Back Bay is The Epitome of Elegance
With its brownstones and peaceful tree-lined streets, Back Bay real estate is some of the most prestigious in Boston. An investment in a Back Bay condo places you in the center of high-end shopping, hot nightspots, excellent restaurants, and lush parks. Back Bay real estate tends to be built in the “Federal” style, which includes high ceilings and rich detail.
Back Bay condo owners are a short walk to the Financial District as well as many other Boston hot spots. Commercially, Back Bay real estate is known for its exclusive shopping districts. Newbury Street is the Rodeo Drive of New England, but Back Bay condos are also walking distance to the Copley Square Mall and the Prudential Mall. Other attractions for Back Bay real estate owners and visitors include the Boston Public Library, Trinity Church in Copley Square, and the Boston Common.
Ironically, Back Bay real estate used to be a muddy marsh, but a 1820s redevelopment project filled the unstable areas. Now Back Bay real estate is filled with bustling commercial buildings, tourist attractions, and historical housing including converted Back Bay condos.
This area truly is an elegant and exciting place to live. However, the Back Bay real estate market is competitive. Finding the perfect Back Bay condo can be difficult without professionals who specialize in luxury Back Bay condo sales. At ANTH | JAMES we have niche knowledge about Back Bay and Boston real estate. Contact us today to take advantage of our vast Back Bay condo listings, open viewings, interactive website, and expert negotiation skills.
Archive for January, 2009
Boston Real Estate and Luxury Back Bay Condos in the Heart of Downtown Boston
Sunday, January 25th, 2009Is the Florida Real Estate Market Over?
Sunday, January 25th, 2009On Saturday, September 30, 2007, The Wall Street Journal carried a blaring headline that read:
Is Florida Over?
The article was directed towards the Florida real estate market and addressed the idea that the market in the Sunshine State has gone bust. Before the question of whether Florida is over can be answered, a person really does need to understand the realities of the Florida real estate market over the course of the past year.
First of all, over the course of the past year, more people have moved out of Florida than into the Sunshine State. However, despite the fact that more people are heading out of Florida than in, there is not anything like Florida flight occurring at this point in time.
Second, there have been a record number of home foreclosures in Florida in recent times. However, while there has been a significant increase in the number of foreclosures being filed across Florida, Florida is not the leading state when it comes to these types of mortgage problems.
Finally, homeowners insurance rates in Florida have skyrocketed in many parts of the state over the course of the past several years. This is due in part to the natural disasters that have plagued Florida for the past fifteen years.
Although The Wall Street Journal article referenced a moment ago does paint a pretty grim picture for the future of Florida real estate, the fact is many experts believe that there is definite light at the end of the tunnel.
The fact that Florida property prices are dropping at the present time does create a buyer’s market. While this is not a positive development for sellers, investors and individuals interested in moving up in the residential market should consider taking advantage of the recent market trends.
Sellers can take heart in some developments in Florida as well that will impact the real estate market. First of all, the Governor is leading an effort to bring down property tax rates in the state to provide some relief to homeowners. (This should also positively impact the ability of a person to obtain a better sales price on a property should they decide to sell.)
In addition, the Governor and other governmental leaders in Florida are working to develop a meaningful program of providing homeowners insurance relief. Once again, this is also expected to benefit homeowners on many levels including making real estate more salable in the more immediate future.
The fact is that there are a number of factors pertaining to the marketplace that likely will stabilize the residential, retail and commercial markets across the Sunshine State in the not too distant future. In other words, for buyers and sellers alike, being involved in the Florida real estate market will again be a positive experience.
Home Values Falling, Consumers Going Online for Property Appraisals
Thursday, January 22nd, 2009Boca Raton, FL (PRWEB) February 21, 2007 — Electronic Appraiser (EA), the most accurate source of property valuation information available to consumers online, reported today that traffic to its ElectronicAppraiser.com website is surging as reports proliferate that property values across the country are continuing to fall. EA is the industry’s leading provider of automated valuation model (AVM) reports to consumers each month through its website.
Electronic Appraiser is a Florida-based technology and data reporting company with a primary focus on the valuation of residential property. Since 1999, Electronic Appraiser has provided property valuations for both consumers and institutional clients. Its reports are based on the nation’s largest property databases and include monthly sales information on millions of properties throughout the nation. MSN Money called the service the most accurate of its kind in a 2006 report.
“For the past five years, real estate values in the United States have been growing at better than 9% per year, according to the Office of Federal Housing Enterprise Oversight (OFHEO), but that’s not what people are hearing out there,” said Greg Sullivan, president and CEO for Electronic Appraiser. “While the rate of appreciation has slowed, we haven’t seen a geographically broad drop in home values in this country, but people hear the news and they worry. Then they go online to find out what their homes are worth.”
Sullivan pointed out that people are generally more concerned with the value of their real estate in a market that is trending downward. That translates into increased use of valuation analytics, which is exactly what his firm has witnessed over the past 12 months. Electronic Appraiser has seen a marked increase in business in 2006 — on the order of 20% — over previous years.
Despite the fact that consumers are seeing troubling reports in the media on a daily basis, most experts say the real estate industry is not in trouble. In its 2007 Residential Mortgage Market and Its Economic Context research monograph, Mortgage Bankers Association, Washington, said it expected to see a “soft landing” in the market by mid-year. In his January monthly commentary, Fannie Mae Chief Economist David Berson said he expected to see only a modest negative home price appreciation in the nation by year’s end. However, there is a rising uneasiness in the market and it’s evidenced by increasing traffic to online home valuation websites like Electronic Appraiser.
“Consumers are looking for some economical method to gauge the values of their real estate investments,” said Sullivan. “For most Americans, their home is their biggest investment and they are more eager than ever before to track its value.”
Mallorca Property for Sale-exclusive Property Hotspots in Your Dream Areas
Thursday, January 22nd, 2009Mallorca is known as the “Pearl of the Mediterranean”. Many people have a dream to buy property in Spain. To own a property in Mallorca used to be the prerogative of the very rich but with the ease of travel and the sheer normality of taking one, two or even three holidays abroad each year the dream of owning ones own Mallorca property becomes a distinct possibility. Many tourists spend part of their vacations seeking in the windows of real estate firms ‘just looking’ at Mallorca property for sale.
Many online Spanish property websites offers property for sale in Mallorca especially in the area around Andratx town in the South West of the island. Here you can easily get flights from the UK at a reasonable price taking approximately two hours, inspecting your dream Mallorca property could be quicker and easier than you think. Property in Mallorca is full of luxury real estate, some beachfront properties and many fine villas and fincas island. Mallorca property websites offers an unparalleled variety of luxurious Villas, Apartments, Character Homes, Deluxe, and Premium & Frontline Properties in Mallorca. Mallorca property sale will enthuse you: with original charm, luxury ambiance and Mediterranean character. Spanish properties have been thoroughly inspected by our property experts and all Mallorca property offers are through direct instructions from owners, property agents or their legal representatives.
Spain is the perfect place to acquire a holiday home or a permanent residence. To buy Mallorca property for sale is a difficult task with such a big area covered and number of options to choose. Many popular sites offers cash back services on Golf and off plan real estates Mallorca property for sale.
Mostly foreigners own property in Costa del Sol. In Spanish property market, mostly British people have the ambition to buy Costa del Sol property. Costa del Sol property for sale in Spain has much option available according to your specific requirement. Costa del Sol property is so popular because it is the largest of the Spanish Costas and foreigners destination for summer vacations. You can find an extensive range of Spanish property for sale including, villas, apartments, townhouses, fincas and land. Most of the Costa del Sol property websites is daily updated.
Feel At Home Faster After You Move
Thursday, January 22nd, 2009Feel At Home Faster After You Move
By Neda Dabestani-Ryba Prudential Carruthers REALTORS
Moving to a new community can be a great adventure, if you go with the right attitude and a sound strategy for settling-in. Incorporate these tips into an action plan, and you’ll stay focused, organized and proactive—just what’s needed to put roots down fast. Before You Go Complete a change of address form with the post office, which can be done online at the United States Postal Services website, usps.com. You’ll also want to send your new address to any publications you subscribe to, as it can take up to eight weeks for the change to become effective. Contact the Visitor’s Bureau for materials about your new town, which should include a map. Identify important routes, such as those between your home and your office or your child’s school. Make initial contact with childcare facilities. Depending on the area you move to, you may need to put your name on a waiting list. If possible, enroll your children in school. Firm plans will reduce the stress. Pack a box with essentials for your first few nights, such as prescription medicine, toiletries, a telephone, clothing, towels, toilet paper, and bed linen. You’ll also want to make arrangements for to have utilities transferred to your name or turned on. In addition, you will want to set up appointments to have services such as telephone, cable and high-speed Internet connected. Upon Arrival For safety and peace of mind, change the locks. You never know who has a copy of the house key. Locate emergency services – police and fire stations and the closest hospital. Hang drapes or curtains to give you some privacy. Select one room, perhaps the family room, as a place of refuge. Make it a cozy space, free of unpacked boxes, empty cartons or anything else move-related. Stock the fridge with prepared entrees and the makings for no-fuss meals. The First Week Check with the post office to see if they are holding mail for you. Finish sending out change of address to credit card companies, clubs, associations, friends and family. File away all documents related to the move. You’ll need them for verification of moving expenses at tax time. Call your waste removal company or department of sanitation for a trash collection schedule. Open a bank account and arrange for a safe deposit box, if needed. Obtain a local driver’s license and transfer the vehicle registration. Register to vote. Call the local Board of Elections for information. Take a tour of your neighborhood to become familiar with your new surroundings. Learn the routes to work, school, grocers, etc. Help Your Children Adjust Maintain family routines. Kids will appreciate the continuity of family life. Involve the kids. Allow them to select new furnishings or decorate their rooms. Take your children to the local playground. If you move during the summer, it’s likely they’ll make friends there, which should ease the transition to the new school. Try to be home when the children return from their first day at school. Kids feel reassured when a parent is there to hear about their day. Watch for signs of adjustment problems. These can manifest as trouble making friends, academic difficulties, and irritability or depression. Get Involved in the Community Spend time outdoors. Neighbors may greet you and come by for sidewalk chats. Walk your dog in an area where you see other dog owners congregating. Schedule an after-work coffee or dessert hour. Invite neighbors to drop by. Choose a place to worship and get involved; consider doing volunteer work. Select professional service providers such as doctor, dentist and veterinarian. Find out if your community has a Newcomers Club. Your local library is a good place to start. Join a club or take up activities you enjoyed before the move. Take a job-related class to develop new professional contacts and update skills. Don’t hesitate to contact your real estate professional for more ideas or information about your new community. By re-establishing daily patterns and developing ties soon after arrival, your new environment will begin to feel like home.
Chula Vista, San Diego, Real Estate Market Trends and Community Information, August 2006
Tuesday, January 20th, 2009COMMUNITY INFORMATION
Chula Vista is situated in the southern region of San Diego County within the state of California. There are approximately 194,939 residents in this community and 62,394 households. The median age of residents is 32.89 years.
TEMPERATURE
The temperature in Chula Vista is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72°F. The coldest time of year occurs in December with average temperatures falling to 57°F.
HOME AND REAL ESTATE PRICES
The housing options in Chula Vista include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse/condominium start in the high $100,000s.
·Two bedroom townhouse/condominium start in the high $200,000s.
·Three bedroom townhouse/condominium start in the mid $300,000s.
·Two bedroom single-family homes start in the high $300,000s.
·Three bedroom single-family homes start in the low $400,000s.
·Four bedroom single-family homes start in the high$400,000s.
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes dropped from $610,000 in June 2005 to $595,000 in June 2006, which represents a 2.5% decline. Fewer more homes sold in June 2006 (127 homes) than in June 2005 (171 homes). The average time to sell a home increased from 47 days in June 2005 to 66 days in June 2006.
The median price of condominiums and townhomes decreased slightly from $382,250 in June 2005 to $382,000 in June 2006, which represents a .1% decline. Fewer units sold in June 2006 (46 units) than in June 2005 (80 units). The average time to sell a unit increased from 52 days in June 2005 to 85 days in June 2006.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
Need Help Finding a Property Manager to Look After Your Investment Property?
Monday, January 19th, 2009Questions to ask yourself:
• How many property managers do I want to interview? While the attached form allows you to compare 3, I recently interviewed 5 for my new property. A little exhausting to say the least!
• How will I find out who to interview? I find personal referrals from other property managers to be the best method.
• What are the most important areas to me in finding a property manager. Do you want the cheapest fees or the highest rent or is the service provided more important?
To follow is quite a long list of questions you may wish to ask a potential property manager. Have a read through it before you go to interview an agent and identify which questions are most important to you. After the questions is a form you can fill in while interviewing the agents. It’s best to start from the far right column so that you can fold that over out of sight when you start interviewing the next agent.
Structure:
• How is the property management department structured?
• Who will be your point of contact?
• How many people will you have to deal with on an ongoing basis?
• What is their contingency plan for when your point of contact is ill or on leave?
• What is the ratio of staff to properties managed?
Maintenance:
• What is their procedure?
• Do they contact the property own for all maintenance?
• Do they charge a fee to conduct maintenance?
• What percentages of their tradespeople are licensed?
• Can the owner nominate their own tradespeople?
• How are large bills paid (directly by the owner or through the rental receipts)?
Lease renewals:
It is very important to choose a company that handles their lease renewals promptly and efficiently ensuring your tenant always remains on a current lease.
• What is their procedure?
• Do they perform rental increases only upon lease renewal or during the period as well?
• Does the company charge to renew an existing lease (ie: where they don’t need to find a new tenant)
Rental arrears (tenants who are behind in rental payments):
• What is their procedure? (ie: how often do they check arrears, how many days behind does a tenant have to be before their procedure starts and what does that procedure consist of)
• At what point does the owner of the property get contacted to notify them their tenants are in arrears?
Inspections:
• How often is the property routinely inspected?
• Who conducts these inspections? (ie: is it your point of contact or someone else?)
• What points are noted on the inspection report to the owner?
• It is appropriate to view or request a sample of one of these reports.
Fees:
• What are all of the costs they charge (get written confirmation).
• Charges typically include: management fee (usually a percentage charged against all rent received), letting fee (usually a percentage or number of week’s rent charged up front when a new tenant is found), advertising (internet, newspaper etc), sundry or postage (usually a nominal fee per month), lease renewal (often charged when a lease is renewed as opposed to a new tenant being found).
• Will the owner be charged more than one letting fee in a year if there are more than one set of tenants (if the letting fee is based on a percentage of annual rent this can be costly).
• Are these fees negotiable (ie: for management of more than one property).
• It is appropriate to view or request a sample of the authority you would sign if you were to give them your property to manage.
Payments:
• By what method does the landlord get paid (direct debit to a bank account is the most common and convenient method).
• How often does the property owner get paid (weekly, fortnightly, monthly).
• What payment methods are available to tenants.
Statements:
• Does the statement get emailed, mailed or both to the owner
• It is appropriate to view or request a sample of one of these statements
Tenant screening:
• How is this performed and what does the tenant need to provide
• It is appropriate to view or request a sample of one of these statements
Advertising
• How are vacant properties marketed to the public (commonly – internet including large property portals and the real estate agent’s own website, newspaper, window display, in house database of tenants currently looking)
Estimated rental projection:
• What does the agent think the property is worth?
• What other comparable rentals on their books can they show you so that you know that their figure is realistic and achievable?
Other:
• Any other questions you think to ask
• Comments on their presentation materials etc
• Did they provide testimonials? Can they give you contact details for 5 of their current landlords who you could query about their service.
Preparation / Follow Up:
• What did the agent do before and after the presentation to stand out.
Overall rating:
• A section to rank a number of property managers
To download a free checklist to help you find the right Property Manager head to
Kampani’s Real Estate Firm Invests Rs 600 Cr in Maytas
Monday, January 19th, 2009MUMBAI/HYDERABAD: Nimesh Kampani’s real estate arm Infinite India Investment Management has picked up a minority equity in Hyderabad-based Maytas Properties, promoted by sons of Satyam Group founder B Ramalingam Raju, for Rs 600 crore.
The deal is Infinite India’s largest investment in India till date and follows their recent commitment of Rs 200 crore to a leading real estate player in Kolkata. Infinite India Investment Management is a joint venture between US-based SRS Investments and the JM Financial group. So far, Infinite has concluded eight real estate deals in India.
Confirming the development, Maytas Properties CEO K Thiagarajan said Infinite’s investment will not only increase the momentum of their expansion plans and fund projects, but also provide them access to Infinite’s network in the real estate sector.
He said a part of these funds would be used for developing the next phase of Hill County, which is Maytas Properties flagship project in Hyderabad. Phase II of Hill County will include a 9 million square feet of IT SEZ and 28 million square feet of residential development.
In addition, Maytas Properties will use these funds for land acquisition as well as development of some of the major residential and commercial projects that they are launching in Hyderabad, Chennai, Bangalore, Nagpur, Vijayawada, Vizag and Kochi over the next six months.
Promoted by B Teja Raju, director, and B Rama Raju, vice chairman, Maytas Properties was founded in 2005 to build and manage properties across India. The company is currently into residential townships and commercial buildings, retail infrastructure, hotels and setting up SEZs. The SEZs include upcoming IT/ITES SEZs at Gundlapochampally and Gopanapally in Andhra Pradesh.
Karthik Sarma, chairman, Infinite India, said,
“The investment in Maytas is in line with our business strategy of partnering with top players in the real estate space. This investment is our largest investment in India to date.”
Orlando Florida Real Estate: Awash With Opportunity
Sunday, January 18th, 2009The real estate market has went through turbulent times in the past, however no market has ever been as stable as the Orlando Florida real estate market over the past decade. You may ask yourself, why has this been the case? The answer is simple: when a market has a self-sustaining vibrant economy, and is also a particularly sought after tourist location, international money markets can protect the real estate market in times of decline. In other areas of the US when the property market slumps, it slumps. In Orlando, on the other hand, demand among international buyers prop up demand in poor market conditions meaning property prices never decline for long. And as the most popular tourist location in the United States, which has high levels of employment, is it really difficult to comprehend why every property investor in the US wants to add some Orlando real estate to their portfolio?
However when the market conditions are so strong, is it really the best time to invest in the Orlando real estate market? There are many reasons why the answer is a resounding yes. Firstly, the US dollar is valued very low at the moment in relation to foreign currency. This means that foreign buyers will be able to allot more to buying Orlando real estate and it also means that tourists can afford to spend more when it comes to renting villas in the Orlando area. It is also the case that because our currency is trading particularly low at the moment that more tourists are going to be coming to the United States – meaning that areas which are more popular tourist locations are going to thrive.
The value of the dollar is only one reason why investment in real estate can be a great idea at the moment. Interest rates have never been better either! That’s right, interest rates are very low at the moment, meaning that the cost of buying Orlando real estate will be much cheaper than it would usually be. As a buyer, this is certainly the time to invest as much as possible in the real estate market – as long as you can be confident that you will be able to fill your accommodation. And, when in the Orlando area, you can rely on tourists as well as locals to be able to live in your property.
Many people have achieved millionaire status and financial freedom through investing in the real estate market, however that is not to say that it is not without risk. While there is no investment opportunity that can ever result in certain returns, it is fair to say that there is no opportunity that is as a lucrative and as stable as real estate. Over time real estate prices can only go in one direction, and that is up! Real estate investment also creates cash flow and can usually be sold very easily. If you want to escape from the daily 9-5 grind, then investing in Orlando Florida real estate may just be the answer that you are looking for.
Rbi May Cap Bank Loans to Real Estate
Sunday, January 18th, 2009The Reserve Bank of India is reviewing banks’ exposure to the commercial real estate sector.
This comes on the back of a continuous rise in prices in the sector, even as the regulator has followed prudential norms for taming the flow of bank credit by raising the risk weights for capital allocation.
The RBI is contemplating a sectoral cap for limiting the flow of bank credit to the sector, in line with the limits imposed for capital markets. Another option being considered is to further raise the risk weights on such loans.
According to banking sources, further prudential tightening for the commercial real estate sector would not have been required had the regulator gone ahead with the implementation of the revised capital adequacy norms, popularly known as Basel II norms.
This is because under these norms, risk weights are proportionate to the sensitivity of the sector. The higher the risk weight, the higher is the capital allocation.
Sources close to the development said the commercial real estate sector was under strict observation, though any concrete step by the RBI to check the flow of credit might take some time.
On the other hand, banks have become cautious in lending to the sector and are cutting down their exposure made in the form of venture capital.
They are not only reviewing proposals for commercial real estate funding, but have also become wary of investing in bonds floated by real estate companies.
A study by the RBI has revealed that banks which have lent heavily to the commercial real estate sector are not necessarily exposed highly to retail home loans.
In fact, the study did not find any correlation between the two categories of lending, said a banking source.
Bankers felt raising the risk weight might send a signal that the RBI was much concerned about banks’ exposure to the commercial real estate sector, which was anyway not overly dependent on bank finance.
There were overseas private equity funds, especially in West Asia and South East Asia, which were bullish on Indian real estate, they said.