Can You Buy a Home With Bitcoin?

The answer is, yes. But there’s more to it than that. There are a variety of ways you can do this, and it extends beyond just Bitcoin to other cryptocurrencies as well, like on the Ethereum network. For this post, I’m going to stick to Bitcoin. These methods will be very similar for a variety of cryptocurrencies.

Bitcoin-Bitcoin

There are three main ways that you can use your Bitcoin to buy a home. The first and most obvious is, to just pay with Bitcoin. You get a new home, the seller gets Bitcoin. It’s pretty straightforward. (For the sake of this post, I’m assuming if you’re paying in Bitcoin, there is no mortgage contingency.) The tough part here, is finding someone willing to accept Bitcoin as payment. I’ll go into why a seller or buyer might want to trade in crypto in a future post. This is the most different in terms of how the transaction is carried out.

So you’ve got your coins, you found a home you want and the seller will take Bitcoin. Great. Now what? All the standard documents and contracts of a home sale are still required. The only thing that changes is payment. As a buyer, you can use a Bitcoin escrow service. However, this is still a very new industry and I think that there can be uncertainty sending large sums of Bitcoin to relatively new and unknown companies. That doesn’t mean there aren’t any trustworthy services, but at the end of the day you’re still sending your coins to a stranger. Just a note, although an important one: Bitcoin transactions are irreversible. Once they’re on the blockchain, the deal is done. You don’t want to just send the Bitcoin to the seller.

The other option, is to forget escrow. This is where things get interesting. You can use a service like Bitraded to handle the flow of money. What they do, is process payment using multi-signature smart contracts. I’m not going to go into detail, but a smart contract is just “if, then” code. It’s kind of a misnomer because it’s not “smart” and it’s not really a contract. But I do see smart contracts playing a big role in real estate transactions in the near future.

Anyway, the way it works is like this. A buyer and seller find a third person to be an arbitrator or “trust agent.” Terms are agreed upon and a wallet is set up. This wallet is a 2 of 3 signature address. Money can be sent to the address, but 2 of the 3 signatories need to agree to release funds for payment. The buyer is requested to make the payment. The seller can confirm when the payment is made and can turnover the home. The funds are still locked until two of the three agents agree to release it. If the buyer and seller agree, then everything goes smoothly and there’s no need for the arbitrator. If they disagree, then the arbitrator steps in to determine if funds should be released to the seller or refunded to the buyer.

A few things to consider. Using Bitraded will be cheaper, as you’re not paying for an escrow service. The only fee would be whatever the arbitrator charges. The arbitrator does not have access to the funds, and can only decide to release or refund the payment. So that’s one way that paying with Bitcoin could actually save you money. Also, price is almost always determined in fiat currency. Until the closing, the risk is on the buyer. After closing, the risk is on the seller.

Bitcoin-USD

Here’s situation number two. You found a home. You want to pay in Bitcoin. The seller does not want Bitcoin. Well this is actually pretty easy. In this case, the price will be determined in fiat and it’s the buyers responsibility to stick to the agreed price, regardless of the volatility of the cryptocurrency market. All of the standard contracts and agreements are still in place. For this, you’ll use a service like BitPay. Once all the terms have been agreed to, BitPay send the buyer an invoice. The buyer pays the dollar amount in Bitcoin. BitPay accepts the Bitcoin and turns around and sells it for fiat. The seller is then wired the money. There are transaction fees for this, and it can get expensive for high value transactions

In this case, it’s easier to get traditional financing. You’ll just need be able to meet credit and income requirements. Keep in mind it might be tough to get a good rate from a traditional lender if you’re using your Bitcoin as proof of income.

Cash

Which leads me to your third option for using your Bitcoin to buy a home. Just use cash, duh. Especially right now, there are plenty of people HODLing. They don’t want to sell. But that doesn’t mean you can’t buy a house using your Bitcoin. Let me explain. There are several companies out there that will lend you money, holding your bitcoin as collateral. BlockFi is probably the largest. Some offer up to multiple millions of dollars in credit. These are going to cost a little more than a traditional mortgage, but the process is way less invasive. You send them coins, they send you money. You pay back the money. There’s no credit check, or proof of income. You either have the coins, or you don’t. From there, it’s a standard transaction. Right now, I think this is probably the best way to do it. You get to keep your coins (theoretically) and you also get a home. You can do this for just the downpayment and also take out a mortgage, or just finance the whole house from Bitcoin.

That’s it! That’s the post!

Stay tuned for “Why would you want to buy your next home in Bitcoin?”

Please feel free to reach out with any questions about this article or crypto and real estate in general. I love to talk about it! 617 528 8461 or willy.charleton@nemoves.com

Bright Commonwealth One Bedroom Apartment in Kenmore Sq.

Welcome to 463 Commonwealth Avenue, a bright and airy one bedroom apartment, located in historic Kenmore Square, directly across from the gorgeous Commonwealth Avenue Mall.

This rarely available, one-of-a-kind apartment is one of the most accessible units on the market.  Kenmore Square offers some of the easiest street parking in the city.  On top of that, there’s no street cleaning, so you’ll never have to worry about getting towed.  Centrally located, you can conveniently access Storrow Drive and the Mass Pike.  If you’re more inclined to take the T, this apartment is just under 1000 feet from Kenmore Station.

Upon entering, the first thing you’ll notice is how much light this apartment gets.  It’s south facing, with a glass-filled bay window.  Light hardwood floors and high ceilings compound this effect.

The kitchen is fully equipped with an electric stove and oven, full size refrigerator, microwave and dishwasher.  Plenty of counter space and storage make this kitchen a chef’s dream.

The full-size bathroom features a tub and shower as well as a wall mounted cabinet for extra storage.

The bedroom has a large window and fits a queen size bed.  The closet is very deep with built in shelving for more organized storage.  There’s also a coat closet at the entrance of the apartment for extra space.

However, my two favorite features of this condo-quality apartment are the working fireplace and shared roof deck.  The location of this apartment allows for exceptional skyline views.  

There’s also coin-operated laundry in the basement.

The move in date is flexible between May 15th and July 1st. The rent is $2550 a month. The security deposit is negotiable for well qualified tenants.

If you have any questions or are interested in this apartment, give me a call! I should have a virtual tour shortly, but am also available to show the unit in person. My cellphone is 617 528 8461 and my email address is willy.charleton@nemoves.com.

Note that the furniture is different, but the apartment is the same!

How to Prepare for Your First Home Purchase

1. Save

2. Pay off debt

3. Know your credit score

4. Determine what you can afford

5. Talk to a Realtor

6. Get pre-approved

Those who fail to prepare, prepare to fail.  And nobody likes failure.  So let me help you prepare for buying your first home.  Buying a house is a big investment, but it doesn’t have to be stress inducing.  In fact, the better prepared you are, the smoother the process will be.  In this post, I outline what you can start doing now to help you buy your first home, even if it’s years away from now.

1. Save

You’ll need cold hard cash for a down payment.  There’s no way around it.  Set up a separate fund for a down payment.  If you can, set up direct deposits immediately when you get paid so you don’t even see the money.  Don’t use your emergency fund for a down payment.  You might need it later.  A house isn’t an emergency.  Also, the more you put down, the less money borrowed, and the less you’re paying in interest.  

Houses are expensive, so it might take some time to save up 20% of the home price.  Keep the money in a high yield savings account, CDs, or something like Treasury Bills.  This money isn’t for betting on stocks.  You want it to be secure, and relatively liquid.  If you know it’s going to be several years before you’re ready, it’s not going to hurt to do a CD ladder, or something like that.

2.  Pay off Debt

Debt is expensive.  If you owe any money, work to pay it back as soon as you can.  I’m talking about bad debt.  Like credit card debt.  I’m not saying walk down to the bank and pay off your entire car loan at 1.6%.  Lenders are going to look at your debt to income ratio, and from there determine the risk involved.  In a similar sentiment, pay your bills on time.

3.  Know your credit score

The better your credit score, the better the terms of the loan.  If you have bad credit, or just think it could be better, take time and work on it.  It can save you thousands in the long run.  Aside from the savings, it’s a good thing to monitor in case anyone takes out loans in your name and doesn’t pay them back.

4.  Talk to a Realtor

It doesn’t cost anything to talk to a Realtor.  As a first time homebuyer, you’ll be happy to know that the seller pays the commission.  In my experience, Realtors love talking about real estate.  Even if you’re just starting to think about thinking about buying a house, ask your friends if they know any Realtors (I’m right here!).  Local Realtors can assist you in identifying what you’re really looking for, as well as help with state and local assistance programs.

5.  Determine how much house you can afford

There’s a lot of confusion around this, and it’s going to depend on individual circumstances.  You’ll need to have a grasp of your finances in general.  Know what your earn, what you spend and what you save.  Knowing your credit score will help you estimate your interest rate, which could play a big role in your monthly payment.

If you’re in good financial standing, with minimal to no debt, you can get a rough estimate by multiplying your income by three.  If you have a more complicated financial situation, you’ll need to know some details.  There’s also something called the 28/36 rule.  Essentialy, your mortgage payment should not exceed 28% of your income, and total combined debt payments should not exceed 36% of your income. Ask your Realtor to recommend a CPA or mortgage broker to help you more accurately determine what you can afford.

6.  Get Pre-Approved

Once you’ve done everything previously listed, it’s time to get pre-approved for a mortgage.  There’s no reason not to have a pre-approval letter, unless you’re paying cash.  It lets sellers know that you’re serious, and that you can afford to make the offer.  It makes for a more seamless transaction and a faster closing.  

If you’re looking to buy your first home, or are just thinking about looking to buy your first home, give me a call! I’d love to chat and would be happy to answer any questions. My cellphone is 617 528 8461 and my email address is willy.charleton@nemoves.com

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.

Heritage on the Garden

One of my favorite buildings in the neighborhood is Heritage on the Garden.  It’s so prominent, and classic looking.  I’m always changing my mind about what I want in my next home.  Should I scoop something bigger up in the Back Bay?  Buy a house in Cambridge?  Keep my apartment (it’s actually a condo but I hate the word condo) and buy a house in New Hampshire?  All of the above?  Although, I know I wouldn't mind moving into this place at all.  It’s off the market.  I don’t even think it was on the market for a week!  It was listed for $1,250,000 by Tracy Campion.  It’s a two-story one bed, one and a half bath with outdoor space on both levels.  Enough of my words, here it is!

You walk into a little hallway with the staircase and a hidden half bath that leads to the living room.  See outdoor space?  Kitchen to the right.

It's not great, but it's nice enough.  Dishwasher is a huge plus.

I'd ditch the mural.

Nice big staircase for a Back Bay 1 bed.

In-unit laundry.

Did someone say built-ins?

More storage AND outdoor space off the bedroom.

Master bathroom isn't bad. 

So you see why I like this place so much?

Other People's Thoughts on Money

“Money and success don’t change people; they merely amplify what is already there.”

— Will Smith

“Money is not the most important thing in the world. Love is. Fortunately, I love money.”

— Jackie Mason

“While money can’t buy happiness, it certainly lets you choose your own form of misery.”

— Groucho Marx

“It’s a kind of spiritual snobbery that makes people think they can be happy without money.”

— Albert Camus

“Money is neither my god nor my devil. It is a form of energy that tends to make us more of who we already are, whether it’s greedy or loving.”

— Dan Millman

“Money is better than poverty, if only for financial reasons.”

— Woody Allen

“I am opposed to millionaires, but it would be dangerous to offer me the position.”

— Mark Twain

Ultimate Party House - Venice, CA

So it's not the ultimate party house, but I could definitely see some fun parties going on here regularly.  And it's more of a townhouse, than a house.  But it's still pretty sweet.  I say that, because this house has a huge roof deck.  This house is 2,300 square feet, and 3 stories.  That leads me to believe there's about 750 square feet of roof deck.  That's a space larger than my apartment.

I could very, very, very easily imagine myself up there with a couple of friends listening to music, eating take out form Gracias Madre.  I bet it's a great place to watch the sunset.

I like browsing real estate markets around the country, in places I wouldn't mind living.  So naturally I was looking at a .25miles radius of Abbot Kinney and Westminster.  While the location is great, it's spacious, has that fantastic roof deck, the kitchen needs a little work.  It's not what you think.  I love the tile, but that stove just doesn't work for me.  I would much prefer either a larger island, or moving the stove to the counter against the wall.

We're going to end this spotlight on a positive note, with the price.  This is currently one of the most affordable homes in Venice at $1.475M.  It also has a 3 car garage and 2 outdoor spaces.  Sweet, right?

Click here for more.

A First Time Homebuyer's Dream

Volnay Capital is a property development and soon to be property manager based in Boston.  I met with Ricky, the owner and founder, at their 349 Meridian St property.  There are three 3-bedroom units, but only the penthouse is still available.  It's just over 1300 square feet and has its own private roof deck.  Volnay Capital also has a few developments projected to come in the market this spring.  The finishings and attention to detail will be of the same caliber.  These aren't your typical developments.  These are solid condos built by experienced craftsman.  If you buy before the condo is finished, they’ll even build to suit your needs, within reason.  On top of that, Eastie is a great neighborhood, both to live and invest in.  It's growing at an unprecedented rate.  For my friend Jesse's take on the hood, check this out.  Here are some photos from 349 Meridian!

Millennium Tower Photos

Here's my photo album of Millennium Tower.  Let me know what you think!

Boston's Hidden Gem: Eastie

Jesse Greenstein

If East Boston was good enough for the Kennedy’s back in the 1900s, then it is definitely good enough for you and me! 

I live in a neighborhood that does not get a lot of attention from the average Bostonian, and for that I am grateful. Traffic is minimal, real estate is affordable, goods and services are less expensive, and the people are hardworking and humble.  If you’re from Boston and have only been to East Boston to utilize the airport, then come back and let me be your guide, and let me show you around. To most people who live in the greater Boston area, East Boston is just where the airport is, or where Santarpio’s is…. If you feel that way, then you are in for a pleasant surprise! 

 There is a hell of a lot more than just an airport out here…

 We have libraries, schools, marinas, breweries, post offices, police and fire departments, parks, banks, smoke shops, bars, gyms, pool halls, bowling alleys, playgrounds, soccer fields, basketball courts, and greenways. We have some of the best authentic and interesting restaurants in town. We have mom and pop shops, yacht clubs, waterfront views, medical and legal offices, small businesses, big businesses, and families. The Eastie community is very strong – whether you come from Back Bay or El Salvador, you can make this quaint part of Boston your new home with ease.  There are busses, trains, and boats to take you all around town, and beyond, if you don’t want to walk or drive to other parts of the city.

 I love it here -- we love it here -- and as soon as I have enough money saved up, I am going to invest it in this neighborhood’s real estate market. Currently I am renting in Maverick Square/ Jeffries Point – a 4 minute walk to the Maverick Blue Line T Station.  However, I am a value investor – I always have been – and I am a real estate agent and entrepreneur. Every day I think to myself how important it is to invest early before it is too late. This time next year, or even by the time the summer rolls around, it might be too late to invest in East Boston – at least in the Jeffries Point and Maverick Square regions. The fact that people are already talking about Eastie makes me think the rush has already begun, but Rome was not built in a day, and neither was East Boston.  Get in early and get in often! 

The two attributes that shine through every time I am in East Boston are LOCATION and VALUE. Other neighborhoods are contenders regarding value, like Allston, Brighton and JP, but those neighborhoods certainly do not share the LOCATION factor that East Boston has, and that is evident when you go make the trip from Eastie to Downtown in less than 10 minutes. 

In the residential real estate market we talk a lot about Back Bay, Downtown/Midtown, The North and South Ends, Seaport, Waterfront, and occasionally the Fenway. We do not discuss East Boston, and I plan on being the man to change that – even though I like my quiet, pleasant, fulfilling neighborhood the way it is, I know that this is the new land of opportunity – the new frontier – and I want to share that with you, your friends, and your family. 

The average price of Single Family, Condo, and Multi-Family in East Boston (11/28/2016):

• Single Family Home: $459,267.00  3 on the market ranging from $338,000 - $649,900
  • Avg Price/Square Foot: $309
• Condominium: $463,934.00  32 on the market ranging from $299,900 - $850,000
  • Avg Price/Square Foot: $475
• Multi-Family Home: $1,172,213.00  8 on the market ranging from $549,900 - $3,300,000
  • Avg Price/Square Foot: $310

The Average price of a 1, 2, and 3 Bedroom Rental in East Boston (11/28/2016):

1 Bedroom: $1,839  10 active listings, ranging from $1,500 - $2,300

2 Bedroom: $2,281  16 active listings, ranging from $1,500 - $3,800

3 Bedroom: $2,325  7 active listings, ranging from $1,950 - $3,025

BELOW you will find a list of great things to do in EAST BOSTON

Restaurants:

• Top 5

1. Rino’s Place
2. Mehak Halal
3. Italian Express
4. Cactus Mexican Grill
5. Saigon Hut

• Italian
  • Rino’s Place
  • Meridian Food Market
  • Italian Express
  • Santarpio’s
  • D’Parma
• Middle Eastern
  • Mehak Halal
• American
  • Roy’s Cold Cuts
  • Kelley Square Pub
  • Maverick Marketplace 
• Latin
  • Cactus Mexican Grill
  • Angela’s Café
  • La Hacienda
  • Rincon Limeno
• Asian
  • Saigon Hut
  • Little Asia
  • Hong Kong Harbor
• Other
  • KO Pies (Australian – like chicken pot pies, but more exciting etc.)
  • Donna’s Restaurant (Breakfast + Lunch, Orient Heights)

Nightlife/Bars/Entertainment

• Eddie C’s
• Kelley Square Pub
• Maverick Marketplace
• Ecco Lounge Boston
• Jeveli’s
• Central Park Lanes BOWLING CENTER
• El Diamante – billiards/pool hall
• Trivia, Karaoke, Sports – Maverick Marketplace
• Tufts Tobacco Smoke Shop and Lounge (very rare these days, Orient Heights)
• Parks, Soccer Fields, Walks, Boats
• Brewery Tour at Downeast Cider 
• Pockets Billiard Club (Orient Heights)
• East Boston Yacht Club + Jeffries Point Yacht Club 
• Food, Food, Food
• Beaches

TRANSPORTATION 

Water Taxis

• MBTA Harbor Express: 617-222-6999or 617-222-3200 
  • www.mbta.com/schedules_and_maps/boats
• Boston Water Taxi – Boston Harbor Cruises: 617-227-4320
  • www.bostonharborcruises.com/water-taxi
• Rowes Wharf Water Transport: 617-406-8584
  • www.roweswharfwatertransport.com    

The T

• Maverick Station
• Airport Station
• Wood Island Station
• Orient Heights Station
• Suffolk Downs Station

The Bus

• 110, 111, 112, 114, 116, 117, 120, 712, 713

Jesse Greenstein

jgreenstein@otisahearn.com

@nightstandmanagement

ZeroEnergy Design's Net Positive Farmhouse

“I believe in God, only I spell it Nature.”

— Frank Lloyd Wright

So yesterday, just like any other day, I found myself perusing the World Wide Web.  I like to just search things, browse, read, listen, shop.  Well yesterday I was searching for sustainable buildings made by Boston based architects.  I don’t know if you know this, but Boston is a hub for Architects.  They’re everywhere!  In fact, I was almost one of them.  I moved to Boston in 2008 to start my college education at Boston Architectural College.  Didn’t work out.

In my browsing, I came across ZeroEnergy Design’s Net Positive Energy Lincoln Farmhouse.  Not only does this house look great, it is great.  Great for everyone inside and out.  To me, it has this Scandinavian minimalist thing going on.  Remember, I’m coming from an antique and cluttered American perspective.  Rugs on rugs on rugs, but not here.

Ok, there are a couple rugs.  But they're not layered!

Let’s get down to brass tacks.  Let me pin up why this place is so cool (or not!).  The first thing that caught my attention, is that the house is totally electric.  I read that and was like, “wait what that’s so dirty and chaotic.”  But I got over it quickly.  Throw a couple Tachyon Disks over the fuse box and you should be good to go!  

Being 100% electric isn’t really an issue, because this house uses 70% less energy than a new home built to standard code.  Have you yet deduced why this house is called the “Net Positive Energy” farmhouse?  Because it produces 42% more electricity than it consumes!  I’m wondering if feeding back into the grid, how long this house will take to pay for itself.

One of the reasons this house is so efficient, is that it’s sealed.  You could probably submerge this thing.  Now that I think about it, this place could be the next Noah’s Ark.  Sealed and self sufficient.  I’m not going to get into the details of testing how air tight a building is, but it’s called the Blower Door method and is measured in ACH50, Air Changed per Hour at 50 Pascals.  The 2012 International Conservation Code set 3 ACH50 as the a good target.  This house is one of the tightest in the country at .27 ACH50.  In the case of losing power in the winter, and therefore heat, the house is so well insulated that it will take several days for the house to dip to 60 degrees.  There is one part of this house that’s outside the insulated envelope.  The root cellar!  Yeah, you heard me.  This place has a root cellar!

HVAC is not my area of expertise.  But this place has an “air source heat pump and energy recovery ventilator” and a “heat pump hot water heater.”  The kitchen appliances are conventional electric and Energy Star rated.  A monitoring system is in place, so the me owners can monitor their energy consumption.  The roof is covered with solar panels producing 13.8kW of power.  This house is even equipped to charge an electric car!

Since this is a farmhouse, it’s obligated to at least have a garden.  Well this place collects rain water for later use on landscaping and vegetable gardens!  On the whole, this house uses 60% less water than the federal standard.  I just hope this house isn’t connected to municipal water.  

I’m a huge fan of this house.  There was a lot of thought and attention put into it, as well as great craftsmanship with an eye for sustainability.  I think this is a great example of what we can do.  Let’s give credit where credit is due!

Architecture and Mechanical Design: ZeroEnergy Design

Construction:  Thoughtforms

Landscape Design: Soren Deniord Design Studio

Lighting Design: Lucia Lighting Design

Troy Boston - A Step Towards Sustainable Luxury

“I feel more confident than ever that the power to save the planet rests with the individual consumer.”

— Denis Hayes

In my opinion, Troy Boston is the future of high rise luxury living.  It’s at least a huge step in the right direction.  Troy Boston was completed in 2014 by Gerding Edlen, one of the country’s largest property development firms.  Gerding Edlen is know for their green properties.  They currently have assets totaling $5,000,000,000.00, including 13 LEED Platinum, 45 LEED Gold and 5 LEED Silver rated buildings.  They clearly have the experience necessary to bring sustainability to the luxury market.  After all, sustainability is the best luxury.

You know that they’re doing something right when they’ve reached nearly 90% occupancy within the first year of opening its doors.  In fact, it’s the only building to reach 80% occupancy in such a short time in the city of Boston for the last 6 years.

Top floor deck. Those cement pillars on the left are heated!

The views are great.  Depending on your floor, you get a full panoramic of the Boston sky line.  Even if your apartment doesn’t have the greatest view, all you need to do is take the elevator up to one of the common outdoor spaces.  

Salt water pool with a view of Prudential

The outdoor spaces are to die for.  The first one is right off a lounge with a small kitchen.  There’s some seating, heat lamps and a salt water pool!  I only know of 1 other building in Boston with a salt water pool.  You could take the elevator on up to the next common area, which houses a larger kitchen area.  In fact, the FoodNetwork is using the space to film a show, and allowing residents to watch and taste the food.  Right off of this is an expansive patio, with cabanas and grills.  

Cabanas overlooking the city.

On top of all that, the apartments themselves are very cool.  Troy Boston’s apartments range from studio to 2 bedroom.  Although, there are no studios currently available.  Studios start are $2,395/mo, with rents going up to $4,600 for a 2 bedroom.  They’re very clean and modern looking.  One thing I really like about this place, is that microwaves are not built in to the cabinets.  They do offer one, but they just sit it in a cabinet under the counter.  That means you can just take it out and give it back!  Not that these spaces are lacking storage.  They actually have pretty good storage.  Along with walk-in closets and plenty of cabinet space, the large windows and high ceilings contribute to a clean, airy feel.

Another nice feature of this building are the services offered.  There are trainers, nutritionists, chefs and life coaches available for tenants.  In house stylists and tailors are available.  If style really is an issue for you, you can also call on Troy Boston’s interior design team to help furnish your apartment.  Doggy day care is offered, as well as pet supply delivery.  An out door self cleaning dog walk is accompanied by a washing station.  There are also regularly community events, including a recent cocktail making class, and adult halloween party.  The more I find out about this place, the more it seems like a city based rental version of the Yellowstone Club.  

Dog walk, with grooming station at the end.

On top of all that, Troy Boston is more environmentally friendly than your average luxury high rise:

• 1,616,551 kwh energy saved (147 homes powered)

• 2,789,620 gallons water saved. (139,481 showers saved)

• 1,132 Metric Tons CO2 saved (241 cars off the road)

• designed to operate 25% more efficiently than a code-compliant building

• 82% post-industrial recycled content flooring

• electricity co-generator also produces 100% of the building's hot water and 54% of its heat.

• all plantings are local non-invasive species

If this building tickles your fancy, please don’t hesitate to reach out.  I’d love to schedule a visit!

Piano Craft Guild - Historic South End Living

Built in 1854 by Chickering and Sons as a piano factory, Piano Craft Guild is now the site of 177 unique loft apartments.  Piano Craft Guild was turned into apartments in the late 1970s and still has some original residents!  As a full service apartment building, there’s a concierge, a community area, conference room and soon-to-be indoor pool and fitness area.  Historically, this has been an artist’s haven.  Many artists still live in the building and there’s actually a gallery on the first floor that’s open to the public.  Something I found very interesting, is that tenants are encouraged to paint their doors in any way they see fit.  Some were covered with bumper stickers, landscapes and geometric patterns.

It’s located in the South End, right off Mass Ave at 791 Tremont St.  Being off Mass Ave, it’s relatively close to the green line and the orange line.  The South End in general is more accessible by bus, but I do not know how the buses work.  The South End is the newest up and coming neighborhood in Boston.  It’s my go-to place for good food.  Toro, Coppa, Stella, Kitchen, and Picco are a few of my favorite spots.  You didn’t hear it from me, but word on the street is Jamie Bissonette, co-owner of Toro and Coppa, used to live in Piano Craft Guild.

The apartments range from studio, to three bedrooms up to 1900 square feet.  There’s a lot of variety at this place.  The first apartment I saw was not my favorite, and I sighed in relief when the woman showing me around said every apartment was unique.  Here’s my warning: avoid the ground floor.  Ground floor units, or units that include a ground floor level have wall to wall carpet, and potentially limited light.  The first unit was considered a studio, because neither bedroom had a door.  Neither bedroom had a door because there were no windows.  Although, one bedroom did have a sink.

The interesting thing here is that the next studio we looked at was the complete opposite.  Very high ceilings, lacquered original wood floor, expansive windows letting in a great deal of natural light.  The kitchen was pretty good too.  A standard galley kitchen with lots of storage.  It could’ve done with an island, but that can always be added.  There is an actual loft above the updated bathroom.  Outside the bathroom was a rack for hanging clothes and there were 2 large armoires on wheels.

On the whole, there are some great apartments.  The building is pretty cool, it could do with some updating.  Luckily, that’s happening now.  Unfortunately, they’re not done yet.  

The parking here is not ideal, but it is better than nothing.  There are 55 unassigned spaces.  That sounds good, but there are 177 units to split those between.  Cars need to be moved every 3 days.  

There’s a concierge on site from 7am to 11pm.  They deal with packages and maintenance for the most part.

There is a communal laundry room on site, however I believe most of the 3 bedroom units come with the washer/dryer hook-ups.  

All utilities are included, with the exception of cable and internet.  There is no central air, however if you purchase an air conditioner, maintenance will install it.  There’s a one time fee to set up an air conditioner.

This apartment is currently being offered at $2,800/month.  Fees and rent are subject to change.

Avalon at Prudential Center - 780 Boylston

“A window - it’s more entertaining than TV. Just ask a cat looking out, or a man looking in on a life he desires.”

— Jarod Kintz

I feel confident in saying that this is the best studio apartment I’ve ever seen.  It’s spacious, in a full servicing building with unparalleled views from the 26th floor.  To give some perspective, Avalon Prudential is 27 stories.

The original Avalon buildings were completed in 1969.  This is somewhat obvious from the exterior.  However, all of the buildings are currently going through renovation.  Common areas have been modernized, and individual apartments are slowly being updated.  The updates are based around the kitchens.  Appliances and counters are being replaced, and in some cases walls are being removed to open up the spaces.  Since this building is a little older, the apartments are a little more spacious than in most of the newer buildings.

This is the mirror image of the apartment I saw.

This studio is larger than my one bedroom, at 543 square feet.  The plan for this apartment is pretty basic.  There’s nothing wrong with that, and in fact think this place would be particularly easy to maintain some privacy around your sleeping area.  The bathroom has plenty of room, and an old fashioned hamper built right into the wall.  Connecting the bathroom and living area is a decent sized dressing room and closet.  The dressing room is nice for the studio because it’s got great storage and can conceal a mess of laundry when friends visit.

The kitchen is small, but not terrible.  There’s a good amount of storage, but counter space is limited.  The cabinets and drawerss are very cool.  They’re actually white painted metal.  The sink is deep with a garbage disposal.  Most importantly, there is a dishwasher.

The living area is spacious.  The basket weave parquet floors remind me of an old New York City Co-op, but that’s not a bad thing.  They definitely date the place a little, but fewer and fewer places have real wood floors.  Parquet floors are meant to last for a while without maintenance, so they’re serving a purpose and don’t look all that bad.  I don’t know If these are held in place with asphalt though.

The windows and the view are by far the past part of this apartment.  Fifteen feet of windows overlooking the heart of Back Bay.  This place even looks down on the Mandarin.  You get a clear picture of the Charles River and beyond to Cambridge.  I bet the Fourth of July fireworks are quite the spectacle from up here.  

Cats are allowed with provisions.  An additional $500 deposit is required, as well as $50/month rent per cat.  You may have up to 2.  Unfortunately, no dogs.  Or any other animal that isn’t a cat.

Parking is available for, I believe, $385/month.  It’s through the garage under Prudential.   Avalon rents a certain number of spaces and offers them to residents.  What’s nice is, they only rent them to reserve them.  You pay no more than if you were to rent the space directly from the garage!

Being a full service building, there are many Community Amenities:

• 24 hour fitness center

• Exclusive resident events

• Community room and courtyard

• Valet laundry and on site laundry center (Not all places have been updated yet, and concierge will take care of your dry cleaning. But don’t dry clean if you don’t have to)

• Bike storage

• 24 hour full service concierge

• On site management with 24 hour emergency maintenance

• On site ZipCar

• Additional on site storage available

This apartment is currently being offered at $2,900/month for a 12 month lease.  Leases as short as 2 months are available, however the monthly rate will be higher.  Prices vary with the market and availability.  Sometimes incentives are offered, currently there is no fee.  All fee’s subject to change.