Belinda Hinkley

The median price for a Massachusetts home sold in December rose 10.4 percent to $295,000 from $267,250 in December 2008, the first increase in monthly median home prices on a year-over-year basis since September 2007, the Warren Group reported.

On a volume basis, December home sales jumped 16.8 percent to 3,350 from 2,868 in December 2008, the sixth straight month single-family home sales increased statewide, said the Warren Group, a Boston firm that tracks real estate activity and publishes Banker & Tradesman.

As for condominiums in Massachusetts, December condo sales surged 28.9 percent to 1,610 from 1,249 a year earlier, the Warren Group said. “December was the fourth consecutive month that condo sales increased in Massachusetts. And the median condo price in December climbed 5.9 percent to $249,990 from $236,000 in December 2008.”

When the Warren Group looked at Massachusetts residential real estate activity for the full year of 2009, the numbers continued to reflect a struggling national economy.

Still, for the full year, single-family home sales in Massachusetts crept up 3 percent in 2009 from 2008, reversing a four-year trend of sliding sales, the Warren Group said, as a federal home buyer tax credit helped boost sales volumes in the late part of 2009. One wild card: That tax credit is set to expire in the spring.

In any case, median home prices dropped 6.6 percent from 2008 in Massachusetts and were almost 20 percent lower than the market peak in 2005.

Read More at: www.boston.com

Boston Properties is preparing to convert the 65 remaining condominium units in its $550 million, mixed-use Russia Wharf development in Boston to rental apartments, sources have indicated to Banker & Tradesman.
Previously, Boston Properties had sought BRA approval to significantly reduce the number of residential units in the waterfront development, from 215 to 65. The developer made that change in order to secure construction financing for the 31-story, 854,000-square-foot tower. Even with Boston Properties’ steep cuts to its residential program at Russia Wharf, a club of five banks only offered the REIT a $215 million loan, with tough recourse provisions.

see the entire article at: http://www.bankerandtradesman.com/news136568.html

REALTOR® Magazine-Daily News-10 Cities Where It’s Smarter to Buy

The Spice Lofts located at 141 West 2nd Street are the latest new development of luxury condominiums in the “New Southie” area of South Boston. These lofts consist of seventeen two-bedroom, two bathroom condominium loft homes ranging in size from 1218 square feet to over 2000 square feet, available for occupancy during the summer of 2010. The majority of the lofts homes have dual exposures with breathtaking city views. Superb natural lighting coupled with soaring ceiling heights create a wonderful feeling of openness. Each home comes with a deeded garage space and all west facing units come with a large balcony. These are a great value for the amount of space you are getting if you compare them to The Allele, Macallen, 36A, or Court Square Press Lofts. No fluff here like concierge, gyms, or a pool. Just huge open 2 bed/2 bath loft units. I recently visited these myself and absolutely love them and with prices starting at $499,000, they are a steal. This is probably why 2 units have already gone under agreement. If you would like to view these units you still have time to customize you finishes (cabinets, flooring..). Please call me for buyers representation at 617-875-2395 or email at bhinkley@warrenre.com

The Fort Point Channel was, for a short time, the newest hotbed of development in Boston. Then I moved to town and apparently everything stopped! But I do LOVE my neighborhood, although we could use a few more dining options.

Introducing Barlow’s, the new American-style eatery and drinking haven opening this week on a long stretch of A Street in Fort Point Channel/Seaport District. Right behind my old building 21 Wormwood and in front of The Channel Center Lofts.

Brought to you by the Warren Tavern and Devlin’s Bistro people, Barlow’s is carved from the remains of an old mill (believed to be a textile hub).

Step up to the 30-seat bar (constructed out of original beams salvaged from adjacent mills) and pick from drafts like Endurance P.A., Long Trail, Harpoon UFO and Rapscallion, and bottles like the 17-ounce Paulaner Hefeweizen, the 16-ounce Narragansett and Magners Cider. Here’s hoping it’s not as pretentious as the other new neighborhood bar Drink (located at the new FP3 Condo development) and that they serve some good old Miller Light or Bud for that matter!

The menu looks to be slightly similiar to Amrheins down the street featuring upscale pub grub like Bourbon Maple Glazed Pork Chops, Baked Penne with Sweet Italian Sausage and Philly Cheese Steak Spring Rolls.

If you are interested in viewing any rental or sales units in the Seaport District call me at 617-875-2395 or email bhinkley@warrenre.com

VITALS:

Barlow’s
241 A Street
(near Binford)
Boston, MA 02210
617-338-2072
official website

1. Keep emotions at bay. Have your agent run a comprehensive market analysis to find a fair value for the property and base your offer accordingly. Many buyers have a preconceived notion they can slash $40,000 off the price of a $270,000 house. This will put off a seller and start the negotiations on a bad foot. Do offer 10% below what comparable homes are selling for. Don’t become attached to one specific home. If you have two or three choices, you can take a disciplined approach and avoid paying more than you need to.
2. Sell before you buy. If you’re trading up, your house could sit on the market for months. So make sure you’re ready to buy before you start the process.
3. Buy what you can afford. As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28% of your gross monthly income.
4. Steer clear of most foreclosure properties. Many foreclosures have unresolved issues. In most cases, no warranties or repairs are offered. This may exclude properties from Veteran Affairs, or VA, financing if they can’t pass appraisal guidelines.
5. Have an exit strategy. Military buyers, in particular, may move within five years, so avoid buying something too quirky or out of the ordinary. While you don’t have to limit yourself to a cookie-cutter house, remember that your home likely will be a commodity when the time comes to sell.
6. Tap into online information cautiously. Home value estimates and other real estate information could be stale and may not give the full picture.

If you want to sell your home:

1. Set a realistic price. To overprice a listing is the kiss of death. Determine the lowest possible offer you’d accept before listing. Pressed sellers should price 5% below what comparable homes have been going for.
2. Never flat-out reject an offer. Many buyers are coming in with lowball offers and may just be testing you. Don’t be offended. Carefully counter-offer until it becomes obvious that you are dealing with a bottom feeder. Accept the first reasonable offer that you can afford.
3. Offer buyer incentives. Pay part of the buyer’s closing costs or ante up for their first year’s homeowner’s insurance or homeowner association dues. Offer new appliances or a paint job or a small cash bonus for improvements to sweeten the deal. The buyer believes they’re getting something extra from you, which makes negotiations more friendly and amicable.
4. Shop for an agent. Interview at least two agents before you list your house. Request a comparable market analysis that lists the asking and selling prices of homes similar to yours. Ask how they would price your property. If there’s a significant gap in sales price, get a third opinion.
5. Prepare for selling costs. Out-of-pocket expenses can include closing costs and any other seller concessions, repair items that may come up from home inspections and realtor fees. So the house shows its best, you may need to repaint rooms or spruce up the landscape.
6. Go viral. Target web-savvy first-time buyers who can buy without the onus of selling another property. Best way: Tout open houses through social networks like Facebook and Twitter. Set your selling price at the low end of an online price scale, such as $205,000 for a $200,000 to $250,000 range.

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