This tight renting market has left Boston apartment seekers scrambling to get an apartment before the traditional changeover date, September 1. Even apartments that have been declared “overpriced” by many are getting rented and some people are even renting without a viewing. Boston is a hotter location to rent than before, with real estate in the Back Bay, Beacon Hill, and Cambridge in higher demand than ever.

The 750,000 square foot complex adjacent to the Boston Intercontinental Hotel and Residences will consist of 70 residential units, a few restaurants, commercial office space and a waterfront plaza. About 450,000 square feet of office space will be leased by the financial giant Wellington Financial.

Photograph from Boston.com

If you are looking for an amazing real estate steal in the heart of Boston, don’t miss the auction at The Bryant Back Bay next week where ten spectacular, luxurious homes will be on the auction block for one day only! Call us today to schedule a preview before it is too late.

Fog at Dusk

If you’re looking for some serenity, away from the hustle and bustle of Boston city life, the Arnold Arboretum of Harvard University in Jamaica Plains is the perfect escape.

With over 265 square acres of greenery, you can come to enjoy a walk, a run or a bike ride through the parks winding paths. There are over 15,000 varying species of plant life in this sanctuary, with complimenting animal and bird life. It’s a great place to picnic, read a book, or just sit and listen to the rustling of the trees and scurrying of the squirrels. Just a 15 minute ride outside downtown can make you feel like

you’ve escaped to the countryside. Jamaica Plain has beautiful real estate surrounding the park and within walking distance to the Jamaica Pond, another place to escape the busy city lifestyle. If you’d like to see what is available in the area, please contact Bushari Group for details.

The Auction will be held on Sunday, October 4th and previews will be held from September 9 – October 9. There are 42 luxury residences on the auction block, with minimum bids starting at $160,000. Now you can get luxury living at a fraction of the price. Call us today for more information.

The extention of the current tax credit would be a definate boost for the Boston real estate market, especially as we see first-time home buyers try to come up with 15-20 percent downpayments. There is a danger, however, in discussing an increase in the credit. An increase would be helpful, but discussing it will slow the entry-level market as buyers decide to wait to make offers in the hope that they will qualify for an even larger tax credit. If there is going to be an increase, then at least add a clause that will “grandfather” in all purchases made between now and the Nov. 30th deadline.

The Boston Real Estate market has not fallen as far as experts and professionals had originally predicted.  The Second Quarter Citywide Link report has shown a significant increase in appreciation for the second quarter of 2009 to 103% from 95% for the first quarter. What does that mean? Well, home values have increased for this second quarter and homes are selling at a price that is much closer, if not more, than the asking price. This is a strong economic indicator that the demand to buy is out there.

Home sales peaked at the third quarter of 2008 for the city of Boston, with the average and median prices hitting a high of $692,610. This value then fell drastically after the market crash to $505,082. We still do not see the appreciation rate that we saw a year ago, however, we are still seeing a strong value in our homes throughout the city of Boston. Foreclosures, bank sales and short sales have certainly weakened the values on home around these repos, but even still, the sale prices in and around Boston have held strong to around 90-99% of the listing price. Not bad for a down market!

-Projects must be covered by hazard and liability insurance and, when applicable, flood insurance.

-Right of first refusal is permitted unless it violates discriminatory conduct under the Fair Housing Ace regulation in 24 CFR 100.

- No more than 25 percent of the property’s total floor area in a project can be used for commercial purposes. The commercial portion of the project must be of a nature that is homogenous with residential use, which is free of adverse conditions to the occupants of the individual condominium units.

-No more than 10 percent of the units may be owned by one investor. This will apply to developers/builders that subsequently rent vacant and unsold units. For two and three unit condominium projects, no single entity may own more than one unit within the project; all units, common elements, and facilities withing the project must be 100 percent complete; and only one unit can be conveyed to non-owner occupants.

-No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.

-At least 50 percent of the total units must be sold prior to endorsement of any mortgage on a unit. Valid presales include an executed sales agreement and evidence that a lender is willing to make the loan.

-At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units (the minimum presales requirement of 50 percent still applies).

-Legal phasing is permitted for condominium processing.

-Projects consisting of three or less units will have no more than one unit encumbered with FHA insurance.

-Projects consisting of four or more units will have no more than 30 percent of the total units encumbered with FHA insurance.

-A current Reserve study must be performed to assure that the adequate funds are available for the funding of capital expenditures and maintenance.