MIT Ph.D. Automates Hub Triple Decker

72 Downer Ave, Dorchester.
72 Downer Ave, Dorchester.

 

Shortly after closing on his first investment property located at 72 Downer Avenue, Dorchester,* MIT Ph.D. Michael Propp engaged an architect and contractor to update and beautify the typical things new buyers want to improve: the kitchens, bathrooms, floors, and paint. Another one of his goals was to “eliminate worry,” and it was that goal that drove him to make this property perhaps the most automated triple decker in all of tech-savvy Boston. Continued

Company Secures Entire Boston Buildings for Short Term Furnished Rentals

Compass Furnished Apartments rented the entire building at 1085 Boylston, Boston.
Compass Furnished Apartments rented the entire building at 1085 Boylston, Boston.

 

Compass Furnished Apartments, a company which offers short term furnished apartments in 18 different Boston apartment buildings, recently embarked on a more ambitious growth strategy: instead of taking the usual block of apartments in a Boston building, Compass took the entire building.

For the second time since 2013, Compass secured an entire Boston building (8 Winter St; Downtown Crossing came first). It’s a decidedly different growth strategy than some of the other temporary apartment providers in the city, such as Furnished Quarters which recently expanded its Boston portfolio by taking apartments at Radian, The Arlington, and Exeter Tower. Eric Fleming, the president and founder of Compass, told me that having the whole building allows his company “to offer more services to our clients.” Continued

Notorious Hub Parking Spot Has New Price

Brimmer St 2On November 12, the Beacon Hill garage parking space whose price became the object local and national attention last week came back to market some time yesterday. This time, 70 Brimmer Street Unit #236 has a list price of $500,000, significantly less than the $650,000 it originally listed for. Sure, it’s still a lot to pay for parking, but instead of creating headlines, hopefully this time the price will provoke a sale.

Everett Single Family Asks $1 Million

31Myrtle.jpgHow hot is the market?

The market is so hot that they can ask $1 million for an Everett single family!

The last time an Everett single family sold for a million dollars was before….make that NEVER.

Sure, this single family  comes with 8,040 square feet of living space, a breathtaking kitchen, an elevator and an indoor pool that allows for one-on-one water basketball tournaments, but are those enough features and benefits to crack a million dollar sales price in Everett? The listing brokers are hedging their marketing bets by also putting 31 Myrtle in MLS as a legal three-family, which is good because the last time an MLS listed three-family sold in Everett was NEVER.

In Boston Real Estate, It Ain’t Over ‘Til It’s Over

He might as well have been talking about Boston real estate deals.
He might as well have been talking about Boston real estate deals. (This article first appeared as a column in Banker and Tradesman)

Perhaps the lack of inventory has contributed to fewer deals falling apart, but when Yogi Berra said, “It ain’t over til it’s over,” professional experiences have taught me that he might as well have been talking about residential real estate brokering. Sure, an offer was signed, a home inspection completed, a purchase and sale agreement executed, a commitment letter received and it may look like a deal, but I’m not going to spend that commission check yet. A lot can happen in the last 24 to 48 hours before a closing, and those events can rock the deal boat or even sink it. These last few hours are like the bottom of the ninth inning, so I know it pays to keep Mariano Rivera cool and do everything possible to keep good fortune on my side.

Continued

Over-Ask Offers Go Viral in 2014

In 2014, over-ask offers are once again prolific, but can any top the over-ask offer for the ages this Cambridge home received in 2013?
In 2014, over-ask offers are once again prolific, but can any top the over-ask offer for the ages this Cambridge home received in 2013?

“Nowadays, a Hub home goes on the market and before you can add Mentos to the list price’s Coca-Cola, the home sells for a price so much higher than list that even the jaded brokerage community is surprised.” This quote is from my column in Banker and Tradesman this month which focused on how over-ask offers have gone viral in 2014. For a copy of the column, subscribe to Banker and Tradesman or email me.

 

Related: Greater Boston Condo Sales: WTF and Other Measures, Offers Above Asking Abound in Hub, This Cambridge Home Received an Over-Ask Offer for the Ages

Flipping for Profit in Massachusetts

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.

Perhaps no aspect of real estate engages the public’s imagination the way “flipping” does. Buy low, sell high. FAST.

In the local real estate recovery, interest in flipping may be at an all-time high. In February, Fortune Builders, a company founded by Than Merrill, one of the stars of Flip This House on A & E, had more local radio spots than beer companies had commercials on Super Bowl Sunday. Not long after Fortune Builders left the Hub, Doug Clark, one of the stars of Flip Men, which ran two seasons on Spike TV, had free presentations in 18 regions, including nine in Massachusetts. Continued

Who Died in Here? The Website That Knows.

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

 

Nominees for Best Real Estate Scene

 And the five nominees for best real estate scene in a movie or a television show are….

#5 – Step Brothers – Will Ferrell + Anything = Hilarity, so when Will Ferrell and his step brother John C. Reilly scheme to sabotage the marketing of their parents home, it’s hilarious.

 (To see the other four, click “Continue reading”) Continued

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