FHA and Condo Update

• Spot loan approvals can continue until Feb. 1.
• The FHA will allow a 50 percent concentration of FHA loans - up from 30 percent - in condo buildings, and well-qualified buildings can have up to 100 percent.
• A 50 percent owner-occupancy requirement for new condo projects.
• The presale requirement has been reduced to 30 percent of new projects.

Summary of Tax Credit Changes

Summary of changes:

1) The signing of the new bill extends the date to be under contract to April 30, 2010 and the sale must close by June 30th.

2) First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same - $8,000.

3) Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lowered to $6,500.

4) The tax credit may not be used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.

5) The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.

Tax Credit Info / Updates

The news on the homebuyer tax credit…the House of Representatives has approved legislation that would extend and expand the credit. The House vote comes after the Senate voted yes on Monday night, and while there is more work to be done, word has it that an agreed upon bill should reach President Obama for his signature by the end of this week.

Under the proposal, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible for the credit. The extension would cover homes under contract by April 30th and closed by June 30th, 2010. And as we had also predicted, the tax credit will be expanded to non-first time homebuyers as well. There are a few tweaks for non-first time homebuyers - the credit is reduced from $8000 to $6500, and they must have owned a home for at least five of the past eight years. Remember - this is NOT final, and even if it is approved, it could contain further changes.

New Rental Community: 601 Albany Street, South End

601 Albany Street


There is a new development being worked on in the still up and coming area of the South End. This 40 unit, 6 story development which is currently under construction will be located at 601 Albany Street, being used for retail, residential and ownership with 28 parking spaces available. The 48,602-square-foot development in the South Side boasts parking and a small retail component, which has been leased for medical use. The project was originally designed as condominiums for sale, as early as 2005, but was decided after the downturn to change direction and sought approval for apartments instead, which delayed the construction process, which began 14 months ago. The total cost of construction reached $15 million with $10.5 million in hard cost and a $4.5 million in land and soft cost. Monthly rental rates will range from $1,750 to $2,400 per month for 40 one- and two-bedroom units. Should be a cool building, excited to hear about future amenities they will have to offer! Check back soon on further progress of the construction.

This is a great building and price point for Boston Medical Center employees and those on their residency. For more information on this building and to set up a tour contact us at realestatebostonblog@gmail.com

Commercial News: Harvard's new development initiative... Tenant Search!!??

Harvard has had visions of extended their campus into Allston for a while now. They have property in the Barry’s Corner neighborhood of Allston, which they had plans to create a science center which would cost them $1 billion dollars. It has been rumored that the project has come to a complete stop, but President Drew Faust has reported otherwise, that the project is still indeed active. Although there is a major slowing to the progress of Harvard’s expansion to Allston, Harvard has some time to fill some commercial space around Barry’s Corner. They’re looking for interested and vibrant tenants to fill these spaces. The properties will be announced soon! Harvard is trying to find the appropriate pace to build and envision the future of the area and their building with keeping it financially sound. Stay tuned to find out which commercial spaces are up for lease in this area.

The Bryant Auction ... Results

Unit # 602 3 bed/ 3 bath original asking price $1,976,250.
Under agreement for - $1,500,000.00
approx $765.69 per sq ft.

Unit # 601 3 bed / 3 bath original asking price $1,750,000.00
Under agreement for - $1,370,000.00
approx $716.15 per sq ft.

The Auction added unit # 603 3 bed / 3 bath under agreement for $1,485,000
approx $735.51 per sq ft.
The buyers have 24hr option to back out of the deal.

The Auction also added unit #406 3 bed / 3bath under agreement for $1,350,000
approx $623.55 per sq ft.
The buyers can opt out within 24 hrs.

Unit #401 3 bed/ 3 bath original asking price $1,692,000
Under agreement $1,335,000.00
approx $590.00 sq ft.

Unit #403 3 bed /3 bath original asking price $1,900,000
Under agreement for $1,366,000.00
approx $641.91 sq ft

Unit # 505 3 bed / 3 bath original asking price 2,050,000
Under agreement $1,350,000
approx $623.55 sq ft

Unit # 305 3/bed / 3 bath original asking price $1,695,000
Under agreement $1,325,000.00
approx $607.51 per sq ft.

Unit #404 3/bed 3/bath original asking price $1,900,000.00
Under agreement $1,350,000.00
approx $633.80 sq ft

Unit #801 3/bed 3 bath original asking price $2,295,000.00
Under agreement $1,352,000.0
approx $801.89 per sq ft.

755 Boylston Street, New Luxury Rentals in Boston!

755 Boylston Street, Back Bay
Luxury Rentals








In the real estate industry sometimes projects and developments get stale. This is one project I am truly excited to write about. Something different, something unique. 755 Boylston street is what we need.... city living - newly renovated dwellings in the heart of the city! Steps away from the Prudential and Mandarin this is a must see if you are in the market for a 2 bed. For more information on these newly renovated lofts in the Back Bay. Contact us at realestatebostonblog@gmail.com

The Skinny:

2 bed / 2 bath
Starting at 3500
Sub Zero / Fisher Paykel Refrigerators
Viking Gas Range
Viking Micro
W and D in unit
*Gas Burning fire places
*Common Roof Deck
*Private Storage
*Trash Shute
* Toto designer toilets
*Intercom System and Security
*Concierge Services
* Parking Available