Condo shortage in Boston   Recently updated !

It might come as a surprise… Lately, experts have noticed a real Condo shortage in Boston.

Especially when it comes to luxury properties, there is a real Condo shortage in Boston.

Condo shortage in Boston

What might cause the Condo Shortage in Boston?

Even if many projects have been completed the last few years. Most of them remain only rentals… And that’s not all: the two major new condo towers the Millennium Tower and the Four Seasons -now under construction- won’t be open until 2017 or 2018. In addition already half of the towers’ units have  been pre-sold, leaving just a couple hundred condos still potentially available…

Even though new condo towers are also likely in the works, they are still in the early planning stages.

Condo shortage in Boston

The future skyline with the millennium tower

Some experts argue that the source of this shortage is directly linked to the almost impossibility to build condos and properties in downtown Boston for a reasonable price. Investors and developers would rather focus on the city’s suburbs than struggle to purchase overpriced parcels downtown.

What are the consequences of the Condo Shortage in Boston?

As the number of condos on the market downtown is almost minuscule, we can be sure to witness soaring prices and fierce competition for the few listings on the market in the following months.

The situation was already very similar last year and it is just getting worst… Indeed when we take a look at last year’s graph below it seems unrealistic to expect for the prices to go down while the shortage is just getting more and more blatant.

Condo shortage in Boston

 


Commute time impacts rent in Boston

The commute time impacts rent in Boston. The shorter the commute the higher the rent will be. Proximity to the T is key.

Because of the recent snowstorms you might have found your morning commute quite long and frustrating. Well, you are not alone.

 The commute time impacts rent in Boston

But would you be willing to pay more for rent to spend less time commuting?

According to a new study from Hotpads, Boston tenants are willing to pay more in rent to shorten their commute times. More precisely they would be willing to pay $61,75 more to commute 6,9 minutes less.

The main transportation option for Bostonians are often the T lines running through the city and suburbs. Another study led by Hotpads showed a strong correlation between the monthly rent asked and the proximity to a T-Station, as you can see on the graph below.

Monthly rent vs. Proximity to T Station

Good news if you are a landlord and own a place by the T! On the other hand, if you are looking for an apartment, it could save you a decent amount of money to add as little as 0.01 miles to your commute. Indeed, according to Hotpads, living 0.01 miles farther from the T would save you about $43 per month.

Once again time is money! What do you think is more important?


Top neighborhoods for students in Boston   Recently updated !

Where are the Top neighborhoods for students in Boston? Where do the students live?

 

It’s well known, a large proportion of the people looking for rentals in Boston are students. For them and for the non-students willing to join the party (or avoid it) we found the following ranking of the top neighborhoods for students in Boston. It includes both undergrads and graduate students as well as renters and those living in dorms.

According to the following list, it seems that no matter where you live in Boston you will always be surrounded by a least a couple hundred students.

Top neighborhoods for students in Boston

They are everywhere…

No. 1, Allston-Brighton:  7,561 students

No. 2, Fenway/Kenmore: 5,334 students

No. 3, Jamaica Plain/Mission Hill: 4000 students

No. 4, Dorchester:  2,765 students

No. 5, South End:   2,067 students

No. 6, Back Bay/Beacon Hill: 1,849 students

No. 7, Central/Downtown Boston: 1,614 students

No. 8, Roxbury: 1,208 students

No. 9, South Boston: 748 students

No. 10, Roslindale: 741 students

No. 11, East Boston:  669 students

No. 12, Hyde Park: 558 students

No. 13, Mattapan: 519 students

No. 14, West Roxbury: 475 students

No. 15: Charlestown: 234 students

 


Family guy makes fun of the real estate industry   Recently updated !

Family guy makes fun of the real estate industry in their episode “Brian the closer”.

Some of you might be familiar with the show Family Guy, well-known for picking fun at anything regardless of politically correctness. Last November it was the Real estate industry’s turn to be targeted by the satirical animated sitcom.

Family guy makes fun of the real estate industry

For those unfamiliar with the show here is a little recap: After a horrific accident, Brian (the dog) has to get his teeth replaced and gets a brand new set of shiny white teeth. Brian is then mistaken for a grinning real estate agent and accidentally sells a house in about 12 seconds. Because of this he is instantly hired by an ultra-impressed broker. The rest of the episode is then entirely dedicated to mocking the profession.

For example:

Family guy makes fun of the real estate industry

Most real estate agents that we know and work with at Cambridge Realty Group took the joke really well and were highly entertained by the mockery, mostly because they are well educated, in touch with their business and clients, and understand that they stand apart from the industry’s old stereotypes and clichés.

Let’s just watch it together and laugh at those other Realtors that aren’t us, deal?


London real estate bubble   Recently updated !

Thinking about buying a house in London ? You might want to reconsider or wait until London real estate bubble bursts…

Thinking about buying a house in London ? You might want to reconsider…Because of the real-estate boom, London’s housing market is now worth as much as Brazil’s annual GDP -$2.2 trillion – even though Brazil is the world’s eighth economy.

London real estate bubble

Properties in Notting Hill, London

And that’s not all: properties in two of London’s most expensive areas (Kensington and Westminster) are together worth $345 billion. That’s more than Denmark’s GDP

This situation would be a consequence of both a strong domestic demand and an important and always rising influx of cash from wealthy Russian and Chinese investors.

As a direct consequence young workers and professionals are finding it harder and harder to buy in London and are renting in ever greater numbers instead.

However it has been said that the London real estate bubble might burst soon, mainly because of the current plunging oil prices and the decreasing value of the euro.

While it might sound less glamorous, it might be more reasonable to invest in Cambridge’s real estate market after all…

 


Remembering Mayor Menino

10689948_10152825108680775_9088029076091588250_nToday we lost one of our most beloved Bostonians, the longest-serving mayor of Boston, Thomas Menino. From 1993 until earlier this year, Mayor Menino led Boston through business development and innovation, focused on affordable housing, improving education and making Boston the “leader when it comes to social justice and opportunities for all.” His leadership made him both respected and admired; his loss is a great one.

Our hearts go out to every Bostonian, especially his loved ones. He will be very missed by all.

“Here’s what I see all across this great city – people working together to make Boston a better place to live and to raise children, to grow and pursue dreams.” – Thomas Menino


New Apartment Project Expected Near Kenmore Square

0416900beaconstreet-600xx5313-3542-44-0A $16 million apartment project is set to be approved near Kenmore Square. The location is at 900 Beacon St which is located in the Audubon Circle Neighborhood. The area is known for its central location since it is in walking distance to Fenway Park and numerous shops and restaurants.

The Boston Business Journal states, “The developer, 900 Beacon Street Realty Trust, a family company operated by the Yu family of Chestnut Hill, plan to demolish The Elephant Walk Restaurant and construct a five-story, 38,950-square-foot, mixed-use building with 32 one-bedroom apartments and 4,470 square feet of ground-floor retail space. The proposed project will include 36 parking spaces. Of that number, 30 will be underground. It is unclear if Elephant Walk will continue to operate once the project is complete.”

The popular restaurant, The Elephant Walk, may seek another location to operate out  of while the apartment project is under construction. Their lease expires in October and the property owner has offered them a space in the new building.


The Latest Boston Luxury Apartments – The Arlington

OBBNew luxury apartments called The Arlington have opened in Boston. The property was once the Boston Consolidation Gas Co. and more recently the Boston Renaissance Charter School. The building sits at 14 stories high with 128 one and two bedroom units, and is located at Arlington Street and Columbus Ave.

The property was co-developed by New York Related Cos. and Boston Congress Group, and the redevelopment cost a mere $100 million.

The Boston Herald states, “With its limestone facade and two-story arched windows, the building cuts an elegant figure. The lobby, once used to display gas stoves, has refinished marble columns and brass detailing along with new white marble floors — and a gas fireplace tucked in one corner.”

The Arlington has numerous amenities including hardwood floors, marble countertops, stainless steel appliances, and each unit includes a wash and dryer. The property also includes a fitness center, basketball court, private lounge, and an on-site pet lounge, but this all comes with a price. Rents start at $3200 for one bedroom units and $6200 for two bedroom units.

Currently,  20% of the units have been leased.


Want to avoid friends? There’s an app for that!

Are there times when you want to be antisocial and take a day to yourself? It may be very difficult with the numerous social networks that keep you connected with your friends and family 24/7, but you may be in luck. The new iOS app Cloak allows you to go incognito by collecting location data from your friends on Instagram and Foursquare so you won’t bump into  them on the street.

Mashable states, “Connect Cloak to Foursquare and Instagram and the app brings up a map displaying your location and the locations of friends who have checked in nearby. If there’s someone you want to avoid, select “flag” and the app will alert you when that person gets within a certain radius of you. A half mile is the default radius, but you can set it to be as small as one block or as big as two miles.”

cloak-app-incognito-antisocial

This app could be beneficial  for those that are very active on those two social media accounts and developers are in the works to include other networks. Facebook has good potential, but Twitter will not be included because most users have their GPS location turned off.

The app is currently free for iOS users in the App Store and at this moment there are no works for an Android version.


Spotify Acquires the Music Intelligence Company The Echo Nest

cc065c90-f452-4237-80c8-82457c1eb1b7-460x276Spotify announced that it has acquired The Echo Nest, which is a music intelligence company based in Somerville, MA.

Currently the company is behind other music platforms like Rdio and Twitter Music that allows users to personalize their music selections. Spotify plans to use their technology to create a better experience for users and this aquisition may impact many of Spotify’s competitors in the future.

In a statement by Spotify, the Founder and CEO David Ek states, ““We’ve been fans of The Echo Nest for a really long time and honoured to have their talented team join Spotify.  At Spotify, we want to get people to listen to more music. We are hyper focused on creating the best user experience and it starts with building the best music intelligence platform on the planet. With The Echo Nest joining Spotify, we will make a big leap forward in our quest to play you the best music possible.”

The Echo Nest API will continue to be free and supported. Also, the company will continue to operate out of their Somerville and San Francisco offices.