Boston Real Estate for Sale

This is an interesting Ma real estate story

This is an interesting Ma real estate story

Boston Condos for Sale and Apartments for Rent

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This is an interesting Ma real estate story

A retired New York lawyer who bought a $5.5 million Cape Cod mansion that was teetering on the verge of falling into the ocean claims he shouldn’t have to pay off his mortgage because he was “manic” when he bought it.

John G. Bonomi Jr, 66, purchased the 5,817-square-foot dwelling situated between Cape Cod Bay and Wellfleet Harbor in November 2021 for the asking price of $5.5 million, despite the bluff eroding at a rate of 3.8 to 5.6 feet per year.

The home, which has since been demolished to prevent the collapse, was built in 2010 and featured five bedrooms, seven bathrooms, and gorgeous sunset and water views.

Bonomi currently owes $3,850,000 on his mortgage and is suing JPMorgan Chase to void the payment through the United States District Court for the Southern District of New York.

Bonomi, who was diagnosed with Bipolar I Disorder in 2009, is claiming that the bank shouldn’t have lent him the money because “no rational person…would have considered purchasing the Property, and certainly not at the full asking price,” the filing states.

While this claim may sound far fetched, New York State does have a legal precedent that allows mental health conditions to be a basis for invalidating a contract.

Bonomi is seeking a jury trial, as well as to void the mortgage and note for $3.85 million with interest, damages, and attorney’s fees.

“Plaintiff was acting under an uncontrollable manic psychosis at the time he entered into the Mortgage and Note,” the suit, filed in October 2025, reads. “It is a recognized diagnostic fact that a symptom of bipolar disorder is irrational risk-taking and impulsive behavior, including reckless spending.”

Bonomi alleges that the bank “was aware, or willfully avoided acknowledging, that Plaintiff was not at that time competent to enter into the Mortgage and Note.”

He further stated that they took an “unconscionable advantage of his condition” and should not have lent him the money.

At that time, the bank gifted Bonomi a $3,850,000 loan, according to the suit. Bonomi made monthly payments of $21,053 from November 2021 until September 2024.

In May, JPMorgan Chase denied the allegations after initially seeking to have the suit dismissed.

Bonomi has also claimed that the prior Chase lending officer, Kimon Psihudakis, who hasn’t worked at the bank since July 2024, purposefully ignored a letter from Bonomi’s employer stating that he would be retiring in May 2022.

The complaint states that Psihudakis told Bonomi he was doing this because “Chase won’t provide a mortgage to anyone within three years of retirement,” the complaint said.

Bonomi’s legal filing contains a link to the three-minute “seductive” marketing video of the property that had further enticed him to purchase:

Source: https://www.realtor.com/news/trends/cape-cod-house-lawsuit-jpmorgan-bank-manic/

Peace be with you

Ford Realty Menu of Flat Fee Listings for Boston and the North Shore

Buyers receive 60% rebate from our portion of the broker fee

As a home seller, it sounds like you have a solid grasp of the current 2026 landscape for flat-fee listings in the Boston and North Shore areas. Here is a concise breakdown of how those Ford Realty tiers typically function based on the service levels you’ve identified:

Boston condos for sale

1. Basic “Entry Only” – $500.00

This is essentially a “digital signpost” service.
  • Visibility: Your home is listed on the local MLS, which syndicates to Zillow, Realtor.com, and local brokerage sites.
  • Your Role: You are the primary point of contact. You handle photography, scheduling all showings, vetting buyers, and all contract negotiations.
  • Best for: Experienced sellers or those comfortable managing real estate paperwork and logistics independently.

2. Flat Fee (Assisted) – Starting at $1,500.00

This tier bridges the gap between DIY and full representation.
  • The Upgrade: The broker takes professional photos and handles the listing setup.
  • Added Support: You gain professional guidance for the initial setup, ensuring the listing looks polished to attract higher-quality leads.
  • Broker Role: 60-day listing, one open house per month, schedule day and evening showings. The negative is that the full fee is due after 60 days even if the house/condo doesn’t sell or go under agreement.

3. Full-Service – 1% Commission

This is the “hands-off” alternative to the traditional 2.5%–3% model.
  • The Full Package: Professional photography and floor plans are included.
  • Active Management: The broker hosts one open house per month and handles day/evening showings.
  • Logistics: They are physically present for the BFD smoke detector inspection and the home inspection, taking significant stress off your plate.

Key Financial Reminders

  • Buyer’s Side: Regardless of your flat fee, remember to factor in the 2%–3% commission for the buyer’s agent to keep your home competitive.
  • Tax/Closing: Budget for the MA transfer tax ($4.56 per $1,000) and ensure all Condo fees are cleared to avoid delays at closing.

BUYERS REBATE

Boston and North Shore Buyers: We provide a 55% rebate of our commission to you, as the buyer, for homes priced over 500,000.

Would you like to discuss a specific sale listing price using these different fee structures?  If so, contact John Ford 617-595-3712.
 
 

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