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!
Friday, May 30, 2008
Wednesday, May 28, 2008
Thank you Quincy
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!
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!
Friday, May 23, 2008
Really off topic but....
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!
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!
Wednesday, May 21, 2008
Renters Beware!
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.
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
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!
Thanks Boston Water and Sewer!
Wednesday, May 14, 2008
News from the Mortgage Front
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.
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.
Tuesday, May 13, 2008
News from Dennis!
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!
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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!
---
Thanks Dennis!
Rental Season
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!
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!
Thursday, May 8, 2008
Choose your lender well
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.
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.
Thursday, April 17, 2008
FHA
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...
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...
Tuesday, April 8, 2008
Fair Housing Laws
Every once in a while I come across a seller or landlord with an advertisement for their property that violates fair housing law. Sometimes it is a grey area and many do not realize that they are crossing the lines of creative marketing and violating fair housing laws. It is especially easy to do because Craigslist is monitored by other posters and there is no official oversight. Roommate.com was just found to be in violation of these laws.
From Inman News
"Roommate.com LLC, a company that operates a Web site that matches people with rooms to rent with tenants, may have violated fair housing laws by requiring users to disclose their sex, sexual orientation and whether they had children who would live with them, an appeals court has ruled."
This is a pretty obvious infraction, but it can get much subtler than this. If you are unsure, check with a professional.
From Inman News
"Roommate.com LLC, a company that operates a Web site that matches people with rooms to rent with tenants, may have violated fair housing laws by requiring users to disclose their sex, sexual orientation and whether they had children who would live with them, an appeals court has ruled."
This is a pretty obvious infraction, but it can get much subtler than this. If you are unsure, check with a professional.
Thursday, March 27, 2008
Dorchester Market Stats
I know I haven't posted many market stats recently, I hope this quick breakdown will tide you over.
2008 YTD sales for Dorchester- Single Families, Condos and Multi-families.
Price Range | # of Listings Sold | Ave. Days on Market | Ave. Sale Price | Ave. List Price | Sale Price, List Price Ratio | Orig. Price | Sale Price, Orig Price Ratio |
Single Families | 19 | 90 | $288,507 | $302,506 | 95 | $319,879 | 90 |
Condos | 57 | 120 | $239,784 | $251,362 | 96 | $268,110 | 89 |
Multi Families | 49 | 127 | $309,656 | $332,515 | 94 | $373,699 | 84 |
Monday, March 24, 2008
I told you so....
Ok,
I know it's obnoxious, but when I said "Rare Opportunity" I really meant it. Two of the three units at 175 Savin Hill Ave have gone under agreement and it is expected that the last one will go under today. As I have said before, yes the market is down, but when something comes along that is priced great, in a great location, it will sell quickly and buyers better be able to move that quick or lose out.
Congratulations to the future owners of one hot property and to the seller for doing a great job of renovating and pricing.
Cheers!
I know it's obnoxious, but when I said "Rare Opportunity" I really meant it. Two of the three units at 175 Savin Hill Ave have gone under agreement and it is expected that the last one will go under today. As I have said before, yes the market is down, but when something comes along that is priced great, in a great location, it will sell quickly and buyers better be able to move that quick or lose out.
Congratulations to the future owners of one hot property and to the seller for doing a great job of renovating and pricing.
Cheers!
Tuesday, March 18, 2008
Rare Opportunity! 3 Units Available
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Hardwood floor
Monday, March 17, 2008
Friday, March 14, 2008
The Greatest Party on Earth
This truly is one of the greatest parties on earth! It supports a great program and is more fun than a barrel of monkeys!Hope to see you there!
Friday, March 7, 2008
New FHA loan limits
The FHA, as part of the economic stimulus package, has published their new loan limits. The limit is the highest mortgage amount that FHA will insure. FHA insured loans are easier to sell on the secondary mortgage market because they are thought to be a lower risk investment. This results in generally lower rates for these mortgages. There is quite a bit of speculation as to whether it will truly lower the rates or not. If you have some time to kill online, everyone and their brother has an opinion on what the impact will be and there is no shortage of discussion.
Click here to go to FHA website.
Oh, and these limits are set to expire by the end of the 2008 and revert back to the previous limits, unless congress makes it permanent.
Click here to go to FHA website.
Oh, and these limits are set to expire by the end of the 2008 and revert back to the previous limits, unless congress makes it permanent.
Thursday, March 6, 2008
Norfolk County Registry of Deeds
After some sleuthing I found it!!! The interface is not as nearly user-friendly as Suffolk County, but it works.
Enjoy!
Norfolk County Registry of Deeds Search, Click ME!
Enjoy!
Norfolk County Registry of Deeds Search, Click ME!
Mortgages
I get the feeling that banks are starting to look into their existing customers and appraisers a little bit more. I just completed a BPO (that's Broker Price Opinion) for a lender on a property that has not had any foreclosure orders filed on it, yet. Being the curious type I investigated. It looks like there are some hijinx involved with multiple mortgages and a sale price way above a reasonable market price. Leading one to beleive that the lender is on to them and formulating a plan.
I am hoping that banks look into these activities and press charges against those involved. These people have dessimated neighborhoods and have intensified the bubble bursting in these certain neighborhoods. There is enough blame to go around on the mortgage crisis and I hope those that were abusing the system are punished and others will be deterred from doing it in the future.
I am hoping that banks look into these activities and press charges against those involved. These people have dessimated neighborhoods and have intensified the bubble bursting in these certain neighborhoods. There is enough blame to go around on the mortgage crisis and I hope those that were abusing the system are punished and others will be deterred from doing it in the future.
Tuesday, March 4, 2008
Commissions, what, how, why....
This has the potential to be a very large post, I am going to give a condensed version and hope that if one has more questions that they will contact us.
In a nutshell, the commission structure is generally set by the listing agent and the seller, prior to the property being marketed. It is clearly spelled out in their contract who gets what and at what time. Usually, the commission is paid to the agents that procure a ready and willing buyer. It used to be that these agents both worked for the seller as an agent and sub-agent. Due to recent changes in the industry and consumers' demands, in Greater Boston, the commission is paid to the listing agent and a buyer's agent. MLS allows the listing agent to advertise to the buyer's agent how much commission has been allocated to their compensation.
A buyer agent working out of contract with a buyer is entitled to only the amount stated in MLS, and usually this works out OK.
A buyer's agent with the exclusive right to represent will have a commission structure spelled out in their respective contract between the agent and buyer. This is where I get the most questions; what happens if the amount offered in MLS is less than my contract amount? Well the answer can be simple or complicated depending on how savvy your buyer's agent is. Typically, we set our minimum commission below the average MLS compensation. In the case that a property is not offering the full contracted commission, we will negotiate it into the offer. This goes for off-market sales and for-sale-by-owners (FSBO's)too. Now, in certain seller's markets, this can be more difficult and the buyer may have to pay cash at closing. But in today's buyer's market this is a very rare occurrence.
By the way the average commission being offered to buyer's agents in Dorchester is 2.5%.
Please, please, please do not take this post as gospel, but as a tidbit of information that gives the buyer and seller some more insight to how it all works. And email or call us for more info!!!!
In a nutshell, the commission structure is generally set by the listing agent and the seller, prior to the property being marketed. It is clearly spelled out in their contract who gets what and at what time. Usually, the commission is paid to the agents that procure a ready and willing buyer. It used to be that these agents both worked for the seller as an agent and sub-agent. Due to recent changes in the industry and consumers' demands, in Greater Boston, the commission is paid to the listing agent and a buyer's agent. MLS allows the listing agent to advertise to the buyer's agent how much commission has been allocated to their compensation.
A buyer agent working out of contract with a buyer is entitled to only the amount stated in MLS, and usually this works out OK.
A buyer's agent with the exclusive right to represent will have a commission structure spelled out in their respective contract between the agent and buyer. This is where I get the most questions; what happens if the amount offered in MLS is less than my contract amount? Well the answer can be simple or complicated depending on how savvy your buyer's agent is. Typically, we set our minimum commission below the average MLS compensation. In the case that a property is not offering the full contracted commission, we will negotiate it into the offer. This goes for off-market sales and for-sale-by-owners (FSBO's)too. Now, in certain seller's markets, this can be more difficult and the buyer may have to pay cash at closing. But in today's buyer's market this is a very rare occurrence.
By the way the average commission being offered to buyer's agents in Dorchester is 2.5%.
Please, please, please do not take this post as gospel, but as a tidbit of information that gives the buyer and seller some more insight to how it all works. And email or call us for more info!!!!
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