MBTA.com/Ridertools
or
Thrall.net

Whether new to town or a student looking for a T-stop. Both of these websites are amazing and I use them daily when explaining distances and types of transportation available in neighborhoods throughout the city. Give them a try.

I know what you are thinking, “But James, I will just meet you there when you have a prospective tenant” or “Here are the tenants phone numbers call them to let them know - they will let you in”, sounds perfect in theory but when life takes over it not so simple. I just cross referenced our last 15 rental deals here at NextGen with our key list and for 11 of those deals we had the keys to the units. Truthfully we are 74% more likely to rent your unit if we have your keys. Also those units were rented within 20 days of listing.

I can understand any fears you might have about handing over keys. Here are some questions to ask your broker when handing them over.
1) Will my keys be kept in a safe?
2) Is there someone there to monitor them. Example: Frontdesk attendant who oversees signout sheets.
3) Do you lend the keys out to other agencies. You want to hear an emphatic NO.
4) Is the Safe or Front Desk under Video Surveillance. You want to hear YES here.
5) Can I get my keys back whenever I want them. Yes, usually we take your originals and make copies though so you always have your own set.

NextGen Realty offers all of these comforts. So please if you need your place rented don’t get left standing at the alter. Gives us a set of Keys!

Check out the segment for yourself here: Channel 7 Move In Coverage

First off, their index for home sales in Boston is down 3.4% which in this market is great considering other area’s of the country are down double digits.

It’s hard for me to say this is an accurate forecast on the health of our Boston housing market. Here’s why:

1) Local Media Outlets lead people to believe that the report covers all of Massachusetts. It does not. The geographical region in which the data collected to compile the CSR for Boston is Boston-Cambridge-Quincy. So its not even an accurate report for the city of Boston’s health let alone the whole state

2) The CSR only takes into account single families. Even further it excludes New Construction Single Family homes. To qualify for the index the home must have two transactions on the title. In other words, the house must have turned over (sold) at least twice. This creates a huge whole in the report since Boston (as well as Cambridge and Quincy) has a very large supply of condos and even in this slow market new homes are being built.

If you want to try your luck at forecasting I would look no further than the Warren Group for local data. They take the concerns raised above into account in their reports.

That said both Professors Case and Shiller are very smart economists and are widely respected in their field - as they should be. I just wish they would fill in the gaps to provide a more accurate forecast of our Boston Market.

Check out it out for yourself.

Tiger Woods Interview

I wanted to see if any of these deals had anything in common with each other. Going through the database I found a couple of trends that popped up. You might think that they had to do with certain areas of town and how much the rent was. You’d be mistaken.

Here are the 4 reasons why these units rented. (In order of importance)

1) The landlord gave us keys or put a lock box on the property.
2) The landlord gave us the current tenant’s phone numbers.
3) We had taken video of the unit
4) We had taken pictures of the unit.

After running all the closed deals through our database to check these points I found that 84% of these deals had met all 4 of the points above and that 95% of these deals had met points 1 and 2.

The moral of the story, make your unit easy to show and it will rent! It seems like every two months we are adding another shelf to the key closet. Currently we have over 1300 keys (not including master keys and luxury buildings), these landlords get it.

They make it easy for us to show or collect video/pictures which, in return, gets the unit rented a lot faster than trying to setup a time with the landlord.

Lesson: When you call to yell at us that your unit hasn’t rented – give us a set of keys and a week!

In Massachusetts the standard response of most Sale Agents will be “Under MA law we are not allowed to discuss the safety of a neighborhood. If you’d like, you can research crime statistics by contacting the local police department.” I know. I hate saying it as much as you do listening to it. Unfortunately under fair housing laws it can be seen as steering which is illegal if we promote certain neighborhoods over others.

Check out the link above to learn how to research neighborhoods. I will be adding the websites mentioned in the article to this blog so that you will have a quick reference point when it comes to Crime Statistics, School Systems, and Sex Offenders.

I don’t want to rehash the article you can read it by clicking on the link above.

The only thing I would like to point out is that Google Maps has the same problem for inter-city locations as TomTom.

Example: 11 Knowlton Street, South Boston, MA will take you to South Street in the Ladder District of Boston instead of the actually address in Southie. You need to enter Boston, MA for everything and provide the accurate zip code. The globe staffer had the same problem with his TomTom.

Check it out. Of course a good broker doesn’t need either. We already know the streets!

Our good friends at the Boston Globe chose to highlight an auction of condominiums going on March 9th by the Atlantica, a beautifully styled piece of New England architecture, located directly across from the Atlantic Ocean. These one & two bedroom units will required bids starting from $215,000 to $315,000 depending on the size and location in the building.

Seems like a great buy. Currently according to the Atlantica sales office a 641 sq. ft. 1 bed 1 bath would run you $300,000 not bad if you can purchase the unit at the opening bid of $215,000. The same holds true for a 1289 sq. ft. 2 bed 2 bath that is priced at $449,900. Thats over $134,900 in savings if your the only bidder.

I say only bidder because it is possible you may be. The Atlantica is located in Revere, right along Revere Beach Parkway. I am not looking to bash Revere tonight. Actually I think the buyers of these units will be pioneers. Revere gets beat up pretty badly in Real Estate cycles. Look no further than to your neighbors at the multi-colored St. Georges Condominium Complex. This south beach inspired building fell to the same fate in the 1980’s. Dress Shoes without socks anyone?

To get back on point, the buyers at this auction will be purchasing at the bottom of the latest real estate cycle. Not a bad place to pick up real estate considering that we’re not making anymore ocean’s. Add in a possible casino (Wonderland Park down the Street is competing for a casino license) and suddenly Revere may become a destination town again. See if those condo’s are still selling for less than 300k then.

Again this will require a pioneering mind. The casino may never come. But then again the Ocean isn’t about to leave.

Here are some of the numbers from the Warren Group:

Home purchase and refinance loans hit their lowest level since 2000 last year, statistics compiled by Banker & Tradesman publisher The Warren Group show. The number of mortgages for one-, two- and three-family homes and condominiums originated in the Bay State dropped from a high of more than 793,000 in 2003 to 325,925 in 2007, representing a decline of nearly 60 percent in loan activity over that five-year span. The number of residential loans also dropped 22 percent compared to the 416,342 mortgages originated in the Bay State in 2006.

With these kinds of numbers brokers are running for the doors at alarming speeds.

Mark McDonough left struggling National City Corp. six months ago to become vice president and sales manager in the mortgage department of Salem Five Bank. About one in five of his former mortgage industry colleagues has had to switch careers in recent months, he said.

“They’re opening bars, doing other types of sales, waitressing or working as nail technicians,” said McDonough.

Eastern Bank Senior Vice President of Mortgage Banking Stephen MacQuarrie said he personally knows “dozens” of people who have lost mortgage jobs as the foreclosure crisis and attendant credit crunch deepens.

Eastern itself had to lay off a few employees due to shrinking loan volume, MacQuarrie said, although the bank also has carefully and selectively hired a few experienced loan originators in the past four months.

On an upbeat note NextGen Realty is hiring!

Also we now have over 75,000 listings in the New England Region. Lets make it 100,000 by the end of ‘08!

A special thanks to our customers and clients who continue to keep our Websites at the top of ever search page imaginable. BostonPads.com, OffCampusPads.com, SouthBostonApartments.com, BackBayPads.com and CambridgePads.com are just a couple of your favorite sites to find apartments for rent and sale.

Thank You for your continued support!!!

The domination continues!!!

Great Job!!!

If passed, what has been marketed as a bill to curb “Animal House Antics” by the Boston Herald, no more than 4 students will be allowed to occupy an apartment. Naturally this has set off a firestorm through neighborhoods such as Allston/Brighton, Beacon Hill, The Fenway, & Mission Hill pitting long time resident vs. landlords who rent to students.

What has caused a lot of consternation is that this proposal now goes before Boston’s Zoning Commission. Which, if approved would usurp the rights of private property owners and place added restrictions and regulations on income properties that they depend on. This is a public taking of private property rights by way of zoning who can live and who can not live in an apartment.

Looking at this objectively I am trying to find the “why” as to what may have caused this latest round of Government vs. Property Owners battle. It seems to me that Councilman Ross’ issue is noise complaints. Scott Van Hooris, of the Herald, mention on more than one occasion that the families in these neighborhoods want the noise levels produced by students to be curbed. Can we really believe that only students make noise?

Councilman Ross has received a few complaints from a very small yet vocal group of people that vote. This is the only reason why he is bringing this issue to the forefront. Councilman Ross also knows that it is very easy to blame students for all matters as it is an easy win because they don’t vote in the districts that he represents. However, is this knee jerk solution going to solve anything?

As a Real Estate Agent who got his start in this city as a rental agent I can confidently say I have seen 100’s of apartments in all neighborhoods. I have seen apartments that students, young professionals, professionals as well as families live in. Let me tell you something folks, students are getting a bum wrap! There are plenty of apartments that I have walked through that are ill kept by all of the above. And Parties? Let me tell you another thing, in talking with hundreds of landlords on the phone, ( this is what I do all day – talk to landlords) I have determined through my non-scientific study that: Landlords actually complain more about professionals and young professionals throwing parties than students.

So lets get back to the matter at hand, will fewer students in an apartment actually solve anything? I have had the liberty of calling over 200 landlords in the past two weeks, and nearly all of them said, “There will be more parties and noise if you give less students more room in the same apartment”. There will be more noise because you created a party room that used to be a bedroom. Another landlord put it best, by saying, “if we put only 4 students in a 5 bedroom (what the %^$#) do you think is going to happen to that 5th bedroom?” He went further on to say, “their going to build a bar in whatever room becomes vacant.”

This makes perfect sense to me. Even to this day, at a party, people usually gravitate to an empty room or a room with the most space rather than a crowed living room. I think we can all agree to that. So in essences what Con. Ross is trying to prevent is actually going to come back and hurt him politically.

Here’s a better solution if the real issue is noise complaints supposedly caused by students.

I would suggest increasing the fine for noise violations. Maybe we should just double the fines? Right now if the police come to your house for a noise complaint it will result in a $500 fine and an arrest. How many students or professionals for that matter will throw a party if the fine is $1000? I know I sure wouldn’t and I believe most of Boston would never throw a party if they knew that type of fine could be levied against them. So aren’t we going about this in the wrong manner? Lets just increase fines and there will be no parties ever because only the rich will be able to afford the fine. I certainly know I was poor in college – a $1000 would send me home packing.

One more thing that I have noticed about college students today that has dramatically change since I was in school is that they actually speak far less than we did 5 years ago. When I walk into an apartment and I am showing the property all I ever hear is students typing away with their head phones on. They prefer email, texting, instant messaging, chatting in online forums and social networks. To be quit honest this new socially wired student has become completely introverted and less social. What I see are students far less willing to throw parties at their house when they can throw one on facebook, my space, & second life. I think we are building a world of kids that will be socially stunted and never be able to communicate.

I would like to point out that students are not a protected class under state or federal laws and although they are vital to the economy of this city they are often the brunt of a couple of politicians pushing their own agenda. We should start embracing America’s future rather than targeting them for easy political gain. We should not make Boston such a difficult place for our best and brightest. If we continue to make them feel unwelcome here they will leave to other states. Where will that leave our city? There have been numerous articles written lately that say we are losing college graduates from our state in unprecedented record numbers. By passing this ordinance, which clearly attacks students, I think we are setting ourselves up, long term, to make intelligent people not want to live here. Do we want to loose our next Bill Gates, Marc Zuckerburg, or Shawn Fanning Do we want to loose that? Shouldn’t we be embracing our young bright minds that helped build our great city?

Thought this might be of interest to some of my readers.

Having trouble seeing this email? http://www.gbreb.com/GovAffairs/Leg_Update121907.htm
Affordable Housing Law Repeal Update The Massachusetts affordable housing law, Chapter 40B, was placed under attack by a group of individuals that wanted to repeal it. They drafted a ballot initiative petition to be put before the voters of the Commonwealth which required 66,593 signatures of registered Massachusetts voters to begin the process of having the petition appear on the November 2008 ballot. According to Secretary of State William Galvin’s Office, proponents of repealing 40B fell 32,744 signatures short. The repeal 40B initiative received only 33,849 officially certified signatures by the Secretary of State. GBREB would like to thank all our members from each of the 5 Divisions who rallied in defense of this important issue. GBREB has historically, and will continue to aggressively oppose any effort to repeal 40B. The next opportunity for this issue to reappear on the ballot would be in 2010.
Greater Boston Real Estate Board * 11 Beacon Street Boston, MA 02108 * www.gbreb.com

The latest four letter word in real estate is something that is everywhere… literally. I am not kidding. Some down right scary studies have come out about mold; citing brain damage, links to cancer, and reproductive problems, though nothing is definitive yet. Read: it’s still early.

I thought it would be good to devote some time to this subject since a lot of the apartment complexes in the Boston market are older and if not taken care of properly could become subject to mold infestation.

Okay a little bit about Mold. It’s a fungus that is present in every aspect of our environment. Outdoors it breaks down organic objects like dead trees, fallen leaves, and even us after we pass away. Inside it is known for eating dust and dirt found in damp areas of the house. That musty smell in the basement or garage is mold.

Naturally, just about, all the mold we come in contact with is harmless. However, mold strains such as aspergillus and stachybotrus have been known to produce potent toxic spores that can cause health issues. Knowing that lets see how mold spreads.

For mold to multiply two ingredients are needed: moisture & food. Food for Mold could be anything from wood, to insulation, to carpet it all depends on how damp it is. Like termites mold outbreaks can weaken the structures of buildings as they eat away at floor boards and support beams.

To prevent this from happening in your investment property you need to keep a keen eye on water leaks. Faucets, Shower Heads, and Drains should all function properly. Two years ago my best friend rented a two floor apartment in Southie. One of those floors was a finished basement that flooded in that freak storm we had that dropped 5 inches of rain in two days. The basement flooded and although his landlord was quick to react, the standing water in the basement quickly made the sheet rock moldy and it all had to be torn out.

Should you ever experience this with one of your properties please call a Certified Industrial Hygienist (CIH). I know, sounds like the dental hygienist from hell, but this person will help you restore your property and more importantly provide you security should you ever find yourself in a legal jam. There are plenty of them located in the Boston Area.

CIH’s are very thorough with mold remediation (removal) and will provide you with documentation as to what kind of mold is in your property and how they went about removing it. Which helps at a later date should you end up in court.

So to recap, not all molds are harmful. Make sure that there are no damp areas in your properties. Should toxic mold occur call a Certified Industrial Hygienist and let them do their job.

Hope this helps.

For more information visit:
www.cdc.gov Center for Disease Control
www.naahq.org National Association of Apartments

I still laugh every time I watch this…

A couple of my friends have figured this out and have asked me to help them find condos for them. They realized no one looks this time of year and have visions of great deals, which is very possible right now.

Everyone talks about “Motivated Sellers” but if you happen to take interest in a property owned by someone being relocated or has already moved to a new home elsewhere they will be seriously motivated to make a deal. Especially this time or year when not many people are looking – Advantage Buyer.

If you have questions about what is a reasonable offer this time of year or are interested in looking during this quiet months feel free to email or call me.

If you haven’t already you should contact your tenants and see if they wish to renew their lease(s). If you have college seniors living in any of your units you are almost guaranteed to see the unit turnover and will want to fish while the fish are running!

If you don’t have the time, call us at 617.208.2100. We’d be glad to contact your tenants or send your renewal letters for you. We often provide this service free of charge for over 9,980 landlords who collectively own over 67,400 units throughout Boston and Massachusetts. You can sit back and relax by the fireplace and let us get out there in the cold and figure out how to rent your property!

We also offer complete range of property management services - and one of the biggest draws this year has been landlords calling us non stop for snow removal! If you are ever interested in a snow removal quote - I would suggest going to www.bostonsnowremoval.com . These guys will come out to your property and give you a free estimate on how much it will cost to keep you both up to code with your local city/ area snow removal requirements (if any) as well as keeping your tenants happy!

Not bad huh!

Look for some predictions for ‘08 sometime later this weekend. Still need to catch up on some ‘07 numbers first.

I do have one goal for the Boston Real Estate Blog… 2 Postings a day. That’s simple… right??

Happy New Year!

James Morrison

Not Today!

What’s loving referred to as the communist block, in my office, the horrible looking cement fortress known as the CharlesView Apartment Complex has agreed to a land swap, of sorts, with Harvard University. The residents of CharlesView will locate to, the Harvard owned, Brighton Mills Shopping Center where soon to be constructed apartments, townhouses, and condos await them all within walking distance of a Shaw’s Supermarket and other retailers.

The old location at the corner of North Harvard Ave and Western Ave will be integrated into the Harvard Allston Campus Plan. More Importantly it will be torn down! A massive $1 Billion science complex will spring from the rubble. Basically the Real Estate version of the Berlin Wall coming down!

For more on this Development click here

A lot of my clients fit this category and I thought I would pass this information on to the readers of the Boston Real Estate Blog. Unfortunately, the WSJ is a subscription site, so sadly, I can’t link the article to this post. However, I will post the main chunks of it here since it is a great article.

Basically, the credit crunch is putting a strangle hold on the acquisitions department of big institutions. Think REIT’s, Pension Funds, and Private Equity firms that rely heavily on financing when making real estate investments. This has created an opportunity for local small investors who are normally bested by these large firms. Take the Journals example for instance:

When Andrew Brooks first offered $15 Million for a medical-office building in Valencia, Calif., in early August, the seller turned down the 44-year-old orthopedic surgeon.

But just three weeks later, the seller called back Dr. Brooks, who lives in Los Angeles. The two large real-estate investment trusts that had knocked the doctor out of the running with their bids were no longer interested. Dr Brooks believes that the companies were unable - or unwilling - to come up with the cash.

…He quickly put down a “substantial” nonrefundable cash deposit for $800,000 less than he had originally offered, and is waiting for the deal to close.

You better believe deals like these are happening in Boston! Southern California is certainly feeling the affects of a slow real estate market more than the Boston market. But that does not protect us completely from failed projects and squeamish institutional investors.

Right now the sweet spot for “small investors’ is the $5 - $15 million range, especially for apartment buildings and retail centers. These rents will work for the smaller investors who are looking for cash flow. At this price level institutions, who have to meet certain yield requirements for their investors, would be speculating on property appreciation and in this market it wont provide the returns they are looking for.

My appointment book can verify this. 75% of my time these past couple of months has been servicing my commercial clients. This opportunity will fade as the credit markets loosen and the big firms get back into the game. For now though the small guys are getting some great deals!

Reference:
Small Investors Gain an Edge in Properties, By Kemba J. Dunham, The Wall Street Journal

We were discussing the current market conditions for residential sales. He simply began to shake his head and wave his hands in disgust saying, “I don’t understand why more people aren’t buying homes.” I countered with the current credit crunch… he gave me a look that said if you were my grandson I would slap you upside the head.

His advice and he told me to put this on my computer, meaning the Blog, is that if you can afford to buy a home right now do it! He literally said, “to hell with what might happen in the next year… you can’t time markets… if you are going to live in that home for more than five years you will be very thankful!”

Now, he is doing the same as an investor. Apartments, Retail Centers, Office Parks, he wants to see it all because he feels the timing is right. I reminded him that commercial real estate is different and he reminded me that I was busy playing with GI Joe’s the last time this opportunity occurred (early 80’s - due to the change in the tax code) when he was on a buying frenzy.

His simple - yet highly profitable advice - by now! Smile and Wait.

But, speaking hypothetically, I would like to point out what will mostly likely happen to the towns that do capture a casino. A lot of home owners are in two camps. Either the prices of their homes will plummet or increase. Honestly it’s a little bit of both. If you look at the statistics of homes in the towns where casinos such as Mohegan Sun and Foxwoods were built, you will see that homes dipped in value as the casinos open and then within a year returned to normal (pre-casio) projections.

Those who own homes abutting the actual casino might see a loss in value. Say if a parking lot is going up across the street or the service entrance is visible from your property. For the most part if these projects are built, they will be destination resorts and you won’t be looking at either. Most likely your home will be across from one of their golf courses which may increase the value of your property.

If you find yourself abutting land that has been optioned for a casino by a developer make sure you follow the development process closely and worked with your elected officials and city planning boards to limit as much exsposure to any negative impacts (such as above) that might occur.

The clear winners, in a casino town, will be landlords. Those who own multi-family properties in these areas will experience a one time explosion in job growth that will translate into higher rents from their properties as employees of the new casinos move into town. The supply demand curve will tighten and landlords will reap the benefits. One Caveat; keep your properties up to date.

Thats basically my take. If these casinos are built on the South Shore and Western Suburbs it will in the long term be a plus for their local economies and real estate values. I hope that these Casino’s are built in towns like Middleborough and Palmer, as to fit the destination development model, and not area’s such as Boston and New Bedford. I understand that Suffolk Down (Boston) or New Bedford will prosper from them economically but these are the areas where the after affects and negative generalizations of casino’s will occur due to an urban location.

I asked him, “Do you have Renters Insurance?” You might of thought I kicked him while he was down. Turns out I kinda did - he didn’t have any.

I know a lot of students and young professionals follow this Blog to get an idea of what rental markets are starting to heat up. I am going to take a second and speak directly to them. Get Renters Insurance! It is extremely cheap compared to home owners and car insurance and covers all personal assets!! Contrary to popular (and incorrect) belief the landlord is not responsible for your personal belongings.

If there is a hole in the wall, leaky faucet, or broken window the Landlord is on the hook. If there is a theft, hurricane, or explosion your personal belongs will not be covered by the landlord along with a number of other things.

Please continue with this article from MSN it is the best nuts and bolts article I could find about renters insurance on the web.

If you would like some local providers of renters insurance please email me

Companies like AvalonBay Communities, Northland Investments Corp and Roseland Property Corp. have added thousands of apartments on the North Shore. AvolnBay has built roughly 1,000 apartments in Saugus, Danvers and Peabody

What I found surprising is that our market will absorb the glut of condo’s that have been languishing on the market for sale and are now looking for renters instead. Here is what Mark Hickey, Real Estate Economist of Property & Portfolio Research, the company who created this report, had to say…

Boston is a supply constrained market for apartments. A lot of people [investors] like Boston because supply is predictable and it is difficult to build…noting that it can take years to get a project through the approval process

and on the glut of condo’s…

Boston did not have the level of ground-up condo construction that happened in the Southeast and Southwest… also noting that in the Boston market condo’s tend to be larger than apartments making conversion difficult

.

To close out this post. The average rent of a two bedroom apartment in Metro Boston is $1,523.00 and the vacancy rate stands at about 5%. The vacancy rate impresses me more than the rent. There are an awful lot of projects about to come online in the next two years and we’ll continue to absorb all of them.

Original Article: Things getting Tight Within Rental Sector, By Aglaia Pikounis, Banker & Tradesman.

Every year Demetrious in all of his impressive/annoying OCD mannerisms administers a 115 multiply choice exam that combines both the legal aspects of the Greater Boston Real Estate Board and our own office policies. Sounds like fun - right? Well, not exactly. As I walked through the front door you could hear the groans coming from the senior agents as they worked their way through the exam.

No one likes exams. But I will say this. Every single agent in my office is now on point due to this exam. As much as we hate it, we’re all able to provide a more professional experience due to this hated exam.

If your wondering what I got on the exam? Demtrious (D as we call him) was smiling, meaning that I get to take it again. I got a B+

No chance of grading on a scale either. Even though I missed by one dam question!

As reported in the Boston Globe this morning Ronald Druker (the man behind Heritage on the Garden & Atelier|505) has submitted plans to the city to redevelop the infamous Shreve, Crump & Low building into a swank luxury office building. The property is being designed by Cesar Pelli.

Most office developments focus on finding tenants and then negotiating build out costs for the space that they decided to lease. Meaning when they look at potential sites it is usually a wide open space with wires and drop ceilings hanging all over the place. Druker is presenting a lavish turn key option to the likes of hedge funds, lawyers, and private foundations. That makes it much easier for them to just move in. This is an excellent way to stand out in a market that is currently seeing amazing growth in the commercial areana.

My Favorite part. This Office Building will have Balconies off of some of the offices. An amazing view of the gardens and the ability to walk outside to enjoy it will offer some serious bragging rights.

Boston Globe, Opulence is Key to New Project, By Thomas C. Palmer Jr.

Now is the time to call your students especially those who may be seniors and ask them what their plans are. It is always better to be ahead of the curve when it comes to student rentals.

Websites seeing a bump in traffic are:

MissionHillPads.com
OffCampusPads.com
BrooklinePads.com
SymphonyPads.com
AllstonPads.com

Congress, with the help of The National Association of Home Builders (NAHB), has revamped the law pertaining to the Section 8 Program. Now landlords can bypass the vacancy problems of the past.

According to Multi-Housing News.com

The inspection process

under existing laws currently requires the Public Housing Authority (PHA) to inspect a unit when it is vacated before a new resident using a Section 8 voucher can move in. Problem is, units can sit empty for weeks while the unit is waiting to be inspected.

Under the new bill, the unit still has to be inspected before it is reoccupied, but if there is an issue and it is not life-threatening, a new tenant can move in. And the PHA pays the owner the rent retroactive to the date of the lease. Consequently, both the owner can cut down on the rent lost and the resident can find a home quicker.

These changes will draw interest from a lot more landlords now that the vacancy issue has been resolved. Also it will help increase the levels of affordable housing in our states. Expect to hear that from any politician running for re-election in an urban city.

Sources:
Multl-Housing News.com, Section 8 Reform Passes House, By Keat Foong

On the radio this morning I heard an advertisement for the Haunted Hayrides that populate the suburbs this time of year and realized that Halloween is just around the corner. I know, I know how do haunted hayrides and houses relate to real estate, right?

You would be surprised.

When looking at properties there are quite a few things a seller(s) has to disclose up front. Basic Lead Law Statement, Age of the Roof, and any easements on the property. But do they have to disclose any ghosts, how about a murder, or rape?. Basically do sellers need to disclose and issues that may cause a house to have bad karma? Which believe it or not is very important to some people - but never think to ask.

Basically, in Massachusetts sellers do not have to disclose this information upfront. Although, if asked, and such an event did occur at the property, the seller is lawfully required to disclose the fact that such an incident did happen.

Moral of the story if you believe in Karma or Ghosts… ask.

Here is a description taken directly from the blog. I hope you are as intrigued as I am.

The 400-bed resort will be located in a 100-meter-deep quarry located in the province and will contain restaurants, cafes, sport facilities, and even underwater public areas and guest rooms. Water will play an important part in the design, featured in many areas around the hotel. Waterfalls, underwater aquariums, and green areas will be integrated into the design to match the existing facing of the quarry.

The reuse of an already existing site means that the environmental impact will hopefully be smaller. The entire hotel is to be covered in a green roof, while the building will use geothermal energy for it’s electrical supply and heating. The quarry will also provide a good source of heat control and shelter from the environment.

The design of the building is meant to reflect the natural landscape of the quarry. “We drew our inspiration from the quarry setting itself, adopting the image of a green hill cascading down the natural rock face as a series of terraced landscaped hanging gardens.” said Martin Jochman. Needless to say, with such a cool looking site, you’d expect to get a design which will take advantages of it’s very extreme location, and you’d be correct. The hotel, will feature amongst other things: bungee jumping.

I will using this space for the next week or so to describe the different kinds of green technologies and how they can be applied to the Boston Market.

Natural Gas, which is in the majority of homes in Boston, will stay in check, rising only 10% this year due to growing supplies. We will see about that though as weather forecaster’s see this upcoming winter as colder than last years. Do you think they flip a coin or throw darts when it comes to predicting this stuff?

The big winner this year is Electricity. If they aren’t already, luxury buildings downtown will be marketing the benefits of electric heat vs. all others since the majority of them use electricity to heat and cool there units.

I hope this continues to push demand for solar and geothermal energy. Think of all the smiling faces walking around Boston in February (say 2015) because NStar is sending them a check in stead of the other way around.

Sound like your apartment building? Although a lot of the Apartment Buildings in Boston are nonsmoking (see unit with a balcony) they are enforced by the buildings owner or management company. Not mandated by State Law. Thats about to change… in California at least.

I was cleaning up old newspapers from my desk today and for some reason USA Today was there? Not a normal read for me, but there on the front page was an article about how the California Assembly is drafting Laws that will limit renters rights to smoke in their leased premises.

I enjoy the occasional cigar and have a bit of a libertarian streak in me so I find it tough to understand limiting these lessee(s) rights. Until of course I walk into the next building occupied by a heavy smoker. I would look to split the middle in this situation - allowing smokers to smoke, while maybe instituting hallway and unit air filters that keep the air odor free.

Let me know what you think.. You for or Against this and please let me know if you smoke or not?

Thanks, James

Click Here to read the actual USA Today article by, Wendy Koch

Despite the Hassles - and thought the panels cost them $39,000, after government rebates - the Olivers say they’re ecstatic to be escaping power bills that had soared to almost $400 a month. The panels contain a relatively new technology for the home called “photovoltaic cells,” which convert direct sunlight into electricity. With the installation complete, their latest month bill totaled just 1.34.

Think about that! Imagine using Solar Power to heat and cool your house. It would be a treat to see how cheap your utility bills. I am not sure if the Commonwealth of Massachusetts has created any exemptions or tax credits yet but considering all the green companies popping up in Cambridge it can be far off.

Here is some more food for thought..

The most economical approach of all, industry officials say, is to buy one of the growing number of new homes already equipped with solar. Homebuilding giant Lennar Corp. is building about 2,500 homes in California in a partnership with SunPower Corp. of San Jose, Calif.

Officials of this Miami based builder say they can sell the homes - priced at $450,00 to $600,000 in the biggest tracts around Sacramento, Calif. - without charging extra because of the tax credits and the lower costs of installing solar equipment in a new home. In return, Lennar officials say the sales rate for their solar homes is running almost three times greater than conventional ones in a down market.

Looks to me that a trend is developing out West. Energy efficient homes are selling faster than Fossil Fuel Buildings. Sounds like an opportunity has risen.

If you are a builder that has built energy efficient homes please contact me. I would love to tour a home with this technology and see what techniques work best in New England.

Quotes for this post were used from the Wall Street Journal, Something New Under the Sun, By Jim Carlton; Published 4 October 2007

This low key developer has branched out into producing movies. After tackling the Fenway Neighborhood Association’s and developing a huge commercial center in an area where no one thought it would work something tells me he can handle Hollywood. I wish him the best. Especially with all the buzz around the city with movie tax credits and productions actually filming.

Hopefully he is giving the star of the movie (George Clooney) some real estate advice. I hear George’s developments in Vegas aren’t moving as fast as he hoped.

The big stink that has loomed over this project it the amount of public money and tax forgiveness the state has granted this project. Estimated at $27 million. The return for the state is that 44 of the condo (out of 450) will be sold at below market rates. See affordable housing. Not bad for the people who occupy those units considering Winn Development is accepting offers from hotel chains for its 35 story hotel that will be at least 4 stars according to the developers.

Only a local Developer would of stuck with this project for so long. Once completed Columbus Center will create another point of entry to and from the Back Bay and the South End. I am willing to bet that construction will cost about a Billion Dollars rather than the $800 Million already earmarked. Keep the check book close Gov. Patrick.

Click Here to read more about Thomas C. Palmer Jr. article for the Boston Globe

When going to buy or sell a home, your first step should be finding an honest and hard-working realtor. You can find a real estate agent by keeping an eye out for advertisements, calling your local real estate broker, or through the internet.

The role of a real estate agent is to represent your best interests in a real estate transaction. They work off of a commission, normally 6% of the sales price of the home. In most cases, that commission is split equally between the realtor representing the buyer and the realtor representing the seller. For a person buying a home, the service of the real estate agent is free, because commission is paid by the seller. The buyer, however, is responsible for most of the closing costs. The closing costs will be explained to you by your realtor and will be on the documents you sign when you go to the title company. Closing costs can also be negotiated on during the contract process.

A real estate transaction is a complicated process that involves many steps and is best done with the help of a trained, licensed professional. A realtor can save you the headache of dealing with the other party in the sale, getting together the contract, and submitting all the documents to the title company. So when you are ready to buy or sell a house, contact the local real estate agent.

I had come to know these kind of information through the realtor site which I have recently visited http://www.realestateinwoodstock.com

This site shows much useful information about the real estate business

Do they have a common educational background? No. Good ones have high school diplomas, masters and doctorates. No correlation.

Similar previous careers? No. One of the best agents I know used to teach baton twirling. I doubt if I could find a lot of those if I tried! I’ve had waiters, teachers, high powered executives and stay-at-home Moms who were all very successful.

Common interests? No. Other than eating, (which we Realtor-types seem to do exceptional well) the interests are widely diverse.

After 13 years in real estate sales and management, I’ve only found a few constants.

1. Successful agents treat the real estate business as a business. They actually have a business plan and a budget. They understand that you have to spend money to make money. They know how many sales they need to make the income they require and then they figure how they’ll get from here to there. They plan in advance and execute the plan.
2. They actually work when they work and play when they play and take a day or two off every week. (Just like a “real job!”)
3. They have fun and enjoy selling real estate but know that it won’t be forever.
4. They buy a lot of real estate for investment when they see good deals because they know that no one gets rich selling the stuff. You get rich owning it! Financial independence gives one a lot of freedom, autonomy and a certain air of confidence that smells like success.

. . . And people like to do business with successful people so they do more business!

That’s why I choose this realtor http://www.realtydirectorymakers.com/ for my future

Here’s why.

according to Zip Realty, 43% of mortgages in Miami are of the adjustable-rate kind

Can you say Welcome to Miami, “The City of Sub-prime”

To makes things worse Forbes was quoted in this article for rating Miami atop the most risky cities in America to own real estate.

Due to its massive build out of condos in Miami proper a 500k condo bought last year might, and I mean might, sell for 300k this year.

So Boston… still think we have it bad?

Do they have a common educational background? No. Good ones have high school diplomas, masters and doctorates. No correlation.

Similar previous careers? No. One of the best agents I know used to teach baton twirling. I doubt if I could find a lot of those if I tried! I’ve had waiters, teachers, high powered executives and stay-at-home Moms who were all very successful.

Common interests? No. Other than eating, (which we Realtor-types seem to do exceptional well) the interests are widely diverse.

After 13 years in real estate sales and management, I’ve only found a few constants.

1. Successful agents treat the real estate business as a business. They actually have a business plan and a budget. They understand that you have to spend money to make money. They know how many sales they need to make the income they require and then they figure how they’ll get from here to there. They plan in advance and execute the plan.
2. They actually work when they work and play when they play and take a day or two off every week. (Just like a “real job!”)
3. They have fun and enjoy selling real estate but know that it won’t be forever.
4. They buy a lot of real estate for investment when they see good deals because they know that no one gets rich selling the stuff. You get rich owning it! Financial independence gives one a lot of freedom, autonomy and a certain air of confidence that smells like success.

. . . And people like to do business with successful people so they do more business!

That’s why I choose this realtor http://www.realtydirectorymakers.com/ for my future

I’d like to point out the quickest way to sell your house in our current market. Reduce the Price It’s that simple. Before you do this though ask yourself one question?

Question: What is more important to me, Liquidity or fetching “My Price”?

Answer for Liquidity:

If liquidity is most important that means a couple of things. For instance you may have put an offer on another home and it was accepted. You might be moving due to a job. You might be selling an estate.

My suggestion: Sit down with your broker. Have them bring comparable’s of homes that have sold in your current Neighborhood and compare there closing prices to what is currently on the market. Once you have done that make your home the least expansive home on the current market without going below any of the sold prices in your comparable’s.

Reason Being: There are tons of buyers out there, looking at everything on the market, that will jump at the first hint of a deal. Typically this means a bidding war and you will be able to choose which offer you want. Keeping the house clean, advertising on millions of websites, MLS, yard signs, and fresh baked cookies all help people choose the house. Getting them to the house however was based on the “possible” deal they might get.

Answer for: “Getting My Price”

Take your home off MLS, take the for sale by owner sign out of your yard and wait 4-5 years for the markets to rebound. All you are doing right now is flooding the market with inventory and inflating house prices to unacceptable levels for buyers right now - which means you’re bringing the whole market down.

If you want to look at it in selfish terms the faster you take your over priced/I don’t need to move home off the market.. the sooner you can put it back on (because the market will of rebounded) and then you will be able to move.. with your price.

The Top 10 Ways… lists that will be coming out in the next couple of weeks will have some great advice but honestly it all about the sales price in the end.

It gets better. Leona would fire any of her employee’s on the spot at her properties for basically, well.. whatever she felt like… has gifted $12 Million to her surviving… ready for this… Dog!!! Trouble, Helmsley’s White Maltese, is now a millionaire.

On a side note Harry Helmsley, the person who actually created the Real Estate Empire Leona got to enjoy was known as one of the greatest deal makers of his time. That said, their holdings included properties in the Boston and Metro Markets.. I wonder what the trustees of her estate will liquidate to pay off Trouble

Learn More about this Story. Click Here

1) Arrange an exact time that the Landlord will allow you to pick up keys and move in on the start day of your lease.
–> Only Needed if Unit is previously Occupied or if the unit is currently being cleaned.
–> Technically, All lease(s) start at exactly 12 AM; unless specified otherwise on the lease.

2) Secure a Moving Company, U-Haul, or Packing Materials at least a month in advance.
–> All you will hear on the other end of the phone is Laughing if you call Aug 31st for a
truck or boxes. Movers will be extremely busy and very expensive as well with last
minute notice.

3) Pack and load your truck the night before. Pay and Cancel your utility Bills.
–> Yes… I know… But thats 2 Days I’ll have the truck when really all I need is 1!! It’s
better to be packed and loaded the night before for two reasons. You’ll be well rested
which prevents injuries and you’ll get an awesome parking spot when you roll up to
your new digs early in the morning while everyone else is trying pack up their old
apartment. Good Parking Spot equals less distance you’ll have to carry grandma’s pull- out couch which weighs more than a Volkswagen Bug!!

4) Call the cable guy at least 2 weeks before you move in so he can be there as you
move in.
–> Makes it much, much easier if he has to run cable. Ever see the Comcast Guy
September 2nd?…its not pretty.

5) Call and open up all your utility bills that day.
–> Every year I get a call around Mid October from a previous client asking me why their lights are out or why there is no hot water. Every year I ask them did you call N-Star or Keyspan….. Dead Silence on the other side of the phone… Its a simple phone call at the end of the day. Plus you need to present a utility bill to City Hall to get your Resident Parking Sticker.

These are the major Items of every move. I know it is August 27th but it is not too late to be prepared. Be Patient the city is always grid-locked the 1st and inexperienced truck drivers will be trying to fit down back alley streets. Please Plan Ahead..

I give all my clients a move in packet filled with information. If you would like one for this year please email me at JamesM@NextGenRealty.com

Tonight I will post a “To Do List” for new Tenants when taking over an apartment. Right now I need to replace my Red Bull IV.

Hopefully by the end of the week I will be back to regular posts with all sorts of cool maps, widgets, and plugins that make your life much easier and more informed in this wonderful world of real estate. Not to mention some great pictures of Boston and a new website theme.

Maybe even a picture of me.

Cheers,
- James

He looks at me and says, “James you wouldn’t believe me if I told you”. Naturally I pressed him - not exactly hard. 

Amine had a landlord interview setup for his clients and the property manager of a 6 Bed on Mission Hill. So Amine arrives early catches up with the Property Manager and they wait for his clients (6 College kids; mixed group of girls and guys) to show up - and if all goes well sign leases.

These interviews are like job interviews. Show up clean, smiling and act accordingly so you can get your party pad for the next year.

This group, as Amine put it, was far from normal. They walk in all looking like they just rolled out of bed. One in a tutu and 3 of them BAREFOOT. Not sneakers with holes in them, or sandals; they were barefoot walking around Mission Hill.

Guess what? They got the apartment!!! After walking away I notice Amine throw his feet on his desk, smile, and say, “another satisfied client”. Yes he was barefoot.

I smell another Summer trend on the way!

In my previous post I wrote how I am trying to find a place for a client in South Boston. There are a couple of ways I look for new listings when it comes to apartments - one obvious way is Craigslist.com.

Now I understand why people don’t put their personal emails out there in cyberspace - can you say “spam central”? I know, I use my work email on Craigslist and my inbox is filled with crap, but…

Put a contact number in your ads. Not just so I can call you with possible clients but so you can prequalify people interested in your apartments. That simple. Emails are nice but I can seperate the cream from the milk on th