Just In Boston Real Estate Blog

Q3 Dorchester Market Report

2009-11-08T13:48:00.002-05:00

Hi Everyone,
The 3rd quarter market report for Dorchester is now available on our websit e. There are some really interesting statistics here. The market has seen overall improvement since Q1 of 2009. I won't be foolish enough to call it THE bottom, but it certainly is a bottom. I expect a leveling of things over the next few years barring any catastrophic event. Buyers are excited and investors are back in action scooping up multi-family properties. Only this time they are buying and holding vs. flipping. This takes cash and lots of it, and with cash comes stability.

Dorchester Market Snapshot

2009-09-24T18:21:00.001-04:00

Here is a recent market snapshot from MLS for the Dorchester Market. Inventory is way down and the super deals of last year are fewer.

	9/24/2008			9/24/2009
Price Range	Number of	Avg. Days	vs. today	Number of	Avg. Days
Price Range	Listings	on Market	vs. today	Listings	on Market
Under $50,000	4	114		-	-
$50,000 - $99,999	41	157		22	116
$100,000 - $149,999	49	159		20	115
$150,000 - $199,999	73	202		42	124
$200,000 - $249,999	80	119		41	124
$250,000 - $299,999	107	155		64	85
$300,000 - $349,999	83	117		34	155
$350,000 - $399,999	63	112		47	98
$400,000 - $449,999	30	134		16	135
$450,000 - $499,999	41	162		19	75
$500,000 - $599,999	19	159		17	158
$600,000 - $699,999	18	227		9	298
$700,000 - $799,999	1	559		1	146
$800,000 - $899,999	1	55		3	165
$900,000 - $999,999	2	167		-	-
$1,000,000 - $1,499,999	1	16		-	-
$1,500,000 - $1,999,999	1	302		-	-
Total Properties	614	Avg. 149		335	Avg. 120
Lowest Price:	$40,000		Lowest Price:	$55,000
Median Price:	$279,460.50		Median Price:	$285,000
Highest Price:	$1,650,000		Highest Price:	$895,000
Average Price:	$298,584		Average Price:	$308,565
Total Market Volume:	$183,330,852		Total Market Volume:	$103,369,408

More deals to come

2009-09-14T22:04:00.003-04:00

In the past two weeks I have seen a dramatic uptick in the number of BPO orders. A BPO is a broker price opinion. A third party contracts them out to local agents on behalf of lenders that are negotiating a short sale or marketing a foreclosure.

There has been a severe drought of BPO requests over the previous 8 months. However, I have received more requests in the past 2 weeks than the rest of 2009. This is telling me that there are more foreclosures coming and possibly some good deals too.

Dorchester first and only neighborhood real estate report is here!

2009-08-13T18:09:00.006-04:00

What’s the average price of a one-bedroom condo in the Back Bay and South Boston?

More importantly... who cares?

Back Bay buyers usually don’t care about what’s going on in South Boston (and vice versa).The same is true in the many different and varied neighborhoods that comprise Dorchester. Buyers interested in the northeastern Savin Hill area usually don’t also look west in Dorchester’s Franklin Park area.

Dorchester is almost as big as the South End, Financial District, Back Bay, Beacon Hill, and South Boston combined, yet in the past its market has only been examined as a whole.

That’s why Just In Boston Properties created Dorchester’s first neighborhood market report. With data parsed into four regions, a whole new picture of Dorchester real estate emerges.

Actually, four new pictures emerge. It’s a whole new way of looking at Dorchester.

Good news!

2009-07-28T01:06:00.002-04:00

We put two properties under agreement with buyers that attended the first open house this month. One of the listings was only on the market for 3 days. And we have back-up buyers that are chomping at the property hoping it doesn't close so they can get in on it. Very rare and great news for the market. I hope all my other listings sell as quickly!

I truly think it is a great time to sell, the best in over a year. There are some great buyers out there and very few properties that are priced well. Right now, when you have great pricing, marketing and amenities, we are seeing strong offers and quick sales.

Looking up

2009-06-28T22:13:00.002-04:00

A promising article from Business Week on the stabilization of home prices. The Boston area is number 8. Check out the article here.

FHA! FHA! FHA!

2009-06-12T18:15:00.002-04:00

So finally, HUD has released their update for FHA financing and it is GREAT news! Condos in associations of 2 or more units will be eligible for FHA insured financing.

We will have to wait a few months for this to become active. It will cover all loans with case numbers assigned after October 1st, 2009. Stay tuned!

Happy Dorchester Day!

2009-06-04T15:15:00.001-04:00

Very Exciting News!

2009-06-03T22:16:00.002-04:00

Months of hard work are paying off. Our new website is almost ready for launch. It exceeds expectations!
One of the best new features is our search page with map-based searching and filtering for foreclosures and short sales.
Keep an eye out for it soon at www.justinboston.com.

Sunday, Sunday, Sundaaaayyyy!

2009-06-03T12:20:00.003-04:00

If you are new to Dorchester, an important fact to know is that the first Sunday in June is Dorchester Day. There is a big parade that takes over Dot Ave, and everything pretty much grinds to a halt. For us in the real estate business, it is one of the few days that we can truly take off. There are no open houses and getting from point a to point b becomes a wild goose chase as you try to weave around Dorchester Ave running into road blocks and one-way streets.

So this year, we said why not join the parade too?

And we are. We will have an excellent display of orange. All week we have been gearing up for this and our new website. Add that on top of a busy market and it's been a bit crazy.

So look for us in the parade, you can't miss us, just look for all the orange and grab a limited edition JIB lollipop!

Can't beat 'em, join 'em!
Above is Justin modeling our new parade Ts.

FHA Changes

2009-05-26T15:45:00.000-04:00

My last post was somewhat depressing if you are a condo buyer but on the bright side, I just met with Sarah Valentini, President of Radius Financial Group. During our meeting she did mention to me that HUD was reviewing their lending criteria and it is rumored that they will be doing away with their restrictions on condo associations with less than 4 units for FHA loans. Not sure when, but it appears to be coming down the pike.

A big Yay! for that.

Sigh.....

2009-05-26T11:05:00.003-04:00

The proverbial other shoe has dropped on us in the condo market. Lenders in the past month have tightened up lending criteria again. This time, not on the borrower, but rather the property. We are hearing that low owner occupancy rates are requiring buyers to put 25% down. The same owner cannot own more than 10% of the units or in small developments more than 1 unit. And some other restrictions, making it pretty difficult for low-down-payment buyers to purchase a condo. This of course affects sellers too.

Typical sales that are adversely affected are:
Foreclosures where more than one unit is foreclosed/owned by same entity.
All low-down-payment buyers that want to buy into a new development.
New Developments
Developments that went rental that are still trying to sell some units.

I will have more news to about this to come...

Dorchester Ave Project

2009-05-22T14:15:00.003-04:00

I had a chance to attend Mass Highway and Boston's Department of Neighborhood Development's(DND) meeting presenting the proposed plan to upgrade 15 intersections on Dorchester Ave. There was an overall consensus of support for the project and I am eager to see it implemented.

Some notes from the meeting:

The project has been fast-tracked due to the money being sourced from the federal stimulus package. Project bidding will start this summer and will be abbreviated. The reason explained at the meeting is that the money will expire if not acted upon within a certain time frame.
Mass Highway has become the administrators of the project because of the way the money must be directed, DND will still have major influence.
They realize that the plan is not perfect, but they have made the best effort to compromise to make as many positive changes as possible.

I am particularly excited about the revamping of the Fields Corner (intersection of Adams and Dorchester Ave.) and Glover's corner (Freeport, Dorchester and Hancock St intersection) receiving some major overhauls.

Of course, this means traffic and construction but I am willing to live through that for the time being. I really think this will be a major catalyst for positive change along the avenue.

Check it out here.

Very busy

2009-05-22T14:04:00.002-04:00

It has been a great spring. Lots of activity in both the rental market and sales. This past week my buyers were caught up in a bidding war! And it wasn't a foreclosure. Sales have certainly been brisk and as I have said before it is limited to certain price points and locations. We are seeing an uptick in foreclosures too, more are coming on the market after a government and self-imposed moratorium this past winter/spring.

We are also seeing occupied foreclosures. It seems that banks are not evicting tenants/squatters/former owners after foreclosure. I think banks have realized two things, it's far too expensive in Massachusetts to evict and a vacant home attracts trouble and vandalism. At least with a tenant the copper is not being stripped out and squatters/trouble makers are kept away.

This of course presents a problem for the foreclosure buyer as it becomes the buyers' tenant at closing. Usually, this tenant has not been paying rent to the bank and is reluctant to start, meaning the buyer will then have to evict. I haven't run into this while representing a buyer yet, but I will update you if I have to and how it goes.

Cheers!

Commercial News

2009-05-07T09:28:00.001-04:00

Loopnet is a commercial real estate listing service similar to MLS. It picks up where MLS leaves off in the commercial realm as far as listing information collected. We currently use it to list our larger commercial properties. In addition to listings they have commercial real estate news and info.

Recently they ran a poll about the commercial real estate market for their users to complete. There are some interesting results. Most notably is that access to financing is still a huge problem for sales. Personally, I can echo that on our commercial listings. The price really is not the larger issue but rather finding a buyer with significant amounts of cash that can access the financing needed to make it work.

Here is a summary of the poll results.

When do you expect the number of completed commercial real estate transaction sales to begin to pick up vs. 2008?
Q1 2009 (already happening)	3%
Q2 2009	3%
Q3 2009	12%
Q4 2009	22%
2010	47%
2011 or later	12%
Total	100%


What do you view as the biggest obstacle to commercial real estate sale transactions getting completed?
Different price expectations between sellers and buyers	22%
Access to financing	59%
Uncertainty of economic forecasts	19%
Other	0%
Total	100%


How much further will prices need to fall vs. 2008 in order for transaction volume to increase?
0-5%	12%
5-10%	28%
10-20%	28%
20-30%	25%
More than 30%	6%
Total	100%

Dancing with the Stars

2009-05-06T21:31:00.003-04:00

Dorchester has a great number of community groups that support residents and businesses. Recently, I have been approached to volunteer to be nominated and hopefully voted on to the board of directors of Fields Corner Main Street. I had the opportunity to sit in on a board meeting tonight and was impressed by the quality of this board and their mission. I have sat on other non-profit boards in the past and for such a small organization, they really have their act together. I look forward to being involved.

Fields Corner Main Streets (FCMS) is dedicated to the commercial interests of businesses and residents in the Fields Corner area and are frequently looked to for advice and support of various interests.

On June 18th FCMS will have their annual fund raiser "Dancing with the Stars" It looks to be a great event with local celebrities and politicians dancing and judging. I encourage you to check it out and buy a ticket. The proceeds go directly to FCMS and support their operations and programs. If you cannot attend think about becoming a member. Check it all out at www.fieldscorner.org.

Check your calendar!

2009-05-02T00:41:00.001-04:00

If I didn't know any better I would think it was 2005-2006 in the condo market. Condo units (in decent locations) priced $200k-$300k have been flying off the shelf. Below are the units that have gone under agreement in the past 30 days and have not closed yet as listed in MLS.

Some notables

Status	Address	Days on Market	List Price
UAG	54 Percival St U:2	9	$175,000
UAG	88 Walnut Street U:3	9	$299,900
UAG	465 Ashmont St U:3	10	$199,000
UAG	979 Dorchester Avenue U:3	16	$209,000
UAG	7 Bearse U:2	26	$249,900
UAG	78 Sawyer Ave U:2	28	$259,000
UAG	226 East Cottage St U:1	28	$269,900
UAG	55 King street U:#1	31	$269,900
UAG	2-4 Centre Ave U:4A	37	$199,000
UAG	3 King St U:2	42	$219,000
UAG	3 King St U:3	42	$239,000
UAG	126 Richmond Street U:1st Floor	61	$219,900
UAG	572 Freeport U:101	64	$299,000
UAG	365 Savin Hill Ave U:1	78	$169,000
UAG	365 Savin Hill Ave U:3	90	$249,900
UAG	53 Minot St U:3	147	$229,000
UAG	78 Train St U:3	348	$229,000

There are some properties that I know have accepted offers but haven't been updated in MLS yet as well. It has been a great spring for condo sellers. If I were a developer, this is the price range I would be targeting.

City of Boston Home Buyer Programs

2009-04-22T11:53:00.003-04:00

The City of Boston is recipient of some of Obama's stimulus money and it looks like they are putting it to use. Last week I met with Tony from the Department of Neighborhood Development to learn a little bit more about two programs designed to help first-time buyers and low-down-payment buyers afford a home.

Each of these programs requires some education in the city's Homebuyer 101 class. I do recommend these classes but also warn buyers that the service providers also use these classes as business lead generators. For the most part they are good, but you must remember that you are getting one person's point of view and every agent, attorney, inspector and insurance agent brings their own experiences and that might be broad or limited depending on the topic.

The two programs that are of great interest are the Cash-to-Close programs providing down payment and/or closing cost assistance to eligible buyers. I have completed sales using this program and it has it's high points and low points (it is a government program so be prepared for lots of paperwork).

For more information on these and other programs visit the Boston Home Center's website at www.bostonhomecenter.com.

Congratulations to our team!

2009-04-13T15:49:00.004-04:00

We just got some great news! Check out our current stats from MLS.

Recovery?

2009-04-11T10:51:00.001-04:00

The raw data suggests that the market is normalizing. I wouldn't solely rely on the MLS numbers as it is more looking backwards rather than forwards. What we don't have clear access to is future REO sales, people in pre-foreclosure and REO owned property that is not on the market. There are reports from RealtyTrac.com that there is a shadow inventory of REO that has yet to hit the market. I know of a few properties that have foreclosed but have yet to reappear on the market. So I think there is some truth to that.

What I am seeing - properties in prime locations are selling well and quickly. There have been some multiple bids on properties. I won't say bidding wars, but what is happening is a property has had a few buyers circling, buyer 1 finally puts in an offer and then the seller lets everyone know they have an offer and then buyer 2 either walks away because they don't want to enter a bidding war, or they put in a very competitive offer. Now that offer may be for the same dollar amount or maybe even slightly less, but if one has 20% down and the other doesn't, the seller will invariably accept the larger down payment because that buyer is more likely to get financing. This puts low down payment buyers at a clear disadvantage when looking at prime locations.

I have also seen appraisal issues. Pricing by appraisers are experiencing downward pressure. They are deducting value from the comps based on time passed since sale date. So even if you see comparable properties selling in December, a deduction needs to be made from their sale price to get to where an appraiser is going to be. This is critically important for sellers trying to price their property based on comparable sales.

The good news is the number of condo listings is down significantly and the days on market are slightly down.

Price Range	Number of	Number of	Number of	Number of	Number of	Number of
Price Range	Listings	Listings	Listings	Listings	Listings	Listings
	4/11/2008	7/11/2008	10/11/2008	1/11/2009	3/11/2009	4/11/2009
Under $50,000	1	2	8	4	2	1
$50,000 - $99,999	13	33	32	25	15	22
$100,000 - $149,999	43	42	32	17	23	18
$150,000 - $199,999	83	68	37	25	31	32
$200,000 - $249,999	49	54	47	39	30	29
$250,000 - $299,999	76	54	59	36	29	41
$300,000 - $349,999	46	29	26	20	20	16
$350,000 - $399,999	21	14	14	16	18	14
$400,000 - $449,999	16	9	2	4	3	5
$450,000 - $499,999	2	2	4	-	2	3
$500,000 - $599,999	1	3	4	-	1	3
$600,000 - $699,999	7	2	3	-	2	2
Total Properties	358	312	268	186	176	186
Ave. Days on Market	130	141	128	136	147	121
Lowest Price:	$43,000	$45,000	$39,900	$31,000	$45,000	$49,900
Median Price:	$243,461	$219,461	$239,000	$237,000	$244,950	$249,000
Highest Price:	$699,000	$639,000	$679,000	$439,000	$614,900	$614,900
Average Price:	$250,817	$224,547	$228,750	$224,759	$237,532	$240,419
Total Market Volume:	$89,792,545	$70,058,679	$61,305,265	$41,805,320	$41,805,719	$44,717,944

Flying off the shelf

2009-04-07T21:36:00.002-04:00

A welcome sign this spring is the rental market is picking up. Our rental business has been busier than ever. We are having a hard time having enough listings for everyone. Our Savin Hill listings have rented quickest followed by Fields Corner/Melville Park. We are about to list a bunch of new listings and they should go quickly as well.

While this is true for our prime locations. There are other areas that are still harder to rent. A good measure of rentability in Dorchester is distance from the Redline or Mattapan Trolley. The further away, the harder to rent.

Tenants: One thing to keep in mind when requesting a showing is to show up on time. At the very least, call to let us know you are running late. Usually if we don't hear from you after waiting 15 minutes, we move on to our next appointment. So please call and let us know what is going on. The other item is credit. Bad credit hurts your chance at the best apartments. Get a copy of your credit report and make sure it is accurate before you put in that application.

Landlords: Promised repairs mean nothing to renters. If your hallway, roof, back decks, etc... need repair, most renters are not going to wait or agree to live through a renovation. Don't be surprised if renters are turned off by unfinished work or needed repairs. Fix it first, then the renters will come. Also, right now most of our renters are looking for fully applianced units (fridge!), gas heat and laundry in the building.

It's Spring

2009-03-09T18:41:00.002-04:00

The spring market has sprung! This week in 02124, 02122, and 02125 19 condos have gone under agreement. 5 of those have sold after less that 7 days on the market.

Some notables:
14 Wilbur St #2 UAG
60 Sagamore #1 UAG (only 1 day on market!)
312A Savin Hill Units 1&2 UAG
And it appears that the bidding war/multiple bid has not completely died, several of our buyers have had to play that game this week.

So, while this is great news for sellers, it comes with some pretty big caveats. The properties that sold quick were in A+ areas and were priced correctly. I see a pattern here, I think price may be important (see sarcasm).

New programs in the works

2009-02-27T15:11:00.003-05:00

Today the state announced it is trying to stabilize the housing market by giving buyers $20,000 to $40,000 to renovate foreclosures. The program will be available to buyers through Mass Housing and is limited to communities hardest hit by the foreclosure crisis and buyers who will be owner-occupying. The full details are still coming out and we will try to update as we know more.

Time is running out

2009-02-15T21:16:00.002-05:00

Did you know that boston residents that owner occupy their home can apply for a residential tax exemption? It is a huge savings but the window to apply is limited, ending March 31st. Visit this website to get the full details.

Help for Boston Residents

2009-02-11T21:15:00.002-05:00

The city of Boston is offering an incentive for current residents to set down roots and buy a home in Boston. I have had one client utilize this program and the program covered all of their closing costs. As with many municipal/public programs, there are some hoops to jump though, but it can certainly be worth it covering up to 3% of the purchase price. Click here to visit the program's website.

No Time to Ski!

2009-02-09T19:01:00.002-05:00

So traditionally, the winter is a slow time for real estate, but not this year. We have had a pretty busy winter so far. Just listed 14 Wilbur Street units 1,2 and 3 have flown off the shelf with only unit #2 left. What does this tell me? We've got serious buyers taking advantage of great interest rates and jumping on prime properties. Now, this by no means indicates a real estate recovery back to 2005, but it does say that people still want a place to live and are willing to jump on attractive, well-priced units. In fact, I have seen quite a few properties go under agreement and it looks like entry price point for condos is hovering around $200-$250k for market units (not foreclosures). A year ago there were 312 condos on the market in Dorchester, 6 months ago there were 272 and today there are 188. Clearly we are headed towards a more balanced market. The big factor affecting a recovery right now as I see it is employment. If people can keep their jobs and their homes, prices may actually level out. We'll see!

All in a night's work

2009-02-09T18:50:00.005-05:00

Check out Justin going above and beyond by grinding off a frozen lockbox so we could get in an make sure all the smoke detectors were up and running in one of our client's listings. Does your agent do this for you? They should and it is just one example of how we do more.

Woohoo 100 posts!

2009-01-23T14:23:00.002-05:00

I just noticed that we have completed 100 posts on our blog. Now that is over the course of a year and averages about 2 per week. Not too bad, I often see real estate blogs that got off to a great start and slow down and die. Its not for lack of something to say or that the person is lazy. Its just that as commissioned sales people, we tend to focus on the things that earn us money quickly. So far this blog has earned zero; at least from my perspective. No one has mentioned the blog when they call or email, so I can only go by what I know. But I enjoy having a voice here and hopefully spreading news that is relevant to our business makes your day more interesting.

So for post 101. You are not alone in this foreclosure/short sale mess. The Boston Globe is reporting that the John Hancock Tower is in default with two of it's lenders. Hold on kids, its going to be a wild ride. See the article here.

Keeping our contractors busy

2009-01-19T21:09:00.003-05:00

It appears that the construction trades will have a new project to work on and the elderly will have some more housing options. The Boston Business Journal reports that the Nuestra Comunidad Development Corp. has just received $5.3M to develop a parcel on the corner of Blue Hill Ave and Quincy Street in to affordable housing units for the elderly. The project is still awaiting approval from the city and will consist of 40 units and 5,000 sq ft of commercial space.

WHAT IS HOPE FOR HOMEOWNERS? (from FHA’s Website)

2009-01-17T10:03:00.001-05:00

When the subprime mortgage crisis reached its peak in the fall of 2008, the federal government took steps to help stabilize the American housing market. The Emergency Economic Stabilization Act of 2008 was signed into law on October 3, 2008. Part of that new law includes a requirement to help qualified homeowners avoid foreclosure through federal loan guarantees and credit enhancements.

The HOPE for Homeowners act is designed to prevent qualified home owners from defaulting on their loans, and avert foreclosure. This is done through refinancing into affordable, fixed-rate mortgages.

If you are in danger of defaulting on your home loan, it's very important to contact your lender immediately and request an evaluation of your situation. If you are able to qualify, your loan officer can help you begin the paperwork to prevent foreclosure. If you are already in discussions with the bank, your loan officer may suggest HOPE for Homeowners as a way to proceed.

AM I ELIGIBLE?
Homeowners may be eligible for HOPE for Homeowners program if they meet the following criteria as specified in the HOPE for Homeowners act 2008:

The original mortgage is dated on or before January 1, 2008
The homeowner did not default on the original loan intentionally
The homeowner is not invested in multiple home loans
All information on the original mortgage is true (including income sources and job details)
The homeowner has not been convicted of fraud

HOPE for Homeowners is not a simple refinancing program. While it does allow qualified borrowers who are stuck in variable-rate mortgages to refinance into affordable, fixed-rate mortgages, there is a trade-off known as equity sharing.

WHAT IS EQUITY SHARING?
Those who apply and are accepted for the HOPE program must agree to an equity sharing program. Equity is the difference between the amount of your original loan and the actual value of the home; if you sell or refinance your home after entering the HOPE program, under the terms of HOPE you are required to share any equity with the FHA. How much the government receives depends on how long you wait to sell or refinance. If you sell in the first year of your participation in HOPE, the government receives 100% of the equity. There is a sliding scale after the first year;

Year two—homeowners can keep 10% of the equity, FHA gets 90%
Year three—homeowners keep 20%, FHA gets 80%
Year four—homeowners keep 30%, FHA gets 70%
Year five—homeowners keep 40%, FHA gets 60%

After year five, homeowners split the equity from sale or refinancing 50/50 with the Federal Housing Administration. If there is no equity or negative equity at the time of sale or refinancing, the FHA receives nothing.

WHAT ARE THE BENEFITS OF HOPE?
The benefits of participating in HOPE for Homeowners include;

Keeping your home
Getting a 30-year fixed-rate mortgage (extendable to 40 years in some cases)
Lower monthly mortgage payments which do not change

The 30-year loan is extendable in some situations. Extending the terms to 40 years is helpful in cases where the homeowner has a large amount of debt; the 40-year term reduces mortgage payments further. There are requirements and restrictions on these extended loans. Check with your lender to see if you qualify for the 40-year loan terms under the HOPE program.

The HOPE for Homeowners program runs until September 20, 2011

Small tid-bit

2009-01-16T11:59:00.002-05:00

Every day I receive a newsletter containing real estate industry news. In this morning's newsletter there was an article about foreclosures, how agents can help those being foreclosed on and some tips for those in foreclosure. Most of it was sales pitchy and same-old, same-old.

But I did learn something. Buried in the end of the article there was a mention that many foreclosures are happening illegally because mortgage documents often have errors or looked-over provisions that the lender missed. Especially if the loan has changed hands several times and the servicing company has not kept up on it. The article suggests that one should contact an attorney that specializes in consumer law (but not a real estate attorney). The attorney may be able to find something in the document that the lender overlooked. And that may give a homeowner some time to sort it out with the lender before losing their home.

Market Snapshot

2009-01-11T17:22:00.002-05:00

Here is a quick peak at the market. This represents all Multi-family properties sold within the past 90 days in Dorchester.

Price Range	# ofListings	Avg. Days on Market	Avg. Sale Price	Avg. List Price	Sale:List Ratio	Avg. Orig Price	Sale:Orig Ratio
$0 - $49,999	0	0	$0	$0	0	$0	0
$50,000 - $99,999	3	46	$86,333	$105,900	96	$127,567	85
$100,000 - $149,999	6	277	$138,108	$157,008	89	$228,750	66
$150,000 - $199,999	17	165	$165,891	$173,847	96	$245,763	76
$200,000 - $249,999	15	72	$229,046	$235,033	99	$255,013	93
$250,000 - $299,999	16	95	$265,709	$275,119	98	$310,419	90
$300,000 - $349,999	15	121	$313,433	$336,613	94	$359,313	90
$350,000 - $399,999	1	163	$380,000	$399,900	95	$429,900	88
$400,000 - $449,999	1	35	$445,000	$449,000	99	$469,000	95
$450,000 - $499,999	0	0	$0	$0	0	$0	0
$500,000 - $599,999	1	38	$500,000	$525,000	95	$525,000	95
$600,000 - $699,999	0	0	$0	$0	0	$0	0
$700,000 - $799,999	0	0	$0	$0	0	$0	0
$800,000 - $899,999	0	0	$0	$0	0	$0	0
$900,000 - $999,999	0	0	$0	$0	0	$0	0
$1,000,000 - $1,499,999	0	0	$0	$0	0	$0	0
$1,500,000 - $1,999,999	0	0	$0	$0	0	$0	0
$2,000,000 - $2,499,999	0	0	$0	$0	0	$0	0
$2,500,000 - $2,999,999	0	0	$0	$0	0	$0	0
$3,000,000 - $3,999,999	0	0	$0	$0	0	$0	0
$4,000,000 - $4,999,999	0	0	$0	$0	0	$0	0
$5,000,000 - $9,999,999	0	0	$0	$0	0	$0	0
$10,000,000 - $99,999,999	0	0	$0	$0	0	$0	0
Total Properties	75	Avg. 123	$234,951	$247,542	96	$287,182	86
Lowest Price: $75,000
Highest Price: $500,000
Median Price: $245,000
Average Price: $234,951
Total Market Volume: $17,621,345

Happy New Year!

2009-01-08T16:20:00.002-05:00

Whew! 2008 was quite a year here are some of my predictions for 2009.

Historically low mortgage rates will be available for certain borrowers in Q1
Mortgage rates will increase as the year progresses getting close to 7%
Foreclosure inventory will dwindle
Prices will start to bottom out but certainly not increase.
The rift between prices of REO and non-REO condos will continue. SF and MF prices will have less disparity between REO and non-REO.
Location and condition will become more and more important factors in price.
Rents will decline/remain flat as more rental units come into the market as foreclosed properties are renovated and condo owners decide to rent vs sell.
Renters will dictate the fee structure and will demand a no-fee rental inventory.
Foreclosures will continue but will slow down, not because of lack of properties but rather legal wranglings and procedures, bank mergers and forced borrower work-outs that will ultimately fail but in the meantime delay the inevitable.
Short sales will become easier as lenders focus on this low-cost alternative to foreclosure.
Local lenders will become the power players in the mortgage market, mortgage brokers will have a tough time competing against direct lenders.

Some of these are no-brainers some are certainly a hunch. Let's see in 2010 how we did.

Our Big Data Project

2008-12-01T16:48:00.003-05:00

I have mentioned here and there that I am working on a huge data analysis for Dorchester property sales through MLS. I finished the condo segment and am moving on to multi-families. I decided to do something really cool with the condo data and import it into mapping software. This is just a jpeg of the overall map, but in the software I can zoom in and see the address, sale date and sale price. Wicked cool if I do say so myself. It's interesting to see where the bulk of the condo sales are. Maybe in a next post I will break it down by year and give a snapshot for each year. Stay tuned.

Nice Touch

2008-11-22T15:59:00.004-05:00

I had a closing yesterday and it was fairly routine (except the fact that it was a foreclosure and took a month longer than it should've). But the closing attorney was great. Aside from being a great attorney, he spoke Spanish and Portuguese. This enabled him to go over very important documents in my client's native tongue. Really a life saver because unless you are familiar with these documents it can sometimes be tough for a family member or friend to translate. All in all it was an excellent transaction and the family is very happy, thanks to some special people that made it happen and helped with the translations. I would have been lost without Ted Silva (the attorney who spoke Portuguese) and the daughter-in-law of the buyer. Thanks guys!

A nice touch from the attorney, he took a picture of everyone at the closing. I will definitely start doing that at my closings. For many it is a very special occasion and I think it will be nice to have a photo of it.

Cheers!

Some notes about the news.

2008-11-13T20:21:00.003-05:00

There are quite a few people out there following the market and relying on the Case-Schiller Home Price Index, as reported by every major news outlet. What we need to be mindful of is that it only tracks single-family homes. So it is a poor reflection of many urban areas where the bulk of the properties and transactions are condos, such as the South End.
We are currently working on getting the year end sales stats so I should have some good data soon.

Let me know what neighborhoods you would like some sales stats on and I'll get on it.

Schools

2008-11-03T15:49:00.002-05:00

We have had several inquiries lately into what public schools apply to which properties. In most suburbs, this is an easy task. But in Boston there is a whole process and no child is guaranteed a particular school, but rather they are guaranteed a seat within their school zone. For the definitive answer to schools, visit the Boston Public Schools Student Assignment Policy by clicking here.

Rainbows over Savin Hill Ave

2008-10-28T17:01:00.001-04:00

I hope the pot'o gold is nearby....

Beware on Craigslist

2008-10-27T16:43:00.002-04:00

It appears that the Craiglist scammers have choosen one of our properties to use in their plot to extort money from unsuspecting renters. Please note that all of our rentals require a RHA Rental Application along with a form permitting us to check your credit, employement and landlord history. Without those items being complete, returned to us and presented to a landlord, we will not execute a lease. Anyone on Craigslist promising to rent out an apartment without having you fill out those forms is not acting on our behalf. If you have any questions about any of our rentals, please call us at 617-265-3500. Also, please call us and let us know what listings are being misrepresented so we can have them removed and reported to Craigslist's management.
Thanks!

Looking forward to the winter

2008-10-25T11:51:00.003-04:00

I am sure that most of you have been reading the headlines and seeing that foreclosures are up and prices are down. I am asked quite frequently if that is hurting business. And it is definitely slowing down the arms-legnth transaction of undistressed sales. But, we are busier than we were last year with most of our transactions being foreclosures or short sales. We are receiving quite a bit of interest in multi-families under $200k. Condos are selling under $100k in some areas and every now and then a great single family comes up.

There is some discussion about whether or not it is a good time to buy. Only you can make that decision for yourself. Right now quite a few investors are contacting us and looking to purchase a deal. Rents are inline with prices, it's just gotten to the point where the rents will actually cover the expenses.

I think prices may still decrease in some areas and it will be impossible to call the bottom until we are on the way back up. As always hindsight is 20/20. Do what is right for your individual situation, speak with an agent who is intimate with the market you want to be in and make sure your financial house is in order.

I think there are some great deals out there and several of us in the office have personally purchased property this past year. There are some buyers however, that should not buy right now, as the market is not very forgiving at this point.

And I guess that is the difference between now and a few years ago. There are bad deals now and there were bad deals then, but the difference is how forgiving or not the market is.

Pricing it right

2008-10-16T13:35:00.003-04:00

Right now we can find many examples of why pricing it right from the get-go is ever more important in today's market. With prices falling rapidly and lending getting tighter, the need to price it well and move it quickly is paramount.

Someone I know priced their unit too high about 6 months ago. I offered some advice and they decided that they would "try it out" at the higher price and they could lower it if after some time it did not sell.

Here's the problem. It was priced too high and no one was interested. Let's say it was $275k. At the time they listed it, they could have sold it for $225k according to local comps. But now, after the market has fallen apart and the listing has become stale I would guess it would fetch $190k. They are chasing the market down with no end in sight and potentially lost roughly $35k due to not pricing it right.

My advice to them now is to take it off the market and if they can and are willing, re-list it in the spring at an appropriate price.

Fraud of another kind

2008-10-15T11:39:00.002-04:00

One of my clients has given me license to use a term I haven't heard in a while. "Carpetbagger." Having been born in the south and grown up with many southernisms, I should explain that this is one that is akin to a swear word. Used for the foulest of opportunists that don't care who they hurt. And they have started to rear their ugly head in Dorchester. Who are they?

They are agents from afar places such as Worcester, the 495 belt, the south shore, the north shore, etc... that are representing foreclosures and are pricing property at way below market value, not providing access to cooperating brokers and not presenting offers to the sellers in an effort to keep the deal all to themselves and/or turn these properties quickly. They do not normally work in this market and have only showed up when the easy money came. They have no clue what neighborhoods command value and which ones don't. Yet, they are determining the value of your neighbors' house.

It is truly the wild west and these carpetbaggers are decimating values and ruining other property owners chances of refinancing or selling at market value. Preventing an open bidding process to buyers other than their own. Or outright fraudulently withholding offers from their sellers who are 2000 miles away and their only contact is through a web-based management system.

The sellers(banks) of these properties are losing money and with lower property values the neighborhood is losing equity and the city is losing tax revenue.

Don't call your agent...but these may be great deals for some

2008-10-14T11:02:00.002-04:00

The city of Boston has a first-time home buyer program that has some nice, new-construction homes. They have been advertising on Craigslist, but you won't see them on any of the MLS feed sites (such as Boston.com, Realtor.com or Ziprealty.com) as they are not looking to work with real estate agents, even those that have buyers that might be a good fit. In fact, when you call, that is the first thing out of their mouth. I am a little stunned at the City's unwillingness to work with a larger pool of buyers, but I understand. Their margins are tight and the city is laying out cash for downpayment assistance in an already tight budget.

The units are typically in slower to sell areas and are new construction with generic but decent amenities and fixtures. If you are interested check out the website.

50,000 foot view

2008-10-14T10:54:00.002-04:00

The TARP (Troubled Asset Relief Program) launched by the government last week has come out with it's game plan and update. It is a large scale view (what the corporate world calls the 50,000 ft view) It is a broad and general overview and update of the plan.
I think everyone should read these updates and know what is happening with our $700B.

Signs of trouble...?

2008-09-24T20:29:00.002-04:00

There is some thought that some of the higher-end markets are weathering our real estate downturn better than others. And for the most part I agree. But something came across my email tonight that caused me to perk up my ears a bit. I received a request for a BPO (broker price opinion) for a distressed condo in the South End. It hasn't foreclosed yet according to masslandrecords.com, so I am assuming that it has not been recorded yet or it is being sold in a short sale or bankruptcy. This condo was purchased in 2006 for $1.26 Million with 80/15/5eq. mortgage. Meaning the seller only had 5% down.

It could be for many reasons that it is distressed; loss of job, heathcare costs, or any other unfortunate event. But in a stable or increasing market, one should have been able to sell the unit and at least break even. We can't pretend to know all of the circumstances to this particular distressed property, so I'll try not to make too many assumptions.

This is not a sign that the end is near, or even that the South End market is in trouble. But, it does cause me to look a little more closely.

The clock is ticking...

2008-09-23T12:32:00.002-04:00

This doesn't affect too many of the buyers here in Dorchester but it does affect our clients looking in higher priced areas.

The temporary increase in conforming loan limits is set to expire on Dec 31st. Check out HUD's website to see what the conforming loan limit is in your area.

New Stuff

2008-09-11T12:01:00.002-04:00

Just In Boston is pleased to announce that we are implementing a new web based transaction center. With this new application buyers or sellers can login and see what needs to be done, what has been completed and have access to all of the documents relating to the sale. We will be working on giving that access to all members of the buying team, attorneys, lenders etc...The system uses SSL encryption to protect sensitive data too.

It really is just so cool... We have been working on it and rolling it out to some of our clients to test drive and so far so good.

The Summer of Dead Offers...

2008-09-08T17:26:00.003-04:00

It's a real estate agents version of a horror movie or what I experienced this summer. As we close out the summer and move on to our fall market, I'll recap, very breifly, what happened.
I wrote lots of offers, and worked with lots of buyers. The problem seemed to be two-fold and on opposite sides of the coin.

I had buyers that were writing offers and were out bid by other buyers. The properties were priced competitively in great locations and it just didn't happen for them. Many of them were foreclosures.

Other buyers were writing good offers on overpriced properties and the sellers refused to budge.

This seems to be the M.O. of the market and it can be particularly frustrating.

My hope is that this fall sellers and buyers realize that they both need to meet at a price that works.

Mortgage Fraud

2008-08-30T11:13:00.002-04:00

If you have been looking for condo's in Dorchester, there is an illegal activity that you are or will become very familiar with; Mortgage Fraud. It starts numerous ways, but always ends bad.

You might see condos for under $100k and think that might be a great deal. And it might be for someone. But usually, condos in that price range are priced that low because they cannot be financed because there is no association. One thing to remember to consider when purchasing a condo is the health of the association. Who cares if the price is $89,000 when you are the sole owner-occupant and paying all of the common expenses and repairs?

There are certainly some buyers that these deals were made for. What you need to do as a buyer is figure out what is important to you and speak with someone familiar with the process.

For more information on mortgage fraud, visit the FBI's website on mortgage fraud.

Freddie Mac Economic and Housing Market Outlook

2008-08-29T16:36:00.003-04:00

For all those number junkies out there. I would take this with a grain of salt, knowing that they missed the boat entirely on insuring mortgage-backed securites, but there are some interesting speculations. What catches my eye is the prediction of 30 year fixed rates hitting 7% in Q4 of 2009.

See the full pdf chart here.

New place to eat - Dot2Dot Cafe

2008-08-29T16:02:00.003-04:00

It's not really so new, but they opened earlier this year in the spring and I have just made it around to visiting a few times for breakfast. I have become a big fan of theirs, you can too by visiting them on Dorchester Ave in the St. Marks's area.

They have a great quality menu with breakfast basics made with love! I am a big fan of the breakfast sandwich on homemade foccacia bread. The best part of the sandwich is the yolk is still sort of runny. MMMM... The home brewed iced tea is delicious too!

There are so many great places to eat in Dorchester that I have found that I rarely leave town. It's starting to become a running joke with friends and co-workers that I need to spread my horizons a bit. But great food in walking distance? I say pishah!

Visit them in person or on the web at www.dot2dotcafe.com.

OK, OK, I know it's been a while

2008-08-03T19:09:00.002-04:00

This summer has been very busy for me and I know that shouldn't be an excuse, but it is. And I have back burnered the blog for long enough.

So, July has been relatively quiet on the buyer side of things as many have been on vacation. We have been super busy with rentals we have listed some more properties including a new development in Harrison Point. A beautiful, newly-constructed development with a pool!

I'll blog about that in a few days. But first, I need to comment on the status of the Dorchester condo market. In my personal opinion, it stinks!

There still are quite a few units on the market, but there is very little to get excited about. Then there are the dogs: Units that aren't bad and in decent areas, but the owners just can't seem to get the price right and the foreclosures/short sales that nobody wants.

This bodes well for sellers of decent units that have the ability to price it right to start.

Here are some stats that I find very interesting:
On May 3rd there were 349 units on the market with a average market time of 130 days.
Today, August 3rd there are only 283 units with an average market time of 120 days.
I think sellers that can are holdin'em. The Kenny Rogers song definitely applies in this market.

From quickly looking, this is the lowest inventory we've had in the past year, couple that with buyers are back from vacation, it is making it a bit more competitive in making/accepting offers end of things. On the flip side, once the offer is in and accepted, financing it is becoming an exercise in futility. It is getting harder and harder to close deals because of financing.

My best advice is to work with a mortgage professional and real estate agent who know the right questions to ask, before you get in too deep in a sale and find out you can't close.

MLS Searches

2008-06-29T11:51:00.004-04:00

MLS has some great features for agents and buyers. MLSPIN, Massachusetts' Multiple Listing Service, has upgraded their system over the past 10 years with some powerful tools. The most useful tool (aside from being able to view all properties on the market) is the Client tool. This tool allows agents to input a client's email address and criteria and every morning the clients receive a list of new and moving properties that fit their criteria. It is great, it saves us time and it allows the client to log in and search the listings as well.

Here is the caveat. MLS is just a big database and it follows all database rules. The #1 rule of databases is "garbage in-garbage out." And it seems to me that there is more and more garbage these days. My biggest pet peeve is agents listing their properties without identifying the neighborhood/area. More and more properties are being listed as just "Boston" instead of "Boston:Dorchester." This is sloppy and evident of an agent unfamiliar with the area or MLS. Either of which is bad news for sellers and buyers.

Here's why. Because there are so many properties on the market, in the client tool, an agent will set them up to send only properties in the area they are interested in. So if your property is listed as "Boston" and not "Boston:Dorchester" my clients do not receive your property in the email, we may only see it after driving by and seeing it.

Here's some numbers to help you understand:
MLS Condos in Boston - 2443
MLS Condos in Boston:Dorchester - 323
With 323 condos just in Dorchester and thousands in all of Boston, how do we even know your listing exists if you don't identify the neighborhood, don't participate in the Broker tour or don't send emails to local brokers?

I see this mistake quite often from the entry only FSBO listings and out-of-town brokers.

New Commercial Listing

2008-06-28T12:04:00.001-04:00

Nadine Fallon | Just In Boston Properties | http://www.justinboston.com | 617-413-9688

Warren Ave, Brockton, MA

Money Maker!

Retail/Commercial

offered at $1,995,000

Year Built	1890
Sq Footage	4,066
Floors	3
Parking	Unspecified
Lot Size	7,405 sqft
Maint	$0 per month

DESCRIPTION

Well-respected boarding house located in downtown Brockton. This building generates great income. Perfect for 1031 exchange. Professional manager on-site and willing to stay aboard or help transition. Financials available after showing.

see additional photos below

ADDITIONAL PHOTOS

Seller contact info:

Nadine Fallon

Just In Boston Properties | http://www.justinboston.com

617-413-9688

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 28, 2008, 6:56am PDT

Thank you Facebook

2008-06-28T11:41:00.003-04:00

If you're reading this blog, I am going to make the leap and assume that you are savvy with social networking on the internet. You know, Myspace, Facebook, Linkedin and I am sure there are a myriad of others. In fact, I hear David Hasslehoff is looking to create a social networking site too!

Anywho, I just received a listing from a contact on Facebook. The contact, Donna Tocci, was a co-worker of mine at Ingersoll Rand. She was the Marketing Manager and is the inspiration to our blog here at Just In Boston. This week she transitions into her new role as Director of Web/New Media at Ingersoll Rand.

Congratulations to Donna on her new job and it is so apropos that my first listing from Facebook be through her!

Check out our Blog's inspiration.

Sunday June 22nd, Open Houses

2008-06-20T18:13:00.002-04:00

19 Bellflower #2, Dorchester, MA 2:15-4 PM
5A Mt. Vernon Street, Dorchester, MA 2:15-4PM
40 Upham Ave, Dorchester, MA 12-2PM
63 Wachusett St. #1, Jamaica Plain, MA 1-2PM

There might be some late additions to this list too, so check out our website.
Cheers!

Market Condo Stats from MLS

2008-06-19T17:30:00.001-04:00

It's been a while since I had some time to do some number crunching on Excel. Here are the stats by neighborhood in Dorchester for sold condos in the past 90 days (what most would consider the spring market).

Area	Orig Price	List Price	Sale Price	Days on Market	# of Transactions
Jones Hill Average	$ 519,900	$ 434,900	$ 428,000	366	1
Lower Mills Average	$ 317,967	$ 307,967	$ 282,333	104	3
Popes Hill Average	$ 307,543	$ 293,700	$ 278,357	73	7
Pleasant St Average	$ 268,780	$ 260,580	$ 255,991	222	5
Savin Hill Average	$ 260,777	$ 255,469	$ 255,769	83	13
Cedar Grove Average	$ 249,000	$ 249,000	$ 247,000	23	1
Adams Village Average	$ 257,450	$ 256,750	$ 242,500	167	2
Ashmont Average	$ 262,633	$ 249,300	$ 241,378	107	9
Port Norfolk Average	$ 259,900	$ 259,900	$ 240,000	37	1
Fields Corner Average	$ 247,651	$ 229,154	$ 220,778	97	9
Columbia/Quincy Average	$ 223,583	$ 204,672	$ 199,072	199	6
Hancock Average	$ 208,475	$ 186,475	$ 176,000	58	4
Neponset Average	$ 192,450	$ 176,950	$ 172,625	52	2
Bowdoin Geneva Average	$ 169,900	$ 169,900	$ 170,000	34	1
Meetinghouse Hill Average	$ 238,950	$ 167,400	$ 148,250	372	2
St. Mark's Average	$ 161,950	$ 161,950	$ 146,000	108	2
West Dorchester Average	$ 147,355	$ 137,745	$ 129,633	59	20
Total Average	$ 232,455	$ 219,074	$ 210,849	106	88

Big Brother

2008-06-19T15:12:00.002-04:00

While the thought of anyone in the world being able to punch a few keys and get an instant view of your home might be a little scary. It is also a great new tool for buyers and renters. You can check out a neighborhood from the comfort of your home.

Google Maps-Streetview has finally mapped all of Dorchester. The images are a little dated. I looked at my house and our office and noticed things that were there last fall. I figure the images were taken in late September of 2007.

When the going gets tough...

2008-06-18T17:52:00.004-04:00

The tough go rental. That's right, two big condo developments in Dorchester decided to throw in the towel and rent the units instead of selling them. After trying to sell with poor results, the Carruth (formerly marketed by At Home Real Estate) and the Schoolhouse (formerly marketed by Coldwell Banker) have changed gears and are now offering their units for rent. They will make very nice rental units by the way.

Our newest employee

2008-06-12T17:20:00.003-04:00

It's been a crazy week at Just In Boston. We added some new furniture to our office and added a new document center! It scans, faxes, copies and prints. With this, we can now do all of our marketing in-house!

Check out our new Ricoh MP C2000!

Go Green, go Dorchester

2008-06-10T14:11:00.002-04:00

There has been quite a bit of buzz surrounding building green and living green on TV, the internet and various print sources. And I'd like to take the opportunity to point out that living in Dorchester (or any other urban community) is one of the most green things you can do.
Here is why:

Typically, urban homes are smaller and are less expensive to heat, furnish, cool, power etc...
You can walk, bike or take mass-transit to work, shop, play, eat etc...
Renovation of older construction uses less resources than new construction.

So, go green, go Dorchester, save money and save the planet.

Don't get ticketed or towed!

2008-06-03T17:54:00.002-04:00

Boston Street Sweeping Reminder Service

I manage to earn a collection of tickets from street sweeping every spring, summer and fall. Living in the city it is just a fact of life and I factor in about 1 ticket per month into my budget. Now, Boston has a email reminder service for street sweeping, street-by-street. Maybe with this I can cut it down to 1 ticket every 2 months!

Taste of the market…

2008-06-02T15:44:00.002-04:00

Here are the Multi-Family Closed Market Stats for Jan-May 2008 in Dorchester.

Enjoy!

Price Range	# of Listings	Ave Days on Market	Ave Sale Price	Ave List Price	Sale:List Ratio	Ave Orig Price	Sale:Orig Ratio
$0 - $49,999	0	0	$0	$0	0	$0	0
$50,000 - $99,999	0	0	$0	$0	0	$0	0
$100,000 - $149,999	2	10	$123,000	$118,900	103	$118,900	103
$150,000 - $199,999	9	145	$177,156	$187,422	95	$237,278	78
$200,000 - $249,999	24	192	$233,279	$247,731	95	$316,515	79
$250,000 - $299,999	20	120	$266,133	$283,715	95	$320,770	85
$300,000 - $349,999	21	122	$317,186	$339,976	94	$382,776	84
$350,000 - $399,999	12	165	$368,458	$395,717	94	$427,458	87
$400,000 - $449,999	10	128	$412,800	$441,880	93	$463,470	89
$450,000 - $499,999	5	107	$461,000	$499,500	93	$515,700	90
$500,000 - $599,999	3	39	$548,333	$553,267	99	$556,600	99
$600,000 - $699,999	1	600	$645,000	$650,000	99	$699,000	92
$700,000 - $799,999	0	0	$0	$0	0	$0	0
$800,000 - $899,999	0	0	$0	$0	0	$0	0
$900,000 - $999,999	0	0	$0	$0	0	$0	0
$1,000,000 - $1,499,999	0	0	$0	$0	0	$0	0
$1,500,000 - $1,999,999	0	0	$0	$0	0	$0	0
$2,000,000 - $2,499,999	0	0	$0	$0	0	$0	0
$2,500,000 - $2,999,999	0	0	$0	$0	0	$0	0
$3,000,000 - $3,999,999	0	0	$0	$0	0	$0	0
$4,000,000 - $4,999,999	0	0	$0	$0	0	$0	0
$5,000,000 - $9,999,999	0	0	$0	$0	0	$0	0
$10,000,000 - $99,999,999	0	0	$0	$0	0	$0	0
Total Properties	107	Avg. 144	$304,366	$323,913	95	$365,746	85

Lowest Price: $101,000
Highest Price: $645,000
Total Market Volume: $32,567,160
Median Price: $290,000
Average Price: $304,366

No Open Houses (except one)

2008-05-30T15:05:00.003-04:00

This Sunday is the annual Dorchester Day parade. It is a great time and the parade route runs the legnth of Dorchester Ave. but it can make getting around pretty difficult and make finding open houses torturous.

Enjoy the day, enjoy the parade, and if you are moving to Dorchester, its a great event to get a feel for the community.

We will be hosting an open house in Roslindale at 547 Beech Street from 1:30-2:30.

Cheers!

Thank you Quincy

2008-05-28T11:58:00.002-04:00

This morning Justin and I had to make a trip to the Quincy building department to verify some zoning info for one of our clients. We were ready to do battle with public employees before we went in. We expected the usual RMV-type experience. You know, wait in line for 10 minutes and then when you get to the counter the person ignores you while they make a personal call or chit chat with fellow employees before feinging interest in what you are asking for, only to be redirected to another counter and repeat.

This was quite the opposite experience we had this morning in Quincy. We were greeted by a very nice woman instantly and within seconds she had the zoning map out and we discussed what could or could not happen on the property and the process needed to obtain a variance. And she even made a copy of the permit jacket for us. FOR FREE!!!!!

It was great and we look forward to doing more work in Quincy!

Really off topic but....

2008-05-23T15:31:00.002-04:00

Warning! This post has nothing to do with real estate.

My brother, sister-in-law and three little nephews live all the way over on the left coast and I try to get to visit them at least once a year. With fuel prices where they are I am nervous that this might be the end of my ability to get great travel deals. I have flown paid flights to California twice in the past 3 years (other flights have been for free with miles) and I have always managed to score a $200 fare from Boston area airports.
Recently, I have been poking around for fall flights and have had no luck. That was unitl I used the travel function at Americanexpress.com. Their booking tool is great if you want to see the cheapest fares and have no regard for a time frame. The fares have creeped up a little, but it is only up to $240 out of Providence. Looks like I am Cali-bound in the fall!

Renters Beware!

2008-05-21T15:06:00.003-04:00

Now that Dorchester, and many other communities, have a surplus of foreclosed multi-families, there is a new property scam out there. Con artists, posing to be landlords of foreclosed properties, are renting vacant foreclosures to unsuspecting tenants. Theses scammers are collecting rents from the tenants yet have no legal authority to do so. In turn, the agents and attorneys managing these properties find out and now have to evict them on behalf of the entity that actually owns it. Meanwhile the tenants are out of a home and possibly thousands of dollars paid to these false landlords.

A simple thing to do to avoid this is to rent through a reputable rental agency or at the very least check to see who owns the property online at the Suffolk County Registry of Deeds and make sure it coincides with the landlord on the lease.

Boston Water & Sewer

2008-05-21T12:28:00.002-04:00

It's not often that you work with a public utility that is so helpful. Here is a two thumbs up to the folks at Boston Water and Sewer in helping us with several of our properties that we represent. I would like it if more of the city's services responded as professionally and quickly!

Thanks Boston Water and Sewer!

News from the Mortgage Front

2008-05-14T16:11:00.002-04:00

This afternoon I had a chance to sit down with Joe Smith from Countrywide and pick his brain about what is happening in the local mortgage market.

He had more information than I can even think about remembering right now so I may not have all the details in this post, but I can certainly have Joe elaborate for anyone who cares to hear more.

So I had some big questions about short sales and what buyers and sellers can expect. Buyers, when placing an offer on a short sale, you will need patience! The acceptance of the offer can take 30-90 days for the bank to decide upon.

During that time the sellers will generally have to provide the bank with a copy of the offer, copy of the listing, bank and asset statements, previous years' tax returns and after all that the bank will order an appraisal of the property.

If Countrywide is the lender they then can make a decision, BUT, if Countrywide only services the loan, they must go to the investor that bought the loan and negotiate the deal with them.

This is of course a very loose interpretation of how it works and is specific to Countrywide. Every deal is different and it is always best to consult a professional and bear with us all, for many mortgage professionals, real estate agents and attorneys, this is the first or second time that we have had experience in this and the whole industry is learning as we go. The most important factor is having a team of these professionals that communicate well.

Basically, short sales can save some people from foreclosure and can be a good opportunity for buyers. There are some hoops to jump through but if you are patient it can happen.

News from Dennis!

2008-05-13T18:00:00.002-04:00

As promised, I would have posts on here from people other than myself. Here's Dennis' two cents!
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For all you landlords out there. Rental clients are struggling to find and are willing to pay for renovated apartments or condos. There seems to be a shortage of nicer apartments right now and whenever there is a prime rental, it goes fast. Renters are typically looking for in-unit laundry, updated kitchens and baths and clean, painted walls in neutral colors. Other items that will bring a premium are recessed lighting, parking and bedrooms that are large enough for a queen bed.

Also, let it be known that Just In Boston Properties does property management and we focus on customer service!
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Thanks Dennis!

Rental Season

2008-05-13T12:34:00.002-04:00

It's now prime rental season here in Dorchester. This is a little bit of a recap of a previous post but I thought it is timely. There are many resources out there on the web to help renters and landlords.

There is a great website called Zilpy.com that is similar to Zillow. It pulls rental advertisements and calculates an average rent for the area. It is pretty cool, but one caveat is that it only utilizes advertised rents vs. actual rents. For the most part it gives a good ball-park idea of what the rent should be.

Another website is Apartmentratings.com, they allow tenants to rate an apartment building/complex.

Another site to visit while you are searching is Annualcreditreport.com. When a tenant applies for an apartment that we are marketing we always conduct a credit inquiry. Reviewing your credit report ahead of time gives you the opportunity to correct erroneous information. Landlords typically place quite a bit of value on the credit worthiness of their tenants.

I hope this helps!

Choose your lender well

2008-05-08T12:15:00.002-04:00

I have been spending quite a bit of time lately harassing lenders and getting them to make it happen on several of my clients' loans. It has been an exercise in banging my head against the wall and has put my buyers at risk of not being able close on their purchase.

As a buyer, some things to look out for in choosing a lender.

1. Make sure they are local, or at the very least the loan officer/broker is local. Local lenders/brokers have some skin in the game where they are looking to grow their referral business with local real estate agents and attorneys. Lenders from out of state look at the transaction as a one-time deal and have little motivation other than a paycheck.

2. Get an idea of the closing costs prior to signing your P&S if they can't give you a rough idea, move on.

3. Get a recommendation from your real estate agent or from an attorney. We are the best reference because we handle the back-end of the deal and know whether or not they are hustling to get it done. Most buyers are blissfully unaware that the attorney or agent has had to hound a lender to get things done.

4. And lastly, the addage you get what you pay for holds true.

FHA

2008-04-17T17:48:00.004-04:00

Three little letters that developers NEED to be acquainted with. With the credit crunch and tightening of lending standards I see more and more buyers moving to FHA and MAHA programs. This is making things a little trickier for sales of new construction condos and new conversions of condos. The guidelines require specific owner occupancy rates and a minimum time the association has needed to be in existence for standard underwriting. I am told that there can be "spot approvals" but nothing is guaranteed.

The issue is that developers tend to keep their projects as a single piece of land or as a multi-family until the first unit is sold. At that time, the condo docs are recorded and the condo association is created. This leaves a large portion of the buyer pool ineligible for these condos. In a moderate market, this pool is even larger. As those with available funds would rather live in higher priced areas that are now becoming more affordable and negelct to look in moderate areas.

Many agents do not understand FHA or MAHA programs and either refuse to deal with them or plod along without knowing that there will be surprises around the bend and neglect to advise their developer clients that they could open their buying pool up if they could get approved ahead of time.

Of course there are costs associated, but that has the possibility to be made up in the opportunity cost of having a larger buying pool and selling the units faster.

Now that we are back to a normal mortgage market FHA is going to be the standard for low-down-payment loans. We all better brush up on our knowledge...