Tag Archives: appreciation rate

Exclusive New Listing: 41 Commonwealth Avenue #3

Matthew Gaskill and Alisa Peterson have listed a new Back Bay condo. This parlor level property is located on the beautiful and historic Commonwealth Avenue, known as Comm Ave to the locals, a street designed after Parisian boulevards with its wide swath of tree-lined park running down the middle. 41 Commonwealth Avenue #3 is located on the sunny side of Comm Ave, which affords it ample Southern light throughout the day. Located on the second block of Comm Ave, between Berkeley and Clarendon, 41 Comm Ave is only one block from Boston’s Public Garden and one block from the shops of Boston’s famed Newbury Street.

41 Commonwealth Avenue was built around 1869, one of four adjoining houses (41, 43, 45, and 47 Commonwealth) built at the same time for banker, real estate investor, and lumber merchant Elijah Chesley Drew and his wife Hannah. The Drews made their home in 41 Commonwealth Avenue and sold the three remaining homes.

41 Comm Ave #3 Back Bay condo for saleThis lofted one bedroom condo features soaring 13 foot ceilings, parquet hardwood floors, and period details that include crown molding, wainscoting, and a fireplace with matching mirror above the mantle. The living space is large enough to live and entertain with areas for a sitting area, work station, and a full dining table. The kitchen is fully appointed with stainless steel appliances and a dishwasher. The building features free laundry facilities and a deeded storage area for the exclusive use of the owner of unit #3.

41 Comm Ave #3 would make a great home for a first-time homebuyer, as well as a pied-à-terre or an investment property. The current owners lived in the property until last year when their family expanded and have rented the property for $2600 per month for the last year. At the current rental price, the property offers a healthy positive cash flow as well as the promise of steady appreciation rate in a prime location within Boston’s Back Bay neighborhood. With rental prices steadily increasing, the return on your investment will increase in both cash flow and appreciation over time.

With the location on Boston’s best street, owners and tenants alike enjoy all Boston has to offer. The offices of Back Bay are a short walk away while downtown is accessed via a short train ride. When work is over for the day, 41 Comm Ave #3 offers proximity to the Esplanade for a bike ride or jog before heading out for shopping or to one of the eateries along Newbury Street.

The 724 square foot condo at 41 Commonwealth Avenue #3 is being offered at $489,000.

First showings will take place Sunday March 3rd from 11:30-1. Offers, if any, will be reviewed after the open house. Please contact us with and and all questions or to schedule a private showing.

Posted in Alisa Peterson, Boston Property, Condo, Investment Property, Matthew Gaskill, Property for Sale, Rental Property | Tagged , , , , , , , , , , , | Leave a comment

Exclusive New Listing: 141 Arlington Street #4 in Bay Village

Alisa Peterson and I are proud to announce our new listing at 141 Arlington Street #4, a condo in Bay Village, the neighborhood between the South End and Back Bay. This property and its ideal location would make a perfect fit for a first home, an investment property, or a pied-à-terre. The home is a turnkey possibility as the owner will consider selling as a furnished condo.

141 Arlington Street condo for saleThe sunny one bedroom condo in Bay Village was gut renovated in 2003 when the building was converted to condos. And 141 Arlington Street #4 was built to maximize space. The condo is west facing with unblocked afternoon light through three large windows. Hardwood floors are found throughout the condo and ample storage exists in both the closet and cabinetry. The building features professional management, common laundry, and extra storage private to the unit.

As far as an investment property the condo offers both a cap rate over 5% and a positive cash flow. Combined with an area with impressive historical appreciation rates, 141 Arlington Street #4 is positioned as a excellent investment property.

The Bay Village neighborhood is a convenient location with access to public transportation options such as the Green Line at Arlington Station and the Commuter and Orange Lines at Back Bay Station. Entrance and exit ramps to I-93 and the Mass Pike (I-90) are also nearby. And it is an easy walk to Back Bay, the South End, the Theater District, and Midtown, and Beacon Hill.

Contact us with any questions or to schedule a showing of the condo at 141 Arlington Street #4. Or click below to subscribe to our newsletter for email alerts of new listings.

Subscribe to our real estate newsletters

Posted in Boston Property, Condo, First Home, Investment Property, Property for Sale, Rental Property | Tagged , , , , , , , , , , , , , | Leave a comment

Is a Fixer-Upper For You?

Many people buying a home for the first time believe they will know what home to buy because they will fall in love. This is somewhat true, but as the saying goes “you can’t judge a book by it’s cover.” In competitive real estate markets, love will take some work and the question you have to ask yourself is how much love (and work) are you comfortable putting in?

Every homebuyer needs to be flexible in certain areas of their criteria. In an ideal world, a buyer finds the perfect home in the area they want and the house is move-in ready (or a turn-key property in realtor speak).

A fixer-upper may be an option to consider

If location is the most important factor in your search and nothing is available in your price range, you might want expand your price range. I’m not only advocating looking at higher priced properties, but also those at a lower price point, which will require some level of renovation. If you find listings matching all of your other criteria but are rough around the edges, take a look and keep an open mind to the possibilities. In competitive real estate markets, the properties with more than the average days on market tend to be fixer-uppers. One of the biggest positives of buying a fixer-upper, is your home can reflect your tastes instead of the seller’s. Another positive is you have a better opportunity to negotiate since many buyers do not want to put in the time, money, or effort for renovations. Less competition from other buyers means more leverage when it comes time to negotiate. Once you have purchased the property and made improvements, you will see a much quicker appreciation in your asset’s value. The improvements do not have to be top-of -the-line renovations to see a quick appreciation, many simpler projects can bring a strong return on your investment.

Keep in mind renovations are not for everyone. Unless you plan to do a renovation yourself, you can never guarantee how long the work will actually take. Projects can be delayed for all kinds of reasons but the worst case scenario comes from the fact not everything can found during inspection and what can start as a simple project can turn into something major. A dream home can turn into a money pit, but a looked over fixer-upper, can be the home you never knew you always wanted.

Buying a home is an emotional process. Like in dating, don’t be discouraged by thinking all the good ones are taken. Sometimes taking a second look on an option that doesn’t seem perfect might become better than what you thought you wanted.

If you are interested in searching property for sale, contact the Realtors of Matthew and Alisa Group.

 Subscribe to our real estate newsletters
Posted in Buy Property, Real Estate Tips, Renovation, Restoration, ROI | Tagged , , , , , , , | Leave a comment

Investment Property: Where to Start

Buying Investment PropertyOne of the biggest misconceptions I’ve heard from clients who are interested in buying investment property, is they are going to make livable income from their investment right away. More people have the desire to take advantage of the low mortgage rates and feel buying investment property is a safer investment than buying stocks. This is can be true, however, investing in real estate should be thought of as a long term commitment and must be done wisely.

Depending on what type of property you invest in you may be able to start a steady cash flow, but when you buy investment property, you should think of it as a way to build wealth not get rich quick.

If you buy an investment property in an established neighborhood, this would be considered a low risk investment. In Boston an example would be Back Bay or Beacon Hill. A possible drawback would be the prices would be higher to buy an investment property. However, the positive side is in Boston, where the rents are only going up, the tenant’s rent would cover most is not all of your operating costs, which include mortgage, condo fees, maintenance, and taxes. Little to nothing will be left over for shopping, but after your mortgage is paid off (by someone else), the investment property is now worth a lot more than you originally paid. The goal in these established areas is a safe investment with appreciation and key metric is appreciation rate.

If you buy an investment property in an area that doesn’t have the demand as the established neighborhoods, the risk is higher. In Boston an example could be areas of Roxbury or areas of Dorchester. The drawback would be that you wouldn’t be able to charge as high for rent but the buy in would be less and the money you do collect from rent would more than cover your mortgage and leave some extra cash on hand. Your investment property may not be worth much more than you paid for but the capital of your mortgage would be paid off quicker and you would be able to generate a profit quicker. The goal in riskier areas that do not offer the same appreciation rate as the most established areas is cash flow and the key metric in determining cash flow potential is cap rate (or capitalization rate if you aren’t into the whole brevity thing).

Buying either type of investment property should not be rushed into. Once you buy a property, you are still responsible for maintaining it. If your only experience with how to be a landlord comes from The Ropers on reruns of Three’s Company, we can help. For more information about buying investment property, contact the Realtors of Matthew and Alisa Group Real Estate.

Schedule a consultation with a Realtor

Posted in Buy Property, Investment Property, Real Estate Tips, Rental Property | Tagged , , , , , , , , , , , , | Leave a comment