Boston Real Estate MA

Boston’s Real Estate Hotspots

When you think of moving to one of Boston’s most popular, hip neighborhoods, the Back Bay or South End probably comes to mind first. There’s no denying that these neighborhoods boast coveted properties and prestigious addresses. However, buyers should keep in mind the fact that a new construction property in one of these neighborhoods will cost at least one million dollars and the bidding can be competitive—even in this “buyer’s market.”

Many buyers are turning to neighborhoods on the outskirts of the in-town scene like South Boston, Charlestown and Allston where lower prices can buy exquisite luxury properties. And the upside is that investing in the right property in one of these neighborhoods has the potential for a more significant increase in value. Where the Back Bay and South End properties have seen little change in price during this buyer’s market, the prices of outskirt neighborhood properties have dipped and will most likely recover with a higher increase.

Though some residents of the “hottest” neighborhoods must strive to “keep up with the Joneses,” buying a luxury property in an outlaying neighborhood can mean the opportunity for more involvement in your community. As this trend increases, more and more hip, modern developments are being built to accommodate the demand. As a matter of fact, many buyers are choosing to buy in these neighborhoods because they offer more cultural and socio-economic diversity than can be found in the Back Bay or the South End.

If you are interested in living in one of Boston’s hottest buildings, I advise that you take a look at some buildings in the traditional hotspots and then compare the amenities and the culture to some of the new developments in South Boston, Charlestown and Allston.

Next Time: I’ll discuss the difference between traditional real estate agents and those that work for “flat-fees” and “discounted commissions.”

Looking for an Upscale Neighborhood with an Easy Commute into Boston? Consider Newton.

While the trend of living in-town has been growing over the past decade, there is something to be said for living in a suburban area. It has that “neighborhood” feel—filled with single-family homes, trees and children on their bicycles. And Newton is the epitome of that. It is a great option for those looking to live in an upscale, suburban area that is still very close to Boston.

Though Newton is a fairly large city, it does not have a city center. Instead is it made up of thirteen communities. Every Newton neighborhood has its own downtown area, giving each a more intimate sense of community. Newton is made up of Auburndale, Chestnut Hill, Newton Centre, Newton Corner, Newton Highlands, Newton Lower Falls, Newton Upper Falls, Newtonville, Nonantum (also called The Lake), Oak Hill, Thompsonville, Waban, and West Newton.

For those who work in the city, Newton has several commuter rail stops. Plus, it is conveniently located near the Mass Pike and 128/95.

Newton’s public school system is a big pull for many families with school-age children. GreatSchools.com rated Newton public schools at a 9 (out of a possible 10) based on their test scores. Both of the local high schools are known for their academics and Newton North for its athletic programs as well. In addition to the public school system, there are several private schools throughout the area.

If you are interested in seeing available properties in Newton. Contact me directly—I would be trilled to show you around!

Next Time: The “hottest” places to live in Boston. Plus, I’ll be discussing where you can turn when you want a hip, modern property but can’t afford to spend $1 million+ on a condo.

Public School, Private School, Charter School . . . What’s a Parent to Do?

If you are looking for a new home and have children, you have a whole extra factor to consider: school districts. Parents often feel that they must purchase in a district that has a solid reputation; however, there are other alternatives.

Families can chose to buy a home with a slightly lower mortgage payment and then use the saved money to pay for private schooling. Or they may look at top-ranking public schools like MATCH Charter Public High School, which offers a lottery system for admission, or Boston Latin, which admits students based on GPAs and test scores. (Of course parents should have an acceptable back-up plan if their children do not get selected for a public school of choice.)

Choosing a private school gives parents a lot more control over their children’s education, but remember that private and out-of-district schools cost more than just the price of tuition, there is also the added expense and time factor of transporting kids to and from school, uniforms (in some cases), and textbooks. When it comes to calculating your finances, research schools, break down schooling expenses by the month and then subtract this price from the amount you are willing to pay for a monthly mortgage.

When you come up with your private-school-adjusted-mortgage number, shop around for homes in this price range. See if the freedom gained by not considering a school district allows you to find your perfect home. But don’t stop there. You should also check out homes in some of the area’s top school districts to see if that is a better option for you. Some of the highest ranking school districts, based on test scores, are Newton, Brookline, Chestnut Hill, and Milton. Districts Cambridge and Medford rank above average, and finally Boston’s public school district ranked in the average range. However, Boston is home to two of the nation’s “Best High Schools,” as designated by U.S. News and World Report, including Boston Latin #19 and Media and Technology Charger School (MATCH) #99. Two suburban schools Weston High and Wellesley Senior High also made the top 100 list.

I actually came across a very useful website, www.GreatSchools.net, that is for parents who want to research and compare schools and school districts. You can see test scores, read overviews, and examine what other parents have said about different schools. They provide details about public and private schools, elementary through high school levels. Additionally, you can see rankings of different school districts in the Boston area, which can help you narrow your housing search in the beginning stages.

Bottom Line: You have a lot of options—just remember to factor the price of school into your final budget when you are shopping for a new home.

You May Have Heard That Home Prices Will Continue to Drop–Should You Wait or Buy Now?

The answer to this question really depends on your particular situation and the reason that you are looking to buy a piece of Boston real estate. If you are looking to buy a home that you love and that you plan to stay in for a while—think 5+ years—then this may be the ideal time for you to buy. However, if you are only planning to stay in a home for a short time or are looking for a property to fix-up and resell immediately, then you probably should hold out.

The market is predicted to fall further, but it’s difficult to know exactly when the bottom will hit. And it may be risky to wait too long—for long-term buyers. Buyers are actually in a better negotiating position before the market hits bottom. Sellers are more willing to negotiate on the way down, but as soon as the market begins its upward swing—or sellers begin to hear predictions of an upturn—they won’t be as willing. Because there are so many unsold homes on the market right now, buyers are able to negotiate heavily on price and on extras like waived condo fees, closing costs, and more.

If you have the money for a down payment (which is essential right now as mortgage lenders tighten their reins) and you are planning on staying in the property for a while, then this is a great time to buy. You could take your chances and wait till the prices fall more, but, in grand scheme of things, you probably won’t see that much lower of a monthly payment. Bottom Line: if this market fits your needs, then go ahead and take the leap.

Next Time: Advice for Home Buyers with Children. Should you purchase in a district with a strong public school system, or should you save on mortgage payments and use the extra money to pay for private schooling? I’ll discuss the pros and cons of each—check back on May 31st for the full story.

Selling During a “Buyer’s Market”? There Is an Upside.

If you are selling your home or are considering selling your home, you’ve probably heard that this is not the best time to sell. BUT, it’s not the worst time to sell either. It all depends on your next step.

If you are selling your home to make a profit and then pocket that profit, then you’re right, this is not an ideal time for you to sell. If, however, you are looking to “buy-up” as you sell your current home, then you have the opportunity for a great investment. Look at it this way: if your current home is worth $500,000 but sells for 10% below the market price, then you “lose” $50,000. I know that sounds like a mistake, but what if you have your eye on a home that has a market value of $700,000. If that house also sells for 10% below the market value, you save $70,000, equaling a total savings of $20,000. Plus, you will have a lot of options when you are looking to buy-up in a market like this, so there is less chance of settling or getting into bidding wars, which can just make your life complicated.

If you currently live in one of Boston’s most popular, in-town neighborhoods, like Beacon Hill, Back Bay, North End, or South End, then this buyer’s market really does not affect you in the same way that it does most of the nation. There is always a demand for these prime locations and prices have been about the same over the past 2-3 years. So, if you are planning to move to another property located in Beacon Hill, Back Bay, North End, or South End, then everything stays even. If you are moving out of a prime neighborhood to the suburbs or to another state, then you could stand to make a significant profit.

The key when you are selling in a buyer’s market is to be aware of the small things that will pull-in buyers and allow them to see the best side of your property. Keep your house clean, make sure the landscaping is done (especially now that spring is here), and if you’ve already moved out, consider staging your home. Generally, homes with fashionable furniture sell better than empty homes. And even more importantly, you need to have a full-time professional real estate agent, one with experience, if you are selling during a buyer’s market, otherwise your home may end up priced incorrectly and stay on the market longer than it should.

Come back on May 15th to read a blog post that will address this question: Should buyers wait until the market hits bottom or buy now?

First-Time Homebuyers—The Time to Act is Now.

The real estate market—in Boston and throughout the nation—is a buyer’s market, but some buyers are finding it difficult to navigate the market: those who need to sell their current homes before purchasing a new one. On the other hand, this climate is giving first-time homebuyers an advantage in the Boston real estate market, which has traditionally been difficult to break into.
In the past, Boston’s real estate market has been extremely competitive, with buyers often getting into fierce bidding wars. This can not only be intimidating for first-time buyers, but it can also mean that they end up out of the bidding early because of a lack of starting capitol; whereas recent home sellers come to the table with the profit from their last home sale. Now, there is less competition for first-time homebuyers, along with more selection of affordable properties.

Perspective buyers that found Boston’s real estate prices just out of reach may now be able to afford the home they’ve always wanted. The median price of property in Boston has fallen 11% over the past two years. Plus, there are organizations out there like Massachusetts Affordable Housing Alliance that help first-time buyers with subsidized loans and sometimes with down payments.

With all these factors on the side of first-time homebuyers, the time to act is now—before the market takes an upturn. It may even be the time to think about investing in a multi-family home—making your home investment an income opportunity as well.

Tune in to next week’s blog, where I’ll discuss the upside for sellers in this “buyer-friendly” market.

2007 Year End Sales Summary, Citywide, Beacon Hill, Back Bay, South End

Citywide 2007 end year sales summary - Number of total sales in Boston in the fourth quarter dropped down from 1028 to 638. At the end of 2006 in this same time period the sales were 665. The highest fourth quarter sales we had experienced in at the end of 2004 in the amount 735. The highest number of sales in any quarter was the third quarter of 2004 totaling 1516. In the Back Bay the last quarter we had 107 sales, Beacon Hill 32 and South End 152. Average number of days on the market was 95 days in 2007 in Back Bay, average selling price $917,262, average price per square foot $733.83. Beacon Hill number of days on the market in 2007 88 days, average selling price $728,829 and price per square foot $750.83. South End avg DOM 92 days, average selling price $623,625, avg PSF $585,48. The highest demand in 2007 was for 2 bedroom condominiums totaling 1459 sales total, the least demand for studios in the amount of 196 sales a drop of almost 14% from the previous year. This statistic is based on citywide sales which include Back Bay, Beacon Hill, Charlestown, Fenway, Leather District, Midtown, North End, Seaport, South Boston, South End, waterfront and West End. We are experiencing the lowest inventory in the amount of 964 properties, versus 1731 at the end of second quarter in 2005.

For graphs and additional information see attached documents. For individual towns within Boston please send me an e-mail to miro@bostonrealestatema.com or call Miro at 617-254-1369 and I will provide you with reports on those specific neighborhoods.

Relocating to Brookline: You’ll Never Look Back

Whether you are moving to Brookline from another part of Boston or from further away, you’ll find exploring your new neighborhood exciting and rewarding. Brookline is a friendly area with a close-knit community that is only a short trip to downtown Boston. Beautiful neighborhoods comprised of houses, condos, and large estates are interspersed with quaint foot-traffic-friendly commerce areas. In Brookline you’ll find a mix of upscale boutiques, spas, and restaurants along with more rustic pubs and eclectic shops. The area attracts a variety of residents including young professionals, families, elderly, and students.

Because of Brookline’s many housing options and different neighborhoods, it is essential that you have a reputable real estate agent—one who is experienced with the Brookline market in particular—on you side. Miro Fitkova of Re/Max Unlimited has years of experience working with homebuyers and sellers in this area. She can educate you about all the different districts in Brookline. So, whether you are looking for a more urban area, a farm-like estate, or a quaint suburban neighborhood, she can help you find the new home you’ve been dreaming of.

Though Brookline is flanked on three sides by the city of Boston, Brookline remains an independent city. Brookline has long stood firm against the pull to join the larger city. As a result, Brookline has one of the most celebrated public school systems in the Boston area. Additionally, this sense of independence gives the residents an even stronger sense of community; many people who live in Brookline take part in district associations, which continually improve their districts and plan community events. You’ll find that Brookline residents have a genuine interest in their city, ensuring a strong community for years to come.

One common concern when relocating to a large city is transportation. Owning a car and driving can be tricky in some parts of Boston. Brookline offers the best of both worlds: regular bus and train routes run through the city and driving and parking are much easier than in Brookline’s more urban counterparts.

Though an easy commute into the city of Boston, Brookline really has all that you could want on a daily basis. There are many diverse restaurants and eateries including American, Asian, Indian, Russia, and many Kosher Delis and markets. Spas and fitness centers are prevalently scattered throughout the city, as are many fun shopping opportunities. One nice thing about shopping in Brookline is that you can find unique, small-town shops mixed in with larger brand-name stores.

If you are thinking about moving to Brookline, choose a realtor that specializes in the area. Miro Fitkova of Re/Max Unlimited will be happy to educate you about different choices in the city and will help you find the best properties for your specific needs. To set up a meeting, contact Miro at (617) 254-1369.

Brookline Neighborhoods

Brookline is independent from Boston and is informally divided into different districts and neighborhoods. Each has its own unique charm and personality, which is why it is important to work with a real estate agent that is very familiar with all that Brookline has to offer.
Brookline Village
With all the charm of a traditional village—small businesses, quaint storefronts, people who know each other and chat on the sidewalks—Brookline Village boasts a string of stores and eateries that pride themselves on blending the modern and the traditional. You’ll also find the majority of the city’s public services in Brookline Village like the fire and police stations, the public library, Town Hall, and the courthouse. Residential neighborhoods that flank the Village include the Point and Pill Hill; you’ll find beautiful historic homes and Victorian-styles buildings there. Because of the proximity to Longwood Medical Center, many doctors and medical staff live in these neighborhoods.
Coolidge Corner
Coolidge Corner is Brookline’s busiest and most popular business district that also includes apartments, condos, and single and multi-family houses along its borders. The actual “corner” is where Harvard Street and Beacon Street cross, but the district is long enough to create a great walking area for locals and visitors alike. If you choose a property around Coolidge Corner, you’ll have walking access to the Coolidge Corner Playhouse, the movie theater, and a plethora of eateries, eclectic shops, and larger commercial shops like the Gap and McDonalds.
JFK Crossing is a subsection of Coolidge Corner, which is near the house where John F. Kennedy was born. This area has long been known for its thriving Jewish population; however, in recent years it has become even more diverse due to an influx of Russian and Asian immigrants. Many specialty shops can be found in JFK Crossing such as Jewish bookstores, kosher restaurants and markets, and some of the best bagel shops in the Boston area.
Washington Square
Washington Square feels like a bustling little town of its own. You can find anything you need here including restaurants, ethnic markets, dry cleaners, and small shops. Its train stop (or T-stop) is marked by a unique four-sided clock at the intersection of Beacon Street and Washington Street. Nearby neighborhoods are filled with large single-family homes and luxury condo developments.
Longwood
Longwood has a plethora of historic brownstones that are protected by the local Historic Preservation Commission. In addition, you’ll find beautiful single-family homes and condos in this area. With Harvard Medical sites near by, this is a thriving area that is also popular for doctors and academics. Longwood Mall, the largest collection of protected antique Beech trees in the nation, ensures that there will always be greenery in this area.
Cottage Farm
If you are looking for a large single-family home in a historical district, consider looking in the Cottage Farm neighborhood. Surrounded by Halls Pond Bird Sanctuary and Boston University, this area is considered a little oasis for its residents. Cottage Hill offers peaceful living with easy access to all of Brookline and downtown Boston.
Chestnut Hill
Chestnut Hill is a large area that spreads from Brookline to Newton. It is home to some of the oldest and most stunning houses in Brookline. Additionally, a variety of Victorian and Colonial-style homes can be found in Chestnut Hill. Between residential areas are two shopping malls and two strip malls. Everything you need is in this very popular area of Brookline.
To view homes in any of theses Brookline neighborhoods or to learn more about the districts, contact Miro Fitkova of Re/Max Unlimited at (617) 254-1369.

Brookline Schools: A Celebrated School System

Brookline has long had one of the strongest school systems in the Boston area. Because Brookline remains an independent city from Boston, it has an autonomous school system. It is one of the few in the state that does not have middle schools. Instead, students attend kindergarten through eighth grade at one school and then move to a high school for their last four years. If you are looking to relocate to the Boston area and you have children or are planning on having children, you should seriously consider looking at properties in Brookline. To schedule a meeting to discuss your real estate needs and to view available properties, contact Miro Fitkova of Re/Max Unlimited at (617) 254-1369.

Brookline High School

Brookline High School serves the entire city of Brookline. Eight elementary schools feed into this reputable institution. With slightly under 1,900 students, the school boasts students from all races, cultures, economic backgrounds, and from 76 countries. The Advanced Placement program is quite extensive, giving upperclassmen the chance to get ahead with college courses; plus, the average SAT I score in 2005 was 1218 for Brookline High students whereas the national average was 1028.

Edward Devotion School

This famous school that John F. Kennedy attended serves the Coolidge Corner neighborhood. As the largest elementary school in Brookline, it is the home to many international students whose parents are studying at nearby hospitals and universities. The active PTO organizes several annual events including the School Fair, the Harvest Auction, Cabaret Night, and a series of family events. Special programs that the Devotion School offers include the Hebrew English Language Learner program and the Emotional, Social, and Behavioral Special Education program.

Michael Driscoll School

The Michael Driscoll Elementary school serves the Washington Square neighborhood and is the only school to offer a Mandarin Chinese program. All students K-6th grade study Chinese and then 7th and 8th graders may elect to continue studying the language. The school celebrates both diversity and the arts through programs throughout the year, which include celebrations of Martin Luther King, Jr., the Chinese New Year, art festivals and a writing festival that includes visiting authors.

Heath School

This elementary school that serves the Chestnut Hill neighborhood has a focus on student-teacher collaboration and on volunteerism. They have an ongoing relationship with the Ronald McDonald House, which 6-8th graders participate in. Additionally, all grades participate in volunteer projects throughout the year. To foster student-teacher collaboration, the younger grades take part in a weekly Heath Family Meeting.

Edith C. Baker Elementary School

Baker School serves the South Brookline area. With over one-third of the student population speaking English as a second language in the home, Baker is considered an “international” school. It is known for its outstanding Korean English Learning Program as well as its Cognitively Impaired Special Education program. The Baker school was fully renovated in 2000; two wings with more classrooms, a new library, and a new cafeteria were added. Each year, the graduating eighth grade class takes a trip to Washington D.C.

Amos A. Lawrence School

Serving the Longwood area, this elementary school strives to create lifelong learners who can make educated choices. The PTO is active throughout the year planning various activities to encourage parent participation in school programs. Additionally, the newly renovated school offers a Japanese English Language Learner program and a Neurobiologic Special Education program for the entire Brookline school system.

William Lincoln School

The William Lincoln School, which serves the Pill Hill and Point neighborhoods, strives to provide a rich after-school enrichment experience for its students in addition to a rigorous academic program. In addition to homework centers, students can participate in chess club, student government, Scrabble club, the school newspaper, science club, the Thaler Program: a student work program, Model U.N., Continental Math League, and the National Geography Bee. The PTO plans a variety of activities for families including courses for parents.

Pierce School

Founded in 1855, the Pierce School is one of the oldest schools in Brookline. It serves the Brookline Village neighborhood and has an open classroom philosophy, which is guided by the highly collaborative staff. Each year the school puts on two different musical theater productions.

John D. Runkle School

John D. Runkle School serves the Fisher Hill neighborhood. Founded in 1897 by John D. Runkle, who was a founder and the second president of MIT, the school has a long history of academic excellence. The school serves the district’s PDD/ Autism Spectrum student population and has a program in place for Spanish English learners. The active PTO plans many fun events throughout the year and also raises money for scholarships.