Reside Boston News Blog

A negotiation expert was only necessary when the “two sides” are relatively close in power. When one side is particularly powerful or one side particularly vulnerable, there is little point in negotiation.

It is my experience that when there is significant disparity in the power of the parties, negotiating skill is very significant. I have spent most of my adult life negotiating real estate transactions, and it is the negotiator who makes the difference — not the power of the parties. 

A good negotiator is not a steamroller; a good negotiator is a fine-tuned instrument who can evaluate needs and wants and match each participant’s needs to the available capital. The more powerful the opponent, the more delicate the touch required. The good negotiator works to find the goal of the opponent and uses that to the advantage of the client. You may not win the battle, but artful negotiation will win your client a better outcome.

We are truly an advantage in your real estate buying without question.

Please feel free to talk to us more about our negotiation skills available to you and how you can benefit from a top negotaitor. 

“The Reside Real Estate Team are experts”

www.resideboston.com www.bostonerealty.com

Luxury lofts 2011 Report South End Boston

South End’s Washington St. is now called by many local foodies “the new restaurant row.” Indeed, with restaurants such as Union, Stella, Toro, and Myers & Chang’s run by renowned chefs and getting rave reviews, people are drawn outside of Newbury St. and Tremont St. to seek adventures for taste buds. Harrison Ave., where the hot SoWa Open Market takes place and home to dozens of art studios, galleries and trendy furniture stores, is just one block away. Also on Washington St. is the dog-friendly Peter’s Park, which offers beautiful city gardens, playgrounds, and sports fields. With its T accessibility and close proximity to elsewhere in town (neighboring Back Bay, Financial District and close to 93 Expressway and Mass. Pike exits), it’s no wonder it is gaining attention from renters, home buyers and investors alike. Developers have long before realized the potential of this neighborhood and built some fine residential developments in recent years.

In 2000, Laconia Lofts (located at 1200 Washington St.) welcomed new residents to its unique loft homes. More luxury loft condominiums were built a few years later including Wilkes Passage at 1313 Washington St., Gateway Terrace at 1166 Washington St., and Penny Place at the old Penny Savings Bank on the corner of Washington St. and Union Park. These modern homes are simply upscale urban loft living at its finest. Sleek designs feature high ceilings, oversized windows, open, bright living space, concrete or hardwood floors, and are finished with high-end touches including gourmet kitchens and tastefully done bathrooms. These buildings also have concierge service, 24-hour security and underground parking.

For more information on these loft-style condos and current sales and rental listings in the South End please contact us. We can help.

Luxury Agents: Sharon Chen & Herb Rikeman

Email: sharonc@resideboston.com or contact@resideboston.com

Cell: 617-448-8382 or 617-236-5005 

The Belvedere Condomimiums One bedroom located on the 4th Floor facing the reflecting pool. Unit features kitchen with gas cooking granite counter tops, Sub Zero, hardwood floors, A/C and washer dryer in unit. Beautiful city veiws of the Prudential Center. Building has Resident Library and Dining Room. Exceptional 24/7 Concierge and Security. Common Roof Terrace and One Garage Parking Space. Sorry No Pets No Smokers.

Asking: $3800.00

Available: Now

1 Garage parking space included

Term: 12months

Contact Listing Agent: Herb Rikeman contact@resideboston.com  www.resideboston.com

617-930-4800 direct tel.  

Mortgage Rates:  Since the last Mortgage Market update, mortgage pricing has rocked back and forth with little to no change in rates.  Given some of the soft economic data and continued demand for US Treasuries, we still expect rates to stay flat over the near term.  Below is a sample of some of our key rates for a 740 FICO and 80LTV borrower w/ no points with the month over month changes in red:

Home Sales Data:  Existing Home Sales were 0.6 percent lower in February led by a 4.8 percent decline in condo sales. Median home price fell 1.8 percent and total existing inventory rose 9.8 percent (yikes). While these stats are discouraging, they do not imply significant weakness as much as they imply continued stagnation after a busy summer buying season and the dreadful weather in the Northeast recently.   On the bright side, this sentiment should help keep mortgage rates low from a historical perspective but the road ahead will be bumpy at best.      

Program Updates:   Effective April 1, 2010, MassHousing will be lowering the maximum Loan to Value from 100% to 97% on one unit and condo properties. All applications with Loan to Values greater than 97% must be dated before March 31^st, 2010 and be closed and funded by May 31^st, 2010.  I am current on my MassHousing preapprovals but please be aware that many borrowers may have an outdated preapproval which will undoubtedly cause problems during the loan process. 

Underwriting Updates:   The rate of litigation against condo associations has been increasing which can potentially cause problems during the loan process.  Although most of the litigation is minor in the amount of damages sought and an exception can be granted, there is still a few pieces of documentation that needs to be collected that can cause delays. Specifically, there may be additional information needed by the attorney representing the association and/or court papers.  It is advised to ask the following questions

• Owner occupancy? (ideally 50% or more)
• Year Association was established? (ideally 3 years for limited review)
• If one investor owns more than 10% of the units?
• If there is any pending litigation AGAINST the association?

All of these questions are included on the attached questionnaire which is attached for your review. However, it may save time to ask these 4 questions before a showing or making any offer. 

As always, please let me know if you have any questions or need any additional information. I look forward to a very strong spring season where we close many deals together.  If there is anything I can do to help please let me know.

Jason Deeb
Senior Loan Officer 

Direct:   781.486.7143
Fax:       781.245.7373

Mobile:  617.901.8405

Email:   jdeeb@msamortgage.com