Archive for August, 2008
August 11, 2008
If you really want a good deal on a house, look for houses that have been sitting on the market like stale donuts at the end of the day in a coffee shop. In fact, houses on the market for at least 94 days seem to offer the best deals, according to a Redfin analysis.
Houses on the market that long were 82 percent more likely to significantly discount their sales price. Sellers who lowered the price at least once were also 37 percent more likely to offer a healthy discount. In other words, if you’re thinking of making a low-ball offer, your best chances are not with a spanking new listing— old listings are more successful.
Impressed by the Redfin report, I thought I’d take a closer look at Brookline and Brighton. I found more than a few likely suspects — houses that have been on the market for more than 90 days that have also dropped their prices at least once.
In Brighton, many of the properties in this category are basement units, investment units, or high-end luxury condos.
In Brookline, homes meeting this criteria run the gamut: a basement apartment, some new construction, and even a converted church. If the Redfin report is true, it suggests the owners of the following homes may be ripe to offer a good deal:
90 Park Street, #14
Brookline
BEDS:2/BATHS:2.5
SQ.FT:1429
$660K
On market for more than 140 days.
Comment: Evidently, a lot of people don’t want to spend their lives in church.
75 Winchester Street, #201
Brookline
BEDS:2/BATHS:2.5
SQ.FT:1710
$795K
On the market for more than 200 days.
Comment: New construction that apparently started off too high.
797 Washington Avenue, #1
Brookline
BEDS:2/BATHS:1
SQ.FT: 1500
$429K
On the market more than 120 days
Comment: Again, Looks as if they started off much too high.
244 Brighton Avenue, #206
Brighton
BEDS:2/BATHS:1
SQ.FT:1015
$406,500
On the market for more than 130 days
Comment: The proximity of Allston Village is both a blessing and a bane.
33 Brainerd St. #31
Brighton
BEDS:2/BATHS:1
SQ.FT:902
$374,900K
On the market for more than 120 days
Comment: This penthouse condo with private roof deck is pretty cute — maybe its time has come?
Hitting the Links
Boston Sweet Digs Home
August 10, 2008
I bet these are the same people who who think it’s ok to park next to the door at the supermarket because they’re just running in for a couple of items. [Allston Brighton Community Blog]- The latest victims of “Extreme Makeover: Home Edition” have thirty more days before they lose their home. [The Real Estate Bloggers]
- Some buyers at the Broadluxe might be able to negotiate better prices. [The Boston Condo Blog]
- Is the price of oil driving people from the suburbs? [Boston Real Estate Blog]
- Did James Brown save Boston? [Loaded Gun]
- The MBTA filed suit against MIT and a bunch of students who cracked the Charlie Card. Instead of trying to hush the students, the T should focus its resources on fixing the problem. [Universal Hub]
- Freshen up that bathroom, yo. [Home Staging Blog]
- Stephanie’s is coming to the South End. [John A Keith]
- Competing with the neighbors can be brutal. [The New York Times]
Dine and Dash: The Polish Triangle and Cafe Polonia
Boston Sweet Digs Home
August 8, 2008
In all my years in Boston, I never heard of the Polish Triangle until I began research for this post. I heard about a Polish restaurant, Café Polonia, but never made it out to South Boston to give it a shot. I decided this weekend would be a pretty good time to give it a try, so I did a bit of online snooping, and while looking Polonia, I found several polish businesses and the Polish-American Citizens Club.
With a bit more research, I found out Boston has an active Polish community in the aptly-named Polish Triangle, a small neighborhood straddling Dorchester and South Boston bound by Dorchester Avenue, Boston Street and Columbia Road. It’s a neighborhood I drove by hundreds of times, never knowing much about it.
One of the reasons waited so long to get to Café Polonia is because I gave up driving. I take the T, and the Red Line isn’t all that convenient for me; however, once I get to the Andrew or Columbia/JFK stations, the neighborhood isn’t far.
Be sure to notice the size of these condos; none of them break $300 per square foot. One barely breaks $200 per square foot
19 Bellflower Street, #2
Dorchester 02125
Beds: 3/Baths: 2
SQ.FT.: 1900
$395,000
Open House: Sunday, August 10, 12pm – 1:30pm
17 Roseclair Street, #4
Dorchester 02125
Beds: 2/Baths: 2
SQ.FT.: 1560
$419,000
Open House: Sunday, August 10, 12:30pm – 2:00pm
797 Columbia Road, #2
Dorchester 02125
Beds: 3/Baths: 1
SQ.FT.: 1200
$285,000
Open House: Sunday, August 10, 12:30pm – 1:45pm
This house is on the opposite side of one of the border streets, so depending how the neighborhood is defined, it may or may not be part of the Polish Triangle.
Hitting the Links
Boston Sweet Digs Home
August 8, 2008
No, I’m not going to talk about the Fannie Mae thing. Sure, it’s a couple billion in the red this quarter, but whatever. It’s huge. It can take hits like that. It’s improving its lending rules. No more Alt-A’s. Everything will be fine, because if it isn’t, we’ll have bigger things to worry about.
But assuming the economy doesn’t collapse, everyone who is sick of seeing that estate in Cohasset come up as Boston’s most expensive property can now rejoice. It seems Ofer Nemirovsky, a local purvey of hedge fundament at private equity firm HarbourVest, has amalgamated several properties on the corner of Comm and Exeter to create this $23 million dollar home.
Of course, it’s not for sale, but you could buy a property nearby, and then stop by, asking to buy a cup of sugar, as neighbors are wont to do. It’s not like you’ll crowd the place; it’s 24,000 square feet, with amenities like 15 bathrooms, six parking spaces, and an indoor Thunderdome basketball court.
Open Houses nearby (empty cup for sugar not included):
180 Commonwealth Ave #A
Back Bay, MA 02116
1 Bed, 1 Bath
812 sq. ft.
$629,000
Sunday, August 10, 2008 12:00 PM – 2:30 PM
233 Commonwealth Ave #6
Back Bay, MA 02116
1 Bed, 1 Bath
806 sq. ft.
$525,900
Sunday, August 10, 2008 1:00 PM – 2:30 PM
251-253 Marlborough St #7
Back Bay, MA 02116
3 Beds, 2.5 Baths
2,621 sq. ft.
$2,199,000
Sunday, August 10, 2008 11:00 AM – 12:00 PM
Why Harvard Needs to Bail Out the MBTA
Boston Sweet Digs Home
August 8, 2008
Don’t. People are going to be glued to their sets, or installing HDTVs, watching Romanians yell at teenagers or whatever. I’m not really into sports. But I did see a number of open houses during football season when we shopped for our house. We were often the only ones out on game days. The conventional wisdom that Sunday is a better open house day than Saturday goes out the window when men in helmets go chasing after balls. But with 24-7 feeds of the Olympics…good luck, sellers.
I did notice, however, that when agents made a house into a sort-of-party, the place generally felt — well, like home. The sellers turned on the plasma screen, and put out a little party food, and people spent time in the space. It became warm and friendly. This kind of touch is part of what sold a really nice, but incredibly small, “condo alternative” in my neighborhood. I think the agent used a bag of chips, a Trader Joe’s salsa tub, and a couple of bits of Patriots kitsch, and the house seemed like a place where your friends would gather. I’m a nerd from Pennsylvania, and even I liked the atmosphere this created.
Anyway, here are some sellers and sellers’ agents who are braving the Olympics Week couch gravity; give them some love, and go get some personal attention.
21 Proctor Street
Salem, MA 01970
Beds: 5/Baths: 3
SQ.FT.: 2300
$ 349,900
Open House: Sunday, August 10, 2008 2:00 PM – 3:00 PM
23 Station Road
Salem, MA 01970
Beds: 2/Baths: 1
SQ.FT.:842
$259,021
Open House: Sunday, August 10, 2008 12:00 PM – 1:30 PM
24 Davis Terrace
Salem, MA 01970
Beds: 4/Baths: 2
SQ.FT.:1728
$334,900
Open House: Saturday, August 9, 2008 1:00 PM – 3:00 PM
Boston Sweet Digs Home
New In Salem In Early August
August 8, 2008
These are the dog days of summer. And I’m not just talking about the heat.
In the housing market, according to Rona Fischman, this is the time of year when all the dogs are still hanging around looking for a little affection. You see, all the prime properties got snapped up in the spring, like cute little puppies at the pound. New listings, on the other hand, are drying up, as city-weary sellers take off for a little R and R before things rev up again in the fall. What remains? The “summer leftovers” — unattractive and overpriced properties that only a seller could love. Woof, woof!
So is it true? Well, on this side of town, I’m happy to report that while there may be no dearth of unattractive properties still clogging the market, there is also no shortage of fresh new listings with some promise. In Allston-Brighton, more than a dozen new listings have come on the market in the last two weeks. In Brookline, more than two dozen.
Here are a few of the young pups hosting open houses this weekend:
57 Addington Road, #1
Brookline
BEDS:5/BATHS:3
SQ.FT:2495
$779k
O.H. Saturday, August 9, 2008 12:00 PM – 2:00 PM, Sunday, August 10, 2008 12:00 PM – 2:00 PM
401 Washington Street, #6
Brookline
BEDS:2/BATHS:1
SQ.FT:885
$385K
O.H. Sunday, August 10, 2008 2:00 PM – 3:30 PM
116 Englewood Avenue
Brighton
BEDS:1/BATHS:1
SQ.FT:705
$249K
Sunday, August 10, 2008 12:00 PM – 1:00 PM
On the Market: Big Houses in Allston
Sweet Digs Boston Home
Image: www.freedigitalphotos.net/
August 7, 2008
Neighbors cleaning up their city. [Allston Brighton Community Blog]- Be sure to get the stink out of your house before you try to sell it. [Boston Globe]
- Nine other important projects to complete before you try to sell. [Zillow Blog]
- Who knew Boston had co-ops? [Lower Dot]
- Boston owns 210 acres of Burlington and Woburn, but Burlington and Woburn want it back. [MetaBoston]
- Tim Pappas, developer of the Macallen Building, wants to build a Hollywood-style production facilities in South Boston. [Condo Domain]
- Bravo’s Million Dollar Listing “star” busted for art theft. [The Real Estate Bloggers]
- Home owners really think a lot of the value of their homes. [Boston Real Estate Blog]
- Downtown Crossing is seeing a little bit sunlight these days. [Boston Condos]
Why Harvard Needs to Bail Out the MBTA
Boston Sweet Digs Home
August 7, 2008
There’s no question that the MBTA is completely effed. But there’s also no question that the MBTA is completely necessary.
For people living downtown, the T is a convenient, if somewhat eccentric amusement. “Should we walk, or do we have time to take the T?” is oft-overheard during long headways, waiting on a C-branch trolley out to Washington Square or the Orange Line to Back Bay Station. If push came to shove, a $20 cab fare or a $60 tank of gas would be no skin off the nose of your average downtowner.
But for many more people in the Boston area, those are serious expenses. A growing number of people are finding that an MBTA pass is the only economically viable commuting option, and regardless of whether the better off like to admit it, the economic future of everyone is intertwined. If low-wage workers from outside the city center can’t get to work, no buildings get built, and there’s no one to make the donuts.
This being Boston, there’s no shortage of informed opinion on how to fix the problem. But the T, an early victim of the market overconfidence that eventually crippled the mortgage industry, is in hock to the unpleasant tune of $8.1 billion dollars. The T’s GM, unassailable Smilin’ Dan Grabauskas, says a huge fare hike is the only solution, though he’s probably trying to drum up public support for a bailout.
Thing is, the Commonwealth already overspent itself, and thanks to a powerplay between our Governor and the Speaker of the House, there’s no new revenue. But I just so happen to know a place out in Cambridge that has an image problem, a vested interest in the stability of the MBTA, and a few billion dollars to burn.
Rather than cave to pressure to tax Harvard’s $35+ billion endowment, which could end up hurting the Boston area in the long run, the Commonwealth could politely suggest a one-time reinvestment in the community’s transportation infrastructure. The donation could help resolve several long-running disputes between the University and the T, and further cultivate the populist image the Crimson has been trying to attach to itself recently.
Why is this relevant to the housing markets in Back Bay and Beacon Hill? Because a dysfunctional MBTA hurts downtown the most. More and more companies will move out of the urban core and into suburban or virtual offices if current physical plants become too difficult to maintain. That gives potential buyers one more reason to settle into restored colonial farmhouses in Concord, where they can spend time with their kids and conduct business in their PJs.
With all those lost jobs, revenue moving out of the city, no way to get new business in, and a credit crisis that many predict will only get worse, Urban Decay, Round 2 could make the 60′s and 70′s look like a CareBears flick. That’s bad news for Harvard, bad news for the Commonwealth, and most definitely bad news for Beacon Hill.
Back Bay Foreclosures in our Future?
Boston Sweet Digs Home
August 7, 2008
There’s a bunch of new stuff out there this week. The first one has me curious — a 3 bedroom single-family that is a) tiny and b) $189k. Not a lot of info at the time of this posting, but it should fill out as they upload pictures and what have you. It’s FSBO, and cheap — which is a good sign.
11 Read Street
Salem, MA 01970
Beds: 3/Baths:1
SQ.FT.: 814
$189,000
A plain house, but with major eye candy at The Willows — for under $300k!
78 Memorial Drive
Salem, MA 01970
Beds: 3 /Baths: 1
SQ.FT.: 1240
$ 299,900
Last, a nice, well-situated condo at a very reasonable price:
31 Symonds Street, #8
Salem, MA 01970
Beds: 2/Baths: 1
SQ.FT.: 740
$ 154,800
Happy Hunting!
(Image links to source; this is Salem after the 1914 fire.)
Boston Sweet Digs Home
The Wingaersheek Inn and Motel
August 6, 2008
Now really is the time to fall in love with the North Shore and Cape Ann. The weather’s warm enough to make swimming in the briney North Atlantic downright sensible, and on clear days the views up here are as dazzling as they are anywhere on the East Coast.
The jewel of the beaches in my immediate area is Wingaersheek Beach in Gloucester. Picture huge sand-smoothed rocks, tidal pools, grassy dunes, white sand, gulls and cormorants and acre after acre of shallow surf. Wingaersheek was voted the best beach in New England for children in Yankee Magazine’s 2003 issue.
The Wingaersheek Inn & Motel is just off of rt. 128, at about the point where the last of the traffic disappears, and might be a nice place to use as a base of operations if you’re looking to move to the area. The Inn is a bit far from the actual beach, but you can’t get any closer unless you rent a house somewhere. Parking for non-residents and residents alike is very limited, and you even have to pay if you walk or ride a bike. But Wingaersheek is heaven.
In the off-season, the beach is very accessible. We go up on warmer winter days and kick around the rocks until we’re too cold, gather shells, get scolded by seagulls, threaten to throw each other in.
Romance.
Fresh Condo Listings
Boston Sweet Digs Home
