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Posted by Pam on July 28th, 2008 in real estate advice

Searching for and buying a house from afar is a lot easier than it used to be, thanks to the internet.

Today, it’s possible to find a home, visit the home in a virtual tour, and take a virtual walk of the neighborhood. You can get an appraisal of the property that interests you, check property taxes, a neighborhood’s crime statistics, and demographic info. If you want access to the Multiple Listing Service, you can get that too, usually for a small price. You can even hire an online agent to make an offer and negotiate a deal. Or you can skip the agent altogether and do it yourself.

With the advent of the internet, you’ve got options.

Below, find links to real estate web sites that can help you conduct a housing search from wherever you happen to be:

Finding a Home:

Redfin.com. An online real estate broker. You do the research online, they handle tours and negotiations. Agents are paid a salary, not a commission.
Ziprealty.com. An online real estate broker with a network of agents. Ziprealty promises buyers 20 percent of their commission on buying a house, thus lowering the cost for buyers. Sellers can save up to 25 percent on commissions.
Boston.condodomain.com. An online Boston-based realtor for condobuyers that charges a flat fee for its services averaging about $10,000.

Open Service directories where you’ll find property listings:
Sellers and their agents list properties on these sites:
Yahoo.com
Google.com
Craigslist.com
ForSalebyOwner.com –These listings cannot be found in the Multiple Listing Service directory.
FSBO.com - These listings cannot be found in the Multiple Listing Service directory.

Research tools once you’ve selected a neighborhood:
Trulia.com . Offers demographic data, neighborhood and market information.
Policymap.com .Offers demographic and sales data by neighborhood, including crime statistics, neighborhood income, volume of home sales, etc.
Googlemap. Allows you to see the streets, at street-level, that interest you. You can even take a walk of a neighborhood.
Idealroute. Allows you to map out visits to tour homes.
Walkscore.com. Allows you to see how close properties are to neighborhood amenities such as grocery stores, public transportation, schools and restaurants.
Greatschool.net. Allows you to check out the quality of the school district you are thinking of moving into. 

Home Valuation websites once you’ve selected a property:
Each allows you to see properties and appraised values based on their specific formula. Some of these sites also list properties for sale.
Zillow.com
Cyberhomes.com
Eappraisal.com
Realestate ABC.com
Rentometer.com (to determine what rent you could charge for an investment property)

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Posted by Pam on July 24th, 2008 in real estate market

Last week, the dollar fell again against the Euro — this time, to a record low of $1.6038. In honor of that record (the dollar has since risen again) we thought we’d take another look at properties from a Euro perspective. All properties were calculated as of exchange rates on Sunday.

381 Marlborough Street, #4
Back Bay
BEDS:2/BATHS:1/SQ.FT:790 (73 square meters)
453,484 Euro or $719,000.

This two bedroom is located on one of the Back Bay’s premier streets, just a couple of blocks from the Charles River and the shops and restaurants of Newbury Street. It features high ceilings, a fireplaced living and dining room, hardwood floors, marble baths, granite countertops, a stainless steel Subzero refrigerator, and cherry cabinets in the kitchen. Full direct access to a deeded parking space is another huge plus.

67 Rutland Street, #4
South End
BEDS:1/BATHS:1/SQ.FT:700 (65 square meters)
232,734 Euro or $369,000.

This one-bedroom condo is a penthouse apartment located in an 1890 rowhouse on venerable old Rutland street, near the restaurants and shops of Tremont street. This home may combined with another unit in the building, #3, to create a duplex.

33 Bay State Road, #1
Fenway
BEDS:2/BATHS:2/SQ.FT:1150 (106 square meters)
371,491 Euro or $589,000

This condo features high ceilings, paneled rooms with fireplaces, and proximity to Northeastern University, the Back Bay and Kenmore Square. It also includes a parking space. The bath and kitchen require some updating.

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Posted by Pam on July 21st, 2008 in Life in Boston, real estate market

You’re from out of town and you’re thinking of buying a home in Boston. Will you choose life in one of Boston’s historic brick rowhouses or instead one of Boston’s new luxury condo buildings?

According to an article in The Boston Globe, these days, you’re more likely to choose the luxury condo building, where you may pay more in maintenance fees, but where you’re also more likely to live a stress-free life, replete with concierge, parking and a gym. 

“We are sucking people out of those brownstones,” said Diane Maloney, quoted in The Globe story. Her firm is marketing 45 Province , a 138-unit, 32-story, ultraluxe condo tower under construction near Boston Common. “Schlepping up the stairs and parking in the alley doesn’t look so good” to buyers anymore, she said.

So far this year, 525 condos in brownstones and row houses were sold in Boston, down from 2,442 during the same period last year, according to Listing Information Network Inc., which tracks Boston’s market. But sales in modern buildings, primarily those built since the mid-1990s, surged to 875, compared with 767 a year ago.

Some of the jump in luxury condo sales may simply be a result of more condo developments to choose from. All sorts of new condos have been erected in recent years, including 285 Columbus lofts, Battery Wharf, 44 Prince Street, Art Block, and 700 Harrison Avenue. The increased sales may also be explained by an aging population seeking maintenance-free living. Anyone who has ever spent time in a brownstone knows that these 100-year-old historic houses require intensive upkeep, in addition to a willingness to climb stairs. Brownstones sometimes have mice, damp basements, and of course, require owners to set out the trash for pickup. Most don’t have the insulation and sound-proofing of modern buildings. Evidently, older buyers are shirking all the work and opting for efficient, quiet, and light-filled modern interiors.

If you’re inclined to agree with the buyers opting for the modern, you might want to take a look at these 12 new developments in downtown/central Boston:
Audubon Park
Columbus Center
East Pier Boston
FP3 Boston
Greenway Place
Lincolnshire Condos
Lofts Avana
Mandarin Oriental
The Intercontinental
The Bryant
The Clarendon
Zero Marlborough

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Posted by Pam on July 17th, 2008 in Life in Boston

Summer is supposed to be about taking things easy. And where else to relax and catch your breath than at a quiet little cafe? This week, Kaara, our coffeehouse correspondent introduces us to:

L’Aroma Café

Thanks to its sidewalk tables flanked by summer flower planters, L’Aroma café’s prime location on Newbury Street in the Back Bay offers a great strolling fashion show. The café is a special home to Boston’s European and Middle-Eastern inhabitants who meet in large groups—the friendly ambience also often serves as a meeting ground for foreign nationals who find spontaneous conversation with compatriots over genuine Italian espresso. Fruit tarts are well made by a pâtissier, and the other menu items tend to be somewhat eclectic (Italian sandwiches, cannoli, scones, slices of ganache). An impressive selection of teas comes from its sister shop upstairs, also run by owner Ysuff Salie. Visitors will find the Pellegrino beverages comfortingly familiar, along with the colorful Italian pottery-tile topped tables and warm wood benches with a view onto Newbury Street’s shoppers from inside. L’Aroma is especially bustling on weekend afternoons and open until 9pm in the warmer months, when the stylish traffic heads for dinner.

http://www.laromacafe.com

85 Newbury Street (between Berkeley and Clarendon Streets)
Copley Square, Back Bay, (617) 412-4001                                                                                                 
Monday to Saturday, 7:30am-9pm; Sunday, 8am-9pm. (Hours change seasonally). 

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Posted by Pam on July 15th, 2008 in real estate market

Internationals looking for investment opportunities around Boston might consider taking a closer look at Cambridge. With easy access to downtown Boston and as home to several of the world’s top universities, Cambridge now has one more thing going for it: housing prices. According to an article this week in The Boston Globe, prices of homes in Cambridge have fallen more than in some other nearby communities around Boston.

Cambridge’s condo prices fell almost 2.5 percent between January and May compared with sales during the same period last year, according to the Warren Group. Single-family home sales in Cambridge declined 34 percent and Cambridge condominium sales were down 36 percent. According to Cambridge realtors, it’s now not uncommon to see homes priced below the town’s assessed value — once a practically unheard of event. In comparison, other nearby neighborhoods, like Brookline for example, have actually seen house prices RISE in the last year.

Slowing sales and dropping prices suggest that Cambridge may be a town for foreign investors to watch. The presence of Harvard University and Massachusetts Institite of Technology, as well as numerous high-tech companies, suggests that in the long term, Cambridge is likely to stay attractive to both renters and home buyers. In addition, Cambridge is linked to downtown Boston by the Redline on the T and boasts a plethora of amenities, such as a huge variety of ethnic restaurants, bookstores, cafes, movie theatres, and shops. Known for its tolerance and ethnic diversity, the town is also home to numerous immigrant populations.  Savvy buyers who are able to find good deals around town right now, may find that their investments pay off handsomely a few years down the road. The average one-bedroom condo in Cambridge sold for about $270,000 between February and April 2008. Two bedrooms sold for an average of $542,333. The average sales price for all houses in Cambridge between February and April 2008 was $684,183. Investors can find a property for every taste and need — from luxury high-rises overlooking the Charles River, to grand 19th century Victorians, to modest two and three-family clapboard houses that have been converted into condos. 

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Posted by Pam on July 10th, 2008 in Life in Boston

Summertime means lots of lazy hours doing things like people-watching while sipping coffee at your local neighborhood cafe. In deference to that great pleasure, we’ve checked out a couple of Euro-style coffehouses that would make Starbucks envious. This week, we’ve sent Kaara, our resident coffehouse expert, to visit:

Athan’s

Run by a family from Kalamata, Greece, the Pan-Mediterranean Athan’s is located on the corner of Beacon and Washington Streets in Brookline’s Washington Square, right across from the C line trolley stop. While Boston lacks many full-service patisseries or bakeries outside the small compass of the North End, Athan’s is a welcome exception. With exposed brick walls, glossy wood floors, evocative paintings of sunlit Mediterranean/Greek scenes, and big windows looking out onto Beacon Street, the café offers excellent espresso drinks, excellent American-style coffee, panini, and a full range of superior loose teas. A good combination of coziness and warm elegance, Athan’s is a neighborhood favorite but also popular with foreign expats and travelers. On any weekend, couples reading newspapers and families occupy the marble tables, along with groups conversing in French and Arabic—Athan’s doors are open until 11pm on Friday and Saturday for post-dinner gatherings. The café is one of the few places in the area where you can find good brioche, along with every variety of baklava, beautifully presented French patisseries, gelato, pignolia cookies, and flaky croissants—far more authentic than the style favored by most Montreal establishments. Patrons come in regularly to purchase handmade gateaux for dinner parties or gifts of Jordan almonds, traditional copper Turkish/Greek coffee pots, and beribboned Belgian chocolates in taffeta bags. On holidays, festive gifts hang from the gigantic chandelier.

http://www.athansbakery.com

1621 Beacon Street
Brookline, MA 02446
(617) 734-7028
Hours: Sunday to Thursday, 8am-10pm; Friday and Saturday, 8am-11pm
                                                      
407 Washington Street
Brighton, MA 02135
(617) 783-0313
Hours: Everyday, 8am-11pm 

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Posted by Pam on July 8th, 2008 in Life in Boston

Many colleges in Massachusetts are reporting sharp increases in applications and acceptances from international students for the coming school year, according to educational experts cited in a recent article published in The Boston Globe. According to the report, the University of Massachusetts at Amherst expects a roughly 20 percent increase in new international students this fall, while Northeastern University expects a 17 percent increase in international enrollment over last year.  Foreign students will comprise nearly one-quarter of Babson College’s incoming class, after a 67 percent rise in their ranks.

Educational experts say the substantial increase in foreign students has to do with exchange rates that make an American college education much more affordable than it once was. As the dollar falls against currencies like the Euro, the numbers of foreign students has risen —  the nearly 583,000 foreign students who attended US colleges last year were the most since 2002, when tighter restrictions on student visas and growing anti-American sentiment abroad caused enrollments to decline. Last year Boston hosted nearly 24,000 foreign students, and is the country’s third-leading host city, after New York and Los Angeles.

India is the country sending the most foreign students to the U.S., followed by China and Korea. There has also been an uptick in foreigners coming from European countries.

As foreign students come to study, look for more foreign families to invest in Boston real estate while a son or daughter studies at a local university. It is likely that more urban apartment buildings, multi-family houses and small urban condos will sell to foreigners who recognize a good investment when they see one.

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Posted by Pam on July 2nd, 2008 in Life in Boston

Maybe you live somewhere else but your heart’s really in Boston. Or maybe you live in Boston and you just can’t get enough. You’re in luck. Boston and surrounding towns and neighborhoods are playing an ever-bigger role on movie screens. So when you want to visit the North End, you can rent “Everyone Wants to Be Italian” and practically smell the cannoli yourself. Or if you’re hankering for a trip to South Boston, you can rent “The Departed” and feel like you’re at a neighborhood pub.  Boston has also acted as a stand-in for other locales — for example, Paris in the upcoming “Pink Panther Deux.”

Last year, nearly a dozen films were filmed in and around Boston. And this year, at this writing, seven film crews have rolled through town. Why all the action? Under a new state law, studios, major producers and filmmakers who shoot at least half of their movie in the Commonwealth are eligible for a tax credit equal to 25 percent of their total spending in Massachusetts, inclusive of any salaries over $1 million. So, increasingly, to Hollywood film crews, filming on the streets of Boston makes financial sense.

 Here are a few upcoming and recent movies filmed in Massachusetts in 2007 and 2008:

In Production:
Ashecliffe, directed by Martin Scorsese, filming in Taunton, MA.
Ghosts of Girlfriends Past, starring Matt McConaughey.
Paul Blart: Mall Cop, directed by Steve Carr.
The Proposal, starring Sandra Bullock.
The Surrogates, starring Bruce Willis.
This Side of the Truth, starring Jason Bateman and Jennifer Garner.
Bride Wars, starring Kate Hudson, Anne Hathaway and Candice Bergen.
 

Filmed in 2007:

21, starring Kevin Spacey.
The Women, starring Meg Ryan , Eva Mendes, Carrie Fisher and Jada Pinkett Smith.
The Lonely Maiden, with Christopher Walken, Morgan Freeman and Marcia Gay-Harden.
The Great Debaters, directed by Denzel Washington.
The Game Plan, starring Dwayne Johnson and Kyra Sedgewick.
The Box, starring Cameron Diaz.
Real Men Cry, with Donnie Wahlberg and Ethan Hawke.
Pink Panther Deux, starring Steve Martin.
My Best Friend’s Girl (Bachelor #2), with Kate Hudson and Alec Baldwin.
Gone Baby Gone, directed by Ben Affleck.
Chatham, starring Mariel Hemingway, Bruce Dern and David Carradine.

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Posted by Pam on July 1st, 2008 in real estate market

Traditionally, people don’t come to Boston to retire. Instead they move to cities like Miami, Phoenix or even Las Vegas where they can gamble, play golf and lie on the beach. And besides, the cost of living is lower in many of these places while the weather is certainly warmer.

But will a national housing slump and the simultaneous sharp increase in gas prices, change the old retirement pattern?

According to a recent New York Times article, migration to places like Florida has slowed dramatically in the last year. William H. Frey, a demographer with the Brookings Institution says he believes that baby boomers will further affect migration patterns, settling in a wider range of places as they retire than previous generations of retirees.

“It will be a much more varied group of destinations — they’re going to sprinkle out all over the place,” Mr. Frey said. 

 Boston may look particularly good to retirees who are interested in arts, culture and living in an urban, walkable environment. That combination of characteristics is not easy to find in many parts of the country. As well, retirees may also find:
1) Properties are more affordable in Boston than they used to be. Priced out of Boston previously, retirees can now find good deals in the city, especially since they don’t have to worry about living in a good school district. Cambridge may be particularly attractive to this group, as well as Somerville, the South End, and parts of downtown Boston.
2) Boston’s dense urban streetscape and subway means that life can be lived without a car. This can mean substantial savings considering rising gas prices, and the cost of owning, insuring and maintaining a car. Aging retirees also don’t have to worry about how they’ll get around when it’s time to relinquish the driver’s license.
3) Boston’s housing stock of generally smaller homes and condos reduces the overall cost of maintaining a home.
4) While heating costs may be higher than Phoenix, Miami or Las Vegas (and after all, heat is necessary in some of these places in the winter, anyway) air-conditioning costs can be dramatically reduced or eliminated altogether.
5) Retirees who plan to work in retirement (according to the AARP, increasing numbers of seniors are planning to do just that) can find more satisfying and varied job opportunities than in places oriented strictly around leisure activities alone.

Anecdotally, one retiree I know chose to retire in Boston after a working life spent in Pittsburgh, precisely because she sought out a city that would keep her intellectually and culturally stimulated. She spends her days taking classes, attending lectures and nurturing a budding art career.

Not a bad way to spend a retirement.

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