Boston Condo, Loft and Luxury Boston Real Estate Blog

Today (through a broker peer of mine) I came across a site called BlueEdge, which claims to be a discount brokerage owned and operated by Coldwell Banker. I didnt believe it when I saw it. Does anyone else know about this?

Blue Edge offers both sell-side and buy-side real estate brokerage for 2% which is what we all know 1% less than the traditional real estate commission.

I am still in aww that Coldwell Banker is involved with this. I need more details…anyone got any?

Note: Don’t be confused with BlueRoof, a successful Prudential owned discounter in Utah.

Many of you saw on the front page of the WSJ yesterday the 3 year old battle between the National Association of Realtors (NAR) and the Department of Justice settled on Tuesday.

*** If you dont have the time to read this post…the most important part of this settlement is: Under the terms of the settlement, the Realtors will enact a new policy that guarantees Internet-based brokerage companies (US) will not be treated differently than traditional brokers!!! ***

Beginning in 2005, the antitrust lawsuit was against the real-estate trade group, according to a DOJ news release. NAR policies challenged in the lawsuit were believed to prevent consumers from receiving the full benefits of competition provided by the online newcomers (US) and they also discouraged discounting or any type of “alternative” business model that saved consumers $$$.

The case was scheduled to go to trial in July.

Specifically, the lawsuit challenged some of the group’s rules on how traditional brokers were permitted to interact with a new breed of broker based online.

These online brokers allow their customers to access listings via password-protected sites instead of requiring a broker to facilitate their searches, according to the release. The Virtual Office Web sites or VOWs, often increased the productivity of brokers affiliated with the systems, which translated to lower commission rates for sellers and rebates for buyers.

Prior to the lawsuit’s filing, multiple listing services permitted traditional brokers to withhold their listings from VOWs (a policy suspended during the investigation). NAR didn’t, however, permit brokers to withhold listings from a traditional broker member of an MLS.

If approved by the U.S. District Court in Chicago, the proposed 10-year settlement would require the association to change the policies and resolve the competitive concerns. NAR also will enact a new policy to guarantee Internet-based brokerages won’t be treated differently.

In a news release, NAR pointed out that it is not required to make payments or admit any liability or wrongdoing in connection with the settlement.

Richard F. Gaylord, president of the National Association of Realtors, called the settlement a win-win for the industry and consumers.

“Competition is alive and well in the real estate industry. In fact, the competitive nature of our industry is even more apparent in times of market turmoil like those we are currently experiencing,” Gaylord said in a news release.

Joe Ferrara over at the Sellsius Blog took a unique look @ this outcome which shows the few giant steps forward for innovative web-based real estate brokerages (US) … but also the small setbacks.

Setbacks to web based brokerages & buy-side consumers include:

1. The ability for sellers to withhold listings and property addresses from display on the Internet.
2. The ability for sellers to prevent comments, reviews and AVM valuations from attaching to their listings on the internet, which we do allow right now.

Read More here on Sellsius

Bottom line is that we are not so much affected by this because we are a real estate brokerage offering full service just like any other real estate broker/agent. I guess we will see how fast this stuff starts getting put in place now…stay tuned.

US DOJ Settlement Link

We say NOT!

Just because an ‘alternative’ real estate brokerage firm chooses to compensate the company and its employees differently does not mean they are a discount brokerage! We read on a few blogs early this week some more “discount brokerage” bashing and it really got under our skin.

So…here in Boston you have a few choices to buy or sell your condo or home for “less than the average” 5% - 6% commission. ZipRealty is around, EntryOnly is a flat rate MLS entry only service and there are a few others too and some do offer “less than full service” service.

However, here at CondoDomain.com we offer a “Full Service - Buy Side” service to all of our clients…but we just charge a flat fee…so whats the big deal?

Here is how it works:

Buying a new condo with us is pretty simple. If you’ve ever bought a piece of real estate in the past, either on your own or with a traditional real estate agent, working with us is basically the same. We take the same steps, review the same data, and perform all of the traditional services—and then some.

On average our clients save more than $13,000 at the closing table!

1. Search - Search out entire website for Boston condos and luxury Boston real estate. Here you will find every MLS listing, every new development and existing condo building, foreclosure listings, FSBO (for sale by owner) properties and even upcoming auctions. Search Now.

2. Schedule Tour - Scheduling a private tour with CondoDomain.com couldn’t be any easier. On every listing there is a “Tour This Property” link that you can click and it will notify one of our local team members immediately. We will then reach out to you and schedule a private tour with you. Also, feel free to check if there are any open houses available for that upcoming weekend and you can preview the property then too. (If you go to an open house, don’t forget to print & bring our business card and let the listing agent know you are working with The CondoDomain Guys!

3. Visit Property – The fun part. Now that we have narrowed down our list of available properties we need to get on out there and see these properties in person. Shoot us an email or give us a call, we are always available to tour properties with you.

4. Negotiate – Our specialty. Negotiating the best deal for you is where we put our investment in our company. Our team members are the best in the business in this category. We know our product, know how to analyze the market & comparisons and we know how to score you the lowest possible price…its all we do…all day…everyday!

5. Buy & SAVE – Okay, we made it. Now we dig in and take over to finalize market analysis, submit offers, paperwork, proper contingencies and make legal and financing referrals – all the way to closing!

And….

SAVE you a ton of cash in the meantime. Our business model operates off a flat fee commission, so no matter what you spend we only collect our low flat fee commission and REFUND you the remainder. On average our clients are saving more than $13,000 at the closing table!

Side by Side Comparison of our Business Model

Extraordinary duplex penthouse in world renowned Four Seasons. 4,000+SF of architectural drama. Views of Public Garden, idyllic Swan Pond & beyond from every room in this spectacular home w/available services of 5 star Four Seasons Hotel. Soaring 2 story high ceiling & 2 story window wall overlooking Park. 3 BRS, 4 BAS, FDR, library, den, kit w/breakfast rm, Luxurious master suite w/sitting room, 2 sided fireplace, sound system. Exquisite throughout this “one of a kind” home. Private 3 car garage. View More Pictures

See more on Four Seasons Place

Price: $9,150,000
CondoDomain Cash Refund $169,994

Four Seasons Boston
200 Boylston Street
Unit # PH 1515
Boston, MA 02116

MLS # 70748527

Status: Active
Type: Condominium
Beds: 3 Bedroom
Bath: 4 (Baths)

Sq/Ft: 4022
Price per Sq/Ft: $2,274.99
Condo Fee: $7,860 (monthly)
Taxes: $44,342 (annual)

Listing Courtesy of Annette Itzkan of Coldwell Banker Back Bay

Search more Back Bay Condos

See all Boston Condos

It looks like CondoDomain.com is becoming the official online source for individuals looking to relocate to Boston. For some reason this month (May) we have been contacted by a bunch of clients looking to relocate here to our lovely city we call Boston.

So, how can we help you relocate to Boston?

1) Every Listings For Sale: Every listing for sale including all Boston MLS, New Developments, Luxury Buildings, Lofts, Foreclosures & FSBO and even Auctions are listed on our site – so you can start your search here.

2) Tight Schedule: If you are on a limited time schedule, we can help narrow down your search online so that when you get here we can spend a solid 1-3 days looking at property that actually interest you, fits your lifestyle & personal needs. Register on our site and start savings listings so we can help you review & narrow your search.

3) Financing: Depending on where you are relocating from, Boston may scare you with the price of real estate in the metro Boston area, but don’t worry there is a place for everyone and we have some really great mortgage professionals who can help you with financing. Check out our finance page for referrals.

4) Airport Pick Up Service: (kidding)…well, actually we would be happy to pick you up at the airport if the gas prices ever come down! Just call us…I am sure one of us will be happy to come get you from Logan!

5) A to Z: We are a small efficient team of urban condominium specialists and we keep a great team together including finance professionals, insurance and attorney professionals all the way to moving companies. Feel free to call us anytime for more information or a referral upon your relocations to Boston!

If you’re looking to move downtown, there is no better online source than our site. Every listing for sale is on our site and updated daily. Also all of our Team Members live downtown and are part of this unique city and its great neighborhoods so we can really give you an insight on each and every neighborhood and building in Boston. Oh ya…dont forget, when you buy with CondoDomain.com you will also save a bundle (maybe help pay for your moving expenses). Check out our innovative flat fee commission business model!

Search Boston Condos

Ok - Move over 360 Newbury the penthouse at 294 Newbury Street is sweeeeeeeet! Buy this sucker and we will buy you a Bentley!  All you VIP’s, here is your shot to own a one-of-a-kind Back Bay Condo Penthouse.

Hollywood meets Boston in this one of a kind architect designed, floor through, direct elevator access residence. Walk out 12×60 private deck with outdoor kitchen, outdoor plasma TV, and Jacuzzi; all overlooking Newbury Street. This newly added penthouse level spans across 3 brownstones and features the finest finishes, fixtures, appliances, and furnishings. State of the art A/V, lighting & security system. 3 parking spaces. Finishes available upon request. Showing by private appointment only.

The Price: $5,000,000

The Refund: $120,000

MLS # 70744736

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

Sq/Ft: 2844
Price per Sq/Ft: $1,758.09
Condo Fee: $849 (monthly)

Listing Courtesy of our pals @ Charlesgate Realty Group

Catchy title right? Well, in fact today CondoDomain.com LLC, a Massachusetts Real Estate Brokerage had a very interesting closing!

Our Client - Neil from Miami

The Place - Skyline at Station Landing

The Refund - $6,125

The Transaction - Quite an unusual one…but with a little technology, a web-savvy buyer and a real estate firm (US) willing to hustle a little bit…we all ended up with a great deal. Our client Mr. Neal who is relocating here from Miami Florida had limited time to shop for his new condo here in Boston. He did most of his homework on neighborhoods and new condominium developments online so when he landed here about 3 weeks ago he could go knock down some open houses and private tours to narrow down our list to 2-3 places that he was interested in and waaa-laaa…Skyline at Station Landing it was!

Congratulations Neil on your brand new condo!!!! Don’t forget about us when your spending your $6,125 commission refund!!!

Whats a commission refund? Find out more here!

(Below are a few pics I took with my Iphone after we checked out Neil’s new place!

Boston Condo Ad #2 - How did we do this week? We took some advice from one of our readers on Boston Condo Ad #1 and did the “less is more” look and feel. We would love for any feedback, comments, etc. We believe our real estate buyers brokerage service and business model speaks for itself, we just want to get buyers to visit our site where it paints the whole picture. See all Boston Condo Ad’s

In an article posted today in the Real Estate Journal, a journalist asks the question -

“Does a young, tech savvy analtyical buyer need a real estate agent?”

Our Answer: Yes - but a new kind of real estate agent! One like them, on the same page, at the same speed with the same motives! (hense this is one of the main reasons we started CondoDomain.com - an online intensive brokerage with innovative, sophisticated and motivated team members specializing in one thing - helping you how to BUY!)

Whats Gen Y? 

The article…

In real estate, there is a growing dichotomy: buyers are getting younger, while real estate agents are growing older, according to articles in the Seattle Post Intelligencer and the Boston Globe.

Using data from the National Association of Realtors, these articles note that while the median age of home buyers was 39 in 2007, the median age among Realtors is 51. And, among first-time home buyers, 49% were between 25 and 34 years old.

This could present a real problem for the real-estate industry, which despite the current overload of real-estate professionals, is actively trying to recruit younger real-estate agents, reports Aubrey Cohen of the Post-Intelligencer. Younger agents will be needed to replace an aging workforce and to create inroads with a uniquely high-tech set of house hunters, the articles say. Youthful home buyers are more independent and rely more on the Internet in the home-buying process than their predecessors did, these articles note.

There is no doubt that Gen Y buyers and sellers are “turned on” by technology. For example, all of my twenty and thirty something clients and many of Gen Y “minded” beyond their thirties are tech-centric in such a way that as sellers they demand things like video be used in marketing their homes and as buyers they won’t even look at properties except those online that include multiple photographs, floor plans and video tours. These same sellers and buyers want responses from their agents within minutes of firing off an email so a BlackBerry or like device is essential. Continued…

To cap this one off. Its not just the young buyers. We are seeing more and more $1M (35 - 45 year old buyers) contacting us to work withing our very unique and incredibly efficient buying process. We plan to release much more data on this in the upcoming months.

Gen Y’ers - ready to start surfing … click here!

Source: Real Estate Journal

(Click To Enlarge)

Since launching our exclusive buyers’ brokerage operations here in Boston we have fortunately got off to a great start! We are operational now almost 2 months and I wanted to personally reach out and thank all of you who have contributed to our initial success.

So Thank You to all of the real estate developers and on-site marketing teams who have provided us the content for our website, ForSaleByOwner.com and Foreclosure.com for providing us local feeds to their databases, listing real estate brokers who have cooperated with us in bringing all of our transactions to fruition and most of all…you, for believing in our new innovative Flat Fee Brokerage concept. And of course our web partner who has helped make our dream and vision come to reality - Thanks Dreaming Code!

For all of you who may be new readers of CondoDomain Boston, this is our blog in which we contribute daily content on the downtown Boston Real Estate market. From new condo developments, neighborhood updates, featured listings & other condo related information, we aim to provide you the most transparent in buy-side information on the downtown Boston Condo market!

Our main site which is located at (http://Boston.CondoDomain.com) is a complete resource for any residential real estate for sale in Boston. On our site you will find the most up-to-date information on every MLS listing for sale, every new development, existing building, FSBO, foreclosure and even auctions in the metro Boston area.

Our business model caters to web-savvy individuals searching for local real estate and condominium information for sale on the web. By working with such individuals like yourself, our cost basis is much less than of a traditional real estate brokerage. The majority of our clients are highly educated on the local marketplace, web-savvy and data oriented, thus making our time together touring properties and open houses much more efficient.

If your not the tech savvy or data oriented person…don’t worry about it because we will help you though the buying process no matter what - Its What We Do. Its All We Do!

The 3 core principles of our company are:

1. We work exclusively with buyers only.
2. We only concentrate on metro Boston properties.
3. We operate off a revolutionary flat fee buyers’ broker model.

Whats a flat fee buyers broker?

Ok, so we took exclusive buyers brokerage one step further and added on a flat fee business model.

What does this mean? Well, it means that no matter what you buy or spend on your new property, we are solely going to represent you in the very best way we know how to and get you the best deal possible and be compensated the same for every client we work with. After all, why should we be compensated 10X more for helping a $3,000,000 buyer search, tour, negotiate and close on a condo versus helping one of our $300,000 buyer clients?

The Answer: We shouldn’t.

In Boston, no matter what you are considering buying, we only accept a $5,000 flat fee from the sellers commission and refund you the remainder. For example if you buy a $500,000 condo and we are compensated $15,000 by the seller as the co-broker, we only accept the first $5,000 and REFUND you the remainder ($10,000) as a cash-check after the closing! (Now that sound better than a bottle of Veuve?)

Same scenario - $2,000,000 buyer. We collect our $5,000 flat fee commission from the cooperating listing broker and REFUND YOU $55,000! (at a 3% commission average)

So jump on and surf our site and the most complete database of Boston Real Estate and Boston Condo information. Got a question…shoot us a note or give us a call….heck, send us a text message or IM if thats easier. We are hear to help any and all buyers looking to purchase downtown.

Look forward to hearing from you!

Sincerely,

Anthony Longo, Founder & Boston Team Member

Do not go out and buy on your own. Let me say that again….Do Not Buy Alone!

I know sometime real estate agents are a pain in the butt to deal with…but don’t make the bad decision and buy alone. Of course it is fine to search properties via the web or even visit open houses, etc….but when the time gets close, make sure you DO NOT get stuck buying alone.

Many people think that buying a condo is pretty simple and straight-forward, and many times it is…but I would say more times than not they are just as complex or even more complex than buying a single family home.

To put the product type (condominium) aside, buying real estate is one of the biggest financial purchases you will make in your entire lifetime. Most sellers hire a selling broker often known as a listing broker. These real estate brokers are professionals and they work for the seller, ALWAYS. Even though many of these listing brokers are very kind, they have legal obligation to work solely in the sellers best interest and to get their client (the seller) the highest possible price.  Now why would you want to try and negotiate with a listing broker alone?

When you hire a buyers broker (there is never a charge…we get compensated by the listing broker -split commission), you are hiring a broker who is going to work legally and solely in the best interest for YOU. Helping YOU scout and compare properties and eventually to help YOU negotiate the Lowest Possible Price!

To sum this up short and sweet. Do Not Buy Alone. You are not saving any money (because buyers brokerage is free for you) and you will have all of the stress of running comps, negotiations and paperwork. You don’t gain anything if you buy your new condo alone.

Now that we drilled that message home you can also look into innovative brokers like us, BuySideRealty or our pals at Redfin. Even though all buyers brokers are free for you to utilize, some (like us) take it one step further and actually compensate YOU for using a buyers broker.

For example, we operate on a Flat Fee Buyers Brokerage model (Compare Us) and we only accept the first $5,000 of our commission paid by the seller and we REFUND the remainder to you.

On an average $500,000 condo, our company receives a $15,000 commission check from the sellers broker, we accept the first $5,000 and REFUND you the remainder…or $10,000 cash back to you in this example.  So yes…you get our professional services & assistance, your new condo for the lowest possible price AND the majority of our Buyers Brokerage Commission check!  Sound too good to be true…. See How It Works

Top Priorities of CondoDomain Team Members as an EBA:

1. Exclusively and confidentially represent you as our client and put your interests first
2. Provide transparency in our opinions, the good and the bad including property information, neighborhood information and community information.
3. Help in the search & compare process
4. Negotiate and get you the lowest price possible with the best terms possible
5. Refer you to top legal, financial, appraisal & inspection professionals

Bottom line:  Do Not Buy Alone…work with a buyers broker!  If your looking to buy a condo…hopefully we end up representing you!

Visit our site today…it is the most elaborate real estate website in Boston !!!

What does the very top look like in Boston’s Super Luxury Condo marketplace? Take a look below at the top 10 most expensive condos for sale in downtown Boston.

1. Price: $11,950,000

128 Commonwealth Ave
Boston, MA 02116

MLS # 70519008

Beds: 6 Bedroom
Bath: 4 (Baths)

Sq/Ft: 9000
Price per Sq/Ft: $1,327.78
Condo Fee: $0 (monthly)
Taxes: $50,155 (annual)

Estimated Payment: $51,980

Unit Details: Renovated Beautiful Beaux Arts Single Family home on Comm Ave. 5 floors of fabulous living + lower level which includes access to private 2 car Garage plus 3 heated paved outdoor spaces). Master suite includes luxurious onyx/marble bath. Elevator and magnificent staircase connect all floors. Formal and Informal Living Rooms, sun-drenched gourmet Kitchen opens to oversized Great Room, handsome Library, and 3 Private Roof Decks are a few features that set this home apart from the rest.

- - - - - - - - - - - - - - - - - - - -  - - - - - - - - - - - - - - - - - - - - -

2. $10,995,000 - 56 Beacon Street, Boston, MA (Back Bay)

3. $10,250,000 - 150 Beacon Street, Boston, MA  (Back Bay)

4. $7,995,000 - 40 Chestnut Street, Boston, MA  (Beacon Hill)

5. $7,900,000 - 198 Commonwealth Avenue, Boston, MA  (Back Bay)

6. $7,000,000 - 1 Huntington Avenue, Boston, MA  (Back Bay)

7. $7,000,000 - The Mandarin Oriental, Boston, MA  (Back Bay)

8. $7,000,000 - 8 Walnut Street, Boston, MA  (Beacon Hill)

9. $6,900,000 - 78 Beacon Street, Boston, MA  (Beacon Hill)

10. $6,500,000 - 257 Commonwealth Avenue, Boston, MA  (Back Bay)

Ok, now the fun part.  Buy one of these magnificent homes and your Cash Back Refund from CondoDomain will range from $234,000 to $125,000 !!!  See How This Works