Wednesday, March 28, 2012
Most active spring market in years!
For much of Greater Boston, brokers are talking about this being THE most active spring market we've seen in years - and it's only just started (though with the warm temperatures, we had very strong February and March markets in many towns). Looking in many towns and categories we are seeing increased activity outpacing increases in New Listings (example February 2012, we saw nearly twice as many Brookline condos under agreement as we did in February 2011). When I talk to colelagues in Newton, Needham, the Back Bay (where $1 Million plus properties are absolutely flying this month), I hear the same thing - strong open house attendance, properties going under agreement, and "lack of inventory" at many price points. We've been saying that buyers were "waiting 'til Spring" but with April 1 fast approaching, it will be interesting to see if enough houses come to market to satisfy buyer demand (yes, I've been a part of several multiple-offer situations in the past two weeks - another sign of emerging strength in the market!) For more details or to contact me, visit www.toddglaskin.com or @investboston on Twitter!
Monday, November 21, 2011
So many new investors out there
. . . and it's November! Often the time from Thanksgiving to New Year's is a slow time for the market, but within Allston, Brighton, Brookline and neighboring communities, we are seeing lots of new investors entering the market. Some are large players with hundreds of units, flush with cash and ready to buy properties big and small. Most are individuals who see their stock portfolios fluctuate and like the idea of buying and locking in a fixed interest rate in the 4's and buying a long-term investment (2-3 fam). As one recently said to me - "I can buy now, earn income from the property as it more than covers the mortgage, and when I go to retire, the mortgage will be paid off and the rent will fund my retirement." Please give me a call at 617-593-5685 to discuss at any time - have a great Thanksgiving!
Thursday, October 6, 2011
Brookline & Back Bay Investment Markets Soar
I'm currently working on a 9-unit, 5,000 sf brick building in the Back Bay (picture above - call me at 617-593-5685 for details pre-marketing), about to come on for $3 Million and, with projected net income around $145-$155K, priced well for a quick sale at about a 5 cap, while I'm representing the sellers of some Coolidge Corner multi-fams that, as $1.395 to $1.488 Million are offering projected 6.5 to near 7% cap returns (exceptional in this tight market).
We've seen other buildings trading as low as 4.5 or even 4 caps and, in a reverse of a trend from a few years ago, being bought as long-term rentals rather than quick condo conversions (despite, or perhaps because of the the strong condo market, we are seeing rents increasing and, as several local agents have told me this week, vacancy rates, especially in Brookline and nearby parts of Boston, hovering the very low single digits - as many landlords tell me - "we're 100% full at historic high rents.") With the chance to lock in mortgage rates at today's low's, we're seeing investors coming up with strong 30-50% down payments and acquiring property in these high value, "gold-quality" locations - the flight to quality in today's market is strong.
(Note: As a Vice President at Coldwell Banker Residential Brokerage, and affiliated with Coldwell Banker Commercial NRT, I specialize in helping buyers and sellers of investment properties throughout Greater Boston and can be reached at 617-593-5685 or todd.glaskin@gmail.com with any questions).
Tuesday, March 15, 2011
City/School Departments entering the office buying/renting market
Just read an article in the New England Real Estate Journal about the Manchester (NH) School Department purchasing 12,760 sf of office space on the second floor of a professional building in Manchester for $1.7 Million. We are seeing an interesting trend here - with office space prices stabilizing at some great values throughout New England (even in prime areas like Downtown Boston), local municipalities that are strapped for space may see great opportunities to grab up properties that a few years ago would have only been a dream - and to lock in amazing interest rates at the same time.
I took a call yesterday from a group looking at a property just Northwest of Boston that was about to come on the market. We talked about the purchase price and the fact that it made a lot of sense for their local group to purchase the property and turn it in to a youth center (at a purchase price of around $100 a foot, the advantage of buying over renting is clear both on a finance basis and on a logistical basis - giving the youth center a sense of permanence and knowing that the renovations they perform will be benefiting THEIR own property).
In Brookline, a group of people headed by awesome social worker Paul Epstein, completed a multi-year quest by signing a lease on 10,000 sf of space in Brookline to create a local teen center, something the community and students have been dreaming of for years (see article here) With vacancy rates allowing for both tenants and buyers to see some excellent deals in prime locations, it's an ideal time for local individuals or groups to think about projects like this for their community. I'm always happy to help (I have worked with both for-profit and non-profit groups in the past or real estate purchasing and leasing - it is some of my most enjoyable and satisfying work, so don't hesitate to ask!)
For all your real estate needs, locally or anywhere in the U.S., please call Todd at 617-593-5685 or email todd.glaskin@gmail.com or visit www.toddglaskin.com
I took a call yesterday from a group looking at a property just Northwest of Boston that was about to come on the market. We talked about the purchase price and the fact that it made a lot of sense for their local group to purchase the property and turn it in to a youth center (at a purchase price of around $100 a foot, the advantage of buying over renting is clear both on a finance basis and on a logistical basis - giving the youth center a sense of permanence and knowing that the renovations they perform will be benefiting THEIR own property).
In Brookline, a group of people headed by awesome social worker Paul Epstein, completed a multi-year quest by signing a lease on 10,000 sf of space in Brookline to create a local teen center, something the community and students have been dreaming of for years (see article here) With vacancy rates allowing for both tenants and buyers to see some excellent deals in prime locations, it's an ideal time for local individuals or groups to think about projects like this for their community. I'm always happy to help (I have worked with both for-profit and non-profit groups in the past or real estate purchasing and leasing - it is some of my most enjoyable and satisfying work, so don't hesitate to ask!)
For all your real estate needs, locally or anywhere in the U.S., please call Todd at 617-593-5685 or email todd.glaskin@gmail.com or visit www.toddglaskin.com
The value of a "pet-friendly" house :)
I loved an article I just read in PetsMatter: March / April 2011 - it talks about a couple falling in love with a home's "ready-made" suitability for their pet. I've never seen as many buyers with pets as I have in the past few months (and as a new dog owner myself, I now understand the condo buyer who insists on only seeing condos that are totally welcoming to pets - if Ruby couldn't live there, we wouldn't look either!)
Just a good thing to think about, especially for my condo owning readers - every association is different in terms of pet policy. I remember a building which required a "pet interview" - yes, the dog had to come to a board meeting, meet the trustees, and stay for a while before being voted on as allowed! I often have sellers tell me their opinions of whether their building should allow pets changes dramatically when it comes THEIR time to sell and they really that anti-pet policies are eliminating a ton of their buyers in towns like Brookline, Brighton, Jamaica Plain and more (just examples of recent towns in which I've had this conversation - I'm sure this happens everywhere). If you live in a condo, check with your management company or your condo docs to see exactly what the pet policy is and, if you're not happy with it, bring it up at an annual meeting (or sooner). You don't have to go all the way to admitting every pet (or a buyer with 6 dogs and 3 cats). I see many buildings with limits on the number of pet, size of pet, requiring pet interviewss or allowing pets subject to the pet not being a nuisance.
For homeonwers looking to sell, take a moment to make sure your yard and fence show well. If you have a doggie door or are for your dog to run, feel free to mention it to your realtor as well. Just a nice thing to know and to highlight.
For all your real estate needs, locally or anywhere in the U.S., please call Todd at 617-593-5685 or email todd.glaskin.com or visit www.toddglaskin.com
Just a good thing to think about, especially for my condo owning readers - every association is different in terms of pet policy. I remember a building which required a "pet interview" - yes, the dog had to come to a board meeting, meet the trustees, and stay for a while before being voted on as allowed! I often have sellers tell me their opinions of whether their building should allow pets changes dramatically when it comes THEIR time to sell and they really that anti-pet policies are eliminating a ton of their buyers in towns like Brookline, Brighton, Jamaica Plain and more (just examples of recent towns in which I've had this conversation - I'm sure this happens everywhere). If you live in a condo, check with your management company or your condo docs to see exactly what the pet policy is and, if you're not happy with it, bring it up at an annual meeting (or sooner). You don't have to go all the way to admitting every pet (or a buyer with 6 dogs and 3 cats). I see many buildings with limits on the number of pet, size of pet, requiring pet interviewss or allowing pets subject to the pet not being a nuisance.
For homeonwers looking to sell, take a moment to make sure your yard and fence show well. If you have a doggie door or are for your dog to run, feel free to mention it to your realtor as well. Just a nice thing to know and to highlight.
For all your real estate needs, locally or anywhere in the U.S., please call Todd at 617-593-5685 or email todd.glaskin.com or visit www.toddglaskin.com
Tuesday, December 21, 2010
A Holiday Season Like No Other - Active Business through the New Year 2011
I was at a holiday party in the snow in Boston last night thrown by one of the best attorney's I've ever worked with (Kosta Ligris - http://www.ligris.com/ for someone who really deserves the praise - incredible attentive service to buyers and sellers and just one of the smartest lawyers I've met). In talking with the brokers there, I heard a common theme - "I've never been this busy at the end of the year"; "I'm busier than I've been since April"; "the phone is ringing . . . and ringing"; "I had 19 (or 12 or 25 or . . .) people at my open house"; "the listing's been on the market since late September, but now I'm getting second showings."
It's easy to look for reasons why the market would be slowing down - families having holiday celebrations on their minds, people starting on early vacations, the weather going below the freezing mark (and snow actually on the ground this morning). Yet we're seeing new buyers entering the market, and existing buyers thinking seriously about buying.
The spike in interest rates (I had clients refinance recently with Dana Rosenblatt - again, a plug here - he's one of the most attentive, knowledgeable and aggressive mortgage brokers I've ever met and repeatedly finds the best rates in the market and then gets the deal done - he's at xdangerous@aol.com and worth sending an email if you're buying or refinancing - I'm hearing about amazing rates on jumbo fixed loans as well as conventional from him) has likely had an affect.
The rates are bouncing a bit, but buyers are realizing that the days or 4-5% interest rates will not last forever (we bought only a few years ago and were thrilled at getting 6.75% on a conventional at the time). The difference between a 4.5% rate and 6.5% rate on a $400,000 loan is roughly $500.00 a month! To look at it differently - if rates go from 4.5% up to 6.5%, a buyer who could afford a $400,000 loan today would only be able to afford a $320,000 loan - that's $80,000 less in purchasing power. With 10% down, if you pass up a house for $445,000 with 4.5% rates your mortgage is a speck over $2,000 a month. To keep that payment, the price would have to fall to $355,000 if rates go to 6.5% - if you still have to pay $445,000, your payment balloons to over $2,500 a month. And a 6.5% rate is not at all unreasonable (we're not talking about the 10-15% rates our parents paid).
We're also seeing a lot of people take their homes off the market (I've blogged about this before - as long as you can keep up with the snowplowing, I'm a big supporter of keeping your home active during the holidays - if you're home isn't on the market, I'd talk with you individually about whether to wait until mid-January to introduce it - often a good idea). This is leading to a shorter supply of inventory for those in the market, which is also adding to the strength of the market.
All in all, it's a good sign on the local (Boston and surrounding communities) level. I'm looking out for a very very early start to the Spring market of 2011 - maybe the second week of January depending on the weather! Happy house hunting :)
(As always, the market for real estate is incredibly local - trends discussed may varry from community to community. If you are thinking of buying or selling, call me at 617-593-5685 or email todd.glaskin@gmail.com I can either help you in your town if I'm an expert in your area, or can help you find the most skilled professional to assist).
It's easy to look for reasons why the market would be slowing down - families having holiday celebrations on their minds, people starting on early vacations, the weather going below the freezing mark (and snow actually on the ground this morning). Yet we're seeing new buyers entering the market, and existing buyers thinking seriously about buying.
The spike in interest rates (I had clients refinance recently with Dana Rosenblatt - again, a plug here - he's one of the most attentive, knowledgeable and aggressive mortgage brokers I've ever met and repeatedly finds the best rates in the market and then gets the deal done - he's at xdangerous@aol.com and worth sending an email if you're buying or refinancing - I'm hearing about amazing rates on jumbo fixed loans as well as conventional from him) has likely had an affect.
The rates are bouncing a bit, but buyers are realizing that the days or 4-5% interest rates will not last forever (we bought only a few years ago and were thrilled at getting 6.75% on a conventional at the time). The difference between a 4.5% rate and 6.5% rate on a $400,000 loan is roughly $500.00 a month! To look at it differently - if rates go from 4.5% up to 6.5%, a buyer who could afford a $400,000 loan today would only be able to afford a $320,000 loan - that's $80,000 less in purchasing power. With 10% down, if you pass up a house for $445,000 with 4.5% rates your mortgage is a speck over $2,000 a month. To keep that payment, the price would have to fall to $355,000 if rates go to 6.5% - if you still have to pay $445,000, your payment balloons to over $2,500 a month. And a 6.5% rate is not at all unreasonable (we're not talking about the 10-15% rates our parents paid).
We're also seeing a lot of people take their homes off the market (I've blogged about this before - as long as you can keep up with the snowplowing, I'm a big supporter of keeping your home active during the holidays - if you're home isn't on the market, I'd talk with you individually about whether to wait until mid-January to introduce it - often a good idea). This is leading to a shorter supply of inventory for those in the market, which is also adding to the strength of the market.
All in all, it's a good sign on the local (Boston and surrounding communities) level. I'm looking out for a very very early start to the Spring market of 2011 - maybe the second week of January depending on the weather! Happy house hunting :)
(As always, the market for real estate is incredibly local - trends discussed may varry from community to community. If you are thinking of buying or selling, call me at 617-593-5685 or email todd.glaskin@gmail.com I can either help you in your town if I'm an expert in your area, or can help you find the most skilled professional to assist).
Monday, November 8, 2010
Should your home be on the market over the holidays?
This is one of the most frequently asked questions to real estate brokers. A home is listed and still on the market as November arrives. The leaves are gone from the trees, we set the clocks back and wake up to 35 degrees and sleet (sound familiar) and homeowners ask - should we take our house off the market and put in back in the "Spring" (I'll blog soon about when the spring market REALLY starts in Boston - a lot earlier than most think).
Having buyers coming into your home when there's snow on the ground, or your holiday decorations are up, or you have guests staying to visit, or you're cooking Thanksgiving dinner . . . OK, it doesn't sound like much fun either and the temptation is totally understood to just withdraw the house from the market (and talk to your agent about doing this, and whether it still accumulates the all important "Days on the Market" while it's withdrawn).
That said, there are still a LOT of buyers in the market even now in the second week of November. Our office tracks open house attendance for our sellers to keep them up-to-date on market trends, and yesterday's open houses (Sun. November 7 - rather gloomy weather) saw overall strong turnouts - actually more attendees on average than the previous week. The interest rate climate remains incredibly strong, and if we start to see an uptick that looks like it more than a market fluctuation (i.e. rates rise and look like they're going to stay trending that way), even more buyers will likely enter the market or make offers to seize the rate.
Also, as other people take their homes off the market, your competition decreases, letting your home stand out more (as compared to a mid-April market when buyers have to cram 30 open houses into two hours). Your home may also have decorations, working fireplaces, radiant heat, or other features that make it especially appealing over the winter.
As will all decisions, your home, your location, your circumstances and your market will greatly influence your decision - but don't just take your home off the market - you may miss out on the "perfect" ready buyer.
Having buyers coming into your home when there's snow on the ground, or your holiday decorations are up, or you have guests staying to visit, or you're cooking Thanksgiving dinner . . . OK, it doesn't sound like much fun either and the temptation is totally understood to just withdraw the house from the market (and talk to your agent about doing this, and whether it still accumulates the all important "Days on the Market" while it's withdrawn).
That said, there are still a LOT of buyers in the market even now in the second week of November. Our office tracks open house attendance for our sellers to keep them up-to-date on market trends, and yesterday's open houses (Sun. November 7 - rather gloomy weather) saw overall strong turnouts - actually more attendees on average than the previous week. The interest rate climate remains incredibly strong, and if we start to see an uptick that looks like it more than a market fluctuation (i.e. rates rise and look like they're going to stay trending that way), even more buyers will likely enter the market or make offers to seize the rate.
Also, as other people take their homes off the market, your competition decreases, letting your home stand out more (as compared to a mid-April market when buyers have to cram 30 open houses into two hours). Your home may also have decorations, working fireplaces, radiant heat, or other features that make it especially appealing over the winter.
As will all decisions, your home, your location, your circumstances and your market will greatly influence your decision - but don't just take your home off the market - you may miss out on the "perfect" ready buyer.
Monday, November 1, 2010
Don't let your home's photos be snow covered - let us take them now!
Now that it's November 1, 38 degrees at 8 AM, even we realtors are admitting that winter is approaching and we're starting to hear sellers talk about having their home on the market for the "Spring Market" next year. If you're thinking about coming to market any time between now and April, it may be a good time to have us come out and photograph your home NOW!
If you look at most marketing photos taken in December, January, February, even March and early April (prime "Spring Market" season) you'll see something like this:
Sure - it's somewhat cute, but the ice dams are almost visible, there's no lawn, planting, grounds or even walkway. If curb appeal helps bring buyers, this house probably won't even get a phone call. Yet every year, we get calls from people from December to March looking to list their homes for sale. I'd often argue that January and February are some of the best times to list your home for sale (future blog coming soon), but it's just sad sending out full color marketing pieces and posting photos and videos worldwide with dull, dreary, snow colored photos of what we both know is your gorgeous home. ddsa
If you look at most marketing photos taken in December, January, February, even March and early April (prime "Spring Market" season) you'll see something like this:
Sure - it's somewhat cute, but the ice dams are almost visible, there's no lawn, planting, grounds or even walkway. If curb appeal helps bring buyers, this house probably won't even get a phone call. Yet every year, we get calls from people from December to March looking to list their homes for sale. I'd often argue that January and February are some of the best times to list your home for sale (future blog coming soon), but it's just sad sending out full color marketing pieces and posting photos and videos worldwide with dull, dreary, snow colored photos of what we both know is your gorgeous home. ddsa
One of the best pieces of advice I'd give to any homeowner or investor - get out there this week (we'll have some bright sunny days) and get some fresh photos (have the leaves swept/blown off first if you can). Or better yet, give us a call at 617-593-5685 - we'll come out with our digital cameras during peak sunlight to capture your home in its "best light". Even if there's the tiniest chance you're thinking of selling in the next 6 months, you'll be able to have a photo like this representing your home:
Copyright 2010 - Todd Glaskin, 617-593-5685 http://www.toddglaskin.com/
Affliated with Coldwell Banker Residential Brokerage
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