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!

Brookline & Back Bay Investment Markets Soar

The investment markets in Brookline and the Back Bay have long been known as among the strongest in the state, but in recent months, with the sale of properties from 2-3 family homes on Browne, Harrison and, about to go under agreement (still time for offers!) Stedman in the heart of Coolidge Corners, to larger 20+ unit buildings on Summit Ave and several others that are currently under agreement, we are seeing bidding wars market-wide.

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).

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

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