The median asking price for a Boston condo on April 1.

The median asking price for a Boston condo on April 1.

I charted the last ten years of Boston’s median asking prices for April 1 and this is what I got. In a supply and demand world, it should come as no surprise that as supply plummeted, prices spiraled. 

On April 1, 2011, Boston had 1,780 condos on the market and the median asking price for them was just $400K. On April 1, 2014, however, Boston had barely one-quarter the amount of condos on the market and the median asking price had skyrocketed to $569,000.

Will this trend continue? Stay tuned!

Waterfront Planning

The Seaport’s future is a bit challenging to see, so look into my column’s crystal ball.

My featured column in Curbed this week focused on the Seaport, Boston’s hottest area for development, but a part of town whose future still feels a bit amorphous to most.  

I attended Bisnow’s third annual “State of The Seaport” and culled insights that provided some additional clarity to the current and future residential happenings in the Seaport . In my column, I quote the major development players in Boston’s newest neighborhood as to how well recently finished apartment buildings are renting, how many apartments will be built, what is the likely distribution of unit sizes, what is the key demographic renting, and whether there will be a glut on luxury apartments. Learn a little bit more about this exciting area: Check out my featured column!

* Photo from Boston Redevelopment Authority. 

Boston Condo Inventory is once again in the red.

Boston Condo Inventory is once again in the red. On April 1, 2008, 2853 Boston condos were “For Sale.” This past April 1, just 475.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I charted the last ten years of Boston’s “For Sale” condo inventory for April 1 and this is what I got.  The city’s condo inventory has been on the decline for almost eight straight years. How low can our inventory go? I think we’ll find out in 2014. 

Boston Globe article mentions the Bates Real Estate Report.

Boston Globe article mentions the Bates Real Estate Report.

Sincere thanks go out to Boston Globe Correspondent Rachel Raczka for her numerous mentions of me and this blog in her excellent piece on the Spring Market: BID FAST, BID SMART. The article appeared in the Address Section of the Sunday Globe. 

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This Dorchester condo, that looks so good, is one of many Massachusetts flips.

This Dorchester condo, that looks so good, is one of many Massachusetts flips.

For my featured column in Curbed this week, I interviewed several of the most active and successful flippers in the area, the people who can find deals, buy low, renovate in a jiffy, and sell high fast. What does it take succeed as an active flipper? What are the types of homes flippers won’t buy? How many deals do you have to do a year to be among the most active? Find out this and more: check out my featured column!

If you’re worried about sharing your home with the supernatural, you might want to check out www.DiedInHouse.com. The site is the brainchild of a homebuyer who had purchased a home where unbeknownst to him someone had died. He thought the death in the home should have been part of a disclosure in the transaction, but later found out that in most states such a disclosure wasn’t required. Whether a death in your dream home creeps you out or not, the financial ramifications of such an event can be scary. DiedInHouse references an AOL article which says that “stigmatized” homes can trade at resale for a 10-25% discount. For a nominal fee, DiedInHouse reviews more than 118 million records, mostly from 1990 to present, to see if someone had died in a home. The site doesn’t claim to be deadly accurate, but upon request did send me six reports of homes in Massachusetts in which their database had found deaths. 

Related: Neighborhood Ratings Site Sparks Controversy

 

The listing prices for Hub condos have taken off.

The listing prices for Hub condos have taken off.

My featured column in Curbed this week concerned the incredible increases in the median list price of “For Sale” condominiums in different Greater Boston locations. This past Tuesday, only the minority of active listings in Brookline were asking less than a $1 million. That same day the majority of active listings in the Back Bay were priced over $2 million. No wonder armies of buyers converge on reasonably priced Hub condos. Compared to a year ago, which Hub real estate hot spots have seen the median list price go up $250,000, $500,000, and $688,000? Check out my column and find out

 

Photo by JAXA

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This building on Beacon Street is one of many Metro Realty exclusives.

This building on Beacon Street is one of many Metro Realty exclusives.

My featured column in Curbed this week concerned Metro Realty in Coolidge Corner, a company which opened its doors in 1984.

Metro is the exclusive agency for a number of Brookline’s most sought after rental buildings. As a principal at another firm in the market, I always wondered how they did it. In my column Mark Pearlstein explains that it was one of the most frustrating aspects of the rental business that led to the strategy that turned Metro into such a dominant brokerage. Check it out!

Happy 30th Metro!

Is your real estate development vision 20/20? How many buildings do you see in this picture?

Is your real estate development vision 20/20? How many buildings do you see in this picture? Answer on next page.

How many times have you heard that there’s nowhere to build in Boston? Well, don’t tell that to Tom O’Brien. Where you see a brutally ugly garage, his development team at HYM Investment Group, LLC sees six beautiful new buildings standing 60 to nearly 600 feet high; housing 755 apartments, 196 hotel rooms, 57 condominiums, 1.15 million square feet of office space, 82,500 square feet of retail and hiding approximately half of the existing ugly garage. The project will also create an attractive plaza-style public space.

Phase 1 of the project, a 480 foot high apartment building, is planned to begin construction by the end of the year. 

Continue reading »

 

Converse's future corporate headquarters, as it appears today.

Converse’s future corporate headquarters, as it appears today.

In January 2013, the $24 billion subsidiary of Nike, Converse, announced that it was planning to move its corporate headquarters from Andover, MA,  to a building being developed by Related Beal on Lovejoy Wharf in Boston, just a stone’s throw from TD Garden and North Station.

The 187,000 square foot structure is symbolic of the trends of a new Boston, a Boston in which entire neighborhoods are in the midst of being redefined by new buildings and developments that attract folks near and far with opportunities to live, work and play in the same area.

The Converse sign, which adorned the top of 160 North Washington last December, is one of the tangible beginnings of that new Boston. 

To see how the development will look when it’s done, go to the next page. 

Continue reading »

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