Contact me for more information about this development, or others:  MarkRyanHand@gmail.com

Here are five features I think you’ll love about 65 Green Street, the new eight-unit condominium development in a prime part of Jamaica Plain.

1. Location. When it comes to finding the best possible location for your city home, you’re often faced with a tradeoff: be able to walk to trendy restaurants or roll out of bed and make the train in minutes flat. Owners at 65 Green Street won’t have to make this version of Sophie’s real estate choice. Exit the building stage right, and a few blinks later, you’ll arrive at the Green Street Orange Line Station. Exit stage left, and before your stomach growls even once, you’ll find yourself passing City Feed, the Centre Street Café, JP Licks, and a host of other restaurants and retail shops that dot this key section of Centre Street, Jamaica Plain’s version of Main Street.

2. Not-So Vanilla Features. 65 Green Street has high ceilings. Super high. Like, Everest high. And when you combine the high ceilings with 65 Green Street’s over-sized windows, you get not only a lot of light but also the feeling that the living area in the residence exceeds the amount stated on the listing sheet. To get more space costs money, but the illusion of more space is priceless.

All of 65 Green Street’s residences have unique layouts, and all except Unit 204 have privately deeded outdoor space. 65 Green Street’s three penthouses also come with large private roof decks and two-car parking.

65 Green Street has a large package delivery room, a bike storage area, remote building access, and some thoughtful environmental friendly finishes—a.k.a. green finishes.

3. Something You Don’t Get. 65 Green Street has a lot of impressive features, but my favorite feature of the development might be what you don’t get: noise from your neighbors. Listing agent Mark Hand, an associate partner of the Residential Group at William Raveis Real Estate, said there are 30-inches of space between 65 Green Street’s second-floor ceiling and the floor of its third floor. As a result, the residences don’t have unsightly soffits or unattractive visible air ducts. But perhaps the biggest benefit of the large space between the ceiling and next floor is the soundproofing the developer installed. Asked why the developer went to such extents on the sound matter, Hand said, “They’ve been building since the 80s. They know the issue is always sound.”

4. That JP Vibe. JP has eclectic residents, intimate restaurants, an abundance of nature, and sense of community. Watermark Development Inc., a JP-based firm with 30-years of development experience whose website proudly asserts, “WE BUILD WHERE WE LIVE,” understands what makes JP JP. To put together the best possible plan for the site, Watermark engaged a collection of architects and designers at Embarc, a studio that has worked on nearly a dozen JP developments. And to make sure buyers saw the development with the proper JP perspective, Watermark contracted Mark Hand, a co-worker of mine who is part of a team that has sold more than 200 JP condos.

5. The Value Equation. One long-established and somewhat well-known Hub real estate tradition is for a South End or Brookline buyer to stroll by a JP condo and say, “SOLD!” That’s because JP buyers are often convinced that they get much more for their money than buyers in those other two locations. In 2017, buyers were paying more than $800,000 for the average Brookline condo and more than $1.2 million for the average South End condo. So what are they supposed to say when they see they can get a brand new condo with all the bells and whistles and live in one of the very best locations one market over? “I’ll take two!”

Written By:  David Bates, The Bates Real Estate Report

Over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest rates have remained historically low which has allowed many buyers to enter the market.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 4.7% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 4.7% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

Bottom Line

If buying a home is in your plan for 2018, doing it sooner rather than later could save you thousands of dollars over the terms of your loan. Lets get started on your home search today! Samantha@ResidentialGroup.com

If you’ve been looking to buy a home over the past year in Boston, you have likely become familiar with mobbed open houses, bidding wars, cash transactions and homes that sell in a weekend – or even before the first open house. In truth, the Greater Boston market has been this competitive for a few years now. So will it continue to grow in 2018?

Inventory. According to Zillow: “Inventory shortages will drive the housing market: Inventory will remain a major concern in 2018, continuing to play a significant role in pushing up prices. It will create particularly strong headwinds for first-time home buyers, who don’t have the benefit of profits from a prior home sale to boost their down payments and make them more competitive.”

Thankfully, realtor.com® projects that in the U.S. year-over-year inventory growth to tick up into positive territory by fall 2018, for the first time since 2015. They also predict that Boston will be one of the first major cities to see an increase in inventory next fall, especially in the higher price points. 

Rates and Tax Reform could have some impact on buyers looking to jump into the market. Despite these challenges, Lawrence Yun, National Association of Realtors (NAR) Chief Economist, says 2018 is measuring up to be a better year than 2017: “An overwhelming majority of renters want to own a home in the future and believe it is part of their American dream,” he said. “Assuming there are no changes to the tax code that hurt homeownership, the gradually expanding economy and continued job creation should set the stage for a more meaningful increase in home sales in 2018.”

Mortgage Rates. Top economists at the Mortgage Bankers Association, predict mortgage rates will rise in the next few years, past 4% and even past 5% as we head into 2019. Lynn Fisher, vice president of research and economics for MBA, said that their forecast shows that house prices can’t continue to rise at this rate forever.  MBA expects a stabilization in house prices, not a decrease, but a calming of the recent increases in the coming years.

Another facet of the housing ecosystem that is affected by rising housing prices is Affordability.  With rising home values it’s becoming more and more difficult for buyers, particularly new buyers, to become homeowners in Boston.  Such as neighborhoods like South Boston, Midtown and The Seaport have seen a jump in luxury housing and new construction.  HSH just released it’s report on how much a buyer needs to make in order to purchase in major metropolitan cities.  Key takeaways:  Amid tight markets with little new supply, housing affordability continues to be a spreading problem.  In Boston you’ll need to  “make six figures if you want to buy a home:”

Using second-quarter 2017 data from the National Association of Realtors — and taking into account the principal, interest, tax, and insurance payments required — the site determined that it would require a salary of $98,518.71 to afford a house here.

If you’re thinking about purchasing a home in the Boston area, the first thing you should do is have a conversation with a local lender, they can go through the loan process with you.  Everyone’s financial picture is different and this article is not a full representation of whether or not you can afford to own a home.  I’m happy to connect you with a few different local lenders who would happily take the time to help you weigh all your options.

The REALTORS® Confidence Index, a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners, showed that in October, 89% percent of respondents reported that home prices remained constant or rose in October 2017 compared to levels one year ago (85 percent in October 2016).

A very mild fall (weather wise), low interest rates and a slow trickle of inventory has pushed our fall market well into December. All signs point to a very busy few months ahead in the Boston market.  For the buyers looking to jump into the housing market, now is the time to start the search.