*** Please remember The Modern Auction is entertaining Co-Brokerage/Buyers Brokers/CondoDomain.com - which means if you are interested in attending The Auction at The Modern and you would like us to represent you (so you can save from our Commission Refund - Cash Back at Closing) make sure to CONTACT US ***

From The Modern Auction Team below….

The auction scheduled for Sunday May 18 is fast approaching. We are pleased to announce a special drawing for this weekend only. For those of you who visit the Auction Information Center this coming Saturday & Sunday (May 10 and May 11) you will be entered into an end of day drawing for two premier Red Sox seats. That’s a pair of Red Sox tickets given away each day this weekend at the Modern!

For those who cannot make it this weekend, we will have a special “After Work” open house this Thursday, May 8, from 5-7 PM featuring complimentary cheese from South End Formaggio and selected wines.

The Auction Information Center is located at 255 Northampton Street. We look forward to seeing you, and please feel free to bring along your family and friends.

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The 1850 - Art Shows & Model Homes …

We toured The 1850 yet another time last night with one of our ‘lofty-clients’ and I got a chance to get my hands on a press kit that they are sending out this week AND finally some great photography from their model homes.

Below you will see a bunch of photos of their 2-bedroom loft model (my favorite) and a press release on the new art installation focusing on the “Parti Wall”.

The Model Loft:

Like what you see - Tour The 1850 w/CondoDomain @ Save!

The Parti Wall Art Installation:

The Art Installation Press Release:

This is How a Garden Grows:
The 1850 Debuts Five Stories of Art and Architecture May 2008

The South End and Art? To be expected. Real Estate and Art? Only in the South End.

On May 16th, local development firm Cresset (www.cressetgroup.com), and 10 local architectural firms will join forces to debut a five-story artistic and architectural installation entitled, “Parti Wall, Hanging Green.” Located at The 1850 (www.the1850.com), an historical brick and beam building Cresset recently transformed into 60 modern loft style condos, the installation will feature numerous green grass panels suspended from a metal cable system. The panels will overlay all five stories of The 1850’s previously bare brick façade at 90 Wareham Street in the South End. Cresset and the Young Architects of Boston look forward to welcoming the 25,000 visitors who will descend on Boston for the annual Architecture Institute of America’s National Architecture Convention in May.

Both Cresset and the design team involved view “Parti Wall”as a piece of outdoor art that improves the city visually and environmentally. “The wall will be both a changing urban artwork and a public demonstration of the possibilities for greening a city like Boston,” sates Anthony Piermarini, a Principal with the architecture firm of Studio Luz.

The YAB approached Cresset about using The 1850 for the installation, as the building’s location in the heart of an artistically and transitional South End neighborhood, just minutes from the convention center, makes it an ideal canvas for the project. The installation itself effectively reflects the architectural vernacular that Brian Healy Architects designed for the newly-renovated 1850. “The greening of brick walls mirrors the adaptive restoration design of The 1850 from industrial warehouse to modern loft condos. We are excited to bring a modern outdoor “gallery” to our historic South End neighborhood; a neighborhood that embodies trendy and contemporary, but has not lost its historical character” states Cresset VP and Principal Bill Curtis.

The 1850 sales office opened its doors in March 2008 and has since sold 30% of its inventory. During that time the building’s 300+ visitors have responded well to The 1850 keeping the brick-and-beam industrial character while pairing it with a fresh, contemporary style. The condos offer wide-open spaces, ample light, and great city views. “Parti Wall” will fit right in with the thriving restaurants and art galleries the South End is famous for, and is sure to give The 1850 hosts an unbeatable edge in the South End market!

Sales efforts are led by Lyndsey Wakeham, 1850 Sales Director, and a direct representative of The 1850 in-house marketing team Cresset Marketing, LLC. “I am excited to be the part of a restoration that boasts contemporary loft, but still maintains a sturdy industrial character and mirrors its South End neighborhood. The value here is unbeatable. We are the only new construction building in the South End where buyers can purchase 750 square feet in the mid-300,000 or a two-bedroom option in the mid-400.000’s with such obvious historical character” says Wakeham.

A visit to Boston this month would not be complete without a tour of The 1850 lofts and “Parti Wall, Hanging Green.” The installation will be on display at 90 Wareham Street from May 16 until late June. The related exhibition will run at Pinkcomma Gallery, adjacent to The 1850 on Wareham Street, from May 16 through June 6. The 1850 sales office is open seven days as week. Please call us at 617-988-8008 for a private tour of the condos, or simply swing by to view the forthcoming installation. Ample free parking is available.

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Boston Loft, Boston Loft, where are you???  I am still looking for that ‘posh’ Boston Loft for sale.

Again, the Key Points:

- Volume and lots of it.
- Bright light and open space
- True loft feel, brick and beam, high ceiling height, etc
- Private outdoor space (roof deck, etc) and lots of it

We are neighborhood negotiable…so we are really just interested in the ideal product somewhere in Boston proper.  Willing to spend up to $1.1M if the place is done up right and we dont have to put to much work in.  However, if the place needs work we are willing to get into a project like this too….just need to buy it for the right price.

2,000 sq/ft (approx) and some unique features…and I think we got a deal.

Boston Loft specialists….find me this home as I have a very anxious buyer thats ready to enjoy the summer in Boston!

Ok so last Friday we got an eyes-wide-shut synopsis on downtown the Boston Real Estate market. First and foremost I want to thank Ms. Debra Blair, Owner of LINK the ‘once popular’, exclusive to Boston Listing Service…but after this article, I would be surprised if LINK lasts another quarter … I hear a freight train coming…the MLS Express…..combine this article, plus removal of once popular LINK system changes with the ongoing continued widespread use by Boston brokers of the national MLS – Multiple Listing Service inundating Boston and can you spell EXTINCT.

Jease…Deb - “Downtown is slowing down…” c’mon…or please tell us that you were misquoted as was I in the Kim Blanton article released last Friday.. If not, this is absolute non-sense, at least to the inexperienced and we would hope for you to at least qualify your own data… you just have to open it up and take a look at it instead of simply downloading it to an excel doc.

I mean I hate being negative about anything…but this is ridiculous and irresponsible! How can we have a large drop in transactions but only a “1% median price decline anyway?”

We are not blaming you here, as it is not anyone’s fault least not LINK as long as people understand that LINK is not in the day to day real estate business but rather the data collection business which quite frankly anyone can do.

In an urban metropolitan there will always be project specific problems and sometimes-even neighborhood specific problems, Boston included, but don’t reflect upon the entire marketplace…c’mon!!!!!!!!!!

Full Disclosure: As a top real estate executive once told me, I am not a Bear, I am not a Bull, I am a Hunter and at CondoDomain.com we HUNT for the facts and understanding of the market! Transactions are off, no argument but it is not because the Boston market is crashing.

Down to the Nitty Gritty: The winching Globe article last week, which by the way neglected to mention the strength in the $1m plus market, compared sales data from record years 2004-2006 and first quarter 2008, um ok! Ok…here we go.

First of all, every year sales are going to go down for units priced under $500,000. YTD in 2004 LINK says 713 sales and YTD 2008 362…..Why? Not because no one wants these units but because we have less and less available……..no developer can afford to build new ones and prices have gone up on what limited inventory we have - its not because people aren’t buying - its because we don’t have any more to sell!

Down to my original theroy on this horrific article - meaning that the boom in New Construction home ownership is what skewed the Q1 ‘06 #’s in comparison with what is going on in Q1 2008.

Look what took place in ‘04-’06 (units)

In 2004: Grandview (60), Atelier (104), One Charles (232), Strada (104), Bowdoin Place ( 75), Channel Center (117)

In 2005: Parris Landing (367), Lafayette Lofts (35), Regatta Riverview (402), Gateway Terrace (266)
In 2006: InterContinental (130), 360 Newbury (55), Folio (94), Penmark (60)

Ok…where am I going here? Well these are large luxury buildings which have made a huge impact on the downtown Boston Real Estate marketplace. Now, as good as some of the downtown sales and marketing firms are…and as hot as 2004-2006 was…you don’t sell these buildings out overnight (like we have all seen the stories in Las Vegas and Miami and Dubai). It take 12-30 months to sell out 50, 70 or 400 unit luxury developments meaning when all these closings took place in 2004 or 2005 or 2006, they were sold up to 1-2.5 years prior.

Does that make 2004 a record hot hot hot year if there sales volume is up 30% because Atelier, One Charles, Grandview, Bowdoin Place, Strada and Channel Center all had a huge chunk of their closings in Q1 2004? No…it means that the months & years prior to Q1 2004 had done extremely well with their pre-sales of these buildings.

I could go on and on with this especially for 2005 & 2006 which had massive new construction closings….but you can do the math. Bottom line is that in a marketplace with not a ton of real estate transactions (Boston approx 3,500 a year) an influx of new developments that all pop in a single quarter (100-300 units) can skew true market transactions and valuation. THIS DOES NOT PAINT AN ACCURATE PICTURE…

Moving Forward:

Well we have seen an overview list with more than 23 new luxury developments and more than 3100 units that have closed out through the 2004-2006 cycle…what’s to come in 2008 & 2009?

How about a short list of 8 developments, yup…that’s about it…all by the way pushing new price points (WAY ABOVE 500K)!
285 Columbus (60)
The Bryant (50)
Battery Wharf (104)
FP3 (89)
North Point (338)
45 Province (150)
The Clarendon (107)
W Hotel (123)

This Boston market is set to explode NOT implode as LINK & The Globe led us all to believe. If widespread fear and short term credit crunch issues i.e. Fannie & Freddie wasn’t kicking our ass right now…we wouldn’t even pay attention to the negative press and uninformed comments concerning downtown as the fundamentals speak for themselves.

Tony Longo’s Guaranteed Forecast – (BET ON ME)
Don’t ask me for lottery numbers but do you want a “for sure” prediction and bet on a real estate play in Boston?

Well, I predict Back Bay real estate values to EXPLODE in the second half of this year….

Want to know why? Well call me for details…but for a small hint…what do you think a 50 unit super luxury development that SOLD OUT with average prices about $1,500 - $2,000 per sq/ft will do to the average sales prices when they all close in a single 60 day window? Can you say explode? Does that mean that Back Bay Real Estate values have exploded….duh…no but I wonder what LINK will have to say!

Downtown Boston is a conservatively strong, grounded real estate market with text book fundamentals - nothing more…nothing less.

Ahhh the Wall Street Journal confirms that we are NOT crazy!  As many people have called us the last 3 months - offering a flat fee full service buyers brokerage for only $5,000 - most have been quoted stating we are absolutely nuts.

Well…maybe some of us are…but certainly not our business model.  Our clients, super SmAAAt, web-savvy, well educated, properly pre-approved and ready to go - sound crazy to you that we can offer a less expensive alternative to super efficient tech savvy people?  Sound like you?  Search Boston Condos

The WSJ article: 

Is the 6% commission on its way out? A story about “tech-savvy” home buyers in the Boston Globe raises the prospect.

Younger buyers who use the Web to house hunt prefer a “hands-off approach” with real estate agents, according to the article. “I don’t like agents pushing properties on me. I’d prefer to do the house hunting on my own online and go to Sunday open houses on my own, and then text my Realtor when I’m ready,” one 37-year-old house hunter is quoted as saying.

In response, some brokers have dropped their listing commissions for sellers, others are reducing commissions from the traditional 5% or 6% and some are offering buyer incentives such as cash rebates, she says. — Lauren Baier Kim Continue…

Source:  Wall Street Journal

Paris Flats in East Boston is one of East Boston’s newest luxury developments.  Just yesterday we were over attending a home inspection at Saratoga Lofts (we sold the last unit there!) but we drove by Paris Flats and this seems like a great building.  East Boston is still very much an up and coming neighborhood…especially on/near the Boston Harbor.  Lennar is still considering pushing forward on East Pier…more on that to come soon.

In the rising star neighborhood of East Boston, located at 156-160 Chelsea Street, The Paris Flats Lofts Condominiums successfully combines innovative design with convenience, comfort and value.

With great open spaces, high ceilings, wall to wall windows, hardwood floors and a wealth of exceptional amenities including parking, The Paris Flats offers unparalleled opportunities for living and investing in the rapidly changing residential landscape of Boston’s last urban frontier.

Paris Flats Open House Today!!!! 

Open House: 05-04-2008 12:00 PM to 2:00 PM

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Errr…here we go again. More damage control for our stable and steady downtown Boston Real Estate marketplace! This mornings Globe featured an article with a disgusting title on the front of the business section and boy this puppy could not have been described any worse.

The article reviewed LINK (downtown Boston MLS) data for the popular urban neighborhoods here in Boston and although as a whole, sales (volume) was down 22% the average selling price only declined 1%. So what the heck does this mean?

Well…it means that inventory remains fairly low, great product is selling well (in some instances at or above asking), and individuals who aren’t beat up by the credit crunch are buying.

Now on the flip side…(and if you read the entire article) you will see that certain neighborhoods continue to “BOOM”.

“Prices slid nearly 33 percent on Beacon Hill and 21 percent in the North End, but were up nearly 12 percent in South Boston and more than 10 percent in the South End.

The South End has retained its value, Blair said, because it “has matured and gentrified” and is an attractive neighborhood, yet more affordable than the Back Bay and midtown, where median prices exceed $1 million. The South End’s median price is about $600,000.”

Side note: Remember, Boston is not this enormous marketplace with thousands of transactions per quarter. Boston is a very conservative and reasonable sized market and a market in which has grown tremendously over the past 3-5 years. That being said, many things can ’skew the numbers’ in a market this size.

For example just a few multi-million dollar sales in a tiny neighborhood in Beacon Hill could boost ’spreadsheet’ growth in one particular year and make the next year look like a down year. Hmmmmm….

An even BIGGER effect on this market is the new developments. Newly converted and/or newly constructed condominium developments have these long sales & closing cycles. Sometimes when your selling a 300 unit development over a 18-24 month window you don’t acknowledge it yet…. and when the building is ready to close you belt out 150 units in a quarter - it skews the number - bigtime!

That being said I needed to belt this out ASAP….be sure that details are to follow as this Boston Globe article is NOT evidence of what is really going on in the Boston Condo Market!

Oh and and one more side note: The Mortgage Market (my sweet spot) has tightened but certainly not gone away. My quote in the Globe article today wasn’t as clear as I had hoped it would have been conveyed…

“New lending rules that require larger down payments of as much as 20 percent are particularly hurting sales of units priced from $600,000 to $1 million, the so-called middle market where young professionals are the largest buying group, said Anthony Longo Jr. of Condodomain.com, an online buyers’ brokerage firm.

Even at the low end of that range, buyers would have to come up with $120,000 or more for down payments.

Most of these young people don’t have the 20 percent to put down,” Longo said.”

Well…here is the real scoop.

Yes lending has tightened its guidelines…more so on B & C paper…and a tad on A paper. So all you credit worthy individuals…there are still great mortgage products, programs and rates for all types of housing (including condos)!

Here is the example in which I was referring too. Jumbo loans (non Fannie/Freddie otherwise known as loans north of 417k) are looking for a little more skin in the game compared to last year.

Example: Last year on a $750,000 purchase a lender would be ok with 5-10% down depending on how strong your credit and assets were…well this year its a bit different and lenders are looking for 10-15% for the same scenario.

My point of the quote I gave Kim Blanton was that these young, savvy and very successful young professionals who live here in Boston make the monthly income to easily support 600k, 700k, 800k mortgage payments and have the 5-10% liquidity to put as a down payment on these loans…however with the mortgage industry forcing them to put 10 - 15% and sometimes up to 20% on pre-construction condo development, this is what is forcing these buyers into a smaller / less expensive unit.

Bottom line…especially after this article in which may have scared sellers … its a good time to buy if you are not effected by the ‘temporary’ mortgage lending guides.

Interested to see where you stand financially in this real estate market? Get a free pre-approval from Christina Longo (my sister) - contact information is here on our Finance Page.

The Modern South End is hitting the auction block (accelerated sales venue) with its last 10 units.  We welcome you to come view the condos in person.  The Auction Information Center, as well as the auction homes, are open daily from Noon - 7:00 PM.  Please visit us at  255 Northampton Street, Boston, MA 02118.  You may also contact us at 617-236-0350. (website)

If you choose to visit the property make sure to call us so we can come tour with you or write down CondoDomain.com as your Buyers Agent as The Modern South End Auction is compensating co-broker commissions of 2% and with our Flat Fee buyers brokerage model this will entitle you to our commission refund.  (not familiar…read more here)

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A financial planner, retired architect, real estate broker, dental medicine professor and others will open their Boston homes to the public next week to showcase the livability of Downtown Crossing.The Downtown Crossing Association is hosting its first annual home tour of a neighborhood that’s the focus of a city-orchestrated revitalization effort.

The May 10 self-guided walking tour of 15 homes is designed to change public perception that Downtown Crossing - which more than 6,000 people call home and where another 1,000-plus residential units are under development - is just a business district. The DCA and Boston Redevelopment Authority hope to lure more urban dwellers to the area and convince some owners of Class C office space there to convert their properties to residential units.

“One of the growing populations of the Downtown Crossing neighborhood is our resident base,” DCA president Rosemarie Sansone said. “I thought the tour would be an important way for people to begin to look at the neighborhood in a different way and have an opportunity to experience why these residents have chosen to live (there).” Continued…

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Source: Boston Herald

A small gathering tonight for buyers and local peep’s who have not yet had the chance to meet us …. or for those who have and miss us!

Make sure to RSVP - rsvp@condoDomain.com