Back Bay 2-bedroom condo for sale, Commonwealth Ave, $565,000
Feb 2011 02

Warren Residential Group has listed an attractive, spacious two-bedroom home for sale. It is located on Commonwealth Ave between Dartmouth and Exeter streets, inbound.

The first-level unit has approximately 812 square feet of space. The kitchen is updated with gas stove, cherry cabinets, granite counter-tops, & stainless steel appliances. The bathroom has a pedestal sink and tiled bathtub/shower. The building has common roof deck. Low condo fees. Near Copley Square facing Commonwealth Mall and steps to Newbury Street’s shops & fine restaurants.

The MBTA Green Line @ Copley & Orange Line / Amtrak @ Back Bay / South End are within walking distance. The Esplanade & Charles River just a block away.

The price is $565,000.

It is currently rented out through August 31, 2011. If you are an investor, you will find this to be an excellent opportunity. For an owner-occupant with long-term plans, it is the perfect home.

Please contact me for more information on this or any other Back Bay home for sale.

The Month of the Million Dollar Sales
Feb 2010 15


Is this a sign that the economy and market have bounced back? Within 1 month’s time several multi-million dollar properties have been sold and gone under agreement. Many condos that have been on the market for quite some time have suddenly been picked up, such as Zero Marlborough #6 as well as 96 Beacon #3. The sale of 96 Beacon will complete sales of all 4 units in the boutique luxury building.

All obviously beautiful homes ranging in price from 3.5 – 12.5 million…yes a big big one at 58 Commonwealth has been locked down under agreement.

Here are some highlights:
58 Commonwealth – UAG $12.5
9 Arlington #3 – UAG $7.499
293 Marlborough – UAG $5.299
Mandarin Oriental #E9C – SOLD $4.150
0 Marlborough #6 – UAG $4.195
81 Beacon #4 – SOLD $3.6
96 Beacon #3 – UAG $3.99

Jan 2010 05

You asked the questions we’ve got your answers. It’s Question and Answer time with Jeanine Heller of Boston Condo Blog. Have a question? Email them to jheller@warrenre.com with Q&A in the Subject line.

Q: Has the real estate market hit bottom or will home values sink lower?
A: How does anyone predict the bottom? I think we will see a slight dip in home value but nothing substantial. So yes I would say we are close to the bottom. At the same time I don’t think we will see any type of major upswing or bounce back either. If anything takes a hit it will be the new luxury highrise inventory, but I think most came on the market way overpriced to begin with. This isn’t the booming buy and flip quick market we saw prior 2006, the days of flash for cash and bidding wars are gone. Buyers are more cautious with their investments and are really seeking out those great irreplaceable investments.

Q: What are your favorite condos currently on the market?
A: My favorite listings currently on the market – that’s a good one. I have a couple favorites but each for different reasons. My first is the 2 bed penthouse at FP3 for $1.8M, the view of the water and Boston skyline is insane, also it has two enormous private outdoor patios and a sleek modern layout. I will have to post photos of this home, you enter up a set of stairs and walk into this gorgeous open kitchen with floor to ceiling windows all around, honestly the view stops you dead in your tracks – it’s breathtaking. James Bond would feel very at home here. Another favorite is Zero Marlborough at $4.1. Who wouldn’t like a 3,500 sqft floor-through home over looking the public garden? This building just has a good feeling when you walk into it and there’s no wasted space in the unit. All 3,500 sqft have been put to use and the master bath is to die for. I like the 210 South Street lofts over in the Leather District…This is a tough question.

Q: Which Boston neighborhood will my investment be most secure in?
A: No question about it the answer will always be Back Bay. Back Bay and Beacon Hill – specifically the flat of the hill will always command top dollar for Boston real estate. Neighborhoods such as the South End (SOWA) and the Seaport are more risky as they are somewhat on a tipping point and could go either way. If you want to be safe stick with Back Bay / Flat of Beacon Hill.

Q: What’s with all these auctions? Is an condo auction the same as a foreclosure?
A: An auction is not the same as a foreclosure and can actually be a very smart tactic for moving units quickly in today’s market. It’s not that people don’t want to buy today it’s that they can’t. Although mortgage rates are down securing funding for large luxury residential buildings has been close to impossible. Often times buyers are asked to put up to 20% down when in previous markets almost anyone could buy with zero down – we all know how that turned out though. For example say a buyer wants to purchase a condo for $300,000 well he then has to be able to put $60,000 (20%) down in cash. Also, the FHA typically requires the condo building to have at least 51% owner occupancy in order for a buyer to secure a conventional loan. Therefore, holding an “auction” offering slight discounts in order to hit this number is a great strategy. Typically homes sell at fair-market-value so the developer doesn’t take a loss, units move quickly and it opens the door for mortgage backed buyers. A great example of the use of an auction as a strategic tactic would be The Bryant Back Bay.

Q: Did a parking spot really sell for $300,000 in Boston.
A: Sadly yes.

Q: How early should I begin my rental search?
A: Rental availabilities typically come on the market 45-days prior to occupancy. So, about a month and a half to a month before your desired move in date.

Q: I see your background is in the movie business, how does it compare to the world of real estate?
A: Oh not all that different inflated egos, gossip and lots of sorting through rubbish to get to the truth – Ha. The movie business definitely had better parties + events, oh and real estate doesn’t send you on all expense paid trips to Cannes or Sundance. On a positive note I have yet to see a real estate agent throw a computer at another agent — I saw this happen on more than one occasion while working in film.

Q: I’m looking to buy/sell/rent how do I contact you? Are you currently taking on more clients?
A: Either call me at 508.930.6232 or send an email to jheller@warrenRE.com – Yes, I am currently taking on more clients.

Dec 2009 21


Young, sexy and known around the world…you know what we’re talking about.  That attractive coupling desired by both male and female.  No silly, not Brangelina, we are talking about the condotel.

The all the rage hybrid of a condominium and a hotel, a home with hotel services available to owners.  Most of these properties are owned and operated by a brand name luxury hotel chain such as Starwood, The Intercontinental and The Ritz Carlton.

Several condotel ownership opportunities are available in Boston.  Here’s a quick rundown of current market availabilities.  Interested in learning more? Want to invest in a Boston condotel home?  Contact me, Jeanine Heller at 508.930.6232 or email jheller@warrenre.com

Starwood W Residences Boston – 100 Stuart Street – Theater District

1 Bed starting at $460,000 – 3 Bed Penthouse at $3,650,000

The Residences at The Ritz Carlton Boston – 1-3 Avery Street – Midtown

1 Bed starting at $595,000 – 4 Bed Penthouse at $7,900,000

The Residences at The Intercontinental – 500 Atlantic Avenue – Waterfront

1 Bed starting at $749,000 – 4 Bed Penthouse at $6,450,000

The Residences at The Mandarin Oriental – 776 Boylston Street, Back Bay

2 Bed starting at $2,650,000 – 4 Bed Penthouse at $16,990,000

Rowes Wharf at The Boston Harbor Hotel – 20 Rowes Wharf – Waterfront

2 Bed at $3,900,000

Dec 2009 18

Courtesey of Brian Cav over at Smarter Borrowing

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The answer is most likely yes!

Borrowers are taking advantage of rock bottom rates to refinance their home mortgages. Mortgage interest rates are at all-time near record lows! Homeowners are using the opportunity to adjust the terms, payment and interest rate on their loans. This “rate fiesta” might be coming to a halt soon, though – in 2010 the government will stop buying mortgage-backed securities. Without this enormous customer, rates will start to climb. Here’s what the Wall Street Journal had to say earlier this week about the recent surge in applications and the coming market changes:

Last week’s post-Thanksgiving shopping rush also saw a surge in mortgage applications, with loan application volume up 8.5% from Thanksgiving week on a seasonally adjusted basis.

But mortgage rates rose modestly last week, to an average 4.88% from 4.79%, according to the Mortgage Bankers Association, ending a six-week run of declining 30-year fixed rates.

The boost in applications was driven primarily by refinance interest, and the MBA’s Refinance Index gained 11% from the previous week, while the Purchase Index was up 4%. New home loan applications were driven almost wholly by demand for government-backed loans from the Federal Housing Administration and other federal agencies.

Mortgage rates have been at near-record low territory for the last couple of months, but the big question is what will happen next year, when the Federal Reserve is scheduled to end its purchase of mortgage-backed securities that has helped push rates down for much of 2009. (Nick Timiraos, WSJ real estate blog, 12/9/09)

Refinancing could save you a considerable amount of money over the life of the loan and potentially improve your overall financial outlook!

How would refinancing now help you?

  • Refinance to a lower interest rate which will lower your monthly payments.  What is your current Rate?
  • Convert your current Adjustable Rate Mortgage (3/1, 5/1, 7/1, or 10/1 ARM) to a fixed- rate loan, which will keep your payments safe from possible interest rate increases. The 30 year fixed is at a all-time low, lock it in and give yourself piece of mind
  • Shorten your loan’s term to save even more money. 25 year fixed? 20? Can you afford a 15 year fixed mortgage payment?
  • Combine a first and second lien to a single loan for simplicity and savings. Debt consolidation to one loan!

You may also be able to tap into your home’s equity with a cash-out refinance and use the cash to fund home improvements, college tuition, or other major expenses.

What To Do:

1.  Submit a Refinancing Application via Phone, Email, Web, etc.

2.  Mortgage Refinancing Application gets Processed and Approved

3.  Pass along your Approval Conditions and Disclosures, Appraisal gets completed and Approved

4.  Schedule a closing 45 (+/-) Days from Application Date

bc@SmarterBorrowing.com 617.771.5021

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