Boston Real Estate

It's back...

james@bostonbayside.com (james@bostonbayside.com) — Fri, 26 Mar 2010 14:23:00 +0000

It's back....Boston Bayside Properties "Name That Beach" competition is back.

Well, not quite as it isn't beach weather yet.....but here is a picture I took at a location in Boston at the _____ _____ and _____ __________ or the ____ for short.

Be the first person to email me the correct location/answer and win a $25 gift certifcate to a restaurant of your choice. Please email james@bostonbayside.com with your guesses/answers. If no one gets it, I'll drop a clue after the weekend.

Also, remember you can still advantage of the $8000 tax credit for First Time Homebuyers but you need a signed Purchase and Sale (P&S) by April 30th.......... so that means pick a house in the next week or so. Then you have to close before June 30th. Consult your tax professional for more detailed advice.

If you know anyone looking for a rental we have some great units available- www.bbprentals.postlets.com

Thanks,
James Harrison- 617 784 8635
Boston Bayside Properties

2010 rental market

james@bostonbayside.com (james@bostonbayside.com) — Tue, 12 Jan 2010 16:33:00 +0000

I'm not a huge fan of repeating blog messages but sometimes it is necessary and I'm one of the most efficient re-bloggers I know. So here's some updated data on the rental market and also a repeat of my September 2008 blog.

The statistics for the last quarter of 2009 rental market are below- Highest vacancy rate and a much needed decrease in rent for the first time in almost a decade. So what's that mean for landlords in 2010?

Heed the advice below, work with a good neighborhood agent, do everything by the books and things will go fine around here. Boston is still a great place to live and work as far as I'm concerned.

1) Hire a local professional real estate agent to rent out your property. Ask him how he screens his tenants, what type of lease he uses or recommends based on the landlords needs and wants, does he properly get filled out all the necessary forms, where does he market the unit, what does he think the unit should rent for and how long should it take, etc.

2) If he or she checks out and demonstrates some knowledge of the process, offer to pay a full one month fee to that agent. Make sure he is willing to spilt that with co-operating agents bringing qualified tenants.

3) Try to underprice the market (if you can). If tenants sense a deal, they will jump on it and you'll have a pool of tenants to choose from. Most likely, they will be willing to provide what you have requested (first, last and security). If you over price a unit all you get is pie-in-the-sky tenants who can't cover the rent anyways or you burn out yourself or the agent working with you.

4) Be a GOOD landlord and realize that you are providing a service to your tenant(s), and henceforth they are PAYING part or hopefully all of your mortgage, taxes, and insurance. Breaking even (landlord's expense $1200 and rent being paid $1200) is a good business deal and you are getting richer by providing a service. With that said, this is a business transaction and you should uphold your end of the bargain if you expect the tenant to do the same. Provide the best at the right price and you will always do well with your unit(s). I believe in exchange in abundance and if you are landlord who supplies a sub-par product you will get sub-par tenants. Don't cheat yourself.

5) Make sure the real estate agent you hire works the local market with fliers, letters to local businesses, and other creative ways to get the job done. (check out www.walkscore.com as a fun site that rates the workability of your location)

6) There are TONS of websites to market on and you will get leads from these. Screen professionally and be respectful.

Happy renting in 2010!

Cool ice skating chance in Fenway Park

james@bostonbayside.com (james@bostonbayside.com) — Wed, 16 Dec 2009 15:42:00 +0000

Mayor Menino, Sun Life Financial and National Hockey League partner to sponsor free public skating during Sun Life Frozen Fenway

12/14/2009 - Released by Mayor's Office
For more information contact Mayor's Office

Thousands of Boston kids and families to will skate at Fenway as part of City’s Inaugural celebrations Mayor Thomas M. Menino, in partnership with Sun Life Financial, the National Hockey League (NHL) and the Boston Bruins, announced today that thousands of children and families in the City of Boston will have the once-in-a-lifetime opportunity to skate on the ice at Fenway Park. The announcement was made by Bruins legend Ray Bourque on behalf of Mayor Menino, who was unable to attend this afternoon’s press conference. City of Boston residents will be able to skate for free at Fenway on Sunday, January 3 and Sunday, January 10 as part of the City’s Inaugural celebrations. In collaboration with Sun Life Financial, the City of Boston will give away over 3,000 tickets to the free skate days at various locations throughout the City on Saturday, December 19, from 9-11 a.m.

The free public skating comes just days after the 2010 Bridgestone NHL Winter Classic matchup between the Boston Bruins and the Philadelphia Flyers, which will be played on New Year’s Day.

“The Bruins’ continued success has revived Boston’s hockey heart, and skating on the rink at historic Fenway Park is going to be a fantastic way for thousands of kids and families to ring in the New Year,” Mayor Menino said. “I’m proud that the City has been able to partner with the NHL and Sun Life Financial to bring this one-of-a-kind spectacle to Boston. There’s no better city than ours to host the NHL Winter Classic and Sun Life Frozen Fenway, and I encourage residents to take full advantage of all the free and fun festivities surrounding the events.”

On January 3 and January 10, Boston residents will be able to enjoy skating on the ice rink at Fenway Park throughout the afternoon and evening. Guests will need to provide their own ice skates for these events, as skate rentals will not be available at Fenway.

In an effort to provide children and families from every neighborhood the opportunity to enjoy these exciting events, tickets will be distributed at various locations throughout the City on Saturday, December 19. Each ticket distribution location will give away tickets on a first-come, first-served basis, with a maximum of four tickets per family. Tickets will indicate the date and time that guests will be allowed to skate. As this is an event for City of Boston residents, proof of residency will be required to secure tickets. Minors will need to have either proof of residency or a parent or guardian present that can provide proof of residency in order to get tickets. In the event that there are extra tickets, the City will create a waiting list to distribute the remaining tickets.

“As a local company, Sun Life Financial is committed to the greater Boston community,” said Wes Thompson, President, Sun Life Financial U.S. “We're happy to be supporting the City of Boston and Mayor Thomas M. Menino's public skating events as part of Sun Life Frozen Fenway.”

Tickets for the January 3 and January 10 free skates will only be distributed at the following locations on December 19 between 9-11 a.m.:

Location & Addresses below to get tickets
Boston Public Library – Copley Square Main Branch
700 Boylston Street, Copley Square
Boston Chinatown Neighborhood Center/Quincy School*
885 Washington Street, Chinatown
Blackstone Community Center
50 West Brookline Street, South End
Charlestown Community Center
255 Medford Street, Charlestown
Harborside Community Center
312 Border St., East Boston
Jackson/Mann Community Center
40 Armington Street, Allston
Nazarro Community Center
30 N. Bennet Street, North End
Maurice J. Tobin Community Center
1481 Tremont Street, Roxbury
Vine Street Community Center
339 Dudley Street, Roxbury
Hyde Park Community Center
1179 River Street, Hyde Park
Curley Community Center
1663 Columbia Road, South Boston
Mildred Avenue Community Center
1-5 Mildred Avenue, Mattapan
Leahy-Holloran Community Center
1 Worrell Street, Dorchester
Curtis Hall Community Center
20 South Street, Jamaica Plain
Roslindale Community Center
6 Cummings Highway, Roslindale
Roche Family Community Center
1716 Centre Street, West Roxbury

*Please note that ticket distribution at the Boston Chinatown Neighborhood Center will take place between 12-2 p.m. rather than 9-11 a.m. due to the center’s hours of operation.

Happy Holidays to all!

Info taken from www.cityofboston.gov

Happy Thanksgiving 2009

james@bostonbayside.com (james@bostonbayside.com) — Wed, 25 Nov 2009 21:04:00 +0000

Well, this year I will not post pictures from my cell phone of the Savin Hill turkey. Don't worry, he is still out there and very much alive.

I thought those out shopping for homes would like to read this Boston.com article that came out today:

Rates on 30-year mortgages sink, match record low
November 25, 2009

McLEAN, Va. --Average rates for 30-year fixed mortgages fell this week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.

Rates for 30-year mortgages averaged 4.78 percent this week, down from 4.83 percent last week and equaling the record low reached the week of April 30.

Freddie Mac has been tracking rates on 30-year fixed mortgages since 1971. Last year at this time, the 30-year fixed rate mortgage averaged 5.97 percent.

Interest rates began dropping last November, when the Federal Reserve began spending $1.25 trillion to buy up mortgage-backed securities in an effort to lower rates, loosen credit availability and bolster the long-suffering housing market.

Since April, rates have hovered near 5 percent, spurring refinance activity. However, credit standards remain stringent, so the best rates usually are available only to borrowers with solid credit and a 20 percent down payment.

Rates for 30-year fixed mortgages are now 0.8 percentage points below this year's peak set in mid-June. Refinancing at the current rate shaves roughly $100 off monthly payments on a $200,000 mortgage, said Frank Nothaft, Freddie Mac's chief economist.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, frequently in line with long-term Treasury bonds.

The average rate on a 15-year fixed-rate mortgage fell to 4.29 percent, down from 4.32 percent last week, according to Freddie Mac. The 15-year rate hasn't been this low since Freddie Mac started tracking it in 1991.

Rates on five-year, adjustable-rate mortgages averaged 4.18 percent, down from last week's 4.25 percent. Rates on one-year, adjustable-rate mortgages were 4.35 percent for the second consecutive week.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year and one-year loans. The fee averaged 0.6 point for 15-year and five-year mortgages.

© Copyright 2009 The New York Times Company

Good article for landlords...

james@bostonbayside.com (james@bostonbayside.com) — Wed, 18 Nov 2009 19:25:00 +0000

This article is a little long and written back in 2007, but well worth the read for any new landlord to be. Enjoy and read carefully.

Become a Landlord (Without Losing Your Shirt)
By Shira Springer October 21, 2007

The small kitchen fire started when a tenant absent-mindedly placed a pizza box near a barely lit stovetop burner. With flames posing a threat to other units in the four-family Waltham home, the panicked tenant called his landlord, Mark Leger. The tenant wondered what he should do. Leger asked, "Did you call the fire department?" The tenant said, "No," believing that that was the landlord's responsibility. As calmly as he could, Leger told the tenant to hang up and call the fire department immediately. "What am I supposed to do? Come down there with a hose?" Leger recalls thinking. "If he hadn't got in touch with me, I don't know what he would have done."

Welcome to Life as a Landlord. As a realtor for the past 24 years, a landlord for the past 22 years, and president of the Massachusetts Rental Housing Association for the past five years, Leger has collected more than enough stories about tenant mischief and maintenance emergencies. He finds humor wherever he can, believing laughter goes a long way toward surviving the landlord business. Leger jokes about the former tenant who apologized for non-payment of rent by explaining he had instead "decided to buy cocaine for his birthday."
With falling prices and foreclosures commonplace in today's real estate market along with rising rents, individuals who can secure financing may be tempted to purchase an investment property or two or three. Buy an investment property, the wishful thinking goes, and you can see where the money went and the potential for making more. Watch enough HGTV, and you become convinced that new light fixtures, appliance upgrades, and a fresh coat of paint will translate into continual prosperity. The reality remains far more complicated, especially with landlords counting on sizeable year-to-year appreciation that is no longer a guarantee.
"We've been in a rising real estate market for the past 15 years, and you hear ridiculous sayings that imply property values cannot decline," says financial adviser Susan Kaplan, president of Kaplan Financial Services in Newton. "It's shocking, because it was only in the late '80s that we were in a ghastly real estate market, and people were wiped out. Yet, everyone has a very short memory. . . . Even though we think it may be a great property and anybody would want to live there, that's not enough."

When my sister and I decided earlier this year to keep the two one-bedroom Harvard Square condominiums where we once lived and rent them, we figured it was an ideal situation. The 660-square-foot units were well maintained in a professionally managed 1930s brick Harlow building. They boasted parking, close proximity to the Harvard and MIT graduate schools, and a quick commute to downtown Boston. But from the moment we advertised the two properties, we learned landlords can encounter one unpredictable situation after another.

Judging from my own brief experience and that of several other local landlords, owning rental properties is neither as simple nor as easy as initially anticipated. The stories of big profits are rare. The stories of big headaches are abundant. The most successful landlords "go in with their eyes open," says financial adviser and CPA Stephen Tankel with Wellesley-based Tankel Rosenberg & Co., PC. So, if the prospect of a $2,000 capital improvement assessment or a tenant who refuses to leave or the months where a multifamily home remains unoccupied doesn't dissuade you from buying, then at least consider some free advice.

Rule No. 1- Avoid Delusions About the Market
When clients contact Joseph Cooper with big plans for buying investment properties, the mortgage lender finds himself "forever discouraging them." Cooper saw firsthand the best and the worst the housing market can offer when he worked selling and developing condominiums in Brighton for 10 years during the 1980s and early '90s. Today, his mortgage clients rarely consider the idiosyncrasies of the market or the time-consuming responsibilities of home ownership. Cooper, vice president of Lexington-based Monument Mortgage, cites "underestimating the cost in time and the cost in money of actually owning property" as the biggest mistake investors make.

While the familiar real estate advice - buy the least expensive property on the most expensive street you can afford - still holds true, would-be landlords must also do market research. Kaplan suggests everything from studying local vacancy rates to getting appraisals to gathering information concerning future construction in the area that could disrupt traffic and temper renter interest.

Rule No. 2- Use a Calculator Before You Sign
Consulting experts to realistically figure out the costs of carrying a mortgage plus taxes, estimate insurance and maintenance fees, and determine a sensible monthly rent can save you from making a big mistake. Additionally, factor the cost of your time and energy into the equation.

"Over the years, I can't tell you how many people have called and told me, 'We're so excited. We're going to buy this condo,' " says Cooper. "Then, I say, 'OK, how much money do you want to put down? How much are the fair-market rents? How much are the taxes?' We do some quick math, and they're going to lose $800 a month. I ask, 'How does that sound?' They say, 'I don't want to do that.' Well, you better not buy the property, or you better come up with some more money. It's like anything else - if it was easy, everybody would do it."

The first-year revenue minus estimated first-year expenses (including some value placed on your time) divided by the full cost of the property when purchased (essentially price plus transaction costs minus mortgage) produces a good estimate of the initial rate of return. To calculate your rate of return in later years, divide by your supposed equity in the property (what you could sell it for after deducting transaction costs and the remaining mortgage), taking into account price appreciation or depreciation. You may also want to consult an accountant on how much of a tax and cash-flow benefit you will receive by depreciating the property.
After making all those rudimentary calculations and realistic estimates of price appreciation, you should compare the rental-property rate of return to rates of return for various financial vehicles that involve little of your time and, in all likelihood, a lot less anxiety and aggravation. Although there is no guarantee the future will mirror the present or past, US 10-year government bonds currently pay 4.5 percent. At best, a one-year CD pays somewhat more than 5 percent. The three stock mutual funds with the most assets under management have averaged a rate of return slightly less than 9 percent for 2007 to date. For investment properties, experts like Tankel recommend a rate of return that falls between 8 to 15 percent. "I find that the majority of the people who have real estate, unless it's been purchased a long time ago with a lot of old appreciation, usually do not have a competitive rate of return," says Kaplan. "Part of that is that they're not really cognizant of it. They're not really aware of what that property is costing."

Rule No. 3Choose Your Tenants Carefully
Negotiating the landlord-tenant relationship can be one of the biggest challenges for rental-property owners, especially since investors view Massachusetts law as tenant friendly. Again, landlords must do the necessary research, whether that means familiarizing yourself with discrimination laws, calling references, or checking credit histories. Common sense should also be applied. Prospective tenants who respond promptly and conscientiously to calls or e-mails and who show up on time to see units will likely be responsible when it comes to paying rent and taking care of the property.

"Do be choosy," says Rick Novak, a real estate lawyer with the Boston office of Day, Pitney, "but be careful to document that your choosiness is not code for some type of discrimination." The federal Fair Housing Act and local laws prohibit discrimination based on race, color, religion, age, gender, sexual orientation, familial status, marital status, military/veteran status, national origin, ancestry, receipt of public assistance, or physical or mental disability. Landlords can choose among prospective tenants for economic reasons that arise after credit, employment, and reference checks. Set financial standards for prospective tenants that make you comfortable that they can cover the monthly rent.

"Be consistent," says Leger. "Always treat everyone who walks in to see your place the same way. If you offer one a cup of coffee, give them all a cup of coffee. If you use the same procedure with everyone, then chances are you're probably going to be safe. If you show records and say I didn't rent to them because their income is this and I require this and prove that all your tenants meet that requirement, then you're discriminating because of economics, which is allowed."

Rule No. 4-Avoid Getting Sued
While landlords may confront anti-discrimination issues before tenants move in, another matrix of federal and state statutes affect the landlord-tenant relationship once occupancy begins. The Massachusetts Rental Housing Association offers half-day conferences around the state dealing with landlord rights and responsibilities, including everything from asset protection to eviction procedures. Networking opportunities and educational resources can be found on the MRHA website at massrha.com.

With older homes and units constituting a significant portion of the Massachusetts rental inventory at any one time, lead-paint liability presents a familiar legal concern for landlords, especially since they cannot discriminate against families with children. Landlords must give tenants the Massachusetts Lead Law Notification form, explaining the dangers of lead paint and guidelines for removal. If a child younger than 6 resides at a property containing unlawful lead levels, the landlord is required to remove the lead. "The reason lead-paint liability should scare prospective landlords the most is that the downside goes far beyond not getting the rent and not getting the desired economic return on your investment," says Novak. "The potential multimillion-dollar economic liability can be catastrophic, not to mention the horrific potential health impact on a child."

When it comes to evictions, landlords should understand that they typically involve a legal process that Leger estimates lasts "a minimum of six weeks from the time of the eviction notice, if everything is perfect and the stars align." More often than not, Leger notes, problems and delays with evictions occur "because landlords didn't know proper procedure at the beginning, and it snowballed out of control."

Other aspects of the landlord-tenant relationship that can lead to litigation include failure to provide the minimum standard of habitability and the mishandling of security deposits. If a tenant pays a security deposit, several conditions must be satisfied, including placement of the money in an interest-bearing account and inspection of the property. Mishandling of a security deposit, even inadvertently, is one of several reasons a tenant or aggressive tenant's lawyer may invoke Massachusetts General Law Chapter 93a, a consumer protection provision that can result in the payment of triple damages and legal fees if the plaintiff succeeds.

"The stereotype is that landlords don't do anything, that they're just living off the backs of their tenants, but that's not the case at all," says Leger. "It's the most regulated business you can get into. So, you have to mind all your p's and q's."

Rule No. 5-Keep An Electrician on Speed-dial
The Dublins own a three-family home in West Cambridge and represent the rare landlords with no major complaints. For the past 31 years, Peter and Jana Dublin have lived on the first floor and rented the top two floors to tenants ranging from single mothers to foreign graduate students. Rental income allows Peter to run his own educational software development company while Jana works as a social worker. With the mortgage paid off and retirement nearing, the Dublins foresee rental income essentially providing a pension.

But even the best of landlords in the best of situations cannot manage all the responsibilities by themselves. Peter Dublin was reminded of that when he was nearly electrocuted during the second of three renovations on his property. A do-it-yourself kind of guy before it was popular, Peter thought nothing of finishing some electrical work in the basement one night. "I did all the electrical myself before I almost killed myself," says Peter. "I got a good jolt. . . . Some people can do a lot. Most people can't do much. Nobody can do it all. You're always, in a sense, a bit beholden to other people to tell you stuff about which you know nothing. That's always a problem."

In addition to a lawyer, financial adviser, mortgage broker, and realtor at the ready, landlords should know a reliable electrician, plumber, and handyman and preferably have phone numbers for all three on speed-dial for inevitable emergencies. Recommendations from friends, neighbors, and fellow landlords can help you find the right person. Without such resources, the cumulative effect of the so-called small stuff can drive a landlord out of the rental-housing business more quickly than major catastrophes.

To avoid the small and big repairs, the Dublins advise being as proactive as possible. As soon as the stove in one rental unit broke down, the Dublins replaced the stoves in both units. While not everyone has the financial wherewithal to replace appliances in rental units before they break down, all landlords should try to carry a reserve. Experienced landlords half-jokingly comment that major catastrophes come in pairs - that the boiler goes the same week that a section of the roof collapses. The ability to spend money when and where needed can be essential to long-term success.

Rule No. 6-Forget About Flipping
Barring major, costly, and time-consuming problems and repairs, Munther Haddad plans to keep the four-bedroom rental property he owns in Somerville - at least until the oldest of his three children heads to college in six years. If needed, he could then sell the property to cover the costs of higher education.

"With each property you look at, you should have a likely time horizon, when you think you might be in a position to sell it," says Cooper. "Anybody who buys something and says to you, 'I'm going to make a ton of money in two years and sell this thing' isn't being realistic. That does happen, but it's extremely rare. You should be buying real estate with the idea that you're going to hold it for five to 10 years. That will take you through a cycle of up and down."

Haddad ventured into the investment-property business in 1999, during a booming rental market in the Boston area. Still, by his own admission, Haddad was fortunate during his first six years as a landlord, happily leasing the Somerville property to four young professionals. In 2005, however, Haddad was faced with a complete turnover in tenants during a struggling rental market, with occupancy rates and average rents falling. The property remained vacant for three agonizing months. "Not knowing if I was going to be able to rent it was the worst experience, because I was relying on the monthly rental income, and all of a sudden it disappeared," says Haddad. "If that money doesn't come in, it becomes a challenge if you don't manage it correctly."

With a long-term vision for his investment, Haddad felt reasonably comfortable with short-term revenue drains and devised a costly yet effective strategy for handling the poor rental market. First, he updated the property, installing new carpet, replacing kitchen tiles, upgrading appliances, and painting the entire home. Second, with similar properties crowding the market and renting for less, he thought creatively when advertising the house. Haddad suggested using the fourth bedroom as office space. Third, he reduced the rent by more than 25 percent, dropping it from $2,500 per month to $1,800. Fourth, he enlisted the help of a broker and covered the finder's fee. Eventually, two people became interested in the property, and they found a third to help cover the rent. While the three-month vacancy and sharp decline in rental income were difficult to stomach, Haddad took comfort in the big picture - the appreciation of the property. In the interim, he needed to ensure the short-term costs of ownership did not eclipse the long-term benefits.

The Dublins stand as a prime example of the inherent value of staying power. They purchased their three-family home for $56,000 in the early 1970s and rental income more than covered the $260 in monthly mortgage payments until the Dublins paid off the loan several years ago. Judging from recent sales in the area, the property is worth well over $1 million, with a single unit capable of fetching upward of $550,000. Jana Dublin, however, says the couple has no plans to sell.

"Very few people are good enough to consistently pick the right time to do anything," says Cooper. "I've learned that unless you make a terrible mistake, time tends to bail you out a lot. So, in the case of real estate where there's an expense to holding it, you have to minimize that expense so that you can maximize the period you can hold the property."

Shira Springer covers sports for the Globe. She’s also a landlord. E-mail her at springer@globe.com.

© Copyright 2007 Globe Newspaper Company.

Tax Credit Extended and Enhanced...

james@bostonbayside.com (james@bostonbayside.com) — Mon, 09 Nov 2009 15:33:00 +0000

The $8000 tax credit extended

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

The $6500 tax credit for qualified move-up/repeat home buyers

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

All information above from: www.federalhousingtaxcredit.com/ Go there for more detailed information along with FAQs on both credits. As always, it is best to run your situation by a professional tax consultant or accountant to verify the actual tax benefit.

Haloween in Dorchester

james@bostonbayside.com (james@bostonbayside.com) — Fri, 30 Oct 2009 19:48:00 +0000

Lots of good events going on in Dorchester for Haloween! Have fun and stay safe!

I was showing places today and look what showed up.

Next year, maybe I should do showings in costume???

Weekend Open Houses

james@bostonbayside.com (james@bostonbayside.com) — Fri, 16 Oct 2009 16:39:00 +0000

Boston Bayside Properties presents- OUR WEEKEND & Monday OPEN HOUSE SCHEDULE:

First up- on Sunday, Oct 18th from 1pm-3pm view a wonderful 2 bedroom, 2 bath home at 161 East Cottage Street, Boston, MA 02125 with open floor plan, Brazilian cherry floors, gas fireplace, gourmet kitchen (w/bonus wine fridge), surround sound, & baths with Jacuzzi & steam showers. All with a private deck, in unit laundry, deeded parking & over sized private storage. Very strong & well established condo association with a flush reserve acct. This is a must see! Asking $295,000

Then, next up on Monday, October 19th from 4pm-6pm at 130 Mount Pleasant Ave, Unit #1, Boston, MA 02119 the first Open House at this incredible townhouse style condo near historic and desirable Fort Hill, Mission Hill & South End areas. Minutes to city. Unit boasts open floor plan w/ great ceiling height giving first floor a majestic feeling, 3 bedrooms, 2 & 1/2 baths- master w/ walk-in close & jacuzzi tub, private office with great windows and natural lighting. Three full living levels and basement. Offfered at $289,000. This is a city gem that any discerning buyer would enjoy.

Happy house hunting this fall!

Winner of Beach Competition

james@bostonbayside.com (james@bostonbayside.com) — Tue, 06 Oct 2009 15:26:00 +0000

We did the drawing for the grand prize and the winner is Jarrod Desjardin of Stoughton, MA.

He can be reached for comment at:

Jarrod Desjardin
Technical Recruiter
The Computer Merchant, Ltd.
781-878-1070 X4472
jdesjardin@tcml.com
www.tcml.com

Congratulations! When he comes to accept his prize we'll take photos.

Week 6- a bit trickier

james@bostonbayside.com (james@bostonbayside.com) — Thu, 20 Aug 2009 15:12:00 +0000

This could be a bit tricky, they were taken with my Blackberry phone camera and the pictures don't give much away.....so I'm giving a few clues....it is in Quincy and it is called ______'_ _____. The first word is a color.

Good luck. Get your guess into james@bostonbayside.com quick.

Week 5- Name That Beach

james@bostonbayside.com (james@bostonbayside.com) — Fri, 14 Aug 2009 14:58:00 +0000

This week- same rules, same prize- $20 gift card at a restaurant of your choice. First correct answer gets this week's prize. Don't forget to vote no matter what for a chance at the grand prize.

Come on, this is an easy one. Send your guess into james@bostonbayside.com Thanks

Week 4- Name That Beach or Pond

james@bostonbayside.com (james@bostonbayside.com) — Tue, 14 Jul 2009 14:11:00 +0000

This week we are calling it a "Name That Beach or Pond" competition, as these pictures are of a location that doesn't necessarily have a beach or an open body of water such as an ocean.

You know the rules, first one to respond with the correct answer gets a gift card to an area restaurant. All emails are time stamped so I know who got the answer in first.

All entries get entered into grand prize pool, so random guessing is allowed but correct answers are rewarded with double entries into grand prize lottery. Good luck. Email all answers to james@bostonbayside.com

Week 3- What beach?

james@bostonbayside.com (james@bostonbayside.com) — Mon, 01 Jun 2009 03:40:00 +0000

Well, it is onto another week and another month.

Two winners got paid out last time when it was Tenean Beach in Dorchester (they responded at the exact same time with the correct answer per my google mail stamp) and I didn't feel right paying out to one and not the other. Between the double pay out and it being the end of the month I took a week off from running the competition.

So, here are Week's 3 pictures- not my best shots nor the best day for beach weather but last week was pretty rainy so forgive me:

Again, this isn't really that hard with the clues I put in there but feel free to guess away freely, but realize even late correct answers get rewarded with double entrees into grand prize pool. Clue: I'm pretty sure you can click on my pictures to enlarge photo, then google the clues...i.e restaurant and then the initials on building, but don't waste too much time Monday morning on your first day back to work from a weekend playing this silly game. Geesh.

Prize will be another $20 gift card to a restaurant of your choice (with some guidance from me). Or if you are a 2nd time weekly winner (there are some serious players in this competition) you can choose to pass on the prize which I'll give to the 2nd place person getting the answer correct who hasn't gotten a gift card yet. For your generosity your name will be quadrupled this week as an entree into the grand prize pool- more times your name is in there, the better odds you'll win the grand prize.

I hope you have a good start to June, personally and professionally.

Week Two- "Name That Beach" Competition

james@bostonbayside.com (james@bostonbayside.com) — Tue, 12 May 2009 19:15:00 +0000

Congratulations to last week's winner of Boston Bayside Properties- "Name That Beach" Competition.

She correctly guessed that the beach was Malibu Beach/Savin Hill Beach for Week 1s prize;, though she asked not to be named or photographed she did win dinner at Jae's in the South End (http://www.jaescafe.com/)

This week- same rules, same prize- $20 gift card at a restaurant of your choice. First correct answer gets this week's prize. Don't forget to vote no matter what for a chance at the grand prize. So onto Week 2 pictures:

I put up 4 shots of the same beach and park area. Each of them have clues in the background. You may have to do some "googling" of the billboards/signage but it is still fairly easy. Double entries will be put in the grand prize lottery pool for correct answers put in prior to Thursday, May 14th by 9pm.

Happy beach going from Boston Bayside Properties!

Seven Golden Rules

james@bostonbayside.com (james@bostonbayside.com) — Fri, 08 May 2009 16:12:00 +0000

I thought the below description of how to bid on REO/foreclosures or short sales was a good description of what it currently happening in the market. Thanks to Antonio & Alexia Cardenas "The Realtors In Motion"- for writing it.

Seven Golden Rules For A Successful Bid On a House

"First time home buyers are looking at a market that shows no mercy, is highly competitive and does not reflect the conditions of a so-called "depressed real estate market." It is not easy to find a good house at the entry level without having to compete with other buyers, but with persistence, good preparation and the help of a professional local Realtor your chances of becoming a homeowner are better. Above all, be realistic, your very first house is not your "Dream House" but getting on the homeownership wagon will eventually get you there.

Many home buyers have decided to jump off the fence and buy their very first house; perhaps it was the drop on interest rates to historical lows, or maybe the number of perceived bargains offered by the banks and a high inventory of homes for sale, or the $8,000 offered as a tax incentive from the government. When all these factors are put together, you will think its heaven and you will have the time of your life choosing the best possible home at the best possible price with an incredible low interest rate for the next 30 years... or is it?

This is not the true picture of what we are seeing today. It appears that the REO's or bank owned properties that flooded the market before and kept the inventory high due to their inability to dispose of those properties, have finally figure out how to sell them... by under pricing them! This strategy has been paying off for them very nicely. Buyers trying to outbid each other will push the price to the highest point the market can bear.

An underpriced REO home goes on the market and attracts a good number of home buyers who think that they finally found their dream home, or ideal investment. They quickly realize that they are not the only ones out looking at homes for sale. Here in the Boston area, we are seen 20+ offers presented on the same property within days.

How can a home buyer compete and win this bidding war? By understanding how offers are viewed by the seller and being prepared to meet those requirements as much as possible. If you can pay all cash, there will be no finance contingency or appraisals and it is possible for the property to close within days.

If that’s not possible, follow these steps to strengthen your position and get your offer accepted:
•1. Do a complete loan application and bring every piece of paper requested by the lender
•2. Have the bank issue a complete pre-approval letter, signed by a real person
•3. Offer to pay more than the asking price if you can
•4. Put a large down payment if possible, this will help when your offer is compared to others
•5. Be prepared to take the house on an "as-is" condition and spell that out in the contract
•6. Reduce the inspection contingency from 17 to about 5-7 days only
•7. Reduce the actual closing date to to as close to 30 days if possible

Realize that the sellers don't care who buys their house, all they look for is to get the maximum amount of money they can, in the quickest amount of time with the least amount of inconvenience. They don't want to do any work, or wait too long to sell the property or to pay for anything extra.

Now that you finally decided to jump off the fence and get into the housing market and become a homeowner, you need to give this idea some time and dedication, as we get closer to the end of the $8,000 tax credit window which is December 1, 2009, there will be far more competition and you will need all the help you can get. Work closely with your Realtor, don't go at it alone and be prepared to go see a house within minutes and possibly right an offer on the spot.

This market offers you a great opportunity to make the purchase of a lifetime... but others are also aware of these positive conditions and you will meet them when they compete with you... just when YOU think YOU found YOUR dream home. Happy House Hunting!"-Antonio & Alexia Cardenas " The Realtors In Motion of California

"Name That Beach" competition announced...

james@bostonbayside.com (james@bostonbayside.com) — Mon, 04 May 2009 15:16:00 +0000

Name this beach and the neighborhood it is in to win a $20 gift card to a Dorchester restaurant of your choice; the prize is awarded to the first person to name it correctly and email their full information to james@bostonbayside.com

Is this Wellfeet down the Cape? Is this Old Orchards's beach in Maine? Is this Rye Beach in New Hampshire? Is this Brant Rock? Is it near L Street? Is it Carson Beach in South Boston? Is it near Orient Heights, East Boston? Or is it none of the above? QUICK- get your answer in before someone else does.

Hint: look in the background for a large landmark that is a dead give-away. What beach will be next week? Stay tuned.

Store Window Displays

james@bostonbayside.com (james@bostonbayside.com) — Mon, 06 Apr 2009 15:11:00 +0000

Last week we set up our window display. Check it out:

Next upgrade to come is the custom designed cushion for our front space and then in the works is a large outdoor commercial sign. Exciting!

There is a cool event coming up at the end of April. The 1st Annual- A Taste of Dorchester. Sample delicious food from Dorchester’s best restaurants!

Thursday, April 30, 2009 6:00 – 9:00 PM I.B.E.W. Hall, 256 Freeport Street in Dorchester

Tickets are $30 in advance, $40 at the door, and $15 for seniors & children.
* Raffle * Music * Cash Bar *Free Parking across the street from the hall

http://mahahome.org/class/TasteOfDorchester.html

HOMEBUYER TAX CREDIT OVERVIEW

james@bostonbayside.com (james@bostonbayside.com) — Sun, 22 Mar 2009 13:09:00 +0000

The Homebuyer Tax Credit portion of the American Recovery and Reinvestment Act of 2009 provides an $8,000 tax credit to first-time home buyers (or buyers who have not owned a private residence in the past three years) who purchase a principal residence on or after January 1, 2009 and on or before November 30, 2009. The credit does not require repayment and will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

What are the important points to know?
The Tax credit has been raised from $7,500 to $8,000 or 10% of purchase price (whichever is less) The credit does not require repayment.

First time home buyers or buyers who have not owned a home in the last 3 years
To qualify, a single person must make less than $75,000 a year in income
Joint ownership must make less than $150,000 a year in income to qualify
Qualified buyers must purchase home on or after January 1, 2009 and no later than November 30, 2009
The property must be the primary residence
Purchaser must remain in home for 3 years or the credit will be recaptured at the sale of home.
Are there restrictions for the home I want to purchase?
The primary residence can be a condo, single family detached, co-op, townhouse or something similar
The home must be located in the United States.
Vacation homes and rental properties are not eligible.
For new construction, the "purchase date" is the date you occupy the home. So the move in date must be before December 1, 2009.

Who is not eligible for the credit?
If your income exceeds the phase-out range. This means joint filers with Modified Adjusted Gross Income (MAGI) of $170,000 and above and other taxpayers with MAGI of $95,000 and above. You may not buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.

Vacation homes and rental properties are not eligible
If you stop using your home as your main home.
If you sell your home before the end of three years.
If you are a nonresident alien you are not eligible

Recapture-3 Year Residency

If the home is sold prior to three years of ownership, the tax credit must be repaid at closing.
This provision is designed to prevent flipping homes in order to get the credit.

Other Provisions
Purchasers who utilize state/local revenue bond financing can now use the credit. Purchasers who bought before January 1, 2009 and received the previous $7,500 tax credit are still subject to the terms of that repayable credit.

When Can I Claim the Credit?
It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return.

Contact an agent at Boston Bayside Properties for more information or
email me at james@bostonbayside.com

The information contained here is not be construed as legal or tax advice.

Source: National Association of REALTORS®

Open for business...

james@bostonbayside.com (james@bostonbayside.com) — Mon, 16 Feb 2009 16:16:00 +0000

Well, its official- Jessie Cuddy (www.jessiecuddy.com/) and I opened up our own real estate office. Its right across the street from our old RE/MAX office. Personally, I couldn't imagine leaving Lower Mills and though it took some work to convince Jessie the space would work, we are now Boston Bayside Properties:

Its exciting to be a business owner and we've been rolling since February 1st, 2009. Lots of stuff is coming together and hopefully this will be a stellar year.

As always we'll provide some of the best service out there in sales or rentals in the Boston area. With the latest tax credit (www.federalhousingtaxcredit.com); hopefully I'll be able to get some of the first time home buyers sitting on the sidelines to move out there and find something that's right for them. There is still a lot of junk out there but I'm starting to see more and more deals in both single-families and condos.

Below are some photos I took on my Blackberry of the mild renovations we did and of some other stuff.

That's the front of our commercial space, Jessie putting up the sign on the door, the finished sign on the door with our reflection and my contractor John Carvalho figuring out some layout stuff for the office.

10 Ways to Prepare for Homeownership in 2009

james@bostonbayside.com (james@bostonbayside.com) — Thu, 15 Jan 2009 18:07:00 +0000

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved

Notes from past clients...

james@bostonbayside.com (james@bostonbayside.com) — Sat, 27 Dec 2008 23:14:00 +0000

“I am really happy that you were my agent for my first home buying experience. You worked hard to understand, and to help me to understand, what I need, what good value was, and what made sense for me.

I feel happy and confident about the end result and that is due, in no small measure, to your experience and judgment as well as your reassuring and confident manner through all the ups and downs of it all. It was great working with you!” – Kathy

“You have no idea how much I appreciate all you have done for me. I can’t thank you enough. You’re the best.” - Monica

“I just wanted to write to say thank you for all your help with buying my house. This was my first time buying a home, and you made the process very painless. Your knowledge of this area and all of the different aspects of buying a home made me feel very comfortable in buying this house. I also admired your integrity during this deal by really looking out for my best interests and what I could afford. I felt confident that you would not let me make a mistake in this purchase. Also, I appreciate all your effort to help me get the best financing for this deal. I can’t even believe what a good program you helped me get into. It made buying a home a reality for me.

I absolutely love my house and it is so great to come home to a place I actually own and to know that I have successfully made an investment for my future.”- Becky

Happy Holidays and Happy New Year!

Happy Thanksgiving!

james@bostonbayside.com (james@bostonbayside.com) — Wed, 26 Nov 2008 19:48:00 +0000

We'll keep this November's blog simple.

Just saying Happy Thanksgiving to everyone and giving a shout out to the turkey running around Savin Hill.

HAPPY THANKSGIVING!!!

Boston Globe reports area rents increase 4.2%

james@bostonbayside.com (james@bostonbayside.com) — Wed, 29 Oct 2008 17:41:00 +0000

Today, the Boston Globe reported that area's rents up 4.2% in one year. See article here: http://www.boston.com/business/articles/2008/10/29/areas_rents_up_42_in_one_year?s_campaign=8315

They cite a particular statistic of 3rd quarter 2007 metropolitan area rents being $1592 and the 3rd quarter 2008 rent is $1659. This is specifically tracking buildings with 40 or more units.

I'm not sure if owners of two-families or three-families are seeing this increase from my latest rental work but it definitely seems things are busy and people are always looking for a good place to rent.

Maybe this is another good reason to become a landlord? Call me (617 784 8635) and lets talk about buying up some of these foreclosures or working our way through some short-sales. They can test your patience and persistence, but finding a great deal always feels good.

Or rent this below proeprty if you aren't quite in the buying mood yet:

Adams Village location, third floor apartment looking for quiet tenant to enjoy this 2-bedroom, 1 bath, recently renovated, great light, granite/stainless kitchen, washer/dryer in unit. Asking $1350 with First, Last, and some Security.

Call today, won't last.

Tips to Investors, Homeowners, and Landlords

james@bostonbayside.com (james@bostonbayside.com) — Wed, 03 Sep 2008 18:03:00 +0000

With the ever changing market, more and more owners are required to become real estate investors or landlords when they only intended to be homeowners buying and then selling their homes before moving on to the next. Many homeowners have found themselves in a buy and hold pattern.

Never fear, with September being the largest month for rental turnover in the Boston area I thought I'd give some tips to successfully renting your place to quality tenants:

1) Hire a local professional real estate agent to rent out your property. Ask him how he screens his tenants, what type of lease he uses or recommends based on the landlords needs and wants, does he properly get filled out all the necessary forms, where does he market the unit, what does he think the unit should rent for and how long should it take, etc.
2) If he or she checks out and demonstrates some knowledge of the process, offer to pay a full one month fee to that agent. Make sure he is willing to spilt that with co-operating agents bringing qualified tenants. Or at the very least request that he accepts 1/2 month from the landlord and 1/2 month from the tenant based on the location and desirability of unit.
3) Try to underprice the market (if you can). If tenants sense a deal, they will jump on it and you'll have a pool of tenants to choose from. Most likely, they will be willing to provide what you have requested (first, last and security).
4) Be a GOOD landlord and realize that you are providing a service to your tenant(s), and henceforth they are PAYING part or hopefully all of your mortgage, taxes, and insurance. Breaking even (landlord's expense $1200 and rent being paid $1200) is a good business deal and you are getting richer by providing a service. With that said, this is a business transaction and you should uphold your end of the bargain if you expect the tenant to do the same. Provide the best at the right price and you will always do well with your unit(s).
5) Make sure the real estate agent you hire works the local market with fliers, letters to local businesses, and other creative ways to get the job done. In any town or city, there are more or less desirable areas so you have to be aware of this. (check out www.walkscore.com as a fun site that rates the workability of your location)
6) There are TONS of websites to market on and you will get leads from these. Screen professionally and be respectful.

Any questions give me a call at 617 784 8635 or james@bostonbayside.com

Don't forgot about this great rental building....

james@bostonbayside.com (james@bostonbayside.com) — Wed, 20 Aug 2008 17:56:00 +0000

Schoolhouse at Lower Mills

Don't forgot about this great rental building, definitely a nice addition to the Lower Mills community. A great combination of:

One Bedrooms
One Bedroom Plus
Two Bedrooms

All residences offer high-end finishes and amenities through inspired design. Washer/dryer in unit, community room with flat screen tv and fireplace, and work-out facility. Garaged parking available and storage units.

Rental rates starting at $1,550 per month. Call James - 617 784 8635 to negotiate 1-month free on rent.