Ok, so maybe “estates” isn’t quite the right word, but for city living in Boston these homes in the Back Bay, Beacon Hill, and the South End are pushing the definition.  Following up on our brief look at the 10 Highest Priced Homes in Boston, here are the largest of the large Boston real estate listings for sale right now by neighborhood.

The 9 Largest Homes in Boston By Neighborhood

3 Largest Homes in the Back Bay

Showing properties 1 - 3 of 37. See more Back Bay community real estate.
(all data current as of 5/15/2012)

1. $18,000,000 : 306 Dartmouth Street, Boston
   
   10 beds, 0 baths

   Home size: 26,000 sq ft

   Lot size: 10,956 sqft

   Year built: 1872

   Parking spots: 10

   Days on market: 369

   Listing provided by Tracy Campion, Campion & Company Fine Homes Real Estate
2. $17,900,000 : 211 Commonwealth Ave, Boston
   
   11 beds, 9 full, 5 part baths

   Home size: 15,000 sq ft

   Lot size: 6,474 sqft

   Year built: 1883

   Parking spots: 10

   Days on market: 68

   Listing provided by Beth Dickerson, Gibson Sotheby's International Realty
3. $12,750,000 : 10 Marlborough St, Boston
   
   10 beds, 6 full, 3 part baths

   Home size: 11,118 sq ft

   Lot size: 3,752 sqft

   Year built: 1905

   Days on market: 243

   Listing provided by Anthony R. Winter, Campion & Company Fine Homes Real Estate

3 Largest Homes in the South End

Showing properties 1 - 3 of 15. See more South End community real estate.
(all data current as of 5/15/2012)

1. $2,575,000 : 7 Worcester Square, Boston
   
   7 beds, 3 full, 2 part baths

   Home size: 4,600 sq ft

   Year built: 1859

   Parking spots: 2

   Days on market: 131

   Listing provided by Greg Jackson, Coldwell Banker Residential Brokerage - Boston - South End Tremont St.
2. $3,295,000 : 173 W Brookline St, Boston
   
   6 beds, 3 full, 1 part baths

   Home size: 3,931 sq ft

   Lot size: 1,900 sqft

   Year built: 1867

   Parking spots: 2

   Days on market: 28

   Listing provided by Bradford A. Sprogis, Sprogis & Neale Real Estate
3. $4,460,000 : 46 Appleton Street, Boston
   
   5 beds, 3 full, 1 part baths

   Home size: 3,500 sq ft

   Year built: 1868

   Days on market: 154

   Listing provided by Kathleen E. Droste, Otis & Ahearn - 84 Atlantic

3 Largest Homes in Beacon Hill

Showing properties 1 - 3 of 17. See more Beacon Hill community real estate.
(all data current as of 5/15/2012)

1. $12,500,000 : 56 Beacon Street, Boston
   
   5 beds, 6 full, 2 part baths

   Home size: 8,682 sq ft

   Lot size: 4,350 sqft

   Year built: 1819

   Parking spots: 8

   Days on market: 473

   Listing provided by Jeannemarie Conley, Otis & Ahearn - Newbury St
2. $14,950,000 : 74 Beacon Street, Boston
   
   6 beds, 6 full, 3 part baths

   Home size: 8,450 sq ft

   Lot size: 2,000 sqft

   Year built: 1828

   Parking spots: 2

   Days on market: 14

   Listing provided by Tracy Campion, Campion & Company Fine Homes Real Estate
3. $4,350,000 : 49 Mt Vernon St, Boston
   
   9 beds, 5 full baths

   Home size: 6,186 sq ft

   Lot size: 3,478 sqft

   Year built: 1801

   Days on market: 8

   Listing provided by Sally T. Brewster, Brewster & Berkowitz R. E.

Boston condos are evaporating from the market faster than they can come on. Strange times indeed.

We previously wrote about the Boston condo inventory problem, and now it’s looking like a problem that is only deepening. In the Boston real estate market, trends are continuing to show declining inventory.

Boston condo inventory available on the market for sale in February was 50% below 2006 level and 25% below last year’s level.

Now in April, inventory is down 29% over last year. Given that 571 Boston condos went under agreement in the past month, we’re looking at a paltry 2.5 months worth of inventory in Boston right now. That’s absurdly low.

For historical perspective, have a look at these graphs of condo inventory on the market in Boston (citywide) and in Downtown Boston (encompassing Back Bay, Bay Village, Beacon Hill, Charlestown, Kenmore/Fenway, Leather District, Midtown, North End, Seaport, South Boston, South End, Theatre District, Waterfront, and West End, click the links to see current listings available and market stats for each individual neighborhood).

Boston Condos For Sale Citywide

Boston Condos For Sale Downtown

Boston Condo Market Conditions

Buy Side:

No wonder we’ve been seeing swarming buyers at open houses, and situation after situation of multiple offers for condos just on market.  There simply is not enough inventory for sale.  Buyers looking to take advantage of the lowest mortgage rates all time and avoid steep rent increases in the Boston rental market are extremely active in the market.  The key for buyers is to be educated about the market to know what they’re jumping into and how to avoid getting burned and keep a close eye on new listings.

Our free first time buyer class next week is a great place to start.

Sell Side:

Boston condo sales are way up.  If you’re thinking about selling, get an accurate local home valuation now to see where your home fits in this dynamic now. You may be able to take advantage of exceptionally low inventory and increasing buyer activity in the short term to achieve a higher price than expected.  Recent valuations and sales have pleasantly surprised a lot of sellers recently.

If you’re thinking of buying a home or condo in Boston in the next 6-12 months, this class is a great opportunity to learn how to buy a home the right way, saving you time and money.

The home buying process may seem a bit intimidating at first, but it doesn’t need to be.  Come join a small group of your home buying peers in a low key setting for a fun and educational class.  There are usually about 20-25 home buyers in attendance – enjoying the pizza, beer, and wine we provide to keep the atmosphere casual and fun – all while picking up some really useful real estate and home buying advice.  After our class, you’ll be on your way to buying a home or condo in Boston.

The best part – the class is free to attend. Get more details and RSVP here.

At Charlesgate Realty, one of our core philosophies is to educate clients to make better real estate decisions.  We hold regular educational sessions for the public to carry out that goal.  At this First Time Boston Home Buyer Class we’ll have a mortgage lender and a real estate buyer agent lead the class and discuss topics such as:

• Renting vs. Buying: Whether it even makes sense for you to buy right now
• Home buying process and timeline: How long it actually takes to buy
• Working with an agent: How it works and whether or not you really need one
• Listing Agent vs Buyer Agent: What’s the difference and how it impacts your purchase
• What mortgages are still available for you to buy a home or condo
• How much cash you need to put down to buy
• Using neighborhood data (like discount ratios & real time trends) to value properties
• Negotiating 101: How to craft your offer to drive a hard bargain
• Top 10 online resources to aid your home search

This is a great way to learn about the Boston real estate market – and get a little free dinner to boot!  Come and bring all your home buying questions – we’re here to answer them. Get more information and register for our next Boston Home Buying Class on Wednesday, April 25th. We hope to see you there!

Now THIS is a heavyweight battle. Two of the most desirable Boston neighborhoods are going to battle it out for supremacy. And we need YOUR vote to decide!

Does the South End or the Back Bay have better properties?  Which neighborhood is hotter right now? Which has the better value? Would YOU rather live in the Back Bay or the South End?

Vote below!

But first, we’ll let the condo’s fight it out themselves!  Let’s have a look at the South End condo market and the Back Bay condo market to give you a better taste of what’s going on in the market and what condos are available on the market right now.

So…Let’s get ready to rumble:

Tale of the Tape:

Clearly, the Back Bay condo market has a size and weight advantage, but the South End is quick and scrappy.  Either way, with two of the most popular neighborhoods to buy a condo in Boston in the ring, this is a fight that can’t be decided on paper.

In the $500,000 Weight Class…

266 Shawmut Ave #2, South End, Boston, MA 02118 (MLS # 71351198)

Beautifully renovated floor-through in a top location. New cook’s kitchen with granite countertops, breakfast bar and high-end appliances. Features 2 bedrooms with extra large walk-in closets, plus dining room/study with double French doors and floor-to-ceiling custom bookshelves. Gorgeous marble bath has extra deep whirlpool tub. A great home convenient to everything the South End has to offer!

Listing provided by Steven Cohen Team, Keller Williams Realty International

VS.

164 Beacon Street #4, Back Bay, Boston, MA 02116 (MLS # 71355344)

Lovely second floor one bedroom condo with full parking space and river views. Wonderful high ceilings and detail, extremely sunny and spacious living/dining room with large bay window overlooking the Charles. Fireplace, hardwood flooring. Beautiful, well-maintained building with gracious entry. Common laundry, good storage in unit, and additional basement storage. Direct access to a full parking space. This condo is a wonderful pied a terre, first home or investment. Professionally managed.

Listing provided by Rebecca Davis Tulman, Hammond Residential

In the $800,000 Weight Class… 

57 Marlborough Street #4, Back Bay, Boston, MA 02116 (MLS # 71358346)

Extra large one bedroom + study on the very desirable sunny side of Marlborough St. near the Public Garden. The glamorous, spacious living/dining room is flooded with sunlight from 3 beautiful floor-to-ceiling windows. The oversized bedroom has been fashioned from two bedrooms and could easily be returned to that configuration. This is a rare Back Bay condo that has windows on three sides including one in the study and two in the eat-in size Poggenpohl kitchen. Two full baths, hardwood floors.

Listing provided by Karen Tedeman, Hammond Residential

VS.

1597 Washington Street #400, South End, Boston, MA 02118 (MLS # 71350784)

Exceptional design and style grace this corner exposure sun-filled elevator home with Back Bay skyline views from every room featuring granite stainless kitchen with Fisher & Paykel/Bosch appliances, grand scale living dining for entertaining, king sized master, two luxury baths, custom built-ins, central air, hardwood floors, professional closets and audio, private additional storage, deck, high owner occupancy, prof management and full garage parking space.

Listing provided by Dana Desimone, Hammond Residential

And The Winner Is…

It was quite a fight but if I had to choose a winner, I’d have to say the South End (the fact that I already live there probably clouds my impartial judgement!)  But it’s not for me to decide…which of these two highly desirable Boston neighborhoods do YOU prefer?

Vote Now:

Which neighborhoods should we feature in the next Thursday Throwdown? Comment Below!

On the heels of a story in the Boston Herald about Massachusetts pending home sales rising 40%, here are the numbers a little closer to home.  Overall, in the first quarter of 2012, Greater Boston pending sales* came in at 4734, compared to 3868 in Q1 2011 – a jump of 22%.

Following January’s increase of 16%, and February’s increase of 25%, March settled in at a 24% increase over 2011.

That’s some whopping Boston real estate market activity so far this year – and these stats have only confirmed what we’ve seen on the ground.  Open Houses and showings have been up, multiple offer situations have become more common, and closed sales are up.

There are a number of factors at play in the market right now that are driving sales in Boston:

• Historically low interest rates on top of signs of economic recovery have certainly helped get buyers off the fence
• The unseasonably nice weather through the winter has helped get buyers out looking early
• The tightening Boston rental market has led to it being less expensive to buy than rent in many cases

*Pending Sales are those homes which go Under Contract in a given time period (in other words, have an offer accepted).

We all need a little distraction from time to time. Sometimes that calls for looking at properties you can’t have. Even if you already own a home, that shouldn’t stop you from peeking, now should it?

If you’re curious, here you go…

10 Most Expensive Boston Real Estate Listings For Sale Now

(click on each property for more photos/details)

Showing properties 1 - 10 of 276. See more city of Boston real estate.
(all data current as of 5/15/2012)

1. $18,000,000 : 306 Dartmouth Street, Boston
   
   10 beds, 0 baths

   Home size: 26,000 sq ft

   Lot size: 10,956 sqft

   Year built: 1872

   Parking spots: 10

   Days on market: 370

   Listing provided by Tracy Campion, Campion & Company Fine Homes Real Estate
2. $17,900,000 : 211 Commonwealth Ave, Boston
   
   11 beds, 9 full, 5 part baths

   Home size: 15,000 sq ft

   Lot size: 6,474 sqft

   Year built: 1883

   Parking spots: 10

   Days on market: 69

   Listing provided by Beth Dickerson, Gibson Sotheby's International Realty
3. $14,950,000 : 74 Beacon Street, Boston
   
   6 beds, 6 full, 3 part baths

   Home size: 8,450 sq ft

   Lot size: 2,000 sqft

   Year built: 1828

   Parking spots: 2

   Days on market: 15

   Listing provided by Tracy Campion, Campion & Company Fine Homes Real Estate
4. $12,750,000 : 10 Marlborough St, Boston
   
   10 beds, 6 full, 3 part baths

   Home size: 11,118 sq ft

   Lot size: 3,752 sqft

   Year built: 1905

   Days on market: 244

   Listing provided by Anthony R. Winter, Campion & Company Fine Homes Real Estate
5. $12,500,000 : 56 Beacon Street, Boston
   
   5 beds, 6 full, 2 part baths

   Home size: 8,682 sq ft

   Lot size: 4,350 sqft

   Year built: 1819

   Parking spots: 8

   Days on market: 474

   Listing provided by Jeannemarie Conley, Otis & Ahearn - Newbury St
6. $10,500,000 : 318 Beacon Street, Boston
   
   8 beds, 8 full, 2 part baths

   Home size: 10,500 sq ft

   Lot size: 3,900 sqft

   Year built: 1881

   Parking spots: 5

   Days on market: 105

   Listing provided by Sam Kidder, Coldwell Banker Residential Br
7. $10,500,000 : 310 Beacon St, Unit PH, Boston
   
   3 beds, 3 full, 1 part baths

   Home size: 5,311 sq ft

   Lot size: 5,227 sqft

   Year built: 1900

   Parking spots: 4

   Days on market: 218

   Listing provided by Allison Mazer, Gibson Sotheby's International Realty
8. $9,650,000 : 410 Beacon St, Boston
   
   7 beds, 4 full, 2 part baths

   Home size: 9,107 sq ft

   Lot size: 3,600 sqft

   Year built: 1899

   Parking spots: 6

   Days on market: 271

   Listing provided by Shelagh Brennan, Cabot & Company
9. $7,950,000 : 220 Boylston, Unit 1515, Boston
   
   3 beds, 4 full baths

   Home size: 4,022 sq ft

   Year built: 1985

   Parking spots: 6

   Days on market: 84

   Listing provided by Daniel A. Mullin, Daniel A. Mullin Associates
10. $7,900,000 : 776 Boylston Street, Unit E 10A, Boston
    
    3 beds, 2 full, 1 part baths

    Home size: 4,091 sq ft

    Year built: 2008

    Parking spots: 4

    Days on market: 111

    Listing provided by Tracy Campion, Campion & Company Fine Homes Real Estate

I had the opportunity this morning to do a live interview about the Boston rental market on The Morning Show over at the NECN studio in Newton.  I talked with show host Steve Aveson about Boston rental market conditions as well as some tips and advice for renters. It aired live on NECN this morning, but here’s a copy of the video from NECN’s website to watch on demand:

10 Key takeaways about the Boston rental market:

1. Boston rents are now at all time highs – Metro area wide rents average $1700 per month, and Boston downtown rents average $3000.

2. Vacancy rates are the 2nd lowest in the country (behind only San Francisco) at 4% in the Boston metro area and 2% in downtown Boston.

3. Start your Boston apartment search early – about 2 months ahead of your move date (and 3-4 months ahead if you’re planning on moving on September 1st). Determine what you can afford in rent first.

4. After doing your research, be ready to Act Fast when the right apartment hits the market. The good ones don’t last long. And acting fast can sometimes help you negotiate the rent.

5. High rents are causing many people to rethink the Rent vs. Buy debate in Boston.

6. Research Boston apartments and Boston neighborhoods online to learn the market, but work with a Realtor experienced with the rental market. A Realtor can guide you to the right apartment, help you understand the market dynamics and best timing to get a good deal, and steer you away from less reputable properties and landlords.

7. Make sure to get a Security Deposit Receipt and thoroughly fill out the Apartment Condition Statement so you aren’t charged for damages incurred before you took tenancy.

8. Get in writing whether or not utilities are included in the rent.

9. The City of Boston has a great resource called the “Good Neighbors Handbook” available on the website.

10. This Boston Real Estate Blog is a great resource full of helpful advice for renters and buyers. Subscribe to the blog if you haven’t yet for continuously updated advice.

(this picture is page 1 of Google images for all you single ladies)

So, if you were to Google “Boston Haggler” I come up #1 for the following article in the New York Times: Knowing Cost, the Customer Sets the Price.

In the first part of this series I talked about Short Sales. I wrote about how buyers, in our initial buyer consultation, often ask about short sales and foreclosures assuming they are the same. Clients always think they can buy short sales or foreclosure in Boston at a steep discount. While it is possible sometimes, there is also more risk involved buying a distressed property.

I previously discussed short sales, so here’s what you need to know about Foreclosures in Boston.

What is a foreclosure?

Simply put, a foreclosure is a lender repossessing the house of a borrower who has not made the payments on the home loan. The bank takes possession of the home through a lengthy legal process and and so a foreclosure, as opposed to a short sale, is actually owned by the bank.  Foreclosures are also commonly referred to as “bank-owned” or “REO” (real estate owned).

How are foreclosures sold?

Banks, after taking possession of a foreclosed home, usually list their properties for sale with experienced foreclosure agents and base their price on a CMA (Comparative Market Analysis) submitted by the agent. These listings are usually aggressively priced for a quick sale but while trying to maximize price. The bank is not in the real estate business and really does not want to hold on to these properties.  But contrary to public opinion, they do not just “give away” foreclosures.  A typical discounting of a foreclosure home may be about 10%.

Are foreclosures great deals?

While they typically sell for less than market value, many factors come into play.  If you looked in the dictionary under “As Is” there should be a picture of a Foreclosure.  Whereas a typical seller will have lived in a home for a while and can tell you certain facts and details about the condition of the home, the bank has never lived in the house. That is where the “as is” comes into play. The bank will make no warranties or representations on a home they have never lived in putting all the due diligence on the buyer and buyer’s agent. For the most part, they will not renegotiate if issues arise after home inspection. However, there are some exceptions that a good buyer’s agent should be able to assist you with renegotiating such as building code, health, and safety issues (for instance, mold contamination is a big issue and banks will sometimes renegotiate a lot for this particular issue).

So you want to purchase a foreclosure in Boston?

Here are some things you will need to know to buy a foreclosure in Boston:

1. Foreclosures are often priced to sell already. There is not a lot of negotiation room. Foreclosures , especially in a desirable area like Boston tend to sell very quickly.
2. You will be asked to sign the purchase and sale as well as any additional riders releasing the bank of any liability prior to the home inspection.  You will have 5-7 days after home inspection to decide if you would like to move forward.
3. The offer is not binding until the purchase and sale is signed by both parties. You will have 24-72 hours to sign the purchase and sale and any addendum’s particular to the bank.
4. You can have an attorney review the purchase and sale and other paperwork but you cannot change a word.
5. The bank looks not only at the price but at the terms of the deal. They may accept a lower price than your offer but it may be a cash deal or have some other terms like skipping home inspection or a fast closing that is appealing to the bank. (**I do not recommend that the average buyer skip a home inspection.)  Cash is king in Foreclosure.  I have even seen banks accept a lower cash offer over a higher offer (with 25% down and a financing contingency).
6. The bank will want you to close ASAP. There is usually a per diem due from the buyer if you go over the closing date.  But there is no penalty to the bank if they can not close on time.
7. Title needs to be checked on a bank owed property. There are often issues that take time to clear.
8. There is often a 15 day waiting period for investors to submit offers. You may have to sign paperwork that house will be owner occupied for a set amount of time. We are now starting to also see a 7 day waiting period for any offers to be presented.
9. The house will most likely be winterized if you are buying during the cold months. Did they winterize before or after a pipe burst? Are you looking for mold issues? Is the electricity on? Can you check the heating system?
10. Is someone has been put in the position of foreclosure have they had the money to upkeep the home? How does the roof look?
11. The bank cannot and will not answer any questions regarding the house.

Scared yet? You should be.

But here’s the good news. I have assisted many people with buying foreclosures. You have to be a certain type of buyer. You need to be comfortable with risk. You need to have the resources (buyer agent, attorney, lender, etc – all of whom should be familiar with the process of buying a foreclosure) lined up to understand what you are getting yourself into. But you can get a really good price on the right home if you do your homework. Basically, you need to believe that the gain outweighs the risk.  And there are a lot more details about buying foreclosures than I can cover here.  Get in touch with me for more details.

FYI: There is also a special loan called a 203K construction loan put in place to help rehab foreclosed homes. It allows you to take a loan over the price of the home to make improvements. You need at least 60 days to close this type of loan. You cannot ask for a random number but have to have detailed paperwork filled out by a contractor. Any mistakes in paperwork need to be corrected until perfect.  It’s a great product for the right house and the right buyer.  Talk to a 203K loan specialist for more details.

Are there many Foreclosures in Boston on the market?

Boston is a large market area with a lot of different areas and neighborhoods. In many of the areas of Boston there are few or no foreclosures. However, if you think you are up to the challenge of finding one and buying one, I’m happy to assist you in trying to locate one of these properties. You can start by looking at this complete list of distressed properties in Boston to see if there is anything available now in an area you want to buy.

“All Growns Up!” FINALLY!

So you just landed your first real job and your first real apartment in Boston that where don’t have to write your name on your food. But you can’t go on a shopping spree in your favorite furniture store (really, can you ever?) so what can you do?

Here are few ideas:

Start at Home: Your first stop should be your parents’ home. Pick a few pieces you love (that they can part with) and start there. Ask family or friends if they are getting rid of or replacing something. Hit up your Facebook friends for any one who is moving and doesn’t have room for certain pieces of furniture. Have them over for a nice home-cooked meal to say thank you.

Yard Sales, Garage Sales, Ebay: You can find a lot of treasures from others people’s trash. You’ll be able to use your creative imagination to upgrade or update a new lamp or a fresh pair of end tables. Get out early in upscale neighborhoods and follow the signs. You’ll be surprised what you can get for little to no money.

Thrift Shops and Consignment Shops: Check out your local second hand stores to score some great extra finds to spruce up your style. Think kitchen ware, rugs, or vases in these places but keep an eye out for that something extra.

Craigslist: Especially at the very end or very beginning of the month, people are more likely to give stuff away. Check the “free” section and keep your mind open to some painting or easily repaired swag. Re-purposing can make an otherwise drab coffee table into a new sleek TV stand.

Remember, it’s all about your style. Make it your own and keep it neat and clean. You can slowly add pieces to eventually make it the your adult sanctuary.