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Redefining Boston Real Estate

LRG Boston Real Estate Blog

Boston luxury real estate as it happens

W Hotel – Boston, MA – Review

December 26th, 2009

A couple of friends of ours had the pleasure of staying at the brand new W Hotel in Boston, MA on Christmas Eve. The W hotel and condos are located in Boston’s historic Theater District (100 Stuart St.), across from the Citi Performing Arts Center and walking distance to the Garden and Newbury Street.  The decor was trendy and inviting.  The halls were dim with very unique artwork painted on the walls.  The rooms are clean, inviting, hip, and sexy (when the bathroom lights were on, the wall separating the room from the shower became transparent and although awkward if you are staying with a friend, could be a very sexy effect if staying with a significant other).

W Hotel Room w/ Transparent Wall

W Hotel Room w/ Transparent Wall

The lobby bar was very mellow with chill lounge music playing. The crowd was attractive, professional and trendy/casually dressed.

W Boston Hotel Lobby

W Boston Hotel Lobby

The Sweat Gym is included with the hotel room. It is clean with ample equipment for a full workout.

The overall experience was extremely positive. The staff is experienced, professional, and very helpful.  The nightly rate was reasonable $199. If you are thinking about a romantic weekend getaway with a Broadway show in the mix or just a weekend in the city with some close friends, the new W Hotel should be near the top of your list.

Mistral Sunday Brunch – One Of Boston’s Best In Our Opinion

December 14th, 2009

We had the opportunity to host a few of our clients at Mistral Bistro – (617) 867-9300, located on Boston’s South End and Back Bay border at 223 Columbus Ave., this past weekend for their new Sunday Brunch.

I had the delicious Greek-Style Yogurt Panna Cotta with granola  and honey to start and an absolutely amazing goat cheese and mushroom Frittata. What is a Frittata you might ask? Basically it is an open faced omelette served fresh out of the oven in a skillet. My guest had the Gratin of Pink Grapefruit served with brown sugar and Champagne Sabayon for starters and the Honeycrisp Apple Pancakes served with warm syrup and apple cinnamon butter.  Only two words could describe the meal….ridiculously good.

Some helpful advice; everything we had was prepared perfectly and all the items on the menu look equally good. We even had to take some extra time to decide which meals we wanted.  Order a few dishes and split them with your company.  The portions are extremely generous and you will want to try as many as possible.

  • Service – Excellent but our server had limited knowledge of the brunch menu items and their ingredients.
  • Atmosphere – Relaxing and inviting
  • Food – Top 5 brunches in the city of Boston.
  • Price – Very Reasonable for the portion size

Mistral is located at 223 Columbus Ave., nestled in between the Back Bay and South End in the Albert Pope Loft Building.

Reservations (617) 867-9300. Please click here to their brunch – Menu

Mistral-boston

Zero Marlborough Rental – 3,319 Sq. ft. – $16,000/Month

December 10th, 2009

**Price Change** We are pleased to present to you this ultra luxury, new construction condo for rent at Zero Marlborough on The Garden in Boston,MA.

The unit features:

  • $18,000/month Now $16,000/Month
  • Commanding 360 degree views of Boston’s skyline.
  • Over 3,300 square feet of living space
  • 3+ Bedrooms, 3.5 Baths
  • Gourmet Kitchen
  • Deeded valet parking space included
  • Brand new construction – Never lived in.
  • Hardwood floors
  • Central A/C
  • Master bath with double sinks, soaking tub and steam shower.
  • His and hers walk-in closets
  • 3 fireplaces(2 gas, 1 wood burning in master bedroom)
  • Concierge services
  • Storage
  • Please call Joshua A. Golden to arrange a private tour at 617-233-5800
Kitchen/Family Room

Kitchen/Family Room

Livingroom

Livingroom

Diningroom

Diningroom

Kitchen

Kitchen

Outlook for Commercial Real Estate in 2010 is DIRE

December 5th, 2009

Hancock Tower Boston

A lot of our local residential buyers who own Boston and International based business’s, have been telling us for the last 12 months that their outlook on Commercial leasing, lending, and sales is dire in 2010. So dire that they and we at LRG, feel another shoe is about to drop in the banking sector.  First it was residential lending, now commercial. We do not see this as a threat to the current surge in Residential Sales but we do see the need for some sort of Government intervention in the near future. Similar to what we saw with residential earlier this year. (First time home buyer credit and bank bailouts).

Jason Weissman - Boston, MA

Jason Weissman - Boston, MA

Please read what a close friend of ours, Jason Weissman, Founder & Principal, Boston Realty Advisors (Boston) is saying on Northeast Real Estate Business online magazine.

“2010 will continue to bring record low transaction volumes for commercial real estate assets in New England. The lack of credit available to finance properties and shrinking NOIs (net operating income) will produce little incentive for property owners and lenders with REO on their balance sheet to consider selling. For typical real estate owners, only property trades that are “stimulated” by a bankruptcy or foreclosure will create a sale. For lenders owning real estate, disposition of REO will be stimulated by “regulator” actions (liquidity requirement), FDIC Bank takeover, or the ability of the bank to get the par value of the debt out of the asset (or close to it). Sales transaction volume will be off between 75 percent to 85 percent from the peak years of 2006 and 2007. Principal owners of real estate will look to “pretend and extend” loan term maturities and implement “work out” talks with existing lenders. Lenders who are able will acquiesce and extend term to quality operators and owners, as opposed to proceeding with foreclosure actions and balance sheet hits. Look for signs of life in fourth quarter 2010, as declining rents flatten and as general leasing activity picks up. As bank balance sheets strengthen due to the improving macroeconomic environment, they will be more aggressive in foreclosure proceedings and selling assets. Furthermore, banks will look to liquefy 2006 and 2007 vintage loans in order to make more profitable loans in late 2010 and 2011.”


Joshua Golden Quoted In Today’s Boston Herald Real Estate Section

November 25th, 2009
Joshua A. Golden - Luxury Residential Group

Joshua A. Golden - Luxury Residential Group

In today’s Boston Herald, in an article titled, “Mass. housing sales up,but Hub condos plunge“, written by Thomas Grillo, Joshua Golden, Founder of Luxury Residential Group, was quoted as saying:

“I have people who want to buy, but they refuse to overpay,” said Joshua A. Golden, a principal at Luxury Residential Group in Boston. “Unless they can get up to 30 percent off the original list price, they’re not budging.”

Joshua’s Take: I did indeed say that we have strong buyers currently looking in the high end Boston condo market.  However, the article implies that, unless sellers negotiate 30% off their prices, my buyers are not making the jump. What I actually said was “In some instances, my buyers are only willing to purchase IF they feel they are getting a great deal, 15-30% off original asking prices”. I used the example of The Bryant Auction, which ended up selling at about 70 cents on the dollar. That said, we are seeing prices drop across the board on luxury condos in Boston.   Whether it be in the form of a motivated seller, significant price drop, or an auction, there are some great deals out there.  You should always hire a good buyer’s agent. Someone who has extensive knowledge of the Boston condo market, as well as strong relationships with cooperating brokers throughout the city. We are paid by the seller and responsible for negotiating, assisting you with the process and looking out for your best interests.

Is The New W Lounge and Market Restaurant WOW?

November 23rd, 2009
W Boston Bar and Market Restaurant

W Boston Bar and Market Restaurant

The W Hotel which houses luxury condominiums, lounge and restaurant is the newest addition to Boston’s cityscape.  More than just a commanding structure, the W offers residents and visitors alike the opportunity to luxuriate, socialize and flirt in its signature style restaurant and lounge.

Bringing new energy to Boston’s Theater District, the hotel’s contemporary
luxury attracts a sophisticated crowd.   The setting does not mirror other
popular hotel bars around the city.  Instead, the mood at the W Bar remains
mellower, allowing guests to enjoy a more engaging and intimate setting.

There is a buzz around Boston so arrive at a reasonable hour to
avoid the long lines. 

LRG’s Take:  The food was tasty and the drinks were delicious. If you are not a drinker, try their Ginger Ale, it is unique and quite tasty.  If you like Mojitos, their  pineapple version of this popular mint drink was delicious.  The shrimp salad was yummy and the burger was well worth its $14 price tag.  The bar scene was mellow and laid back but the lobby store casted a bright light which somewhat killed the relaxing vibe.  The crowd was attractive but a little clicky.  This is not a pick up joint so bring some close friends, sit back, and enjoy the scene. The question is, did we find the experience to be WOW, which is another one of their motos? NO, but it was enjoyable, relaxing, and a refreshing change.

Do Your REALLY Want to Sell Your Home Or Condo?

November 20th, 2009

If the answer is yes, then you need to be forward thinking  and accommodating in these uncertain times.  If you are not reasonable with your pricing, you will sit on your property for months, sometimes years at a time. You will also start questioning your broker, blaming them for not selling it in a reasonable period of time. What you should be asking your broker is, WHAT NEEDS TO BE DONE TO SELL MY CONDO OR HOME? You should always hire a Seller’s Agent who is reputable, trustworthy and experienced.

We have some some pointers that will save you a lot of time, money and headaches:

  1. PRICE, PRICE, PRICE -  We all know that your property is the best.  We understand you put a lot of love, sweat and money into making it perfect.  Unfortunately, if you want to sell it in a downturn, the best strategy is to price it 10-15% below your neighbors who are selling a comparable home. The bottom line is, those same neighbors will be sitting on their property 3 to 5 times longer, and eventually end up at the same price point if not lower than what you sold your property for months earlier.
  2. UPGRADES – Not all, but most buyers, prefer not to pay a big premium for your style and upgrades. Yes your finishes are superior, but if you ask a $1.5 to $2.0 million dollar buyer what they would prefer: A higher floor unit, same layout, with lesser finishes but a better view, for $1.7 million, OR, a slightly lower floor unit with superior finishes for $2.0 million, most if not all would go with the higher floor.  The buyer can use the $300,000 to style it to their liking while achieving superior views. Be realistic.
  3. MAKE IT EASY AND ENJOYABLE TO SHOW – Always make sure your home is clean, clutter free and smelling good (scents can deter buyers).  Also, do not make it difficult for your broker to show the property.  Things like, “My dog is sleeping”, “the maids didn’t come”, “the in-laws are here for a week” etc etc. Your goal is to sell!! Even though your life might be disrupted for a few months, this is probably the single biggest asset you own, so do your best to deal with the inconvenience.  Allow the broker to show the property on SHORT notice and do their job.  If you don’t, you will undoubtedly miss good opportunities.
Clean and Pristine Condition

Clean and Pristine Condition

From reading this blog posting you know what we are getting at. If you are FORWARD thinking, you will be rewarded.  Everything comes down to price in the end. Listen to your broker, that is why you hired them.  They are looking out for your best interests.  If you feel they are not, find someone else to market your property ASAP.

Funding for Plymouth Rock Studios Collapses

November 11th, 2009

PlymouthRockStudiosAfter all the excitement and media coverage surrounding the new, state of the art, Plymouth Rock Studios, it was announced today that funding for its 240 acre, $550 million dollar, “Super” studio on the South Shore has collapsed. With less than a week before groundbreaking, questions have cropped up about the viability of its financing company, Prosperity International LLC out of Orlando Florida.

In a prepared statement, the studio said, “The lender was required to meet a milestone on November 6 and has failed to do so. Consequently, [the studio] exercised its contractual right to cancel the agreement.’’

Developers are still dedicated to the project but with the current economic climate there is no telling when construction and funding will move forward.

LRG’s Two Cents: We would like to see Massachusetts pull through with some assistance.  It makes sense as the studio is going to create thousands of new jobs and produce huge tax revenue for the Bay State. Besides the direct financial benefits, there are also social benefits to the area as well.  High budget, blockbuster films will be shot locally. They will showcase the vibrancy of Boston, bringing tourists, visitors and residents from around the world to our beautiful city.

Senate Approves Tax Credit Extension

November 9th, 2009

Written By: Laura Levin of Luxury Residential Group

With a Senate vote of 98-0, followed by House approval shortly thereafter, the popular first time home buyer tax credit has been extended and expanded. (Insert Applause)

$8,000 - Home Buyer Credit

$8,000 - Home Buyer Credit

Even if you are not preparing to buy or sell a home in the near future, the credit may have a great influence on your finances. Below is a breakdown of the new legislation and how to make it work in your favor!

Who Is Eligible?

There are actually two credits:

First-time home buyers with adjusted gross incomes up to $125,000 (singles) or $225,000 (married) may receive the complete $8,000 tax credit as long as they purchase a primary residence before June 30, 2010 and haven’t owned a home in the past three years. If your income is above those levels the credit lessens. It is not allowed once income reaches $145,000 for singles or $275,000 for married couples.

Current homeowners may obtain a credit of up to $6,500 if they’ve lived in their primary residence for five consecutive years out of the past eight, meet the same income criterion as first-time buyers, and buy a primary residence before June 30, 2010.

Who Is Not Eligible?

Besides those buyers who top out the income restrictions, there are some other buyers who do not qualify.

Luxury Market: We are sorry to say that you are not permitted to use the new tax credit to buy a property that
costs $800,000 or more.

Vacation Or Investment Residences: You are not permitted to claim the credit to purchase a second residence, vacation home, or investment property.

Additionally significant is that you are not permitted to take the credit if you have obtained the home as a gift or
inheritance or from your spouse, parents, grandparents, children, or grandchildren.

What Are The New Terms Of The Credit?

The original credit was due to expire November 30, 2009. This new bill extends the deadline an additional seven months. Although the credit officially terminates on April 30, 2010, you will still qualify as long as you have a binding contract by that date and close by June 30.  Members of the U.S. armed forces, military intelligence, or foreign service on qualified extended duty also receive an extra year to take either credit. Moreover, if you or your spouse has been deployed overseas for 90 days or more in 2008 or 2009, you have until April 30, 2011 to claim the tax credit.

Receiving the Credit

Provided that you purchase a home in 2010 before the program expires, you are eligible to claim the tax break on your 2009 federal tax return.

Be Mindful!

The feds do not intend for this to facilitate house flippers. If you sell the home or move to an alternate primary residence within three years of closing, you can expect that you will be forced to repay the tax credit.

Guidance For Home Buyers

If you are married and have not ever owned a home, but your spouse has owned one within the past three years, the two of you do not qualify for the $8,000 first-time home-buyer credit. You do qualify for the $6,500 credit for current homeowners, as long as each of you meet the other prerequisites.

Even if you already own a primary residence, the credit is available to you if you want to buy a house with your child. Your child will get the credit of up to $8,000 assuming he or she meets the other requirements – and even if you own half the property.

How To Benefit If You’re Not In The Market?

Sellers: As long as your house is priced below $800,000 you should be sure to remind both first-time and trade-up buyers that your home may help them qualify for the credit.

Homeowners: If the new tax credit works as well as is anticipated, it could facilitate the sales of hundreds of thousands of homes, accounting for the surplus in inventory. This is precisely what you want to happen because your home value can’t and won’t begin to increase until the other homes in your neighborhood are sold.

Nearly 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have bought their homes without the credit.

Dear Manny Ramirez, About Your Ritz-Carlton Penthouse

November 4th, 2009
Ritz-Carlton Boston

Ritz-Carlton Boston

The city of Boston’s beloved Manny Ramirez has fired his agent, AGAIN and lowered the asking price on his Ritz Carlton Penthouse . What is the new price?  Hold your breath……$7.9 Million.  Still unrealistic and only $1 million more than what he was originally asking 3 years ago in a much stronger real estate environment. In order to gain more publicity, The Ramirez team fired their broker(Not LRG) in an effort to gain more publicity and energy around the listing.  This is the FOURTH “Performance Enhancing” agency that has attempted to market and “Manage” the property for sale.  Multiple offers have been presented, some of which were full asking, ALL of which were turned down by Ramirez.  We at Luxury Residential Group speak from experience as we represented the buyer’s in a couple those full asking offers. 

We do however commend Manny on his real estate taste.  The Ritz Penthouse  (<—- Listing) condominium is a truly unique property with absolutely spectacular views, nearly 4,500 square feet of living space, an enormous terrace overlooking the park and 3 valet parking spaces.   We feel a buyer will eventually come along with a positive outlook on the future health of the US economy and pay a very strong number for the condo.  Perhaps in 5 years we will look back and say the price paid was not only justified, but a steal.  Unfortunately, in today’s environment, $7,900,000 is just too much to be asking.

Our Advice To Manny:  Lower the asking price to $6.9+/- million dollars.  There are buyers out there right now and the property will indeed generate interest and offers at these asking levels. Try to get between six and seven million dollars. Your cash would probably grow quicker being invested elsewhere.

Featured Listing
22 Liberty Drive #5L, Boston, MA Seaport District Boston, $775,000
22 Liberty Drive #5L, Boston, MA
Seaport District Boston, $775,000
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