Boston Real Estate Sales
By Diana Click of CNBC
For homesellers, even in a market with next to nothing for sale, timing is everything. Listing your home on a certain day — and even a certain time of day — may make it sell faster and for more money.
Thursday is the most popular day for agents to debut new listings, and homes listed on that day apparently sell fastest, according to Redfin, a real estate brokerage. Redfin analysts based their findings on a sample of 100,000 homes that sold in 2017. It used Sunday, the worst day to list, as a baseline and then calculated the relative advantages for every other day.
Homes listed on Thursday sold an average of five days faster than homes listed on Sunday. Redfin also found homes listed Thursday were more likely to sell within 90 to 180 days.
"Our market is programmed to look at houses Thursday and to plan their weekends out," said Marshall Carey, a Redfin agent in Washington, D.C. "You really want to have the most eyes on your property, and Thursday seems to be the day to do that."
The theory is that most people tour listings over the weekend, and they begin planning their weekends on Thursday. Redfin found that a home gets five times more views on the first day it is listed than on subsequent days. This is likely because most online real estate sites offer alerts of new listings to potential buyers. Before the internet, new listings were put in newspapers on Sundays, advertising open houses, and some even in late editions Saturday night, but the model has completely changed.
A home is offered for sale in Chicago, Ill.
"I normally aim for Thursday or Friday," said Peggy Ferris, an agent with Compass. "I don't like to put it on too early because then agents want to show it and you lose the really good momentum for an open house on Sunday."
Sunday open houses are still popular but losing the momentum they used to have now that people can tour homes in pictures and video online. In today's incredibly competitive market, some sellers are getting offers without home tours or getting tour requests immediately. Offers are coming in even before the first open house.
"In this competitive market, most of the agents are sort of abiding by the Thursday, Friday and then taking offers on Tuesday," said Karen Kelly, also with Compass. "I like to give everybody a shot and take a look at 10 offers instead of just one."
While listing the home later in the weekend can create more urgency, listing it slightly early, on Wednesday, could actually get your more money. Homes listed on Wednesday had a $2,023 advantage in sale price over homes listed on Sunday, according to Redfin, although analysts there could find no clear reason as to why. Most agents I spoke with didn't buy that finding but were definitely interested to hear it.
"I think false," said Jennifer Myers, a real estate agent with Dwell in the D.C./Virginia area. "It's not just what day you list but also your entire strategy."
Myers agrees with the Thursday plan but adds a specific time of day. She puts her new listings online at 5 p.m.
"The afternoon is better because on Thursdays all of us are listing, and so if you list in the morning, you end up actually on Page 2 of the listing, you end up further down, and you want to be on the top," she said.
By Tom Acitelli of Curbed
Major projects are driving a lot of change in different areas of the Boston region—in some more than others.
These are the six neighborhoods and one city everyone should be watching right now.
The under-construction Four Seasons Hotel & Private Residences One Dalton Street—a.k.a. One Dalton—will be Boston’s tallest new building since 200 Clarendon in 1976.
The 742-foot tower with 160 condos and a Four Seasons hotel is expected to open within the next 12 months.
The neighborhood is also due to host a veritable forest of new towers around Back Bay Station.
That project, which includes a redevelopment of the Clarendon Garage, is expected to total 1.26 million square feet of housing, offices, and retail, with at least one tower stretching toward 400 feet.
The 30-story, 340-foot Pierce Boston condo and apartment tower, the tallest building in Boston west of Back Bay, officially opened at Brookline Avenue and Boylston Street in Fenway on March 1.
Four weeks earlier, one of the biggest—and longest-in-coming—new projects in the Boston region got officially underway: The five-building, 1.1 million-square-foot Fenway Center where Brookline and Commonwealth avenues meet in the Kenmore Square area.
The South End
Together, the fresh projects are adding thousands of condos and apartments, never mind hundreds of thousands of square feet of retail (and, inevitably, thousands of residents).
Then there’s the recent proposal for redeveloping the 5.6-acre site of the former Boston Flower Exchange. What’s now dubbed the Exchange South End would run to nearly 1.6 million square feet and contain four new buildings.
These buildings would total more than $1.48 million square feet of commercial, technology, and life science research space—the idea is to rival other regional commercial hubs such as Kendall Square and the Seaport.
Finally, a “millennial resort” is headed to the still-emerging Ink Block development. Don’t get more game-change-y than that.
A wave of new development is sweeping much of Eastie, but no single development—or potential development—is as portentous as what’s unfolding at the 160-acre site of the shuttered Suffolk Downs racetrack.
It’s there that owner HYM Investment Group has put forward a general redevelopment plan with two paths. Both paths include 16.5 million square feet of new residential, retail, office, hotel, and lab space built out over as long as two decades. (Eleven million square feet of that would go in Boston and 5.5 million in adjoining Revere.)
Now, should e-retail sasquatch Amazon pick Boston as host of its second headquarters, HYM would go with a so-called pro-commercial approach.
That pro-commercial path would be paved with the up to 8 million square feet of office space that Amazon is seeking in a new HQ. It would, too, include 7,500 residential units, 550,000 square feet of retail, and up to 830 hotel rooms.
But suppose Amazon choose Dallas or some such exotic placeinstead of Boston. In that case, HYM would take a pro-residential path, with 10,000 housing units, 450,000 square feet of retail, and 670 hotel rooms.
There would also be 5.25 million square feet of office space.
Kendall Square-based M.I.T. is driving much of the change in the Cambridge neighborhood.
At the start of 2017, the university paid the federal government a mint to take over the 14-acre Volpe transit center site, and then floated plans for what would be, at 500 feet, the tallest building in Cambridge.
The plans, which won a key zoning approval from the city in October 2017 (and which are rendered above), also call for about 1,400 housing units and 1.7 million square feet of offices and research space as well as acres of new parkland and plazas.
The university, too, plans to build several buildings south of Main Street, including a 28-story dorm.
Finally, there is the bigger-than-expected 19,000-square-foot Brothers Marketplace—part of the famed Roche Bros.’ chain—that is expected to open in the summer of 2019 at One Broadway. It is part of a larger M.I.T.-driven project called the Kendall Square Initiative.
Silver Line service from downtown Boston into Chelsea is expected to start this spring. The five-mile route will run from South Station to a stop just west of Everett Avenue, and will facilitate connections to the Red and Blue lines.
An estimated 8,700 people will use the route daily, a figure sure to further boost Chelsea’s status as a Plan B for buyers and renters priced out of Boston proper.
The route will include an exclusive right-of-way for Silver Line buses once in Chelsea, where there will be four stops total. And, as part of the extension, the state will relocate Chelsea’s commuter rail station westward and spruce it up quite a bit.
Also, there are several small condo projects going up or recently opened in Chelsea, especially in the areas closer to Boston (though with decidedly un-Boston prices).
The West End
Enormous new developments around North Station and TD Garden are driving lasting changes to the West End’s streetscape and traffic.
These developments including the Hub on Causeway, the first phase of which is under construction and is due to include the city’s largest supermarket; a 15-screen movie theater; 10,000 square feet of outdoor space for a new entrance to TD Garden and North Station; and 175,000 square feet of what the developers are calling “creative office space.”
Then there’s the 44-story, 469-unit tower set to rise in place of the Garden Garage.
This beautifully renovated two bedroom luxury condominium sold for an all-time record high for a rear-facing unit at $1,769 per SF!
The property sold within 2% of the list price of $2,195,000 in just 17 days!
HOW CAN WE HELP YOU?
Check this property out! https://h3v.mlspin.com/MLS.Reports/ListingDetails.aspx
Tim Marsh - Owner/Broker
Click on the following link to check out our new mid-year issue of The Real Estate Insider. We've been providing our readers with timely data, offerings and sales reports on the Boston real estate market since 1992.
This new issue includes some very interesting, if not unexpected, data on the following topics:
Five-Year Sales Summary of Boston's Tier-1 Doorman Condominium Buildings.
Mid-Year Condo Sales Review of each major Boston Neighborhood in the <$1M, $1-3M and $3+M price ranges.
The Best Time of Year to Sell.
The greater Boston real estate market logs in the largest number of sales closings in the Spring (2nd) Quarter virtually every year. The cold weather and snow give way to blooming flowers, warmer weather...and eager buyers!
Some want to enjoy the Summer in their new digs, others want to have their children in place for the next school year while others strategize to maximize their tax write-offs for the calendar year. Many just want to get their home purchase project done and over with!
If you want your property sold during the 2017 Spring market you need to get started. Spruce up your property, assemble all the pertinent documents, hire a real estate broker and put your property on the market ASAP.
The following topics are some of the most crucial elements that you should attend to before that first showing appointment of your single family home, townhouse, condominium or cooperative.
As the buyer walks up to your property, their first impression often becomes their most lasting one. Make sure that their first view is as appealing as possible. It may determine whether the buyer will: 1) go through with viewing the property 2) make an offer...or not 3) be willing to pay you a strong price.
I'm talking about things like cleaning the litter and leaves out of the front garden of your building or making sure the entry foyer to your condo building is spotless. Not only does this first look enhance or detract from the buyers initial emotional attachment to your property, it says a lot about how well the property has been maintained. In the case of a condo or coop building, it signals how willing your fellow owners may be to chip in on future repairs and general upkeep of the common areas; elements that directly affect the future value of your unit.
Let's Go Inside
Inside your property, there are numerous inexpensive ways you can make it show better. Clean your windows. Place a few vases of fresh flowers in the main rooms. Increase the wattage of your light bulbs so the property appears bright and cheery. Clean the fingerprints off your front door, kitchen appliances and the bathroom mirrors. Clean out and/or reorganize your closets; a lot of buyers are coming out of large suburban houses where they are used to having a lot of closet storage. Most buyers are very critical when it comes to the kitchen and bathrooms. Be sure every surface is uncluttered and spotless. Store the extra kitchen appliances and put all the personal items in the bathroom away. Limit the number of personal photos on display; you want the buyer to focus on your property and not who owns it. And if you have some rainy-day money stashed away, freshen the paint with neutral colors and refinish your hardwood floors!
Repair those little problems that don't really bother you but that all buyers seem to notice. Put new washers in that kitchen faucet that just started dripping. Seal and repaint that water stain from the leaky toilet upstairs that you had fixed last Fall. Touch up that chipped paint on the frame around your front door.
Assemble the documents and information you'll need to give to your real estate Broker.
Prior to going to market with your property, an experienced agent will ask you many questions about your property, from a dated list of your improvements to the age and condition of the roof. Arm your broker with all the information you can. This way you'll shorten up the buyer's discovery period and get them to the offer stage quickly while their excitement level is still high!
In the case of a condominium, put together a package including a copy of recorded condominium documents such as the Master Deed, Declaration of Trust & Rules and Regulations. Assemble the last two years of financial statements, association meeting minutes and the current budget. Make sure you know whether there are any upcoming assessments for capital improvements and/or whether your condo fee, coop fee or any other fees attached to your property will be going up within the next twelve month period. Find the floor plans for your property; buyers really appreciate seeing these in the brochure and it helps them to better remember your property at the end of a long day of viewing properties. Give your broker copies of your utility bills (gas, electric, etc) for the last twelve months and a copy of your latest real estate tax bill.
Many of your neighbors have relied on Marsh Properties Brokers over the last 32 years to manage their real estate needs. Call us today for a confidential discussion on how to best prepare your property for sale.
Marsh Properties Owner/Brokers:
Tim Marsh (C) 617-548-7145 firstname.lastname@example.org
Cheryl Marsh (C) 617-797-5781 email@example.com