…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”)
Continue reading »
Continue reading »
I don’t think I spent enough time on Harold Brown, the owner of The Hamilton Company, who has 60 years in the business, 5,200 apartments and two million square feet of commercial space. He is the most outspoken member of the panels and never fails to entertain. That’s why he’s worth the price of admission.
Here’s a couple of more quotes from him:
1) “I used to be called a mega-landlord or tycoon. Now they refer to me as an octogenarian.”
2) “Also micro units, I think that is the biggest joke that I have ever heard in my life….Who is going to go in to a studio where the toilet is in the shower stall for $3000 a month when they can rent a studio from us for $16-1700…. So I think people that got micro units better start thinking about combining them for bigger units. That’s my forecast.”
Don’t miss my article in this month’s Boston Magazine, “Lord of the Sties.” The article profiles Boston’s most notorious landlord, “the man who made a fortune renting out the student ghetto.”
Is Anwar Faisal “the subject of undue focus” as his attorney asserted at the September 12th hearing I attended, or is it a public service to write about what is happening in the many buildings he owns in and about Boston, as one caller told me after the article published. Decide for yourself: Get Boston Magazine today or click the link.
My December column in Banker and Tradesman focused on several older Boston real estate investors (Ed Zuker, Don Chiofaro, Franklin Simon and David Zussman) who are apparently drinking from the Fountain of Youth. The last paragraph of the column was reserved for Harold Brown, 89, who can still identify, finance and close on a real estate investment opportunity in the time it takes a Millennial to find the remote control. Email me for a copy of the column.
The real estate news menu typically only has two things on it: A story about an interesting home that has recently come for sale or a report from the Association of Realtors as to current market conditions. If you want a little variety in your real estate news diet–especially if you are curious, passionate, or absorbed by the market or your own real estate goals—consider trying the following dishes.
This FREE, snack-sized, ebook is an excellent reference for Greater Boston condominium buyers and sellers. Not only do the neighborhood profiles found in CONTEXT make it easy to see how a specific condominium compares to other condominiums typically sold in a neighborhood, CONTEXT also clearly shows how nine of the most important and most valuable Greater Boston condominium neighborhoods compare on 17 different metrics. Get CONTEXT, before you buy or sell.
Inside the Condominium Market is a FREE dinner time presentation with a tapas-style approach covering a wide variety of the best and most frequently asked real estate questions, such as, Is Now a Good Time to Buy Or Sell, how has the market changed, and what’s the best way to get what I want in real estate. Presenters of this real estate information feast include an agent, an attorney, and a loan officer. To go to the registration page, click.
Five Benefits is a great starting point for folks who have distinct real estate tastes, namely that they are thinking about buying a Greater Boston condo or multifamily and renting it out. This educational presentation will show how a simple real estate investment has many benefits and numerous returns on investment. Some may equate the knowledge gained to a wine tasting symposium, in that attendees of Five Benefits will leave with a sophisticated understanding of real estate investment process and benefits. Space is limited. To go to registration page
What’s the surcharge you are paying for real estate safety?
My featured column in Curbed focused on the decisions people make to be safe in real estate.
They choose amenities such as safer neighborhoods, upper floors, doorman buildings and long term fixed-rate mortgages.
What are the costs associated with safety?
The Town of Brookline recently assessed the house of Red Sox majority partner, John Henry, at $19,485,200. The new valuation represents an increase of more than $6 million over the house’s valuation by assessors a year earlier and more than $10 million from two years ago. The increases in valuation resulted because the Cottage Street home was previously under construction. A recent call to the Brookline Assessor’s office, however, confirmed the home is now assessed as 100% complete.
The house is brand-new, ground-up construction, containing the largest amount of living space of any Brookline home, and of course it features many luxury finishes. Yet my analysis of public records show it as only the second most valuable home in Brookline Whose home came in first? The Yankees…just kidding. The highest valued house according to Brookline assessors was Reebok founder Paul Fireman’s $21 million-assessed abode. As Henry’s house is now complete, it is unlikely that even a change in management would cause it to finish first in assessed value.
Below are couple of details about the home:
Bathrooms: 9 full, 6 half
Fuel Type: Gas
Living Area: 22,758 square feet.
Lot Size: 2.61 Acres
Garage Size; 1,534 square feet.
The littlest Boston real estate story continues to be inventory.
I thought I would take a look at how inventory expands over the next few months.
The good news, the number of marketed Boston condo listings typically increases about 40%.
The bad news is, if the trend is consistent, this year will still only have about 1/3 the amount of on-market listings that 2010 had.
Check out the graph I made based on MLS on-market inventory:
I scoured the listing descriptions of July solds which found buyers in less than 7 days of market time, looking for a common attribute or feature which might be a tip-off that a particular condo was destined to sell super-fast. Experience told me that it’s usually price, location or condition which leads to the extreme marketability, so I noted which of these benefits agents were promoting in the property’s listing remarks. Then, I rated the benefit’s effectiveness in garnering super-fast sales.
There’s no question that a great price will cause a home to sell fast. At the same time, the average time to sell a listing which hyped “priced to sell” was 59 days, only slightly better than the 66 day average market time of July solds. More importantly, only one of the 24 listings which flaunted price in the listing remarks sold super-fast. So, I ruled out price.
Was it location that led to super-fast sales? Three Boston neighborhoods accounted for approximately half the super-fast sales, but apparently neighborhood is where the location-to-super-fast-sale connection ended. Listings ballyhooed as A+, amazing, fantastic, great, ideal, top, prime, perfect, premium, convenient, commuter, coveted, trophy, unbeatable, and write-your-own-superlative locations found buyers super-fast only about 8% of the time. Compare that to the 11% of July solds which had found buyers super-fast and it was obvious that “location” wasn’t a reliable indicator of whether a listing would sell fast.
As it was not price or location, it had to be condition. In regards to condition, I quickly ruled out “renovated” which appeared on about ¼ of all the July solds and scored no better than average for super-fast sales (11%). However, another word which was a clear indicator of condition and not so commonly used was “stunning.” Simply put: “Stunning” had stunning results. More than 22% of listings described as “stunning” sold within 7 days. That’s about twice the rate of the July solds. In fact, “stunning” was pushed in the listing remarks for 36 July solds and the average market time for those listings was only 39 days. These impressive results clearly mean that “stunning” is such a powerful indicator that a listing will sell fast in this market, that some might consider it a synonym for the word “Brookline.”
CONTEXT 2.0 NOW AVAILABLE
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NOW AVAILABLE, Version 2.0 with many updates and additional information. This book is a great reference for buyers and sellers, who will quickly see how condos and neighborhoods compare. The short paragraphs and many visuals make it easy reading. CONTEXT 2.0 also includes many of my favorite posts, columns and articles.
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About David Bates
The Bates Real Estate Report is an original content blog about the Greater Boston real estate market, written by a real estate agent who works the condo market and who has a passion for Boston real estate.
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