Month: November 2014

Cleveland Circle Will Finally Be Developed


Boston Business Journal shared by Margaret Szerlip November 19, 2014 Newton, MA.  Keep Calm and Sell Real Estate
Some established players are teaming up to redevelop site of the former Circle Cinema at the corner of Beacon Street and Chestnut Hill Avenue in Boston.
Boston Development Group and National Development said in a news release that they’re forming a joint venture to do the work and that Charles River Realty Investors will provide the capital.
Ted Tye, managing partner of National Development, said in a prepared statement: “We are pleased to help bring development of this landmark site to fruition. There has been a great deal of effort put forth to date from the City of Boston, Town of Brookline, and the local community. Our combined team will work to move the project forward, with an anticipated mid-2015 construction start.”
BDG’s project manager on the job is John Meunier.
According to this week’s prepared statement, the project will be “similar” to a previously proposed 162-guest-room, 92-residential unit project. There also is likely be retail fronting to Chestnut Hill Avenue.
Despite proximity to Boston College, or perhaps because of it, the residential units will be off-limits to younger renters. The developers said in their news release that the project will be age-restricted “in part to address neighborhood comments.”
“We see a huge need for urban residential alternatives for active senior adults,” Tye said.
The architect for the project, according to the news release, will be Elkus Manfredi Architects. Stantec is set to do civil engineering. Cranshaw Construction of Newton is involved in early work.

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Pre-Qualification vs. Pre-Approval


Margaret Szerlip November 18, 2014 Sotheby’s Newton, MA.

Amy Slotnick
Amy Slotnick
Vice President
Fairway Independent Mortgage
MLO#27030
(781) 719-4670
amy@amyslotnick.com


Pre-Qualification vs. Pre-Approval, and how we do it at Fairway


It is prudent to get pre-qualified or pre-approved before you begin your search for a new home. In general it means that you have spoken to a lender and have a basic understanding of how much you can afford to purchase based on your income and expenses. But most people don’t realize that to be “pre-qualified” and “pre-approved” are two very different things. In this competitive market place, it pays to understand the difference.

To get “pre-qualified” you simply need to have a conversation with a lender and verbally explain your income, assets and expenses to them, discuss your down payment, and they in turn will give you a general estimate of what you can afford to pay monthly for a mortgage. There is no cost and no obligation to do business with the lender. In essence, this is a mathematical conversation.

When you get “pre-approved” it means that you have provided actual documentation to a lender verifying your income, assets and debts. In addition, the lender has pulled your credit report and determined your credit score eligibility. Right away it is a more thorough and accurate financial accounting. The lender will provide you with a letter of pre-approval, stating how much money they would be willing to loan you subject to receipt of an appraisal and purchase and sales agreement as well as re-verification of your income and employment. Clearly this carries more weight and will make a difference to a seller in this competitive market.

At Fairway, we take it one step further with our Certified Pre-Approval and money back guarantee. You will know how much money you can afford and be 100% confident that you will be able to borrow the money for your home. Fairway’s complete evaluation of your financing ability including income and asset documentation ensures a closing, and if not, we will refund you up to $7500 in costs.

How does it work?

Fairway issues and certifies the accuracy of the “Fairway Certified” pre-approval as long as:

· Your personal financial qualifications stay the same or improve[1]

· The agreed upon loan parameters stay the same or improve[2]

· The property meets all necessary loan requirements[3]

If we are wrong we will:

· Reimburse documented short-term moving, relocating and/or storage expenses up to a maximum of $1500

· Reimburse any documented lost home inspection or appraisal expenses up to $1000

· Reimburse any forfeited earnest money expenses up to $5,000

The Closing and Beyond

· The HUD will be available to review well in advance of the closing

· Funds will always be at the table ahead of the closing

· All parties will have the opportunity to review documents in advance

· Scheduling of closings will ensure maximum convenience for all parties involved

You won’t find another lender who will provide you with that kind of guarantee, anywhere!

Be sure to get Fairway’s Certified Pre-Approval before you begin your new home search. Call 781-719-4664, email info940@fairwaymc.com or visit our website at Fairwayne.com


[1] “Personal financial qualifications” includes but is not limited to employment, income, assets, credit scores, and debt.

[2] “Agreed upon loan parameters” includes, but is not limited to maximum loan amount, maximum total monthly payment, maximum interest rate, interest rate market conditions, down payment requirements, property insurance requirements and mortgage insurance requirements.

[3] “Necessary loan requirements” of the property includes but is not limited to, appraised value, insurability, property condition, inspection condition, legal title conditions, HOA
conditions and housing project conditions

8 Ascenta Terrace Under Agreement


8 Ascenta Terrace Under Agreement

Posted by margaret Szerlip November 14, 2014 Newton, MA.

Under Agreement 8 ASCENTA TERRACE, WEST NEWTON HILL.  Closing early to mid January

 

8 Ascenta Terrace

8 Ascenta Front IIA California Bungalow on West Newton Hill. This former ranch was transformed in 2004 with the addition of a family room and a most serene 2nd floor Master Bedroom Suite. An inviting home which feels sunny, warm and expansive. Extremely flexible floor plan allows for 1st or 2nd floor master. Timeless cherry kitchen features high-end appliances and granite counters which flows into a spacious family room. The private yard is large and level. The property also features a covered porch and deck which can be accessed from the dining room or family room. 2004 kitchen, baths, electric, plumbing, HVAC, roof, windows etc. 15,000+ level lot may be suitable for a builder.

 

 


8 Ascenta Kitchen 8 Ascenta Family Room II8 Ascenta Master Bedroom II

 

Either Way, You’re Still Paying a Mortgage


Posted by Margaret Szerlip 12PM EST, Newton, MA.   Newton, MA. Top Brokers, Sotheby’s Newton, MA.

Thanks for sharing KCM Crew..

Either Way, You’re Still Paying a Mortgage


Either Way, You’re Still Paying a Mortgage

Posted: 04 Nov 2014 04:00 AM PST

Either Way You're Still Paying a Mortgage | Keeping Current Matters

There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage – either your mortgage or your landlord’s. As a paper from the Joint Center for Housing Studies at Harvard University explains: 

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

Also, if you purchase with a 30-year fixed rate mortgage, your ‘housing expense’ is locked in over the thirty years for the most part. If you rent, the one guarantee you will have is that your rent will increase over that same thirty year time period.


Unless you are living with your parents rent free, you are paying a mortgage. #KCM2014
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As an owner, the mortgage payment is a ‘forced savings’ which will allow you to have equity in your home you can tap into later in your life. As a renter, you guarantee the landlord is the person with that equity.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, owning might make more sense than renting since home values and interest rates are still at bargain prices.

Bi Monthly Real Estate Recap for Newton, MA.


Bi Monthly Real Estate Recap for Newton, MA.cropped-cimg1501.jpg

posted by Margaret Szerlip 11.00AM EST/Newton, MA.

The real estate market continues to be busy this fall.  Inventory remains very low with a total of only 156 homes currently for sale.  115 of the 156 homes are priced over 1 million dollars and 61 or roughly 40% of the homes for sale in Newton are over 2 million dollars!  Kind of crazy.  A closer look reveals that the 1 million to 1.5 price range is most active with 9 homes going under agreement in the last 2 weeks. And another 9 priced between 1.5M and 2.5M.  The 600K price range seems to be lagging and I can assure you that is because houses are priced too high.  There is no lack of buyers in that price point.  The craziness of last spring’s bidding wars has abated somewhat. SOme of that is due to buyer fatigue of being out bid and some of that is greed on the part of sellers trying to suck every last cent out of a buyer.  I am also seeing more deals fall apart due to inspection issues.  When a buyer ends up paying more than they ever dreamed of paying for a house and an inspection turns up some nasty surprise you can be certain of a total walk away or a renegotiation from the buyer.  Sellers don’t be unreasonably greedy it could quite possibly come back to haunt you.

 


On-Market Snapshot
Report Run: 11/3/2014 10:48:54 AM
Property Type(s): SF
Snapshot Date: 11/03/2014
Towns: Newton
 11/03/2014  11/3/2014
Price Range Number of
Listings
Avg. Days
on Market
vs. today Number of
Listings
Avg. Days
on Market
Under $50,000
$50,000 – $99,999
$100,000 – $149,999
$150,000 – $199,999
$200,000 – $249,999
$250,000 – $299,999
$300,000 – $349,999
$350,000 – $399,999
$400,000 – $449,999
$450,000 – $499,999 1 24 1 24
$500,000 – $599,999 3 16 3 16
$600,000 – $699,999 14 45 14 48
$700,000 – $799,999 9 35 9 35
$800,000 – $899,999 6 43 6 43
$900,000 – $999,999 8 44 8 44
$1,000,000 – $1,499,999 30 72 30 73
$1,500,000 – $1,999,999 24 125 24 126
$2,000,000 – $2,499,999 24 134 24 135
$2,500,000 – $2,999,999 19 120 19 120
$3,000,000 – $3,999,999 12 171 12 171
$4,000,000 – $4,999,999 3 76 3 76
$5,000,000 – $9,999,999 3 194 3 194
Over $10,000,000
Total Properties 156 Avg. 97 156 Avg. 98
Lowest Price: $474,900
Median Price: $1,649,000
Highest Price: $6,950,000
Average Price: $1,903,710
Total Market Volume: $296,978,784
Lowest Price: $474,900
Median Price: $1,649,000
Highest Price: $6,950,000
Average Price: $1,903,710
Total Market Volume: $296,978,784

 

PENDING

Pending Statistics
Report Run: 11/3/2014 10:50:44 AM
Property Type(s): SF
Start Date: 10/20/2014
End Date: 11/03/2014
Towns: Newton
Went Pending Current Status
Price Range # of
Listings
# UAG # CTG # Sold # Other
Under $50,000
$50,000 – $99,999
$100,000 – $149,999
$150,000 – $199,999
$200,000 – $249,999
$250,000 – $299,999
$300,000 – $349,999 1 1
$350,000 – $399,999
$400,000 – $449,999
$450,000 – $499,999
$500,000 – $599,999 3 2 1
$600,000 – $699,999 3 1 2
$700,000 – $799,999 3 2 1
$800,000 – $899,999 5 3 2
$900,000 – $999,999
$1,000,000 – $1,499,999 9 5 4
$1,500,000 – $1,999,999 4 2 2
$2,000,000 – $2,499,999 5 2 3
$2,500,000 – $2,999,999 1 1
$3,000,000 – $3,999,999
$4,000,000 – $4,999,999 1 1
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 35 18 17 0 0
Lowest Price: $339,900 Median Price: $1,197,499.50
Highest Price: $4,250,000 Average Price: $1,444,159
Total Market Volume: $50,545,586

 

SOLD

Total Sold Market Statistics
Report Run: 11/3/2014 10:52:33 AM
Property Type(s): SF
Status: SLD
Start Date: 10/20/2014
End Date: 11/03/2014
Towns: Newton
Price Range # of
Listings
Avg. Days
on Market
Avg. Days
to Offer
Average
Sale Price
Average
List Price
SP:LP
Ratio
Average
Orig Price
SP:OP
Ratio
$0 – $49,999 0 0 0 $0 $0 0 $0 0
$50,000 – $99,999 0 0 0 $0 $0 0 $0 0
$100,000 – $149,999 0 0 0 $0 $0 0 $0 0
$150,000 – $199,999 0 0 0 $0 $0 0 $0 0
$200,000 – $249,999 0 0 0 $0 $0 0 $0 0
$250,000 – $299,999 0 0 0 $0 $0 0 $0 0
$300,000 – $349,999 0 0 0 $0 $0 0 $0 0
$350,000 – $399,999 0 0 0 $0 $0 0 $0 0
$400,000 – $449,999 0 0 0 $0 $0 0 $0 0
$450,000 – $499,999 1 51 9 $495,000 $510,000 97 $510,000 97
$500,000 – $599,999 1 5 5 $570,000 $539,000 106 $539,000 106
$600,000 – $699,999 3 69 60 $659,000 $679,600 97 $721,600 92
$700,000 – $799,999 1 74 3 $720,000 $719,000 100 $719,000 100
$800,000 – $899,999 3 31 31 $858,000 $866,300 100 $891,633 97
$900,000 – $999,999 2 53 6 $916,000 $879,500 104 $874,000 105
$1,000,000 – $1,499,999 7 27 9 $1,203,551 $1,176,857 103 $1,176,857 103
$1,500,000 – $1,999,999 1 50 50 $1,870,000 $1,995,000 94 $1,995,000 94
$2,000,000 – $2,499,999 0 0 0 $0 $0 0 $0 0
$2,500,000 – $2,999,999 0 0 0 $0 $0 0 $0 0
$3,000,000 – $3,999,999 0 0 0 $0 $0 0 $0 0
$4,000,000 – $4,999,999 0 0 0 $0 $0 0 $0 0
$5,000,000 – $9,999,999 0 0 0 $0 $0 0 $0 0
$10,000,000 – $99,999,999 0 0 0 $0 $0 0 $0 0
Total Properties 19 Avg. 41 Avg. 22 $971,729 $968,300 101 $978,353 100
Lowest Price: $495,000 Median Price: $900,000
Highest Price: $1,870,000 Average Price: $971,729
Total Market Volume: $18,462,855