Boston Condo, Loft and Luxury Boston Real Estate Blog

A quick tour today @ FP3 Lofts in Fort Point Channel.  What can we say…this new loft condo development by Berkley Investments is gorgeous!  We took a ton of photos…too many to post for now, but we had to get this penthouse up!

FP3 Lofts are right across the street from our office.  We have watched this new building emerge, along with the neighborhood over the past year.  Fort Point Channel / Seaport District is proned to be one of the best if not THE BEST neighborhood in the very near future.  With Fan Pier coming in, Seaport Square ready to roll, SITE A at the Barking Crab under review…this neighborhood is going to ROCK.

Looking for great space?  Massive Light?  Huge Balcony’s & Roof Decks?  Creative Neighborhood?  You have found FP3 Lofts!!!

Interested in touring the BRAND NEW FP3 Lofts…make sure to give us a call!

Check out some of the 6th floor & penthouse unit photos below

6th Floor Unit was a 1 + study with massive balcony!

7th & 8th floor Unit is a duplex penthouse…surreal!

(Above -6th floor balcony unit)

(Above - 7th Floor Penthouse unit kitchen/living room)

(Above -7th floor kitchen)

(Above - on 6th floor balcony looking up at the penthouse above)

We are a finalist in the Real Estate Pacesetter 2008 put on by Inman News and their Real Estate Olympics for most innovative, web 2.0 real estate company.

If your a member of Inman News please Join the Real Estate Trends Group

And

Vote for us Here

“This week, till Friday 6PM Pacific, the Trends Community Blog will accept nominations of Companies that you consider to be one of the industry premier Pacesetters in our industry. Companies that are creating and leading our industry towards change. Then over the coming weekend I will select among all the nominations the Top 8 finalists that will be posted next Monday the 18th. Next week all members of the Inman Trends Community will each have one vote to help determine which three companies are our medal winners for the title: Real Estate Pacesetter 2008.”

What are you voting for? Well at the core of this Olympic Race for innovation in the real estate vertical are these 4 attributes:

1. Innovative Web 2.0 company or user of Web 2.0 technology

2. The size, need and demand for the companies/services

3. The quality or uniqueness of their services

4. The potential impact of their services on the industry We belive we served these line items better than anyone else…read our presentation below.

We here at CondoDomain.com (http://condodomain.com – Boston is currently live @ http://boston.condodomain.com) believe we are not only at the cutting edge of the transformation that is occurring in real estate, we are also helping to reshape the entire industry. Headquartered in Boston, we operate as a web-based buyer’s brokerage company and offer full, buy-side services for a flat fee. After all, why should a buyer’s broker be compensated more if their buyer spends more? That’s backwards in our opinion!

I believe we are at the commencement of the decoupling of the ‘traditional’ real estate model. The old model of full, ‘bundled’ services of showings, negotiating, listing, etc. etc. etc. are beginning to be offered in an a la carte fashion to provide the ever increasingly web-savvy real estate consumer with CHOICES. While I do not believe the full service brokerage model will ever fully go away, I do believe that within the next 2-5 years, brokerages will begin to offer buyers a wide array of options in order to accommodate the various demographic and generational behavior patterns that are already emerging in the marketplace.

1. As an innovative and forward thinking company, CondoDomain.com continually implements the latest technologies. For instance, within a week of Google releasing their ‘Street View’, we implemented it into our site and our buyers and fans love it. One of the main components of our platform is to bring all data, without exception, to the surface so our clients can get a transparent and complete view of each property.

We are also finding and engaging customers through the various social aspects of web 2.0 - Facebook, LinkedIn, Trulia among several others - and we communicate with everyone through all means: IMing, Emailing, Video conferencing, Txting, mobile phoning (of course!) and yes even, believe or not, regular mailing! We make ourselves accessible however our buyers want us to be accessible.

2. As a web-based (virtual office) business, CondoDomain.com targets high-density cities because they attract a high population of young savvy professionals, middle-aged single and/ or divorced buyers, and empty nesters. We focus on these individuals because, on average, they make more money, they move more frequently, they are heavy Internet users, they are more educated and they are one of the fastest growing and highest spending groups in the industry. Focusing on this vertical, CondoDomain.com taps into the new construction condominium market, which has a much higher profit margin than the traditional re-sale market.

One of the biggest advantages of our company’s business model is the timing. With a rising inventory, condominium developers are now (finally!) marketing to the real estate brokerage community. The need to access buyers has become more important than ever. Evidence of this is shown by the increase of cash bonus incentives and commission structures marketed towards the local brokerage communities and their agents.

In 2006, there were over 1,000,000 sales of condominiums and co-ops. Many developers saw opportunity in the surge and began large-scale projects. Since then, the market has slowed, with pre-construction sales dropping in numbers and inventory increasing.

Experts expect buyers to take advantage of the over-saturated market, which developers are desperate to dispose of. Large condominium developers & marketing firms, like Florida’s largest private real estate firm, Fortune International, have created accelerated marketing programs with cash bonuses and commission fees up to 10%. Many of CondoDomain.com’s other clients - The Carlyle Group, MCZ/Centrum Properties, Draper & Kramer, Inc. and Crescent Heights - have all initiated incentive marketing programs to increase sales, which will supplement our company’s gross revenues.

The current economic conditions support our business model even further. What buyer is going to walk away from a $13,000 check at closing (our average client refund)? Refunds this size or more pay for years of condo fees, new furniture or closing and moving costs - it is a lot of money! The demand for our service is steadily growing because buyers realize that they can save a ton of money doing a lot of the initial research themselves; this is, of course, work that they are ALREADY doing.

3. Quality and uniqueness is at the core of our business model. Our website, which is our #1 sales agent, is one of the most up-to-date pieces of web technology in our industry and we know it is one of the best for condominiums and for real estate in general. We are a niche player and we only work with buyers making us just that much better at it. We know urban markets, we know condos!

4. Being an urban player, we play a significant role in the future of real estate. Most innovation and concepts start in city centers - in high density populations and then they spread out. In the not too distant future, we anticipate seeing suburban players taking our successful model and replicating it in their local markets.

We look forward to your feedback and brokers/agents interested in joining us in the next revolution of real estate should get in touch immediately!!

Brian-Logan Reid
National Director of Real Estate
http://boston.condodomain.com

Like what we have to say….please do vote and help us win this award! Thank you!!!

W Boston Hotel & Residences recently launched their temporary website / landing page.  Check it out here.

From the W Boston Hotel & Residences website:
W Boston Hotel & Residences merges nature, design, and culture to redefine one of America’s great cities.

Enjoy inspired views of the Public Garden, Boston Common, Back Bay, Charles River, and the downtown skyline.  Enter a world of WOW in this iconic glass tower just moments from the best of Boston. Explore the surrounding parks,  shop Newbury Street,and experience the excitement of the theatre district.  Engage in the complete sensory experience. Rejuvenation and culinary delights are just a lift ride away.  Need for nothing, want for everything,  and get even more.Rise above Boston fall 2009 in a limited selection of uniquely appointed one, two or three bedroom residences with allthe advantages of  W Hotel’s signature style and service. It is Boston Uncommon.

Stay tuned for more information on the W Boston Hotel & Residences

Pulled a quick search this a.m. for all Back Bay Open Houses this weekend.  This weekend there are 31 open houses listed on the Boston MLS in the Back Bay ranging from $276,000 to $2,195,000. Out of these open houses below are units that are brand new to the market over the past week.

277 Marlborough Street - $1.49M

248 Commonwealth Ave - $1.2M

19 Arlington Street - $979k

186 Commonwealth Avenue - $560k

65 Commonwealth Ave - $395k

* Photo Courtesy of Rebecca Davis of Hammond Residential featuring 277 Commonwealth Ave listed above.

CondoDomain.com appoints Director of Real Estate in efforts to expand their new web-based buyers brokerage real estate model nationwide into its 33 pre-existing markets. Now operating in Boston (since January ‘08) CondoDomain.com is now ready to expand into its 3 year old network across the U.S.

Brian-Logan (”B-L”) will lead these efforts as the Director of Real Estate. He will oversee the initiation and launch of satellite offices across the country for CondoDomain.com. Working alongside CEO Tony Longo, B-L is responsible for recruiting and managing all new brokers nationwide as well as advising on the strategic, long-term business model of CondoDomain.

Prior to joining CondoDomain, Brian-Logan worked in the resort destination of Nantucket as a real estate broker, coordinating high end sales and luxury rentals.

B-L received his diploma from The Loomis Chaffee School and his Bachelor’s degree in Psychology from Middlebury College. He was a member of the two-time national championship lacrosse teams in 2001 and 2000 while simultaneously running a moving and storage company for three years. B-L’s business acumen in addition to his broad range of skill sets makes him an invaluable member of the CondoDomain corporate team.

B-L - WELCOME TO THE TEAM….WE ARE ESTATIC THAT YOU ARE HERE!!!

Check on Brian on CondoDomain | Facebook | LinkedIn

285 Columbus Lofts is down to its last 10 units! They have now sold 55 out of their 65 units this year.  Talk about hot property!

Four units currently listed on the Boston MLS:

Units sold & closed in the last 6 months:

Get in before its too late.  Interseted in touring 285 Columbus Lofts?  Let us know and we will be happy to take you on a guided tour on one of our favorite luxury buildings by one of our favorite Boston developers.

More Back Bay Condos | South End Condos

Check out this gorgeous South End Penthouse which just came online late last week.

This South End condo is a penthouse duplex and boasts unreal views of the Back Bay from both levels.  Newly renovated the three bedroom + study condo has 2 1/2 baths and a private roof deck.  The unit also comes wiht a full deeded parking space.  More details on the unit here.

SPECS:

Price: $1,495,000

CondoDomain Cash Refund $32,375 *

598 Tremont St
Unit # 3
Boston, MA 02118

MLS # 70803346

Status: Active
Type: Condominium
Beds: 3 Bedroom
Bath: 2 (Baths)

Sq/Ft: 2040
Price per Sq/Ft: $732.84
Condo Fee: $341 (monthly)
Taxes: $12,501 (annual)

Estimated Payment: $7,363

Courtesy of Sprogis & Neal South End Real Estate Brokerage

Curtis Kemeny strikes again with what will be the Seaport District’s first luxury condominium development.

Curtis Kemeny has emerged as a partner with Gale International and Morgan Stanley Real Estate for the first high-end residential building. The building is located on what is being called “Site A” and is currently undergoing design review with the Boston Civic Design Commission.

The six-story, 110,000-square-foot building will sit behind the Barking Crab restaurant and contain approximately 35 units, two floors of retail space and more than 30 parking spaces, said Kemeny. It is being designed by Boston-based Hacin + Associates Inc. and will be built by Boston-based Walsh Brothers.

Kemeny wanted to move the Barking Crab from its current location in order to complete the Boston Harborwalk. The Barking Crab turned down Kemeny’s offer to move and will stay in its current location. Gale’s partner for all of the retail space at Seaport Square is W/S Development.

THE STATS:

- 110,000sf
- 1 floor underground garage, 34 parking spaces
- 6 stories above ground - two floors retail, four floors residential
- 34 condominium units
- 20,000/sq/ft retail

Key concepts/site benefits:

- Elegant and sophisticated super luxury lofts in full service building
- Gateway parcel for Seaport Square development 6.5MMsf of proposed mixed use
- Waterfront parcel
- Fabulous views of the city skyline
- Silver LEED certified project
- Proposed public pedestrian plaza on Old Sleeper Street (between Site A and Barking Crab)
- Public pedestrian plaza connects to the Harborwalk at Moakley Bridge and the Courthouse (currently interrupted by the Barking Crab).

This project is just another home run for Boston Residential Group who is used to hitting it out of the park with like kind super-high-end boutique buildings - 360 Newbury (sold out) and 285 Columbus Lofts (still active).
Hopefully the BRA lets this thing get off the ground soon so we can this new neighborhood off the ground.  FP3 Lofts rolling out the red carpet too!  Stand by for more on that.

Source: Boston Business Journal & Interview with Curits Kemeny

With 15 bathrooms, six parking spaces, and 24,000 square feet of living space, it might be found sprawling across some suburb. But this $23 million mansion is smack in the middle of Boston.

The largest single-family home in all of Boston is being assembled from two adjoining buildings at Exeter Street and Commonwealth Avenue in the Back Bay. Its owner, investment executive Ofer Nemirovsky, spent a decade purchasing the four condominiums in the Exeter building and the adjacent Commonwealth townhouse, and is now combining them in a two-year, gut renovation project.

The house’s luxuriant features include an atrium bordered by a glass walkway and railings, according to building plans filed with the city. Each of three children’s bedrooms has its own bathroom and dressing room. The master suite has “his” and “hers” studies, dressing rooms, and bathrooms.

There’s more: an elevator, a sitting room, living room, parlor, media room, family room, exercise room, upper lounge, an “eat-in study,” a 27-foot, oval-shaped library, and an office for the house manager.

“You’ve got to be kidding me - that’s insane,” said David Kaufman, as he stopped to gawk at the building while walking his Bernese mountain dog one July day.

With workers crawling like ants along the wall of scaffolding, the renovation has Back Bay abuzz. Passersby invariably stop to speculate about what extreme amenities the home might have. One rumor making the rounds is an indoor pool. There is no pool, according to the plans, but the house will have a “ball-playing court” in the basement, next to the recreation room.

“Did a Saudi prince buy it?” asked John Arena, a Florida resident who is renting a Back Bay apartment this summer. Arena has watched as the renovation evolved over the weeks, but admitted he “didn’t know it was one house.”

Nemirovsky, a managing director of HarbourVest, an international private equity firm in Boston, declined repeated requests for an interview, saying he wanted to maintain his family’s privacy.

Even by the imposing standards of Back Bay, which has been home to Patriots quarterback Tom Brady, Senator Edward M. Kennedy’s former wife, Joan, and car dealer Herb Chambers, Nemirovsky’s house stands out for its grandeur and its size. Luxury condominium projects such as the Mandarin Oriental-Boston are mushrooming all over downtown, some with units as large as a suburban house. But Nemirovsky’s residence is Boston’s largest, according to The Warren Group, a real estate research firm.

“Nothing comes close,” said Warren analyst Alan Pasnik.

The scale of the house recalls the Gilded Age, when Boston’s wealthy families between 1860 and 1890 constructed the mansions that line the boulevards of Back Bay. Over the next century, the single-family residences on Commonwealth were chopped into apartments, condominiums, college dormitories, or professional offices.  Continued…

Source: Boston Globe (Kim Blanton)

Check out this article released by the Associated Press regarding negotiating a real estate commission from traditional full-service real estate companies.   Now most of this article really compares the “Sell Side” of the business and not the “Buy Side” where many innovative companies have really come in to shake up the industry such as  - umm Zip Realty, Redfin, Iggy’s House, BlueRoof & umm us (CondoDomain.com).

Don’t be shy about haggling over what you pay your real estate agent.   A study released Monday by Consumer Reports found 71 percent of sellers who negotiated for lower commissions with their brokers were successful. But only 46 percent of sellers surveyed tried.Those who paid commissions of 3 percent were just as satisfied with their broker’s performance as those who paid 6 percent, the study found.

The lesson? Haggling won’t hurt.

In fact, those who paid higher commissions were more likely to have regrets about the selling experience. Nearly one-third of them said they should have been more aggressive in negotiating a fee.

Sellers were most likely to get lower fees from independent and RE/MAX brokers, said Mark Kotkin, director of survey research at Consumer Reports.

“But they will all negotiate. Just ask for it,” he said. “It’s like buying a car. A lot of people think (the price) is set, but it’s not.”

Independent brokers may be more likely to negotiate fees since they keep their entire commission, while those who work for other brokers typically split commissions with the broker in exchange for marketing and office support.

About half the home sellers surveyed paid less than 6 percent in commission. The study is being published in Consumer Reports’ September issue. The issue also includes tips on which home improvements provide the biggest pay off. 

Continued…

Check out Russia Wharf on the Boston Waterfront.  The Boston Condo Guy obtained some awesome new renderings which we have never seen before, check him out for more pictures.

Ahhh, I love this building.  This will be an awesome piece of architecture for the downtown Boston skyline!

More Blogs on Russia Wharf

Developer Tim Pappas is floating plans to build an L.A.-style movie production complex on a vacant lot he owns at the corner of West First and E streets, according to state Rep. Brian Wallace (D-South Boston), who was briefed on the proposal.

Pappas, who has dabbled in movie making himself even as he rolls out upscale Southie condo projects, is looking to cash in on the Hub’s new reputation as a mecca for Hollywood filmmakers.

Massachusetts became a top filming destination after the passage of a bill that provides millions in tax credits for productions that shoot locally.

However, the current boom is limited by the state’s lack of movie production facilities, forcing movie crews and producers to fly back to L.A. after a few weeks or months.

“We highly encourage the cultivation of infrastructure, because that will solidify our position as a leader in film production,” said Rich Krezwick, managing director of the Massachusetts Sports & Entertainment Commission.  Continued…

This is the best idea I have heard in a long time.  I will be a shame if we don’t get this built, this would be a huge addition to downtown Boston and Southie and will be a great economical and social stimuli for the city.  Lets help make this happen!!!

Pappas has recently developed Court Square Press & The Macallen Building