Boston Luxury Real Estate Insider Blog

 

The tough hi end boston luxury real estate market is turning to unconventional methods to sell some properties. Check out this Boston Globe article about the first luxury single family to hit the auction block on March 3 2010. Article courtesy of the “Boston Globe”

When developers Peter and Elizabeth Georgantas paid $2.25 million for a dilapidated 1860s Beacon Hill brownstone about four years ago, they saw the potential for a hefty profit. But in September 2008, just as the couple put the 5,700-square-foot building up for sale for $8.95 million, the luxury housing market froze like the Charles River in February. As the house sat vacant, the couple reduced the asking price to $7.95 million months later and then again, last year, to $7 million, with no serious offers. Hoping to motivate buyers, the Georgantas are now putting the townhouse up for auction with a minimum bid of nearly $5 million, a rare event in this historic and exclusive part of the city that will be closely watched by others in the real estate industry who are frustrated with the stalled high-end market. While there have been an increasing number of auctions of luxury condominiums in the Boston area, this is the first auction of a high-end single family in Beacon Hill in recent memory. The Georgantas purchased the Brimmer Street property and an adjacent building for $4.5 million with plans to return the 18 rental units back into two elegant single family homes. The March 3 auction will be done in tandem with a two-bedroom, 2,400-square-foot condominium on nearby Lime Street that was last listed for $1.8 million and will sell for a minimum bid of $1.2 million. Great Rock Auctions, a newly incorporated Boston-based auction firm that focuses on high-quality real estate, will hold the auction in the Brimmer Street home.

Jon Gollinger, chief executive of Accelerated Marketing Partners, the Boston firm that ran The Bryant Back Bay and Nouvelle at Natick auctions last year, said the Brimmer auction will likely be a “watershed event” for single family homes in downtown Boston.

If you are interested in luxury homes or condominiums at auction feel free to contact us at contact@rikemanre.com www.bostonerealty.com www.luxreblog.com 617-236-5005

Just a bit of real estate news from down South. Florida was hit hard with foreclosure sales, then short sales. Now more and more sales of half-finished homes. Lots of bare-studed houses abandoned by their builders are sitting on market. Of course, purchasing a partially built home is nothing new. During the housing boom, many new-home buyers signed purchase contracts before a contractor had even poured a slab. But now, the contractor might no longer be around to finish the job, particularly if a deal involves a custom home. You should consult a general contractor before purchasing an unfinished home anywhere. Here in the Boston area we are not seeing this kind surplus as new construction homes in the area have dropped to its lowest inventory in 40 Years. Thinking of puchasing a new construction home? Feel free to ask questions. I have sold many new construction condos and single family homes in the past and they are all a challenge. So be sure to have the right buyers agent to represent you when buying.

617-236-5005 www.bostonerealty.com www.luxreblog.com 

New Construction Condos Boston

Homeowners insurance is a must have with the purchase of a home. Most lenders require it. So you should make sure you have the right coverage including coverage for personal items. I recommend you review your policy with your agent or provider to make sure you are properly covered for fire, water damage and liability. I also found this article on the Boston Globe website that is helpful: http://www.boston.com/realestate/news/blogs/renow/2009/12/homeowners_insu.html 

You can also contact our recommended insurance agents:

Peabody Insurance 116 Main Street Peabody Ma 01960 Agent: Richard Disessa. Phone 978-531-9863 Fax 978-532-1272 Email: peabodyinsurance@comcast.net

Gaurd Insurance 279 Mount Aburn Street Watertown Ma 02472 Agent: Vickie Fotopoulos. Phone 617-926-4000 Fax 617-926-8334 Email: Vfotopoulos@guardinsure.com

 

The new Post 390 Restaurant Located at The Clarendon building on the site of the former Back Bay Post Office Annex, will be a new hot spot for South End and Back Bayers alike. Nestled on the the corner of Stuart and Clarendon Street it has the comfortable feel of a ski lodge in Aspen Colorado. There is a large gas fireplace, huge open wine cellar and open kitchen to admire.  The bar is hopping with12 Beers on tap and over 200 wine selections. The food is American classics with a twist like the the beer and bacon macaroni mmm good. I look forward to spending as much time here during the cold winter ahead. As always i will continue to post on Boston’s new hotspots. Dont for get to check us out on our websites. www.bostonerealty.com and www.luxreblog.com

Robert A.M. Stern became famous for his signature modern-traditionalist style.  Stern was a pioneer in the post-modern movement.  An architectural style and attitude which brought the warmth and charm of traditional architecture to modern construction technology.

Stern was the perfect choice to design Back Bay’s first luxury residential tower.  The Clarendon sits on a previously underdeveloped parking lot diagonally across from The Prudential Tower.  Stern uses the massing of the building and uses Back Bay’s traditional brick to stitch together the neighborhood.  The magnitude of this 32-story tower is mitigated by Stern’s careful attention to scale, proportion and material.  The massing of the building was also studied to help alleviate the wind tunnel effect from the neighboring Prudential.   The ground floor houses a popular bar and a post office which helps to extend the neighborhood and nightlife of Back Bay.

The Clarendon is also one of very few ‘green’ residential towers in the nation.  Deciding to go green can add significantly to the construction cost but the trade-off is a safer, better quality, longer lasting and more comfortable building.  Building a green building means not only using recycled materials and using energy efficient appliances but also following stricter health and air-quality standards.

The building has both condominiums and rentals units available at One Back Bay. They are appointed finest finishes and appliances and boast luxurious amenities.  There are many different floor plans to fit a variety of lifestyles.  The location and height of the building grant it some of the best views of Boston and provide ample natural light. A world famous architect, prime location and green construction insure The Clarendon will remain one of Boston’s most desired addresses for decades to come.

If you are interested in any unit  for sale or lease please contact William Carr or Herb Rikeman buyer’s agents Direct- 617-236-5005 Cell-781-859-9805 Toll Free 877-580-5005 williamc@rikemanre.com contact@rikemanre.com  www.bostonerealty.com  www.luxreblog.com

 

The Good news for first time home buyers is tax credit extended for sure. Congressman Maurice Hinchey helped secure legislation that will extend the $8,000 federal tax credit for first time home-buyers, and create a new $6,500 tax credit for people who have bought a home in the last five years. Hinchey says it was important to extend this legislation through April 30th of 2010, because it’s been a successful law so far.”It provides opportunities for people to buy homes who wouldn’t have the opportunity, because the $8,000 provides them with the incentive they need, and the additional financial help they need to actually buy that house,” said Rep. Maurice Hinchey, (D) 22nd District. Hinchey says he doesn’t know if there will be another extension, because it all depends on the program’s success.

 

We checked in with our lending specialist Jason Deeb at MSA Mortgage and here is what he sent us to help understand the process.  Jason Deeb says with the recent extension of the First Time Homebuyer Tax Credit, after consulting with many MSA clients who purchased a home for the first time and had difficulty visualizing the process. Many of our clients have found our flow chart extremely helpful so I wanted to pass it along to you to forward to your clients. Please let me know if I can send it to you or if you have any questions. Contact Jason Deeb Senior Loan Officer Direct: 781.486.7143 Cell: 917.721.2111 Fax: 781.245.7373 Email: jdeeb@msamortgage.com

Now is the time to rent in Boston.  With so many brand new building developments such as 1330 Boylston Harborview Charlestown; and Trilogy, recently completed there is a greater supply of luxury apartments than demand for them.  As a result, many buildings are offering very attractive incentives to renters.

Archstone Avenir is offering two months free on a 13 months lease.  This adds up to some big savings.  For example, a 1 bedroom which typically rents for $2,500 per month would now rent for $2,115.  A savings of $5,000 over the term of a 13 month lease.  Archstone is also paying the full broker’s fee, which is an additional month’s rent.  Essentially, you are getting 3 months rent for free.

Archstone Avenir is offering renters some of the most aggressive incentives but many other properties are following their lead.  Buildings, all over Boston, which historically had few available apartments are now offering one or two months free, reduced parking rates and waiving amenities fees.

For the most up to date incentives on all of the luxury buildings in Boston please give me a call or email me Bill Carr 781-859-9805 williamc@rikemanre.com

The Intercontinental Residences on the waterfront has almost sold all of its 130 condomimiums. Only 9 left for sale. The 5 star residential services and the amazing Boston Harbour and Outer Island views has attracted people to this luxury building on the waterfront. Concierge, Spa Fitness Center and Pool, Restaurant & Lounges are top notch. Located right on the Rose Kennedy Greenway Park. I recently toured the remaining units. The 4 Bed 21K unit  with roof terrace Penthouse has the most amazing waterfront views I have ever seen. Breathtaking Boston Harbour Views. Still available: 

 One Bedrooms From $895K

Two Bedrooms From $1,150,000 Mil

Three bedrooms From $ 2,595,000 Mil (one left)

Four Bedrooms From $5,950,000 Mil

3 Furnished models also available.

If you are interested in any of the remaining units for sale please contact Herb Rikeman buyers agent Direct- 617-930-4800 Toll Free 877-580-5005 contact@rikemanre.com www.bostonerealty.com www.luxreblog.com