Blog

Boston Real Estate Market Update, Spring 2016



Boston Spring Market Update

The spring real estate market in Boston is in full bloom! Here at Campion and Company we have over fifty properties under agreement and are well on our way to another record-breaking year. We are seeing increased buyer requests for showings, and many sellers are busy preparing to put their properties on the market. Campion and Company has also been selected by developer Carpenter & Company to market the new Four Seasons Private Residences One Dalton Street, Boston.
 
Market reports released this week based on condo sales in January through March show the number of citywide sales up 8% over the same period last year. Average prices throughout Boston also showed a substantial increase of over 12%. The completion of select new luxury condominiums, such as Twenty Two Liberty in the Seaport where 13 sales in the first quarter averaged over $3.6million and $1,700 per square foot, have influenced these numbers, but there is still no denying that Boston's wider market has been one of steady appreciation with limited available inventory since 2011. 
 

2016 First Quarter - Condo Sales Summary by Neighborhood

 
Neighborhood Sales Avg. Sale $ Avg. $/SF DOM
Back Bay 93 $1,299,124 $1,043 61
Beacon Hill 25 $1,049,636 $945 41
South End 106 $1,010,811 $863 47
Midtown 30 $1,285,780 $934 96
North End 10 $589,900 $702 58
West End 8 $519,082 $601 38
Waterfront 32 $1,143,723 $892 58
Seaport 25 $2,335,136 $1,264 30
South Boston 136 $643,611 $565 59
Fenway 19 $437,837 $763 24
Charlestown 52 $709,144 $629 48
 Source: Listing Information Network (LINK)
 
What does this fast-paced and competitive market mean for buyers and sellers?
 
For sellers, continued limited inventory and tales of bidding wars and over-asks point to an opportune time to list property. Even if you only purchased 2 – 3 years ago, it is likely that you have gained significant equity in your property. Contact us today, so we may meet with you to give you our opinion of value and marketing plan for your home or investment property.  

For many buyers in this market, concerns about pricing and having to compete with other purchasers are reasons to delay a property search. Buyers need not be disillusioned with the purchasing process, however, as there are still many opportunities to take advantage of right now. For one, getting to see properties as soon as they come to market, is something we strive to attain for our buyers, often putting property under agreement within the first week. Additionally, Boston is currently seeing an impressive array of new and upcoming luxury development properties to choose from. From Back Bay to Midtown, Waterfront, the Seaport and all areas in between, buyers now have a wide selection of properties with luxury amenities, high-end finishes and every convenience of city living. There is still an opportunity to be an early purchaser in many of these buildings, including a number of  Campion and Company Exclusive New Developments

-Featured Properties-
Exclusive Listings and Projects:

Exclusive New Development: 
Exclusive Listing:

View All Of Our Exclusive Listings


 

Preparing To List Your Home

Ready to sell your home? Preparing for sale will help boost the value of your home, as well as capture the attention of potential buyers. As a seller, it is important to see your home through the eyes of the buyer.

Declutter & CleanSelling Your Home in Boston

Make sure your home is tidy and organized! You want to present your home at its best during showings. This is also a good opportunity to go through items you may no longer want or need. Clearing out clutter can be an intimidating task, so be sure to give yourself plenty of time to get things in order and packed up.

Paint Touch-Up

A dramatic paint color or wallpaper could throw off potential buyers. You want to focus to be on the room itself and bold colors can throw people off. Taking the time to repaint your walls a neutral color, such as beige or light gray. If you had frames on the walls, fill in the nail holes to increase appeal.

Upgrade Curb Appeal

First impressions matter! From the outside to the inside, buyers are looking to be drawn in. This could include painting your home, or even replacing an old roof. If your home has a yard, maintain the lawn and garden. If not, small improvements to the front steps and door can make the curb appeal of your home more inviting. This includes painting the door, having a welcome mat, plants next to the door, etc.

Renovations

Renovations, big or small, will add value to your home. The kitchen and bathrooms are a huge focus for buyers. Replacing outdated appliances, adding new tiling, installing modern fixtures will attract buyers and give your home a new, sleek look. New windows are also appealing since they can help save on heating/cooling costs.

Preparing for Showings

Consider Staging

Keeping the decor neutral will give you an advantage when showing your home. This allows the buyers to imagine their personal belongings in each space and what it would be like to live there. Staging is a great way to bring simplistic design and an updated look.

Natural Beauty

Bring in some natural elements to your home will be inviting and give the impression that rooms are bigger. Opening windows, curtains, and blinds will bring in sunlight and potted plants and flowers will add a beautiful touch. Just be sure the flowers aren't too pungent and the plants are healthy.

 

For all of your selling needs in Boston, contact Campion & Company. Our team has the marketing expertise and real estate knowledge to assist you through the process and successfully sell your home.

    Comments

    1. No comments. Be the first to comment.

    Understanding the Boston Home Buying Process

    If you're a first-time home buyer in the Boston real estate market or could use a refresher, this step-by-step guide will help simplify the process for you.  

    1. Prepare Ahead

    As you prepare to search for a Boston home, there are a few steps to keep in mind just before you find your dream home. 

    • Watch your finances. It pays to go into the process with a good credit history.
    • Research mortgage options and get pre-approval.
    • Hire an attorney. Buying a home involves a large volume of paperwork, including contracts and agreements. Having a real estate lawyer by your side is strongly recommended. 
    • Save for a down payment. Needless to say, it's expensive to buy a home - start saving now! In addition to your down payment, be prepared for costs such as:
      • Closing costs
      • Utilities, insurance and other monthly bills
      • Property taxes 

    2. Find a Boston Real Estate Broker

    A knowledgeable agent can make the home buying process easier and save you money. Boston's top residential broker, Tracy Campion, and the team at Campion & Company are here to listen to your concerns and be sure that your needs are met. To learn more about how we can help you, contact our team.

    3. Find Your Dream Home

    What is most important to you? Make a list of your must-haves and deal breakers before you begin searching for your Boston home or condo. Your checklist might include:

    • Neighborhood or location
    • Walkability & public transportation
    • Off-street parking
    • Top Boston school system
    • Close to medical centers, top local employers
    • Building amenities

    Don't forget mortgage payment on this list. Your dream home won't be your dream home unless you can afford it. Include utilities, taxes, homeowner's assessments in your calculations.

    4. Financing Your Boston Home

    Once you've found the perfect property, take the steps to understand the financing terms. Your mortgage broker, lender or attorney can run a title search and will be important resources to help make sure you're clear on all terms. Ask questions if you're unsure about anything!

    5. Make an Offer!

    • Home inspection - Before making an offer, be sure to get the home inspected by a licensed home inspector
    • Make sure the title is clear or consider adding contingencies to your offer if it's not
    • Plan to get title insurance
    • Before you put pen to paper - be sure to read ALL contracts. If you hire an attorney, have them review the contracts, too
    • Once you place a bid, be prepared to make a counter offer - it can be competitive
    • Keep an eye on your credit score and hold off on additional big expenses until long after your closing
    • If your offer is not accepted - then the search continues!

    6. Closing on Your New Home

    • Keep all sign contracts and papers, from offer to closing, on file
    • Get insured 
      • Homeowners
      • Flood
      • Fire
      • Disaster
    • Weatherproof your home - Get your home ready to face all four seasons
    • Set up all utilities
    • Get ready for the move - Whether you are hiring professionals or relying on friends, get a moving plan together as soon as you know your move-in date
    • Make your home your own - from fresh paint to new light fixtures, have fun making your new place yours
    • Introduce yourself to the neighborhood - Get to know your new neighbors and see what the neighborhood has to offer
    • Pass on the recommendation - If you are happy with the experience you had with your Realtor, recommended them to your friends looking to purchase Boston real estate!

     

    If you still have questions about the home buying process or any real estate considerations specific to Boston, please contact Campion & Company. We look forward to helping you buy your next home! 

    Living in Boston appeals to all ages

    Boston is a city for residents of all ages.

    Empty Nesters

    From Boston.com: Boston ranked No.1 city empty nesters will flock to in 2016

    "Though you might think of Boston as a college town with mostly young professionals, the Hub has recently been on the radar for empty nesters who don't want to stay in huge suburban homes."

    The article cites new rankings from Realtor.com with the top 10 cities empty nesters are likely to move to in 2016. For people aged 65 to 74, Boston was named as the city that they will most likely want to live. What are some of the factors attracting this demographic? Luxury building amenities -including elevators, single-floor living, fitness centers and spas, covered parking, doormen- and the promise of less maintenance. Walkability and the convenience of city living, as well as easy access to shops, restaurants and cultural venues, are also main drivers of this phenomenon.


    Millennials

    From Boston Business Journal: Boston expected to be one of America's hottest housing markets for millennials in 2016

    A recent projection from Realtor.com says that the Boston area will rank as the country's 4th-busiest market for homebuyers between the ages of 25 and 34. The suburbs are no longer the only promised land for the generation as employment growth and increasing income, as well as the liveliness and convenience of city living and driving more to call Boston home.

     

    Take a Virtual Tour along the Charles River

    Google Maps, in conjunction with Boston's Charles River Conservancy, is introducing a special series of 360-degree Trekker images of the Charles River. The vantages range from the public paths in Boston and Cambridge to the middle of the river itself. Local Bostonians know the Charles as a place for all ages to go an play; its the site of the Head of the Charles, Boston's Fourth of July celebrations, countless concerts, public events, and more.

    Taken by Google's "Trekker" camera of the Charles River Esplanade.

     

    Comments

    1. No comments. Be the first to comment.

    Spectacular Back Bay Townhouse Sale

    Commonwealth Ave Townhouse Sells for over $10million

    Offered for sale for the first time in almost 30 years, this masterpiece townhouse by architects Peabody and Stearns has now found a buyer. Located on Commonwealth Avenue’s highly desirable Sunny Side, this expansive, 13,000+/- square foot home is rich in original detailing, containing graciously scaled formal entertaining rooms that remain a lasting testament to Gilded Age opulence. The home is currently configured with 9 bedrooms and a magnificent central staircase connecting the three main living and bedroom levels. A second staircase also connects to the expansive garden and top levels. Complete with an existing shaft for lift/potential elevator and parking court for two vehicles, this townhouse is a truly special property in the heart of Back Bay. 

    Agents Tracy Campion and Bill Gehan represented the $10.1million transaction conducted via sealed bid process. View the property here.

    Read about the sale in the Boston Business Journal.

    Read about the sale in Curbed Boston.

     

     

     

     

    Back Bay Condo Sets New Sales Record

    At $15.4 million dollars, a Back Bay condo has just set a new price record in Boston.

     

    The property, located at The Heritage on the Garden, features over 5,000 square feet and direct views into Boston's Public Garden. Tracy Campion, the buyer’s broker, confirmed the sale with Boston.com and said it is in an “outstanding building overlooking the Public Garden with a side terrace.” Daniel A. Mullin was the exlusive listing agent.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    It's price tag makes it the most expensive condo sold in the city this year, beating out Unit W12A at the Mandarin Oriental, which sold for $12.5 million in May. Boston.com reports that it also appears to be the most expensive private home ever sold in Boston, beating out even the $14.5 million sale of the Ames-Webster Mansion to a Saudi businessman

     

    Read the full Boston.com article by Megan Turchi here

     

    See more listing information here

     

    Official Website for 25 Beacon is now live!

    Campion and Company is please to introduce 25 Beacon, Boston’s most prestigious new address directly overlooking the State House gardens and Boston Common. A boutique building of just six exquisite homes, 25 Beacon offers floor-through residences that are splashed with sunlight from three exposures. Superior design is matched by quality construction, superb craftsmanship, the latest technology and the finest finishes and fixtures. Luxurious amenities include an on-site garage with valet parking for two cars, 24-hour doorman, direct elevator access, dedicated storage rooms, bike storage, wine cellar and fitness room. To live at 25 Beacon will be to enjoy a Beacon Hill rarity: 21st century comfort in an 18th-century neighborhood. Unit 4 includes a private balcony.

    VISIT THE OFFICIAL WEBSITE

    Useful Parking Tips in Boston

    Boston is in the process of transitioning to a new way of metered parking. Say goodbye to hoarding quarters, frantically searching your bags and vehicles for loose change and putting the stickers on your windows ... mobile payment has arrived! 

    ParkBoston allows you to pay for metered parking using a mobile phone or web browser. The free ParkBoston app is available for download in the App Store and at Google Play. 

    As of now, this feature is available in the Back Bay area of Boston. Simply look for the new ParkBoston decals on the meters and for the ParkBoston logo on street signs on the same side of the street on the block where you are parked. Input the specific zone numbers for the area into the app, follow the instructions and choose your payment amount. The meters will not change but the parking attendants will have confirmation or your metered time. 

    Some of the benefits of ParkBoston:
    Receive mobile alerts 10 minutes prior to your time expiring.
    Extend your parking time remotely, up to the maximum time allowed per posted signage. 

    What are the rates?
    Regardless of whether you use ParkBoston or the meters, hourly parking rates are $1.25 or $0.25 for 12 minutes. Please note, there is a convenience fee of 15 cents charged for each transaction through ParkBoston. 
     

    For more information about ParkBoston and getting started with this new service, please visit http://park.boston.gov

    Comments

    1. No comments. Be the first to comment.

    Neighborhood Spotlight: Fort Point

    Fort Point... It's a destination. It's a lifestyle. It's a vibrant community in which to live, work and play.

    Fort Point stands at the forefront of Boston's growing restaurant scene. Home to established local favorites and buzz-worthy new openings, as well as a host of museums, shops and its scenic waterway, the neighborhood has garnered press as a true destination for all ages. Fort Point can even satisfy the taste for sophisticated urban living in Boston. Its growing, active residential community includes a number of highly sought after luxury condominiums, as well as new construction developments that are exclusive to Campion and Company.

    Interested in learning more about all the new construction in Fort Point? Campion and Company is the exclusive sales and marketing agent for Fort Point's newest and most exciting condominium residences.


    Featured New Condominium Development: 319A Street

    A Campion and Company Exclusive 

    At 319A, loft living marries sophistication in 48 modern, luxe residences. The project, which is set to begin construction this summer, transforms a 100-year-old manufacturing warehouse into a professionally-managed condominium building complete with common rooftop deck for an al fresco escape, a covered drive-through, extra storage and an on-site restaurant soon to be announced.

    Kitchens and baths combine the durability of the building's original industrial detailing with the functionality of updated systems. Soaring windows and high ceilings flood the interiors with natural light, while exposed brick and original wood beams infuse the residences with history and place.

    The Campion and Company Sales Team at 319A Street is now taking appointments. The units are sure to move quickly so take advantage of this early opportunity while time permits.


     

    Don't want to wait for new construction? Campion and Company also just listed this stunning penthouse at FP3 Lofts. Open in concept and contemporary in design, this corner duplex features two bedrooms, two-and-a-half bathrooms and interior spaces right out of a design magazine. The building was completed in 2009 with high end fixtures and appliances in all units. An expansive wrap-around terrace with gas fire pit, grill and beautiful landscaping offers a private retreat with stunning city views. The residence is complete with two transferable, reserved rental garage parking spaces. Contact us for more information or to schedule a showing.

    View the listing for additional photos