January 2012

Congratulations, you have been hired! According to a recent article on Forbes.com, Boston tied for 13th of cities to be hiring this year. Overall, there is an 11% net hiring expectancy in the U.S.

What does this mean to you as a new hire and possible relocater to Boston? Consider that rental prices in Boston are already high and availability extremely low. This is before this job growth news!

5 Tips from Cabot and Company Real Estate

1. Find a reputable real estate agency. Our agents at Cabot and Company in Boston’s Back Bay are experienced professionals. Visit www.cabotandcompany.com or call 617-262-6200.

2. Begin your search as early as possible. As soon as you get the employment green light, preferably 60-90 days in advance, reach out and start your search.

3. Identify the key neighborhoods you will live in. Keep transportation and proximity to work in mind.

4. Make some transportation decisions. Boston has a great public transit system. The city has recently added many bicycle lanes. Boston is a walking city and there are many very accessible short term car rental options.

5. Organize paperwork and funds in advance of finding an apartment so you can act quickly when you see a good option. Once again, the seasoned agents at Cabot and Company real estate can assist you in your search.

Congratulations!

The economy is tough these days. Maybe it’s time to start thinking about owning, instead of renting.

Despite the current state of the economy, Boston is experiencing record high rents.  The Boston Globe recently reported that apartment vacancy in the Back Bay and Beacon Hill is down to 1.2 percent.  According to that same report, the median price for rent in Boston hit $1,665 a month, and a two-bedroom apartment in the Back Bay is averaging $2,658 a month.  From our perspective, those numbers even seem to be understated (we have not seen many two-bedroom apartments in that price range this year).

We are frequently asked why rents are so high and availability is so low.  Based on our observations and the reports we’ve seen, there are a few main reasons.  First, many would-be first-time homebuyers are not buying.  They are continuing to rent due to concerns that home prices are still on the decline, there is uncertainty in the economy, etc.  Second, though while not as prevalent in Boston as other areas, foreclosures have thrust former homeowners into renting.  Finally, the population seems to be growing.

What does this all mean?  Well, it’s a good time to be a landlord, for one.  And if you’re not one now, it’s a great time to explore investment opportunities in residential property in Boston.  It also means that it’s time to start thinking about owning, instead of renting.

If you are interested in discussing Boston real estate investment opportunities, call Eric Shabshelowitz at 617-896-5010 or email him at eric@cabotandcompany.com.

If you are currently renting but want to explore the possibility of buying, call Josh Medeiros at 617-896-5005 or email him at josh@cabotandcompany.com.

Yes, these days your chances are better than ever!  The truth is that in our troubled economy more and more landlords who own Boston real estate are willing to consider, and even accept, tenants with pets when they lease out their apartments and condos.  Of course, smaller pets are generally more likely to be accepted but there was a time in the not-too-distant past that someone with a pet had a terrible time trying to find housing in Back Bay condos, Beacon Hill apartments and Boston real estate in general. Today, even exclusive hotels now accept pets and many condo associations frequently allow them.

A financial analyst friend of mine has referred to this phenomenon as the “Palermino Puppy Economic Index”.  His theory is that the more likely a landlord is to accept a tenant with a dog, the weaker the economy, and vice versa. Perhaps it is the economy, or perhaps it is the fact that more people have pets, especially smaller breeds.  But regardless, Boston has become a more hospitable place for the pooch and the kitty.  It is said money talks, but I guess it now barks and meows too!

Joseph Palermino

Welcome! Apartment hunting can be stressful especially when you’re not familiar with city or neighborhoods.  Newcomers to Boston might realize they need a little help communicating with the indigenous folk. So to help you find an apartment as quickly as possible while still understanding the language of the locals, here are a few tips to make your rental process in your new hometown of Boston a little easier:

Select a Neighborhood.
Finding a neighborhood & community you love is important.

Back Bay: With its classic, elegant brownstones Back Bay competes with Beacon Hill for the title of most prestigious Boston address. This is definitely a place to consider if you want to be in the center of it all. Take a stroll down the Commonwealth Avenue mall to the Public Gahden. Shop at Copley Square,Prudential Center malls  or Newbury St.

Commute & Pahking: Back Bay is pretty much in the center of things. You can easily walk to downtown. There are plenty of green lines, Amtrack at Back Bay Station, entrance to the Mass Turnpike, or access to Storrow. If you’re bringing your cah, you might want to consider renting a parking space…expect $200-$400/month.

Beacon Hill: One of Boston’s smallest neighborhoods and most prestigious. Stately brownstones on narrow cobblestone streets are illuminated by gaslight lamps. Shopping along Charles St you’ll find intimate restaurants and a variety of unique decorating and antique shops.

Commute & Pahking: Like Back Bay, living in Beacon Hill allows you to easily walk to work downtown. Also a plus, it’s convenient to many schools, such as Suffolk and Emerson, and convenient to Mass General Hospital. Easy access to red and green T lines too! Finding cah pahking can be a bit taxing, however.

The North End: The streets are narrow and lined with apartment buildings. It feels a lot like a small town in Italy. Find plenty of local Italian restaurants…stop in and odda the veal pahm! Sip espresso or grab a cuppa cawfee from one of the many delicious pastry shops. Famous for Hanover St and The Old North Church, this charming neighborhood brings a different saint’s festival almost every weekend in the summah-time. Great Waterfront pahks as well!!

Commute & Pahking: If you in the Financial District, you can walk to work. Subway access is via the Haymarket stop on the orange & green lines. Good option for Suffolk, Tufts, or Emerson students. If you have to bring your cah….good luck, miracles can sometimes happen.

The South End: Think of a livelier, more multicultural Back Bay.The South End is full of Victorian-era brick row houses or brownstones on tree-lined streets. Aht galleries, such as the Boston Center for the Arts, sponsor a variety of cultural programs, from theater to art exhibits. Trendy restaurants are lined up along Tremont Street and Columbus Avenue. Bonuses include outdoor space (often patios, decks, roof decks) and a dog park at Peters Park.

Commute & Pahking: The neighborhood has the orange line subway, Amtrack at Back Bay Station and Back Bay entrance to Mass Turnpike. Not as challenging as North End or Beacon Hill for pahking the cah, as long as you get a resident sticker.

The Fenway : If living near one of the last original remaining ballparks isn’t enough for you, the Fenway neighborhoods is ultra convenient for students attending Berklee, Northeastern, Simmons, or Boston University, to name a few. A less expensive neighborhood, it can serve as a relief to students with roommates who are looking to save on cash by taking advantage of one bedroom and two bedroom splits.
Commute & Pahking: Not too bad, unless the Red Sox are playing. Easy access to green line T, Cambridge, Massachusetts Avenue, and most importantly (you knew I’d say it) The Green Monstah.

There are many incredible neighborhoods I haven’t even mentioned (Bay Village, Charlestown, Cambridge, Financial District, Seaport District, South Boston, Waterfront, just to name a few) but hopefully these little insights will help you to find the “Bawstin” apartment and home of your dreams.

At Cabot and Company, we have the occasional debate on football, but most of our conversation revolves around what great deals we have in the office. Having said that (any Curb Your Enthusiasm fans here?), what better way to explain how incredible our Boston apartment rental deals are than in NFL football terms?

Lets go straight to the action:

THE HEARTBREAKER: I grew up in St. Louis and naturally became a Rams fan. We had a great run for a few years and even got a Super Bowl ring in ’99, but the loss to the Patriots in Super Bowl XXXVI crushed me. Not only were we favored, we were favored BIG. I’ve never forgotten about that game and hold a grudge against the Patriots to this day. We have these buildings on Beacon St. that always seem to break the hearts of clients who rush to fill out an application on an apartment only to find out it has been rented. This has happened all too often. Well, we have one of those studios available right now! Don’t get your heartbroken like me…search our rentals now!

THE KREM DE LA KREM: I am by no means a Colts fan nor am I really a Peyton Manning fan, and I know how much you New Englanders are going to disagree/hate me for this but Peyton will end up being the best quarterback and perhaps best player in the history of the NFL. He has completely revolutionized the quarterback position almost to the point where his offensive coordinator can take a nap during the game. He is that good at reading defenses and calling audibles accordingly. If Peyton Manning was 2 bedroom/2 bathroom apartment in Boston, he would be this unreal apartment we have on Newbury at the Prince building. At $3600, this place boasts of incredible sunlight with floor to ceiling windows, tons of space, in unit laundry not to mention the amenities of a concierge and gorgeous roof deck that the Prince building offers! This, folks, is the Peyton Manning of apartment rentals in Boston.

YOUR REHAB PROJECT SURE NOT TO DISAPPOINT: The St. Louis Rams win/loss record over the last three seasons is 6-42 yet I am still a Rams fan. In fact, as cruel joke, one of my friends bought me a Rams jersey for my birthday with the number 1 on it and where the last name of the player usually is, he had “I Believe” printed on the jersey. What a wiseguy. Anyways, I still wear the jersey with a little bit of sarcasm and a little bit of hope. The Rams have to get better at some point, right? With a healthy amount of draft picks coming in next year’s NFL draft and a fresh batch of guys in the Rams front office who actually understand how to evaluate talent, the Rams are sure to rebound in the next couple of years. Behold an apartment on Beacon St. that has retooled and reloaded with the pizazz that it once possessed long ago. A stunning floor thru 1 bedroom on Beacon for $2100 with a brand new kitchen and bathroom, in unit laundry and great front to rear sunlight. The Rams can only hope to look as good as this apartment looks now.

I’ll end this blog segment with the my prediction for the big game: While Drew Brees leads an inspired Saints squad, Peyton Manning torches the Saints defense. Colts win 27-23. Manning becomes MVP of the Super Bowl dethroning Tom Brady as the best QB in football. Sorry Pats fans. It’s true.

That just about does it for your lesson in how NFL football relates to Boston real estate (first lesson ever taught on the subject?). Snatch one of these apartments up and sit back, relax and enjoy the game.

(Photo credit: http://www.orlandowelcomecenter.com/images/dolphins-stadium-photo.jpg)

For the Back Bay, I would recommend seeing Howie Rubin at Bauer Wines on Newbury Street.  For the South End, I would recommend seeing Daniel Edwards at Brix Wine shop on Washington Street.  On Charles Street, on the flat of Beacon Hill, I recommend seeing Bob Bacco at DeLucas Market.  In the North End, I suggest speaking with owners, Jeff or Lisa, of V. Cirace & Sons on North Street.  In the Fenway, you can speak with Kevin, the Store Manager, at the Fenway Wine gallery in the Hotel Commonwealth on Commonwealth Avenue in Kenmore Square.

Lastly, for South Boston and the Waterfront, I recommend seeing Len Rothenberg at Federal Wine and Spirits located at 29 State Street.  This is my favorite shop in Boston and Len is an encyclopedia of wine knowledge.  This is also the favorite Boston wine shop of Dottie and John, the couple that writes those interesting wine articles in the Wall Street Journal.