Sellers, how I can help you

Dorchester is a tough sell when it comes to luxury condominiums, and the sprawling Boston neighborhood is not accustomed to trendy restaurants and retails shops either.

But two developers at opposite ends of the diverse community are trying to bury the outside image of unsafe streets and rundown housing, exaggerated as it may be, and create upscale residences for young professionals who want to shop and dine just footsteps away from their front doors.

By acreage and number of residents, Dorchester is Boston’s largest neighborhood. It’s terribly unfair to generalize about “unsafe streets” and “rundown housing”. (If you want to see more about that, check out today’s Herald for more about Hendry Street and the Mayor’s PR machinery.)

The Globe article fails to mention what I think is the best development in Dorchester right now, the Schoolhouse at Lower Mills, on River Street. There are 62 units in this project, beginning in the $225,000 range, for over 800 square feet (includes storage and a parking space!).

And, unlike the Carruth where, according to its developer, “Anybody who wants a nice loaf of bread has to get in their car”, the Schoolhouse is right next to a Shaws.

More: Adding more choices to Dorchester - By Thomas C Palmer, Jr, The Boston Globe

Total # of condos for sale in the city of Boston: 2,544 (2,543) (2,567)
Average # of days on market: 118 (118) (113)

Number of condos sold (closed) over past 30 days: 331 (298) (383)
Average days on market, sold units: 114 (96) (124)
Ratio, closing (sales) price to original (list) price: 93% (93%) (95%)

Median close price, 2008: $390,000
Median close price, 2007: $399,000

Average close price, 2008: $562,818
Average close price, 2007: $595,523

Number of properties going under agreement, last 30 days: 512 (496) (588)
Average days on market: 92 (91) (N/A)

Velocity: $186,292,599 ($168,152,556) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)

Total Market Value, condos for sale: $1,541,677,241 ($1,538,187,566) (N/A)

My thoughts: I read a comment somewhere that a potential homebuyer was going to wait until sales volume had increased to prior years’ levels to show that the market was recovering, and at that point re-enter the market.

First, I don’t think that day will ever come. Sales volume is currently what it was in maybe 2003 and 2004 - that seems about right to me. The over-heated market of the past several years was driven by too many people selling to move up after just a couple years of ownership. I don’t think that’s going to happen again.

Second, does that make any sense? Yes, it’s indicative of the “health” of the market, I guess, but at the same time … do you really want to be competing against all those people, once again, for the “good” listings?

Search MLS and/or sign up for access to MLS

Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 4/10/2008 through 5/10/2008, and the period 4/12/2007 - 5/12/2007.

John A Keith Real Estate provides excellent service to buyers and sellers of real estate in Boston, Massachusetts.

Details on each of the developer’s neighborhood public meetings are included - just click on the graphics at the bottom to open up .pdf files.

Next meeting is May 21, at the Condon School on D Street, at 6:30 PM.

From the ArchBoston.com forum:

Re: NorthPoint Cambridge

I recently spoke to someone who works indirectly with this project. He told me that One Earhart has been completed for over 5 months and is still unoccupied. Two Earhart would’ve been completed around the same time but during construction there was a massive flood on the twelfth floor that caused millions of dollars worth of damage to the 5 floors beneath it. Work is still being done on Two Earhart and it should be finally completed within the next several weeks or so. Construction of the park has been put on hold for the time being while the project is stuck in legal limbo, but he said it is expected that work will resume sometime this summer.

He also told me that the Cambridge Housing Authority has agreed to purchase 50-something units in One Earhart that will then be made available to section 8 and low-income families. This struck me as particularly hard to swallow, but he assured me that he had heard it straight from someone on the development team.

The chances of that happening seem so slim as to be near impossible. But, stranger things have happened in life, right?

MLS #70758865
Price: $14,950,000

Location: Beacon Hill 02108
Total Rooms: 17
Beds/Baths: 6/7.5
Master Bath: Yes
Living Area: 8,450 square feet

Virtual tour: http://c.vrguild.net/c/stnd.pl?Q=0803190906228423

John Neale is the listing agent, or contact me for more information on how I can assist you as a buyer’s agent.

More photos, details

The elephant in the room, who cannot be mentioned in polite company: We gave mortgages to a few million households with deficient long-term financial behaviors, hopelessly incompatible with home ownership …

Those in authority demanding foreclosure rescue, Barney Frank and most of Congress, joined by compassionate Americans, cannot conceive the financials of a 575 FICO subprime applicant: a dozen or more late payments, several defaulted loans, and a large mass of consumer debt outstanding; poor job stability (temporary, seasonal, intermittent, commissioned sales); also no money, no savings, retirement or otherwise, often tens of thousands in consumer debt, huge negative net worth … before purchase.

Bring on the short sales, foreclosures
Commentary: Tough love is what housing market needs
By Lou Barnes, Inman News

Mortgage rates are sliding below 6 percent on a stock market fade, that in turn caused by credit crunch reality: Fear of big-firm dominoes is past, but credit will be scarce and expensive for another year or more. No dominoes, but many, many shoes yet to drop.

There are only two ways out.

(more…)

When you first visit their site, I have to say the number of products and services are overwhelming. For someone such as I (me?), whose idea of marketing involves a business card designed using MS Paint, it’s quite impressive.

I figured I would dive right in, so I decided to create a web commercial.

It took maybe 10 minutes to make one. Pretty simple, to the point, but attractive and, I think, about as good as what you might see on the web by people spending hundreds or thousands of dollars, in about ten times the amount of time.

Yes, I need a new headshot.

http://bostonreb.com/John_K.swf

Not sure how this will play on your PC/Mac. Right-click and save if it doesn’t open up, right away.

Coming soon - postcards, banners, business cards, etc.

Learn more: Imprev Marketing Solutions

Archon Group, which had won a bidding war for the high-profile project last fall, is out of the deal, said David Fink, one of the development’s owners. However, he said other bidders are circling and are interested in making a deal for the sprawling 40-acre site and its ambitious development plans.

As of now, two of the buildings have been completed, with closings planned for the end of next month.

Or, so they say …

More: NorthPoint buyer quits deal - By Scott Van Voorhis, The Boston Herald