The bank’s attorney does NOT represent you.
August 17, 2008 | Filed Under Boston Condos, Boston Real Estate | Leave a Comment
Smacking down tens of thousands of hard-earned dollars for a tiny piece of Boston real estate brings some people to rethink their finances. Once buyers realize how much it actually costs to purchase a home…yes, there are actually closing costs…they begin attempting to save money where ever possible. I would like to drive home the point that there are some things you should absolutely NOT skimp on. The most important is a great Boston real estate attorney. You are making what is most likely the largest purchase of your life (or at least it is pretty high on the list). A real estate attorney is there to protect you and your purchase. Wouldn’t you pay $1500 to protect the 5 percent desposit you plopped down at Purchase & Sale? I would and I did. As a seasoned agent, I have seen plenty of purchase and sale agreements. I also have seen great real estate attorneys save my clients’ backside when times got tough. Think of it as insurance.
One other point…if you do not know a great attorney, ask your Accredited Buyer’s Representative. Don’t use the attorney your bank uses for their closing “because it is free”. Believe me, nothing is free. You can always ask that your mortgage company use YOUR attorney so you won’t incur a double charge, but not vice-versa. The bank’s closing attorney represents the bank, not you. Your attorney can do the paperwork for the bank, but represent you. Protect your investment…unless, of course, you can afford to kiss it goodbye.
Q2 Home Prices, Sales Continue to Slip - Boston Remains Strong
August 17, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics, Boston Condos, Boston Real Estate | 1 Comment
Sales of existing-home sales, including single-family homes and condos, were at a seasonally adjusted annual rate of 4.91 million units in the second quarter, down 0.8 percent from 4.95 million units in the first quarter and 16.3 percent below the 5.87 million units reported in the second quarter of 2007, according to the latest NAR quarterly survey. The states that saw the largest sales gains during the second quarter were Idaho, up 51.7 percent, and Virginia, up 10.5 percent.
The median sale price of existing single-family homes was $206,500, down 7.6 percent from the second quarter of 2007 when it was $223,500. Median home prices fell in all four regions. In the Northeast, prices fell 9.6 percent to $269,000; 0.9 percent to $161,000 in the Midwest; 4.1 percent to $177,000 in the South and; 17.4 percent to $290,600 in the West.
Of the 150 metro statistical areas surveyed, 115 had price declines while 35 showed gains compared to a year ago.
The Boston Real Estate market performed well this quarter, according to our quarterly Boston Real Estate Market Report (data source: LINK), City wide average sales price increased 8% from the same quarter last year and the median sales price increased 5.4%. Number of sales dropped 15% from the second quarter of 2007 ringing at 991 transactions.
NAHB Launches Tax Credit Web Site
August 17, 2008 | Filed Under Real Estate News | Leave a Comment
The National Association of Home Builders has launched a federal tax credit Web site to help first-time homebuyers understand the tax credit provision of the recently enacted Housing and Economic Recovery Act of 2008.
The site is divided into four sections: an overview of the tax credit and eligibility requirements, frequently asked questions, the law’s other provisions, and homebuyer resources. NAHB says the site has already attracted more than 100,000 visitors. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible to earn the credit.
International Buyers Still Coming to U.S.
August 12, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics, Boston Condos, Boston Real Estate | 1 Comment
REALTORS® in the U.S. are working with a significant number of international buyers, according to the 2008 NAR Profile of International Home Buying Activity. The study finds that from May 2007 to May 2008, approximately 150,000 to 190,000 homes were sold to foreign buyers. Every state, including the District of Columbia, attracted foreign buyers, with Florida, California and Texas ranking as most popular. The top six countries of origin for buyers were Canada, the United Kingdom, Mexico, China, India and Germany.
International clients typically bought single-family vacation homes costing $297,400; however, 14 percent of properties sold to non-U.S. citizens cost upwards of $750,000. The report concludes that favorable foreign exchange rates have helped make U.S. real estate more affordable for international buyers, 40 percent of whom paid for their properties in U.S. cash.
“Many international buyers recognize that real estate is an excellent investment and are drawn today by abundant inventory, low interest rates and a softer dollar,” said Richard F. Gaylord, CRS, NAR president.
REALTORS® who have sold homes to international clients attribute about 16 percent of their business to such transactions. Twenty-six percent of the REALTORS® surveyed said they served international clients within the last year, and of those, about half ended up purchasing a property. But those figures are down from the 2007 study, which found that 32 percent of REALTORS® had served an international client in the previous year, with 18 percent completing a transaction.
We definitely see an increase in International investors activity in Boston; these buyers are buying condos to their kids who attend collage, investment properties and luxury vacation condos in Boston.
High gas prices make city living more attractive.
August 9, 2008 | Filed Under Real Estate Trends and Statistics, Boston Lifestyle, Boston Condos, Boston Real Estate | 2 Comments
Many suburban buyers think Boston’s price-per-square foot ratios are outrageous. However, snug city-dwellers look at spralling suburbanites as gas-guzzeling time-wasters. Bostonians would rather spend their cash on swanky South End restaurants than burn it on fuel for a 30 minute commute. Smaller digs also cost less to heat and maintain than their McMansion counterparts. As gas prices continue to rise, many home buyers are now considering gas and oil costs in their monthly payment along with the usual suspects of mortgage, insurance and association fees. Although the price-per-square-foot of Boston real estate may be signifianctly higher than out in the ‘burbs, the actually cost of living may not be. When considering your next home, review commuting, heating and cooling costs to help you get a better idea of your actual monthly bill. For help breaking down the cost of a Boston condo or loft, give us a call.
New First-Time Buyer Tax Credit
August 9, 2008 | Filed Under Real Estate News, Boston Lifestyle, Boston Real Estate | 2 Comments
Under the new housing bill, buyers who have not owned a home in the previous threes years will be eligible for a tax credit of 10 percent of the property, up to a maximum of $7,500. Here are some details:
-The credit is $3,750 for married couples filing separately and unmarried people who file jointly can divide the $7,500 credit.
-The credit is actually a loan, which home buyers must repary over 15 years at a zero percent interest rate. Payments on the loan will begin in the second year after the purchase.
-The credit only applies to homes purchased on or after April 9, 2008 and before July 1, 2009.
-High-income buyers do not qualify. The benefit begins to phase out for single filers with an adjusted income of more than $75,000 and $150,000 for joint filers. It completely cuts off at $95,000 for singles and $170,000 for couples filing jointly.
Homeowners Confident in the Value of Their Own Homes
August 7, 2008 | Filed Under Real Estate News | Leave a Comment
Nearly two-thirds (62 percent) of U.S. homeowners believe their home’s value has either increased or stayed the same in the past year, yet 77 percent of homes actually declined in value, according to Zillow.com’s latest homeowner confidence survey. Only 19 percent of home values increased and 5 percent stayed the same, the survey finds.
Still, homeowners’ outlook for the short term was even more optimistic. Three out of four homeowners (75 percent) expect their home to increase in value or stay the same over the next six months with 25 percent expecting a decline. However, that same level of optimism does not extend to neighbors’ homes, with 42 percent of homeowners’ expecting values in their local market to fall and 58 percent predicting that values will increase or stay the same. Also, 70 percent said they are concerned that foreclosures will decrease home values in their market within the next year.
The survey also finds that two-thirds (64 percent) of homeowners plan to invest in their home in the next six months. More than half (56 percent) are planning home improvements, 7 percent are planning to refinance, take out a home equity line of credit or get a second mortgage, and 7 percent are planning to buy or sell a primary or secondary residence. Homeowners who believe their home had increased in value were significantly more likely to plan major home improvements (22 percent) than those who believe their home values declined (14 percent).
Los Angeles Times Ends Real Estate Section
August 1, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics | Leave a Comment
The Sunday Real Estate section of the Los Angeles Times was printed for the last time July 27, the Times announced. The section is a casualty of the staff and space reductions taking place across the newspaper industry, while the downturn in the housing market undoubtedly has hurt news organizations’ print advertising and classified revenues. Some of the section’s most popular features, including Hot Property, Neighborly Advice and Pardon Our Dust, will continue to appear in print as part of the Saturday Home section, while most of the paper’s real estate news coverage will be carried online.
President Signs Housing Rescue Bill
August 1, 2008 | Filed Under Real Estate News | Leave a Comment
President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide.
The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes. The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and an be used for purchases between April 9, 2008, and July 1, 2009.
The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.
“These are all designed to help the housing and mortgage industries and boost the U.S. economy,” NAR President Dick Gaylord said in a statement. “NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.”
Source: NAR, Associated Press (7/30/08)
One Bedroom is Now Available at The Belvedere
July 27, 2008 | Filed Under Boston Condos, Boston Luxury Developments, Boston Real Estate | Leave a Comment
Rare opportunities go fast… This one bedroom condo in prestigious Belvedere is well priced and ready to go. The Belvedere is one of the most sought after luxury developments in Boston, conveniently adjacent to luxury Prudential Mall, full time concierge, in-house chef and garage parking are only a few of the luxury amenities The Belvedere has to offer.
Quick Facts:
Price: $899,000
Size: +/- 837 Square Feet
Parking: 1 Garage
Condo Fees: $1,033 per month
Taxes: $6,968
Courtesy of: Richard Drinkwater of Otis and Ahearn Real Estate
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