The Top 5 Questions You Need to Ask When Buying a Condo

• How much is the Condo fee and what’s included? Any upcoming assessments?

  Someone moving from a single family home to a condo building might not be familiar with a homeowner’s association. An HOA is a private organization of property owners. It’s usually outlined by a developer, and passed onto individual owners as the properties are sold. Different HOAs have different goals. In condo buildings, HOAs are in charge of common area maintenance, shared utilities and maintaining adherence to the association’s by laws. Usually there’s a board elected to oversee the association, with all members having voting rights. Right now there are 105 condominiums for sale in the Back Bay, with association fees ranging from $150/mo to $5094/mo. The fee is going to be determined by what’s included. Often times heat, water and sewer are included in the fee. In more full service buildings, it’ll also include the doorman’s salary, gym upkeep and potentially parking. When a building is expecting a large expense, or recovering from one, the board can elect for a special assessment. A special assessment is a predetermined increase for a set period of time. Fees are usually determined within the building by square footage. If you’re looking to buy a 3,0000 square foot penthouse and there’s an assessment coming up, know that it might cost you a significant amount of money.

• How much are taxes?

  Nobody like taxes. In Boston, you’re usually looking at around .86% of the assessed value in taxes. Around here, the assessed value is around 80-90% of the market value. If you’re moving to Boston as your primary residence, be sure to file for a residential exemption. If your qualify, you can get about $2,500 off of your annual tax bill.

• How many units in the building are owner occupied?

This is a good indication of the attention the building will get. It’s a good sign when owners want to live in their property, versus renting it out. Generally, homeowners are more involved.

• What’s the condition of the systems?

This one hits a little close to home for me. I wasn’t into real estate when I bought my condo in 2008. I don’t even remember having it inspected. I noticed my heating bill was getting more and more expensive every year. I have a heat pump on the roof, with a supplemental unit in my unit. I called an HVAC company to come take a look and he was shocked at what he found. My heat pump is so old they don’t even make the refrigerant anymore. On top of that, my unit was drawing air from the back hall directly next to an exterior door. When my heat goes on, it pulls cold air instead of warm air from within my apartment. I wish I’d known this before and probably could’ve had it taken care of. As it stands, it’s not up to code.

• Is your real estate agent working for your best interest or the sellers?

More often than I’d like, I hear a buyer say they’re going to go through the listing agent to make things easier. My advice is to always use your own agent who is working for you. A seller’s agent’s priority is to the seller first. They’re goal is to get the highest asking price, with the best terms for the seller, which doesn’t always coincide with what’s best for the buyer.

Thank you for reading this far, if you did. If you have any questions about this post, or real estate in general, I’d love to hear from you. Feel free to email, call or text me. 617 528 8461 willy.charleton@nemoves.com

Boston's Back Bay Market Update

If you’re familiar with Boston, you know that Back Bay is the place to be.  I’ve been here for 11 years and I love living here.  I moved away once, but moved back.  If you’re planning to move to or within the Back Bay, there are some things about the market you should know.

First, it had the highest dollar volume of any Boston neighborhood last year.  The combined total of sales was over $658,000,000.  The second highest was the South End, Boston’s largest neighborhood, with about $628,000,000.

Second, spring is when the market’s the hottest, with the majority of closings taking place in August.  The average listing is on the market for 48 days.  That’s a little bit longer than some other neighborhoods in Boston, but it’s also important to realize the average sale price in the Back Bay is $1,900,000.00.  

Finally, it’s important to consider the sale price versus the listing price.  While they’re related, they’re not the same thing.  Sometimes agents will recommend listing the property at a price lower than what the owner is willing to sell. Agents do this to get lots of people excited about the property and to start a bidding war that could drive up the price.  

In some markets agents will recommend listing lower… however this isn’t always applicable in Back Bay; the market is hot.  Sellers don’t need to entice demand with a low asking price to spark a bidding war.  Desire and demand are present.  Over the last year, the average listing price was $1,259/sq ft with the average sale price at $1244/sq fit.  So that’s just a $15/sq ft difference.  (That’s about a 1%)  That can probably be chalked up to individual unit differences instead of market trends.

Spring is here, which means temperatures are getting hotter and so is the real estate market.  If you’re planning to buy or sell, now is the time!  If you have any questions about Back Bay real estate or about the market in general, please ask me!  My cellphone number is 617 528 8461 and my email address is willy.charleton@nemoves.com.  I’d love to hear from you.

How to Find the Perfect Real Estate Agent

These are what I consider the five most important things to look for when selecting a real estate agent.

1. Look for a Realtor®.

Being a real estate agent and being a Realtor® aren’t the same thing.  An agent who is a Realtor® is a member of the National Association of Realtors®,  the trade association for brokers and agents.  Realtors® are bound by a Code of Ethics, and hold themselves to a high standard.  Agents join the National Association, not just for the internal benefits such as training and accreditation, but also because it shows clients that they are committed to providing the best service. 

2.  Look for someone who lives in and knows the area.

Using an agent who lives in the area where you’re planning to move can be tremendously helpful.  He or she can give you tips and resources from the experience of living in the area.  

I’ve lived in the Back Bay for 11 years. I am confident that I can answer almost any questions you might have about moving to the area.  Looking for the closest post office?  Where to find the best coffee?  Where to get the best salad?  I’ve got you covered.

3. Read reviews.

This business is almost entirely reputation- based.  Real estate agents aren’t paid a salary. Our income is solely commission-based.  Reviews from past clients and customers are very important.  They help the agent understand what the client liked and didn’t like, and also give future clients a glimpse of how the agent works and what to expect.  

4.  Choose someone who understands you and your needs. 

By choosing an agent who understands you and what you are seeking, you will save a lot of time.  There will be properties that meet some of your criteria but aren’t really what you want.  An agent who knows exactly what you’re looking for isn’t going to waste your time showing you places that will not work for you.

5.  Choose someone who will put your needs first.

Choose an agent who answers your phone calls.  If he doesn’t answer yours, he probably does not answer potential buyers’ calls either.  Make sure you select an agent who is willing to work with your schedule.  And pick an agent who will communicate with you the best way for you—whether it’s by phone, text, dm or email.  

If you have any questions about Back Bay real estate or about the market in general, please ask me!  My cellphone number is 617 528 8461 and my email address is willy.charleton@nemoves.com.  I’d love to hear from you!

Willy's Top Tips for Renting in Boston

Boston is an expensive city.  But it’s worth it!  There’s no city quite like it.  It’s got an extensive history, is on the water with a great climate and has a strong community.  It’s a hub for education and medical advancements.  Couple that with high turnover due to the 152,000 college students and many visiting medical professionals and you’ve got a recipe for a hot rental market.

View from one of the decks at Troy Boston.

Here are my top five tips for renting in Boston:

1. Be flexible with your move-in/out date.

The large student population results in a desired move-in date of September 1st.  It’s both a blessing and a curse.  A September 1st move-in date offers you a lot of properties on the market, but you’ll also have to compete with everyone else wanting to move in that day.  And you will probably be paying a premium because it’s such a high-demand date.  

After the September 1st rush, the second busiest move-in dates are in June and July.

Having a flexible move-in date will open up more properties for you, and will probably make your move a bit easier.  Chances are, you’ll also pay less for the same apartment with an off-cycle move-in.

People change jobs suddenly, renovations happen.  Tenants get evicted or break their leases.  Most landlords aren’t going let their units sit empty from January through August.  The best case scenario is that you get a deal and you’re not competing with 50 other no- parking permits and moving trucks.  

At Piano Craft Guild, you can paint your own door!

2. Use a Realtor®.

Specifically, me!

  There are plenty of people who search for apartments online and find a good one on Craigslist or Zillow.  However, you’ll have many more options when using a real human with personal connections.  Not every apartment is advertised online!  A Realtor® can give you advice or viewpoints you hadn’t even considered.   It’s also a lot easier to deal with one person than to schedule five showings with five different agents.  Using a Realtor® can also give you inside knowledge of the neighborhood.  It’s also to your advantage as the tenant, to have someone with experience negotiating your lease on your behalf.  

Ava Theatre District

3. Understand the math

Essentially, this is how to factor discounts and promotions into your rent.  In Boston, the standard rental fee is one month’s rent.  Sometimes the landlord pays the fee, and sometimes the client does.  Some larger buildings at times also offer months of free rent.    If the client is paying the fee, you can look at it like they’re paying 13 months rent for a 12 month lease.  Here are a few examples of how this can be done.

Ex1:

You find an apartment you like.  It’s $2,500/mo and you have to pay the fee.  

($2500 x 13) / 12 = $2708.33/mo

Ex2:

You find an apartment you like.  It’s $2500/mo and the landlord is paying the fee and offering first month’s rent free.

($2500 x 11) / 12 = $2291.67/mo

Ex3:

You find an apartment you like.  It’s $2500/mo and you have to pay the fee but your realtor negotiated your first month fee.  Well, that’s a wash.  $2500/mo.

Ink Block is an apartment building in the old Boston Herald HQ. The walls are covered in old newspapers!

4. Respect pet rules.

If the property/unit is not pet-friendly, please be respectful.  Don’t say you have a service animal if you don’t.  Please realize this is not the place for you.  It won’t work out well for you or your landlord.  

Micropolis, Beacon Hill

5. Use local resources.

The community within Boston is what really makes it shine.  The best way to be involved in the community is to know what’s going on.  Check out resources and websites like @Boston311 or www.eventbrite.com to see what goes in the neighborhood.

If you’re planning a move to Boston, congratulations!  It’s a great city!

And if you have any questions about Back Bay or Boston rentals or sales, or about the market in general, please ask me!  My cellphone number is 617 528 8461 and my email address is willy.charleton@nemoves.com.  I’d love to hear from you.

Open Houses 9/30/2018: 16 Pinckney and 34 Commonwealth

Now that September 1st has passed, I can relax a little. I’ve got more time these days and have been getting back in the habit of attending open houses. I also want to get back into blogging. So here goes both. I’ve decided to do a little write up, along with photos and commentary. Let me know what you think!

Today, September 30, 2019 I tried to attend as many open houses in the neighborhood as I could. I usually just scope out places in close proximity to my own condominium.

The first one I tried to attend was at 36 Pinckney St. in Beacon Hill. It’s a single family home for $3.59M. The open house was listed on MLS as 11:30-12:30. I got there just before 12, and the agent turned me away.

16 Pinckney St. Boston, MA 021…

Next up was another single family right up the hill at 16 Pinckney. Michael Harper (http://www.michaelharper.com) has this place listed at $4.25M. It’s brand new. 4 beds, 4.5 bathrooms. It had great light and quiet views. High up on Pinckney, so there’s only really residential traffic, for foot and car. No parking, but what can you expect in Beacon Hill. Maybe put your name down at Brimmer St. I’d take this single family on the hill. It feels like it’s not in a city. I’m imagining the taxes are outrageous though. I wonder if single family home-owners in this area use property managers.

The master bedroom is street-side and includes a walkthrough closet to the bathroom. Not the one pictured below.

My only complaint about this house is in this bathroom. What’s the deal with that shower? I’d re-do that and add a door. It would be so annoying getting out of the shower to a wet floor every day. (Edit: There is a shower door, it hasn’t been installed yet.)

Now this is cool. The master-shower closes, but there’s a vent!

Ok, 2 complaints. Anyone that puts white marble for the entirety of kitchen surfaces, doesn’t use a kitchen. I can’t imagine this homeowner tempering out 14 gallons of chocolate. You can’t cut on it, you can’t spill on it, and it requires regular maintenance. Not worth it in my opinion.

Obsessed with outdoor space though. There’s another patio off the dining room on the ground floor.

End of 16 Pinckney.

34 Commonwealth Ave Apt 2 Boston, MA 02116

I then headed home to Back Bay to check out a condominium at 34 Commonwealth Ave listed by Davant Scarborough (http://www.davantrealty.com). 3 bed, 2.5 bathrooms, $3.25M. Four units total in the building. This place does include a parking space. This is the best location in Back Bay; the first block of Comm Ave. The living room and master bedroom overlook the Comm Ave Mall, and you’re just half a block from the Public Garden. The backside has more of a family room and kitchen. The upstairs was a little strange, but not atypical for this area. The non master bedrooms were narrow, with high ceilings which made it look more dramatic. If this were my place, it would be a one bedroom. Taxes are a whopping $26,000 a year. The condo fee isn’t bad at $840.30.

I’m a fan of the openness.

That open door leads out to small patio.

I spy an electric baseboard.

To the untrained eye, it might seem odd that for $500,000 more you could get a brand new single family. This Comm Ave unit is commanding so much because of the location and the parking space.

Cucchiello's Bakery: The End of an Era

Let me warn you, this is a slightly sad post.  It’s a review of a place that’s going out of business.  It’s this bakery in East Boston called Cucchiello’s Bakery (356 Bennington St, East Boston, MA 02128).  My friend scoped this place out while on a run and wanted to check it out.  So we did!  We walk in and it’s essentially just a big kitchen.  A big, super Italian, kitchen.  

So many cookies and pastries and bread.  I wasn’t going to get anything, but the kid working there started telling us that they’re closing!  Apparently, the building was sold and the new owner would rather have a Dunkin’ Donuts in there.  The opposite of gentrification, if you ask me.  When we checked out Terminal J next door, the waitress told us Cucchiello’s had been there for 70 years!  She said they supply bread to most of the restaurants, and that their closing is posing a problem!

I got a cider donut for 50 cents.  How could I not.  And it was good!  They had pizzelles too, but they were only sold in quantities greater than I wanted.  Remember, every dollar spent is a vote cast.  Support this family owned local business as long as you can, and skip D&D.

A Free Night at The Museum

If you’ve never been to the Museum of Fine Arts in Boston, it’s worth the trip.  The place is huge and there’s so much to see.  On Wednesday, my friend Julia invited me to go with her.  An it turns out, admission is free on Wednesday nights 4-10pm!  We got there at 7:00, and went to the restaurant, which closes at 8.  We sat at the bar; had a drink.  $7 for a beer or wine.  I don't think I would go for the food, even if I were hungry.  I don't know if I trust museum food.  Nothing personal, MFA.  We finished up and went to see the original illustrations from Make Way for Ducklings and other McCloskey books.  From there, we checked out the European wing.  Here are some of my favorite pieces!

It’s totally worth going, because it’s free!  There’s no downside.  Maybe I’ll see you there next week!