Boston condos, townhouses, lofts or Apartments are a great value for anyone seeking the urban experience in Boston. They come in every size and style from very small studios to multimillion dollar Back Bay or Beacon Hill Condominiums.
Cash Buyers Putting ‘Squeeze’ On Boston Real Estate Buyers
Apparently all cash buyers are putting the squeeze on normal real estate buyers. 40% of all the condos sold in Massachusetts in April did not involve any financing or mortgage. A quarter of all home sales also did not involve a mortgage or financing. There are many factors involved such as those people who in the past would normally be out of their parents homes are still not moved out yet due to the bad job market and can’t afford to pay a mortgage and the first time buyers are finding that they cant afford prices that are rising in today’s real estate market. Rents are rising right along with home prices. In Brighton, there was an 11.6% jump in rents in June compared to one year ago. Maybe those who are still living at home with mom and dad should look at the brighter side; at least they don’t have a mortgage loan that is higher than what the property is worth. It is apparent that many of the all cash buyers are foreign investors, and many of the new all cash buyers are the mover-uppers who are discovering that in today’s market, they can get their wanted price when selling, allowing them to put a substantial amount down when they turn around and purchase their new “move up” home.
You can read the entire article in the Boston Real Estate Now Blog, visit www.boston.com/realestate.
- 84 percent of agents believe that real estate values and the number of real estate transactions will increase in 2013.
- 77 percent believe that new construction starts will continue to increase.
- 74 percent believe that their local economy will improve in 2013 compared to 2012.
- No market is expected to see a decline in home values or real estate transactions in 2013. Contrast this with 2012 when one-third of the markets expected to see house values decline.
New Construction is on the rise. Shadow inventory is declining. with all this great news Boston Real Estate is certainly on the rise.
Condo sales in 2012 reached their highest level in 5 years. Morfe confidence in the economy, low interest rates and a somewhat pent up demand have driven condominium sales in Boston to their highest level since 2007. The hottest neighborhood is the Back Bay where 147 condos changed hands, followed by the South End with 146 units sold, and South Boston came in third with 142 sales .
Announced this week: An online school and a management consulting firm are two of the latest to announce leases in the Hub’s Seaport District. Campbell Alliance Group has signed a 6459 square foot office sublease relocation at 2 Seaport Lane. Penn Foster, an online educator, is opening its first Boston office on Congress Street. The company will occupy 2500 square feet of open layout office space.
On Friday, October 14, 2011, Boston Luxe hosted its belated anniversary party to celebrate the merger of Drew Abysalh and Boston Luxe as well as the launch of the redesigned bostonluxe.com. Refreshments were served as we hosted clients and friends to celebrate this new beginning. Thank you to everyone that joined us and here’s to another year!
Dwindling housing inventory is becoming a real issue for a recovering real estate market in area’s like Boston real estate market sales have been booming and setting records in recent months. Both new buyers and renters are running into problems trying to get the dream house they have been wanting and saving for in the last few years. Apartment vacancy rates are running below 3% which is a very tight level. Inventories of single family homes, condos and town homes are dangerously low, with sellers holding out to see what happens in the election in November. Other considerations that are having an effect on the current real estate recovery is the European Debt Crisis, our own debt crisis and the many tax decisions that the new President and Congress must make early in 2013.
The Christian Science Church has announced a 99 year lease of it’s 26 story office tower in the Back Bay neighborhood to an affiliate of Beacon Capital Partners. The building, located at 177 Huntington Avenue, was built in the 1970s. and sits on a 15 acre parcel of land that was originally donated by the church’s founder, Mary Baker Eddy. The church received approval for the development of offices, retail shops, hotel and residences just last year. Since 2006, the church as been active in seeking ways to utilize it’s real estate holdings to help offset some of it’s real estate expenses.
The Christian Science Church’s decision to sign the lease will also provide an important way to maintain a say in the future of this and it’s other properties, says Barbara Burley. Barbara Burley is the senior manager and director of Boston real estate planning of for the Christian Science Church.
National Development has announced that it is selling 6 properties among which is the building at 263 Summer Street in South Boston. The eight story office building is famous for its rounded facade and ruby red neon beacon on the top of the building.
The well known neon sign at the top of the building was refurbished and relit in 2006. The major tenant at 262 Summer Street is the headhunting firm Isaacson Miller, according to HFF who is going to be marketing the property. The Summer Street property is one of several going on the market by the end of the year
July home sales are the best since 2005, up about 27%, according to the Warren Group, publisher of Banker and Tradesman. The Massachusetts Association of Realtors reports similar results.
The increases were similar for the nations real estate sales. The 20 cities tracked by the Case-Shiller index also saw price gains in June over May, with Boston real estate sales posting a 2.5% increase.
Experts cautioned however, that there are enough reasons to be cautious. Fears of a double dip recession haunts some, and the slowness of economic growth bothers other real estate analysts. Nearly 5000 homes changed hands in Massachusetts in July, a far cry from the 6672 homes that sold in July of 2005. The economic situation remains unsettled and could unravel in a matter of months, due to the debt crisis in Europe or a possible global meltdown like that which took place in 2008. There are a series of huge federal budget cuts set to take place next year unless the new president and congress take some action soon. Most experts now think there is a 50%-50% possibility of that happening, which could say bye-bye to a continuing real estate recovery.