2015 was a game-changing year in Boston real estate. We saw the continued development of Downtown and the Seaport, while neighborhoods like Somerville and Dorchester saw their prices reach new levels. One thing is for sure, Boston is hotter than ever and that trend is expected to continue throughout 2016. If you’re a home-owner curious about the value of your home or someone looking to make a move to the city, our 2015 Boston Real Estate Annual Market Report will be a valuable resource to you. Broken down by neighborhood, this report will paint a vivid picture of the city’s current market conditions.
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Our 2015 Q3 Boston Real Estate Market Report is now available for free download. Filled with the most comprehensive and up-to-date market statistics, this report is a valuable resource for buyers, sellers and agents alike.
The third quarter saw Boston’s home values continuing their upward trajectory with overall sales up 7.58% over 2014 with a 6.37% higher average selling price. Download our report today to see what the market looks like in your neighborhood.
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We are very happy to announce that Bushari Group Real Estate has entered the Top Ten Real Estate Firms for residential transaction volume year-to-date in Boston, according to MLS-PIN. Our agents have participated in more than $110 million worth of real estate transactions so far in 2015, with almost $84 million of that in Boston proper. The Boston real estate market is highly competitive and we would like to thank our agents and clients who have helped us become the strong, independent company we are today.
Buying and selling a home can be a difficult process—but it doesn’t have to be. Access to the right tools and information can make for much smoother sailing in Boston the real estate market which is why we release a comprehensive market report after each financial quarter.
Broken down by neighborhood, our reports contain all of the data and statistics you’ll need to make a more informed decision when it comes to your next real estate transaction. Whether you’re curious about the current market value of your home or you’re just curious about the current market conditions in your neighborhood, our report will provide you with a better understanding of local trends and home values.
Our 2015 second quarter market report is now available for download, so go ahead and get your copy today.
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Chef Michael Mina (left) and Sushi Chef Ken Tominaga (right) have Boston buzzing about PABU. Photo courtesy of Millennium Partners.
As the Millennium Tower inches closer to completion with each passing day, more details are beginning to emerge about the businesses set to move in once the building opens next summer and a recent announcement has the Boston restaurant scene buzzing. Millennium Partners, the New York-based developers of the tower, are teaming up with celebrity chef Michael Mina and sushi chef Ken Tominaga to bring an exciting new dining concept to the city. Set to open Fall 2016, PABU is a Japanese-style izakaya that will operate on the first two stories of the Millennium Tower and promises to offer a unique dining experience to Boston foodies.
In Japan, izakayas are typically known as casual, after-work drinking establishments where food is served to accompany the drinks. Encouraging a social atmosphere, a typical izakaya menu is comprised of small plates meant to be shared and ordered continuously throughout the meal. Essentially, izakaya is the Japanese version of Spanish tapas.
Spanning 7,800 square feet, PABU will feature compartmentalized dining spaces, as well as communal tables where patrons may sip sake and socialize. The concept has been very well-received in San Francisco, where PABU consistently ranks among the city’s top restaurants and Mina believes that success will translate nicely to Boston. Like its sister restaurant, PABU (“pub” in Japanese) won’t be limited to small plates as the concept allows for guests to customize their own experiences. Mina also plans to serve a 16-course chef’s tasting menu that will highlight the freshest ingredients available on any given day, with a heavy focus on seafood, which will come from New England’s own waters, as well as the world’s largest fish market—Tokyo’s Tsukiji Market.
Mina is no stranger to working with Millennium Partners; in 2009, the acclaimed chef’s RN74 opened in San Francisco’s Millennium Tower, where he is also a resident. In addition to operating PABU, Mina will also spearhead the residents-only private dining options on the Millennium Tower’s 23,000 square foot Club Level. In addition to the dishes offered at PABU, Mina plans to create an exclusive menu featuring some of the “greatest hits” from his restaurant empire, which currently spans 21 different locations around the world.
Rendering of Seaport Square, courtesy of the Boston Redevelopment Authority
In a city dominated by new developments, South Boston’s $3.5 billion Seaport Square is the largest of them all. Spanning 20 city blocks and 23 acres, construction on the project broke ground in November 2014 but further developments were held up in March due to a potential lawsuit which was dropped last month. No longer under the threat of litigation, Boston Global Investors — who are developing the project along with a group of foreign investors — have recently submitted plans for a $700 million expansion of the project and the new phase of construction could break ground as early as the first quarter of 2016.
The new plans, which are currently under review by the Boston Redevelopment Authority and the Boston Civic Design Commission, call for the addition of three 22-story luxury residential towers and 125,000 square feet of retail space on a 3.5 acre parcel currently utilized for parking. The towers will each rise to approximately 256 feet and will bring around 1150 brand-new residential units to the neighborhood. A three-story underground garage will be constructed beneath the site, which will also feature a 9,000 square foot outdoor plaza. This new green space is intended to be a vibrant gathering place for the community and should play host to a number of events throughout the year. Four pedestrian pathways will form a perimeter around the site, allowing for easy access to the plaza.
The Seaport Square project is currently on track for completion in 2020 and aims to create one of the most modern and pedestrian-friendly neighborhoods in the Boston.
One of the most important aspects of becoming a top negotiator is being able to truly understand the intentions and motivations of all parties involved. It means you can never make assumptions.
As the Boston real estate market quickly becomes more and more favorable to sellers, many buyers and their agents are trying a new tactic, that unfortunately, is based on a failed assumption. Until recently, multiple offers and back-up offers on Boston properties felt like a distant memory. Some of today’s buyers (and buyer’s agents), understanding that there may be multiple offers on their dream home, have come up with a new strategy – bid high enough to get the property and knock all other buyers out of the running, then negotiate.
During the past two months, we have seen this strategy fail again and again. Some buyers come back with ridiculous inspection requests ($2,000 for a cracked tile or $10,000 to upgrade perfectly working appliances), others simply demand to renegotiate the price a few hours prior to Purchase and Sale followed up by a threat to pull-out based on their Condominium Document contingency. The buyers’ plan from day one – bid high then renegotiate – quickly becomes obvious to savvy Boston sellers, and they are deciding to play hardball.
These buyers make one fatal mistake; they make an assumption. They either make an assumption that there are no back-up offers on the table or that the sellers would rather agree to a lower price than re-list the property. And each time, this strategy backfires. Today, sellers often have at least one standing back-up offer, often with better price and terms than the one they originally accepted. Sellers may just be looking for a reason to get out of the deal, and that “$3,000 or I walk” speech just gave them the reason to bid you farewell.
To plan a successful strategy to purchase a Boston Condo or lease a Boston Apartment, contact Bushari Group Real Estate today. Bushari Group agents have the experience and market knowledge to provide the guidance needed in this face-paced market.
Full of cafes, restaurants, and gelatarias, Boston’s North End has to be one of the best places in the city to wine and dine.
Originally one of the oldest parts of Boston, it has been the destination for immigration and cultural exchanges.
Yet another example of fine luxury living, this condo on the East side of Cambridge is an ideal place for city living, with the best views of the city just outside your windows.
This 2 bed/ 2 bath spacious unit is located on the 21st floor, so a great view is practically guaranteed. The home features a double sink in the master bathroom, California Closets, a high-end kitchen complete with stainless steel appliances, Brazilian cherry floors, and extra storage. The unit also has central heat and air conditioning for that tricky Boston weather. Just as luxurious as your home, is the building. The amenities include concierge, doorman, a business center, clubhouse, a gym, indoor pool, movie theater, and playground. Phew! And if you’re a pet lover, you’ll be happy to learn that they are pet friendly.
The location is quite convenient, with three T lines close by. It is just across the Esplanade park along the banks of the Charles River. Shopping, dining, and entertainment is never far since you’re so close to the city, but you’re also well placed near the Cambridgeside Galleria, one of the largest malls in the area.
To get more information about this property, check out the listing page here. If you have any questions about the property or are looking for a home for your family, contact us at Bushari Group Real Estate. We’ll be more than happy to answer any and all of your questions.
Tucked away alongside of the Charles River stand the tall golden dome of the state’s capital building and the busy area surrounding it. Yes, Beacon Hill is a central part of the city, so why not live here?
Beacon Hill retains many of its old-world charm in cobblestone streets, narrow alley ways, and home entrances without a stoop opening up strait into the side walk. These are remnants of a bygone era, although many colonial structures have been retrofitted to fit modern time needs. There’s a few Victorian gems here too, as Boston grew, so did its wealthiest citizens. Historically, Beacon Hill has always been a hive of political and entrepreneurial power.
On the upper side of the hill stands one of the pioneering beacons of medicine, Mass General Hospital, still on its original place from when it was first built. Of course, it’s expanded since then. Even the original jail next to the hospital has been reconverted into a posh hotel named the Liberty Hotel (ironic, isn’t it?). In addition to the statehouse and a myriad of government buildings situated on Beacon Hill, is the Boston Commons and Public Gardens, our answer to Central Park. While not as big in scope, the park does provide for year-round attractions like a skating rink, swan boats, tennis courts, a baseball field, and several statues of famous Bostonians. The neighborhood also includes the famous Bull and Finch Pub from the TV show “Cheers.”
If you would like to learn more about the Beacon Hill, please check out our neighborhood page. Thinking about moving to Beacon Hill? At Bushari Group Real Estate, we can help you with your search. Contact us, and we can get you into the home that’s right for you.