Here’s an interesting report from the Federal Reserve Bank of Boston:

Foreclosure investors have been active in Suffolk County, which includes Boston, Chelsea, Revere, and Winthrop. This report focuses on 4,702 single-family, two-family, three-family, and condo properties that were sold out of foreclosure between 2007 and 2012. [2] Of these, 3,832 (81%) were purchased out of REO (i.e. lenders), while the remaining 870 were purchased directly by third-party buyers at foreclosure auction, and thus never became REO.

Though foreclosure filings have dropped substantially in recent months, it’s probably good news to know that investors have been buying a huge chunk of them. They’re not going to let them sit vacant a long time and, arguably, they’re more likely to maintain them in order to sell them or rent them out, while banks tend to let foreclosed homes sit too long untended.

This is huge — and maybe even historic. It could transform the entire core downtown area.

From the Herald:

The 2,300-space parking garage would become 771 apartments, 1.3 million square feet of office space, and 85,000 square feet of street-level shops and restaurants. About half the existing garage — 1,100 spaces on nine levels — would be kept.

“Our goal is to take a large, underutilized concrete parking structure that no longer contributes to today’s reinvigorated urban downtown and transform it into a place that residents, companies, their employees and visitors will embrace as another great Boston destination,” said Thomas O’Brien of The HYM Investment Group in a statement.

This better look nice. Seriously, it’s right in the heart of Boston. If done right, it could be spectacular. If done wrong, it would become one of the greatest missed opportunities and disappointments in the city’s development history.

Needless to say, there’s going to probably be a lot of public comments about this.

File under: Do it right.

Alex Weaver shares his tales of woes in searching for an apartment in Boston — and provides tips on what to expect out there these days.

Bottom line: It hasn’t been easy.

But he’s still relatively optimistic — and ends his remarks on on a great note:

“Remember why you’re doing this. Boston is an amazing city and I, for one, count myself lucky to live here. Everyone wants an apartment because everyone wants to live here. Lots of people aren’t so fortunate. Finding an apartment is a grind. Living in Boston is worth it.”

File under: Someone get this man an apartment!

The Beacon Hill Times is reporting that the BHCA will review a zoning request tonight for a new “Eva’s” eatery at 120 Charles Street, where the proprietor plans to sell “artisanal sandwiches.”

Meanwhile, the owner of the Hampshire House plans to unveil at the same meeting a tentative proposal for a new restaurant at 290 Cambridge Street, where the old Grampy’s used to be located and where plans are underway for a new building at the site.

The proposed groundfloor “75 on Cambridge” restaurant in the new building would have a menu similar to what’s now at the “75 Chestnut Street” restaurant, also owned by the Hampshire House.

Not sure about the new name. The different numbers get confusing. But who are we to question the business and marketing prowess of Tom Kershaw, the legendary owner of the Hampshire House and “75 Chestnut Street”? That’s Tom above.

File under: Cheers!

The Boston Redevelopment Authority is apparently not too happy with the new manager’s pace of making upgrades to Fanueil Hall Marketplace.

Unfortunately, it seems Ashkenazy Acquisition Group, which spent $136 million two years ago to manage the urban mall, is living up to its name, i.e. it’s been so busy acquiring properties elsewhere around the country that it hasn’t submitted yet a promised revamp plan for Faneuil Hall Marketplace.

What is it about Faneuil Hall? It always seems to get these lackluster managers who never fail to disappoint.

Here’s hoping Mayor Menino, now in the hospital again, really cracks down on them before he leaves office, assuming they don’t get a plan in soon.

At a Beacon Hill Civic Association meeting last night, residents appeared less hostile to the planned expansion of the Massachusetts Eye & Ear Infirmary, the BBJ reports.

If you recall, residents weren’t exactly thrilled — Ok, they were outright upset — about the institutions initial $343 million proposal a year ago. But the infirmary has come back with another plan — and the criticism is softening a bit.

It’s far from a done deal. But it’s no longer a ‘no deal.’

NECN has a good primer on the home bidding wars that have broken out in Massachusetts.

Via Warren Group

Here’s more evidence that Wall Street investors are playing a huge role in the housing recovery by snapping up tens of thousands of homes that might otherwise be sitting vacant due to their beat-up conditions.

There are a couple of seemingly contradictory thoughts here:

One, the same Wall Street that created the historic subprime-mortgage fiasco is now riding to the Lone Ranger rescue.

Or …

Two, the same Wall Street that created the historic subprime-mortgage fiasco is now doubling down on last decade’s fiasco and acting more like a drunken cowboy at a saloon.

Btw: Disney is making a new Lone Ranger movie, due out next month. The Lone Ranger and Tonto sure look different.

It’s depressing to even think it might happen to you.

But a Southborough couple is living the nightmare: Fights with builders who allegedly started work on their new home without proper permits, allegations of shoddy work and service, court motions and legal actions galore, a $1.1 million jury award to the couple (with possible triple damages), an overturned ruling and a new trial, suspended or revoked engineer licenses.

It goes on and on.

File under: There by the grace of God go we

The BBJ has a list the 20 most valuable homes in Boston, based on property-tax assessments.

Yes, the BBJ knows full well that assessments aren’t necessarily the best way to measure true value, but, as it explains, it’s still a fun way to analyze the market.

Not surprisingly, Beacon Hill and Back Bay dominate the list, and the Back Bay can lay claim to the highest assessed residential property in the city.

But Louisburg Square and its properties are really the stars of the slide show.

Come to think of it, Louisburg Square has been the residential star of Boston for centuries.

The photo above, circa 1930s, is via the Wikipedia Creative Commons.

Here’s a quick excerpt from Wikipedia’s entry on Louisburg Square: “It was named for the 1745 Battle of Louisbourg (in Canada), in which Massachusetts militiamen led by William Pepperrell, who was made the first American baronet for his role, sacked the French fortress located on the site.”

Didn’t know that. Learn something new every day.

Here’s the BBJ slide show.