New Rental Listings in Boston’s Back Bay, Beacon Hill, and Leather District

Spring has sprung and the warmer weather brings with it new rental listings!

In Back Bay, located at 41 Commonwealth Avenue #3 is a lofted one bed with high ceilings and a fireplace featuring period details. If this sounds familiar it may be because The Matthew and Alisa Group listed the condo for sale earlier this year. The building has common laundry and private storage deeded to the unit. Available for rent May 1st for $2600.

Apartment for Rent at 41 Commonwealth Ave #3

In Beacon Hill, located on the 3rd floor of Anderson Street at the corner of Phillips Street is a beautiful 1 bedroom plus study. This unique layout has windows facing north and south, a spacious kitchen, and generous bedroom. The building has common laundry and a common roof deck.  Available for rent June 1st for $2400.

Apartment for Rent at 27 Anderson St #6

In the Leather District, 181 Essex Street offers a beautiful new construction one bedroom in a professionally managed elevator building. Every room gets incredible afternoon light. The kitchen offers gas cooking, granite counter tops, and stainless steel appliances. Laundry is in unit and private storage is included in the building. Pets are possible with references. Available for rent June 1st for $2900.

Apartment for Rent at 181 Essex Street #405

If you have any questions or would like schedule a private showing, contact Alisa Peterson at alisa.peterson@sothebysrealty.com or 617-997-2414. If none of these are quite what you are looking for you can search apartments for rent in Boston on our site. Or contact us as we may have other options for you.

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Investment Property Inspection and Reinspection Ordinance

Boston’s real estate market has a somewhat transient nature. The high number of colleges and universities along with medical and financial jobs opportunities lead to thousands of people moving in and around the Boston area every year. We see this in the sales market but much more so in the rental market. Because of the need for rental housing, savvy investors purchase investment property they then offer as apartments for rent.

The way to build wealth in real estate is to buy and hold on to property, which is why most people buy condos in the city now with the idea of renting when they move to something bigger later. However, many investors think on a larger scale. They don’t see one condo to rent out, they want the whole building. Both types of landlords are great and much needed in this city, however some changes are in the works that investors should know about.

Since Boston has hundreds of colleges and thousands of students, dorms are constantly full. The appeal of being off campus in a vibrant city can also make dorm living seem less than attractive. Unfortunately for them, not everyone rents to undergraduate students (students are not a protected class, so landlords can refuse to rent to them). For undergraduates, options are slim and not very ideal. In fact, some conditions are downright inhumane. It is with this in mind that the City of Boston, has been drafting and re-drafting a new law to increase rental property inspections and have owners that do not seem to care about their properties, tenants, and neighbors, take more responsibility.

New ordinance for investment property in BostonPresently, inspections only occur when the lease expires. The proposed law, Rental Housing Inspection Ordinance, will mandate inspections of over 140,000 rental apartment units in Boston, with each unit inspected at least once every 5 years. Owners would be required to register for $25 per unit and pay a $15 annual fee. Prices are higher for any owner who wants to enroll in an alternative compliance plan available to property owners in good standing and a favorable history of compliance. The new ordinance includes any owner who rents out their condominiums. The law requires owners to report any transfer of ownership within 30 days of closing and stipulates the owner of the property (or the acting agent for a trust) have their name, address, and phone number on the mailbox at the property. A P.O. Box does not comply with the address requirement. It also requires any non-local owner to have a Boston-based resident agent.

The goal of this new law is to protect many of the tenants living in problem properties and to force the owners to take offenses seriously. “Problem Properties” are considered by the city as properties that the Police Department has been called to no fewer than four times, the Air Pollution Control Commission has received no fewer than four complaints, or the Inspection Services Department or Public Health Commission has received new fewer than four complaints all within a 12 month period.

The vote to pass this new ordinance can happen as early at December 19th, go into effect on January 1st, and have owners register by July 1st. For those about to buy investment property, keep these new rules in mind, the fees will affect your bottom line depending on the size and location of your building.

UPDATE: The Boston City Council voted 9-4 to approve the rental registration ordinance on December 19, 2012.

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Should I Rent or Should I Buy Now?

The real estate market has been dynamic over the last few years to say the least. The dramatic highs and lows have left many wondering if they should rent an apartment or buy a home. Each option has its own merits and drawbacks and it is important to figure out what is the best option for you right now. Consider these arguments during your internal rent vs buy debate.

 

Should I Rent?

 

Renting is a great option for those that are still trying to figure out what their plan is. Many cities have wonderful neighborhoods with distinct flavors and personalities. Renting gives someone the option to try out different neighborhoods and find which is the best fit for his or her lifestyle. Buying is an investment synonymous with putting down roots and many people want to know their surroundings before choosing where to settle.

Renting offers short-term commitment. The most common lease contract is for a year-long commitment and there are also short-term leases that can be from 3 months to 6 months and Tenancy-at-Will contracts which are just month-to-month commitments.

The ability to test out an area with little commitment makes renting seem ideal until you realize renting also means you are throwing your money away. Renting does not build credit or equity. In fact, by paying your rent, you are paying someone else’s mortgage and building someone else’s equity and credit.

The tax breaks for renters are limited. In Massachusetts, renters can only deduct 50% of the rent they paid in a calendar year with the maximum deduction for rent being $3000. Meaning if your rent is more than $500, you are not going to see any difference.

Another drawback is rent is always going up! Especially in high demand cities with low vacancy rates. What you could spend to get a one bed in the suburbs could maybe get you a closet in the city. Then there are also the upfront costs.  Unless you are moving into a rental complex that only wants first month’s rent, most owners want at least first and last month’s rent. Some will ask for a security deposit and if you are using a broker you will need to pay for a fee. To rent an apartment, you need to have 2-4 months rent saved at lease signing. Then there is the expense of actually moving: the boxes, the moving truck, movers, etc.

After you have an apartment, the landlord can be an issue. With thousands of landlords and even more tenants, each with a unique personality, it’s not possible for every tenant to get along with every landlord. Some will be great and others not so great and there is no way to tell which one you are going to get until after you are already in your lease. In the worst case scenario, this can make for a very long year.

 

Rent vs Buy: Which Best Fits My Lifestyle?

 

Should I Buy?

 

Buying a home can be scary at first. With all the horror stories throughout the nation (foreclosures, short sales, underwater mortgages, money pits, the inability to sell, etc.), it is easy to think that renting is safer than buying. Buying can be scary because it brings responsibility and commitment. Basically, it means becoming a grown-up.

Fortunately there are more reasons to buy than there are not to!

Sales prices have fallen and mortgage rates are at an all time low. The combination makes housing affordability as low as we have seen in a decade and possibly as low as we will see for the next decade.

There are more tax deductions for homeowners than renters. Homeowners can deduct their mortgage interest, property taxes, and certain home improvements also qualify for deductions.

When you are paying for your own property, you are putting your money toward building your own equity and credit. You are paying off your own mortgage rather than seeing your money go to someone else’s pocket.

If you buy your property as a long term investment, it is like putting money into the bank. The more equity you build, the more you can borrow for future purchases, such as renovations  to your home or your child’s college tuition.

If it is the responsibility and commitment that is scary, then buy a condo. The size won’t be overwhelming. Plenty of condos are located in professionally-managed buildings or buildings that have property managers to handle repairs and maintenance. In a few years, if you decide to move onto something bigger, you can sell the property but you could also rent it out and have someone else pay the mortgage and build your equity.

To learn more about buying or renting property, contact the Realtors of Matthew and Alisa Group Real Estate.

Schedule a consultation with a Realtor

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New Development for Albany Street in Boston’s South End

New Developments at Albany and TravelerThe South End’s New York Streets neighborhood is going to have a major face lift over the next few years. One of the changes is going to be at the former Boston Herald site, which will be developed into a 471 residential complex with a 50,000 sq ft Whole Foods called the Ink Block.

The latest development is a lot on Albany St. will be from Traveler St. to East Berkeley St. currently functioning as a parking lot in front of a large aquatic mural featuring killer whales frolicking in the ocean. New Jersey based real estate developer Normandy Real Estate Partners have submitted plans to build a 220 unit apartment complex and a 325 room hotel. They have not mentioned what hotel will occupy the space but they did mention it will offer “a low cost alternative to current hotels.” Sandwiched between the two buildings will be an above ground parking garage with 165 parking spaces.

As well as adding new residential units to the South End, this project will also enhance it’s surroundings by improving the landscape, paving, and lighting. These enhancements will greatly improved what is now a somewhat depressing and barren area.

New Development Site on Albany StreetHowever, the project could negatively affect some area residents. The apartment complex will be 19 stories high which could potentially obstruct the view of the Boston skyline from the Macallen building and Court Square Press building. Today, residents in South Boston, particularly in those buildings, have an incredible view of the Boston skyline. Hopefully the design of the building will only enhance the skyline view.

Contact the Realtors of Matthew and Alisa Group Real Estate if you are interested in learning about properties for sale in the South End or South Boston.

UPDATE: Per the Boston Herald, Normandy Real Estate Partners have brought in Gerding Edlen, a company currently building a rental high-rise in Boston’s Fort Point neighborhood. The co-developers have decided to scrap the hotel portion of their plans and proceed with an all residential project consisting of two buildings and up to 380 units. The amended plans will be reviews at a public meeting the BRA has scheduled for February 26.

Schedule a consultation with a Realtor

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