Boston Real Estate Blog

Kendall Square, home to MIT, has long been known as the center of biotechnology and computers.  There are more Nobel Prize winners living per square foot than any other area of the world.  Kendall Square is the home to companies such as Genzyme, Microsoft and Google as well as many start-ups.

Centrally located between Harvard square and Beacon Hill Kendall Square is 5 minutes away from the best museums, restaurants, and nightlife Boston and Cambridge have to offer.

Seeing potential in Kendall Square’s location and industry developers, with the city’s encouragement, have began to build more residential projects in the area.  Two notable projects I recently visited are Third Square and The Watermark.  Both are brand new modern buildings offering luxurious finishes and amenities.  Both feature a fitness center, 24 hour concierge and lounge but  they come in very different packages.

The Watermark is a LEED Certified Green building.  All the appliances are Energy Efficient.  The paints and finishes used in the building emit dramatically fewer VOC’S (volatile organic compounds) than traditional finishes.  The carpets are free from formaldehyde, a substance used to make most carpets stain resistant.  These factors make for superior indoor air quality.  The tower boasts amazing views of Boston’s skyline and the Charles River.  From the sunny apartments one can see the sailboats and the esplanade.  At night the buildings light up the skyline.

Third Square is designed in a courtyard formation.  Two fitness centers and an indoor lap-pool overlook the sunny, beautifully landscaped courtyard.  The building’s low-rise massing, and mixed-use of retail and residential create a really strong  community.  In the summer the residents enjoy barbecuing in the shade.  The courtyard provides a little oasis from Kendall’s urban atmosphere.

If you are interested in taking a tour of these buildings or other full service listings please call or email me today.

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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

Get Ready the W Hotel will open its doors to guests in just a few short weeks. I think its and iconic brand and will be very sucessfull. I am hoping to book a room for the holidays just to check it out. It is so close to all the nightlife in the Theater District including shows at the Wang Center. Im sure the trendy lobby bar will be a future hot spot as well. Also the W Residences come online soon.  If you are at all interested in the condos for sale at the W Residences  I can send you  floor plans and marketing package if you need. Do not hestitate to call me Herb Rikeman 617-930-4800 or Toll Free 877-580-5005 or contact@rikemanre.com www.bostonerealty.com

Luxury renovation to a turn of the century Grand Cambridge Colonial by local master craftsman. Unit on 2nd floor Features 2 Bedrooms/2 full Bathrooms all red oak hardwood floors, eat in kitchen with cherry cabinets, granite tops, and GE Profile SS gas appliances, Moen sinks and faucets. Marble master bath with Toto and Kohler fixtures w/ granite. Central Heat and A/C. Washer& dryer. Extra Storage. Private deck and deeded parking.

MLS# 70970823 Contact: Herb Rikeman 617-930-4800 for more info. 

The housing slump and the credit crunch continue to take a toll on Boston’s condominium market.

“High-worth individuals who are the potential buyers of luxury condos watched as their stock market portfolios were decimated by as much as 40 percent in the last year,” said Michael Albano, broker-owner of Metropolitan Boston Real Estate. “They’re waiting for it to rebound before they pour money into real estate.”

Sales of luxury condominiums priced at $500,000 or more fell by 39 percent for the first seven months of the year to 409, from 673 for the same period one year ago, according to the Warren Group.

For some of the developments, the prices are still too high, according to one buyer’s agent. FP3, the 89-unit building in the city’s Fort Point neighborhood, has struggled to sell units priced up to more than $2 million.

“I’m the biggest fan of FP3, but the prices are out of whack,” said Anthony Longo, owner of Boston.CondoDomain.com, an exclusive buyer’s agency. “People will buy it, but they want to buy at very low prices.”

Timothy Warren Jr., CEO of the Warren Group, noted that sales of Boston condominiums in all price ranges are off by 33 percent compared to last year and the median price has fallen by 10 percent to $500,000.

“It’s not just the upper end that’s not selling,” he said. “But high-priced condos are bankers’ least favorite thing to invest in these days.”

Boston Hearald Report