LRG Boston Real Estate Blog

Closing costs for buyers in Boston, MA typically range from 2% to 5% of the home’s purchase price, depending on several factors. Some of the most significant expenses that contribute to these costs include:

1. Attorney Fees: In Massachusetts, it is customary for both the buyer and seller to have separate attorneys to review the purchase and sale agreement, conduct a title search, and ensure that all legal requirements are met. Attorney fees can range from $500 to $2,500 or more.
2. Title Insurance: This insurance policy protects the buyer and the lender against any legal disputes that may arise over the property’s ownership. The cost of title insurance is typically based on the purchase price of the home and can range from $1,000 to $3,000 or more.
3. Appraisal and Inspection Fees: Before a lender approves a mortgage loan, they will require an appraisal to ensure that the home’s value is worth the amount being borrowed. Appraisal fees can range from $400 to $600 or more. Additionally, buyers will typically pay for a home inspection to identify any potential issues with the property before finalizing the sale. Inspection fees can range from $400 to $1,000 or more.
4. Mortgage Fees: Lenders may charge a variety of fees related to the mortgage, including loan origination fees, discount points, and prepaid interest. These fees can vary widely, but buyers should expect to pay up to 1% of the loan amount in mortgage fees.
5. Prepaid Expenses: At closing, buyers will typically pay for several months of property taxes, homeowner’s insurance, and possibly private mortgage insurance (PMI) if their down payment is less than 20% of the purchase price. These prepaid expenses can range from a few hundred dollars to several thousand dollars.

It’s important to note that closing costs can vary depending on the specific circumstances of each transaction. Buyers should work closely with their lender and real estate agent to get an accurate estimate of their closing costs and to negotiate with the seller if they are able to do so.

Looking for a home in the Suburbs?  Please visit SuburbsofBoston.com.  It is an innovative new site focussing on the suburbs surrounding Boston, MA.

Related Beal announced today that The Clarendon, the 33-story luxury residential tower in Boston’s Back Bay, is 100 percent sold out. The major milestone comes with the sale of Penthouse 3 for more than $6.2 million with Joshua A. Golden of Luxury Residential Group LLC representing the buyer in the transaction.  As milestones go in the Boston market, this one has great significance because it makes The Clarendon the first luxury new construction high-rise condominium building in the city to achieve sold-out status. It’s also a monumental moment for Related Beal, a partnership between Related Companies and Related Beal (formerly The Beal Companies), as The Clarendon was their first joint venture.  The Clarendon has continued to achieve ground breaking results and the property’s value consistently increased year-to-year. In January 2013, the property achieved its second to last major milestone with the sale of Penthouse 2 achieving a  record-breaking price of $1,834 per square foot for a luxury new construction high-rise condominium at that time. This accomplishment is a testament to the reputation of the building’s developers, as well as the allure of the Downtown residential market today, and represents a preview of what the Boston market can expect from Related Beal.

Luxury Residential Group’s offices at 355 Boylston Street in Boston, MA just felt the effect of a 6.0 magnitude earthquake that was centered in Virginia.  The Prudential Tower was shaking as well as other Boston high rises.  It kind of rattles the nerves a bit but no damage has been reported.

Wonder what that row of bicycles are on the corner of Arlington and Boylston just across from the Heritage Condos and Four Seasons? It is a new Bike sharing program called Hubway or http://www.thehubway.com/ which is sponsored by New Balance .  It is indeed an interesting “Green” concept that is primarily based on a trust system. The site explains the system more concisely but the overall gist is a clean, healthy, alternative to cabs.  In all, there nearly 600 bikes at 61 stations around the city(Station Map Here).  There is a annual membership fee of $85 which is reduced to $60 as a special introductory price.  Below are the usage fees and explanation of how they are structured which we got from their site TheHubway.com.

Hubway Boston

Usage Fees

Every ride less than 30 minutes time is always free for both Registered and Casual Members.  After 30 minutes, Usage Fees are incurred based on the following rates.  Registered Members received 25% off Usage Fees, which will be billed on the 10th of each month.  Casual Members are billed for Usage Fees within 3 days of the end of their membership period. The rates are as follows: 

The bikes themselves seem pretty indestructiblebut this writer has concerns that vandalism(angry cabby’s perhaps?), injuries and irresponsible riders may cause some headlines in the near future.

Today we received exciting news from Ritz-Carlton Boston Management regarding their plans for a new lobby bar, restaurant and hip lounge. We say it is about time as local hotel lobbies, similar to those at Liberty and The New W, have surpassed the Ritz as THE cool places to stay in Boston.  Their  lobbies serve as both trendy destinations for local residents, as well as inviting, energetic reception/checkins for Hotel guests. If the Ritz can expand their image to cater to traditional, business as well as hipster clientele, they will have hit the mark. Based on the description below, this change should not offend any incoming hotel guests that are used to 5 star amenities.  As a matter of fact, we feel strongly that Ritz-Carlton Condo Residents, as well as hotel guests alike, will view this as a significant change for the better.

From Ritz Management:

“The first phase of this exciting renovation will focus on the creation of a new lobby bar and lounge to replace our existing Gallery space.  This new venue, which will be named shortly, will reflect a more modern, sophisticated design and will be a cocktail destination with small bites for both guests and local residents.

The new space will offer 65 seats with residential retro-style lounge seating and 13 seats at an arch-shaped bar that will serve as the focal point in the room.  The fireplace will remain but will be elevated to eye level for a dramatic visual upon entry.  New lighting pendants, floor lamps and a dramatic chandelier will bathe the space in warm, glowing light.  The new look and feel will exude an inviting palette of colors, from walnut wood-paneled walls, to textured fabrics and leathers in off-white, black, brown and rich cognac.  Area sisal and wool rugs will cover our Italian marble floors, and will help soften the space with a cozy and relaxed mood.

Also part of the lobby re-design is a new concierge desk making the sense of arrival for our guests more intimate and residential.  Upon completion of the Lobby by May 15^th, renovations will begin to Jer-Ne restaurant & bar transforming that into an entirely new restaurant.”

At one time, it was rumored that Forever 21, the LA based clothing store, was taking the old Louies of Boston building located on the corners of Newbury, Berkley and Boylston St. It is now confirmed that, they have leased the space where 40% of the Danker & Donohue Garage used to be on the last block of Newbury Street(371 Newbury Street). The renovation is breathtaking and the space will quickly be known as one of the nicest retail build-outs in all of Boston. 60% of the property at 371 Newbury Street will still be operating as a garage which is good news for Back Bay and 360 Newbury Street residents who have monthly parking there.

New Forever 21 Store on Newbury Street

Forever 21 is an American chain of clothing retailers with branches all over the World.  The first store opened April 21st, 1984 in the Highland Park District of Los Angeles.  The original store was only 900 square feet.  In 2010, Forever 21 opened a flagship store in Cerritos, CA that encompasses 80,000 square feet.

The Bryant Back Bay is set to auction off another 11 developer owned units.  Based on the success of the last auction, this appears to be the best way to stimulate sales.  Units that were originally priced at $1,540,000 have a min. starting bid of $1,075,000 or just over $500/square foot.

Below is a list of the properties being auctioned off.  We offer buyer representation at NO FEE but it is essential you schedule an initial appointment with us prior to the auction.  For more information, please call Joshua A. Golden at 617-233-5800.