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Do You Know Why Boston Rarely Loses Power?

December 28th, 2010

Boston rarely, if ever, experiences power losses due to weather related issues because all city wires are installed underground.  Take a look around, see any? One less excuse to stay home from work on a snowy Monday in late December.

Bostonpower

Here, on the Luxury Residential Group Blog, we have decided to start a fun new series of blogs titled “Do you know why”? These will be tidbits of information on topics about Boston that a lot of us did not know.

If you have any suggestion, please send us an email at info@lrgboston.com.

Posted in Do you know why Boston.....? | No Comments »

Panera Bread – Coming to 400 Block of Boylston Street

December 15th, 2010
Panera Bread

Panera Bread

Very exciting news for those of us who work, and more importantly eat in the Copley and Boylston Street area of Boston, MA.  Panera Bread will be opening a restaurant on the 400 block, #450 to be exact, of Boylston Street near the corner of Boylston and Berkley next to Shreve, Crump & Low.  The Menu will feature hand tossed signature salads(BBQ Chopped Chicken, Harvest Chicken Salad, Chopped Chicken Cobb), Hot Panini Sandwiches, Soups, LRG‘s favorite Mac and Cheese, and a delicious children’s menu.
 
 

Posted in Food | 4 Comments »

Forever 21 Coming to Newbury St. But Not Where You Thought

December 3rd, 2010

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

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.

Posted in Uncategorized | 2 Comments »

Let’s Get it Right Boston – Use Settlement and Tax Money to Cap The Turnpike

November 28th, 2010
Provided Courtesy of Aram Boghosian/Boston Globe

Provided Courtesy of Aram Boghosian/Boston Globe

Winn Company and The California State Pension, developers of the Columbus Center project over the Massachusetts Turnpike, have agreed to a settlement payment of $5.5 million to Boston, MA, according to The Boston Globe. The settlement money is to be used towards the restoration of a parking lot(Bad) across from 33 Restaurant, and green space(Good), both located next to The Albert Pope Building at 221 Columbus between Berkley and Clarendon. The building is well known for its luxury condos and one of Boston’s best restaurants, Mistral. The “Air Rights” project would have added retail, apartments, condos, green space and most importantly, a cap over the eyesore we call the Turnpike which causes all sorts of noise and air pollution to residents of certain parts of the Back Bay and South End of Boston.

Luxury Residential Group advice to the State – go forward with capping the highway and build a beautiful, tree lined green space that will hopefully be the home of a great dog park, jungle gyms for kids to play on, a relaxing seating area for those outdoor Back Bay lunch breaks, and hopefully bring enjoyment, life and positive energy to an otherwise grey, noisy and downright unattractive part of town. This will also help create a vibrant, active area of Boston that will help bridge The South End and Back Bay.

Posted in Boston South End Lofts, Food | No Comments »

Bryant Back Bay, Boston Condo Auction – Results Nov. 7th

November 7th, 2010

Today the Bryant Back Bay went to its second auction. This one was a tremendous success and speaks volumes to the state of the luxury market. Least expensive, unit 306 went at $675/square foot and the most expensive, 905 went at $840/square foot.

Unit      Original Price          Min. Price      Sale Price         $$$/Ft

806       $1,860,000             $1,250,000        $1,606,000      $855

704        $1,910,000             $1,130,000        $1,495,000      $700

705        $1,925,000             $1,130,000        $1,603,000      $745

706        $1,875,000            $1,130,000        $1,603,000      $764

701        $1,710,000             $1,130,000        $1,365,000      $714

904        $1,985,000            $1,250,000        $1,505,000      $791

903       $1,875,000             $1,175,000        $1,489,000      $830

906       $1,975,000             $1,250,000        $1,466,000      $781

905       $2,025,000            $1,250,000        $1,631,000      $840

606       $1,825,000            $1,130,000         $1,446,000      $690

306       $1,540,000            $1,075,000        $1,449,000      $675

The takeaway is simple.  The Luxury Real Estate Market in Boston is very very strong. Below is the original table of properties:

Table of Properties

Residence
No.		 Beds Baths Interior
Sq. Ft.		 Last Ask Price Minimum Bid Slash in
Price		 Min Bid
$/SF
306 3 3 2,146 $1,540,000 $1,075,000 -30% $501
606 3 3 2,097 $1,825,000 $1,130,000 -38% $539
701 3 3 1,913 $1,710,000 $1,130,000 -34% $591
704 3 3 2,137 $1,910,000 $1,130,000 -41% $529
705 3 3 2,153 $1,925,000 $1,130,000 -41% $525
706 * 3 3 2,097 $1,875,000 $1,130,000 -40% $539
806 3 3 1,877 $1,860,000 $1,250,000 -33% $666
Residence 806 features a 198 sf private terrace not included in the interior sf.
903* 2 2 1,793 $1,875,000 $1,175,000 -37% $655
904 3 3 1,903 $1,985,000 $1,250,000 -37% $657
905 3 3 1,941 $2,025000 $1,250,000 -38% $644
906 3 3 1,877 $1,975,000 $1,250,000 -37% $666

Tags:
Posted in Boston Condo Auctions, Lessons Learned 101 | No Comments »

Bryant Back Bay Set to Auction Off Another 11 Units

October 14th, 2010

BryantThe 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.

Table of Properties

Residence
No.		 Beds Baths Interior
Sq. Ft.		 Last Ask Price Minimum Bid Slash in
Price		 Min Bid
$/SF
306 3 3 2,146 $1,540,000 $1,075,000 -30% $501
606 3 3 2,097 $1,825,000 $1,130,000 -38% $539
701 3 3 1,913 $1,710,000 $1,130,000 -34% $591
704 3 3 2,137 $1,910,000 $1,130,000 -41% $529
705 3 3 2,153 $1,925,000 $1,130,000 -41% $525
706 * 3 3 2,097 $1,875,000 $1,130,000 -40% $539
 
806 3 3 1,877 $1,860,000 $1,250,000 -33% $666
Residence 806 features a 198 sf private terrace not included in the interior sf.
903* 2 2 1,793 $1,875,000 $1,175,000 -37% $655
 
904 3 3 1,903 $1,985,000 $1,250,000 -37% $657
905 3 3 1,941 $2,025000 $1,250,000 -38% $644
906 3 3 1,877 $1,975,000 $1,250,000 -37% $666

* Furnished models (furnishings not included)

  • 1 parking space and 1 storage unit are included in the purchase price of each auction residence.
  • Additional parking spaces can be purchased for $125,000 if available. Please visit or call the Auction Information Center for additional information.

    • Terms and Conditions

    Minimum Selling Price

    This sale includes condominium residences within The Bryant Back Bay, a condominium, with minimum selling prices as low as $1,075,000. The sale will occur on Sunday, November 7th, 2010 (“Auction Day”) subject to these terms and conditions.

    A published minimum selling price has been established for all the residences. This means that the Seller has agreed to accept from registered bidders all bids equal to or greater than the published minimum selling price for each of these residences. No bid below these minimums will be recognized.

    Condominium Association

    Buyers become members of The Bryant Back Bay Condominium Association and are assessed a monthly fee. This fee is used towards customary condominium operating expenses except for separately metered utilities for each residence. For details contact the Auction Information Center.

    1. REGISTRATION

    Registration is required to attend the auction and to become eligible to bid. Complete and return the yellow Auction Registration Form prior to Auction Day.

    If you are planning to purchase more than one residence, your completed Auction Registration Form must be received no later than Wednesday November 3rd, 2010. Registrants will be notified of the number of homes they have been approved to purchase upon sign-in on Auction Day. Approval to purchase more than one unit will be at the sole discretion of the Seller.

    On Auction Day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order (“Cash Equivalent”) in the amount of $20,000 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $20,000 to equal a 5% deposit of the winning bid price. Cash Equivalent(s) should be made payable to yourself.

    Those who register on Auction Day will be required to complete the Auction Registration Form and present a $20,000 Cash Equivalent as well as a blank personal check. Auction Day registrants will be limited to the purchase of one residence only.

    2. ON-SITE INSPECTION AND SALE DOCUMENTS

    You should physically inspect all residences you are interested in purchasing.
    The Condominium Documents will be available for viewing at the Auction Information Center onsite at The Bryant Back Bay and should be thoroughly reviewed for details of the offering prior to the Auction Day. Electronic copies of these documents will be made available to registrants. Please familiarize yourself with the Condominium Purchase and Sale Agreement and the Condominium Documents since winning bidders will be expected to fully execute the Condominium Purchase and Sale Agreement immediately after becoming the winning bidder in the auction room. Please note that Buyers will not have time to review the Condominium Purchase and Sale Agreement at the closing table on Auction Day. Auction staff will fill in the blanks within the Agreement and Buyers will simply review for accuracy and sign the document. If you have any questions, please contact the Auction Information Center or your attorney prior to the Auction Day.

    3. PROCEDURE

    If you are the highest bidder on a particular unit identified by the Auctioneer, you will be required to sign a Bid Confirmation Sheet immediately upon acceptance of your bid and an auction escort will then accompany you to the contract area where you will complete the Condominium Purchase and Sale Agreement. All parties intending to be listed as a Buyer under the Condominium Purchase and Sale Agreement must be present at the auction or represented via a “specific” power of attorney. Power of Attorney forms/affidavits must be provided and approved by Wednesday November 3rd, 2010. Bidders approved to purchase multiple residences will sign a Bid Confirmation Sheet, but be allowed to remain in the auction hall until their final successful bid, and will complete a separate Condominium Purchase and Sale Agreement for each unit to be purchased by such bidder immediately following their final successful bid or immediately following the auction. If you have any questions regarding the auction sale procedure, please contact the Auction Information Center.

    4. FINANCING

    Financing is available for qualified Buyers. In the event a successful bidder wants a mortgage financing contingency in the Condominium Purchase and Sale Agreement, the successful bidder must use financing arranged by the Seller’s preferred lender(s) and Title Company, and must provide to Seller a pre-approval in writing for a specific dollar amount prior to Auction Day. If Seller’s preferred lender(s) should then fail to fund that amount, the Buyer may elect to terminate the Condominium Purchase and Sale Agreement and Seller, in such event, shall refund the deposit to Buyer in full. No other financing contingency will be accepted.

    A mortgage representative from the Seller’s preferred lender(s) will be available by phone during open house dates to assist with financing.

    5. CLOSING

    All sales must close on or before Friday December 17th, 2010 (30 business days from the auction).  In addition to the Purchase Price, the Buyer will be responsible, for paying certain costs on the day of the closing, including but not limited to, recording fees, parking and real estate taxes, conveyance costs, lender fees and costs, title examination, title company, and title insurance fees and costs, survey costs, attorney fees, and one-time working capital reserve contribution in an amount equal to two (2) months of the then current estimated annual common charges (including any general, residential or parking common charges) allocable to the Unit, which will not be credited against future payments of assessments.

    Posted in Uncategorized | No Comments »

    Why Did I Decide to Live in The South End – By Craig Anne Lake

    October 5th, 2010
    Craig_Lake

    Craig Anne Lake

    Craig Anne Lake, tells us why she decided to live in the South End of Boston, MA.

    It was funny to me that when talking to a client recently about the South End (he was about 50 years old and went to school at BU back in the day), he was astounded that I lived there.  His perception of the South End was that it was crime ridden, dangerous, and seedy, which at this point couldn’t be farther from the truth.  When I drove him down Tremont – he was in utter shock at how nice the neighborhood was, and said he could not believe the turnaround.

    The South End has become a mecca for young urban professionals, but also boasts diversity.  It is known to be a very gay friendly area, and let’s face it – gay men have great taste!

    Having lived in NYC for 8 years, I love being able to walk out my doorstep to grab a cup of coffee at Starbucks on Tremont St. or at The Buttery on Shawmut Ave. as well as numerous restaurants.  In addition, I like the mix of gentrification and unique boutiques and love the artsy feel of the area.

    When asked what my favorite bars and restaurants are in Boston, they are mostly located right in the South End:  Masa, Union, Stella’s, Toro, B&G Oysters, The Beehive, Noche, Picco’s, The Buttery, Stephy’s on Tremont (the little sister restaurant to Boston’s Newbury St. staple Stephanie’s), and more.  In addition, $2 Taco Tuesdays at 647 Tremont is a favorite of mine (although, it sometimes also turns into Tequila Tuesday, which makes for a somewhat difficult Wednesday)!  Regardless, the South End is a great place to socialize.  (More on all of these restaurants in a Blog to come).

    Moreover, I find the people in the neighborhood to be, well, neighborly.  We have stoop parties (one got so big the police came and broke it up).  I moved to the South End in April, and I already have neighbors that would water my plants for me while I am away. I feel fortunate to have amazing neighbors all of different ages – some just married, some married with kids in college, some single, and so forth.

    The South End has become one of the trendiest areas of Boston.  It is a fantastic neighborhood to live in, but there are parts that are still up and coming.  The area around Tremont and Mass Ave. is really developing as demonstrated by the new Parish Café that has opened (a favorite spot for many at the Boylston St. location right next door to my office).

    Don’t be fooled by the “Checks Cashed Here” place, this part of the South End is the place to buy a condo, where in years people will be shocked at how amazingly nice the area has become.

    Another hot up and coming area that is developing quickly is SoWa (South of Washington St.).  New condos and lofts are going up left and right.  It’s where BSC is located along with restaurants like Myer’s and Changs, Toro, and Gaslight. 

    These are the areas that in 5-10 years people will be asking themselves why they didn’t purchase when that Craig Anne Lake told them to do so.   For now, as a renter, I am definitely keeping my eye open for great opportunities, and I am ecstatic to live in what I think is the best neighborhood in Boston!

    Posted in Art, Food, South End Boston | No Comments »

    Another Great Auction Opportunity – Audubon Park

    September 24th, 2010
    Resolution has finally come to a grand oppurtunity for investors and home
    owners…After great response, but slow sales during the early recession
    times of 2007, old new becomes available in Boston…Audubon Park is a 53
    unit condominium building located at 16 Miner Street on near Boston University’s South Campus.
    Audubon Park Auction

    Audubon Park Auction

    Centrally located near MBTA, Hospitals and Schools this pristine boutique
    midrise was built from the ground up with the home owner in mind in
    2008…These gorgeous condominium units feature Bosch and Fischer Paykel
    appliances, granite counters and bamboo hardwood flooring…Underground
    parking is available in the building as a additional purchase if
    neccessary.

    Studio’s, One and Two Bedroom Homes will be sold by Auction October 19th. For
    more information regarding this auction please contact Marcus Rashotsky @
    617-538-1109/ Twitter @ LRG_Marcus

    Tags:
    Posted in Boston Condo Auctions | 3 Comments »

    Does Selling Your Own Home Really Save You Money?

    September 24th, 2010

    fsboBritt Foss of Luxury Residential Group Says: “NOT NECESSARILY” and here is why.

    Selling real estate can be a tricky business. Sellers sometimes decide that they want to go it alone when selling their property. This is an attractive move because houses priced to sell at market include the 5% commission that is paid to the seller’s and buyer’s agents whom broker the deal. For sale by owner (FSBO) transactions do not use brokers or agents and therefore do not pay that 5% commission. Seller’s price their home to sell at market in the hopes of making a 5% bonus. It rarely works out this way. As a matter of fact often FSBOs end in the seller being frustrated at unqualified buyers wasting their time and offensively low offers. To examine why this occurs we need to look at the four main types of buyer.

    The first type of buyer is the investor. The investor love s the FSBO market. Investors are looking for the best return on their dollar and remove emotion from the equation. Sellers involved in a FSBO transaction are not real estate professionals by trade. The investor always builds in the 5% commission to their already discounted offer price. The result is that the seller and buyer are light years apart. The investor is counting on the seller to act in a rash manner and will not move much of the offer price. The seller becomes frustrated and the deal falls apart. If the deal does come together in the end the property sells below market even taking the unpaid 5% commission out of the equation. In other words, the seller spends a lot of time and effort for poor results.

    Now let’s look at the local buyer who is looking to move into something bigger. Perhaps the family has grown or the buyer’s income has increased and they are looking for an upward move. These local buyers know their area and have a lot of time to look around on their own. Typically in this scenario there is no pressure to move. Local buyers also have a lot of time to find a great deal or vulnerable FSBO. Like investors savvy local buyers know where the FSBOs are. They are not as worried about inventory because time is not an issue. They can wait for that perfect home to come to market. They will also add the 5% commissions not being paid onto their already discounted offer price. The scenario involving the Local Buyer is just like the investor. Seller’s end up light years away from the buyer’s initial offer become frustrated and the deals often fall apart. Because the local buyer has a lot of time they will wait out the seller. Ultimately the property sells below market and the seller gives up the 5% they were looking to make without using an agent.

    Many buyers are from out of town and must move because of job relocation or other circumstances. These buyers rarely will enter into the FSBO market because the smaller FSBO inventory and time constraints. Also, the buyer often does not know the local market as well. Relos almost always work through a buyer’s agent. As a result deals are closed in a timely and efficient manner.

    First time home buyers almost always work through a buyer’s agent. The process of buying your first home can be daunting. People feel it is the best course of action to hire a buyer’s agent to guide them through the process. The buyer’s agent will introduce them to properties in their price range that are appealing to their tastes. Unfortunately FSBO transactions rarely see first time home buyers.

    In conclusion trying to sell your home without using a real estate professional eliminates more than half of the buyers out there at any one time. It is the types of buyers who determine what kind of offers a FSBO will receive. Usually the offers are very low and the buyers unqualified. There are exceptions to the rule in every case. If you are a frustrated seller perhaps it is time to hire a broker to market your property!

    If you are a “For Sale By Owner” or “FSBO” and having a hard time selling your property, please call Britt Foss of Luxury Residential Group to give you an evaluation at no cost to you. His number is 617-513-3171.

    Tags:
    Posted in Uncategorized | 3 Comments »

    Ritz Condo Auction – Unit 906-UPDATE

    September 8th, 2010

    UPDATE – Owner has filed for bankruptcy protection.  Therefor, the auction has been postponed until at least December 1st, 2010.

    Unit 906 at The Ritz Carlton Low Rise is being auctioned off on September 15th at 11am.

    More details will be unfolding but the unit has been rented for quite sometime at a very high rate per month.  A foreclosure auction would seem unlikely, but it is possible the owner was pocketing the money and burning the bank, as well as the building condo association. It is also possible that the 3 Avery Street Condominium Association forced the sale due to back condo fees.

    Let this be a lesson; building CONDO ASSOCIATIONS can, and will put a lien on your unit if you do not pay your condo fees in a timely fashion. You will not be issued a clean 6D certificate(Document from the condo association that states you, the seller, does not have any outstanding balances due to the condo association, or upcoming special assessments) and may hinder the sale of your property in the future.

    To see more photos of the unit, or if you have any questions, please visit:

    http://www.lrgboston.com/71085243/Boston/Midtown

    interior

    outdoor

     

     

     

     

     

     

     

    Terms of Sale: A deposit of $25,000 by certified or bank check will be required at the time & place of sale & balance within 30 days.

    All other terms announced at sale. Perry, Krumsiek & Jack, LLP, Boston, MA, Attorney for Mortgagee

    Posted in Boston Condo Auctions, Lessons Learned 101 | 1 Comment »

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