Seaport Not As Lively As They Hoped

The front page story yesterday in the City & Region section of the Globe was an article about how the Seaport District isn't as settled as people were hoping. What do you expect? There's no T stop (except for the Silver Line), only a handful of restaurants, and no supermarket.

There's an apartment building there (Park Lane) that I checked out a couple years ago. It was really nice, but still a bit pricey - especially the parking. The Seaport District is not downtown - you CANNOT charge $400 a month for parking - it's highway robbery.

Still, after years as a wind-blown wasteland, the waterfront is beginning to show signs of life, some of it quite vibrant. The $800 million convention center has been booked beyond all expectations, Morton's steakhouse is a draw, Salvatore's has a contingent of local regulars, and LTK Bar and Kitchen is attracting curiosity-seekers from around the region. Prominent area chef Barbara Lynch is developing a restaurant in Fort Point Channel and Louis Boston owner Debi Greenberg has expressed interest in moving over from Newbury Street. Ten years from now, as people have been saying for nearly 10 years, this area should be the hottest place to be.

I've always been a fan of the Seaport District. They have great lofts there, none that I can afford, but they're pretty nice.

Click (here) to read the Globe article.

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The New Regent Hotel No Longer A Regent

Well this can't be a good sign. You know that new Regent Hotel and Condos that's being built on Battery Wharf? Apparently it's not a Regent Hotel anymore.

Regent's departure not only leaves Battery Wharf without a signature operator for its 150-room hotel, but the developers have also lost their provider of top-shelf concierge services to the buyers of the multi-million-dollar condominium units in the building. Without Regent, Battery Wharf may have trouble selling its remaining units, priced from $1 million to $4 million.

In a joint statement, Regent and Battery Wharf said they have "entered into discussions to terminate" their agreement, and blamed "philosophical differences on strategies for the project." Regent spokesman Thomas Polski, declined to comment further.

Philosophical differences? That's like when celebrities get divorced and cite "irreconcilable differences." Very, very vague.

So as I was typing this, I was trying to think about who could swoop in and take over. We've already got a Ritz, Four Seasons, Taj, Intercontinental. They're already building a new W Hotel. What's left? I think Donald Trump should swoop in and turn it into a Trump Hotel. Just a suggestion.

Click (here) to read the entire article.

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Bye Bye Dainty Dot Building

Well it looks like the developer and the city have reached an agreement on what's going to happen to the Dainty Dot building in Chinatown. There were some objections to the original plan where critics didn't want such a tall building to be built.

Anyway, an agreement was reached yesterday to lower the overall height of the building but a consequence of this agreement is that they're now going to be tearing down the original and starting from scratch. The original proposal involved saving part of the original building and adding on to it.

A compromise reached between City Hall and developers of a planned 299-foot-tall residential tower in Chinatown will reduce the height by 34 feet, but means elimination of the revered Dainty Dot building on the site.

The planned glass tower near Essex Street and Surface Artery, proposed by developer Ori Ron, has split the Chinatown and neighboring Leather District communities.

Click (here) to read the original Globe aricle.

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More Luxury Condo Auctions Coming

Need more proof that the real estate market is crumbling? Two downtown condos are going to auction soon: The Broadluxe (Financial District) and the Modern (South End).

This is the latest in a string of auctions that have happened in the last year or so. First it was Folio (here), then Skyline (here), then the whole Broadluxe building itself when the developer pulled out (here), and now that it's finished it's being auctioned off individually.

The Broadluxe auction will take place in early June, whereas the Modern auction is happening soon - the ad is already in the paper - on May 18th.

The remaining 10 will be auctioned May 18, according to Accelerated Marketing Partners, which was hired by New Boston Ventures to conduct the auction. The minimum prices the developer will accept for many of the units are in the mid- to high $300,000 range, or $327 to $379 per square foot.

Recession is a great time to buy for those that have money stashed away.

Click (here) for the article in today's Globe.

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Real Estate Classes

Happy Friday Everyone! Thank goodness for the weekend. It's been quite the busy week. Anyone have any good plans for the weekend?

I'm going to spending most of it in a weekend real estate class. Part of me is hoping that it'll help me to understand the process a little bit better for when I end up buying a home of my own. The other part wants to learn a little bit more about the industry so that maybe I could be a part time real estate agent on the weekends/evenings.

If there are any other folks out there that are interested. I'm taking the class offered by the Lee Institute. They have lots of locations and also offer the option of a two-day weekend course sometimes (which works out well for me since I travel for work so much).

I'll report back after the class as to how it was, but I'm expecting that it's going to be like driver's ed. Sit there for countless boring hours and then take a relatively easy test at the end.

Any real estate agents out there want to chime in on how their thoughts on their profession and how they like it?

Click (here) for a link to the Lee Institute.

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Real Estate Deals in Boston - Part II

Part II to the crumbling real estate market is the American Brewery Lofts in Jamaica Plain. According to the Boston Business Journal, the owners are going to put the lofts up for sale starting this Sunday 2/24.

The owners of the American Brewery Lofts in Jamaica Plain are holding a winter clearance sale, offering the first 20 buyers a $30,000 discount each in hopes of pushing the project past the 50 percent sold mark.

Further, the first 10 buyers will each be eligible to receive up to three $5,000 coupons they can use toward closing costs, hardwood floors or for sealing and staining floors, said Michael Dorion, a sales associate with Coldwell Banker Residential Brokerage who is marketing the lofts. The next 10 buyers will only receive the $30,000 discount.

These particular lofts are priced between $299,000 and $700,000. I think it's an interesting ploy - it creates a sense of urgency in consumers to try to be the amongst the first ten buyers. But at the same time, they might be shooting themselves in the foot because the 11th customer is going to be pretty upset. If it were me, I'd be upset enough not to buy if I wasn't one of the first ten.

Click (here) to read the BBJ article.

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Real Estate Deals in Boston - Part I

Everyone is talking about the recession, how the subprime collapse is only going to get worse, and how inflation is reaching painful levels (7% I read today). Here's another indication: auctions and incentives from developers.

First off: The Atlantica Auction next month.

Twenty condominiums in the Atlantica, a newly constructed project on Revere Beach, will go on the auction block March 9. The minimum required bids, $215,000 to $315,000, are relative bargains for one- and two-bedroom units on the water. Most either face the ocean or have views of the surf.

For those of you looking for a deal on beach front property, this looks like it could be your lucky day. I've personally never been to Revere, so I can't comment on the quality of the beach front itself.

If you're interested, click (here) to go to the official Atlantica auction site or go (here) to read the accompanying Globe article.

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Recent Real Estate Deals of Note

Sell Sell Sell. Do it while you can - before we sink into recession. A couple of pretty big deals just took place this past week. The Alexandra Hotel and some clubs on Landsdowne have been sold.

First off, the Alexandra Hotel. You might know it as that burned up/ugly building in the South end on the corner of Mass Ave and Washington Street. The buyers? The Church of Scientology. In an effort to remain PC, I'm going to reserve any personal feelings I have on Scientology - but for those of you that are curious, here's a link to some information about it on wikipedia (here).

The good news is, after almost a decade of just sitting there and decaying, hopefully the new owners will take over and renovate the building so that it's once again habitable. Click (here) to read the Globe article.

Second, Axis and Avalon have been sold by Peter Lyons to the House of Blues. I blogged about the renovations on Landsdowne over six months ago (here). Now the renovations are in full swing but when they're done - the outcome will be a new House of Blues, not the Landsdowne Street Music Hall. Renovations aren't scheduled to be done until the end of the year. Click (here) for the Globe blurb.

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62 Boylston Apartment Member Referral Bonus

I love member referrals, mostly because it's usually a win-win situation. The referrer gets some sort of bonus and the referred gets some sort of discount.

62 Boylston is an apartment building downtown right across the street from the Boylston T stop. It's right above that Starbucks on the corner of Boylston and Tremont. For those of you currently looking for an apartment downtown it's a really convenient location. FYI - the building only has studios and 1 bedrooms.

So right now the resident referral bonus is $300 for residents. That means that if someone in the building refers a new tenant, that person gets $300 subtracted off the rent for the next month. How would that benefit you? Well I live in the building, so I can refer you and then I'll split the bonus with you and cut you a check for $150. It's a win-win for someone that's looking for a place to live anyway.

Here are some pros and cons that you should be aware of:

Pros:
1. Really convenient location downtown - close to the green, red, and orange line.
2. 24 hour Security guard on the first floor to keep the riff raff out (effectiveness of the security guards is debatable but they're there.)
3. Proximity to lots of great things: The Sports Club LA, Chinatown, The AMC Boston Common Theater.
4. Coffee junkies will appreciate living above a Starbucks.

Cons:
1. No parking in the building.
2. The homeless shelter is across the street so there are sometimes questionable folks hanging around outside. No real danger to you though, in my opinion.
3. The building is full of students. Students never seem to sleep.
4. Some jerk keeps leaving bleach in the shared washer on my floor so it ruins all my clothes.

Tips to help you:
1. If you are looking for an apartment in a highrise - most of them have management offices that you can rent from fee-free. This is true for 62 Boylston. Don't get sucked into having to pay a realtor one months rent if you don't have to.

2. The studios in the building vary drastically in size from 250ish sq ft up to about 400 sq feet and the price only varies by about $50. Make sure if you're getting a studio to look at ALL of the available ones so you can choose the biggest one.

Comments from me: If you read my earlier post about moving, yes I am planning on leaving this building. I just think it's time to get out of a studio and live in a real apartment. Also, my new neighbor is really loud - so there's only so much I can bear. Overall I really enjoyed my time here. The location can't be beat. I'm planning on looking for something else in a building nearby.

Send me and email if you'd like to be referred and I'll contact the management office for you.

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The Harbor Towers Nightmare

I've been very anxious to see how this debacle turns out. For those of you that haven't heard about it, there's been some issues with the Harbor Towers on the Waterfront. First off, a little history.

The Harbor Towers apartment complex was completed in 1971 by the Berenson Corporation, as an affordable housing option near Boston's financial district. Designed by I.M. Pei, in conjunction with a local Boston architect, who also collaborated with Pei on the design of Boston's City Hall, the towers are well known in the architectural community. At 40 stories, they are the city's tallest residential towers (here).

The most recent news is that the Harbor Towers needs renovations and they're passing the cost on to the condo owners - $75 million dollars worth. According to a recent article in the Globe, the cost per condo owner is "$70,000 to $400,000 or more each - equaling about 20 percent of the units' market value."

A group of condo owners had banned together to file a suit against the trustees trying to halt the renovations. But a judge has denied the request.

First a disclaimer, I only know what I read in the papers, so my opinions may be a little skewed since I don't have all the facts.

With that said. 20% of the market value?!?! That's a little much don't you think? I'm still saving up my first 20% so I can buy something. Imagine buying your home and then being asked for a second 20%. Nightmare.

Second, don't condos collect condo fees each month? Shouldn't the condo association have years and years worth of condo fees saved up to pay for renovations? I thought that's what condo fees went towards.

From what I've heard, lots of residents are being forced to sell because they can't afford the renovations. But good lord, who would knowingly buy a place knowing that its going to cost an extra 20% on top of the cost of the home in order to have renovations done.

Last question, I promise. Hypothetically, if I owned a $500K condo in the building and then paid 20% for the renovations, would my unit be subsequently worth $600K? Click (here) to read the Globe article.

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Harbor Garage To Be Redeveloped

You know that seven-story parking garage near the New England Aquarium? It was on the market a few months ago and now it's been sold. Developer Donald Chiofaro has agreed to buy it and he's going to tear it down.

In its place, he is most likely going to build "a large complex of offices, residences, and a hotel." My first reaction was "Just what we need, less parking." But according to the Globe article Interpark (the company that currently manages the garage) will continue to do so and then will manage the new garage once it's built. Underground parking maybe? That would be a plus.

In case you're curious, the price tag was $155 million dollars. Read the article yourself (here).

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Cellphone Service + The Big Dig

All I can say is that it's about time. When I had to switch to AT&T, from Verizon (for work) I was bummed out. My verizon phone used to get reception everywhere. AT&T not so much.

One of the biggest issues I had was driving through the Big Dig. Whether going to and from a meeting, or shuttling clients to and from the airport: I couldn't have a phone conversation if I was downtown because I know I'd be cut off.

Now, with the federal clearance, four large wireless companies have told officials with the Massachusetts Turnpike Authority that they will install the equipment in stages, beginning in about two weeks.
The project, which could cost up to $7.6 million, will be paid for by the carriers and be completed within three to six months, the companies said.

These estimates are never accurate, so I'm just hoping by this time next year I'll be able to talk on my phone while driving through the Big Dig.

Click (here) to read the Globe article for yourself.

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Back Bay Luxury Office Building

Just what we need. Something to make Back Bay more expensive than it already is. Developer Ronald Druker submitted a proposal today for a new nine story luxury office building. The new office complex is to replace the current Shreve, Crump & Low building on the corner of Boylston and Arlington.

According to the proposal, it will be designed by famous architect Cesar Pelli and will be home to: underground parking, a fitness club, a restaurant, retail space, and offices. Expected occupants of the offices? International bankers, hedge-fund managers, venture capitalists, law firms. In other words: $$$$$.

Druker only does high end, so expect rents to be sky-high. Among Druker's portfolio are: Heritage on the Garden, Atelier|505, and the Colonnade Hotel & Residences.

See below for an artists rendering of what it could look like. Or click (here) to read the article in today's Globe.

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Skyline Condo Auction - 11/11

We're still feeling the pain of the sub-prime mortgage fallout. Housing prices continue to fall - bad for homeowners, good for renters. As a side note, according to an article from John Keith's Boston Real Estate Blog (here) Downtown Boston has been relatively unaffected. Anyhoo, although I'm not in the market anymore (I'm going to stick with renting for the time being) - I'm sure there are others out there who could benefit from this auction.

The Skyline Condominiums at Station Landing are going up for auction on November 11th. I'm sure you've seen the place, I pass by it everytime I go to the Costco in Everett. Does everyone remember the auction held by Folio Boston last year? People ended up getting condos for an average of 25% below asking price. I have an excel spreadsheet of all the Folio Boston results if anyone's interested. Email me and I'll send it to you.

I think the state of the market is even worse this time around. It'll be harder for folks to secure mortgages, which hopefully means less competition for those of you that have good credit and have been waiting patiently. Click (here) for a Globe article on the Skyline auction and then click (here) if you'd like to participate.

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First Time Home Buyers

Prudential Real Estate is hosting a FREE first time home buyer seminar on Tuesday June 19. As most of you have noticed, the real estate market has been in a bit of a slump lately. I take that back. The normal real estate market in the Boston area has been in a bit of a slump. The luxury condo market is still on fire.

For the most part, I personally haven't seen huge decreases in pricing, but what I have seen is increasing inventory. There's alot of stuff on the market these days. And while some experts think the end is near, and others think we're in for another 1-2 years of pain, I think it's always best to be prepared.

If you are first time home buyer (which I will be in who knows how many years once I manage to save enough for a down payment) then it wouldn't hurt to check out this seminar. I'm sure they'll try to hook you in to use them as their real estate agents or what not, but hey information is information. Just stick to your guns and let them know that you're just there to learn. Peer pressure is bad.

Who: You
What: Free First Time Home Buyer Seminar
When: Tuesday June 19, 2007 (time unknown)
Where: Holiday Inn Brookline (1200 Beacon Street)
Why: Cause you have nothing better to do on a Tuesday

RSVP by calling 617-264-7900 or going to their website (here)

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Parking Downtown? That'll Be An Arm and A Leg, Please.

Tired of paying an arm and a leg for parking downtown? Me too. Today's Globe has an article on the front page about how the Massachusetts Convention Center Authority would like to expand the size of the Boston Common Garage to twice its current capacity.

I think this is a wonderful idea. In a town where a single parking space sold for $250K just six months ago, nothing would make me happier than more parking spaces. The Boston Common Garage now produces $5 million in profit. Just a sign that there's no street parking EVER.

Of course announcing this is just step one. Step 2 through step 3937 will be to jump through every regulatory hurdle in the book, including existing federal EPA restrictions on the number of parking spaces allowed in downtown Boston. In case you're counting, the cap is set at 35,303 spaces.

There's been alot of growth lately in the surrounding areas. Chinatown has the new Archstone Boston Common luxury apartments (Anybody out there reading this live there? How in the world do you afford the rent?) And there's also a big gaping hole in Chinatown where the Glass Slipper used to be. I believe more luxury apartments are supposed to be built there as well. Rumor has it that a W hotel is going to be built in the Theatre District. All signs point to us needing more parking.

I live downtown, and I pay $260 a month for a parking space. Let's get a little competition going in the market so we can drive prices down and I can stop eating Ramen on a daily basis.

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Lansdowne Gets A Facelift

Boston NOW has an article today about some of the renovations instore for Lansdowne street. Axis and Avalon are going away!?! Shocked? So am I. After a little more digging, the Globe had an article on this about a month ago (here).

Plans have been approved to replace Axis and Avalon with a new 35,000 sq foot venue with a 2,500-capacity, larger stage, better lighting, and more amenities. It will be called .....*drumroll*......The Lansdowne Street Music Hall. Note to the developer, you're spending $14 million dollars on this project, can't you think of a catchier name? There's a reason why most clubs have short names - people don't like saying (or txt messaging) long ones.

"Where you goin tonight?"
"Suite or Gypsy or Liquor Store"
No one will ever say "I'm going to the Lansdowne Street Music Hall"
If you're lucky, it'll get truncated to "The Hall"

Embassy and Modern will be converted into restaurants.

The clubs in question will be closed for construction by late summer and is estimated to be finished by early 2008. Where will all the teeny-boppers go clubbing? I guess it'll mean more business for the clubs in the Theatre District.

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