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Free eBook: TILA-RESPA Integrated Disclosure Act

TILA-RESPA-Changes-2015-Cover-1On October 3rd, 2015 the real estate industry will change dramatically with the new TILA-RESPA Integrated Disclosure Act. The banking industry will be subject to many more disclosure requirements and government regulations, which will alter real estate transactions significantly.

All real estate agents must be prepared for the change. Bushari Group Real Estate has prepared an extensive eBook to share with our colleagues and clients.

download your free copy

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The Burnham Building at Millennium Tower

Millennium Tower Boston

For five long years the Burnham Building in the heart of Downtown Crossing stood gutted to its bones next to the gaping hole that was the old Filene’s Basement Department Store. It was a scar on the face of Boston’s bustling hub. For those of you who haven’t had the opportunity to visit the new DTX (Downtown Crossing as it is now called), I am here to tell you that Boston is getting a facelift.

Built in 1912, The Burnham Building was named after its creator and visionary, the father of urbanism, Architect Daniel Burnham. In a join effort with Boston’s Mayor John Fitzgerald and William Filene, Daniel Burnham designed a building that forever changed the landscape of Downtown Crossing. The building housed the world’s largest specialty store, Filene’s, among other retailers, creating an entertainment experience the city of Boston had never seen before.

The Burnham Building was meant to make a statement, and after years of neglect it is doing so again. The $120 million renovation project includes eight-stories and 285,000-square-feet of mixed-use office and retail. This summer the first major player to open offices in the building was Arnold Worldwide, one of the most renowned marketing companies on the globe and part of Havas Creative Group. Relocating from Huntington Avenue in Boston’s Back Bay into the Burnham Building is exciting news for Arnold Worldwide and the DTX neighborhood. AOL followed suit, and both a Roche Brothers Supermarket and a Primark Department Stores are scheduled to open in the Burnham Building in 2015.

The open and lofty work space shows the building at its glory. The half-finished ceilings reveal the century-old original tiles. Exposed bricks against the oversize white-trimmed windows create a magnificent contrast.

Rising above the Burnham Building will be the new mega-skyscraper, Millennium Tower. Adjacent to the Burnham Building, and connected to it through the retail floors, Millennium Tower will be the tallest residential building in Boston upon completion. Downtown Crossing is on the path to becoming Boston’s newest luxury neighborhood.

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Coming Soon: 440 Commercial St Unit 402 Waterfont Boston

440 commercial 402 - roof deck

Luxury waterfront condominium located in one of Boston’s most historic neighborhoods, the North End / Waterfont. With a perfect entertaing open floor plan, this corner unit’s kitchen features Italian cherry cabinets, granite countertops, stainless steel Bosch appliances and Jenn-Air refrigerator. Elegant Brazilian Cherry flooring throughout, marble and granite tiled jacuzzi bath.

One direct access garage parking is included as well as a private area on a spectacular roof deck!

Quick stats:

  • ~1150 square feet
  • 2 bedrooms
  • 1 bathroom
  • 1 garage parking (direct access)
  • Private roof deck section
  • Elevator building
  • 2005 construction
  • Italian kitchen

Photos of 440 Commercial Street Unit 402

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S&P Case-Shiller: January Home Prices Slightly Dropped In Boston

Single-family home prices in the Boston area dropped slightly in January, a closely watched survey said today, suggesting the battered housing market continues to crawl along the bottom.

In the Boston area, prices were down 2.8 percent from January 2011, dropping to 149.38 from 153.72, according to the S&P/Case-Shiller composite index.

The S&P/Case-Shiller composite index of 20 metropolitan areas nationwide recorded a 3.8 percent decline compared with the year before, in line with expectations and an improvement from December’s 4 percent drop.

“This gives y

ou a little more confidence that the housing market is bottoming because perhaps the most troubling aspect of the recent housing data has been the sagging of the Case-Shiller price index effectively since July 2011,” said Cary Leahey, managing director and senior economist at Decision Economics in New York. “The fact that the so-called double dip in home prices is ending gi

ves you a little more confidence that the market could improve over the next year and a half.”

The only cities with price increases for the month included Miami, Phoenix and Washington. The last time the national price index increased was April of last year. Average home prices across the country were back to early 2003 levels, the report said.

Click here to download your FREE copy of our Year End 2011 Boston Real Estate Market Report

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Jamina Coleman Achieves Membership in Global Real Estate Network

jamina

(Boston, Mass. ) March 22, 12- Jamina M. Coleman of Bushari Group Real Estate was awarded the esteemed Certified International Property Specialist (CIPS) designation and joins a worldwide network of elite global real estate practitioners with expertise in working with international clients as well as serving the growing multicultural population in the United States. The CIPS Designation is awarded by the National Association of REALTORS®, the world’s largest trade association representing over 1,000,000 REALTORS® in the United States. Coleman will be formally recognized at the organization’s REALTORS® Conference & Expo in November.

Members of the CIPS Network are crucial players in today’s global real estate market. The CIPS designation recognizes members who have achieved the necessary training and experience to work successfully with international clients and properties. To earn the CIPS designation, REALTORS® complete rigorous coursework devoted to learning cultural differences and international business practices. Designees must also prove achievement in international real estate transactions. Jamina Coleman joins a distinguished society of over 2000 real estate professionals throughout the world who have earned the CIPS designation.

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Just Listed: 1 Garden Street Unit 9 Beacon Hill

Living_Room

In the midst of Beacon Hill’s quaint old world charm, you’ll find a new 1 bedroom condo anxiously awaiting your arrival.

Located at the foot of Beacon Hill, you’ll be across from world renowned Mass General Hospital, and close by to Charles Street’s eclectic shopping. This exclusive boutique style residence was renovated in 2004 to offer luxury amenities that include limestone countertops and breakfast bars, stainless steel appliances and maple hard wood flooring. The 1 bed/ 1 bath roomy unit also boasts 11 foot ceilings, central heat/air, in unit laundry, and vast windows with custom Plantation Shutters.

You can enjoy the best of both worlds, going from the bustling city life to slipping away into your own private tranquil sanctuary. Take a quiet stroll on the lovely brick sidewalks, or entertain guests for this year’s Memorial Day, hosting a barbeque from the expansive rooftop deck. Whole Foods Market is practically a stone’s throw away, so whether you’re shopping for one or for twenty-one, you’ll never be unprepared. If you love the companionship of pets, they are certainly welcomed to accompany you in your new home.

For more information about this property, contact listing agent Daniela Cafaro directly. If you would like to view more homes in the Beacon Hill area area or see other listing options in Boston, please feel free to contact us to schedule a showing.

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MA mortgage balances among highest in U.S.

Massachusetts residents are among the most credit-worthy in the country, this despite the fact that the state’s average mortgage balance is a lofty $221,671. Local residents also have some of the largest student-loan balances nationally.

The Bay State’s average home-loan balance ranked as the sixth-highest in the United States in May, behind only California ($318,731); Hawaii ($296,857); Maryland ($241,279); New Jersey ($231,021); and Washington ($227,500). The data was included in the most-recent Credit Climate Report issued by Credit Karma Inc., a financial research and credit-services provider.

The state’s average mortgage balance was up slightly from the $219,051 and $220,631 balances posted in May 2010 and April of this year, respectively.

Meanwhile, Massachusetts residents ranked second nationally in outstanding student-loan debt, with an average loan balance of $33,310 among college borrowers. That was slightly back of Maryland, which posted an average student-loan balance of $33,602 as of May 31. The Bay State’s average student loan balance was $32,345 in May 2010.

Nonetheless, the state fared well in other debt-related categories, ranking third nationally with an average credit score of 682 per borrower. The state’s average credit score was 687 in the year-earlier period. The best credit score in the country was found in California, which posted an average of 685. The worst was Mississippi’s score of 634.

Among the report’s other findings:

Massachusetts had one of the lowest auto-loan balances ($13,310 per borrower, 46th overall) among the 50 states. Its average auto-loan balance was $12,868 in May 2010. The highest average auto-loan balance was recorded in Wyoming ($18,575), while the lowest was in Wisconsin ($12,464).
The average credit card balance among Massachusetts residents surveyed was $6,310, 34th overall. New Jersey had the highest credit-card balance in the Credit Karma survey, averaging $7,545 per card customer surveyed. Wisconsin had the lowest balance of $4,637.

Read more: Mass. mortgage balances among highest in U.S. | Boston Business Journal

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Shiller: American Economy At Tipping Point

Recent housing and employment data suggests the economy is at a tipping point, while home prices could have much further to fall, veteran economist Robert Shiller said on Thursday.

“My gut feeling is we might see a continuation of the decline (in home prices),” Shiller said.

He added that a 10 percent to 25 percent slump in real home prices “wouldn’t surprise me at all,” though he cautioned that was not a forecast.

Speaking at the Standard & Poor’s housing summit, Shiller said recent data showing national home prices fell into a double dip in March could prove to be either a seasonal effect over the winter months or part of a downward trend.

Another uptick in the unemployment rate might also start to point to a double-dip recession, he said.

Shiller is the co-founder of the S&P/Case-Shiller home price index and is known for warning about bubbles in the stock market and housing market.

Source: Banker and Tradesman

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MA April Home Sales Drop

Statewide condominium sales declined more significantly – falling almost 37 percent to 1,160 from 1,834 in April 2010. A total of 3,895 condo sale transactions were recorded in the first four months of the year, a 26 percent decrease from 5,279 the prior year. April marked the 10th consecutive month that condo sales declined.

The median condo sale price rose for the first time this year. Prices climbed 8.6 percent to $276,000 in April from $254,138 during the same month in 2010. The year-to-date median condo price crept up 1.63 percent to $250,000 from $246,000.
Single-family home sales in Massachusetts dropped 28 percent in April compared to the same month a year ago. Median prices of homes statewide decreased for the fifth consecutive month, according to The Warren Group, publisher of Banker & Tradesman.

In April, there were 2,865 single-family home sales, down from 3,996 in April 2010. This marks the third consecutive month that sales volume decreased year-over-year. Sales volume reached the highest level so far this year; the number of sales has been as high as 2,624 in March and as low as 1,715 in February. Year-to-date sales are down almost 16 percent – a total of 9,509 home have sold so far this year, down from 11,308 during the same period last year.

Source: Banker and Tradesman