Boston Real Estate Blog

1892 Grand Brookline Victorian with amazing potential for developer or rehab specialist. Lots of original restored ornate woodwork and classic detail. Features 16 Rooms with 8 Fireplaces 9 Bedrooms 4.5 Baths. New composite deck. Servant wing with kitchen and full bath. Beautiful 4 car garage with walk up loft.

List Price $1,975,000

MLS# 71100877

Square Footage: 7286

Taxes:  $18,375.00 FY 2010

Exclusive Listing Agent: Herbert Rikeman

Reside Real Estate Company 45 Newbury Street Boston 02116

Direct 617-930-4800

contact@resideboston.com

www.bostonerealty.com

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  I am current on my MassHousing preapprovals but please be aware that many borrowers may have an outdated preapproval which will undoubtedly cause problems during the loan process.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

 

 

 

 

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 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