Selling and buying Boston luxury condos is an emotional process. At the same time, it is a business transaction and sellers shouldn’t lose sight of that fact. Sellers have to price their homes for sale in Boston carefully. An experienced agent will provide comparable sales data. Based on the competition and the history of comparable units, the agent will suggest a fair selling price and it is to the seller’s best interest to listen to the advice of the professional agent.

Some advice for sellers with homes for sale in Boston:

1. Pricing a property too high can result in the property not selling. Additionally, if a Boston luxury condo stays on the market too long, it becomes stale. Remember, you own the home, but you’re not married to it. If you are serious about selling, look at the comparable sales and listen to your agent. Some agents may get over zealous and suggest a higher selling price simply to get the client’s business. Don’t fall for that.
2. Too much clutter can distract from the property. It is your home and it’s normal that you don’t see the clutter. Staging the space makes a world of difference -  even if it’s not your taste and doesn’t go with your life style – it is temporary and it will help sell Boston luxury condos.
   

   Nicely Staged Home at 247 Comm Ave

3. Do not reject the first decent offer, even if it’s not full asking price, simply because you’re holding out for a better one. Keep in mind that a better offer may NEVER come. Work with the bird in hand. I’ve seen so many sellers who wished they had negotiated with the first offer.

Some important points to keep in mind when listing your homes for sale in Boston. Contact me and discuss how to fairly price your home.

Times have certainly changed. Millions of US homes now have two or three generations of family living together. While three generations under one roof is a convenient way to celebrate mother’s day, it is certainly not the norm in the Back Bay, Beacon Hill or the South End. Recently though, I have seen more empty nesters coming to live in the city, and they’re looking for larger, multi-level homes for sale in Boston. This would have never been the case a few years ago.

More and more children are graduating from college and moving back in with their parents – typical of many homes in Boston. I’ve also seen families who need an in-law suite/apartment to care for ailing or aging parents. Rather than looking at homes for sale in Boston at different stages of their life, some couples are now trying to adapt their living space to accommodate their needs. For example, those with larger homes in Boston often convert extra bedrooms into a gym or office when their children go to college. Or the grandparents might move in.

Convenient Gym Room at 16 Exeter Street

People really get creative with their living spaces and seem to be more reluctant to move out. Boston has an unmatched energy and excitement, not to mention the conveniences of city living – being able to walk everywhere, eat at great restaurants, and visit the museums, symphony and theaters. There is a reason homes in Boston are prime real estate.

I would have been surprised a few years ago to see couples with grown children moving to the Back Bay/Beacon Hill and looking at larger homes for sale in Boston with multi unit residences. At first, I was puzzled as to why, at their sage of their life, they needed to complicate their lives. But they had a good reason. They wanted room for their returning family members. And now, looking back, it makes perfect sense.

Newbury Street is known as Boston’s shopping mecca. Located in the Back Bay neighborhood, the street is lined with fashionable boutiques including Armani, Cartier, Valentino, and Chanel to name a few.  It is fascinating to see the transformation of Newbury Street through the years with old shops closing and new ones opening. 

Now and Then: The Boston Globe Slideshow

The best place to gauge the economic boom or financial downturn is Newbury Street – it reflects the pulse of the luxury real estate Boston marketplace. About 30 years ago, Newbury Street was full of specialty food shops, butchers, and convenient stores etc., but the Back Bay neighborhood began to transition.

When apartment houses were converted into condos Boston and reverted back to large single family homes, Newbury Street shops began catering to higher-end clientele who demanded luxury goods and services. Specialty shops were replaced, little by little, by fashionable boutiques, hair salons and spas.

The street is still under constant development, which reflects the strength of the luxury real estate Boston market. Construction on the first block of Newbury, across from the Taj Hotel, is underway to replace the garage with high-end retail. There will also be a commercial/residential component due to be completed in 2013. Several schools on Newbury Street were also replaced by shops and residential buildings. The Prince Building used to be the old Prince School, but now houses retail space and condos Boston above.

Converted Prince Building; source: bostonluxuryresidential.com

Not much of the old Newbury Street remains. Higher priced condos Boston attract higher priced retail and services to the neighborhood. Progress has been positive, but nostalgia hits as you walk down Newbury today and don’t see the family-owned shops and familiar faces.

Interested in luxury real estate Boston surrounding Newbury Street? Browse my Back Bay listings and contact me for more information.

As the economy gets stronger and buyers are getting more confident, the demand on properties has heated up. In the best Boston neighborhoods, like Back Bay, Beacon Hill, South End and the Waterfront, there is a higher demand and shortage of inventory. This leads to multiple bids on properties.

Urban Patio in Beacon Hill Neighborhood

If a nicely renovated, move-in ready property shows well, and of course is priced right, there will be multiple offers. In most cases, listings sell for over asking prices. The key is to price the property right to encourage strong offers.

I want to share an incident I was faced with last week. I had a buyer who had been waiting for a particular property for a long time and the Boston luxury home finally came on the market. Knowing that there will be multiple offers on the property, the buyer didn’t want to get into a bidding war and simply walked away. The property was underpriced and sold 6% over the asking price – my buyer missed out on his dream home.

Rather than stepping back from a listing in the best Boston neighborhoods, put your best foot forward and make an offer that YOU feel comfortable with, regardless of what the others may offer.  You never know what the terms of other offers are, and at the end of the day, the value of a Boston luxury home is what people are willing to pay for it.

The notion of “I don’t want to get into a bidding war” or “I don’t want to overpay” is passé. If there are multiple offers, it doesn’t mean a bidding war will ensue. You just make your best and final offer, and it may or may not go through, but at least you have tried. Otherwise, you will regret walking way from the best Boston neighborhoods. Trust me, I have heard enough buyers say “I wish I had…”

Now is a good time to get into the market. To have first dibs on your choice property, you need to work with a strong, knowledgeable agent who is on top of all the new Boston luxury home listings and aware of properties before they hit the market. Contact me to discuss your wish list.

One of the major advantages of owning homes in Boston is the close proximity to many fabulous vacation destinations. Without having to book a flight, you don’t have to venture too far outside your Boston neighborhood to escape for April vacation week.

There are five fabulous destinations that come to mind when you have homes in Boston:

1. The Rhode Island Coast- only a 45-minute drive from most Boston neighborhoods. Enjoy the tranquility and relaxed atmosphere of Block Island with its fabulous white sandy beaches. History buffs can visit the historic mansions of Newport and enjoy the great restaurants, bustling shopping district, and the Tennis Hall of Fame. A truly great visit for a romantic get-away or a family weekend.
2. Martha’s Vineyard and Nantucket- two popular islands that are the favorite destination spots with many prestigious families, including the Obamas. Aside from multiple gorgeous beaches throughout the Martha’s Vineyard, there are also many events that take place on the island, including: Martha’s Vineyard’s Film Festival, watching the sunset at Menemsha Harbor, the Striped Bass/Blue Fish Derby in Edgartown (an old whaling town that has emerged as summer sailing and beach town, where Jaws was filmed). Edgartown’s Yacht Club also has the Farm Neck Golf Club in Oak Bluff.
   

   Martha's Vineyard Coast; source: traveladvisor.com

   Nantucket is another historic and popular island, once an old rich whaling, now a summer colony with fabulous beaches, surfs, cobblestone streets and world class museums. These two islands are hopping with excitement and offer numerous aquatic activities from fishing to sailing.

3. North Shore – lined with quaint Massachusetts towns and beautiful coastlines, including Salem, Marblehead, and Gloucester. Everyone deserves to spend some time in the gorgeous fishing town of Newburyport, with street-lined arts/crafts boutiques and upscale restaurants on the waterfront.
4. Maine– a bit further north, but worth the drive for great beaches, famous restaurants, hiking, biking and camping trails, phenomenal sceneries, ski resorts and more. The fabulous coastal towns like Kennebunkport and Ogunquit are definitely worth checking out.
   

   Kennebunkport, ME Harbor; source: wikipedia.org

5. The Mountain States – not too far from many Boston neighborhoods is an outdoor adventurer’s dream. Vermont, the Green Mountain State, and New Hampshire, the Mountain State provide the ideal setting for camping, hiking, and re-connecting to nature.

Having homes in Boston ensures you are never too far from your next vacation destination. Enjoy the ride!

It’s mid-April and that can only mean one thing to a Bostonian – Marathon Monday is right around the corner. Spectators will stretch for miles to cheer runners across the finish line on Monday, April 16th. The marathon begins in Hopkinton and ends 26.2 miles later in Copley Square – right in the heart of the Back Bay Boston neighborhood. The best place to watch the race is from a Boston luxury condo rooftop near the finish line – you get a priceless aerial view.

Finish Line in Copley Square; source: 10Ktraining-plan.com

Setup began last week, and residents of nearby Boston neighborhoods are navigating the streets carefully. On race day, all business located along the route will be closed and roads blocked off. It’s smart to double check the marathon route and revise your commuting path if needed.

Brookline falls about ¾ of the marathon route. Brookline is ideal for families who like the close proximity to the city, but enjoy the comforts of a small community, great schools, and a relaxed lifestyle. If you’re looking for a more urban feel, Brookline has many Boston luxury condos, but the gems are found in the historic single family homes. You will not find cookie cutter homes here, each is unique and remarkable.

Lavish home in Brookline

Wherever you decide to watch the race, it’s an energetic and exciting experience. Adding to the positive energy of Marathon Monday, I have a new listing going on the market next week in Beacon Hill. Tucked away from the marathon route, historic Beacon Hill is a gorgeous residential area with distinctive architecture and winding cobble stone streets. The Boston neighborhood is certainly a lovely place to call home. Check my website for more details and photos next week.

Browse my top listings in the meantime, and have a wonderful Patriots Day!

Once again, the market is extremely active, and sales of single family homes and luxury condos Boston have increased noticeably. Although the Boston luxury real estate market didn’t really slow down due to the economy, I’m seeing multiple offers per property for the first time in years.

Incredible Traffic to Open Houses this Season

The traffic is up dramatically at open houses for luxury condos Boston. Why? Prices are still down, consumer confidence is up and the inventory is limited….so, buyers are rushing to purchase as soon as they find a home that fits their needs. Buyers act much faster than a few months ago. They know that they don’t have time to sit and watch the market anymore.

Lavish Residence at One Charles Street

Knowing that the economy is on the rise, Boston luxury real estate buyers take advantage of low prices and don’t want to risk paying more once the market has fully recovered. I’ve seen some properties sell for more than the asking price, due to multiple offers.

When you go to a luxury condos Boston open house:

• Make sure to look thoroughly at all the details, not just the appearance.  Look for any damage or water problems. Ask about the condo association, pending assessments, building and upgrading, if applicable.
• Who manages the building? Most smaller 3 or 4 unit buildings are self-managed to keep the condo fees low. In these buildings, the budget in the reserve is not large, which is OK. Don’t be alarmed by that. Once there is an expense, units get assessed accordingly. Hence, the monthly fees are kept low until there’s a special assessment.  The case is different in larger buildings and high rises, of course.
• If the condo is on the lower level, check for dampness and water damage.  Is there any history of water seepage?

Word of advice: do your homework, have your financing lined up, choose your favorite neighborhood, and act fast once you find a property you like and if you like the property you see at the open house, don’t take days to think about it. Be prepared to make an offer ASAP! Contact me to help you navigate the Boston luxury real estate market and the offer process.

All buyers have a wish list. Some are location driven, with a desire to live in the best Boston neighborhoods like Back Bay, Beacon Hill, South End, North End/Waterfront or other specific areas. Some are more focused on the living space rather than the area and look for unique architecture or custom cabinetry. All buyers must think about what they want in their Boston luxury homes: number of bedrooms, baths, outdoor space, parking, renovated/un-renovated, elevator (or walk-up), full service buildings, brownstones vs. high rises, types of amenities and the list goes on and on…

Grand outdoor living space in Brookline

Most important to consider is price range. Buyers have a price range in mind which may or may not be met after some viewing. It is important to keep an open mind and be realistic. Buying Boston luxury homes is not a rocket science nor is it an exact science. There are comparable sales that set the standard for the pricing of products in the best Boston neighborhoods.

Many buyers adapt easily to the pricing once they become familiar with the marketplace and tailor their wish list accordingly. In other cases, fortunately not too often, there are buyers who refuse to stay within their budget and try to make their dream come true without altering their budget or their extensive wish list. That is when a dose of reality is needed. The options are very clear. The best Boston neighborhoods have higher price tags. Additionally, every added amenity has a price tag associated with it. Buyers must compromise on something to be realistic – either budget or the wish list has to give.

Custom bathroom with exquisite finishes at Le Jardin

As you prepare your budget:

• Expand your location search and be more open to different areas and building types.
• Be flexible on size requirements and get creative and resourceful.
• Or, simply accept the fact that you may have to increase your budget to get what you want. For some, this is not an option, so it’s best to end the search until a later date. Otherwise , you can spend years trying to chase a unicorn.

What are some of your non-negotiables?

You should find someone you generally like and can trust, and someone with the key connections that will benefit you. There are many facets to finding an agent. Buyers/sellers new to the Boston luxury real estate market often begin looking at ads or searching online to interview multiple agents, until they connect with someone who is helpful, experienced, and knowledgeable. Other times, referrals and recommendations come from friends or colleagues. In some cases, brokers are chosen based solely on visibility or fame, regardless of their customer service. Individual attention is of utmost importance that many buyers and sellers fail to take  into serious consideration.

During a Boston luxury home transaction, the buyer/seller may find that their agent has not served them well and they part ways. This happens all the time – either the chemistry is not right, or the agent is incompetent – both completely understandable reasons to end the partnership. But here are two rules to live by in working with a Boston luxury real estate agent –

Rule #1: If you’re selling a home and you don’t have a specific agent in mind, do your homework. Pick an agent who has a proven track record and knowledge of the marketplace. A good broker should express a realistic valuation, taking into account the current marketplace. Sometimes this information is what the buyer or seller expects and sometimes it is not, but a good agent’s job is to point out the facts as opposed to merely telling clients what they want to hear. By doing so, a good agent develops a trustworthy, continuing relationship with her/his clients, hence the basis of their success.

Listen to the advice of an experienced agent and don’t be fooled by the highest price that some agents quote you to sweeten the pot. The comparable sales and data are public knowledge and buyers look at the data when making offers. Therefore, overpricing or under-pricing is the key element in proper marketing. Once you build that trusted relationship, here comes Rule #2…

Rule #2: Do not keep switching agents. Loyalty in every profession is a good trait – it builds respect, confidence and trust. Once you have an established working relationship, your real estate agent will provide individual attention and micro manage your interests for you. Sometimes your property does not sell and you get impatient. If you do your homework and pick a competent agent from the start, this would not happen. For the most part, all reputable brokers advertise and market on the same level. If your property is not selling, it’s probably priced too aggressively and not competitively. When you have a great experience with your agent and they have done a great job in prior transactions, think twice before changing gear to another agent just because she/he is “sujet du jour,” or a friend or colleague recommends it. Stay loyal to your competent agent.

A well connected and experienced Boston luxury real estate agent will have key contacts and insider networks to show you properties that are not officially on the market. Beware of agents who simply tell you what you want to hear. I can write volumes about how to pick the right agent for you – contact me to learn more.

Most buyers are still nervous about jumping back into the Boston luxury real estate market after the recent economic downturn. Although metro Boston was not really affected by a depressed economy, many buyers have a different notion, especially those coming from the suburbs. Buyers who have been around looking at homes in Boston and expecting “deals” are realizing that rock bottom prices are not realistic in the city, especially high-end listings.

In some cases, buyers have “buyer’s remorse” right after their offer is accepted and they may realize that they have stretched their budget beyond their means. It hasn’t been uncommon, in a down economy, for buyers to look at properties 30% higher than they can afford, hoping that the seller will negotiate.

Well, the sellers have not been negotiating on prime homes in Boston. Listings in the best neighborhoods like Back Bay/Beacon Hill/South End/Midtown and the Waterfront have held on to their prices. Now that the economy is picking up, buyers are stepping up to the plate with offers that exceed their means. Once their offer is accepted, they realize that it is too much of a stretch for them and back out of the contract. It is an unfortunate chain of events that is stressful and unfair to both the buyers and the sellers.

Buyers should keep in mind that a signed offer is a legal document and should be taken seriously. There are always contingencies and “outs” to terminate the Boston luxury real estate contract if they opt to, but for most part, it’s usually just buyer’s remorse and cold feet. After a contract falls through, the buyer’s question is always “do I get my deposit back?” Depending on the nature of the contingencies, the deposit should be returned.

Please do your homework before making an offer on Boston luxury real estate. Don’t get pressured in making an offer beyond your means. Any contingency issues having to do with the property can generally be resolved. However, if it involves the buyer’s personal finances, it is a whole different story. At that point, the buyer should step back and brainstorm with an experienced broker about what homes in Boston are right for them.

More questions? Contact me to learn more about the buying/selling process.