd, 2009 in real estate market

Although we’ve entered full-steam summer when the housing market normally slows, we’ve noticed a few properties that have come on the market and sold within just a few days. What’s that mean? If a home is priced well and it’s in great condition, it will sell, and sell fast. That’s because so many properties around Boston remain pretty darn expensive. Plus they need work. Here’s one example of a Brighton condo that was on the market just a week before it was snatched up. To us over here at Mondoboston, looks like this unit was underpriced for the condition and area:

1871 Commonwealth Avenue, #3
Brighton
BEDS:2/BATHS:2
SQ.FT: 1310
Asking price: $329,900.

No Comments

Posted by Pam on June 18th, 2009 in Boston Neighborhoods, Life in Boston, real estate advice

We try to keep an open mind at Mondoboston, and because we’ve heard a lot about East Boston as the new up-and-coming real estate refuge, we decided to take a look for ourselves. Recently, we visited four open houses featuring both condos and single-family East Boston homes for $300,000 or less. Admittedly, our price point was low, but isn’t that part of the allure of buying in East Boston to begin with?

After an afternoon of house-hunting in this corner of the city, we came away with a few thoughts on exactly how real the East Boston real estate phenomenon is — or isn’t. For sure, East Boston has developed an urban hipster contingent featuring young, creative types who can’t afford other comparable alternatives around the city, like Somerville or Jamaica Plain. There are a few new businesses in the area catering to this contingent, including the 303 Cafe on Sumner Street. We noted a beautifully-kept, gated park at Jeffries Point (East Boston Piers Park) as well as several other well-kept children’s playgrounds. We didn’t feel unsafe while walking around, and Maverick Square — the locus of activity in East Boston — boasts a Blue Line T stop as well as a lively little business district.

After trouncing through several typical East Boston condos and homes, however, we decided that East Boston’s true potential will always be… well, a bit limited. East Boston is not, and never will be, a South End. Most East Boston homes were built as working-class homes, and feature tiny rooms with low ceilings, with negligible green space and often cheap materials. Even when these homes have been lovingly restored (and we saw a couple) the space itself is lacking. It feels cramped and claustrophic. Compare this to the South End rowhouses which were originally built as upscale housing, and retain high ceilings, fabulous woodwork and molding, fireplaces and other stunning architectural details. The quality of the housing stock just isn’t going to be a draw for many folks, and that will affect this area’s potential to take off.  You might argue that the North End has similarly claustrophic apartments, without yards, etc. But the North End has something completely different going for it: you can walk downtown.

Which brings us to our other major conclusion about East Boston and its real estate potential: East Boston is too isolated from the city proper to ever gentrify in the same way as many other city neighborhoods. Sure, you can get there by T, or take one of the tunnels toward the airport by car, but you can’t just walk to downtown, or even bike over. For many people, this is simply too much isolation to contemplate, especially given the unpredictable nature of Boston’s public transit system. The $3.50 toll to use the tunnels is yet another discouraging factor.

We wish East Bostonites well, and we were happy to see how much the area has improved in recent years. But in all honesty, we don’t expect this area to become the next big thing anytime soon. We’d love to hear your thoughts!

No Comments

Posted by Pam on June 16th, 2009 in Life in Boston

It’s not yet summer, but we’ve already experienced a few days hot enough to get us dreaming about the beach.

Ahh…. the beach. The gentle lap of water. The warm embrace of the sun.

There’s only one problem with the fantasy: If you live in the city and you don’t have access to a car, you may feel as if it’s all just a dream.  Fortunately, all is not lost. Although the Cape and island beaches win hands down for scenery, tranquility and all the rest, there are actually a few beaches close to home that are also easily accessible through public transit.

Castle Island, L Street Beach and Carson Beach.

South Boston offers three prime beaches just a subway-ride away. These urban beaches are frequented by a diverse group of beachcombers, from Irish immigrants to Vietnamese immigrants to recent transplants from South America. Others here have never been outside Southie. The pro of these beaches is the proximity to downtown. The con is the proximity to Logan Airport.

Services and facilities: Restrooms, information, concessions, bicycling, fishing, scenic overlook, picnic area, swimming, playground. Directions: Take the Red Line to Broadway T station, then No. 9 or 10 bus to end of line; or Red Line to South Station, No. 7 bus; or Red Line to Andrew T station, No. 10 bus; or Green Line to Copley Station, No. 9 or 10 bus to end of line. Also: Red Line to JFK-UMass and walk to Carson.

Click here for a map of South Boston beaches.

Revere Beach.

 Or to the locals, RAH-VEE-YAH. You won’t find any Nantucket snobs here. Revere Beach has historic blue-collar roots, and is frequented by a young crowd of teens and 20-somethings. More than 100 years old, it is  the oldest public beach in America, and easily accessible at the Wonderland stop of the Blue Line. The beach features public concerts at the bandstand and lifeguards on duty from late June to early September. The pros of this beach are LOTS of people-watching. The cons are loud noise from incoming jets, and sometimes smelly water.

Services and facilities: Swimming, fishing, bandshell, playground. Directions: Take the Blue Line to either Revere Beach or Wonderland stations, then walk east one or two blocks. Read more about Revere Beach.

Click here for a map of Revere Beach.

Wollaston Beach.

Just south of Boston in Quincy, Wollaston Beach offers bicycling and jogging trails, nature trails and lookouts. Caddy Park, at the southern end of the beach, has more than 15 acres of fields and a lookout tower. Moswetuset Hummock, at the beach’s northern end, is a mix of woodland trails and marshland used in the 1600s as a Native American summer campsite. There are nice views of Quincy Bay and the 144-acre Squantum Marsh.

Services and facilities: Bathhouse, handicapped access, bicycling, fishing, hiking, observation tower, swimming, playground. Directions: For Caddy Park, take the Red Line to Wollaston Station, walk to Hancock Street, turn right and walk one block to Beach Street, turn left, and continue on Quincy Shore Drive. For Moswetuset Hummock, take the Red Line to North Quincy Station, transfer to No. 211 bus, exit at East Squantum Street and Quincy Shore Drive, proceed to the small wooded knoll 200 yards east.

Click here for a map of Wollaston Beach.

For more on good beaches, click here.

For more on urban beaches, click here.

No Comments

Posted by Pam on June 11th, 2009 in Life in Boston

It’s 3 a.m. and you’re just itching for something to eat. Where do you go?

In Boston, there’s not much choice beyond your own refrigerator. Still, there are a few dining locales that night owls can depend on when hunger pangs strike.

A. Bova Bakery
134 Salem Street
North End
Open 24 hours

Buzzy’s Fabulous Roast Beef
Located at Charles Circle, Cambridge Street
Beacon Hill
Open 24 hours

Ginza Japanese Restaurant
16 Hudson Street at Kneeland Street
Leather District/Chinatown
Open until 2 a.m. on Friday and Sunday, until 4 a.m. on Saturday

South Street Diner (formerly The Blue Diner)
on 178 Kneeland St.
Leather District
Open 24 hours

IHOP Restaurant
1850 Soldier’s Field Road
Brighton
Open 24 hours

Joanie’s Kitchen
313 Massachusetts Avenue, Cambridge
Central Square
Open until 4 a.m.

Cafe Pompeii
280 Hanover Street
North End
Open until midnight, 2 a.m.

No Comments

Posted by Pam on June 9th, 2009 in real estate advice

 We only just recently heard this term at Boston Real Estate Blog, where we also happened to read a really good explanation of how these deals work. It’s useful stuff to know for any buyers out there thinking of participating in a real estate auction. In this particular case, the blog is referring to an auction that happened yesterday and today at 255 Northampton Street, #203. We don’t know how well these auctions really work for someone hoping to get a great deal, but they can take some immediate pressure off buyers. We’d love to hear from anyone out there who participated in this auction about what the experience was like:

Q: How does the Round Robin Auction work?
A: The Round Robin Auction is a buyer friendly auction that eliminates all the usual risks associated with buying at auction. On Sunday, June 7, 2009 from 12pm - 4pm there will be an open house to visually inspect the property . Bids are due at 5 p.m. Monday June 8 with the min bid to participate in the auction standing at $399,9000. The actual auction is held by phone on Tuesday evening June 9th at 7 pm. Each bidder will receive a call from the Auctioneer informing him or her of the current bid and offering them the opportunity to increase their bid in order to proceed to the next round. Rounds will continue until only one highest bidder remains.

Q: How Do You Sign Up?
• You need to attend the open house at 255 Northhampton Street on Sunday, June 7, 2009 from 12pm - 4pm and visually inspect the Boston condo;
• Fill out the questionnaire, and bid sheet;
• Provide a deposit of $1000.00.

Q: Are There Any Rules?
A: YES!
• You need to visit and inspect the property you wish to bid on.
• Complete the Questionnaire and bid sheet so that you can be contacted on Monday.
• You will need to be available by phone on Monday evening beginning at 7 pm.
• You will need to available Tuesday to complete the paperwork if you win the bid.
• If you are the highest bidder and you cannot comply, and alternative arrangements are not made prior to Monday night, The Auctioneer may elect to call the next highest bidder and you may lose your chance to buy the home.

Q: How Much Do I Need For A Deposit?
A: You will need a deposit when registering of $1000. An additional deposit will be collected Tuesday from the winning bidder when the paperwork is finalized.

Q: What happens to the deposit?
A: The seller is looking for real buyers that truly want to buy this Boston condo. The deposit of the successful bidder will be applied to the purchase price; all other deposits will be returned within seven days. If the successful bidder defaults, the deposit is forfeited.

Q: Are there any liens or encumbrances?
A: No, you will receive a Warranty Deed and be able to purchase title insurance. Any mortgages or debts against the property will be paid from the proceeds of the sale.

Q.: Will the Purchase and Sale agreement allow for any contingencies?
A: Yes. Please declare required contingencies on your bid sheet. Financing contingencies should state the terms of any pre-approval obtained by the buyer. Inspection contingencies are limited to ensuring the proper operation of major systems (heating and structural, etc). For any major deficiency discovered (and not previously disclosed) the seller shall have the option to repair, credit back or void the sale.

According to MLS the seller has agreed to pay 6 months of condo fees.

No Comments

Posted by Pam on June 4th, 2009 in real estate advice

The moment you sign on with a realtor is the moment you’ll hear the question, “so did you get a pre-approval letter?”

Realtors feel uneasy dealing with clients who have yet to talk with a bank about getting a mortgage. The realtor’s secret fear: maybe this client is completely unqualified.

So the first thing to understand when you speak with a bank about “pre-approval” is that this is mostly just a preliminary step to assuage your realtor and possibly a seller. It doesn’t mean that you have been approved for a loan, or that you will be approved for a loan. Still, it can be useful to give you an idea of exactly how much you can afford and what a bank would be willing to finance.

There’s also one more advantage to the pre-approval letter. It can sometimes help you negotiate a better price on a property. Here’s how you can use a pre-approval letter to your advantage when making an offer on a property:

1) Be sure the pre-approval letter matches your offering price and not more. If sellers see you are approved to offer more, they may reject your offer and hold out for a higher bid.

2) Submit a “low” low-ball offer along with a preapproval letter for a slightly higher amount. This is a strategy meant to psyche your seller out. The amount in your preapproval is your “real” low-ball price. If the seller sees what you are approved for, and that it is a slightly higher amount than your offer he is likely to counter with your maximum price, which is really what you were aiming for in the first place. The seller may even accept your original lowball offer.

3) Go to a local lender for your preapproval letter. Both listing agents and sellers will feel more comfortable with a trusted local lender than with a long-distance operation they’ve never heard of.

4) Have your preapproval letter state that you are preapproved to buy a certain house, rather than a certain amount. In other words, you are preapproved to buy 3 Elm Street, MSL # xxxxx, rather than a generic property for $400,000. According to some realtors, this implies that you have been approved to pay full asking price, but still provides for more flexibility during negotiations.

5) Get your pre-approval letter updated every 30 days. In today’s fast-changing world of finance, loan terms and the business environment shifts rapidly. In order to keep up, you’ll need to have your pre-approval letter updated periodically to reflect all the changes.

No Comments