The 1850 Goes to Auction, and BCG Clients Receive a 50% Discount

Following the trend in which the Folio (Financial District) and Longwood Towers (Brookline) developers undertook, The 1850 Lofts, in Boston’s South End, are heading to auction on June 28th. Located at 90 Wareham St, The 1850 Lofts development consists of 60 luxury units, 35 of which will be auctioned off, with minimum bids starting at $175,000 (for units previously priced at $385,000) and ranging up to $395,000 (for a unit previously priced at $799,000). The lofts range in size from 679 to 1,564 square-feet, and offer such features as central A/C, brick and beam construction, deeded parking, large windows, granite countertops, stainless steel appliances, washer/dryer hookups and more.

Important information for bidders: "On auction day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order ("Cash Equivalent") in the amount of $5,000 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $5,000 to equal 5% of the winning bid price. Cash Equivalent(s) should be made payable to yourself."

Wells Fargo is representing the developer as the preferred lender for the auction and will offer mortgages to buyers with high FICO credit scores (700 and above). Wells Fargo will be offering 90% loans, with the winning bidders required to put down 10%.

Potential buyers must register for the auction by Wednesday June 24th. The 1850's Lofts are open from now until the auction for viewing, helping prospective buyers decide which unit(s) to bid on. Be sure to secure the assistance of a Boston Condo Group agent when touring The 1850 Lofts. Our Agents will provide you with Professional Representation, ensuring that you fully understand the auction process, and have complete knowledge of this development. Additionally, Boston Condo Group is offering all of our clients the following coupon… A 50% Refund!

*This refund is given off our services if our client(s) purchase a unit at The 1850 Lofts Auction. The commissions paid to Boston Condo Group, the buyer's broker, are paid by the developer, and not by our clients. We will return one half of the commission we receive back to our clients. And, since this cash is determined to be a refund off of services rendered, our clients DO NOT need to pay taxes on this money. See below: past sales at The 1850 Lofts with new auction prices for comparable units.

- Loft # 412: Sold 8/15/08 for $410,000
o Loft #512 being offered at auction for starting bid of $195,000

- Loft # 303: Sold 7/28/08 for $437,500
o Loft #403 being offered at auction for starting bid of $225,000

- Loft # 307: Sold 7/11/08 for $480,000
o Loft #407 being offered at auction for starting bid of $260,000

Boston Luxury Condos

In an effort to distinguish some of Boston's more luxurious developments, we've just launched our Luxury Boston Condos page.

We will be continually updating this section, as well as providing one-click searches of luxury MLS listings by neighborhood.

With Prices Down, It's a Great Time to be a Buyer

The sales data from 2008 has been reported, and is shows that the median home price fell almost 12 percent last year. In the Boston area alone, prices fell over 7%, and a full 15% between November of '08 and their peak in September of '05. For those looking to purchase a first time home, now is the time to buy.

Jenifer McKim of the Boston Globe published an article yesterday titled "It's all a matter of ZIP code". In it she supports the argument of why first time buyers should consider pulling the trigger now and taking advantage of this "sluggish real estate market".

Read the full article here.. "It's all a matter of ZIP code"

Calling All Buyers: "The Time Is Now For Real Estate"

It is quite unfortunate that almost every time you read the newspaper or turn on your television, the media is continuously pessimistic about the state of the real estate market. The media has been striking fear in buyers and sellers, as well as those in the real estate industry, for at least a year now. It's about time for that pessimism to stop. Not only is it not beneficial to the economy as a whole, but a lot of the information is skewed and inaccurate.

Rich Levin (a well known real estate teacher and writer) recently published an article in "Broker Agent News" about current trends in the market and several benefits and advantages that buyers have today, and in the near future. I'd like to share some of the highlights from his article, The Time is Now for Real Estate. If you, or someone you know, are thinking about buying real estate in the near future, you'll be happy you took the time to read the following.

"This is the type of Real Estate market that two years from now everybody is going to say, "I wish I had bought then." All the factors are lining up for the next six to twelve months to be that year. Let’s look at those factors.

Financing

"Interest rates are dropping below 6% on residential mortgage loans. Rates are seldom that low and when they have reached that level, mortgage loan rates do not stay there for long. From mid 2003 through mid 2005 rates hovered just above and below the 6% threshold, never below for more than a few months. Before that they had not been below 6% for forty years. The most likely conclusion is that mortgage loan rates will not stay below six for long. So, Buyers would be wise to be actively looking to buy and take advantage very soon."

"Mortgage money is available. Real Estate Agents and mortgage brokers from coast to coast are all telling me that there is money available with five percent down or less. The Buyers do need to have steady employment, and a reasonable credit rating. The days of Buyers needing to prove employment, have some cash on hand and credit worthiness have returned for good, hopefully. Violating those obvious principles contributed enormously to our current global financial crisis."

"Requiring stability of employment, credit and some cash is not the banks being cautious. It is the way lenders have made decisions since paper money was invented. The last ten years when those fundamentals were ignored have been the exception. Bottom line, solid Buyers can get the best rates and buy at what I believe is at or near the bottom of the market."

Inventory, Foreclosures and Pricing

"My anecdotal research from my Real Estate Agent Clients around the country is that the foreclosure properties are being purchased at a much higher rate as first time home Buyers and investors in market after market are deciding that we are near enough to bottom."

"This Buyer and investor activity will create its own momentum. As more Buyers and investors choose to buy now the demand they create will stabilize and lead to market appreciation. Are the Buyers who buy over the next year likely to be buying at the bottom of the market and benefit from excellent appreciation? Every indication that I see says yes."

"I suggest that we are at or near the bottom and the Buyers [that real estate agents] encourage to buy over the next twelve months will be forever grateful for [their] advice."

Some Considerations

"As Buyers realize that it is a good time to buy but not necessarily for Sellers to sell; demand will begin to absorb and exceed supply. Over the next year or two the additional demand is likely to lead to a Seller's market. Because of the severity and magnitude of the current housing supply this turn to a Seller’s market will likely be gradual."

"The signs of this shift are occurring now, that is, the supply of new construction and foreclosure homes are being absorbed by first time Buyers, investors, and secure homeowners taking advantage of their financial strength. This spring may be the tipping point when market activity flourishes. I believe it will."

Inflation: The X Factor

"If inflation does devalue our money then house prices, along with the price of almost all other hard goods will increase and this year’s Buyers are going to get benefit tremendously. Whether this happens or not it is time for buyers to get in the market."

First Time Buyers and Investors

"For certain Buyers it is time to get active. I am saying to anyone and everyone that will listen. FIRST TIME BUYERS THIS IS YOUR TIME! The federal government is still offering a $7,500 tax credit that is scheduled to conclude in the summer of 2009. Prices and interest rates are down. If you are employed and credit worthy you can buy with a small amount of cash out of pocket. FIRST TIME BUYERS THIS IS YOUR TIME!"

"Another group that I am encouraging to buy now is investors of residential rental property. Investors still have to do their investment analysis. They still have to carefully look at occupancy and vacancy rates. In other words, investors have to make smart, calculated buying decisions. This is always the case."

"The reason it is a good time for these investors is because the market is soft. As long as there has not been a population exodus in your community, that is, as long as people are choosing to live in your community and employment is stable, the rental property is going to sustain value. At the same time market conditions right now, with more challenging underwriting standards and only those who really need to sell putting their property on the market creates the opportunity all investors are looking for, buy low, particularly those with some cash."

For more information about the Boston real estate market, or to receive email listings for properties that you may be interested in, please contact us at any time.

Waterfront Battery Wharf Condos Currently Priced Well Below 2005 Preconstruction Prices

Battery Wharf has been under construction for the past 3 or 4 years, and since it's groundbreaking, the project was slated to be the newest luxury hotel-condo development on Boston's waterfront. The 105 residences originally went on the market at preconstruction prices starting at $975,000 for a one-bedroom condo. Regent Hotels & Resorts teamed up with Battery Wharf in 2004, and the development was to offer 150 luxurious hotel rooms (in addition to the 105 residences), as well as many services and amenities to the residential condominiums. Regent Hotel and Resorts announced in June that it was no longer going to be associated with the development, and was leaving the Battery Wharf project. Condominium residents at Battery Wharf were concerned because many of the amenities that they had been promised (such as 24-hour concierge service, valet parking, 24-hour room service, a state of the art spa and fitness center, and more) were now put on hold, until Battery Wharf found a new hotelier. Thankfully, for the development, it's residents, and the North End/waterfront area, Fairmont Hotels & Resorts announced it will take Regent's place, and manage the new Fairmont Battery Wharf. Scheduled to open in December 2008, Fairmont Battery Wharf will feature a restaurant, "designed with guidance" from three-star Michelin Chef Guy Martin, and lounge with harbor views and water taxi service to Boston Logan International Airport.

Now is a great time to purchase a condo at Battery Wharf, and be one of the first to experience the newest full service luxury development on Boston's waterfront. Several units have been drastically reduced in price since originally being marketed with a minimum preconstruction price tag of $975,000 in 2005. Currently, 1-bedroom homes, with 1-full, and 1-half bath, and almost 1,000 square-feet of living space begin at $750,000! If you would like to take advantage of this great opportunity to purchase a brand new waterfront home for well less than preconstruction prices, contact us today for more information about purchasing at the new Fairmont Battery Wharf Hotel and Residences.

Battery Wharf currently has many listings on the MLS. Please click the following list for a full list. If you would like any additional information on the units, or the development, please contact us at 800-975-5BCG (5224).
Battery Wharf Listings

Click this link to view our Batter Wharf Development Page - Battery Wharf