The communique below is between a title lawyer and the FHA (Federal Housing Administration) over a loan application in New Orleans, Louisiana. It’s actually pretty funny read:

You have to love this lawyer……..

Part of rebuilding New Orleans caused residents often to be challenged with the task of tracing home titles back potentially hundreds of years. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, sometimes making it quite difficult to establish ownership. Here’s a great letter an attorney wrote to the FHA on behalf of a client:

A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted if he could prove satisfactory title to a parcel of property being offered as collateral. The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to the FHA, he received the following reply.

(Actual reply from FHA):
“Upon review of your letter adjoining your client’s loan application, we note that the request is supported by an Abstract of Title. While we compliment the able manner in which you have prepared and presented the application, we must point out that you have only cleared title to the proposed collateral property back to 1803. Before final approval can be accorded, it will be necessary to clear the title back to its origin.”
Annoyed, the lawyer responded as follows:

(Actual response):
“Your letter regarding title in Case No.189156 has been received. I note that you wish to have title extended further than the 206 years covered by the present application. I was unaware that any educated person in this country, particularly those working in the property area, would not know that Louisiana was purchased by the United States from France, in 1803 the year of origin identified in our application. For the edification of uninformed FHA bureaucrats, the title to the land prior to U.S. ownership was obtained from France, which had acquired it by Right of Conquest from Spain. The land came into the possession of Spain by Right of Discovery made in the year 1492 by a sea captain named Christopher Columbus, who had been granted the privilege of seeking a new route to India by the Spanish monarch, Queen Isabella.

The good Queen Isabella, being a pious woman and almost as careful about titles as the FHA, took the precaution of securing the blessing of the Pope before she sold her jewels to finance Columbus’s expedition. Now the Pope, as I’m sure you may know, is the emissary of Jesus Christ, the Son of God, and God, it is commonly accepted, created this world. Therefore, I believe it is safe to presume that God also made that part of the world called Louisiana. God, therefore, would be the owner of origin and His origins date back to before the beginning of time, the world as we know it, and the FHA. I hope you find God’s original claim to be satisfactory. Now, may we have our loan?”

The loan was immediately approved.

Put this under: Things Real Estate Professionals have to deal with to get you the home you want.

Boston has often been quoted as the “Athens of the West” due to the many liberal art educations available within the city limits. Cambridge has often been called the “original college town” seeing that Harvard is the oldest university in America and its crosstown rival, (MIT) happens to be the most prestigious technical college in the world.

There are over 110 colleges in the New England Region of the United States. Half of these campuses are claimed by its largest urban center typically known as Greater Boston and geographically describe as inside the Route 128 Highway.

In Boston, Massachusetts about a quarter of the city’s population alone is dedicated to higher learning. That’s about 200,000 students cycling in and out of the city every year. These simple facts accompanied by tight development laws and a very small amount of undeveloped land has formed an economic perfect storm over the decades for those who own multifamily and apartment complexes located near a campus or mass transit station.

Even in the “Great Recession” as some have come to call this current economic climate. Rents in our area have fared far better than other major metropolitan cities. Consider the collateral damage taken into effect by a major recession: Foreclosure, Credit Tightening, Layoffs, Very Low Job Growth and you begin to see an uptick in renting (and rents) as people no longer have the means to buy a home.

Even in a great economy when typically apartment complexes are battling with defections due to easier mortgage terms and rising salaries Boston is still a great place to own apartments. Evidence of this is when multi-families and apartment complexes suddenly go condo and are sold instead of rented. Suddenly the stock of apartments for college students to rent goes down forcing them to out bid each other in order to live off campus.

I hope that in your effort to locate and area in which to invest this quick brief on our markets put to rest any concerns you may have. To get more detailed information or to look at properties currently for sale please feel free to email me at JamesM@nextgenrealty.com

The Massachusetts Supreme court has broken from the 125 year old precedents that have existed in slip and fall cases caused by snow and aligned these lawsuits with the same standards and precedents of other accident suits.

Now I’m not a lawyer so I can’t comment on how the comparison is good or bad. I do however know that if your a landlord who doesn’t want to drive to your rental properties in a Nor’easter you may want to check out this website.

BostonSnowRemoval.com

They handle everything from plowing driveways, to shoveling sidewalks and even sanding.

Absorption rates are a calculation of how long it will take for all homes on the market to be sold, or absorbed, at the current rate of sales. This is the major indicator that real estate professionals use to determine whether it’s a buyers or sellers market.

How to determine which market we are in:

Sellers’ Market - Absorption Rates 1-4

Neutral Market - Absorption Rates 5-6

Buyers’ Market - Absorption Rates greater than 7

Currently it will take 6.7 Months for Boston to sell all the listings currently on the market. Which means we are trending from a Buyers Market into a Neutral Market

Long story short the report shows that since 2007 the people who receive rental income as a portion of their income has jumped 140% from $121 billion to $292 as it stands today. A case can be made that this jump has occurred from many people becoming accidental landlords (people who rent instead of selling) because they bought property at the top of the market.

Going forward I think that this report will continue to show growth. More people are diversifying their retirement portfolio’s by purchasing rental properties to generate cash flow as well as equity. Many accidental landlords may become permanent landlords as they realize the financial benefits of owning rental property.

The difference between this new ticket is that, unlike the older version, if this fine goes unpaid the city can add the fine to your tax bill. With over 4 million in unpaid tickets the city had to find away to collect on all these unpaid fines.

Take 15 minutes and watch this video. It’s worth your time!

The articles sources are severely flawed. First, Reis.com collects data on apartment’s buildings of 40 units or more. While a significant part of our market includes these buildings in the Greater Boston area they do not make a majority. Second, Ms. McKim draws data from Craigslist and BostonApartments.com. Here is a dirty little secret about these websites. One apartment may be listed on them more than 10 times. There is very little exclusivity in apartment rentals. You may see the same 2 Bed apartment in Allston listed by 10 different companies which grossly inflates the number of available apartments in Boston and there median rent price. Finally, she chose to interview companies that have very limited resources and landlord databases. One company may have 10 available listings because they don’t have a lot of landlords as clients. Those firms will certainly say the market it tight because they are feeling the stress of not having enough apartments for their clients.

The Truth about our Current Rental Market

I’m lucky enough to work for a triumvirate of companies (NextGen Realty, Boardwalk Properties & Jacob Realty) that together make up the largest database of apartment rentals in New England (maybe even the entire U.S.) and every morning when I log into that database (which consists of over 10,000 Landlords and 80,000 apartments – not including our luxury building contracts) it inches closer and closer to a 10% vacancy rate. Right now we are at a 9.3% vacancy rate or roughly 7,400 apartments currently for rent. No redundancy there either.

In my time working here I’ve never seen so many apartments available for rent. Yes, Boston is still a tight market compared to other major cities in the U.S. But tell that to the Allston landlord who has about 2 weeks left to rent his apartment before all the college kids go home. Currently there are 79 four bedroom apartments available for rent in Allston (not Allston/Brighton or Lower Allston – but Allston) and with about 2 weeks before the college population goes home you can imagine the downward pressure on rents in this neighborhood not to mention incentives being offered to secure leases for next year.

Give us a call next time Ms. McKim, our CEO is on the phone all day long talking to worried landlords. He’ll be glad to give you a clearer view of where the rental market in Boston is next time. His name is Demetrios Salpoglou.

Finally to any landlord who reads this. This year will be worse than last year. Do not brush off qualified tenants because they offered you less rent than what you’re used to or because they asked you to pay the brokers fee. Plenty of landlords will be dealing with vacancies this fall because they made that mistake this spring.

April showers bring May flowers as the old saying goings. However March flooding has put a damper on current lending. Per the GBAR website:

Flooding rains in March and the failure of the U.S. Congress to extend the National Flood Insurance Program (NFIP) last month have delayed numerous showings and closings throughout eastern Massachusetts, and prompted some lenders to request re-inspections and/or new appraisals on certain properties. A number of lenders operating are now requiring re-inspections for water damage or new appraisals on homes in Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester counties – all of which were declared disaster areas by the Federal Emergency Management Agency (FEMA) following the record rainfall that hit the Bay State in early-to-mid-March. Notably, the FHA is not requiring new inspections or appraisals, however lenders are responsible for making sure their properties meet minimum standards, the agency says.

Nearly three weeks after the lapse of the NFIP on March 28 congress passed and President Obama signed legislation to renew the program on April 15, 2010. The extension is temporary until May 31, 2010. While the nations six largest lending authorities (FHA, FEMA, Fannie Mae, Freddie Mac, the Federal Reserve, and Office of Thrift Supervision) have noted some considerations, in most cases loan closings were able to occur during the lapse provided verification was made of the submission of the NFIP flood policy application and premium payment to the insurance provider. FEMA, which administers the NFIP, has announced that new flood policies for which payment was received, or in the case of loan closings the application was dated on or before March 28, will be issued. Furthermore, existing flood insurance policies that were in effect on March 28 will remain in effect, and even though renewal policies were not able to be issued between March 29th and April 14th, there is a 30-day grace period during which the policy remains in effect following its expiration date.

Basically, if you’re buying or refinancing a property that was flooded or in a flood zone you will need to double and triple check with yout lender to make sure there aren’t going to be any surprises at the closing. Make sure your home inspector spends extra time in the basement and looks for more than just mildew and mold. Water damage can ruin your electrical, plumbing and heating if water levels where high enough.

Most tenants would think that first month’s rent and a security deposit would be sufficient enough to secure an apartment. They would have a point to if they’ve signed a lease that obligates them to make monthly payments. The problem that landlords have experienced over the years is that as the last month approaches and the tenants decide they wish to move the simply don’t pay the last month’s rent and tell the landlord to use the security deposit.

If the tenants have caused any damage to the apartment (above normal wear and tear) the landlord is left without the ability to fix it because he’s short a month’s rent. Hence why landlords ask for all 3 payments up front and legally are allowed to.

Also, in fairness to landlords, not every single one in Boston requires these upfront costs. Typically the college neighborhoods in town are the only area’s that this is common practice. Only 1st & Last or 1st & Security are common in areas such as Charlestown, Newton, South Boston, and Somerville. Also if you are interested in luxury buildings they usually only require a deposit and then setup monthly billing payments on a debit or credit card.

Hope this helps clear the air a little bit.

New York City’s most well known blue collar neighborhood has been given to its creditors. Stuyvesant Town and Peter Cooper Village, a massive portfolio of 110 buildings and 11,227 units located on the East River in Manhattan was controlled by Tishman Spyer Properties and Blackrock Realty. Once hailed as the most expensive deal in the country sold by Met Life to the current ownership for $5.4 Billion.

The current ownership struggled under the massive debt it took on to acquire the portfolio and New York City’s rent control laws. In the end the rents collected did not cover the mortgage.

Read the whole article here - New York Times
Photo Credit - Nicole Bengiveno/The New York Times

Just a quick observation for anyone looking in South Boston. I was just going through our apartment database (southie’s largest) and noticed a decent amount of 1 bedroom apartments that are under $1,000.

Click here to check them out.

The Protecting Tenants at Foreclosure Act of 2009 was sponsored by, soon to be retired, Sen. Dodd (D-CT) and is supposed to help tenants caught up in this current wave of foreclosures. Here’s what it means:

Tenants:
Protecting Tenants at Foreclosure Act of 2009, passed May 20th 2009, gives tenants a minimum of 90 Days to vacate the foreclosed property. This law applies to all states. Also, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:
1. The new owner wants to occupy the property as a personal residence.

2. There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.

As a tenant who is occupying a property that has been foreclosed on, you have the right to stay in that property a minimum of 90 days from the day notice is served to you. You must continue to comply with the terms of the lease agreement including the payment of rent on time.

* What happens to my Security Deposit? - The previous owner or property management company should transfer your security deposit to the new owner or property manager of the foreclosed property. Within 30 days of vacating the property, your security deposit is sent back to you minus any deductions allowed by the lease agreement.
* I am on a Month to Month lease, what happens to me? - As a tenant on a month to month lease you are allowed to stay up to 90 days from the date notice is served to you.
* Do I have to stay? - No. The new law provides the tenant with the right to stay. It is the tenants choice whether to execute this right.
* My lease expires within the 90 day period, do I have to leave as soon as it expires? - No. You can stay for 90 days.
* I do not have a copy of my lease and neither does the new owner, what happens now? - You would be considered to be on a month to month lease paying market rent and subject to the 90 day period.

New Landlord

As the new owner of the foreclosed property, you have to provide the tenant with a 90 day notice to vacate the property. This applies to lenders, investors and owners with the intent to occupy the property

* We just purchased the property at foreclosure auction, what should we do? - First thing to do is get in touch with the current tenant and let them know that you are the new owner. Get a copy of the lease agreement from the tenant (if one was not provided to you from the previous owner or property manager). Determine if the tenant wants to stay.
* We were not provided with the tenants security deposit - If the previous owner or property manager did not transfer the tenant’s security deposit to you, it is not your expense to give a security deposit back to the tenant.
* We are not experience landlords, who can we contact to help? - An experienced Attorney, Property Manager or Licensed Real Estate Agent can provide the expertise you need.

Have questions? JamesM@NextGenRealty.com or 617.894.0305 I can help.

My answer is always this, “Can you afford to replace all your stuff in a worse case scenario?”. I always get a blank stare back and something along the lines of… “Dude I’m still in College”. Think about it. Just about every student now-a-days comes equip with a laptop, cell phone, camera, DVD player and TV. Considering renters insurance is extremely inexpensive why wouldn’t you want to protect these items.

For the properties that we manage here at NextGen Realty, we actually expect the tenants to have renters insurance and ask them in the tenant interviews.

I do wonder, however, how Zillow will stack up against Craigslist or Postlets since Zillow is promoting its new rental feature as a pay service; $9.95 for a 180 days of advertisement. I can say this if you have an apartment on the market for 180 days you have some serious problems.

If the 5 apartments currently on Zillow don’t do it for you, might I suggest you check out BostonPads.com we have more than 5 apartments for rent.

In my opinion, banks will be more susceptible to failure now than during the residential crisis because their loan amounts are much much higher. Were moving into a period where those who have patiently waited to put capital back to work will begin to do so. Or as Lisa Campoli (Executive VP of Colliers, Meredith & Grew) said, “2010 will be… the period in which the logjam broke in commercial real estate”.

In 2010 lenders will have to write down their investments and allow for “market clearing prices”, as Campoli states in her What’s ahead interview with the Boston Globe this past Sunday. Long story short 2010 will be the housekeeping year for 2011. That’s when growth should return.

It’s time to get serious about investing in the overlooked squares of Somerville. By Jan. 1st, 2015 Davis Sq. & Porter Sq. wont be the only hot spots for condo development & strong, consistent rents. Here are some facts from tonights meeting that have given me confidence.

- The State of Massachusetts has a legal obligation to complete this project by Dec. 31st, 2014.
- The completion of tonights meeting keeps this project on time and 10% completed
- Completion of this meeting and the environmental impact report disclosed allows for preliminary engineering to begin.
- The state is currently seeking 50% of the funding for this project from federal grant money.

By far and away the most important fact is the 1st one. No more studies or delays. The state has 6 years to get this project finished or it will face 100’s of lawsuits from neighborhood associations that have been lobbying for this transit system for close to 60 years.

The auditorium was about 75% filled tonight and local politicians and department heads from all the towns were there to listen to the report and then give official comments afterward. There are still some major concerns to be settled like the Rt 16/Mystic Valley Parkway station and the location of the maintenance building.

However it is very hard to over look the fact that this project will be completed in what I can only foresee as the next upswing in real estate values. We only need to look to the red line extension to see how trans-formative that was to the Porter and Davis Square neighborhoods when the red line came to them in 1985.

As far as value added plays go, you can upgrade all the kitchens and build as many roof decks as you want. Nothing beats buying in a neighborhood that didn’t have a T stop and then 5 years later does. Your property values and rents will sky rocket from the easily accessible T Stops.

Click Here to view the report on line.
Click Here to view an interactive map of the project

Click Here for an interactive map of the proposed extension into Somerville, Medford, & Arlington:

November 18, 2009 at 6:00 pm
Somerville High School – Auditorium
81 Highland Avenue, Somerville, MA 02143

Members of the public, agency representatives, and other project stakeholders are invited to attend the hearing and to make comments on the project.

Public comments on the DEIR/EA should be made to the Secretary of Energy and Environmental Affairs, through the Commonwealth’s MEPA process. The federal government conducts its own review of the document to ensure adequacy of the document under the federal National Environmental Policy Act (NEPA) process, and accepts public comment to the NEPA process in two ways: First, the comments made at the November 18 Public Hearing will be included in a transcript that will be submitted to the Federal Transit Administration (FTA). Second, EOT will compile the comment letters submitted to through the MEPA process, along with responses to these comments, and provide them to FTA after the completion of the comment period.

All written comments must be submitted to:
Secretary Ian Bowles
Executive Office of Energy and Environmental Affairs
MEPA Office
Attn: Holly Johnson, MEPA Analyst
EEA #13886
100 Cambridge Street, Suite 900
Boston, MA 02114
Fax: 617-626-1181
Email: Holly.S.Johnson@state.ma.us

Residents of Allston, Brighton, & Mission Hill were tired of listening to parties held by their college student neighbors. So the residents complained to their city councilors and the mayor; who in return passed an ordinance limiting the amount of students who can live together in one apartment (4 or less as undergrads) to keep their constituents happy and themselves in office.

Here’s the funny part, the Inspectional Service Department, who you would expect to be the evil executioner of this law has held off for a variety of reasons (as reported by the Hearld):

Because the law was changed in the middle of the school year, the Inspectional Services Department delayed enforcement until this September to give landlords time to comply.

Several property owners have sued the city in Land Court over the rule, spurring ISD to take a cautious approach.

Federal privacy laws prohibit colleges and universities from disclosing where students live.

ISD asked landlords leasing units in violation of the new law to notify the city in return for a grace period for compliance, but no one responded.

“Folks are not giving us the information unless we catch them in the act,” said Assistant Commissioner Dion Irish, who oversees housing inspections for ISD. “It can be a bit of a cat and mouse game.”

If I had to make an educated guess, I would think Mr. Irish is concerned with the federal discrimination laws and is waiting to see how the courts rule on this ordinance before he goes into full enforcement mode.

File this one as another useless ordinance by the city council and the mayor.

]]> http://bostonrealestateblog.com/4-students-or-less-law-update-for-boston/feed/ http://bostonrealestateblog.com/20-days-till-september-1st-are-you-all-rented-up/ http://bostonrealestateblog.com/20-days-till-september-1st-are-you-all-rented-up/#comments Mon, 10 Aug 2009 23:40:09 +0000 aubrey http://bostonrealestateblog.com/20-days-till-september-1st-are-you-all-rented-up/ Only 20 days remain in this current rental season. If you’re a tenant that waited till the last minute you are certainly in the drivers seat. Inventories are extremely high. Landlords, if you haven’t already, now is the time to pullout all the stops: Pay the Brokers Fee, Ask for less money up front, reduce the price of you apartment. Every applicant you get from now on out is going to expect some type of concession from you.

Click on the chart below. It shows each neighborhoods rental inventory as of today.

]]> http://bostonrealestateblog.com/20-days-till-september-1st-are-you-all-rented-up/feed/ http://bostonrealestateblog.com/todays-adventure-apartment-showings/ http://bostonrealestateblog.com/todays-adventure-apartment-showings/#comments Thu, 09 Jul 2009 02:50:08 +0000 aubrey http://bostonrealestateblog.com/todays-adventure-apartment-showings/
It’s 10:36pm and I’m still at the office after a day full of showing apartments. I was everywhere today. Watertown, South Boston, Dorchester, & Allston. Here is the one theme I have seen throughout all these towns and neighborhoods. ITS JULY! Literally there are 54 days till September 1st and the apartment inventory is only going to get smaller from here on out. My recommendation to anyone still in need of an apartment. Bring your checkbook with you on your showings. I had one client loose out on a apartment because she couldn’t get the check to me fast enough. Another group is bringing the applications and check right now so they do get scooped on the apartment they say today. If you need to move grab something now the worst apartments you see this week will be the best apartments available next week because the inventory is decreasing. Landlords are willing to negotiate because they’re worried about going vacant now. Like I said its now 10:49pm and I’m still here setting up for tomorrow.

]]> http://bostonrealestateblog.com/todays-adventure-apartment-showings/feed/ http://bostonrealestateblog.com/allston-centers-watchful-eye/ http://bostonrealestateblog.com/allston-centers-watchful-eye/#comments Thu, 18 Jun 2009 01:47:28 +0000 aubrey http://bostonrealestateblog.com/allston-centers-watchful-eye/ Hope you all enjoyed Bunker Hill Day in Boston today! Yeah, I know, political holiday. I worked today too. There was only thing good about Bunker Hill Day: Free Parking!

I would’ve completely forgotten to if it weren’t for Pat. The always pleasant and watchful security guard at the Bank of America in Allston Center. If you have ever run back to your car to see an extra 15 minutes in the meter and the meter maids have already passed you by - thank Pat. While your at it thank him for the day of free parking. Pat your the man!

]]> http://bostonrealestateblog.com/allston-centers-watchful-eye/feed/ http://bostonrealestateblog.com/selling-real-estate-is-more-than-numbers/ http://bostonrealestateblog.com/selling-real-estate-is-more-than-numbers/#comments Sun, 14 Jun 2009 02:01:07 +0000 aubrey http://bostonrealestateblog.com/selling-real-estate-is-more-than-numbers/

Unlike the stock exchange where there are centralized locations for buyers and sellers to congregate. Real Estate transactions take place in many shapes and forms. Which often result in different price points for sales. From the MLS to word of mouth in a popular neighborhood. There are many ways for a real estate transaction to happen. This is known as an imperfect market and your real estate agent may be working against you in it.

Take this for what it is worth. I’m about to explain how sometimes your real estate agent can hurt you and its going to sound like a rant - because it is. Tomorrow I will be in Cambridge looking at multi-families with a good friend/client that’s in town from overseas. He’s a busy guy and we only have time to look on Sunday before he decides to buy something. I’ve been setting up the appointments all day today and 90% of the agents I’ve contacted have gotten back to me. The one that gets me the most (and he will go unnamed) is this one agent who only has one listing. He emails me back and says that he doesn’t work on Sundays. Sundays! The busiest day of the week for my profession. Plus he’s only got one listing. In this market, if i were in his position, I would meet anyone at anytime if they wanted to see my listing.

I feel bad for the seller he represents. Tomorrow night I will be writing an offer for a property we saw that day and it wont be his because he doesn’t work on Sundays!

This folks is an example of an imperfect market. This imperfection - a lazy real estate agent. Who actually is making it harder to sell his property.

]]> http://bostonrealestateblog.com/selling-real-estate-is-more-than-numbers/feed/ http://bostonrealestateblog.com/boston-single-family-stats-for-may-2009/ http://bostonrealestateblog.com/boston-single-family-stats-for-may-2009/#comments Fri, 12 Jun 2009 05:19:51 +0000 aubrey http://bostonrealestateblog.com/boston-single-family-stats-for-may-2009/

Here are the statistics for Single Family Homes in Boston, MA for May 2009. I plan to post charts on the Single Family, Condo & Multi Family markets in Boston at the beginning of every month with commentary on the comings and goings of our current market.

If I can get this down to a science. I will also include Brookline, Cambridge & Somerville as well.

]]> http://bostonrealestateblog.com/boston-single-family-stats-for-may-2009/feed/ http://bostonrealestateblog.com/landlord-tips-roof-decks/ http://bostonrealestateblog.com/landlord-tips-roof-decks/#comments Thu, 12 Feb 2009 15:50:38 +0000 aubrey http://bostonrealestateblog.com/landlord-tips-roof-decks/

I just came across this piece of information while talking to one of our Property Managers this morning here at NextGen Realty. Seems that Roof Decks within the City of Boston need to be inspected every 5 years by the ISD.

I never knew this but if you’re a property manager in the city or a landlord you may want to read this. It’s a quick 2 page read.

Roof Deck Inspections

]]> http://bostonrealestateblog.com/landlord-tips-roof-decks/feed/ http://bostonrealestateblog.com/boston-has-its-own-patriot-act-for-students/ http://bostonrealestateblog.com/boston-has-its-own-patriot-act-for-students/#comments Wed, 11 Feb 2009 23:10:26 +0000 aubrey http://bostonrealestateblog.com/boston-has-its-own-patriot-act-for-students/ Councilor Ross is at it again. Apparently he thinks last years law to limit undergraduate students to 4 bedroom apartments or less is not intrusive or discriminating enough. Now he wants the colleges to do his dirty work. Councilor Ross has proposed that the Universities in Boston should keep records of and track their students who live off campus.

It seems that the City Council President is a little miffed that the Inspectional Service Department (ISD) is having trouble enforcing his discriminatory law. The Boston Globe reports:

But the law has largely been flouted by students and landlords alike, and the city’s Inspectional Services Department has said that federal privacy laws hamper their ability to determine whether the occupants of overcrowded apartments are students.

I wonder if anyone mentioned this to Mr. Ross as he was drafting the law? It would be very easy for me to rant on about this subject but I would like to point out what someone on Boston.com had to say about this proposal.

How on earth are the colleges going to be expected to sort through which students in their database are subject to the law, since grad students aren’t subject to the new law?

On top of violating the student’s privacy and aiding and abetting a discriminatory law, the universities would then be responsible for figuring out what year and course of study the students are pursuing. Would a student in a 5 year BA/MA program be considered an undergrad, or a grad student? Would a first-year master’s student living with 4 undergrads break the law?

The law is stupid and should be stricken. If you don’t like off-campus housing, let the schools build dorms!

I would guarantee that most of the “problems”, beyond noise and littering, and some public drunkenness here and there, in A-B and Mission Hill is caused by the full-time residents. College students aren’t in gangs, they’re not roving bands of thieves and armed rapists, and most don’t have weapons, which constitute the bulk of the crime in those parts of the city.
by thisisdumb09 February 11, 3:36 PM

It looks like the universities in town agree with thisisdumb09 the Boston Globe reports a “cool” response from university officials who have more important things to do then act as big brother. Instead of dealing with this legal quagmire they would rather have a realistic chance at developing campus housing. Unfortunately neighborhood associations are fighting Boston College over expansion in Brighton, the same holds true for Harvard in Lower Allston, and Suffolk University on Beacon Hill.

Everyone wants college kids to stay on campus. Unfortunately when the campuses run out of available housing and need to expand the neighborhoods scream to the high heavens and foolish laws/proposals like this current one are the by-product. End this viscous circle. The next time Councilor Ross’ constituents complain about Northeastern or BU expanding he should remind them about the late night parties and overall outlandishness undergraduates are stereotyped with and suggest that this is a chance to get them back on campus.

Click Here for the original article by John C. Drake of the Boston Globe.

Click Here to register your opinion with Councilor Michael Ross.

]]> http://bostonrealestateblog.com/boston-has-its-own-patriot-act-for-students/feed/ http://bostonrealestateblog.com/your-financial-advisor-is-going-to-kill-me/ http://bostonrealestateblog.com/your-financial-advisor-is-going-to-kill-me/#comments Tue, 10 Feb 2009 11:00:10 +0000 aubrey http://bostonrealestateblog.com/your-financial-advisor-is-going-to-kill-me/ Did you know that you can use your IRA to invest in Real Estate? Your Financial Advisor does and he (or she) is very mad at me right now for bringing this up. In 1975 Congress passed the Employee Retirement Income Security Act (ERISA) which is the law that created the Individual Retirement Account (IRA). My favorite part of this law is that congress only specified what it could not invest in: Life Insurance Contracts & Collectibles such as Art.

Notice something missing from that list? If you said real estate you would be correct! Wondering why you haven’t heard about this? Here is what IRA123.com had to say:

Once ERISA was passed, the securities markets were responsible for bringing the IRA and 401(k) to the mass market. The banks and brokerage houses created a misconception that buying stocks, bonds and mutual funds was all that was allowed through retirement products such as an IRA. This is 100% false! Banks and brokerage houses have a vested interest in having you invest in stocks, bonds and mutual funds - not real estate, businesses and other non-traditional investments. Do not let their interests, or the lack of knowledge on the part of your financial advisor limit your ability to maximize the investment potential of your retirement accounts.

I, myself, only became aware of this information in the last couple of days due to one of my more financially astute clients and felt that this information should be passed on. In the name of diversification shouldn’t your portfolio include real estate as well as stocks and bonds? Whether its a multi-family producing rental income or a TIC (tenant in common) there are plenty of ways to preserve and grow the capital in your retirement accounts while sheltering you from the current bear market the financial markets are experiencing.

I’m going to setup an Self Directed IRA folder in the categories on the left hand side of the website. I will go more in depth about this topic and break down examples to help you understand this subject more confidently over the next couple of weeks.

A couple of my large clients are transitioning capital away from hedge funds and private equity groups to invest in large income properties. Why shouldn’t the average investor be able to do the same – and tax free!

]]> http://bostonrealestateblog.com/your-financial-advisor-is-going-to-kill-me/feed/ http://bostonrealestateblog.com/rentals-get-hit-%e2%80%93-first-time-in-5-yrs-%e2%80%93-or-did-they/ http://bostonrealestateblog.com/rentals-get-hit-%e2%80%93-first-time-in-5-yrs-%e2%80%93-or-did-they/#comments Mon, 09 Feb 2009 20:53:38 +0000 aubrey http://bostonrealestateblog.com/rentals-get-hit-%e2%80%93-first-time-in-5-yrs-%e2%80%93-or-did-they/ Have you heard the news? Pending home sales were up in December ‘08. Could this be the Phoenix rising from the ashes of our current real estate market? I know a lot of economists hope to use this data to show a bottom in the market. Unfortunately, it’s more like the groundhog peeking out of his hole wondering if he’ll see his shadow. Regrettably we’ll still see a lot of mortgage resets in ‘09 which will keep downward pressure on the current real estate market as more properties fall into foreclosure. Looks like 6 more weeks of winter.

Instead of regurgitating what the nation media has already reported I thought I’d go a little deeper and comb through the census data to see how this is affecting the Boston Rental Market. Traditionally when home sales are up it means vacancy rates for rentals are up as well. People are moving out of rentals to buy homes. This causes landlords to either lower rents or offer rental incentives to keep or attract tenants.

Thankfully, I can’t believe I am saying this, due to tough development laws and lack of buildable land in the Northeast, the vacancy rate in our neck of the woods has gone down. You read that right; comparing Q4 ‘07 with Q4 ‘08 the vacancy rate in the Northeast dropped .3% to 6.3% vacancy in ‘08 compared with 6.6% vacancy in ‘07.

Our winters may be cold and our summers short but at least here in the northeast we aren’t breaking our backs to keep our tenants happy and the bank trying to fill vacant units. I hope this helps as you all build up your rental portfolio’s.

To see the complete U.S Census Data – click here.

]]> http://bostonrealestateblog.com/rentals-get-hit-%e2%80%93-first-time-in-5-yrs-%e2%80%93-or-did-they/feed/ http://bostonrealestateblog.com/no-high-def-wiring-landlord-must-give-tenants-a-choice/ http://bostonrealestateblog.com/no-high-def-wiring-landlord-must-give-tenants-a-choice/#comments Mon, 12 Jan 2009 20:25:27 +0000 aubrey http://bostonrealestateblog.com/no-high-def-wiring-landlord-must-give-tenants-a-choice/ I found this question on the American Apartments Owners Association (AAOA) submitted by Janet Portman of Inman News. If you live in an older apartment building and are having trouble with a High Defintion TV then you definitely want to read what Janet has to say below.

Q: I live in an old apartment complex. I would like to purchase a big new flat-screen TV for my living room, but have encountered a stumbling block.

The landlord has referred me to the DIRECTV agent who services our buildings, but he says he can’t give me high definition until the owners improve the wiring. And when I ask the manager, I get the runaround.

My unit has a large private deck where I could easily mount a satellite dish and run wires directly into my apartment, thus bypassing the present wiring. I heard a year or two back about a law that should apply to a situation like mine — permitting a tenant to independently contract for individual cable or satellite television despite any exclusive arrangements by the apartment ownership. Could you provide me a citation to this statute or ordinance and give any clarification of my options? –Jim A.

A: Your memory has served you well — just about a year ago, the Federal Communications Commission issued a final regulation that forbade owners of multi-unit residential buildings from entering into “exclusive” deals with audio and video providers. The theory behind the rule, which was opposed by apartment industry lobbying groups, was that exclusive arrangements kept healthy competition from flourishing, thereby making it more expensive for tenants to receive their programs. The apartment industry argued to the contrary, claiming that exclusive deals resulted in more competition, for the exclusive deal itself, and that the price savings would be passed on to the tenants. Importantly, the regulation decreed that any existing exclusive arrangements would no longer be enforceable.But here is where your situation and the regulation you remember part ways. Your wish — to receive high-def TV — wouldn’t necessarily be solved by invoking the FCC rule and calling a different cable provider (whom your landlord wouldn’t necessarily have to let into his building — the ban on exclusive contracts didn’t mean that every cable company has the right to enter the building). You’d still face the roadblock of the antique wiring. You have, instead, hit upon a different solution, which is to rely on your right to receive satellite transmissions independent of any wiring in the building or existing cable deals between the owner and a cable company, exclusive or not. Since 1996, the year the Federal Telecommunications Act was passed, landlords cannot unreasonably interfere with tenants’ rights to mount an antenna within their exclusive rented space. You can learn the specifics of this rule by going to the FCC Web site (www.fcc.gov) and typing “Over-the-Air Reception Devices Rule” in the search box

Janet Portman is an attorney and managing editor at Nolo. She specializes in landlord/tenant law and is co-author of “Every Landlord’s Legal Guide” and “Every Tenant’s Legal Guide.” She can be reached at janet@inman.com.

]]> http://bostonrealestateblog.com/no-high-def-wiring-landlord-must-give-tenants-a-choice/feed/ http://bostonrealestateblog.com/credit-crunch-ends-college-expansions/ http://bostonrealestateblog.com/credit-crunch-ends-college-expansions/#comments Fri, 21 Nov 2008 03:30:23 +0000 aubrey http://bostonrealestateblog.com/credit-crunch-ends-college-expansions/ Out of the current financial debacle comes a little nugget of good news for our local landlords. As reported in todays Boston Globe by Peter Schworm Northeastern University is delaying its plans to build a 600 bed dormitory on St. Botolph Street. Shelved for the foreseeable future the project was slated to open in 2011.

Which means landlords that own property in the vicinity of Northeastern will not have to worry about vacant apartments anytime soon.

Other colleges shelving on campus building this year include MIT, BU and Harvard University.

]]> http://bostonrealestateblog.com/credit-crunch-ends-college-expansions/feed/ http://bostonrealestateblog.com/how-close-to-the-t-is-this-place/ http://bostonrealestateblog.com/how-close-to-the-t-is-this-place/#comments Sat, 25 Oct 2008 11:15:42 +0000 aubrey http://bostonrealestateblog.com/how-close-to-the-t-is-this-place/ Every time someone calls me about an ad I have this question always come up. If you have found your way to this blog because you are trying to learn about Boston and her metro area’s let me help you out:

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.

]]> http://bostonrealestateblog.com/how-close-to-the-t-is-this-place/feed/ http://bostonrealestateblog.com/apartment-rentals-are-key/ http://bostonrealestateblog.com/apartment-rentals-are-key/#comments Fri, 24 Oct 2008 11:00:28 +0000 aubrey http://bostonrealestateblog.com/apartment-rentals-are-key/ I’ve written about this subject before but want to revisit it for the sake of our Landlords. If you are trying to rent an apartment in the off peak season (September - January 15th) then you must drop your keys of with a real estate office that you trust. I recommend NexGen Realty (I work here), Boardwalk Properties or Jacob Realty. All three are powerful rental companies with amazing marketing techniques. Unfortunately if we don’t have the keys to your unit a great tenant may look elsewhere because they were able to get into that apartment on their own schedule. Imagine a bride walking down the aisle to get married without a priest there. 80% of the work is done but you cant finish the ceremony. Same is true in rentals without the keys we cant finish the job.

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!

]]> http://bostonrealestateblog.com/apartment-rentals-are-key/feed/ http://bostonrealestateblog.com/new-rentals-in-the-navy-yard/ http://bostonrealestateblog.com/new-rentals-in-the-navy-yard/#comments Thu, 23 Oct 2008 18:45:45 +0000 aubrey http://bostonrealestateblog.com/new-rentals-in-the-navy-yard/ Last month while I was on vacation a block of truly luxurious apartments came on-line in Charlestown’s Navy Yard. Managed by Roseland Properties and called the HarborView at the Navy Yard this building is truly top of the line. Originally slated to be a condominium building it offers much larger floor plans than the traditional luxury apartment complex. My favorite items are the hardwood floors and the amazing views of the harbor and the city skyline. 90% of luxury apartment buildings in our area are carpeted and offer lessor views. I just toured the building a couple of days ago and was very impressed. Look for some virtual tours that I just took for this site tomorrow. For now enjoy some pictures. If you would like to view this apartment complex or others like it in the city feel free to email me. You’ll get my services for free because the buildings pays the brokers fee. Plus I always know what specials they are running.

]]> http://bostonrealestateblog.com/new-rentals-in-the-navy-yard/feed/ http://bostonrealestateblog.com/local-media-follows-college-move-ins/ http://bostonrealestateblog.com/local-media-follows-college-move-ins/#comments Tue, 02 Sep 2008 16:51:56 +0000 aubrey http://bostonrealestateblog.com/local-media-follows-college-move-ins/ So I finished my Move-Ins yesterday for all of Boston, go home, and turn on the TV to see Hizzoner standing in a 7 Bedroom apartment over on Chestnut Hill talking about the deplorable conditions of this apartment and the absentee landlord. Which, after watching the segment, was all true the apartment was a mess and the landlord lives out of state. What’s interesting/funny though is that Mayor Menino picked a 7 bedroom apartment to grandstand in. After all he signed into law a city ordnance that bans more than 4 undergraduate students living together. Guess they couldn’t find a 4 bed that looked as bad.

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

]]> http://bostonrealestateblog.com/local-media-follows-college-move-ins/feed/ http://bostonrealestateblog.com/case-shiller-report-breaking-it-down/ http://bostonrealestateblog.com/case-shiller-report-breaking-it-down/#comments Tue, 25 Mar 2008 16:50:49 +0000 aubrey http://bostonrealestateblog.com/case-shiller-report-breaking-it-down/ The Case-Shiller Report (CSR), which provides a glimpse into the housing market, is closely reported by all the major media outlets but there are some things about this report that aren’t revealed in a 45 second sound bite.

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.

]]> http://bostonrealestateblog.com/case-shiller-report-breaking-it-down/feed/ http://bostonrealestateblog.com/real-estate-investing-you-need-the-eye-of-a-tiger/ http://bostonrealestateblog.com/real-estate-investing-you-need-the-eye-of-a-tiger/#comments Tue, 25 Mar 2008 16:07:57 +0000 aubrey http://bostonrealestateblog.com/real-estate-investing-you-need-the-eye-of-a-tiger/ CNBC landed an exclusive interview with the worlds best golfer Tiger Woods. The beginning of this interview talks about his current investments which included a billion dollar real estate development in the Bahamas.

Check out it out for yourself.

Tiger Woods Interview

]]> http://bostonrealestateblog.com/real-estate-investing-you-need-the-eye-of-a-tiger/feed/ http://bostonrealestateblog.com/why-some-apartments-rent-and-why-some-dont/ http://bostonrealestateblog.com/why-some-apartments-rent-and-why-some-dont/#comments Wed, 19 Mar 2008 22:14:27 +0000 aubrey http://bostonrealestateblog.com/why-some-apartments-rent-and-why-some-dont/ We had a landlord call the office today asking why his apartments haven’t rented yet. That sparked me to look at the rental deals we had closed over the last 3 months to try and find any trends as to why some apartments rent and why some don’t.

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!

]]> http://bostonrealestateblog.com/why-some-apartments-rent-and-why-some-dont/feed/ http://bostonrealestateblog.com/how-safe-is-this-neighborhood/ http://bostonrealestateblog.com/how-safe-is-this-neighborhood/#comments Wed, 27 Feb 2008 19:37:55 +0000 aubrey http://bostonrealestateblog.com/how-safe-is-this-neighborhood/ Great article today on MSN Real Estate about the limits we as Realtors can go to when discussing the safety of a Neighborhood.

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.

]]> http://bostonrealestateblog.com/how-safe-is-this-neighborhood/feed/ http://bostonrealestateblog.com/boston-journalist-vs-tomtom/ http://bostonrealestateblog.com/boston-journalist-vs-tomtom/#comments Mon, 18 Feb 2008 10:30:28 +0000 aubrey http://bostonrealestateblog.com/boston-journalist-vs-tomtom/ I don’t normally ready the Auto section of the Globe but the headline TomTom appears to have met its match caught my eye.

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!

]]> http://bostonrealestateblog.com/boston-journalist-vs-tomtom/feed/ http://bostonrealestateblog.com/ocean-front-condos-for-less-than-250k-really/ http://bostonrealestateblog.com/ocean-front-condos-for-less-than-250k-really/#comments Mon, 18 Feb 2008 04:03:35 +0000 aubrey http://bostonrealestateblog.com/ocean-front-condos-for-less-than-250k-really/ Is your goal is to wake up every morning to the aroma of wind swept salt air and panoramic ocean views? Maybe in retirement? A second home perhaps? Why not now?

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.

]]> http://bostonrealestateblog.com/ocean-front-condos-for-less-than-250k-really/feed/ http://bostonrealestateblog.com/housing-ok-motgages-in-free-fall/ http://bostonrealestateblog.com/housing-ok-motgages-in-free-fall/#comments Tue, 29 Jan 2008 11:00:05 +0000 aubrey http://bostonrealestateblog.com/housing-ok-motgages-in-free-fall/ The Warren Group has released its year end data for 2007 this week. What strikes me most is not the decline in residential sales or prices (down 5% from ‘06). Instead it’s the huge (and I mean huge) pull back in mortgage originations. Down 60% (60%!!!!) from the highs of 2003 and down 22% year over year.

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!

]]> http://bostonrealestateblog.com/housing-ok-motgages-in-free-fall/feed/ http://bostonrealestateblog.com/sales-data-made-easy/ http://bostonrealestateblog.com/sales-data-made-easy/#comments Tue, 29 Jan 2008 02:00:03 +0000 aubrey http://bostonrealestateblog.com/sales-data-made-easy/ Graph made possible by the Warren Group

]]> http://bostonrealestateblog.com/sales-data-made-easy/feed/ http://bostonrealestateblog.com/congratulations-team/ http://bostonrealestateblog.com/congratulations-team/#comments Tue, 29 Jan 2008 01:00:39 +0000 aubrey http://bostonrealestateblog.com/congratulations-team/ Today is a Great Day to be a member of NextGen Realty, Boardwalk Properties, and Jacob Realty. Our Companies just crossed the 10,000 Landlords mark in our data base with the official count at 10,008 and growing!

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!!!

]]> http://bostonrealestateblog.com/congratulations-team/feed/ http://bostonrealestateblog.com/will-no-more-than-4-students-living-together-solve-anything/ http://bostonrealestateblog.com/will-no-more-than-4-students-living-together-solve-anything/#comments Mon, 28 Jan 2008 16:59:42 +0000 aubrey http://bostonrealestateblog.com/will-no-more-than-4-students-living-together-solve-anything/ Boston’s City Council has quietly endorsed a proposal, spearheaded by Councilman Michael Ross, to cap the amount of students that can rent an apartment in our city.

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?

]]> http://bostonrealestateblog.com/will-no-more-than-4-students-living-together-solve-anything/feed/ http://bostonrealestateblog.com/gbreb-protects-40b-law/ http://bostonrealestateblog.com/gbreb-protects-40b-law/#comments Wed, 09 Jan 2008 18:59:41 +0000 aubrey http://bostonrealestateblog.com/gbreb-protects-40b-law/ The Greater Boston Real Estate Board has successfully blocked a movement to repeal Massachusetts Affordable Housing Law on Beacon Hill.

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

]]> http://bostonrealestateblog.com/gbreb-protects-40b-law/feed/ http://bostonrealestateblog.com/is-that-mold/ http://bostonrealestateblog.com/is-that-mold/#comments Sun, 06 Jan 2008 10:30:00 +0000 aubrey http://bostonrealestateblog.com/is-that-mold/

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

]]> http://bostonrealestateblog.com/is-that-mold/feed/ http://bostonrealestateblog.com/vote-second-best-business-video-on-youtube-by-the-economist/ http://bostonrealestateblog.com/vote-second-best-business-video-on-youtube-by-the-economist/#comments Sat, 05 Jan 2008 13:00:45 +0000 aubrey http://bostonrealestateblog.com/vote-second-best-business-video-on-youtube-by-the-economist/ These two men are the John Stewart and Steven Colbert of Britain. This Video is about the sub-prime markets. It’s about 8 min’s long and extremely funny!

]]> http://bostonrealestateblog.com/vote-second-best-business-video-on-youtube-by-the-economist/feed/ http://bostonrealestateblog.com/will-ferrel-confronts-his-vicious-landlord/ http://bostonrealestateblog.com/will-ferrel-confronts-his-vicious-landlord/#comments Fri, 04 Jan 2008 23:00:00 +0000 aubrey http://bostonrealestateblog.com/will-ferrel-confronts-his-vicious-landlord/ I know this YouTube spot has been going around the net for a while now but thought since I write so much about investment properties and landlord/tenant relations this would bring a smile to your faces.

I still laugh every time I watch this…

]]> http://bostonrealestateblog.com/will-ferrel-confronts-his-vicious-landlord/feed/ http://bostonrealestateblog.com/cold-and-slow-winter-months-great-buys/ http://bostonrealestateblog.com/cold-and-slow-winter-months-great-buys/#comments Fri, 04 Jan 2008 19:49:58 +0000 aubrey http://bostonrealestateblog.com/cold-and-slow-winter-months-great-buys/ Right now in the Winter of 08, almost everyone trying to sell a house or condo is starting to get ansy and mostly freak out. Not only are we experiencing a slow real estate cycle but, Nov - March is traditionally one of the slowest periods of the year for residential real estate.

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.

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