The Standard & Poors / Case-Shiller home indices measure single-family and condominium values for major cities across the United States.

The authors of the surveys have tracked home values for the past fifteen years. Using the year 2000 as the base year, the metropolitan Boston area index shows condo prices from the low in 1995 of around 58% of 2000′s value. This means that prices rose approximately 60 percent in the last five years of the 20th-century.

During the first five years of this century, prices rose rapidly until they reached their zenith in October 2005. Values in Greater Boston had increased 80% since 2000. Since 2005, prices have fallen by about 10% and are approximately 58% higher than in 2000.

Historic results are not indicative of future behavior. It is what it is – an amazing increase in home prices that benefited millions of Americans but, of course, hurt lots of people, too.

To see image full-sized, click here: Boston condo prices / values from 1995-2010

The Back Bay has been named as one of the “Best Places to Live” by Boston magazine, reported in its March 2011 issue.

Those already living here know how great the neighborhood is. You can enjoy all the city has to offer and the neighborhood is convenient to the financial district, arts district, and major highways and interstates.

Property values have remained strong during the past ten years; it’s one of the few neighborhoods to have seen price appreciation every year going back at least to the mid-1990′s.

While housing isn’t cheap here (like most of downtown Boston), if you’re fortunate enough to be able to afford it, you can’t beat buying a home and living here.

Please contact me for more information about living in this wonderful neighborhood and to learn about the wide variety of living options available, to renters and buyers alike.

According to Boston magazine:

The Back Bay
Median condo Price $748,000
One-Year difference +16%

Behold, the gilded life: immediate access to Newbury Street and Copley Place’s shopping and restaurants; day spa and salon services; strolls in the Public Garden; and the gorgeous-in-all-seasons Commonwealth Avenue Mall.

Where you should be looking: Two addresses on Beacon Street: 180 and 330. These are high-rises constructed just before the Back Bay Architectural Commission banned such buildings. Today they have all the swank an empty-nester would want, without the price tag of, say, a One Charles condo. Plus, you’re living on top of the city.

I have listed a two-bedroom, one-bathroom condo for sale. It is located on Commonwealth Avenue in the Back Bay, between Dartmouth and Exeter streets. It is listed at $565,000, on of the seven lowest-priced two-bedrooms currently for sale in the Back Bay.

There is an updated kitchen with gas stove, cherry cabinets, granite counter-tops, & stainless steel appliances. The bathroom has a pedestal sink and tiled bathtub/shower. The building is professionally-managed and has a common roof deck. There are low condo fees.

The building is located near Copley Square facing Commonwealth Mall and steps to Newbury Street’s shops & fine restaurants. The MBTA Green Line @ Copley and the Orange Line / Amtrak @ Back Bay / South End are within walking distance. The Esplanade & Charles River are just a block away.

Please contact me for complete details and to schedule a private showing.

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As the economy shifted, it became harder and harder for developers to get financing for new condominium projects. No one wanted to risk their money on new condo developments if they couldn’t guarantee buyers were going to be there. Lenders had clamped down hard on home-buyers, with tightened credit requirements making it difficult for anyone to qualify for a home loan mortgage.

The developers still have land to build on and still have bills to pay, so they’re turning now to building apartment complexes. The financing is easier to get, since banks realize that people have to live somewhere, and if not in condos then in apartments.

Here in Boston, we’re seeing several large, high-profile apartment projects being proposed and about to break ground. Some of these are already approved projects that are modifying their plans, taking out condos and putting in rental apartments. Others are brand new proposals. Driving the new construction is the relatively-easy financing as well as a simple lack of supply – the vacancy rate in Boston is expected to drop to 4.5 percent.

From the New York Times:

In the last several weeks, [Boston] officials have allowed developers of three buildings with nearly 1,000 units to decrease or eliminate condominiums in favor of additional rentals. Over all, the Boston Redevelopment Authority expects construction to start this year on 21 buildings with a total of 1,855 apartments, nearly all rentals, compared with just 600 starts last year. Of those units 830 were once planned as condominiums, said the authority’s director, John Palmieri.

Some of the projects on-tap for downtown Boston include:

Hayward Place – Downtown Crossing across from the Paramount Theater, 265 units (mostly apartments)
(Parcel 24) – Chinatown on Hudson Street, in the shadow of a Rte-93 on-ramp, 345 units (mostly apartments)
Kensington Place – Chinatown on Washington Street (previously the site of the Gaiety Theater), 381 units
Garden Garage Towers – near Boston Garden, part of the Charles River Park complex, 500 units
AvalonBay – on Exeter Street, on the Prudential Center Plaza, another apartment tower, 188 units

This is all good news; increased supply means more options for renters of any age: college graduates, young professionals, empty-nesters.

Whether or not the supply will bring down notoriously-high rents is another question. There seems to be an insatiable demand for apartments, right now. The developer of Hayward Place “said he could build high-quality apartments that would rent for about $5,000 a month.”

How many people are in the position to pay that? Hopefully, it will bring down prices overall, or maybe just keep them from going up?

More: As Boston’s Economy Grows, Demand for Rental Units Outpaces Condo Market, The New York Times

We’re inaugurating a mortgage loans segment to the Boston Condo Blog. Over the coming weeks, you’ll be able to find the latest mortgage loan information courtesy of Brian Cav, mortgage broker and friend.

Here’s some tips from Brian for when you’re getting ready to file your federal tax returns. If you’re looking to buy a home or refinance an existing loan, you can reach Brian at bc@smarterborrowing.com and 617-771-5021. You can also sign up to receive his weekly emails with the latest mortgage loan news.

There are many tax benefits to home ownership. The three main deductible items are:

Mortgage Interest
Property Taxes
Mortgage Insurance

Here are some important documents that you’ll need handy for preparing your tax returns and maximizing your deductions.

First, make sure to have the Form 1098 that was sent to you by your mortgage company. This will list the mortgage interest and mortgage insurance you paid during the past year. Remember if you refinanced during the past year you will then see multiple Form 1098s, one for each loan.

If you bought or refinanced your home in the past year, you’ll also need your Settlement Statement (HUD-1) from your closing. This is important because IRS only requires a mortgage company to send a 1098 for $600 or greater. So if you have interest or deductible fees on your HUD-1 totaling less than $600 you will not be sent a 1098 and will need your HUD-1 as your proof. Finally, don’t forget to reference your property tax bills from the past year so you can include the correct amount on your tax returns.

Check out Brian’s http://smarterborrowing.com website for more.