Stocks rise as investors predict rate reduction

October 29, 2007 | Filed Under Mortgage and Finance, Boston Real Estate | Leave a Comment 

Despite record high crude oil prices, the stock market advanced today as investors speculated interest rate cuts by the Federal Reserve on Wednesday. The Fed will begin its two-day meeting tomorrow and a rate cut is expected the following day. The move would follow a half-point reduction in September. The Fed may be looking to boost a stagnant economy, but a cut may lure more buyers into the turbulent credit market.

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Cash-flow investments

October 25, 2007 | Filed Under Real Estate Trends and Statistics, Real Estate Investment, Mortgage and Finance | 2 Comments 

So you want to invest in real estate. You want to buy a condo and rent it out for a decent cash-flow, say 7%-10% return on investment (down payment) per year, after all expenses of course. You have heard all over the media that it’s a buyer’s market and foreclosures are up; so why can’t you find a condo with positive cash-flow?

The large majority of properties currently on the market, even in the student saturated neighborhoods of Allston and

Brighton, will barely carry themselves let alone bring you wads of cash during the first year. I am even talking about the short sales and foreclosures now on the market…with 20% down! I am not suggesting you purchase something with negative cash-flow, but I am suggesting that you look for potential. You may need to invest a few thousand dollars upfront in simple upgrades like new bathroom tiles or appliances. That investment will be well worth it when you will find it easy to raise the rent. Another option is to think big. Purchase a three family or multiplex building. In the long run, you will have less expenses as all the units will be under one roof (ie: there will only be ONE roof to eventually fix). You will also have full control of the budget and running of the building, giving you the freedom you need to make the changes needed to actively increase the value of your investment.

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Finding a Boston Loft

October 22, 2007 | Filed Under Boston Lofts, Boston Condos, Boston Luxury Developments, Boston Real Estate | Leave a Comment 

Lofts have become the new “it” word in the Boston Luxury Real Estate Market. The old industrial neighborhoods of Boston’s Seaport District and Leather District have seen a rebirth as residential neighborhoods in recent years. The Seaport District and Leather District are both walking distance from Boston’s downtown financial hub, and with the strong job growth Boston has seen recently in its already booming financial sector, it’s no wonder everyone seems to want a Boston Loft. Savy developers have retained the industrial feel of buildings such as 210 South Street Lofts, the FP3 Lofts and 111 Beach Street Lofts, all without sacrificing modern luxury.

The West Broadway T area of South Boston is also booming with Luxury Lofts. Classic buildings such as The Court Square Press and 36 A Street Lofts have been tastefully renovated, while new loft buildings such as Allele and The Macallen Building mix ultra-modern design with wide-open floor plans.

If you would like to learn more about Boston Luxury Lofts or the Boston Luxury Real Estate Market, please don’t hesitate to contact us.

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MA to impose tough mortgage regulations

October 18, 2007 | Filed Under Mortgage and Finance | Leave a Comment 

According to the Boston Globe online,

Massachusetts is looking to impose some of the most stringent mortgage regulations in the nation in the attempt to prohibit mortgage companies from granting loans borrowers cannot afford. Lenders and brokers will not be permitted to approve loans that they do not have a “reasonable belief” the customer can repay. The decision would be based on available information about the borrower’s financial circumstances to make that judgment. Um, duh. Do Massachusetts public officials really think that mortgage companies enjoy filing for bankruptcy? It is in the companies best interest to approve loans borrows CAN pay. Foreclosure is expensive and time-consuming, not only for the homeowner, but also for the bank! Yes, many mortgage companies dug their own graves and there has been a lot of housecleaning in the industry in general….this is how the free market regulates itself. The poorly run businesses will crash, while the smart and responsible businesses will prosper. The poor decisions of some mortgage companies have strongly impacted our economy, but those companies are suffering from their own misdeeds.

Massachusetts will end up regulating the companies that already self-regulate as a good business practice.

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Summit Mortgage is Out of Business

October 12, 2007 | Filed Under Mortgage and Finance, Boston Real Estate | Leave a Comment 

Summit mortgage, one of the leading mortgage companies in Boston closed yesterday, laying off most of its 140 employees. It was a rumor for a while that Summit mortgage is struggling and doesn’t have money to lend; now it’s final.

Here is their Press Release:

BOSTON, Mass., October 11, 2007 — Summit Mortgage announced today that it will no longer accept new loan applications and will wind down operations.  The company expects that all loans currently in process will be funded.

The Company has been bombarded by a rapidly deteriorating mortgage environment and despite recurring capital infusions is unable to continue operations.

According to Richard S. Fedele, Chief Executive Officer and Founder, “This heartbreaking decision was made only after we considered all possible alternatives.  We had the best sales, operations, and marketing teams in the business however, the current mortgage environment proved to be insurmountable.”

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Fan Pier Breaks Ground

October 4, 2007 | Filed Under Commercial Real Estate, Boston Luxury Developments, Boston Real Estate | Leave a Comment 

Fan Pier, one of the largest LEED-certified, multi-use developments in the United States, broke ground. The first building constructed at Fan Pier was the Institute of Contemporary Art late last year. The first office building that broke ground is going to be an 18-story, 500,000-square-foot Class A building with two floors of retail space as well as underground parking. One Fan Pier Blvd.

Fan Pier is a 21-acre urban neighborhood purchased by Fallon two years ago from the Pritzker family. Fan Pier is on the edge of Boston Harbor and offers 3 million combined square footage of commercial, residential, retail and hotel space with unobstructed views of the waterfront and Boston skyline, as well as access to public transportation.

In total, nine buildings will comprise Fan Pier including a 20-story, 175-guestroom luxury hotel and a second 500,000-square-foot, Class A office building. Also, The Fallon Co. will finalize designs for Fan Pier’s Marina, Public Parks and improved Harbor Walk.

For more info visit our Fan Pier page and sign in to get more info as it comes along…

Source: CoStar

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