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Latest Boston Real Estate News & Blog

Report: 44% of foreclosed homes in Boston bought by investors

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.


Read other posts about: Boston Real Estate

Government Center Garage could be redeveloped into massive tower

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.


Read other posts about: Downtown Boston real estate

‘A Cautionary Tale from a Boston Apartment Hunter’

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!


Read other posts about: Boston apartments, Boston Real Estate

Beacon Hill restaurant news: Two new eateries on the way

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!


Read other posts about: Beacon Hill Real Estate

BRA to Faneuil Hall Marketplace manager: Get your butt moving

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.


Read other posts about: Downtown Boston real estate

Beacon Hill residents ease criticism of Mass. Eye & Ear expansion

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.’


Read other posts about: Beacon Hill Real Estate

Local Home Bidding Wars

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

Via Warren Group


Read other posts about: Massachusetts real estate

Wall Street’s big play in the housing market

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.


Read other posts about: us and world economy

A legal nightmare money pit in Southborough

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


Read other posts about: Massachusetts real estate

The 20 most valuable homes in Boston

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.


Read other posts about: Back Bay Real Estate, Beacon Hill Real Estate






Let's talk Boston real estate. The most recent real estate comments

  • Dallas Website Design, BRA to Faneuil Hall Marketplace manager: Get your butt moving: This is the reason our devs...
  • tlefyqqx0029, Banned in Boston: Billboards: kurz : . wer ist die person oder organisation was haben sie für south san...
  • Redmond Real Estate, Local Home Bidding Wars : Today I read this blog and I want to said that it is really true. I...
  • warren currier, The 20 most valuable homes in Boston: where is it 7AM right now…? fix your Ford clock.
  • warren currier, The 20 most valuable homes in Boston: Yo, my home is the most valuable home in Boston. I live there.
  • Georgina Zala, AG’s office tells Cambridge realty company it can’t discriminate against children: Wow- I...
  • Dave Reznikow, The escalating prices of Boston condos: Great article John! Nice work.
  • Boston Condo Buyer, Boston and U.S. see strong home price increases: JS – I think we’re in another bubble...
  • JS, Boston and U.S. see strong home price increases: How sustainable do you think the run up is? My condo was...
  • pulsa aqui, New construction in Boston, MA: Hi there, I found your web site by means of Google while searching for a...
  • appliance center, Boston Condos: South End open Houses: Someone necessarily help to make critically articles I might...
  • Nemo, Pending home sales in Massachusetts skyrocket: Contrary opinion here. Our current situation is like a car that...
  • diana, Park Plaza Hotel sold for $250M (that’s right, 250 million): Thanks for the useful information! I have...
  • JS, To bury or not to bury : I blame the media for the circus – did we really need to know where the body was...
  • Condo seeker, To bury or not to bury : Sorry meant near Connecticut …not New Jersey..
  • Condo seeker, To bury or not to bury : John, I mostly agree with you. I dont really understand the whole burial at...
  • Nemo, To bury or not to bury : My opinion is that as soon as the family back in Russia indicated they didn’t...
  • ofertas de viajes baratos a puerto plata, Seasonal summer vacation homes available at Summer Village at the Pond: ...
  • JS, Even Cambridge says ‘no’ to bomber burial: It is bizarre… I think it’s pathetic that his...
  • thuốc esse, New Boston luxury condo listings for April 3, 2011: Hey there, You have performed a great job. I will...

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    Inquiries contact John Ford @ realtyford@yahoo.com



    ------------------------------- Boston condo sales for June 2012 - 643.

    Number of Boston condos sold: 643

    Average sales price for a Boston condo: $585,113

    Median sales price of a Boston condo: $445,000

    Average square foor price: $510.00

    Average days on the market: 67



    Boston Real Estate / Boston Condos



    Click on the links below for Boston condo neighborhood sales listings

    Boston Back Bay Condos

    Beacon Hill Condos

    Boston Charlestown Condos

    Fenway Boston Condos

    Boston South End Condos

    ----------

    Back Bay Condos Sales Stats 2012


    Boston Back Bay Condos 1st and 2nd Quarters 2012



    Back Bay condo sales in the 1st Quarter of 2012 - 80
    Back Bay condo sales in the 1st Quarter of 2011 - 82

    Back Bay average condo sales price in the 1st Q of 2012 - $1,261,255
    Back Bay average condo sales price in the 1st Q of 2011 - $1,306,435

    Back Bay median condo sales price in the 1st Q of 2012 - $789,750
    Back Bay median condo sales price in the 1st Q of 2011 - $828,895

    Back Bay condo 1st Q 2012 sales price per square foot - $804
    Back Bay condo 1st Q 2011 sales price per square foot - $809

    Back Bay condos days on market 1st Q 2012 - 142
    Back Bay condos days on market 1st Q 2011 - 133

    Back Bay condo sales in the 2nd Quarter of 2012 - 170
    Back Bay condo sales in the 2nd Quarter of 2011 - 118

    Back Bay average condo sales price in the 2nd Q of 2012 - $1,100,149
    Back Bay average condo sales price in the 2nd Q of 2011 - $1,329,678

    Back Bay median condo sales price in the 2nd Q of 2012 - $761,000
    Back Bay median condo sales price in the 2nd Q of 2011 - $840,000

    Back Bay condo 2nd Q 2012 sales price per square foot - $787
    Back Bay condo 2nd Q 2011 sales price per square foot - $823

    Back Bay condos days on market 2nd Q 2012 - 80
    Back Bay condos days on market 2nd Q 2011 - 133

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    Beacon Hill Condos Sales Stats 2012



    Boston Beacon Hill Condos 1st and 2nd Quarters 2012



    Beacon Hill condo sales in the 1st Quarter of 2012 - 35
    Beacon Hill condo sales in the 1st Quarter of 2011 - 25

    Beacon Hill average condo sales price in the 1st Q of 2012 - $808,840
    Beacon Hill average condo sales price in the 1st Q of 2011 - $852,720

    Beacon Hill median condo sales price in the 1st Q of 2012 - $549,000
    Beacon Hill median condo sales price in the 1st Q of 2011 - $542,250

    Beacon Hill condo 1st Q 2012 sales price per square foot - $747
    Beacon Hill condo 1st Q 2011 sales price per square foot - $675

    Beacon Hill condos days on market 1st Q 2012 - 108
    Beacon Hill condos days on market 1st Q 2011 - 198

    Beacon Hill condo sales in the 2nd Quarter of 2012 - 65
    Beacon Hill condo sales in the 2nd Quarter of 2011 - 69

    Beacon Hill average condo sales price in the 2nd Q of 2012 - $677,684
    Beacon Hill average condo sales price in the 2nd Q of 2011 - $661,045

    Beacon Hill median condo sales price in the 2nd Q of 2012 - $516,250
    Beacon Hill median condo sales price in the 2nd Q of 2011 - $511,750

    Beacon Hill condo 2nd Q 2012 sales price per square foot - $743
    Beacon Hill condo 2nd Q 2011 sales price per square foot - $686

    Beacon Hill condos days on market 2nd Q 2012 - 67
    Beacon Hill condos days on market 2nd Q 2011 - 80

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    Brighton Condos Sales Stats 2012



    Brighton Condos 1st and 2nd Quarters 2012



    Brighton condo sales in the 1st Quarter of 2012 - 41
    Brighton condo sales in the 1st Quarter of 2011 - 47

    Brighton average condo sales price in the 1st Q of 2012 - $254,685
    Brighton average condo sales price in the 1st Q of 2011 - $254,324

    Brighton median condo sales price in the 1st Q of 2012 - $237,000
    Brighton median condo sales price in the 1st Q of 2011 - $250,000

    Brighton condo 1st Q 2012 sales price per square foot - $316
    Brighton condo 1st Q 2011 sales price per square foot - $297

    Brighton condos days on market 1st Q 2012 - 28
    Brighton condos days on market 1st Q 2011 - 84

    Brighton condo sales in the 2nd Quarter of 2012 - 91
    Brighton condo sales in the 2nd Quarter of 2011 - 73

    Brighton average condo sales price in the 2nd Q of 2012 - $268,434
    Brighton average condo sales price in the 2nd Q of 2011 - $255,140

    Brighton median condo sales price in the 2nd Q of 2012 - $255,500
    Brighton median condo sales price in the 2nd Q of 2011 - $254,000

    Brighton condo 2nd Q 2012 sales price per square foot - $337
    Brighton condo 2nd Q 2011 sales price per square foot - $311

    Brighton condos days on market 2nd Q 2012 - 59
    Brighton condos days on market 2nd Q 2011 - 99

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    Charlestown Condos Sales Stats 2012



    Charlestown Condos 1st and 2nd Quarters 2012



    Charlestown condo sales in the 1st Quarter of 2012 - 43
    Charlestown condo sales in the 1st Quarter of 2011 - 47

    Charlestown average condo sales price in the 1st Q of 2012 - $491,085
    Charlestown average condo sales price in the 1st Q of 2011 - $485,918

    Charlestown median condo sales price in the 1st Q of 2012 - $435,000
    Charlestown median condo sales price in the 1st Q of 2011 - $467,500

    Charlestown condo 1st Q 2012 sales price per square foot - $432
    Charlestown condo 1st Q 2011 sales price per square foot - $444

    Charlestown condos days on market 1st Q 2012 - 112
    Charlestown condos days on market 1st Q 2011 - 125

    Charlestown condo sales in the 2nd Quarter of 2012 - 115
    Charlestown condo sales in the 2nd Quarter of 2011 - 72

    Charlestown average condo sales price in the 2nd Q of 2012 - $474,847
    Charlestown average condo sales price in the 2nd Q of 2011 - $423,006

    Charlestown median condo sales price in the 2nd Q of 2012 - $452,000
    Charlestown median condo sales price in the 2nd Q of 2011 - $408,500

    Charlestown condo 2nd Q 2012 sales price per square foot - $438
    Charlestown condo 2nd Q 2011 sales price per square foot - $437

    Charlestown condos days on market 2nd Q 2012 - 81
    Charlestown condos days on market 2nd Q 2011 - 60

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    Fenway Condos Sales Stats 2012



    Fenway Condos 1st and 2nd Quarters 2012



    Fenway condo sales in the 1st Quarter of 2012 - 19
    Fenway condo sales in the 1st Quarter of 2011 - 20

    Fenway average condo sales price in the 1st Q of 2012 - $404,579
    Fenway average condo sales price in the 1st Q of 2011 - $320,828

    Fenway median condo sales price in the 1st Q of 2012 - $375,000
    Fenway median condo sales price in the 1st Q of 2011 - $291,500

    Fenway condo 1st Q 2012 sales price per square foot - $513
    Fenway condo 1st Q 2011 sales price per square foot - $436

    Fenway condos days on market 1st Q 2012 - 42
    Fenway condos days on market 1st Q 2011 - 180

    Fenway condo sales in the 2nd Quarter of 2012 - 79
    Fenway condo sales in the 2nd Quarter of 2011 - 58

    Fenway average condo sales price in the 2nd Q of 2012 - $358,981
    Fenway average condo sales price in the 2nd Q of 2011 - $321,013

    Fenway median condo sales price in the 2nd Q of 2012 - $360,000
    Fenway median condo sales price in the 2nd Q of 2011 - $292,000

    Fenway condo 2nd Q 2012 sales price per square foot - $519
    Fenway condo 2nd Q 2011 sales price per square foot - $491

    Fenway condos days on market 2nd Q 2012 - 86
    Fenway condos days on market 2nd Q 2011 - 51

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