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LRG Boston Real Estate Blog

Boston luxury real estate as it happens

Closing Costs For Buyers in Boston, MA in 2023

April 23rd, 2023

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:

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.
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.
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.
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.
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.

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Millennium Partners Invests over $1 Billion into Downtown Crossing with Millennium Tower and Millennium Place

October 15th, 2013

By Lauren Harvey of Boston University

Millennium Tower

Millennium Tower Rendering

426 Washington Street in Downtown Crossing will be the home of the Millennium Tower, Millennium Partners newest and possibly most striking addition to the Boston Real Estate Market. The same developer that brought us the Ritz-Carlton Condos, One Charles, Millennium Place, and now Millennium Tower is working with Handel Architects and Mayor Tom Menino to restore Downtown Crossing back to the prosperous area it once was. With the restoration of the Burnham Building, future home of Arnold International, the area will soon thrive with fresh new life while still holding the integrity of its history.

Residential Details

Millennium Tower Boston will be the tallest residential building as well as 4^th tallest building in the city, standing 625 feet high with a total of 60 stories. The 1.1 million square feet of space will hold around 500 luxury condos and the lower floors, along with the adjacent Burnham Building, will hold well distinguished retail and unrivaled office space. The units, both rental and condominium, will range from 1 to 4 bedrooms with prices starting at $750,000. Due to the prime location and height of the building, the unit’s views of Boston will be first of its kind seen by any residence in the city. Since the project is still in its early stages (having broke ground on Sept. 17^th) many details are not yet known or confirmed. We will be actively posting as new information is released.

The Burnham Building

Better known as the old Filene’s Basement, the Burnham Building will be in the center of the Downtown Crossing restoration. The building was designed by Daniel Hudson Burnham, the same architect who designed NYC’s Penn Station and Washington D.C.’s Union Station. The building will be restored back to its former grandeur by Millennium, containing 185,000 square feet of office space and 100,000 square feet of retail space with 550 parking spots below. Roche Brother’s grocery store and Arnold Worldwide advertising company have already claimed part of the available space.

The Downtown Crossing Movement

The development of Millennium Place, Millennium Towers, and the restoration of the Burnham Building have attracted new, exciting, luxury businesses to the area that cater to its new residents. Here are some of the businesses reported to be joining Downtown Crossing along with Roche Bros. and Arnold Worldwide…

Legal Sea Foods(Legal Crossing) - Legal is in talks with Millennium Place to open there with a new restaurant concept. Restaurant will provide room service to Millennium Place Residents.

The Painted Burro- Joe Cassinelli, owner of the Painted Burro and Posto in Somerville, has confirmed that he will be opening another Painted Burro restaurant on Temple place where Windsor Button stands now. The new restaurant will have all the great Mexican qualities as the one in Somerville, just much larger.

Sweet Tooth- This local bakery from Southie has created quite the buzz, being featured on Phantom Gourmet and recognized in numerous magazines. This is full service bakery has countless desserts at the ready, catering, and costume cakes to order. The bakery will be opening a second location in the Corner Mall.

Strada 45- Talk has been going around that a new restaurant, Strada 45, will be filling the vacant space at 45 Providence Street. This will be a 3-story bar/ lounge and wood fired pizza restaurant.

Along side new restaurants and stores, the streets and sidewalk areas will be redone to brighten and enrich the physical appearance of Downtown Crossing. The millions of private and public investment dollars are the efforts to create all the components of a 24-hour, full functioning neighborhood. As the Millennium Tower and the area develop we’ll be posting pictures, updates, reviews and more.

Tags: Boston Luxury condos, Millennium Tower Boston
Posted in Boston Condo Rumors, Massachusetts Finest Properties | No Comments »

Joshua A. Golden of Luxury Residential Group Sells Final PH at The Clarendon Boston

August 15th, 2013

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.

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South End is Growing – 275 Albany St.

July 16th, 2013

Luxury Residential Group

New development continues in Boston’s South End, just adjacent from the construction of Ink Block at the old site of the Boston Herald, 275 Albany Street has recently been approved to start the building process. The 1.3-acre lot at 275 Albany Street will be developed into an apartment building at 330,000 square feet. Gerding Edlen, in conjunction with Normandy Real Estate Partners, intend on building a 18-story building and a 11-story building containing up to 380 residential units. Developers have been talking about constructing a parking garage in between the two separate buildings, as well as restaurants on the ground level. The 18-story building offers residents views of the Seaport District as well as the skyline of downtown Boston. Just south of the Back Bay, 275 Albany Street is in the heart of Boston’s historic South End neighborhood.

By: Hope Obernesser

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Cambridge Whole Foods Has Best Gelato!!!!

May 1st, 2013

Luxury Residential Group is pleased to present our newest agent, Jialu Cai. She will be a regular contributor on our Boston Real Estate Blog,

Best Gelato in Boston/Cambridge – Jialu Cai

Dare I say it? Whole Foods has the best gelato in Boston/Cambridge, MA.

For its main distinction from ice cream, good gelato should be dense, containing little or no air. Anything in the North End won’t disappoint you, but after 12 years in Boston, I can confidently say that the gelato bar at Whole Foods is the best I’ve tried. In fact, the gelato bar at Whole Foods is so good nationwide that private frozen dessert businesses in Laguna Beach forced it to shut down http://www.ocregister.com/news/gelato-315911-whole-foods.html.

Flavors that wowed me were strawberry, a fragrant and sweet concoction with real seeds, and Madagascar vanilla bean, a rich and exotic creamy taste of heaven, a delicious complement to the strawberry. I see vanilla as the anchor to an ice cream brand – you can tell the goodness of the entire brand by the quality of its vanilla. I’m not a fan of hazelnut but I tried it anyway and it tasted exactly like a Ferrero Rocher or Nutella.

Next time you’re in the vicinity of a Whole Foods market, why not stop in and visit the gelato bar? It’s a hidden gem that will sweeten your day. If you like it, they offer loyalty punch cards that get you a free cup or cone after your fifth. The one I went to is 115 Prospect Street in Cambridge, conveniently located between Harvard and MIT. With more than 20 locations in Massachusetts you’re not going to miss a Whole Foods.

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Millennium Place Condos Setting Records – 51% UAG

March 6th, 2013

Located in Boston’s quickly growing Midtown Area, Millennium Place Condos, after 4 short months of marketing have hit over 50% UAG/Sold. That is 130 units of the 256 available. For the developer of One Charles and The Ritz Carlton in Boston, MA, Millennium Partners, this is just the first step in their efforts to redevelop the Midtown Area. The wild success of Millennium Place has allowed the developer to move forward with their plans to build one of the most exciting residential towers ever to be built in Boston, Millennium Tower(Old Filenes Basement site). The scheduled ground breaking will be as soon as this Summer, 2013. Over the next 3 years Millennium Partners will be putting over $1 billion into the neighborhood.

Posted in Boston Condo Rumors, Theater and Boston Real Estate | No Comments »

Love Joy Wharf Gets Approval – Converse, Restaurant, Condos/Apartments

January 9th, 2013

The development of Love Joy Wharf , located at 160 North Washington in Boston, MA has long been in the works but as of last week, the city of Boston will grant funds to aid in the improvement project. Love Joy Wharf is situated at the north point of the Bullfinch Triangle next to the TD Garden. The new development will house the new World Headquarters to Converse shoes which will encompass 187,000 square feet of space, 45,000 for retail space and, 300 person restaurant, floating docks and 100 residential condos.

Posted in Boston Condo Rumors, News | No Comments »

The Clarendon Boston Penthouse Gets Staged

December 12th, 2012

How about a peak into one of the most coveted penthouses in the city? Located at The Clarendon Condo Development in Boston’s Back Bay the stunning condominium encompassed the entire floor, has direct elevator access, and stunning views on four sides from floor to ceiling windows. Asking price is $7,100,000 w/2 valet parking spaces, 3,545 square feet, 3+ bedrooms and 3.5 bathrooms.(Rumor has it that one of the penthouses are about to go under agreement) There are also two other PH units starting at $6.7 million but do not have private outdoor space. (Photos Courtesy of Richard Mandelkorn Photography)

Clarendon Boston Penthouse Guest Bedroom

Tags: Clarendon Boston
Posted in Boston Condos and Homes | No Comments »

74 Beacon, Boston, MA – Why buy when you could rent for $40,000/mth?

September 17th, 2012

74 Beacon, one of the most spectacular single family homes in Boston, MA hits the market for rent. For just $40,000 per month, you can try City living before purchasing. 74 Beacon is also on the market for sale at $13.95 million. Here is a closer look at this spectacular property which features a rooftop pool.

Photos Provided courtesy of MLS and Sprogin & Neal RE and Campion RE

Posted in Boston Condos and Homes, Ultra Luxury Homes For Rent | No Comments »

Case Shiller Index in Boston up 2.5% Between May/June 2012

August 28th, 2012

According to today’s Case Shiller Report, Boston housing prices are up 2.4% between April2012/May 2012 and another 2.5 percent between May 2012/June 2012. Year over year, Boston is even. This is in contrast to cities like Atlanta who are down over 12% year over year and New York which is down 2.1% year over year. Just more evidence that Boston, MA is one of the most stable real estate markets in the country.

Click for full report ————> Full S&P and Case Shiller Report

Posted in Boston Condos and Homes, Boston Home Prices, News | No Comments »

New Construction 1-of-A-Kind Duplex Loft on ++ Garage Parking

East Boston's Jeffries Point Boston, $849,000