Top 10 Largest Landowners

1. Ted Turner 2,000,000 acres
2. Archie Aldis “Red” Emmerson 1,722,000 acres
3. Irving Family 1,200,000 acres
4. Singleton Family 1 million-plus acres
5. King Ranch Heirs 851,642 acres
6. Pingree Heirs 850,000 acres
7. Brad Kelley 789,851 acres
8. Reed Family 770,000 acres
9. Ford Family 740,000 acres
10. Huber Family 600,000 acres

The 2 million acres that Ted Turner owns is pretty large. Rhode Island only has 776,957.

Source: The Real Estate Bloggers

Sales of Boston-area commercial properties plummeted 86.5 percent last year, with about $1.35 billion in property changing hands compared to $10 billion in a red-hot 2007, according to the global real estate firm Jones Lang LaSalle.

From today’s Boston Herald:

While residential projects stall due to the financial crunch, one developer is bullish on converting a Downtown Crossing office building into apartments.

“This will be the only moderately priced rental building in the downtown,” said Harold Brown, chairman of the Hamilton Co., the Allston-based landlord who owns more than 2,300 units in Greater Boston.

Brown intends to transform the 12-story mid-rise at the corner of Winter and Washington streets into 51 apartments. In a shopping district where a 550-square-foot luxury studio apartment at the Archstone Boston Common on lower Washington fetches $2,855 and rents at the nearby Devonshire range from $2,200 to $4,300, Brown will offer one-bedrooms for $1,750 and two-bedrooms from $2,200.

For those who have been reading this blog, you may recall that I’ve been following the outcome of an apartment building/condo conversion project here on Beacon Hill.

Last month, City Realty Group lost the listings for the building. Today, according to MLS, Jeannemaria Conley of Otis & Ahearn is the new listing broker.

So here is where we stand:

* The 10 unit Beacon Hill building was purchased at the end of August 2008 with the intent to convert the units into 10 condos for a quick profit.

* The condos are listed for $389,000.00 per unit. The condos consist of 9 one bedrooms, and one commercial space.

* The condo developers carrying cost are over $24,000 per month. He bought the bldg., for $2.9 million

* From September 2008 to January 7, 2009 only one condo has sold for $360,000.00,( according to MLS). Two other units were under agreement but they both fell apart (I think because of mortgage financing).

* One condo is being rented on a short-term basis.

* The condo developer just hired a top notch real estate company to market the condos, but is holding the line on the asking price of $389,000.00 for one bedrooms.

* I wish both the developer and Otis & Ahearn the best of luck.

* Here’s the big question. Will Otis & Ahearn succeed in selling out the project with the current asking prices? Yes? No? Maybe?

More on the Beacon HIll Developer

There’s a lot of chatter on the internet by individuals trying to refinance their mortgage that the process is being dragged out. Apparently, banks and mortgage companies laid off so many people that there’s not enough staffing to follow up on the paper work.

Is anyone in the process of refinancing? Is it true that the process is taking longer because a lack of staffing? Or is it just a lot of senesless chatter?

Boston condo sales volume numbers comparing ‘07 with ‘08.

The Winners

Back Bay condo sales volume ‘07 - $782,623,360.00

Back Bay condo sales volume ‘08 - $787,739,538,00

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Beacon Hill condo sales volume ‘07 - $208,772,500.00

Beacon Hill condo sales volume ‘08 - $240,697,300.00

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Waterfront condo sales volume ‘07 - $187,379,956.00

Waterfront condo sales volume ‘08 - $239,344,126.00

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The Fenway condo sales volume ‘07 - $95,065,000.00

The Fenway condo sales volume ‘08 - $101,387,740.00

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The Losers

Charlestown condo sales volume ‘07 - $297,667,338.00

Charlestown condo sales volume ‘08 - $210,586,000.00

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Midtown condo sales volume ‘07 - $132,656,100.00

Midtown condo sales volume ‘08 - $125,276,784.00

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North End condo sales volume ‘07 - $86,077,700

North End condo sales volume ‘08 - $61,583,984.00

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South End condo sales volume ‘07 - $770,390,614.22

South End condo sales volume ‘08 - $726,508,756.056

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Note: These stats are from MLS data base. As a result, not all new Boston condo developments are included in these numbers. I will be providing LINK sales data when released which will be more accurate.