If you know the Fenway then you know about Gainsborough Street. This week marks a historic evet in Gainsborough's history as the majority stakeholder in the 76 Gainsborough parking lot has decided to sell. Not only is the lot for sale, but 17 condo quality units, in 3 buildings, 69,71,73 Gainsborough come with it. This is the nicest portfolio to hit the market in the recent past and if you are interested in adding an A+ asset to your holdings this is it. Priced at 12.5 million, this property is a must see!
Wetdawgs,there is a character limit to zillow posts and i felt that it was necessary to summarize all of the expert opinions, rather then just say buy now. I think that evidence is more important.
(cont'd)6) Due to increasing demand in the multifamily product vs. current inventory, it is estimated that demand will outweigh inventory for at lease 3 years.It is clear that the experts are extremely bullish about the future of multifamily properties. All the evidence indicates that increasing inflationary fears coupled with easing lending restrictions and the availability substantial capital will send investors scrambling for the relative safety of apartment buildings in prime markets. Harold Brown is so bullish on the Boston market that he stated it would not surprise him if within the next 10 years brokers began calling their clients to tell them that they found a property that was a steal because it only lost $50,000 per year. What he means by this is that in times of inflation, real estate is still a solid investment even if it operates at a negative cash flow. The reason is that there are many tax advantages as well as property appreciation that still make real estate a better investment than keeping your money in the bank earning next to zero in interest.So if there is one simple message here, it is get in now before prices skyrocket.
Yesterday morning, Bisnow, held the Boston multifamily summit at the Hyett regency in downtown Boston. More than 600 attendees gathered into the ballroom to hear the guest panel that included Boston's multifamily king the CEO of the Hamilton Company, Harold Brown and David Only CIO of Berkshire Property Advisors among several others. The purpose of this gathering was to hear what the experts in the local and national multifamily marketplace had to say about the current and future state of the market. Here are a few of the interesting points that were made:1) The best performing markets throughout the country are the major metropolitan cities along the east and west coasts. Boston, New York Metro, D.C, Seattle, San Francisco, Los Angeles and San Diego.2) There is approximately $700 Billion in foreign capital waiting to invest in the US multifamily markets.3) Fear of inflation has dramatically increased interest in the multifamily product and subsequently CAP rates have been reduced to 5 – 5.5 in prime markets.4) Lenders are now back in the multifamily market. Many are issuing loans with an LTV of 75%.5)Fannie / Freddie and HUD are easing restrictions regarding multifamily loans and have been actively increasing the number of these loans in their portfolios(cont'd)
You really want someone who you connect with and also that understands the finance behind a real estate investment. At the minimum make sure that the agent you select is very comfortable with cap rates (what they are and the market averages), IRR, GRM and tax implications. Right now is a good time to get off the bench and the market as investor demand is ramping up and 2011 should be a huge year in terms of acquisition. Experts predict cap rates to continue to drop as more and more people move to real estate as confidence returns. If you have any further questions please feel free to reach out and i can send you some investment articles i have authored further detailing the above mentioned metrics.Best,
As the New Year kicks in, I have been asked the same question over and over again by clients, colleagues and practically everyone I meet. The question: what's going to happen to the Boston real estate market in 2011? 2011 is not going to be a declining year, it's not going to be a boom year, it's going to be a very flat year. In my eyes this is a good thing and for all practical purposed a return to normalcy. Foreclosures are working their way through the system and in all reality; they really don't greatly affect the downtown Boston market, as they are few and far between. Real estate should not be viewed as a get rich quick solution as it was in the early to mid 2000's, so to those disappointed that the market will not be appreciating at 10% + per year, get over it. Real estate has historically appreciated at slightly over 4% per year (1900-2007) and in the wake of subprime lending I believe that the worst of the market correction is over and we will begin to see movement towards the historical norm over the next several years. What does this mean to potential home buyers? If you're buying a home for the right reason, i.e. you plan to stay there for several years, you have a steady job, your financially not stretching, and your ready for the responsibility, then there is no reason to wait. Start educating yourself on the market, link up with a good agent, and purchase a home your comfortable with.
In todays market your better off giving the credit. Buyers prefer to pick out their own finishes. What looks fantastic to you might turn off some buyers. Make your suggestions and offer the credit.Good luck!
After nearly a decade of planning, the long defunct parking lot overgrown with weeds and filled with debris on the west side of Mass Ave. heading south bound, now known as 691 Massachusetts Ave, has sprung to life. The first of the presale units, 10 in total, have hit the market and are ready for public viewing, at least online. The project is still in the early stages of construction and currently there is no model unit available. However, it should not be long until buyers are able to walk through the property as occupancy is expected sometime during the summer of 2011. The revised project now known as six9one residences, consists of 40 total units with a mix of studios, one bedrooms, two bedrooms and penthouses. Pricing varies, however of the 10 units on the market, 8 are one bedrooms with an average size of 675 sq. ft and an average price of $385,000 or $570 p/sf. The penthouses top out at $975,000 for nearly 2,000 sq. ft. All of the presale units include deeded parking with the option to purchase an additional space. The condo fees are a bit higher than those of the surrounding condos in a typical brownstone, but the fees at six9one residences include heat, hot water, gas, a/c, elevator maintenance and security, all items that are rarely included in the budget of a brownstone.For more information and to get the inside scoop you can contact me at
This simply means that it is going to sell that day, no reserve no gimmicks. Often times seller @ auction will have an undisclosed reserve so even if you are the high bidder, you may not be sold the property.