Boston Real Estate Blog

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The battle over Boston’s ‘Parcel 9′

Boston condos luxury

The state is thinking of putting out to the highest bidder a piece of public land abutting the Rose Kennedy Greenway near Haymarket, otherwise known as Parcel 9. Some people rightly aren’t happy.

They’re rightly unhappy because we just spent billions of public dollars on the Big Dig, with the hope the final Greenway would be something that everyone can be proud of and use. The state can’t obviously just give the property away. But it also shouldn’t just give it to the highest bidder either, even if the choice comes down to two contenders.

They need to find a better common-sense balance between the two extremes — and listen more to community preferences.

File under: Just do it –right

P.S.: The embattled head of the Greenway Conservatory is leaving for another job in California. In an argumentative town like Boston, heading the conservatory was never going to be easy. But she and board members didn’t help matters with their controversial compensation and donation policies.

Only 16 percent of Boston homeowners under water (financially)

This can be a glass half-full or half-empty story, but it depends how you look at it. The Boston Business Journal has an item on a study by Core Logic that reports that 16 percent of Boston homeowners have mortgage values that exceed their house value — another 3.5% or so are close to even.

That may sound like bad news, but it is better than the national average of negative or near-negative values for a whopping 27.9  percent of homeowners.

File under: Glass half-full, hold the ice.

Report: ‘Healthy’ real estate sales up in Boston

The Boston Business Journal reports on the most recent data compiled by CoreLogic on the local residential real estate market. Year over year for December 2010, CoreLogic reports that in the Boston-Quincy metro area, values were up 6.16 percent. For the 2010 up to Nov. 30, values over all in this area were up 4.65 percent. The BBJ also notes most of these gains were in “healthy sales” — not distressed property or short sale scenarios. This fits with a lot of anecdotal evidence that there is a lot of stubborn resiliency to sale prices in our market. One explanation could be that for “healthy sales” we’re still talking about the higher end of the market, where there’s been more activity than in the mid and lower priced sales.

Do you agree with me?  Let’s get a conversation going…

Boston condos: Total market volume 3rd Q

Comparing 3rd Q total Boston condo market sales volume:

Boston condo sales volume in 2010: $495,027,145

Boston condo sales volume in 2009: $567,371,219

Boston condo sales volume in 2008: $583,540,140

Boston condo sales volume in 2007: $600,150,008

Report: Slight national housing improvement

Despite the end of the federal tax credit, housing conditions across most of the country improved in May, according to a new S&P/Case-Shiller Home Price Indices report.

Massachusetts fared pretty well, with home prices increasing about 1.6 percent month-to-month and 4.8 percent year-over-year. The report tends to confirm what Banker & Tradesman is also reporting (see posts below).

The big shocker in the S&P/C-S study: San Francisco’s prices have soared 18.3 percent over the past year.

MA Condominium Sales Up A Whopping 56% In April

Single-family home sales in Massachusetts spiked 45.8 percent in April compared to the same month a year ago, while condominiums sales soared 55.7 percent, according to The Warren Group, publisher of Banker & Tadesman. The article also noted that median home prices climbed for the fifth straight month.

Now for the rest of the story…

A week ago, the local news reported on $52,000 per month rental at the Mandarin. Well today, I looked up the penthouse listing and I found out that it was withdrawn after four days on the market. What’s up with that?

On another note, two of the Bryant auction condos are now listed for rent. 303 Columbus Ave # 404 was purchased for $1,350,000 and is listed for $8,500.00 per month. 303 Columbus Ave #801 was purchased for $1,352,000.00 and is listed on MLS for $5,500.00 per month.

And now you know….the rest of the story.