Boston Luxury Real Estate Insider Blog

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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

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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

Yes, It’s true! How would you like to live in a full service luxury building with a roof-top pool, fitness center PLUS an included parking spot for under $2000

These apartments were all recently renovated and offer:

*Roof-top Pool
*Great location
*Terraces
*24 / 7 Concierge and Security
*Stainless Steel Appliances
*Marble Countertops
*Underground Parking (INCLUDED!)
*Fitness Facility

These apartments, just like 90% of our rental listings have NO REALTORS FEE.

Call our office today at 617-236-5005 and we can arrange a showing of these beautifully renovated apartments.

The W Boston makes its dramatic entrance into the fashionable and storied theatre district, an icon of contemporary sophistication where culture, shopping and nightlife buzz amid cobblestones and a Victorian landscape.

Where New England warmth meets cosmopolitan cool, indulge in epicurean delights at our world-class restaurant and delectable libations at the seductive bar or cozy Living Room. To unwind, rejuvenate at the indulgent spa or work it off at SWEAT®.

Inspiring. Iconic. Innovative. Influential. Every W Residence is a new chapter in a storybook encounter of style, and we have created our Residences to be unique and individual expressions of modern living. The artistry of our architecture coupled with the whimsy within, influences of old and new, local and global, come together in playful wonder. W Residences are designed to accentuate qualities indigenous to our locations, creating a unique, balanced relationship with our environment.

Live the W life, from New York to London, Hollywood to South Beach, and all points in between. You can live the W dream 24/7/365. 

Doors open on October 22, 2009, and are accepting reservations for stays on or after November 15, 2009.

If you are interested in the W Residences please contact us at contact@rikemanre.com or www.bostonerealty.com for more info prices and floor plans.

W Residences