Real Estate News

The latest news about the residential real estate market in Boston and the surrounding areas

Interest Rates Cuts Expected to Spur Market Growth

On October 30th, the Federal Reserve approved a quarter point interest rate cut from 2% to 1.75% in order “sustain market expansion”, as promised by the Federal Open Market Committee in June. Despite the fallout from the U.S. – China trade war and the impending implications from Brexit, the U.S. economy and housing market continues to maintain steady growth, and this rate cut should help this growth continue through Q4 of 2019. Now is a better time than ever to purchase a new home or refinance at a lower rate.

Effective Federal Funds Rate, 2019

graph for Blog Post

Source: https://www.macrotrends.net/

The Fed has had internal disagreements as to whether or not these cuts should continue, as this was the third rate cut this year. While President Trump has publicly stated that the Fed should keep cutting rates in an effort to stimulate economic expansion, multiple regional presidents of the Fed have maintained that the rate shouldn’t move down any further, and that it even should have been held constant at the prior level. It will be interesting to see how these rate cuts impact the economy in the long run: will this growth instrument prevent another recession or might it lead to inflation?

 

 

‘MasterChef’ auditions to be held in Boston Oct. 19

Perhaps your beef empanadas are crisp on the outside and savory on the inside, and your apple tarte tatin was the hit of the middle-school fund-raiser. You dream of ditching your job in finance for a shot at being a chef. And you’re just a teeny bit of a masochist?

Well, dear reader, your time has come: “MasterChef” is holding an open casting call for Season 11 in Boston on Oct. 19. If all goes well, you could find yourself on the Fox cooking competition show, enraging celebrity chef Gordon Ramsay.

The winner of “MasterChef” takes home $250,000.

In September, Harvard grad and Barrington, R.I., native Nick DiGiovanni, 23, became the youngest competitor to reach the “MasterChef” finals. After cooking up two “college-themed” dishes in the final episode of Season 10, DiGiovanni got axed. Dorian Hunter took home the trophy and the big check.

The casting call will be held at the Boston Marriott Long Wharf at 296 State St. from 10 a.m. to 4 p.m. according to the “MasterChef” casting website. Applicants must pre-register and bring one prepared dish to serve up to judges.

But beware: There will be no kitchen in which heat up your dish. Nor will there be plates. Or forks. We’re not sweating, you’re sweating!

The pre-registration form will take some time, so don’t leave it till the last minute. Sample questions include: “If we came over to your house for dinner, what would you cook for us?” and “What type of cuisine best describes your cooking style?” Producers also want a clear photo of your “best food creation” and a short video to introduce yourself.

You may need to carbo load for this. Good luck.

The Davis Companies Selects Advisors Living As Exclusive Sales & Marketing Team For 100 Shawmut

138 New Luxury Condominium Residences with Unparalleled Views and Market Leading Amenities in Boston’s South End

Oct. 2, 2019

By: PRNewswire

The Davis Companies (TDC) announced the selection of Advisors Living as the exclusive sales and marketing team for 100 Shawmut – the newest luxury development in Boston’s South End.

 

100 Shawmut will include 138 new luxury condominium residences, complimented by breathtaking views, private outdoor spaces, a two level rooftop sky lounge with gas grills and fire tables, a full service 24-hour concierge, an exclusive fitness center, a club room with a caterer’s kitchen, a resident lounge, billiards room, library, children playroom, dog-wash station, bicycle storage, and 3-levels of enclosed, secure parking.

“The Davis Companies has a long track record of doing what’s right for Boston,” said Jonathan Davis, Founder and CEO of The Davis Companies.  He continued, “We are combining the best of the South End’s historic charm with the brilliance of contemporary architecture, ultimately delivering a diverse mix of living options for a wide range of Bostonians.”

Advisors Living, a division of Boston Realty Advisors, is a recognized market leader in the planning, design, marketing and sales of new luxury residential development throughout Boston.  In addition to Advisors Living, The Davis Companies assembled a star-studded cast to design and construct the full-service luxury building.

The Architectural Team – Design Architect

EMBARC Studio – Interior Design

Copley Wolff Design Group – Landscape Architect

Suffolk Construction – General Contractor

Jason S. Weissman, Founder and CEO of Boston Realty Advisors said, “Advisors Living has become a household name for luxury living throughout Boston.  I’m confident in their ability to market this unique opportunity in the South End and deliver top sales results at 100 Shawmut.”

The adaptive reuse and new construction redevelopment will transform an existing, early 20th century six-story industrial building and the site that surrounds it into a 138 unit, 13-story architectural marvel.  The project design will merge classic features from the existing prewar building together with sleek, modern accents, preserving the character of the 1920’s façade on the lower floors, while adding seven stories of unitized glass curtainwall.

As the eye-catching exterior powerfully lures people in, the interior will welcome its residents with high ceilings and a modern feel – utilizing a mixture of white oak and textural stone that conveys a warm and gracious experience.  The thoughtfully designed luxury condominium residences are sized to offer the ideal home for any family, offering studios, one, two, three and four-bedroom homes.

The overall development sits on 1.9 acres and will ultimately form a beautiful landscaped internal courtyard and an East/West public pathway for residents of the South End to access the Washington Street Corridor.

The South End is an incredibly versatile neighborhood that boasts a thriving restaurant and gastropub scene and a broad array of specialty shops and is recognized as a world-renowned art and design district.  100 Shawmut is ideally situated to leverage the best of the South End and is conveniently located minutes from the Back Bay, Seaport, Downtown, SoWa and South Boston.

Janice Dumont, CEO of Advisors Living said, “The definition of modern luxury has been elevated.  100 Shawmut will stand apart in the South End community, offering luxurious high rise living with a comprehensive amenity program.  We are privileged to be the exclusive brokerage firm for this exceptional property.”

Climbing 150 feet, in one of the most sought after Boston neighborhoods, 100 Shawmut is being marketed as, “One Address. Infinite Possibilities.”  The Davis Companies broke ground on 100 Shawmut in February 2019 and is scheduled to deliver year end 2020.  The exclusive Advisors Living team consists of Janice DumontColleen Daniels, Creign Carr and Matt Gilmartin.  For more information and to schedule an appointment, please visit 100shawmut.com.

 

Advisors Living Tapped to Market 138-Unit South End Condominium Project

By: Connect.Media

Davis Companies has tapped Advisors Living for the sales and marketing assignment of 100 Shawmut, a 138-unit luxury condominium project in Boston’s South End.

The project will feature views of the Boston skyline, private outdoor spaces, a two-level rooftop sky lounge with gas grills, a full service 24-hour concierge, fitness center, club room, resident lounge, billiards room, library, children playroom, dog-wash station, bicycle storage and three-levels of secure parking.

The adaptive reuse and new construction redevelopment will see an early 20th century six-story industrial building redeveloped into a 138 unit, 13-story property. The design will merge features from the existing prewar building together with sleek, modern accents.

“100 Shawmut will stand apart in the South End community, offering luxurious high rise living with a comprehensive amenity program,” said Janice Dumont, CEO of Advisors Living.

Consumer Confidence Remains High Entering Fall Market

U.S. consumer confidence only slightly decreased from July to August despite trade tensions with China. Experts estimated that the market could see a large dip in August, but instead, this dip has been significantly smaller than predicted, signaling an optimistic general economic outlook. While other part of the economy have shown some weakness, the housing and labor market have remained strong, and now, bullish investors are hoping for resolution with China and a potential fall rally.

Expectations are still that the Fed will lower interest rates again in September due to trade tensions and slowing global growth, according to Reuters.com. As long as the tariff tension with China continues, the Fed will need to use monetary policy tools, such as rate cuts, to keep the economy strong. If the tension escalates and China retaliates to the U.S. tariffs on Chinese imports by taxing incoming U.S. goods, the high level of consumer confidence that we are seeing now will start to fall at a faster pace. But, on Monday, President Trump and Xi Jinping “called for calm” and Trump predicted that a deal would soon be in place.

These continuous rate cuts bode well for the future of the housing market. Nationally, home prices increased by 1.0% in the second quarter, and the increase in housing demand can directly be attributed to the favorable mortgage conditions brought about by the recent rate cuts. As long as these rate cuts increase the demand for real estate purchases, prices should hold strong entering the fall.

 

 

 

Fall Housing Market Forecast Looking Strong

In July 2019, U.S. homes sales grew by 2.5% year over year due in large part to a decrease in interest rates. Analysts believe that this rate was lowered to bolster the economy after markets shifted when tariffs on Chinese goods was announced by President Trump. This bodes well for the outlook of the U.S. housing market, as this decrease from 3.95% to 3.90% interest will give buyers more money to spend on homes going into the fall season.

Developer Kicks Off 39-Unit Condo Development in JP

By: The Warren Group

City Realty Group has begun construction of Tempo, a 39-unit condominium complex at 3193 Washington St. in Boston’s Jamaica Plain neighborhood.

The 5-story, 45,605-square-foot project will include units ranging from 495-square-foot studios to 1,305-square-foot three-bedroom condos. Amenities include a pet wash station, automated garage parking and bike storage.

New Boston Builders is constructing the project, which was designed by Embarc Studio of South Boston and is scheduled for completion in April 2020. Units will be marketed by Boston Realty Advisors/Advisors Living.

Studios are being marketed starting in the $400,000s and one-bedroom units will start in the $500,000s, according to the developers.

City Realty Group Begins Construction on TEMPO Condominiums in Jamaica Plain By Boston Real Estate Times

 

BOSTON– City Realty Group, a community-focused real estate development company serving the Greater Boston area since 2004, recently celebrated groundbreaking on TEMPO Condominiums in Jamaica Plain.

Located at 3193 Washington Street, TEMPO embraces the unique rhythm of Jamaica Plain.  TEMPO features 39 striking homes and quaint retail space that matches the blend of authenticity and vibrancy which makes JP one of Boston’s most appealing neighborhoods to call home.

TEMPO provides needed home ownership opportunities in the desirable Jamaica Plain neighborhood. The five-story building will total 45,605 square feet, with 31,365 square feet of net living space and available units ranging from studio to three-bedrooms. The studio units range from 495-615 square feet, one-bedroom units from 585-680 square feet, two-bedroom units from 785-985 square feet, two-bedrooms plus a study are 940 square feet, and three-bedroom condos will measure 955-1,305 square feet.  Retail units range from 1,050-1,105 square feet.  All retail space will be marketed with a preference for local small businesses.

Combining functionality with luxury, TEMPO is perfectly situated, just an 8-minute walk to the MTBA’s Orange Line and in great proximity to popular Boston destinations such as Fenway, Back Bay and the Longwood Medical area. TEMPO will accentuate everything that makes JP a special place to live – the exciting local restaurant scene, iconic Sam Adams Brewery, the historic and picturesque Arnold Arboretum and Emerald Necklace.  These stylish, pet-friendly condos are thoughtfully designed to fit the modern lifestyle.  Amenities include: automated garage parking, pet wash station, bike storage and private outdoor space. Construction is expected to be completed by March, 2020.

“TEMPO combines a fresh approach to urban living, with unmatched neighborhood amenities,” said Steve Whalen, Managing Partner of City Realty Group. “We are proud to bring much-needed home ownership options to the wonderfully diverse and vibrant community of Jamaica Plain.”

City Realty is teaming up with New Boston Builders to construct TEMPO Condominiums, which was designed by Embarc Studio, an architectural firm located in South Boston. Units will be exclusively marketed by Boston Realty Advisors/Advisors Living.

Advisors Living Tapped to Market Brookline Condominium Project By Connect Boston

Advisors Living, a division of Boston Realty Advisors, has been tapped as the exclusive sales and marketing team for The Fredrick, a gut-renovated new condominium project in Brookline’s Coolidge Corner neighborhood. The project consists of eight newly constructed two-bedroom, two-bath homes.

Located at 1240 Beacon St., the project was originally developed as a row house in 1910. In 2018, Haycon was selected to design and construct the renovation at the property. Prices at The Fredrick start at $979,000.

“We couldn’t be happier with the product at The Frederick,” said Patrick Haydon, partner at Haycon. “Together with Advisors Living, we combined modern ingenuity with traditional eloquence to create an exclusive eight unit condominium residence that exemplifies urban living in style.”

The Outlook for 2019 Interest Rates – Will Rates Drop Lower?

The Federal Reserve is currently debating whether or not interest rates will continue to drop in July. Even after the drop this week from 3.99% to 3.94% according to Bankrate, investors and homebuyers nationwide are hoping that there could be a quarter point to a half a point drop next month. The last time mortgage rates were this low was November of 2016. It was the seventh decline in the past nine weeks for the 30 year fixed rate mortgage, which was at 4.55% this day last year. Most institutional investors anticipate a quarter point drop in July of this year in order to combat the uncertainty of the upcoming trade talks between President Trump and Xi Jinping. If the Fed anticipates that these discussions may turn sour, then they will buoy the economy by lowering the interest rates to spur investment.

So what does this mean for new home buyers and sellers? Now is the time to start researching how much buying power you have, because with this new rate decrease, monthly payments will be lower than ever. You may not even need to put 20% down depending on whether or not you are in a competitive real estate market. This is the time of year where deals can be made, and with lower interest rates, your purchasing power might be stronger than you expected.

Thought about refinancing your mortgage? Buying a new condo? There’s never been a better time to see what’s out there on the market than right now before the Fall frenzy begins. Contact us on our website and let us help you navigate the market.