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Paul Santucci

With So Many Qualified Boston Buyers, Why Are So Many Renting?

Buy or Rent?

According to an August Zillow Report, 18.2% of renters in Boston can afford to buy a home in the city. That’s 2% higher than the national average. Affordability was determined by combining a sufficient credit score and an annual income that would cover the median price of a home, $394,400 in Boston. Nationally, only 14% of on-market renters would actually be able to afford a home in the city they live in. 

Boston ranked number 7 overall for highest percentage of renters who are qualified to buy — so why aren’t they buying?

Zillow Chief Economist, Dr. Svenja Gudell notes that “when faced with hurdles of high prices and low inventory, first-time home buyers are renting longer than ever before, even if they are qualified to buy.”

According to an October Zillow Report, the United States has seen 51 straight months of increasing home prices. In the past year, home prices saw a 6.2% increase — which is right on par with the Boston market which saw a 6% increase. Rent prices also saw an increase of 3.3% in the Boston metro area and 1.4% nationally. 

This trend, combined with the 21st consecutive month of annual inventory declines is only making it more difficult for renters to buy. To make matters worse, Boston had the largest inventory drop of the 35 largest US metro areas. Compared to this time last year, there are 25.8% fewer homes for sale, compared to 5.7% nationally. 

Dr. Gudell also noted that “the housing market has been favoring sellers for the past few years.” Because there is less inventory and more demand from qualified buyers, sellers are able to sell their homes with less effort for a higher price. But there is hope! Dr. Gudell is optimistic that the market will see a “meaningful swing in favor of buyers within the next two to three years.”

5 Reasons To Buy A Loft In Boston

Boston Harbor1. Location, Location, Location 

Bostonians enjoy access to an incredibly wide range of activities, unrivaled by any other major city in the United States. The beaches of Cape Cod are less than an hour away, and amazing skiing and hiking trails in Vermont and New Hampshire are only about 2 hours from the city. For fun closer to home, the spectacular shopping, concerts, sporting events and restaurants in Boston are enough to make you want to stay for life.

2. Education 

Are you or someone in your family thinking about going back to school? Boston is home to dozens of colleges and universities, several of which are considered among the finest in the world.

3. The Economy

Boston has a lower unemployment rate, higher job growth rate, higher future job growth rate, and higher income per capita than the national average. With the recent development of neighborhoods like the Seaport District, in addition to the perennial business hubs of the Financial District and Back Bay, Boston’s economy is showing no signs of slowing down.

4. The Real Estate 

Anyone who has ever explored Beacon Hill or walked down iconic Newbury Street in Back Bay knows that Boston has some of the finest urban real estate in the country. Because of the city’s storied history, many of the lofts and condos available in Boston are located in beautifully restored brick homes and row houses. If you are looking for something more modern, Boston Luxury Buildings are the epitome of upscale city living.

5. The People 

The passion that Bostonian’s have for their historic city is truly special. From the unmatched Italian restaurants of the North End, to the lovely walking paths along the Charles River in Cambridge, the Boston area is teeming with local pride. While Boston has grown into a global hub of innovation and technological advancement, residents have not lost touch with the city’s important history and timeless work ethic.

Homeowner Tips: The Advantages of LED Bulbs


 

So, you haven’t changed the lightbulbs in your home to LED, yet. Here’s the quick breakdown of why you should!

Advantages of Using LEDs:

- LEDs have range from a rated life of 25,000 up to 50,000 hours.
-They are approximately 50 times longer than a typical incandescent, 8-10 times longer than a typical CFL, and 20-25 times longer than a typical halogen. 
-They produce very little heat.
-They DO NOT emit UV and have very little infrared light.
-They DO NOT contain mercury.
-They are resistant to vibration & shock.
-They can be compatible with dimmers.
-They are ideal for operation under cold outdoor temperature settings.

 

Calculating the Lifespan of LEDs:

-50,000 hours powered 4 hours/day = 34 year lifespan
-50,000 hours powered 8 hours/day = 17 year lifespan
-50,000 hours powered 24 hours/day = 6 year lifespan

 

For more information / tips on Homeownership:

Paul Santucci
Somerville Lofts
617.694.0004

East Boston's Upcoming Seville Boston Harbor Condos Ready for Summer 2016

I had the pleasure of visiting The Seville Boston Harbor, a 66 units in a new construction building in East Boston, slated for occupancy in August 2016. 

Prices will range from $305,000 for a 468 Studio with private outdoor space (No Parking) to $705,000 for a 2 Bed + Den (there's a reservation on the most expensive unit already!) with Garage Parking & private outdoor space. Average Price Per Square Foot is $525.

Ceiling height is about 8' with certain units peaking at 8'6".

Units will feature: 

- 7" Wide Plank Hardwood Flooring Throughout
- European Style Kitchen Cabinetry
- Stainless Appliances
- LED Lighting Package 
- High gloss wood bathroom cabinetry ?
- Gas Slide In Range ?
- French Door Refrigerator ?
- Over Range Microwave ?- Panel Front Dishwasher ?
- Quartz Countertops ?
- Glass Shower Enclosures ?
- Designer Bath Fixtures ?
- Washer/dryer hook-ups

 

Building Amenities Include:

- Dedicated Parking for Select Units
- HUGE Roof Deck
- Fitness Center
- Large Capacity Laundry
- Bike Storage
- Pet Washing Area
- Electric Car Charging
 

East Boston is about as "hot" as it gets in terms of desirable Boston areas. Sure, the Seaport / South Boston is the hottest, but with a bustling multi-cultural neighborhood, easy access to downtown via the Blue Line / Express Buses / Zip Car / Tunnel, green space, gorgeous architecture, and an ever changing waterfront / Piers Park area, "Eastie" keeps buyers in the city with a softer landing for pricing. The Seville is the first new construction, but many more are on the way, and also including the $20 Million Loftel (hotel) on Orleans Street.

For More information and a tour, contact:

Paul Santucci / Director of Boston Lofts

617.694.0004

 

Seville Boston Harbor Kitchen

Roofdeck Seville East Boston

Seville Boston Bathroom Luxury

 

 

 

319 A Street - Seaport District Boston's Newest Lofts Ready for 2016

 

The Seaport District's newest loft-style condo building, 319 A Street is a former "turn-of-the-century" leather goods warehouse reborn as luxury Boston lofts.

Boston Residential Group - behind such buildings as 360 Newbury - has adapted this brick-and-beam gem into 4 top floors of residential condominiums and a ground floor of retail and restaurant space, ready for occupancy in 2016.

Units range from 450 Square Feet to 1,052 Square Feet (Studios to Two Bedrooms), starting at $499,000.
The developer has made significant efforts to sustain the building's original charm and details (enameled brick, studded barn doors, chevron tiles), but includes sustainable & energy efficient features such as efficient lighting and recyclable materials throughout.
319 A's units will be utilize the factory-sized windows as the focal point to brighten the modern fits and finished throughout (zebrawood cabinets, honed black granite countertops).
Common amenities include a covered drive-through and fantastic common roofdeck with incredible views.

A Street is in the heart of the Fort Point Channel, which bridges the ever-popular South Boston's Broadway neighborhood and the true Seaport District. Local restaurants include: Sportello, Menton, Lucky's Lounge, Barlows, Blue Dragon, Row 34, Tavern Row, Drink, Bastille Kitchen. Other area highlights include: Boston Children's Museum, World Trade Center, Institute of Contemporary Art, and several retailers. 

For More Information, Contact:

Paul Santucci
Director of Boston Lofts
617-694-0004
paul@bostonlofts.com

New to Market in Boston: Value and True Loft Living at American Brewery Lofts

With Boston Real Estate home prices still soaring and loft-style homes in Boston at the forefront of that wish list (the past month's average price per square foot sold for lofts in the South End was $796 and lofts in the Seaport trading at $631 per square foot), it's becoming harder for buyers to find a true brick-and-beam loft in any Boston zipcode under $500,000.

New to the Market is a fantastic TRUE Loft at the Amercian Brewery Lofts in Jamaica Plain under $500,000 and $465 per square foot!

18' Ceiling height, HUGE factory windows, acid-stained concrete floors, elevated loft master suite, modern kitchen with kitchen island / stainless steel appliances / smart storage / pantry, 2 full bathrooms, custom lighting and ceiling fan, forced hot air heating and central AC, all within a wonderful professionally managed building with common courtyard w/grill, bike storage, basement storage, HEATED GARAGE PARKING, steps to Public Transportation. 

Size: 1008 Square Feet / 1 Bedroom / 2 Full Bathrooms

Condo Fee: $569 / month. Includes Heat, Hot Water, etc

PRICE: $469,000

MORE INFORMATION: CLICK HERE

Open Houses: Saturday Sept 19 Noon - 2:00, Sunday Sept 20 Noon - 2:00

For More information and a Private Showing, contact:

Paul Santucci
Director of Boston Lofts
617-694-0004

American Brewery Loft

American Brewery Loft Kitchen

American Brewery Loft Livingroom Boston

 

 

Two Bedroom Brick-And-Beam Loft in Boston's Dorchester at DNA LOFTS

 

DNA Lofts in Dorchester is a truly unique conversion of a former printing press into modern and creative live-in loft spaces. The 3 story building at 944 Dorchester Avenue at the tip of "DOT" consists of 60 residential units with 2 elevators, garage parking, an impressive roof deck, a courtyard and an exterior parking lot. These loft style homes are available in a number of different floor plans, they all have multiple oversized double-pane windows, bamboo or polished concrete floors, high ceilings, exposed beams, top of the line kitchens with black granite tops and stainless steel appliances. Some units are built with mezzanine-level bedrooms. When under construction each unit was given the opportunity to customize with the owner's taste in mind, hence the moniker DNA. Great views, walking distance to the Red Line, the beach and area restaurants are just some of the extra amenities you'll enjoy at DNA Lofts.

Penthouse Loft 46 - A Corner Loft with Sunny, Southern Exposure is NEW to MARKET, boasting:

- 983 Square Feet

- Furnished w/ Quality Pieces

- Open Living / Dining / Kitchen Floor Plan

- 2 Large Bedrooms w/ Ample closets 

-1 Full Bathroom (Subway tiled full size shower - Toto / Kohler Products)

- Walk-in Closet 

- Oversized Sliding-door Armoires

- Gleaming Bamboo Wood Floors

- Original Wood Beams / Ceilings from "Factory Era"

- In-Unit Washer / Dryer

- 1 Parking Space

- GE Profile - Stainless Steel Appliances 

- Stone Countertops  

- Six, 6 foot tall windows, Southern Exposure

- Central AC

- Forced Hot Air 

Bright & Modern, this is the ultimate in Boston Lofts Living. 

Available November 1st, 2015

$2900 / Month 

For More Information on Penthouse 46 and DNA / Dorchester Lofts, visit www.DorchesterLofts.com 

For a Private Showing, contact:

Paul Santucci
Director of Boston Lofts
paul@bostonlofts.com
617-694-0004

DNA Lofts Rental Dorchester

DNA Lofts Dorchester MA

DNA Lofts Roofdeck, Boston MA

Boston Area's Newest And Most Affordable Lofts - MicroLofts in Chelsea

NEW TO MARKET MicroLofts in Chelsea!

Amazingly affordable new lofts on the Chelsea waterfront at Admiral's Hill. 

 

Own a new loft for less than renting! Overlooking a marina, above a co-wokring space, next to a waterfront park and steps to a microbrewery, these 9 modern, intelligently desinged & flexible spaces boast:

 

- Ikea-designed Storage

- Stainless Steel Appliances

- Granite Countertops

- Built-in Murphy Beds

- Recessed Lighting

- Wide Plank Flooring

- High Ceilings

- Assigned Parking

- Private Decks w/Waterviews

- Low Condo Fees

 

UNIT SAMPLES:

 

$200,000
286 Square Feet / Deck
$225,000
315 Square Feet / Deck
$300,000
447 Square Feet / Deck

 

 

For a Private Showing &

More Information:

 

Paul Santucci 

Director of Boston Lofts
617.694.0004

paul@bostonlofts.com

 

 

Boston Renters: Can You Negotiate the Broker Fee?

Traditionally, two of the most difficult hurdles to jump over while helping a rental client find the right property in Boston: Pets and Parking. One thing I can assure you with over 10 years in the business: Bostonians are attached to their furry friends and their shiny metal ones. I'm still amazed at how many people decide to get a pet before they have a home of their own AND how many feel they "need" a car in Boston! (Hey - If you need a ride, just ask your friendly neighborhood real estate agent for one - we all have them!)

Over the past 10 years, we've seen another hurdle come into play - the "broker fee". In 2005 - according to MLS - about 1/2 of the loft rentals (I'm using lofts here as that's my specialty) in the Seaport District & Leather District combined were advertising that the landlord was paying the broker fee (to be split between the landlord's agent and the tenant's agent). In 2015, in both neighborhoods, I couldn't find ANY that the landlord was willing to pay the broker fee on, it was up to the tenant to pay the full fee (once again to be split OR just going to the landlord's broker directly).

I'm pretty sure the reason is obvious: supply and demand, right? The market is flooded with prospective tenants, and landlords know they can fill up their vacant spaces pretty quickly. Funny thing though: in 2005, the average days on market for those Seaport & Leather District Lofts: 35 days. in 2015....... 48 days. Ok, in fairness, there were only SEVEN lofts in those areas in 2005, and SIXTY in 2015 that have been rented through the first 8 months.

So, what's the story - why are tenants paying the fee and is it negotiable? Regardless of average days on market, landlords are still able to rent their units out quickly. There has been in influx of new buildings - especially in the Seaport District - BUT there's an abundance of renters out there, too. Last fall and into this spring, some of the new rental buildings were offering no broker fee (some didn't even need to market to brokers) AND a month or two off the rent to start. For the most part, those deal have dwindled. And remember this: if it's on MLS (and trickled down to sites such as BostonLofts.com, etc), it's most likely an individually owned condominium, NOT a unit part of a building owned by one entity. So, that landlord has to have the numbers make sense. If the landlord pays the broker fee, that landlord is essentially brining in 11 months of rent, rather than 12. Naturally, the flip side is that the tenant is paying 13 months of rent if they pay the fee.

Ok, so it's out there and listed as "tenant pays broker fee".... can you negotiate? It's simple - it comes down to the other prospects waiting in the wings, and how strong of a tenant candidate you are. No landlord will eat what's equal to a month's rent if they can rent to someone else, BUT, my suggestion is: ADD VALUE as a tenant. When you come to the appointment, have a Rental Application ready to go. You can get one easily on-line - it's the standard GBREB Rental Application - GOOGLE IT, OR ask the broker you are meeting to send you one in advance. Besides the Application, have proof of employment (letter from HR, recent paystubs, etc), and a recent Credit Report in hand. (Oh, and checkbook too, of course!). You'll make a better case by being prepared and ready to go, rather than saying you like the unit, but need a few days to get your info together. Nothing makes an agent happier than telling the owner that the tenant is interested and oh yeah - he or she came ready with their info and checks! "By the way, they want you to pay the fee or at least half, but they'll sign immediately upon approval" is an easier and more fruitful conversation that the landlord might agree to than "the tenant wants you to pay the fee, and didn't leave me any info, just shooting one across the bow". I guarantee you, you'll be paying that fee Mr or Mrs Tenant if the agent is telling that latter story.

In either case, make sure you are asking the broker out of the gates if the fee is included, how long it's been on the market (this might be your negotiating tactic), and any other fees that might arise (there are move-in move-out fees for some buildings.)

And don't hesitate to reach out to me to discuss your rental loft needs in the Boston area:

Paul Santucci
Director of Boston Lofts
paul@bostonlofts.com
617-694-0004

OH YEAH: here's one north of Boston with NO FEE: www.LynnLofts.com

Munroe Lofts, Lynn MA

Gorgeous Brick and Beam Penthouse Loft at Munroe Lofts in Lynn - NO FEE!

 

New to Market Townhouse Lofts in Jamaica Plain, Boston

Here's a few fantastic Boston Lofts that are new to the market - The Townhouse Lofts at 57 Wachusett Street in Boston's Jamaica Plain. 

$729,000 to $779,000

Approx 2000 SF 3 Bedrooms / 3 Baths 2 Car Garage Parking

Take one part townhouse, with 2 car garage parking, 3 bedrooms and 2.5 baths on 3 floors and your own private entrance, and meld it seamlessly with loft features such as 12.5' ceilings, HUGE windows and a hip modern esthetic, and you have the perfect place to call home. Residence 55A is one of 8 residences being built, and represents an exceptional value. The 1st level has a two car garage and a utility/mud room. Upstairs is an open floorplan living/dining/kitchen with soaring ceilings, dramatic banks of 9' high windows, a balcony and a modern kitchen featuring Miralis cabinets, quartz countertops, an eating island and Professional Bertazzoni appliances. Upstairs are 3 spacious bedrooms and two baths, including a master suite with its own private balcony and en suite bath with double vanity + glass shower. Stretch energy code compliant.

For More Information, Contact:

Paul Santucci Director of Boston Lofts 617.694.0004 paul@bostonlofts.com

Lofts Jamaica Plain

Fantastic Townhouse Lofts in Jamaica Plain