The Pulse...Boston Real Estate Blog
Get weekly updates and insights on the actual “pulse” of the Boston real estate market in real time that you cannot get anywhere else!
A Welcome Winter Party...
A Welcome Winter Party That Reminded Us That, Despite The Recession And The Terrible Weather, We Live In A World-Class City With Fabulous Cultural Institutions.
In the middle of the bleak month of February, many Boston real estate professionals were invited to an event at the Boston Public Library sponsored by First Republic Bank. This party was held in the old reading room in the original part of the BPL. There were lit candles, a live classical string quartet, four different food stations preparing delicious foods such as mushroom risotto and Asian noodles, open bar and even private tours of the library!
There were no speeches or product promotions. A bank representative simply thanked everyone for coming and stated that the event was simply a “Thank you” to those people who have worked with the bank. How refreshing! It was an uplifting time for all and we appreciate the positive reminder that Boston is a special city that will withstand the changes in the economy as easily as it has withstood the changes of many seasons. Thank you First Republic!
For your information, we at Cabot & Company particularly enjoy working with Rich Kertzman at First Republic (t: 617-478-5126 ...email: rkertzman@firstrepublic.com).
-Joseph Palermino
2008-2009 Summary of the Boston Real Estate Market
Looking at this 2009 chart breaking down condo prices in Boston neighborhoods, we are now hoping that the bottom of the Boston market is not looking so bad. Here's why:
First of all, there are a fairly healthy number of sales considering the economic climate.
Secondly, if the construction of new luxury buildings (such as "The Mandarin" on Boylston Street) are taken out of the equation, the double digit percentages would be substantially lower than is currently shown the last 2 quarters of the year in Back Bay.
Additionally, the high numbers evident in the first two quarters of The Waterfront are due to The Fairmont Battery Wharf project development.
Condo Prices in Boston Neighborhoods
Lastly, in comparison to the rest of the country, an average selling time of 3 and 1/2 months is manageable for most sellers.
So take heart Boston, and remember what comes down must go up - and the "down" is all relative!
My relocating experience from Mexico to Boston
When I moved from Mexico City to Boston twenty two years ago finding a place to rent was a very scary thing. Not knowing the city and all its neighborhoods was frightening. As many foreigners do, I walked into a real estate office and had an instant connection with the broker who happened to be the owner. He was so nice and genuine, and took me under his wing showing me a bunch of apartments in the city; I ended up renting one of them from him, where I lived very happily for two years. To this day, I feel very grateful to him. Now, being a Spanish speaking broker in the city, I enjoy being on the other side of the coin and helping out international customers who come into my office looking for a place to live. I think I connect with them immediately and they can sense that, which makes them more at ease. Whether you are coming from another country or from another state, here are a couple of tips that will make your housing experience a little bit easier:
- Find a reputable real estate company.
- Bring a map of the city with public transportation well marked.
- Any broker's fee you pay is well worth it.
- Narrow down the area in which you want to live in considering proximity to work or school.
- Carry all your documents and id's with you.
- Try to set up an US local bank account and a cell phone as soon as possible.
- If you are not fluent in English, try to find a broker that speaks your language.
My company has been in business for over 35 years and has many listings for rent and sale in the city. My name is Carol Korbman and I welcome your call!
Hace veintidós años cuando me mude de la ciudad de México a Boston, buscar un departamento para rentar fue una experiencia muy difícil. El no conocer la ciudad, ni sus barrios fue escalofriante. Como la mayoría de los extranjeros, entre a una oficina de bienes raíces e instantáneamente me relacione con el corredor, el cual era el dueño. El, siendo honesto y amable, me tomo bajo su ala mostrándome varios departamentos en la ciudad; acabe rentando uno de ellos, donde viví muy feliz por dos años. Hasta la fecha estoy agradecida por haberlo conocido. Ahora, siendo una corredora en la ciudad de Boston, disfruto estar en el otro lado de la moneda, ayudando a los clientes internacionales que vienen a mi oficina buscando un lugar donde vivir. Me identifico inmediatamente con ellos, lo cual lo pueden percibir y los tranquiliza. Ya sea que vienes de otro país o de otro estado, aquí te ofrezco varios consejos los cuales te facilitarán el proceso:
- Encuentra una oficina de bienes raíces que tenga buena reputación.
- Trae un mapa de la ciudad en el cual está marcado el transporte público.
- Vale la pena pagar los honorarios al corredor.
- Reduce a unas cuantas secciones de la ciudad en las que quisieras vivir tomando en consideración la proximidad a tu trabajo o escuela.
- Carga todos tus documentos e identificaciones contigo.
- Trata de abrir una cuenta en un banco local y un celular local lo antes posible.
- Si no hablas o no entiendes mucho ingles, trata de encontrar un corredor que hable tu idioma.
Mi compañía fue fundada hace más de 35 años y tiene muchas propiedades para rentar y vender en la ciudad de Boston. Me llamo Carol Korbman y aprecio tu llamada!
The South End -15 Minutes on Two Blocks of Shawmut Avenue
I finally managed to get into Coppa (www.coppaboston.com) for dinner last Thursday night, on my third try. Ken Orringer’s newest restaurant serves tapas style, locally sourced, Italian food. They do not accept reservations, and they reach capacity at 30 diners, so landing a table in this hot spot is no small feat. Previous attempts to dine there resulted in 2.5-3 hour wait times – no thanks. This time, I arrived with my dining companion at 5:10. They open daily for dinner at 5:30, and begin taking names at 5:25PM.
With 15 minutes to kill, I strolled down Shawmut Avenue, past some really great little sole proprietorships, like the Polka Dog Bakery (www.polkadog.com) which was selling homemade Valentine’s treats for the local pet population. Next door, I came upon South End Formaggio (www.southendformaggio.com) singled out by Oprah Winfrey as one of the best gourmet grocers in the country. You can pick up artisinal cheese and chocolates, French wine and Champagne, and anything else you need to whip up a Barefoot Contessa worthy feast to impress and indulge your guests. There’s also the Syrian Grocery, an institution for 75 years selling exotic spices, dried fruits, and South End lore.
With 5 more minutes to kill, I stopped into my friend Jill Goldberg’s fine home furnishings shop called HUDSON (www.hudsonboston.com). Situated right next to the best cupcake bakery in town, The Buttery (www.southendbuttery.com), HUDSON has claimed numerous of my paychecks over the last three years as I’ve furnished and accessorized many rooms of my home with her well edited collection.
Rushing back down Shawmut to claim my spot at Coppa, I was reminded of the importance of small independent businesses to the vitality of a community. I passed a jeweler’s shop, drycleaners, kitchen design studio, and two or three more small and wonderful restaurants. What distinguishes Boston and its neighborhoods from other cities (besides the beautiful architecture) is the careful non-proliferation of chain stores, strip malls, and neon-lit fast food restaurants. Here in the South End, the shops are often staffed by their owners. These owners all live and shop in the same community. They care deeply about the health and well-being of the neighborhood. Perhaps that is why the South End weathered the national downturn in the housing market, and emerged stronger, more vital, and in demand by buyers and renters.
Coppa was delicious. I was given a prime seat in the front window to watch the parade of South End residents coming to and fro. If you go, try the hand made pasta dishes, hangar steak a-la-plancha, faro salad, arancini stuffed with fontina, and the pizza margherita. You are likely to see Ken Orringer himself manning the grill, pouring drinks and chatting up diners. Say hi, and think how great it would be to find your own spot to call home in the South End.
Steady Real Estate Market in "The Athens of America"
My family and I moved to Brookline when I was four years old, and though I was born in Europe and continue to visit often, I've come to adopt the definitively American characteristic of moving at the drop of a hat. Through osmosis, maybe, I have witnessed with what ease family/friends/peers are able to migrate back and forth across this massive continent. This is just not done in many other parts of the world.
In my native Belgrade, Serbia, most people still live on the same streets where they grew up, attending the same schools as generations of their families. Folks stay put. But as I passed through the Brookline school system, most of my friends and I got it into our heads that it made sense to seek higher education out of state.
Upon finishing my studies in upstate New York, I remembered that, in fact, I really like Boston, and returned here to begin work in real estate, meeting clients from all walks of life. Locals, foreigners, couples, divorcés, doctors, lawyers, filmmakers, researchers, chefs, pilots, architects, people who work in the financial district with job titles I've never heard of. People starting their own small businesses with enigmatic job titles no one has ever heard of. Professors. Students. And students. And students.
As I welcomed each new student into our office, only then did I start finding the humor in the decision I had made at the age of 18: according to wikipedia (a credible enough source for such ball-park figures), there are "more than 100 colleges and universities located in the Greater Boston Area, with more than 250,000 students attending college in Boston and Cambridge alone." In a city so full of educational institutions, it comes as no surprise that the question for local high school graduates who choose not to leave town is not whether they are going to college but which college will they be going to. Of course I had a great time in college up in Saratoga Springs, NY and do not regret the experience, but I can't help but be amazed at the ingrained mind-set that led me to leave "the Athens of America," with it's near-limitless scholastic resources. The more students I placed in apartments throughout my hometown, the more I felt like I had passed up some great opportunities right here in Boston.
From what I can see, as both an insider and an outsider, no economic crisis will ever prevent people in the United States from continuing to move...this friskiness is just too ingrained in the culture. Boston continues to have one of the most stable real estate markets in the country, with thanks especially to the universities which bring thousands of people in and out of the city each year and provide expensive on-campus housing that keep rents high. Which brings us to our lesson: the September inventory is in and the best places will go first. While it may seem over-the-top to start looking for a September 1st listing in February, it would actually be to your advantage to secure a place for the fall right now. Due to the pressures of the economic climate, more landlords are asking current tenants to give their renewal notices earlier than ever.
So, my advice to students, as I attempt to live vicariously through them in their excellent decision to make this their place of study: don't dilly dally with your Boston apartment search! Over 100 colleges and universities are located in the Greater Boston area, with more than 250,000 students in Boston and Cambridge alone. All those students need to fit somewhere. Do not risk letting one of THEM take YOUR apartment!
(photo credit: http://i.ehow.com/images/GlobalPhoto/Articles/4623747/harvard-main_Full.jpg)
