Archive for January, 2008
January 31, 2008
Okay, so it’s probably Rt. 128 or 62, but I needed a dramatic title to express the arduous hours of internet obsessing that’s gone into this decision.
We’re 2 people who spend less than $200 per month on gas & electric through most of the year. We HATE supporting Big Oil, and we HATE supporting the toxic human rights abuse that comes with drawing energy from Salem Power.
But I’m cold. And it gets dark early.
The very most economical thing we can do to further reduce our carbon footprint is to install a wood stove and burn waste wood. And it’s so darned nice to sit in front of the glow and bake.
So, my girlfriend bought an old Dodge pickup, and I already have half a cord of seasoned maple waiting to be split. There’s no end to the free firewood on Craig’s List if you can cut it and move it. On the North Shore, seasoned wood goes for $270 a cord. Don’t burn unseasoned wood — it will gum up your chimney and make a lot of smoke.
The pickup is useful 9 ways to Sunday — but that’s $1500 plus maintenance and insurance. that said, I am really going to scrounge free heat this winter. Well…I’ll let you know how it goes….
Installing a hearth for a modern wood stove is easy — we’re going to do copper on the walls and a slate tile pad (slate tile over cement board, resting on the original hardwood floor). We have no chimney on this house whatsoever, and that’s proving to be the biggest deal of all.
We have to go out through the wall of our living room and up well over 20 feet to clear the roofline by 3 feet. That’s more than $1600 of chimney materials, and we have to pay the Zen Wood Master to install it. We’re looking at $3500-$4,000 for a really pretty hearth and an ugly stainless steel chimney (it’s behind the house in a secluded spot, so we’re not enclosing it).
The stoves cost half that. So, we’re talking $5500-$6000. That’s not chump change for new homeowners, even if it becomes a deduction. Plus the truck. $7,500. Oi.
But if we can save $250 per month for 6 months out of the year, that’s $1500. That’s assuming I don’t buy any wood, and by next year, as God is my witness, I’ll have 5 cords tarped in the yard by October, and it will all be free.
We have just over 1,000 square feet here, so we’re looking at small stoves — specifically, we want a stove that will fit a 6 inch chimney pipe. 6 inch pipe is cheaper than 8 inch pipe, but we’re looking at 6″ x 48″ chimney pipe sections for $230 or thereabouts. Here are some features you should consider:
TOP-LOADING stoves let you fill the stove to the top with wood for long burning time; if we get a top loader, we’ll almost never run the furnace except to circulate air.
Modern NON-CATALYTIC stoves often have clean burn systems that re-burn exhaust gas before it exits the unit — don’t get a catalytic stove, as it will be a pain every 3 years or so. they new non-cat stoves are just as clean.
LOG LENGTH is key. The bigger the capacity of the stove, the less chainsawing you have to do.
CLEARANCE is a big issue for us, even more than FOOTPRINT. We want it in close to the wall — we’re using a copper heat shield to reduce the clearance of whatever model we choose even farther. Space behind your stove is wasted space, and our place is small.
STOVE CONSTRUCTION is key. I’m not buying a Chinese steel stove from Home Despot because I’ve had them. They won’t split in half and burn your house down, probably, but ?they don’t draw as well as better stoves.
January 30, 2008
A lot of people choose condos over multi families because they don’t want to be landlords. These days, multi families in nice neighborhoods are generally purchased by developers. Then they are gutted, and fitted with granite kitchens and stainless appliances and resold as condos within a year. Owner occupied multi-family houses are almost never built any more. The only exception seems to be McMansions with an “Au Pair” or “In Law” Suite.
When I was growing up in a Cambridge triple decker that my parents bought in 1976, I learned useful landlording skills such has, how to jam a screwdriver into the bottom of a window frame to make a temporary drain to keep the bathroom from flooding during a Nor’Easter. I learned that it’s better to get a quality plumber that shows up and does good work, than to hire the guy with the best price. And I learned that if you are not trying to milk every dime out of your rentals that the quality and temperament of your tenants increases greatly.
In 1999 we bought a 2 bedroom condo in Somerville and we managed to hold on to my studio condo and we decided to rent it. Prices were going up and it seemed like the wrong time to sell. So, I put an ad in boston.com (these were the days before I knew about craigslist) and within a few weeks, a very nice couple wrote me a check for first and last month’s rent and like my mother before me… I became a landlord.
I rented that place out for four years until I sold it to my final tenant and it worked out great. Here’s why: I knew the value in the place was mostly in the equity and the tax advantages to owning a rental. So, my goal was to break even on my expenses. I charged a slightly lower rent than I could have gotten, so I was able to get tenants with great references. And if they called with a problem, I got it fixed as soon as humanly possible (see above, you need to have a great plumber. Ninety percent of common tenant problems can be solved by a plumber). The hardest part in that situation was bickering with the condo association over maintenance. But I’ll write more about that on another day.
Being a landlord in a multi family you own isn’t that difficult, especially when you compare it to condo living. If your house is owner occupied, you would have a lot more control over who lives in your rentals, versus having NO control over who buys and sells in your building. A lot of multi-families on the market in Cambridge and Somerville don’t have the latest and greatest upgrades, but in the long run they can be a great investment. Your tenants help pay down your mortgage and you can write off everything you do to their unit, and a percentage of maintenance on the common spaces. And your tenants can let your kids in when they forget their keys every day for the entire year that they are in third grade. Not that I ever forgot my keys for an entire school year or anything. Well, maybe a little.
January 30, 2008
Over the weekend, I was chatting with an acquaintance about the recent economic problems. I haven’t gotten the chance to run it past Econ Cat yet, but this guy seemed to think that home prices were destined to drop until they fell back in line with the GDP, which has lagged behind the increase in home values since WWII.
While this makes sense on a national scope, I countered that in a market as geographically compact and jammed with affluence as Boston, limited supply and a plenty of free capital would keep prices high. But with this most recent round of price reductions…might be time to invest in a cast-iron barrel.
35 Hancock Street, #1 - it’s a head-scratcher, folks. $40,000 off an already decent price. I mean, yeah, it’s half in the basement, and yeah, a bit far from the T (Bowdoin isn’t reliably open), and I’ll even admit that Hancock Street is pretty heavily traveled by Beacon Hill standards. But $579 a square foot? Prices like that in this neighborhood generally come with a free set of el tracks.
1 Charles Street S, #512 - I remember saying something about how those big seven figure places never cut prices. Well, consider me wrong to the tune of $80k. Of course, this high-gloss two-bed condo perched above the common doesn’t quite fit the same bill as those Beacon Street Brownstones, and probably owes a good chunk of its value to the status of the location. Might still want to wait on this one, as the price - even reduced - remains around 150% of its assessed value.
90 Chestnut Street - Now this is how you do it. Gotta sell a plush single family on the Flat of the Hill, mere footsteps from Charles Street, the Esplanade, the Common, and yes, even Cheers? Lopping a cool million off the sticker price ain’t a bad way to start. Yeah, it’s still 5.9 million, but with gorgeous skylights, detailed wooden trim, and a uniquely-styled exterior that manages both to match and stand out form the rest of the neighborhood - man. Even in a diving market, if I could buy something like that, you better believe I would.
photo: “Bobby Leach and his barrel after his perilous trip over Niagara Falls, Ontario”. July 25th, 1911. Public domain, Library and Archives Canada, via Wikimedia Commons.
January 30, 2008
Did you know that the average price of a single family home in Brookline in 2007 was about $1.4 million? The average price of a Brookline condo was much less — $500,000 — while the average price of a Brighton condo was $317,000.
So I was curious: what did all that money really get you in 2007?
Well, after combing past sales, this is what I came up with: In Brighton, you might get a three bedroom, 1220 square foot condo (selling price $320K in August) on Glenville Avenue. That part of Brighton is thick on the students, so chances are, this may have been an “investor’s” unit (read falling apart). Or you might have gotten something substantially smaller, a 1001 square foot one bedroom on Cummings Road, that was closer to Brookline and further from the student fray. Over on Chiswick, you could get a 944 square foot, two bedroom condo with access to the B, C and D lines. Always a big plus. In my own experience, a really nice condo in a building that is not riddled with students edges closer to the $350K range.
And what did $500K buy you in Brookline? Well, sort of what $317K got you in Brighton, but without the students. Typical is a two bedroom condo of about 1231 square feet on Washington Street selling for $489.5K. In September, a three bedroom, 1.5 bathroom of 1470 square feet sold for $480K. And in October, a basement three bedroom condo of 1600 square feet sold for $480K. Because there are more owner-occupants in Brookline, units usually are in better condition than similar units in Brighton.
And finally, what of 1.4 million? Well, for that princely sum you might expect a mansion. I don’t know about that, but you could get a couple of more bedrooms. A 6 bedroom, 2.5 bathroom, 3,144 square foot house sold on Searle Avenue in August 2007 for $1,489,000. At 15 Hancock Road, a five bedroom, 4 bathroom house sold for $1,464,750. These houses generally have yards and curb appeal.
With these prices, I hate to think what happens when you’re hoping to buy a place that’s “above average!”
January 29, 2008
Ten weeks ago, three baby condos sold near Columbus Avenue and Worcester Street. They range in price from $264,000 to $400,000, making size the most notable feature; the largest barely breaks 600 square feet. In most apartments, 500 square feet makes for a decent bedroom; in the South End, you get to squeeze everything you own into one room.
36 Greenwich Park, #2
Beds: 1/Baths: 1
SQ.FT.: 620
$/SQ.FT.: 645
Price: $400,000
547 Columbus Avenue, #3F
Beds: 1/Baths: 1
SQ.FT.: 494
$/SQ.FT.: 666
Price: $329,000
16 Garrison Street, #510
Beds: 1/Baths: 1
SQ.FT.: 410
$/SQ.FT.: 645
Price: $264,500
These three condos have the added benefit of a great location: all sit near Boston House of Pizza (open until 1 am weekends) and New York Pizza (open until 3am weekends.) Puritanical Boston makes amenities like this invaluable to the late-night-munchies crowd.
Header image: “Rainy Day, Columbus Avenue, Boston,” by Childe Hassam, 1885
January 28, 2008
These properties have been on the market forever in Brookline, and the prices keep coming down, but they haven’t sold. Now I know these are not great times in the housing market. Still, Brookline is weathering the housing slump pretty well. Prices are still high and inventory has dropped, so the laws of supply and demand still reign. Take a look at these stats on single-family houses in Brookline: In 2007, the median sale price of a family home in Brookline was $1,100,000 — up $100,000 from 2006. The days on the market increased to 139 days in 2007 from 129 days in 2006. Not bad. In short, Brookline is still a hot neighborhood because the school system is good, the town is an easy commute for medical personnel in the Longwood Medical Area, and Brookline is right next door to Boston. So what gives with these particular properties? Has anyone been in these units? I’m stumped.
213 Reservoir Road, 2 bed on market since April 8, 2007- price has dropped from $369K to $349K.
63 Pleasant Street, Apt. 3, 3 bed on market since June 12, 2007, price has dropped from $518K to $470K
42 Clark Road, 4 bed on market since May 9, 2007, price has dropped from $589K to $499K. (This one is rented out until August, which may explain things.)
86 Griggs Road, Apt. 24, 2 bed on market since October 17, 2007 , price dropped from $437K to $398K.
January 28, 2008
Imagine Beacon Hill as a giant, somewhat misshapen rectangle. At the southeast corner, you have the majestic golden dome of the state house, embodiment of the power, history, and carriage of the neighborhood. And appropriately enough, at the opposite corner you have a building that symbolizes the utter nadir of all these things: The Beacon Hill Pub.
Now, don’t get me wrong; I dig the place. In a neighborhood where 11-dollar cocktails are the norm, the BHP’s $2.75 Brubaker pints taste great before they even touch your lips. And sticky floors, painted-over windows, and marginal (at best) bathrooms aside, it’s nice to have at least one place in the neighborhood where a collared shirt - untucked, even - makes you feel dressed up.
So today’s post will focus on properties within staggering distance of this regional landmark. Or, if dive bars aren’t your thing, properties a short walk from the smorgasbord of salons, boutiques, and fashionable eateries that pockmark the Charles Street storefronts.
First thing that caught my eye was 13 Lindall Place #3, a spacious, beautifully laid out 2-bed, 2-bath condo on a picturesque lane just a stone’s throw from MGH. At $561/square foot, it’s one of the most sensational values on the Hill and comes with just one tiny catch - see that big green thing off in the upper left? Elevated tracks of the Red Line subway. But hey, it could still be perfect - for someone who’s deaf.
I do realize that I’ve just called a $700,000 property a bargain. But despite Beacon Hill’s blue-blooded reputation, it’s home to any number of properties one might (loosely) term “affordable”. 91 West Cedar Street #4 combines the gorgeous look and feel of a gas-lit neighborhood with a bottom line below the median asking price of a property in Somerville. Granted, it only gets you 435 square feet and some seriously tight corners, but in a location this walkable, the entire neighborhood is your living room. I’m serious - there’s a laundromat directly across the street.
And, for the dive bar aficionado who has everything, there’s 15 Charles River Square. As you can see from the virtual tour in the listing, it’s stately to the point of over-elegance, and like most 7-figure properties, the price has not been reduced despite nearly 500 days on market. It has direct access to Storrow Drive, which means easy-in, easy-out travel, and all the advantages of urban location with a level of privacy (so long as you like your Charles River Square neighbors) that you aren’t likely to find anywhere else inside 128.
photos © Cosmo Catalano under CC by-nc-sa 3.0.
January 25, 2008
I never got to house hunt in a buyers market. I jumped into the real estate game in 1997 when things were moving so quickly. Everything decent I looked at had multiple offers within minutes of going on the market. So, even though I’m happily ensconced in my ‘forever’ house, part of me is jealous of buyers now. You’ve got time to think things over. Mortgage rates just plummeted. You’re in a good place right now.
The streets are bleak and cold with gray frozen snow. But here’s three condos that looked warm and cozy in the literary sense, not the Realtor synonym for ’small’ cozy. These look like good places to hunker down and wait for Spring.
So, here’s your condo tour for Sunday. These are three of many good ones. First we have 254 Highland Ave, which is open from 12:30-1:30. It’s listed for $479,900 and I checked the map. It really is within easy (under 15 minutes) walking distance to Porter and Davis. It’s about a 5 minute walk to the beginning of the Minuteman Bikeway on Cedar Street. It’s 1280 square feet with three bedrooms and two full baths and it has two parking spaces. So whether you T to work or drive, this place could be very cool.
Next we swing over to the Somerville side of Inman Square to 429 Norfolk Street a huge 1663 SF 3 bedroom 2.5 bath condo listed for $489,000. It’s in a larger development, designed by the worlds most popular Boston developer, David Aphosian. If you live around here you may have noticed his buildings. They are usually cedar shingles that look varnished rather than painted and they nearly almost sport dark green trim. This one is open this Sunday 1/27 from 1:00 PM – 2:30. Inman Square is a nifty little neighborhoods full of independent (ie NOT chain) restaurants and boutiques. You can get inexpensive, exotic spices or the worlds best ice cream at Christina’s. You can buy a shirt for your two year old niece with a skull and crossbones at Bird By Bird or take your mom to dinner at the S&S Restaurant all in the same block.
And, I saved the best for last. Between 3-4 you can visit Somerville’s most wonderful neighborhood (mine) and visit a unit in what us locals refer to as “The Fancy Condos Down the Street.” A unit is for sale at 17 Ivaloo Street. It’s a 2093 square foot 3 bedroom 2.5 bath multi level condo listed for $599,900 (about 20k below assessment!). I visited some open houses here back in 2003 or so when they were first built and was very impressed with the quality of the construction. They had some of the most beautiful maple (I think it was maple) floors I have ever seen. They had huge windows and were really bright and comfortable. And for you hearty New Englanders who secretly wish you lived in the west coast every time you’re out there shivering chipping ice off your car– it has underground, HEATED parking. Two spots. Just think, no scrambling for parking during street cleaning and snow emergencies. The neighborhood is GREAT. I’ve been here for 2 years and I never want to leave. It’s an easy walk to Harvard, Porter, Inman and Union. The people on the street know each other by site and often by name. So cool.
So, get your muffler on and get out there this Sunday. There’s some good stuff and some really nervous sellers that need to sell.
January 25, 2008
While there tends to be more on the market in the spring and summer, winter is the best time to be a buyer – prices hit bottom and the market slows after the holidays, and agents and sellers start biting their nails. Pull on your boots and mittens, and come see what’s on the market – you might find a bargain.
A nicely renovated rancher on a big lot is open this Sunday12:00 PM - 2:00 PM
Check out 10 Williams St. in Beverly. Small houses are cheap to heat, and this one has a 3 season porch — read, easy extra bedroom.
19 Hull St. is another ranch; I know, they aren’t exactly masterpieces of New England vernacular architecture, but they’re very livable, and this one has a pool. Look at it on Sunday from 2-4 PM. From the inside.
4 Hickory Lane makes my heart go pitter-pat; Centreville is inland, but it’s postcard New England all 4 seasons of the year. 11:30-12:30 on Sunday
At $97 per square foot — 3,000 sq. ft. for under $400k — you have to look at 14 Dearborn Avenue. I’m kind of a sucker for bungalow-esque houses anyway. Sunday 2-4
These are just a few that caught my eye; there are tons of condos out there, as well as some if-I-won-the-lottery places open this weekend. Check out Boston.com’s real estate section for more open houses, and happy hunting!
January 25, 2008
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Remember that final scene of The Departed? When the rat scurries across the railing of Matt Damon’s apartment with Beacon Hill in the background? Well, forget what Scorsese says - that shot brings up a pretty valid - and unfortunate - point about the neighborhood, and nearby Back Bay: the rats can be a bit of a problem. |
“There is a rat in your unit!”
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It’s a perfect storm of conditions that draws the fuzzy critters into the region. The area’s classic brownstones and Georgian row houses have older, less rat-proof foundations, and many are built on landfill that gives easy access to the sewer system. Plus the Big Dig and high-rise construction in traditionally more ratty Chinatown have sent a veritable rodent diaspora into the rest of Boston.
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Fortunately, there’s plenty you can do to fight back against the little buggers. An effective first step for those moving into Beacon Hill can be to aim for higher ground (topographical map). But as this sensational luxury four-bed, complete with private garden and 2-car garage, shows, there’s a pretty close correlation between elevation and price. The less well-heeled can take heart that building managers in the neighborhood have stories about even the loftiest CEOs struggling with the ragged rodents.
Another good approach is seeking out recently renovated homes and condos, which tend to have updated and reinforced rat defenses. This Back Bay one-bed, one of the most frequently viewed properties in Boston, should offer increased protection. And, at $525,000, with all sorts of amenities included (heat, hot water, washer/dryer in unit), not that bad a deal, either.
