A Walk Around Jamaica Pond

December 23, 2012 By Leave a Comment

Looking for a condo near the Jamaica Pond? Jamaica Plain’s finest real estate is just nearby.

It’s hard to believe we live in the City when walking around the Jamaica Pond. This is one of Boston’s most treasured nature spots, part of the Emerald Necklace designed by Frederick Law Olmstead. The 1.5 mile walk around takes about 40 minutes, more depending on how many kids are in tow. Come in any weather and you find a plethora of birds and a diverse group people enjoying the view and walking or jogging on the trail.

The Jamaica Pond allows fishing and sailing in the summer. You’ll find beautiful Jamaica Plain houses lined across the street on the Jamaicaway. You can walk to the pond if you live almost anywhere in the Pondside neighborhood of JP, which offers single family houses, condos and two-three family houses.

Living Near the Jamaica Pond:

If it’s a large condo complex with amenities you want, there are two options a short walk from the Jamaica Pond. The first is 111 Perkins Street, one of the few Boston co-ops. With its spectacular views from higher floors or the space and private yard in its townhouses, 111 Perkins Street is convenient and comfortable. At the Jamaicaway Towers you’ll enjoy the following amenities:

  • swimming pool
  • exercise room
  • sauna and steam room
  • tennis court
  • garage parking

Just across the street of where the swans and geese congregate is Cabot Estates’ entrance. This is a gated community offering Boston’s best kept real estate secret. Beyond the gate you find beautiful condos in all sizes, with amenities including:

  • swimming pool
  • tennis court
  • gym
  • a club / function room in the original Cabot building, now called The Castle
  • beautifully landscaped and wooded setting

Cabot Estates, located at 241 Perkins Street in Jamaica Plain, is home to 158 condos and offers plenty of visitors parking. You can learn more about Cabot Estates in Jamaica Plain: http://www.cabotestate.org/

Search for condos in Jamaica Plain, or contact me to learn of listings available at Cabot Estates and The Jamaicaway Towers.


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The Truth About Open Houses

June 1, 2012 By Leave a Comment

Home sellers: why are you pinning high expectations to open houses? Is this your idea or your agent’s? It is a mistake to think open houses are an important marketing strategy for your home to sell. Open houses are not so important. They haven’t been for years, since about 2006 in my opinion.

The real function of open houses is for agents to pick-up buyers. The majority of buyers walking through your house on Sunday afternoon are in the early stages of their home search. This makes for an excellent way for agents to meet buyers who are often unrepresented. The buyers usually expect this, as they are shopping around for a buyer agent, and for general neighborhood and market information.

The buyers coming to your house are shopping, but not for a home…not yet. When they enter the stage of readiness to buy, they’ll book a private showing.

Why have open houses lost their purpose as a main showcase for your home? First, let’s blame (or thank) the internet. With all the media available, buyers are able to learn a lot more about houses online. They don’t need to see fifty houses to learn what the market has to offer. Instead, they can view videos, pictures, floor plans and neighborhood information anytime, on a handy device, from anywhere.

Second, with the slow market of the past few years, buyers are less fearful of losing a home. If they can’t get to a home on Sunday, they’ll come see it on Monday or Thursday. There is more inventory and homes stay on market longer. What’s the rush?

But open houses are not a total waste of time for you. You should have your agent (or team member) host an open house occasionally. Open houses are a great way learn about the market. Agents share information about about open house traffic to gauge what is going on locally. In open houses we also hear honest feedback direct from buyers, which can be very helpful.

So don’t nix the open houses completely. Adjust your expectations instead, and ensure that the open houses are not your listing agent’s marketing tool of choice.

Filed Under: Selling a Home Tagged With: , , , , , , , , , ,

Real Estate Decisions: Use Your Head or Your Heart?

May 16, 2012 By Leave a Comment

Last week I had a difficult decision to make. My emotional side had to duke it out with my logical reasoning. I work through head versus heart wars with clients all the time, so this week was an opportunity to observe the decision making process and find ways to optimize difficult choices.

Residential real estate is a fertile ground for difficult decisions that employ both the logical and emotional. So how do we make the best choices when buying a home and who to trust, the head or the heart? The answer is that you’ll have to bring the two to a compromise for the optimal decision.

A purely logical decision

Three years ago I had a house on the market in Newton priced around $780,000. A family came to see this house three times, and obviously loved it. When they were ready to make an offer, the conversation was something like this. “We’ve done the analysis of all the sales in the past six months in the radius of .33 miles. Using a formula taking into account square footage, age of house, etc etc…the house is worth $632,392. Our offer is for $632,500.”

A purely analytical offer misses the variables that are not easily measured, or altogether intangible. This family would have enjoyed this house, it was perfect for them in many ways, and they missed it. The house was sold for $750,000 to another family.

A purely emotional decision

In the height of our condo market, around 2006, I worked with a buyer for only a couple of weeks before she was ready to make an offer on a very pretty one-bedroom in Brookline. “I love it, I love it, I love it.” When buyers don’t take longer to choose a home my reaction is usually, “Are you sure, are you sure, are you SURE?”

My buyer did not want to negotiate; she put in a generous offer, higher than what I had suggested. All my explaining and advising was ignored, and my job was to represent her wishes. Everything went pretty well up until the appraisal. The bank’s appraisal was lower than the price my buyer was willing to pay. This means the bank is not willing to finance the purchase at this price – a big problem.

Did I mention this is the height of the condo market? I wasn’t new to the business but it was the first time I heard of a bank appraisal resulting in a lower price, (a commonplace these days). She was overpaying even in a hot market.

Finding the balance

I believe we naturally find a balance and use both our rational and emotional sides. A good real estate agent ensures this, and will hopefully balance your dominant decision making side. The pros, the cons, the what-if’s, and the numbers. It is a peace process between our heads and hearts because a home is all encompassing.

A house is both a financial investment and a home. You must enjoy the house, find it comfortable, and be happy to enter it after your day at work. But you can’t ignore that it will likely be your largest financial outlay ever.

 

Filed Under: Buying a Home Tagged With: , , , , ,

Finding Your Newton or Brookline House: A Guide for Frustrated Buyers

May 4, 2012 By Leave a Comment

I overheard someone talking about the long and disappointing process of looking for a home in Brookline the past year. “There is nothing in our price range.” I hear this often, especially about Brookline and Newton houses. So I want to give all the frustrated buyers a few words of advice from experience. Here are three questions to ask yourself and ponder.

1. Am I looking in my price range?
Sometimes I find buyers, especially those looking in a seven figure price point, looking at homes with the dream criteria list, but not the right price range. These buyers go see Brookline homes that have a specific number of bedrooms, square footage, certain style, etc. But the houses are totally out of the price range.

Instead, only look at home you can afford, plus 5-10%. (See my previous post about looking at homes above your price range). Are you sure they won’t do? Don’t rely on the pictures on the computer only, go look at some of the homes. Perhaps with some imagination and a little investment down the line it will be the dream home you can’t afford now.

2. Am I giving up easily?
Buyers going from house to house they can’t afford tend to give up. Looking for a home is a long process so why spend all these hours on something you don’t think will come together?

Hang in there! In fact, I suggest that buyers who are outbid regularly to keep at it. Yours will be a longer and more intense search, but with the dedication and persistence, you can find the right home. Sometimes a home that sits for many months on the market will sell for less than it would otherwise, or a poorly marketed for-sale-by-owner will sell for too little (FSBO’s have many disadvantages in the market ).

Luck, it is said, is preparedness and openness for opportunities. If you quit your search, you will not be positioned for much real estate luck.

3. Am I working with the right agent?
You can find the right agent who’ll be dedicated to your long home searching journey. Don’t commit to anyone until you find someone who is impatient or pushy.

One of the very first things an agent does with a buyer is set expectations. Sadly, though, most agents think this means to set YOUR expectations of what you’ll not get for your money in TODAY’s market. There is more to it.

If an agent says your expectations are unrealistic, walk away and hire someone else. Seriously. No agent knows when and how things will change. There are various opportunities, situations, and if you are serious about moving, you will find the right home.

If you are committed to finding a new home, and you know your needs are as such that you MUST move, then please give yourself plenty of time to search for a home. Find an agent to be your partner, and make the decision that this will take a while. As my Grandmother used to say, “With a bit of patience and some creativity, anything is possible.”

Filed Under: Buying a Home Tagged With: , , , , , , , ,

Finding the Balance

February 9, 2012 By Leave a Comment

One of my favorite clients was buying a home with her husband while she was finishing law school, studying for the bar exam, and expecting her first child. Talk about a stressful time. It would have all been enough without looking for a new home, but sometimes you just have a lot on your plate and you have to manage it somehow.

Buying a home, especially a first home, is stressful. And if someone ever doubts the need for a real estate agent to guide a buyer through the process, all I have to do is go through the to-do list of home buying and tally-up the time involved. Figure out how to incorporate it all into your daily life, while keeping your wits about you, and you got yourself one mess of six months.

Unless you find the right agent.

You know you have the right agent if you feel you’d be more stressed without him or her. An agent will save you loads of time (and money), and navigate you through all you have to do to become a homeowner. More importantly, though, an agent should help you find the balance between the stress of change and the joy of it.

If you are buying a home, it means you are going through a major life change. Even if it is just a first small condo, comparable to the apartment you live in, in the same neighborhood, you are still adopting a new lifestyle. And like all complex processes, home buying is never free to snags, snafus, bumps, and issues.

So don’t overlook the importance of a real estate agent. Instead find the right one. When shopping around for an agent, ask yourself the following:

• Will this person be helpful in making decisions and be supportive of my decisions?
The right agent will direct you to realistic expectations and help shape your home buying goals. Then, he or she should enthusiastically assist you in reaching those goals.

• Does this person make me feel secure and calm, or do I find myself stressed and confused?
Some people have sense of security, and some seem to be confused and overwhelmed. Both are contagious so be careful. When the home-buying process will meet its inevitable challenges, find someone who’ll make you feel better, not worse.

• Does he or she explain things in a way I understand?
A real estate transaction has many subtleties and complexities, but it is not difficult. You should be able to know what is going on the first time it is explained, it is not brain surgery. Misunderstandings and confusion are a great source of stress and wasted time. Ask questions and hire an agent who answers them clearly.

And most importantly, keep your sense of humor. by Ruth Malkin-Lerner, Senior Sales Associate, Dwell360

Filed Under: Buying a Home Tagged With: , , , , , , , , , , , ,

How Landlords Save the World

January 18, 2012 By Leave a Comment

The title of this entry is over-the-top, I admit, but I am just here to stick up for the landlords out there who are trying to do some good. The word “landlord” in itself has some negativity associated with it, and the use of “lord” in this context is distasteful in our American sensibility. In media, landlords are portrayed as misers ready to make a buck on the poor and take advantage of families.

Please!

Let me tell you about the landlords, the real estate investors, I know.

First and foremost, there is a commitment to maintain the property and keeping the tenant happy and comfortable, even with the high occupancy rate and the increasing rents. I am not suggesting any altruism here, but it is cheaper to keep than replace tenants. It only makes sense that tenants stay for a long-run, and take care of the property, as it is their home. Fostering that environment is essential for positive tenant-landlord relations, which is the relationship you want in between any consumer and supplier.

A rental property is a huge financial commitment and a landlord idiot enough to not take care of it and ensure it’s livability is ill suited for the job.

Yes, there are many terrible landlords out there. The worse of them are the ones who neglect their properties, fail to keep up with safety codes, and don’t treat their tenants with the respect they deserve. Just like in any occupation, in any aspect of humanity, there are some bad apples.

For more on tenant-landlord rights in Massachusetts, go to http://www.mass.gov/ago/docs/consumer/landlordtenant073007.pdf

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Three Ways to Invest in Real Estate

January 11, 2012 By Leave a Comment

Investing in real estate can seem overwhelming and reserved for the very rich. In the current economic conditions and marketplace, it may even feel a bit too risky. But if you’ve ever thought real estate investing may be right for you, this is a great time to learn about your options and how it can be done by almost anyone.

Before we learn about our options, though, let me say that I believe real estate investing can be a long a cumbersome process if you are new to it. That is not a bad thing, and I think of a lengthy process as a series of checkpoints that will make me very sure of my decision at the end. But it does mean that you have to have a critical eye, some good research skills and an a greater-than-average supply of patience. If this sounds like you, then let’s review how you can get into the lucrative business of real estate investing.

Whatever your budget, real estate can be your investment vehicle.

1. All cash deal. If you have lots of cash, you may be able to find an investment property in your area and buy it without a mortgage. The advantage of this is that you will be a highly qualified buyer and you can probably secure a property for a bit of savings over a buyer who has to get a mortgage. Another advantage of a cash buyer is that her expenses are much lower, as there is no monthly mortgage payment. This enables her to be more flexible on the rent, giving her more options in choosing tenants.

The disadvantage of an all cash deal is that it is not taking advantage of very low mortgage rates. Borrowing is pretty cheap, and if all your cash is in one place, you can’t use it elsewhere. Leverage is a real estate investor’s friend.

2. Part cash, part mortgage. The down payment minimum is 20-30%, depending on various circumstances and your financial qualifications. My rule of thumb is that you should make money, or at least break even, with this kind of down payment. If you lose money on a monthly basis, the property is not worth the price, (at least not not for an investor). Your mortgage payments, any association fees and taxes should be covered by the rent.

The advantage here is that you’ll be taking advantage of the cheap borrowing costs, and you’ll own a property with an income without the whole cash outlay.

The disadvantage is, obviously, the cost of borrowing money and the higher cost due to your mortgage payment - same as the mortgage on your home.

3. Pool of investors with little cash. Gather a few friends and family, and pool your money together to buy one property. It can even be a small property at first, but at least get into the market. If ten friends get together with $15,000 each…you do the math. The advantage is that you are in the real estate market, getting a piece of the pie, however small. It is a start, or a great single investment you have. You can hire a real estate broker and an attorney to help maybe for a stake in the property instead of commission and fees.

The disadvantage is finding like-minded individuals and putting it all together in a legally binding agreement. To me, this is just a bit of leg-work, and not so much a disadvantage, but it does add to the complexity of the transaction.

Entering the real estate market as an investor is not simple at first, but once you are in, it gets easier and easier. If you’ve ever considered investing in real estate, this is a great time to get in. Just choose your strategy and do it!

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Top Three Reasons Why Property Investment Is King

January 4, 2012 By Leave a Comment

No one wants to hear this, but I’m saying it anyway. Real estate is the best long-term financial investment. Phew…that’s a relief.

With the real estate market in the dumps for several years now, it is not easy to get back into the pro-property mind-set. But, it is exactly at these times that you should be considering expanding your real estate portfolio.

One reason I know this is because while the real estate market is dragging in most of the country, it is dominated by the professional real estate investors. Don’t you want to learn a lesson or two from them?

The professional investor loves real estate above all other investments. There are three main reasons for this.

First, real estate investing can come in many forms, just like any other investments. There are small condos, multi-family buildings, commercial, residential, mixed use properties, different towns, neighborhoods, etc. For every budget, preference and style, there is an investment instrument.

Second, real estate has a certain tangible value that you just don’t see in other investments. Property investors love that there is an asset they can visit, fix and maintain. There is a satisfaction in knowing that you have some control and responsibility in the relative value of the property.

Third, although real estate is illiquid - meaning it takes relatively a lot of time and effort to sell it - it is a versatile investment. You can hold it, or resell it when the market turns your way. You can do extensive renovations and have a quick resell, or you can hold it with tenants for years to come. Whatever it is, you have options and you can make decisions based on the best scenarios for your needs and the market conditions.

All of this assumes that you have sufficient funds for a down payment and that your expenses on the property are covered. The major drawback in investment real estate are the unavoidable expenses in maintaining it and the difficulty of selling it if you need the cash.

But this said, it may be time to consider an investment property, especially in such a critical time in the market. Opportunities and possibilities are present, and real estate investing can be a perfect fit for long-term financial goals.

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How to Sell Your Home’s Most Important Feature

August 25, 2011 By Leave a Comment

A recent survey of 1,000+ homeowners and future buyers confirmed the old adage, “Location, Location, Location.”

The result of the survey showed that the top priorities for buyers are: Ease of commuting by car: 38%, Access to health and safety services: 34%, Family-friendly neighborhood: 33%, Availability of retail stores: 32%, Access to cultural activities: 21%, Public transportation access: 19%, Nightlife and restaurant access: 18%, Golf-friendly area–access to golf courses: 6%.

This survey seems to indicate that how people spend time OUTSIDE their homes is more important than the inside. Spending endless hours on the road and paying for the gasoline it requires are unattractive these days.

What does your home have to offer?

It is great that you’ve upgraded your home, the granite and stainless steel are adding value. Sure, having a home in great condition and staged nicely are incredibly important to your marketability, but what about your location?

Here are tips for you to target your buyers better using your home’s location:

1. What type of home do you have? A small condo attracts a different buyer than a large home and each of these people have different locational needs. Think about what attracted you to this home’s location and play it up!

For example, is it ease of highway access or a short walk to the train stop? Do you love that you can walk to get groceries or that your neighborhood is full of kids and kid friendly activities?

2. Add photos, map and video of the area, not just the home. Many buyers coming through may not be familiar with the nearest bus station or closest grocery store. Point those out, enthusiastically!

3. Be specific. If something is only a five minute walk, say so. A 10 minute drive, around the corner, etc.

4. Price accordingly! You may have the prettiest home, in best condition, but if it is further away or less convenient for some reason, price lower than your competition.

For example, if your home is in a family friendly neighborhood where the value is the quiet streets and park, price lower if your home is on a busy corner. Don’t just compare prices based on the home, think location!

Remember, buyers are buying a lifestyle, not just a pile of bricks arranged nicely. If they don’t get what they need from the area, the home is meaningless. But if they love the area, they may make the home work even with a few imperfections.

Filed Under: Selling a Home Tagged With: , , , , , , , , , , , , ,

Why Hasn’t Your Home Sold?

August 17, 2011 By Leave a Comment

In the market of exasperated and exhausted home sellers, I hear a lot of great stories about why homes are not selling. They usually divide into two categories: the real estate agents not doing their jobs or the sellers are uncooperative.

Either type of story leads to the same place: how are you marketing and showing the home?

There are very few reasons why your home doesn’t sell. There is no mystery here. There are bad agents and uncooperative sellers, and both can change when they realize that this is not brain surgery. There are only two variables: the price and how well the house shows.

First of all, and at the top of the list, be realistic about the price. This is a common sticking point between agents and sellers and almost always the reason for trouble. If you insist on getting more than what the market is willing to give, you are not serious about selling, but wasting time.

You must take into consideration the issues with the location, condition and layout of the home. Don’t ignore it and don’t dance around it. Buyers know what they are looking at.

Also, home sellers sometimes hire the agent who gave the highest price in the presentation, as if this is a bidding war. This creates a situation where agents are often uncomfortable saying what they really think the house will sell for, and inflating the price knowing they will later ask for a price reduction.

Stupid. Don’t do that. Whoever brings you the highest price should be questioned about why this price is the best and how they intend to get it.

Next comes the reality about how well the home shows. Inexperienced agents are often shy (as I was in my early days), about telling homeowners their homes look awful. There are better ways to say it, but a good agent gives you a long to-do list or insists on a staging professional.

If you are serious about selling your home, it should be professionally cleaned, sparkling and smelling perfectly for every single showing. Clutter and personal belongings, (anything but furniture and a few chachkies), will get in the way of the showing.

When buyers come in, they need to see themselves in this home and be excited about it. When you leave your computer on, your mail all over the place, your clothes on door hangers, your wet towel, toothbrush and one dirty dish, buyers feel like they are invading. It’s like walking into a hotel room to find someone else’s stuff. Ech.

A bad agent doesn’t tell you the truth about the house, but instead sugar coats it to the point of misunderstanding. It is not our job to fall in love with your home! It is our job as real estate agents to tell you what you have to do to get the house sold.

Home sellers will mistake good advice for rudeness and agents make a mistake of being shy of saying what needs to be said. Instead of making tough decisions, everyone blames the economy and the weather for a home sitting on the market forever.

If any other home in your area has sold, especially if it was in your price range, their is a market for your home. Just don’t tell me a story about why the economy has not sold the house.

Filed Under: Selling a Home Tagged With: , , , , , , , , , , , , , ,
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