Daily News:

Hopes for real estate revival wilt
Bostonglobe
Full Article
With the key selling season for the real estate market nearing an end, the hoped-for rebound in Massachusetts home sales hasn't materialized. Salehttp://www.blogger.com/img/gl.link.gifs of single-family homes fell by as much as 9 percent in May from a year ago, accelerating from modest declines in April, according to data released yesterday.

Also in the news: Foreclosures - The State will get involved in the recent up swing of foreclosures in Mass. State officials and leading mortgage lenders are expected to meet today. What they will accomplish...? Not really sure - as there have been a lot of half-brained ideas and attempts to re mediate a problem that was started by half-brained ideas and mortgage policies unregulated by the government. My advise is learn from these and create new policies - not much we can do about the past.

Hot Office Market - sends office space upwards of $90 a sq.ft
Full Article

Top 5 Picks Over 500k:

700 Harrison Ave: unit 501
This 2 bed two bath in the brand new luxury building on Harrison has sold out all of its one - beds already. The building although was not a fan at the start has gained a lot of positive attention and if you are in the market for a 2 bed is something you must check out at a price point of 554 sq. ft. *(other lower level 2 beds in 480 sq.ft)

List Price: 599,000
1081 sq. ft
Parking Available



Channel Center:
Below 400 sq.ft! This unit is a steal...! Floor to ceiling windows amazing loft layout and over 1900 sq.ft of living space this is where I would live for the money. In the up and coming seaport district - The Channel Center has seen prices in excess of 600 sq.ft for units similar (the average for the building approx. 550 sq. ft).

Listing Price $769,000
Total Sq. Ft 1930
Deeded Parking



64 East Brookline St:
NYC Style Loft - High Ceilings - Penthouse Level - Fireplace - Private 200 sq.ft + roofdeck.
Living Area: 1282
List Price: 679,000
Condo Fee: 291




FP3:
With a wide variety of unit sizes and price points you can expect to be at 600 sq.ft and up for all units in this new luxury building. My take after seeing model and spending some time with sales staff is that the extra three floors that they are adding on the building - is going to be spectacular. I was very impressed with the finishes and overall layout. It is very modern and screams quality at every turn. If one was going to buy I would say your best re-sale position is in the top part of the building with the exclusive balconies.


Unit 701
1 Bed, 1 bath
961 sq.ft
630 sq.ft terrace
Approx: 700-800 sq. ft for upper level units
Call me for more details or check out website fp3boston.com




707 Mariner: unit 707
This unit features a balcony with sweeping views of Boston Harbor and downtown financial district. 2 bedroom - 2 full bath this unit would not leave you wanting much. Great location on waterfront near North End and walking distance to downtown financial district.

Living Area: 1232
List Price: 859,000
Deeded Parking included
Condo Fee: 800

It is def. a buyers market if you see something you like go after it and let seller know that you want it. Sometime showing interest and proving that you will close efficiently and timely can be enough for a seller to lower his or her price.

Mortgage Rates Unstable ...

Bank Rate
Full Article

The previous article is correct but after further research it is clear that even the experts are undecided on where the rates and the bond market will head...?

RISE AND FALL: The word to describe mortgage rates in the last week is: undulating. A week ago, the 10-year Treasury yielded 5.16 percent. It fell to 5.11 percent the next day, then rebounded over the next two days to 5.16 percent, then slid again. This morning, the 10-year yields 5.1 percent, the lowest it's been since the first week of June.

As the pros say, past performance is no indicator of future results, and that's the case this week. The economic calendar is full of items that could send bond yields and mortgage rates sharply up or down. (Or they could continue to undulate.)

CAUTION AHEAD: Because this week has so many economic releases that can influence mortgage rates, it's a good idea to be careful. There's a good chance that mortgage rates could plunge, but there's also a strong possibility that they could skyrocket. They might do both -- twice.

That means that whatever you do -- float or lock -- you're taking a risk. Make your decision with care.

Mortgage Rates have fallen.... (a lil) thank god

Full Article
Bankrate.com

Compare mortgage rates in your area
30 yr fixed mtg today 6.31% last week 6.35%
15 yr fixed mtg today 6.01% last week 6.04%
5/1 ARM today 5.96% last week 6.04%
30 yr fixed jumbo mtg today 6.53% last week 6.55%
5/1 jumbo ARM today 6.13% last week 6.13%

For specific programs and rates for your area click on full article above and check out the latest. This is a great sign for anyone in a pre-construction condo looking to close in next 90 days. Speak with your lender as sometimes they are willing to lock you in and float down the rate if it changes for the better at closing.

Dont let the market get the best of you...

WSJ online
Full Article

Rising Inventories increase pressure on Housing Market

Though existing home sales changed little in May, rising inventories could mean a worsening picture for the housing sector for months to come.

The 4.4 million existing homes on the market last month was up 5% from April and 24% from a year earlier. That represents 8.9 months of available supply at the current sales pace, up from 8.4 months of supply in April. Overall, sales of existing homes dropped 0.3% to 5.99 million homes on a seasonally adjusted basis, the National Association of Realtors said.

The facts do not lie there are more homes for sale than previous months. The state of home buying has slowed down - but it has not stopped. The market itself is not what concerns me but the consumer. The state of the consumer (the buyer and seller) that always worries me... Both buyer in seller are easily thrown into frenzies - (what do I mean?) - when the market is hot realtors push to buy quickly and pay whatever it takes or the house may be gone (which is true). ie. A associate of mine had a client go to a sellers home and offer an undisclosed amount more than the house was listed for cause of fear they would not get the house.

In down markets we push to lower prices and take what you can get while buyers are pushed to beat up the seller. The point is that a good product (apartment or home) priced right (aligned with legit comps) will sell in any market. The major difference is time: Sellers you will not be able make demands, rush buyers and will have to actually cater to the buyer ( as it should be ) - buyers you will have more leverage and more importantly time to make their very important decision.

In the end do not allow yourself to be put into a frenzy - try not to fall in love with real estate as most times it will not love you back.

Daily News

Go Green or Go Home
Full Article
City officials are making a major push to for energy conservation. Governor Deval Patrick will announce plans today for energy-efficiency and conservation measures - with help of NSTAR and National Grid.

Engel & Volkers Announces North American Growth Plan
The popular European Brokerage house Engel & Volkers is making a push to the states. With there Boutique esq. firms and a major expansion in other parts of the county E & V believe that there is a huge niche market for them in the United States.
www.engelvoelkers.com

Foreclosures Drift to Sun Belt from Rust Belt
Full Article

Zip City State Total filings
44105 Cleveland OH 783
30310 Atlanta GA 709
80219 Denver CO 705
48228 Detroit MI 679
95823 Sacramento CA 634
48205 Detroit MI 634
48224 Detroit MI 583
89031 N. Las Vegas NV 575
80239 Denver CO 553
48219 Detroit MI 549
Top 500

The Rich: Still Bullish on Real Estate
CNN
Full Story

The very rich are different from you and me: they don't seem to be too worried about the current housing slump. At least that's what a new study released Monday found.

Blogging Offers a lift to your career...

Penelope Trunk
Boston.com
Full Article

The most efficient way to build a brand name for yourself is via blogging. Not just because blogging is so linked to one's own ideas, but also because the tools for blogging encourage people to measure the reach of their personal brand. You can measure the number of people who are talking about you (via Technorati.com) and the number of people who are visiting you (via SiteMeter.com), and you can see who is telling their friends to read you (via haveamint.com). But the commitment to a blog like this is intense -- writing blog posts at least four days a week is a basic requirement, for example

Blogging is a great way to get your thoughts out there in the public. But it only works if others interact with you and your site - which can pose numerous problems. My thoughts are if the stories are relevant and posts thought-provoking readers will come.....

Two Financial Center: Update

Mayor Thomas M. Menino yesterday called for construction of the city's tallest building ever -- a 70- to 80-story tower reaching 1,000 feet high on the site of the Winthrop Square parking garage in the Financial District -- to demonstrate Boston's confidence in its future.

20 floors higher than the city's tallest building, the 62-story John Hancock Tower in the Back Bay -- would radically redraw the city's skyline. Even at 1,000 feet, however, it is still shorter than other major skyscrapers around the world, including the 1,250-foot-high Empire State Building.

Steve Belkin, founder of Trans National Group of Boston: Is the developer

More on this project on news becomes available

Cont. New Developments Seaport

South Boston Seaport: In September 2006, together with Morgan Stanley Real Estate, Gale International acquired 23 acres of waterfront in South Boston for $203.75 million from News Corporation. As the largest undeveloped site adjacent to Boston's central business district, the property represents "probably the most exciting opportunity in Boston in a generation," according to Morgan Stanley executives. It is central to key transportation, including the Moakley Bridge, the South Boston Interchange, and the MBTA Silver Line. The two companies plan to build a dynamic mixed-use community.

Filene's Complex at One Franklin St

Filene's Complex: Gale International and Vornado Realty Trust are planning a $600 million redevelopment of the historic Filene's complex in downtown Boston, The Filene's redevelopment is part of a city plan to revitalize the Downtown Crossing area, which sits between the financial district and Boston Common. The developers envision a 38-story tower at the four building site that would include retail, luxury condominiums, a 250-room hotel and 600,000 square feet of offices. Construction will begin June, 2007.

Helpful Guide for First Time Home Buyers

Publication: Realestatejournal.com
Author: Marshall Loeb
Full Story: A Guide for First Timers Making That First Big Home Purchase


"Owning a home is a key to the American dream, but with foreclosure rates at a 50-year high in the U.S. it has never been more important to be a responsible buyer. Here are four steps first-time home buyers should take before sinking their life savings into a house:"

1. Assess your credit
2. Determine how much to borrow. "Many financial planners believe 25% of your gross income is a more prudent number, while most financial institutions will loan up to 33% of your salary" ie. 60k salary 25% = 15,000 or $1250 a month / 33% = 19,800 or $1650 a month
3.Factor in ongoing costs. ie. home improvements, basic maintenance, property taxes
4. Save up to buy: Set aside money for home inspection, appraisal and closing cost (ie. can run anywhere from 3 to 6% of the cost of the house"

Bottom line is do not rush into anything. Think each step through and the costs that will be incurred. Contact me for more questions on process and for an idea of how much you can afford in todays market.

Waterside Place: Unanimous Approval

Story: "Waterfront Growth accelerates as city OKs South Boston complex"
Source: Boston Globe
Full Story: Waterside Place


Development on the long-stalled South Boston Waterfront got a kick-start yesterday, as Waterside Place, a 1.1-million-square-foot urban shopping plaza, hotel, and residential complex, won unanimous approval from the Boston Redevelopment Authority.

With construction planned for early next year Waterside place could be the real piece of the puzzle missing in the isolated metropolitan area. With FP3 residential project and Fan Piers large mixed use project starting; Waterside place could bring the necessary charm, tourism and retail commerce to an area that is predominantly inhabited by those staying for convention center events.

"A lot of the things we hoped for have already happened." John Drew Developer of Waterside Place.

"Our years of planning for the South Boston Waterfront are coming to fruition," Mayor Thomas M. Menino

With the city and developers on board we could see a lot of positive changes in this area.

Projects On the Horizon in the Seaport District
*Waterside Place
The plan approved yesterday includes two large retail anchor stores and dozens of shops and restaurants on three levels, a 300-room luxury hotel, a 19-story residential condominium building with 200 units, a 2,350-space parking garage, and a visitors center offering exhibits and displays, aimed at convention travelers.
*Fan Pier
*Marriot Renaissance Hotel
*FP3

Recent Projects:
Park Lane Seaport
Hyatt Hotel

Project Breakdown: New Developments Boston

Here is a recent CMA (Comparative Market Analysis) on a few of new residential developments to hit the market.

Northpoint
# of units: Sierra - 99
Tango - 230
Pricing: Starting from 380k for studio. On average 550 sq. ft with outdoor parking.
Can upgrade parking for 47k to indoor.
Amenities: Courtyard, Concierge, Keyless Entry, Private entries and patios.
Completion: July and December.
Sold: approx: 45%

One First:
# of Units: 5 different buildings / 2 Phases
Phase 1: 154 units
Phase 2: 42 Units
196 Total Units
86 Different Floor Plans
Pricing: Starting 550 sq.ft
Now asking approx. 623 sq. ft
Pricing From: 422,000-1.5 million
Comes with underground parking
Amenities: Landscaped courtyard
Roofdeck
Fitness Room
Library / Community Room
24 Hour Concierge
Sold: 102 units sold to date (started pre-construction November 04)

Macallen / Court Press
# of Units: 274
Court Press: 130
MaCallen: 144
Pricing: Court Press: Started 450 sq. ft
MaCallen: 700 sq.ft
includes one garage parking space
Amenities: Gym
Screening Room
Pool

Fan Pier:
Luxury Hotel and Residences
# of units: 987
Pricing: n/a
Parking: n/a
Amenities: Private Entrances / Patios
Landscaped Courtyards
Concierge Services
Keyless Entry
Project Start / Completion: est. 2009 - 2011

Intercontinental:
# of units: 130
Pricing: 997 sq. ft
Deeded Garage w/ unit
Hotel Amenities
75% sold

45 Province
# of Units 142
1 Space included
Amenities: parlor, Spa, Roof Terrace, Valet Parking, 24 Hour concierge, full service restaurant
Sold: 11
Completion: April 09

Empty out those savings accounts: Mandarin and Trinity Place on the Market

Boston Herald Reports:

Project executives are now marketing a $5.2 million, 11th-floor unit after the initial buyer found himself transferred by his company to New York. Bargain or no bargain, $5.2 million gets you a 3,200-square-foot, two-bedroom, two-and-half bath unit on the 11th floor, with a formal dining room, a library, a living room and an outdoor balcony.

If the Mandarin isn't quite enough space - The entire top floor of the Trinity Place condo tower, a supersized eight-bedroom, eight-bath penthouse, recently hit the market. The asking price: $15 million. Those thinking of bidding should be well into the multimillionaire category. The condo fees alone are enough to put a quick end to any daydreaming by the less-than-fabulously wealthy. They’re $10,304 a month. Along with views, the condo offers the kind of sprawling space hard to find in Boston: 7,100 square feet of living space, including a 1,439-square-foot “gallery” connecting the two units. The gallery alone is as large as many single-family homes.

Of course I am available to show both units if a reader feels the need to view these spectacular condos ....

Tax Deductions: How Much Can I "Write Off" when purchasing a home

Interest Payment Deduction: Write Off 25% of Annual Interest Payment against your income tax

Property Tax: Write Off 25% of Annual Tax Payment

Example:

$400,000 condo

6.00% 5 Year I/0 Fixed

20% Down (No PMI)

Interest Payment: approx. $1600 a month or $19,200 a year / Write Off: $400 a month / $4,800 a year

Tax Payment: $350 a month or 4200 a year / Write Off : $87.50 a month or $1050 a year

Condo Fee: 1% of selling price: $400 a month

Total Monthly Payment w/out deductions: $2350

Total Monthly Payment w/ deductions: $1862.50

These are simply estimates please contact your CPA or accountant for accurate analysis - but this gives you an idea of what to expect when buying a home or condo.

Profile: Waterside Place *On the Horizon

The Waterside Place project has four major components. A 300-room hotel, 200 residential units, 2,300 parking spaces, and a retail area of 640,000 square feet (about 15 acres overall). Major retail tenants will include a 60,000- square-foot grocery store and a 100,000-square-foot department store. Construction is slated to start early in 2008; completion is expected in the first half of 2011.

Location: From World Trade Center Avenue, the actual site of “Waterside Place” at the intersection of D and Summer Streets.
Developer: John Drew

Profile: 321 West Second St, South Boston

The Developers Piece
"The fifteen units at 321 West Second St. have been designed around a central courtyard to maximize exposure to light and cross ventilation. Living areas are framed by expansive “wall to wall” windows to take advantage of natural light and city views. Open floor plans, generous 9’ ceilings, and amenities such as gas fireplaces and walk-in closets all contribute to the carefully designed experience of 321 West Second St."

My Piece
From the building specifications and materials used you can tell that the architect and developer have payed close attention to detail on this project. They took extra steps to provide luxury with gas fireplaces in units, garage parking, closets with interior lights, phone intercom systems, bosch appliances ect... My one warning is be careful with pricepoints. This is a high end condo project but location is still up and coming try and stay in below 500 sq.ft range. Contact me for more info on this project.

www.321westsecondst.com

South Boston in The News: June 17th

A New Edge to South Boston
Boston Globe reports
http://www.boston.com/realestate/community/articles/2007/06/17/new_edge_to_south_boston/?page=2
Some interesting quotes in this article:

"Bostonians have become much more open to contemporary design," said LeBlanc. "They are reading Dwell magazine and are buying furniture at IKEA and Design Within Reach, but in Boston there is a drought of contemporary spaces to put it in. I think that is why these projects are selling very well."

South Boston is an Area in transition: With that said this article focuses on how 'modern' us Bostonians have become and are willing to become ... got me here. Modern furniture has become a new wave / style for interior design. We are just going with the flow as usual. As for South Boston's development, its an interesting development project and all or mostly new construction projects - and modern - floor to ceiling glass and townhouse architecture is in - and that is what they are building. The article profiles recently built and sold Trolley House & rehab project 80 A St - New construction and for sale projects East Second St, 321-323 West Second St. If you are looking for new construction, with parking and space South Boston is a great area to start looking. Just don't get caught paying downtown prices - despite what developments teams will tell you - you are buying in an "up and coming" area and should pay accordingly. If you can get into a new unit for 475-500 sq.ft (+/-) with parking you should be in great shape.

For info on new developments in South Boston: Check blog under New Developments or email me blog@realestateboston.com.

New Web 2.0 items

Flipping Pad: www.flippingpad.com

The Flipping Pad is a website created to help people share and discuss real estate investing. Check it out and let me know

The Qube Exchange: http://thequbeexchange.com/

Propertyqube: propertyqube.com

Check out these new sites and comment...!

Studio 54 and Marriot... excuse me

Studio 54 founder to develop chic Marriott hotels
By Donna Goodison
Friday, June 15, 2007
Bostonherald.com

Marriott International is eyeing Boston for a new boutique hotel brand that it’s developing with Ian Schrager, the co-founder of the famed Studio 54 disco who’s credited with inventing the boutique hotel concept.

I wonder if they will have a big mechanical silver spoon in the doorway when you walk in?
http://business.bostonherald.com/realestateNews/view.bg?articleid=1006523

Mortgage Rates Rise ... Foreclosures at a Record High

Foreclosure levels reach record high
Report cites woes of borrowers with subprime loans
By Bloomberg News | June 15, 2007

LOS ANGELES -- The number of Americans who may lose their homes because of late mortgage payments rose to a record in the first quarter, led by subprime borrowers pinched in an economy that grew at the slowest pace in four years.

The share of all mortgages entering foreclosure rose to 0.58 percent from 0.54 percent in the fourth quarter, the Mortgage Bankers Association said in a report yesterday. Subprime loans entering foreclosure rose to a five-year high of 2.43 percent, up from 2 percent, and prime loans rose to a record 0.25 percent.

The median home price probably will fall this year for the first time since the Great Depression in the 1930s, according to Lawrence Yun, a National Association of Realtors economist. Tumbling prices make it difficult for people who fall behind on payments to avoid foreclosure by selling, said Doug Duncan, chief economist for the mortgage bankers.
"Housing is in a recession, and we're seeing that reflected in prices," Duncan said "If you're in a position where you can refinance or sell, but house prices have fallen below your outstanding loan balance, you're in trouble."

Ohio had the biggest share of all loans entering foreclosure, at 1.07 percent, followed by Indiana, at 1.04, and Michigan, at 1.01.

Living in an area with multiple foreclosures can result in a 10 to 20 percent decrease in property values, said John Kilpatrick, president of Greenfield Advisors, a Seattle real estate consultant. In some cases that can wipe out the equity of homeowners or leave them owing more on their mortgage than the house is worth.

Mortgage Rise not a Fluke...

Mortgage rates rise toward 5-year high
Surge adds to burden on already struggling real estate markets
By Kimberly Blanton, Globe Staff | June 15, 2007

Mortgage rates are nearing a five-year high, raising the cost of home ownership for buyers by hundreds or thousands of dollars a year at a time when real estate markets are struggling with tepid demand and a surplus of houses for sale.

The average rate for a traditional 30-year fixed mortgage jumped to 6.74 percent, from 6.53 percent a week ago, Freddie Mac, one of the nation's largest mortgage investors, said yesterday in its weekly market survey. That was the biggest one-week jump since 2004, and in just one month rates have come up by more than one-half a percentage point.

"This is the kind of thing that may prevent the housing market from recovering more quickly," said Larissa Duzhansky, regional economist for Global Insight, a Waltham consulting firm. "This is just another downward pressure," she said.

First-time home buyers are usually hardest hit by higher borrowing costs. This group typically is less financially prepared to absorb unexpected cost increases and may not have enough money to increase down payments as a way to lower their expenses. For example, the monthly payment on a $300,000 mortgage is $1,946, about $100 more than it was just three months ago, said Brian Koss, managing partner of lender Mortgage Network Inc. in Danvers.

Mortgage rates are going up due to rising yields on 10-year Treasury bonds, which mortgage rates are linked to. Treasury rates are increasing because of growth in the US and global economies, which increased the demand for borrowing to finance business activities, boosting the price for credit, or interest rates.

But economists said they do not anticipate a wider impact on the economy overall because US growth is accelerating and is strong enough to offset the effects of a housing downturn. While, the US economy grew at an anemic 0.6 percent annual rate in the first quarter, it is expected to post stronger growth in the second and third quarters, possibly exceeding 2.5 percent. The housing industry accounts for about 10 percent of the economy and its recent troubles sheared about 1 percentage point off the growth rate.

Well I am glad this won't effect the whole economy but next time it would be nice to get a little warning maybee a heads up...?

How much can you afford?

Interesting article from Bankrate.com

Debt-to-income Ratios

Front-end Ratio
The housing expense, or front-end ratio, shows how much of your gross (pretax) monthly income would go toward the mortgage payment. As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28 percent of your gross monthly income. To calculate your housing expense, multiply your annual salary by 0.28, then divide by 12 (months). The answer is your maximum housing expense.

Maximum housing expense = annual salary x 0.28 / 12 (months)

Back-end Ratio
The total debt-to-income, or back-end ratio, shows how much of your gross income would go toward all of your debt obligations, including mortgage, car loans, child support and alimony, credit card bills, student loans and condominium fees. In general, your total monthly debt obligation should not exceed 36 percent of your gross income. To calculate your debt-to-income ratio, multiply your annual salary by 0.36, then divide by 12 (months). The answer is your maximum allowable debt-to-income ratio.

Maximum allowable debt-to-income ratio = annual salary x 0.36 / 12 (months)

Foreclosures are Up

As foreclosures sky rocket so won't investors and speculators waiting for the right deal. For up to date listings in the Metro Boston area check out these sites.

http://www.realtytrac.com/freeSearchResult.asp?zipOnly=true&zipcode=02215&accnt=12580
Realty Trac - on Realestatejournal.com

http://www.pesco.com/
Paul E. Saperstein Co.

http://www.paineauctioneersonline.com/

Tranzon Auctioners

http://www.sheldongood.com/detail.php?id=1248

Sunday News / Banker and Tradesman are also good for foreclosure listings and marketing auctions in the area.

Rising Interest Rates ... Hurting banks ?

Realestatejournal.com Reports













An auction of nearly 100 foreclosed homes here Saturday showed that mortgage lenders are having to accept huge discounts in some cases to unload such properties.

• The Situation:
Surging foreclosures over the past year or so have left lenders with a rising backlog of homes.

• The Strategy:
Some lenders are turning to large-scale auctions rather than the practice of relying on real-estate agents.

• The Consequence:
Mortgage lenders are finding they must accept big discounts in some cases to unload properties.

A surge of foreclosures over the past year or so has left lenders struggling to sell a growing backlog of homes. Rather than relying on real-estate agents, the usual practice, some are turning to large-scale auctions to speed up the sale process.

Real Estate Disposition Corp., the Irvine, Calif., company that organized Saturday's auction of lender-owned homes, plans similar sales May 19 in Los Angeles and May 20 in Riverside, Calif.

At the San Diego sale, houses and condos typically sold for about 30% below the previous sale or appraisal prices. In a few cases, the discounts were around 50%.

A four-bedroom home in Oceanside, Calif., attracted a high bid of $495,000 at the auction, 33% below the sale price recorded in November 2005 for the property. One condo in San Diego sold for $120,000, less than half of its previous value.

Jeffrey Frieden, chief executive officer of REDC, called the auction a success. About 90% of the homes offered were sold, he said. Some deals fell through because buyers couldn't qualify for financing. He estimated that 1,000 bidders attended the sale in San Diego's Convention Center, where REDC workers in tuxedos shouted and whooped in the aisles to fire up bidders.

Red Cross Building: 285 Columbus St South End

Boston Globe Reports:

The American Red Cross of Massachusetts Bay, which owned the eight-story building at 285 Columbus Ave. for a decade, sold it last week to real estate developer Boston Residential Group, both parties said yesterday. Curtis Kemeny, Boston Residential's president, said he plans to develop retail space on the ground floor and 65 ''loft-style" luxury condominiums overhead.

Building will also develop - 10,000 sq.ft of retail.

Contact us for more information. Construction to start Fall

Plans for New W Hotel

The Boston Redevelopment Authority gave approval to plans for a new W Hotel to be constructed at the corner of Tremont Street and Stuart Street, in the Theater District. The new W Hotel will have 235-plus hotel rooms, approximately 123 residential condominium units, as well as 12,000 square feet of retail, restaurant, and spa uses. Underground parking is also planned. The building will be 26-stories tall, covering 350,000 square-feet of space. The project is expected to cost $200 million, and groundbreaking is scheduled for first-quarter, 2007. Building over the popular Rumor, Venue, Wang Center parking lot.

More to come....

Filenes and posh..?

Lookin’ up: Posh hotel: Filene’s builders courting elite chains
By Scott Van Voorhis
Boston Herald Business Reporter
Wednesday, June 13, 2007 - Updated: 12:50 AM EST

The developers behind plans to redevelop the landmark Filene’s complex are close to a deal that would put a luxury hotel in the center of struggling Downtown Crossing.
Led by John Hynes, developers of the proposed $600 million-plus remake of the Filene’s block are in talks with two elite hotel chains, JW Marriott and Meridien Hotels, an industry executive familiar with the talks said.
The exclusive St. Regis chain also looked at the project, but is interested in either parkside or waterfront locations, the executive said.
The Filene’s developers plan to meet later this week to discuss which hotel flag to go with for the $150 million, 250-room hotel, the executive said. In a related move, the developers have brought on Denver-based Sage Hospitality to help build out the hotel.

With the W Hotel's plan to build over the popular Theater District Parking lot and plans for a new 'posh' hotel over the Filenes Basement in downtown crossing - Boston is moving in the right direction. The downtown crossing area has a lot of potential and I don't believe one hotel or one development will change that but as the pieces come together I think that if Boston can keep the same 'downtown crossing' vibe and add high quality hotels and commercial the area will strive. My worry is that we over develop areas and all together not waiting for the city to catch up. But with the ever growing number of college students that flood our economy - this could be a great way to utilize new areas and convince graduates to stay with great job opportunities.

In The News

CAMBRIDGE, MA-EagleBridge Capital has secured $5.17 million in mortgage financing to convert a well-located apartment building into condominiums. The 24-unit building at 2456-2460 Massachusetts Ave. is owned by First Cambridge 2460 Acquisition LLC, an entity controlled by local developer Roger Lehrberg.

According to EagleBridge principal Ted Sidel, the mortgage banking firm opted to finance the plan for a variety of reasons, calling it “a well-conceived, moderately priced project in an excellent location” close to Davis, Harvard and Porter squares and along several public transit lines. The owners paid $6.5 million for the asset.

“The property should do well,” concurs EagleBridge principal Brian Sheehan. Now being renovated, the units of 1,050 sf to 1,075 sf are starting at $399,000. All will have central air conditioning, hardwood floors and extra closet space, says Sheehan. Kitchens feature granite countertops, maple or cherry cabinets, ceramic tile and all customary appliances. An on-site garage is “a major plus” in a community bereft of street parking, adds Sidel, further noting that 2456 Massachusetts Ave. is close to key roadways such as Routes 2, 3, and 16, the Alewife Brook Parkway and Interstate 90.

Harvard Square area of Cambridge needs more projects like this one. I am excited to take a tour and see what final product looks like. If they can keep costs down and families and empty nesters can get into 1,000 sq.ft plus units with parking for under 500k this will represent the type of projects we need in area to place those that can't spend 550-700 sq. ft that Boston area condos are demanding.

100 Memorial Drive: Cambridge

100 Memorial Drive

* Scenic Courtyard
* Private Balconies
* Parking / Garage
* Fitness Center
* Neat T / MIT
* Laundry
* 24-hr Maintenance
* Fireplaces (select apartments)


Studios $1350-1575
1 Beds - 1800-2100
2 Beds - 2300-2500
3 beds - 2550-2900

Contact us for showings and appointments

www.dolben.com

Loft 23: University Park, Cambridge

True Loft Living - Stainless Steel Kitchen Appliances, Granite Countertops, Spacious Living with 14+ ceiling heights & In-Unit Washer and Dryers.

* Polished Concrete Floors
* Pet Friendly
* Parking Available
* Concierge
* Cardio and Fitness Center
* WiFi Lounge
and more

1 Beds - 2100-2600
2 Beds - 3200 - 3500

Contact us for showings and appointments

www.loft23living.com

KBL: University Park, Cambridge

Once home to the fig newton cookie, this mill-style building offers high ceilings, spacious floorplans and luxury services.


Studios - 1675- 1950
1 Beds - 1800 - 2200
2 Beds - 2025 - 3200
3 Beds - 2900 - 3600

Contact us for showings and appointments

www.kblliving.com

1963 Commonwealth Ave (Brighton, Ma)

Competitive pricing near all public transportation.

Amenities:
H&HW
Courtyards
Spacious / Spacious Closets
Laundry
Internet
On-Site Management
Hardwood
Parking

Studios - 1100 +
1 BDR - 1295 +
2 BDR - 1595+
3 BDR - 1695+


www.apartmentsbyteel.com

Greenhouse Apartments: Copley Boston

Greenhouse Apartments

Location, Location, Location. Steps to Prudential Center and Copley Place.
24-Hour Concierge
On-Site Management
Cardio Center
Weight Room
Saunas
Indoor Parking (Valet)
Laundry on each floor
On MBTA Line
* Furnished Available

1 BRD 1950-2415
2 BRD 2815-3065
3BDR- 3700

Contact us for showings and appointments

www.greenhhouseapt.com

Boston View (Downtown)

"If you want to live in the center of it all, then BostonView is the place for you."

Located 130 Bowdoin St

Amenities:
24-Hr Concierge
Dishwasher
Laundry
A/C
High Speed Internet
Garage Parking

Contact us for showing and appointments
Studios: 1325+
1 BDR: 1525 +

www.winnco.com

Columbus Plaza (Downtown, Waterfront)

Columbus Plaza is a residential community located on the waterfront of Boston's historic North End.

Amenities

heat, hot water, air conditioning, and electric are included in the rent
electric smoke detectors & heat sensors
solarium overlooking Boston's waterfront
fully equipped state-of-the-art Fitness Center
beautifully landscaped courtyard
balcony w/ planters
thermal pain windows
cable television hookup
newly renovated tile bathrooms
full view peep holes
club room with TV, card tables & kitchen
underground garage parking
closed circuit security television
designer kitchen
dishwasher/disposal
thermostat individually controlled heat & central a/c
ample closet space
common laundry facilities
business communications center
custom window dressing
on-site management
private patio & balconies
vinyl floor coverings in kitchens & bathrooms

One Bedrooms - 1700-2200
2 bedrooms - 2400-2600

Contact us for showings, appointments and special promotions on this building.

Carson Tower: Carson Beach, South Boston

Carson Tower, South Boston

Located across from Carson Beach, this is a privileged community of one, two and three bedroom apartments offering spectacular waterfront and skyline views of Boston.
With easy access to downtown Boston, public transportation and minutes from I-93, Carson Tower, in vibrant South Boston is an ideal location.

Professional on-site management
Includes heat, hot water, electric & gas
Controlled access system
Indoor reserved parking
Cable & high speed internet access by Comcast
Wall to wall carpeting
Modern kitchens with dishwashers
Generous closets
Spacious laundry center
24 hour maintenance

1 bedrooms - $1425 +
2 bedrooms - 1750 +
3 Bedrooms - 2175+

Contact us for showings, appointments and specials on this building

Back Bay Manor at Longwood

Back Bay Manor

Located on the E-Line Back Bay Manor is close to all the major Universities Northeastern, Wentworth, Simmons and Mass Art; and healthcare institutions. Our residents enjoy spacious apartments, seasonal outdoor pool, 24-hour concierge, and a fitness center.

Studio, One and Two Beds
Price Range: 1500 - 3500

Contact us for showings and appointments
http://www.bostonapartments.com/backbaymanor-www/porch.htm

Exeter Towers, Boston Ma

NEWLY RENOVATED

What a difference a year makes at this property. With a newly renovated entrance, lobby and common areas this rental property has restored its life. Located on Newbury Street this is a great central location close to everything. Pricing can vary as renovated units due increase the price structure below.


One beds - 2200-3000
Two beds - 3200-4200
Contact us for showings and appointments

Note From Management

Notice from Management

Exeter Towers is located on the corner of Newbury and Exeter Street. We are a luxury high rise building in the heart of the city and have conveniences such as salons, boutiques and fabulous restaurants all within steps of our apartment homes.

Maintenance: Exeter Towers has a maintenance technician on site Monday � Friday from 7:00am to 3:00pm. We also have emergency maintenance available 24 hours a day, 7 days a week. Our technician has years of experience, is extremely personable and has received numerous compliments from residents within the building.

Renovations: Exeter Towers is currently undergoing renovations to not only the kitchens, but to the entire apartment as well which include; parquet wood floors for living and dining areas, custom kitchens with GE Profile stainless steel and black appliances, granite countertops and ceramic tile floors, bathrooms outfitted with a soaking tub with marble and ceramic throughout, and plush Berber carpeting to complete the bedrooms.

City Living: City living has its benefits, such as being able to stroll through historic downtown Boston and relax in the nearby Public Gardens. Jog along the Charles River or walk to Fenway Park and cheer for the Red Sox. But city living also means that there are city noises. The city of Boston may have a maintenance repair on the street that may be beyond our control. Street musicians have been known to play on the sidewalk on nice summer evenings. Interior apartment renovations have been limited to avoid disruption within the building. We openly share this information on each and every tour, and continue to receive great feedback from many happy residents who have chosen to live with us.

New upgraded Concierge Services: Residents of Exeter Towers can now experience a dedicated concierge staff that provides personalized service, discounts to local vendors and attractions, reservation requests and more.

Free Wireless Internet: Heat, hot water, A/C and free WIFI is all included offered throughout the building.

Exeter Towers is marching forward to continually enhance the quality of life for our residents. We simply ask that you communicate with us first so we have the opportunity to respond to any questions or concerns that you may have.

Sincerely,

Exeter Towers Management
(617) 266-2931

Collonade Residences, Back Bay Boston

In the heart of Boston's Back Bay, The Colonnade Residences enjoys the convenience of the varied shopping, dining and cultural experiences that surround it. The Colonnade Residences is about catering to individual needs. With its connection to the adjoining Colonnade Hotel, The Residences provides every service you have come to expect at the finest luxury hotels.


Contact Us For Showings and Appointments
One and Two Beds Available
Pricing: 3,400 - 5,100
www.colonnaderesidences.com

The Royal On Beacon St, Brookline

The Royal Beacon St: Brookline

The Royal is located at 1469 Beacon Street in Brookline, just a few blocks from Coolidge Corner's shops, restaurants and independent theater. The building is steps from the Green Line (the C line runs from Cleveland Circle to Government Center), providing convenient access to Boston College, Boston University, and downtown Boston.

The Royal offers several studio, 1BR, 2BR and 4BR apartments, each carefully restored to maintain their original elegance. Heat and hot water are included, there is no fee charged, and laundry facilities are available on the premises.

Contact us for showings

http://leedermanagement.com/beacon.htm

Concord Ave (Harvard Square)

Concord Ave: Harvard Ave, Cambridge

Just a few minutes walk from vibrant Harvard Square, the Charles River, and the Brattle Street mansions, The Craigie Arms building at 24 & 26 Concord Avenue offers newly remodeled studio, 1BR, and 2BR apartments, and new elevators as well.

All apartments have gleaming hardwood floors, modern kitchens and bathrooms, and ample closet space. Heat and hot water are included, laundry facilities are available on the premises, and no fee is required. Several bus routes are steps away and the red line is a short walk from the building.

Contact us for showings

http://leedermanagement.com/concord.htm

Craigie Street (Harvard Square)

Craigie Street (Harvard Square)

All apartments have gleaming hardwood floors, modern kitchens and bathrooms, and ample closet space. Heat and hot water are included, laundry facilities are available on the premises, and no fee is required. Several bus routes are steps away and the red line is a short walk from the building.

Studio, One and Two beds
Call for pricing and showings
http://leedermanagement.com/craigie.htm

Perkins Square (Jamaica Plain)

Perkins Square

Perkins Square offers studio, 1BR, 2BR & 3BR aparments and provides laundry facilities and off-street reserved parking. All apartments have gleaming hardwood floors, modern kitchens and bathrooms, and ample closet space.

Price Range: Call for pricing
Studio, One Bed, Two Beds & 3 beds Available
On-Site Parking Available
Contact us to set up an appointment.

http://leedermanagement.com/perkins.htm

Bowdoin Street: Beacon Hill, Ma

122 Bowdoin Street, Boston Ma

Studio, 1BR and 2BR apts
1600-2800
Heat included
Next to State House, Boston Common
Laundry facilities available

Call for appointments

http://leedermanagement.com/bowdoin.htm

Archstone East Cambridge: (Under Construction)

Archstone Northpoint

A 767-unit luxury complex in East Cambridge will provide residents with Archstone's staple luxury amenities and panoramic views of downtown and the Charles River. The units are located in Cambridge's up and coming East Cambridge area. Located on top of the green line and with access to all major highways this area will soon be a major metropolitan hot spot for downtown workers. To see what else is going on in area go to Developments on blog and check out "Northpoint" "One First" "Glass Factory" "Regatta Riverview."

This property represents one of the better deals in the area for new construction!

Contact us for showings at realestatebostonblog@gmail.com

Archstone Watertown Square

20 Watertown St. Watertown, Ma
Situated less than a mile from the Mass Pike, between the excitement of Boston and the quiet of the Charles River, you’ll have the best of Boston right at your doorstep. Our great location is just the start. Archstone has equipped all units with the best in stainless appliances and vanities.

Across from Charles River
Across from Watertown Yard Bus Express Station
Caliber Sports Club
Click! Cafe Internet lounge
Media screening room
Elevator access to all levels
Underground parking garage

Price Range: 1500 – 3000
Studio, One Bed, Two Beds Available
On-Site Parking Available
Contact us to set up an appointment.

Archstone 2000 Commonwealth

2000 Commonwealth Ave, Brighton

Archstone 2000 Commonwealth is located in one of Boston’s most picturesque settings, just up the street from the fine homes and the parkland that surrounds the Chestnut Hill Reservoir. Yet it’s still convenient to an exciting array of shops, restaurants and services, with Boston’s T is located directly across the street for easy commuting.

24-hour doorman and concierge service
Caliber Sports Club
Click! Cafe. Coffee. Computers. Chat.
Sparkling swimming pool
Relaxing sundeck
Sauna
Laundry facilities on every floor
Controlled Access parking garage
"Green line" across the street
Controlled access entry
Dry Cleaning service
Cat-friendly

Price Range: 1600-3200+
Studio, One Bed, Two Beds Available
On-Site Parking Available
Contact us to set up an appointment.

Archstone Kendall Square

195 Binney St, Cambridge

Archstone Kendall Square's unique loft living units in a renovated bisquit factory provide each tenant with an overwhelming feeling of space. With ceiling heights ranging from 12 to 24 feet and massive windows the units feel much larger than there sq. ft dimension. On site garage and outside parking at the best rates in the area. If you like loft living and exposed beams and columns Archstone Kendall Square is a great option.

24-hour fitness center
Clothes care facility
Controlled access
Reserved parking
Lovely courtyard
Close to I-93 and Route 2
Two blocks to the Kendall Square 't'
Walking distance to Historic Beacon Hill
Walking distance to Massachusetts General Hospital
Minutes from CambridgeSide Galleria


Studio, One Bed, Two and Three Bedrooms Available
* Some units have private balconies
Price Range: 1700-3500+
Contact us for special rates on Archstone properties
Affordable and moderate programs available

Archstone Boston Common

Archstone Boston Common (Washington St, Boston)

By far the most luxurious rental building in Boston! When archstone says they have an onsite gym they are not kidding. Some buildings skimp on the actual amenities but Archstone means it when they say luxury especially with there indoor lap pool.

24-hour attended front desk
Indoor heated pool
Caliber Sports Club state-of-the-art fitness center
Cardio theatre equipment
Aerobics studio
Massage room
Click! Cafe Internet Lounge
Club Suite with large-screen TV and group seating
Conference room
ATM on-site
Vending on-site
Gaming Lounge
Cat-friendly
Additional storage available
Bike storage

Studio, One Bed, Two and Three Bedrooms Available
* Some units have private balconies
Price Range: 2000-5000+
Contact us for special rates on Archstone properties
Affordable and moderate programs available

Charles River Park ( West End, Beacon Hill )

Charles River Park: 5 Longfellow Place, Boston, Ma

Part of the West End revitalization. Charles River Park is the older of the new Equity Residential community. But with a new facelift on the inside the building has never been better. Boasting all the amenities of a high end luxury service building without the sky high rental prices. If you are lucky enough to get above the 14th floor be ready for the best panoramic views of downtown and the Charles River.

Price Range: 1600 – 4000
Studio, One Bed, Two Bed and Three Beds Available
On-Site Parking Available
Contact us to set up an appointment.
http://www.charlesriverparkapt.com

West End Apartments (Beacon Hill / West End)

Introducing the spectacular Brand New West End Apartments, Boston's most celebrated and anticipated apartment community. Capturing the neighborhood spirit and electric vitality of Boston's historic and vibrant West End and within walking distance to Charles Street with exceptional dining and boutiques. The West End Apartments bring Boston city living to new heights. This brand new community is pre-leasing for Fall move in. Be the first to move into a brand new building and never lived in apartment!!!

Floor to ceiling windows
Brand new granite countertops
Stainless steel GE appliance package
Designer interior finishes
Elegant wood flooring
And more

Price Range: 2100 – 4000
On-Site Parking Available
*Moderate income / affordable programs in place
Contact us to set up an appointment.
http://www.livebostonswestend.com

Trilogy

TRILOGY, Boston, Massachusetts, is a mixed-use project located in the heart of the Fenway neighborhood adjacent to the Back Bay and Longwood Medical Center. West Elm was proud to announce the opening of their first New England location at Trilogy in September 2006. Burton's Grill, Citibank, Cambridge 1, and Emack & Bolio's also add to the building's retail mix. Neighboring retailers include Shaw's Supermarket and the Landmark Center which houses the Regal Cinemas, Bed Bath & Beyond, Best Buy, REI Outfitters and Staples.

Boasting some of the best units in the best location - Don't be surprised to see some of your neighboring red sox players working out in the 24 hour on site Fitness Center. The building has all the new luxuries anyone would want in a rental community. With a total of 405 apartments on site (Studio, One Bed, Two Bed, Three Beds and Penthouses) there are a variety of different floorplans and accomodations.

Price Range: 2300 – 5000+
On-Site Parking Available
*Moderate income / affordable programs in place
Contact us to set up an appointment.

1330 The Fens, 1330 BOYLSTON Street

1330 Boylston Street
The Fenway
Boston, Ma

1330 BACK BAY FENS, located at 1330 Boylston Street, Boston, MA, is a mixed-use project located in the heart of the Fenway neighborhood. Adjacent to the Back Bay and Longwood Medical Area, neighboring retailers include Shaw's Supermarket and the Landmark Center which houses the Regal Cinemas, Bed Bath & Beyond, Best Buy, REI Outfitters and Staples.

The building totals over 350,000 square feet, with 246,113 square feet designated for residential use, and 95,716 square feet of office/professional space. The building's elevations will range from 8 to 14 stories. The 13,412 square feet on the ground floor will be dedicated to retail space and lobbies for the residential units. Below the ground floor are three levels of underground parking providing 293 spaces with access to Boylston Street. The building will be clad in brick, pre-cast concrete, aluminum curtain wall and punched windows.

CONTACT US AT REALESTATEBOSTONBLOG@GMAIL.COM FOR SHOWINGS AND SPECIAL OFFERS

1330 Fens will be a mixed use project with high end rental units similar to Trilogy. The staff at Trilogy have said to expect 1330 to bring even more luxury and high end living then Trilogy. Construction on the project has started and look to Jan - March 2008 for occupancy.

100 Lansdowne, Cambridge Ma: University Park

100 Lansdowne:

RealEstateBoston.Com Certified Property
To View Ranking Criteria and Guidelines Click Here

Price: $ $ $ $ $

Location: @ @ @ @ @

Amenities: * * * * *

Age: # # # # #


The newest of four buildings in Cambridge’s University Park: This beautiful campus boasts the best full service luxury buildings in town. The amenities go on * 24 Hour Concierge, Weight Room, Fitness and Cardio Center, Media Room, Indoor Parking, On site supermarket…. Close to the central square T Stop and just minutes from downtown (over Mass Ave) bridge there is a lot to like about 100 Lansdowne in Cambridge.

Apartment Type: 1 bed, 2 bed, 1 & 2 bed Penthouse units
Price Range: 2300 – 5000
On-Site Parking Available
*Moderate income / affordable programs in place

To set up an appointment: Email us at realestatebostonblog@gmail.com

1443 Beacon St, Brookline Ma

1443 Beacon St, Brookline Ma: http://www.sydneyassociates.com/

1443 is a prime Beacon St. Location. Right on the C line in Brookline it provides great access to downtown and even better access to Coolidge corner. With a new interior facelift 1443 has rejuvenated its quality and comfort.

• 24-Hour Front Desk Concierge
• 24-Hour Controlled Access into the building
• Elegant Clubroom
• Swimming pool with Sundeck
• Fitness Center
• Front door computerized access system connected to each apartment home
• Two levels of underground reserved parking with card reader entry system
• Building Sprinkler system with smoke detectors in each apartment home

Apartment Type: 1 bed, 2 bed * Some front facing units have balconies
Price Range: 2300 – 3500
On-Site Parking Available
Contact us to set up an appointment.

91 Sidney St

91 Sidney St: http://www.91sidneyliving.com/

The residents at 91 Sidney get to take advantage of everything the area has to offer. From the amenities in the other resident buildings in University Park to the local restaurants and cafes, on site supermarket and more.

In Building:
• Concierge Services
• Fitness Center
• Gourmet Kitchen
• Private Dining Room
• Entertainment Room

Apartment Type: 1 bed, 2 bed, 1 & 2 bed Penthouse units
Price Range: 2300 – 5000
On-Site Parking Available:
*Moderate income / affordable programs in place
Contact us to set up an appointment.

91 Westland Ave, The Parkside

91 Westland Ave, The Parkside: http://www.forestproperties.net/Parkside.htm

The Parkside, located at 91 Westland Avenue, is nestled on the edge of Boston's Back Bay/Fenway area. Built in 1905 as a three-star luxury hotel, it later was converted to apartment living. An extensive renovation, recently completed, restored the building to the charm and elegance of the 1920's - with all the conveniences of modern day living.

Great location walking distance to Copley, Prudential and Green line T.

• Working Fireplaces, Bay Windows, Hardwood Floors, Large Closets, Mini-blinds, and Air Conditioners

• New Kitchens, Baths, and Hollywood Lighting

• 24-hour Concierge

• Renovated Lobby, Common Areas, and Apartments

• Professional On-site Management and 24-hour Emergency Maintenance Service

• Laundry Facilities on Each Floor and Maid Service Available

• All Utilities Included in Rent (Except Electric for Air Conditioning)

• Conveniently Located Near the Prudential Center, Copley Place, and Newbury Street

Apartment Type: Studio, 1 bed, 2 bed
Price Range: 1400 – 3000
151 Apartments in entire complex
Contact us to set up an appointment.

Barclay On Beacon St

Barclay on Beacon St: Brookline (1530 Beacon St)
http://www.forestproperties.net/Barclay.htm

• Spacious One and Two Bedroom Apartment Homes

• Parquet Flooring

• Berber Carpet

• Closets Galore

• Gourmet Kitchens

• Separate Dining Area

• Ceramic Tiled Kitchens & Bathrooms

• Heat and Hot Water Included

• Crown Molding

• Lighted Ceiling Fans

• Custom Vertical Blinds

• Central Heating and Air Conditioning

• Balconies and Patios

• Beautiful Boston Skyline Views*

• High-Speed Internet Access

Apartment Type: 1 bed, 1 bed plus, 2 bed
Price Range: 1700-2800
Pets Allowed: Some Restrictions Apply
On-site parking available
Contact us to set up an appointment.

Barrows Place & Cambridge Place (514 Cambridge St): Allston, Ma
http://www.forestproperties.net/Barrows-Cambridge.htm

• Within Walking Distance of Bus and T-stops

• Convenient to Universities and Hospital

• Shopping Areas Nearby

• Heat & Hot Water Included in Rent

• ·On-site Laundry Facilities

• New or Updated Kitchens and Bathrooms

• 24-hour Emergency Maintenance Service

• Cleaning Staff on Duty 40-plus Hours a Week

Apartment Type: Studio, 1 bed, 2 bed, 3 bed
Price Range: *Call for pricing
Pets Allowed: Some restrictions may apply
Contact us to set up an appointment.

The News

One Financial Center in South Station goes on the market (Boston Globe) - expecting bids as high as 900 million. Specs: 46 stories / 1.1 million square feet.
http://www.boston.com/business/globe/articles/2007/06/06/with_prices_soaring_a_big_tower_goes_on_the_block/

Buyers in Beantown

The outlook for home sellers is improving in the Greater Boston area, as homeowners begin to cut prices to induce sales, says the Boston Globe. Homes prices are expected to bottom out a year from now, according to the newspaper. Areas closer to the city are faring best in terms of sales, with places like Brookline seeing a rise of 10% in pending sales from a year ago, a drop of 21% in the number of condos on the market and a dip of 27% in the number of single-family homes up for sale, the Globe says. Especially experiencing renewed interest from house hunters is Arlington, Mass., where the number of single-family homes on the market has fallen 50% from a year ago, the paper says, as sellers price their properties more appropriately and negotiate with buyers, the Globe says.

http://www.realestatejournal.com/buysell/openhouse/20070606-kim.html

BOSTON-A real estate investment firm flush with cash from Ireland has made another substantial purchase here, as Synergy Financial LLC paid $34 million for 25-35 Morrissey Blvd. in the city’s Dorchester district. The mixed-use complex includes a 62,000-sf supermarket and a 42,000-sf office building.“It’s an area that is really up and coming,” Synergy VP Dee Minnock tells GlobeSt.com in deciphering her company’s interest. Besides proximity next to the Red Line subway, the University of Massachusetts, and the John F. Kennedy Presidential Library, 25-35 Morrissey Blvd. is in a section of Dorchester that could benefit from the pending repositioning of the Bayside Exposition Center. While that was not a factor in Synergy’s interest, given that the $1-billion overhaul was just unmasked this week, Minnock says the project should only enhance the presence of 25-35 Morrissey Blvd. “We do think that will be a great help, yes,” she says.
http://www.globest.com/news/922_922/boston/161212-1.html

Archon Top Bidder in 436,000 SF Office Space Buy
CAMBRIDGE, MA-In another lightning-fast marketing move, the Archon Group LP has apparently been selected as the winning bidder for two office buildings in the Alewife District, GlobeSt.com has learned. Totaling 436,000-sf, 125 and 150 CambridgePark Dr. will fetch more than $120 million, industry sources maintain.
Calls to the Archon Group were not returned by press deadline, and brokers at Jones Lang LaSalle were unavailable for comment. JLL, whose predecessor developed the assets, is marketing the buildings on behalf of New York City-based J.P. Morgan Investment Co., which acquired them in 2001 for $97 million.
Archon sold off almost 90m of there South Boston / Seaport holdings recently - must have been to make some room for this 120m deal.
http://www.globest.com/news/918_918/boston/161056-1.html

Realtors Cut 2007 Forecast Again

WASHINGTON -- The National Association of Realtors again lowered its U.S. housing market forecast for this year, saying the market remains "soft."

In its latest forecast for the real estate market, NAR projected that existing home sales will fall 4.6% this year to 6.18 million, compared with its previous forecast of a 2.9% decline.

New home sales are expected to plummet even further. The NAR said new home sales are likely to fall 18.2% to 860,000, compared with the prior forecast of a 17.8% drop.

While near-term prospects for housing remain fairly grim, NAR said sales should pick up toward the end of the year.
http://online.wsj.com/article/SB118113900949926451.html?mod=home_whats_news_us

OFF SUBJECT:
Finding a Date -- on the Spot
Internet Matchmakers Migrate
To Cellphones, Promising
More-Immediate Results
By JESSICA E. VASCELLARO
June 6, 2007; Page D1
Earlier this week, Jeff Blum was out buying a sandwich when his mind wandered toward his social life. So he got out his cellphone and sent a text message with his work ZIP Code to MeetMoi, a new mobile dating service. Within minutes, his phone received the profile of a woman who worked nearby, and the two began exchanging messages about where they worked, their professions -- and meeting up for a drink.

"I liked the fact that we were talking right then and not waiting for emails to go back and forth," says Mr. Blum, who is 24 years old. "It all happened right away."

MOBILE DATING

• Read about other unusual features that online dating sites have on offer.

• See who's offering the new service.

Millions of consumers have begun prowling for a date on their cellphones, thanks to new mobile dating services that enable "real-time" dating -- that is, letting users connect on the spot with the people they pick out. Designed to be instant versions of Internet dating, many of the new services have capabilities that online-dating services haven't offered -- such as letting you search for a date in a location you can update as you move around, and letting you chat with other people seeking a date while you're out and about.
http://online.wsj.com/article/SB118108651441725709.html?mod=hps_us_at_glance_pj

Hynes Hopes Seaport School Scenario Sails

Banker and Tradesman Reports:

The developer of a proposed new 2,000-unit neighborhood on South Boston’s waterfront said on Thursday night he’ll build a private school on the site to keep the residents from fleeing to the suburbs when their children reach school age.

“Unfortunately, 200 to 300 young families leave the city annually because they don’t want to send their kids to private school, can’t get into the public school of choice or don’t want their 7-year-old spending two hours traveling to a private school, so they move to the suburbs,” said John B. Hynes III, managing partner of Gale International, which has proposed the new neighborhood for students in kindergarten through 12th grade.

The proposal, which has yet to be filed with the Boston Redevelopment Authority, would provide the new Seaport homeowners with a deeded right to place their child in the school upon payment of an as-yet-undetermined tuition.

Hynes, who met with Menino on Thursday to discuss the details of the $2.5 billion project, which will sit on 23 acres, said the mayor was “lukewarm” to the school idea but “we will get him there; he’s open to it.”

Seaport Square is one of several projects that would connect the downtown to the new Boston Convention and Exhibition Center, Institute of Contemporary Art and World Trade Center, as well as the proposed Fan Pier, Pier 4 and Waterside Place developments. The site is central to key transportation links, and to the new Moakley Bridge, the Rose Kennedy Greenway, the South Boston Interchange of the Massachusetts Turnpike and the MBTA’s Silver Line.

Real Estate Boston, News June 2nd

In The News:

High Cost of Living Gives Pause to workers asked to Relocate Here. (Boston Business Journal)
Its a catch 22 - for the Boston economy and market to grow we must grow commercially - we must be able to bring in new talent to the city. But with the cost of housing and living for that matter at an all time high it seems as if we are deterring more and more potential candidates. This BBJ article highlights the difficulties recruiters are having as Boston companies are not offering higher salaries for similar jobs in other parts of country that have lower cost of living.

74 Affordable Elderly units Planned for Chinatown (Boston Business Journal)
Rogerson Communities is building 74 new 'first class' affordable housing units on 25-31 Essex St.

Hub Developer Brings Lofty Vision to Fort Point Neighborhood (Banker and Tradesman)
FP3 - 346-354 Congress St. This area has really caught my attention lately. With murmurs that Berkley & Goldman and others will try to make this vacant district a Soho esq. conversioon is a lofty and wonderful goal. With a completion date of March 08 FP3 will be the first in a long line of development in the area. It should be interesting to watch area come to life in next 18 months.

Local Teens Get Rady to Roll: Plans For Skatepark Under Way: (Banker and Tradesman)
2.3 million - 40,000 sq. ft park with be the largest facility of its kind in New England. Location under Zakim Bridge. General idea is to get kids or skaters to stop from grinding the statue ducklings and terrorizing pedestrians in the park or so they say.... i think great idea but if I was a skater I would still terrorize the commons and those that like to complain about everything. In conclusion these are the type of projects that forward thinking communities and cities put together - atta boy Boston.

WoW - Athenaeum, up for Sale: 215 First St. (Boston Business Journal)
What a great opportunity for a developer. 200,000 sq.ft of lab or residential. I lean towards residential as I think it is a perfect spot to continue residential development. Speculators think the property will sell for 120 million or more - At 600+ a square foot this is not a cheap investment or very sound but prime property is hard to come by. Capital Properties and Lehman Brothers paid 68 million for property in 2000.


Sales:

Assignment: Recently I had a client attempt to buy a Purchase and Sale on a pre-construction property. The deal ended up falling through because of the mis-communication between lawyers-clients-lawyers-clients. In cases like these it is best to keep process and simple and be clear about what you are willing and not willing to do. At the end of the day the facts are simple. For an assignment buyer must assume Purchase and Sale (put down deposit to developer) and pay the seller (first purchaser of P & S) the difference between first selling price and 'assigned' selling price. If you are not willing to take that risk then assignment or flipping is not for you.

Mortgage Rates on The Rise

Information Provided by Bankrate.com

The benchmark 30-year, fixed-rate mortgage rose 5 basis points to 6.47 percent, a Bankrate.com national survey of large lenders found. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.26 discount and origination points. One year ago, the mortgage index was 6.72 percent; four weeks ago, it was 6.28 percent.

The 15-year, fixed-rate mortgage rose 6 basis points, to 6.15 percent. The 5/1 adjustable-rate mortgage also rose 5 basis points, to 6.32 percent.

This was the highest since Aug. 29, when it was 6.49 percent.

Not great news for any about to close on a home. But at the end of the day these are uncontrollable and the moving parts of Real Estate. As I personally close on my home in August I am concerned at what the rate will be then but it will not deter me and others from making that important move. What the hike in rates will do is re-evaluate the type of mortgage one takes. 5 and 15 year arms might start showing some appeal - but at end of the day best bet is to sit down with a professional - someone you trust.

Weekly national mortgage survey

Results of Bankrate.com's May 30, 2007, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed 15-year fixed 5-year ARM
This week's rate: 6.47% 6.21% 6.37%
Change from last week: +0.05 +.06 +.05

E.Boston Waterfront Pier One ... Stalled

Massport, companies dispute reasons for setback at Pier One
By Kimberly Blanton, Globe Staff | June 1, 2007

Builders of a $275 million residential and retail complex on East Boston's waterfront unexpectedly delayed construction last month, a setback to a project critical to the neighborhood's economic future.

Roseland Property Co. and Lennar Corp. stopped work on Portside at Pier One because of cost increases and softness in local real estate, according to Massachusetts Port Authority, which owns the property.

"The developer has requested an extension before the next phase of the construction project," Anthony Guerriero, Massport's East Boston liaison, wrote in a memo Wednesday to the Waterfront Development Advisory Council, a neighborhood group.
Massport, which is leasing the site to the developers, granted the companies 60 days to begin the next phase of construction, which had been scheduled for last month .

A Lennar official disputed Massport's explanation , and said construction on the first residential building, with 368 condos and 177 apartments, is scheduled to resume in late summer or early fall.
"We haven't put the brakes on this because of the market," said Jed Lawry, director of asset management for Lennar Urban Northeast, the unit overseeing the condo portion of the project. "We're on the site. We're mobilizing to get teams to start bringing that building up ."

Roseland spokeswoman Nancy Sterling said the project was delayed because the developers recently switched general contractors and, to cut costs, are requiring subcontractors to submit new bids for parts of the project.
"That is taking longer than we thought," Sterling said.

Sometimes its better to say nothing than for each team to say something different. The issue here is the scope of the project in a construction environment where soft costs are rising combined with material and labor cost increases. (Increases that developers like Roseland had not budgeted for when they priced project out 2-3 years ago) Combine that with working on a pier with many unknown structural issues and it is safe to say this will be the first of many 'set backs.' I think the project is great for the development of East Boston, with more than half the pier property reserved for park and other public space, many affordable housing unit and a large commercial aspect.