Archive for May, 2008
May 29, 2008
I rode my bike around Boston once or twice, and I can see the appeal — it’s kind of like playing Halo, except when you get wasted by some jerk in a Ford, it’s permanent. Once or twice was enough.Between Beverly and Gloucester is one of the most beautiful rides I’ve ever seen. If you start at Dane Street Beach and follow 127 North, you wind up the coast, you get to enjoy some gorgeous ocean views and salt air, with minimal molestation by gas-slurping maniacs. In fact, it’s rare that I have to kick out of my pedals more than once or twice in the 12-odd miles to Gloucester.Best of all, you exhaust-sucking bus pucks can ride the train to Beverly and bike north. Or carb load at Sugar Magnolia in Goucester, ride down to Beverly, and take the train home.Need repairs on the go? Try Harborside Cycle — open every day but Monday. You’ll find them way more reasonable than the shops you’re used to, and they’re some nice people.The logo belongs to Harborside; I have to see if I can get a T shirt….
May 28, 2008
Thanks to those bubble alarmists market analysts at The Warren Group, I have to listen to everyone tell me the housing market is down. Great. Like there aren’t enough Jeremiads floating around already.
And those who aren’t proselytizing the END TIMES seem to gather around, like the seagulls from Finding Nemo, waiting for the “the market” to hit rock bottom, so they can pounce and start flipping houses again.
Folks, “marketology”, like astrology, alchemy, or bracketology isn’t a real science. There’s no Platonic Ti-83 out there, graphing an endless polynomial equation that perfectly represents “the market”. The market is localized - towns, neighborhoods, and even blocks can be too broad a lens through which to analyze - and one man’s stagnancy can be another’s boom.
Do you know why Warren Buffett is richer than you? Because he doesn’t define things in terms of good or bad markets. He doesn’t “flip” companies, either; he finds undervalued assets and invests in them for the long term.
My advice to you, oh brave marketologist, would be to apply the same philosophy to your real estate dealings.
And now, some open houses:
70 Marlborough St #9 - $585,000
1 bed, 1 bath, 655 sq. ft.
I wouldn’t call this asset undervalued. Sold twice since 2005, price reduced twice since it was first listed, and still nearly 100k over its assessed value, which is in turn well above its Zillow and eppraisal estimates. But depending on what value you place on having a compact, stylish, roof-decked penthouse apartment, it could still be worth it to you. Take a look this Sunday to find out.
49 Grove St #4 - $799,000
2 beds, 1 bath, 1,327 sq. ft.
Now this certainly seems more amenable to the value investing philosophy. A spacious two-bed in the heart of Beacon Hill, refurbished and renovated, at an entirely reasonable $602 per square foot. Of course, depending on how heavily you value ease of parking, that might not be such a great deal in your eyes. Best get a first hand view of the parking situation at the open house.
27 Temple St #3 - $439,000
2 beds, 1.5 baths, 756 sq. ft.
Now the age old question - what adds more value to a home: a refined, luxury interior, or a perfect, walkable location? Your assessments are your own, of course, but it’s tough to dispute that the current price of this home seems fantastic, certainly compared to others of similar value. A bit close to Suffolk, perhaps, and the same difficulties with parking, and installing appliances, but still - $581/sq. ft. is tough to argue with.
Image: An alchemist. From original work by William Fettes Douglas. Public domain, via Wikimedia Commons.
May 28, 2008
Why can’t there be a 6-day weekend and a 1-day workweek? You’ll show them — come mess around with Redfin for a while. Just don’t get yourself fired…or run the bus you’re driving into anything important….
As the title promises:
4 Millbrook Road is a really sweet 2,200 sq. ft. Cape for $449k, open from 1-3 on Sunday the 1st. I love Centerville — some of my favorite houses are over there.
35 MacArthur Road will slap you in the face with its New England charm (Or was that Patton? I get my war movies mixed up. And my generals, apparently.) It’s smaller than 4 Millbrook, but with a much, much larger lot for only $335k. Open 6/1, noon-2 PM.
6 Roman Avenue in Danvers splits the difference between the two for $369k — almost 2k sq.ft. and a nice sized yard. Open Sunday 12-2.
24 Ocean Street is open from 1-3 on Sunday. Big house + big lot + nearly-beach-front = way more than $629k.
Photo by Laura Romage from HERE.
May 28, 2008
What’s more frustrating than finding a special home priced just out of your reach? Finding that special one priced within your reach — but without a printed floor plan. Visit that special house again, and you may be shocked to discover it’s not what you remembered.
It’s a real downer.
Printed floor plans are standard in European real estate. Many home buyers look at the layout and immediately know whether the house will work. In America, builders provide printed floor plans, but many agents haven’t caught on yet. What a mistake. If buyers could look at floor plans as well as pictures online, most could quickly eliminate houses they might otherwise waste their time visiting.
According to the New York Times, floor plans can tell you quite a bit:
A floor plan shows the entire unit, not just part of it. In other words, floor plans reveal what photographs often do not: the proportions of rooms, the number of rooms and the traffic flows among them. A buyer can instantly see, for instance, if the kitchen is conveniently situated near the dining room, whether bedrooms open directly onto the living room or whether a trip to the bathroom will involve a walk through a bedroom.
Recently, Rona Fischman wrote about buyers viewing multiple properties and how they often lose track of the details. She concluded that buyers should limit the number of properties they see, take copious notes, and forget about the bad places. I will add that if sellers provided floor plans, none of the other stuff would be necessary.
Living Next to a Dorm
Sweet Digs Boston Home
May 27, 2008
The rumor is Boston College wants to buy 2000 Commonwealth Avenue. You know, the Archstone apartment building that towers above the Chestnut Hill Reservoir like a gawky adolescent girl at the junior prom.
It’s not pretty, but apparently Boston College thinks the 16-story behemoth would make a nifty dorm. Unconfirmed reports state the university might fork over $68 million for a building students are sure to love. The amenities are amazing: a pool, a sun deck, a sports club, a garage. Each unit has a private terrace, and some have city views. I don’t know how much studying could go on in a place like that.
Though it may be great for students, I’m not sure how residents at nearby 1999 Commonwealth, 2003 Commonwealth, or 1992 Commonwealth would feel about living next to a dorm. Even worse those who bought in the expensive and newly-renovated building at 2025 Commonwealth.
Maybe it won’t so bad if you’re up for a keg and a midnight pizza run. On the other hand, maybe concentrating students in their luxury dorm will free up more apartments in the neighborhood for young professionals whose keg-party days are over.
In and Around Washington Square
Sweet Digs Boston Home
May 24, 2008
More churches for developers to turn into condos. [Bostonist]- Somerville politicians want to force retailers to collect plastic bags for recycling, but the city refuses to recycle them. Good thinking, Somerville. [Boston Magazine]
- Harvard University’s building on Lincoln Street in Allston has been sitting empty for about eighteen months. Annoyed residents think it contributes to the “ghost-town-feel” of their neighborhood. Perhaps Harvard could use some of those billions they’re hording to fix the place up. [Allston Brighton Community Blog]
- Restoration Hardware on Boylston street closed. I loved that place. I never bought anything there, but I’ll miss it just the same. [Boston Real Estate Blog]
- More Extreme Makeover: Home Edition homes on the market. Maybe these people need some financial guidance. [Zillow Blog]
- What’s going to happen with T service in Jamaica Plain? Buses, trolleys, or trackless trolleys? [Universal Hub]
- Is this true? Did a California congresswoman lose her home to foreclosure? [The Real Estate Bloggers]
- This lax attitude helped pave the way for the current mortgage crisis: mortgage companies allowed applicants to use unverified income info on the application. [Boston Real Estate Now]
- Boston College is trying to buy a $70 million apartment building. [Brighton Centered]
May 23, 2008
While Wikipedia and most biologists assert that the arrival of European men drove the cougar from much of the Eastern US, recent research conducted by Boston Magazine arrives at quite the opposite conclusion.
Indeed, Back Bay, Boston’s most navigable section of town, seems to provide ample habitat for the graceful yet deadly animals.
While there are many essentials for those heading out into the cougar’s domain (sport jacket, guide book, active imagination), any good hunter will tell you that sine quae non of a successful hunt is a perfect location from which to stalk your prey.
So with that in mind, here are some real estate suggestions in close proximity to known cougar habitats:
280 Comm Ave #308 - $574,280
1 bed, 1 bath, 645 sq. ft.
A textbook cougar hunting pad. The roof deck, windows, and open floor plan will keep the excitable cats from feeling constrained, while the deeded parking - despite being walking distance from many ideal cougar zones - allows for longer, safari-style excursions, should the fancy strike.
265-275 Dartmouth St #1D - $325,000
1 bed, 1 bath, 533 sq. ft.
For the cougar enthusiast on a budget or jack-of-all-trades, this unit is in close proximity to many feisty cougar populations, and gives a hunter ample opportunity to display their skill at home restoration or taste in interior decoration. Each are known to be of great interest to the predatory cats.
70 Marlborough St #3 - $875,000
2 beds, 1 bath, 1,168 sq. ft.
“Large master bedroom with fireplace and walk-in closet.” ‘Nuf Said.
Image: Cougar, Arizona-Sonora Desert Museum. Original work by Wikipedia User Cm0rris0n. GPL Free Documentation License, via Wikimedia Commons.
May 23, 2008
Does anyone go to open houses on Memorial Day Weekend? Nah…. Better a barbeque, a bike ride or a trip out of town. In fact, sellers seem to be doing mostly just that. But for diehard buyers I’ve found:
11 Warwick Rd, #2, $675K, Brookline
BEDS:3/BATHS:1.5
SQ.FT:1541
Sunday, May 25, 2008 2:15 PM - 3:30 PM
120 Brook Street, #3, $349K, Brookline
BEDS:2/BATHS:1
SQ.FT:640
Sunday, May 25, 2008 12 PM - 2 PM
137 Lake Shore Rd, #1, $284,9K, Brighton
BEDS:2/BATHS:1
SQ.FT: 820
Saturday, May 24, 2008 12:00 PM - 1:30 PM
2 Michael Rd, $525K, Brighton
BEDS:4/BATHS:2
SQ.FT: 1890
Sunday, May 25, 2008 3:00 PM - 5:00 PM
May 23, 2008
Remember the days before Redfin, when looking at real estate involved searching Craig’s List Real Estate and cursing listers who didn’t post pictures? And before that, the pulp print “Free Real Estate Guide,” which sat in every subway station and in every Subway restaurant? Progress….
158 Park Street in Beverly is just what it looks like: a bachelor pad, super convenient to the local watering holes and restaurants. For $119,900, you probably won’t see anything better — it seems well-apportioned, and near the Beverly Depot. Of course, it doesn’t have to be a bachelor pad; it could be the garret of an auburn-tressed radical feminist poet, too — and there she might pen such words as to shake the murderous patriarchy to its knees!
Are you an 80’s brat who dreamed of living in a loft? 24 Norman Street #301 is 672 sq. ft. for $82,500 is worth a look. Bank owned, and as-is, so be wary and be prepared for some runaround — bank repo reps are as helpful as agents. Bank owned or not, there’s no excuse for not posting interior pics! Still, if it’s under-marketed, it could be an even bigger bargain for the patient hunter.
20 Conant is another bank-owned property with potential. In this market, I’d low-ball like crazy on any substandard, bank-owned property. It says “total rehab,” but I see signs that someone already started on this 1850s beauty. It’s impossible to get water views this close to Boston for under $190k any other way. Offer $120k, then see what happens. Banks have HUGE inventories of foreclosures right now, and I bet most of them are wishing they’d found another way to deal with their ailing customers before reaching this point. Offer $110k. And let me know what happens!
Once again, if the utilities are turned off, you don’t know what you’re getting — even a pro can only guess. So, in this market, bargain like the plumbing, heating and wiring need to be gutted, if you can’t test them. And remember that they kicked an owner out of the property — you don’t have to feel bad for playing hardball in negotiations with a big, irresponsible corporation. But also have a plan B for move-in day, in case all that stuff needs to be fixed.
Open Houses in Beverly (and everywhere) Are Now Searchable! Yeah!
Sweet Digs Boston Home
May 22, 2008
If you go to the Redfin property search bar, you may notice that at the bottom of the second column there is now an option to search for open houses on any given weekend (so long as the seller has posted the open house). This makes things WAY easier, no?
19 Balch is a decent sized colonial in a great locale for $280k — this is one pretty house! Open 12:30-2 on Sunday the 25th.
206 Brimbal is a funky little place on a BIG lot that claims to be excellently maintained. Saturday 12-2. An open house on the North Shore on a Saturday? WAY!
17H Atlantic Avenue #17 is a 2000+ sq. ft. townhouse for $329,900. Amazing digs for $158/sq.ft. in such a nice place — I LOVE the bathroom! Open Sunday 12-2.
Image inks to source.
