October
2011
KHJ was outgrowing Charlestown, they needed a big move to spice up their brand. The problem is that who does the company that fully activates brands—top down, inside out—so their lived internally and experienced externally, at every point of contact, call on? Answer, the real estate firm Colliers International.
Their sights were set on the Seaport district, or as Mayor Menino dubbed it,”The Innovation District,” thinking that a lively area with ever-increasing commercial and residential activity would be the perfect change. They do not just want to move operations though, they’re set to increase office space from 10,000sq.ft to nearly 15,000sq.ft with plans to hire additional staff. Seaport Place is set to be KHJ’s new home and while they are not the first company relocate in Seaport, they part of a wave. Ideally located with brand new facilities and some of the best views in Boston. Charlestown may be where KHJ is from, but the Seaport is better representation of where they are going.
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Discussion
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This is not realtor propaganda the rental market in downtown Boston is hot it is becoming a ‘problem’ for me… thats right you heard me correctly. I have 4 clients I can’t find a home… one client I have submitted 4 applications for and each home has had a dozen or so applications on it WOW! What a great time to represent landlords throw a sign up a mls listing and start collecting commissions. I would be interested to hear any comments from other realtors out there and clients in the market – what are you seeing out there?
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December
2010
Beacon St. Between Berkley and Clarendon
A 1173sqft. two bedroom duplex will be auctioned off in the Back Bay at the end of the month. This unit features beautiful hardwood floors throughout, custom cabinetry to maximize space, expansive living room with separate dining area, office area, and gourmet granite cook’s kitchen. Two luxurious full marble baths, a direct access parking space available for rent, and a private patio. The property last sold for 800K at the beginning of this year and will most likely sell at auction for much less. For more information about the auction contact gmorello@live.com
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December
2010
Last Wednesday I had the opportunity to meet with the construction team at Atlantic Wharf. The new mixed use development will include a 31-story, 750,000 Class A office tower, 30,000 square feet of retail and public spaces, 70 to 80 residential units, a 650 car parking garage, and a waterfront plaza. What is unique about this building is that it is a mix of old and new, as the building needed to meet historical zoning ordinances. The glass office tower is surrounded by original brick buildings on Atlantic and Congress St, which will serve as additional office space and luxury rental apartments. Just next door is the new Intercontinental Hotel with top of the line amenities available to Atlantic Wharf employees and residents. The project is finishing up and should be completed by February 2011. Wellington Management signed a 20 year lease for the top floors of the tower, and the tenant improvements for this space are completely customized to their specific needs. The Atlantic Wharf development is unique because it is constructed in such a way that each floor is completely open and unobstructed. The building was built with a concrete core rather than with steel columns on the perimeter, so the space seems wide open and airy. I am curious to see what other tenants will make Atlantic Wharf their new home. Rumor has it that Abe and Louis will take the retail space on the water side of the building. With private docks in the rear of the building, dinner guests have the option to valet by car or by boat. I was extremely impressed with Boston Property’s construction team and their vision for this state of the art development.
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December
2010
According to Fortune Magazine, Nantucket Island has served as a barometer for the fortunes of Wall Street. In the past ten years especially, Nantucket has been a vacation hot spot for many Wall Street executives. Due to a plagued economy, many of these vacationers have pulled back, evaporating the job market for year round residents and creating a surplus of foreclosures and short sales. With properties selling at 25-50% below previous values, many investors are interested in purchasing property on the island. Here are two auctions coming up this month:
6 Oak Street
Nantucket, MA 02554
1,232± sf One-Story Building • Seating Capacity of 72± (40± Inside/32± Outside) • 0.03± Acre — Great space for restaurant/bar!
4 West Creek Road
Nantucket, MA 02554
6,882± sf Two-Story Building • 4,098± sf Restaurant/Bar with Seating Capacity of 99 • 1,784± sf Second-Floor with Three Apartments • 0.27± Acre — Great mixed use investment property! For more information about upcoming auctions contact gmorello@live.com
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November
2010
3 Avery St. Boston, MA
The Ritz Carlton Residences
2 bedroom 2 bathroom corner unit at the Ritz Carlton is scheduled for auction tomorrow, December 1st. This 1240sqft unit features floor to ceilings windows with an additional 1200 sqft. in outdoor terrace space with city views. Gourmet kitchen with top of the line appliances (Viking, Subzero, and Bosch). Hardwood floors throughout, custom lighting, built-in surround sound, marble baths, and included flat screen televisions. One parking space included. The existing debt on this property is well below current asking prices for comps in the building, which means there is room to get in at a good price. Please contact gmorello@live.com for more details about the auction and specifics about the unit.
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November
2010
Boston Developer Steve Samuels is in negotiations to purchase the Landmark Center located in Fenway. The center is home to Blue Cross Blue Shield and retail giants, Best Buy and Bed Bath and Beyond. Rumor has it that Samuels is in negotiations with the Abbey Group to purchase the 1.5M sqft. building for $530M. This purchase would tighten Samuels’ grip on this district, as he has developed other successful projects in the area such as Fenway Trilogy and 1330 Boylston St. Samuels is one of my favorite developers in Boston…I’m excited to see what his plans are for the space after purchase.
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November
2010
Foreclosed real estate is a great way for buyers to enter the real estate market at a time when sellers are sticking tight at unrealistic values in a down economy. The team at Northeast Development & Investment has created an auction calendar for our investors. The spreadsheet above exhibits just a few of the many upcoming auctions between now and January 1, 2011 in Suffolk County. Our analysts have the capacity to take the uncertainty out of auction sales for our clients — comprehensive spreadsheet analysis, market research, and buyer profiles/strategies are just a few of the tools we use to help you make sound purchasing decisions. Our calendar is updated daily, so please contact me for the latest version! Don’t let these opportunities pass you by — contact gmorello@live.com to learn more about upcoming auctions in the boston area.
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November
2010
The Boston Real Estate Blog has just been nominated for the Zillow People’s Choice Award for Best Blog in Boston! In order to win, we need YOU to vote for realestatebostonblog.com up to once per day. Visit the www.zillow.com/homes/for_sale/Boston-MA/#pollpage on Zillow.com to vote!
Visitors who come to Zillow or our Blog can click the above link to bring them to a poll and vote for their favorite real estate blogger in the city of Boston. Anyone can vote once per 24 hours, and voting ends at noon (Pacific Time) on November 24, 2010. Because this vote will determine the best real estate blogs in multiple cities, once the voting is over, the blog with the most votes will be declared the winner in each city.
If Boston Real Estate Blog wins this title, Zillow will put a link to the our Blog from Zillow’s Boston home values page. In addition, we’ll also receive a badge for our website that indicates Real Esate Boston Blog is Boston’s best real estate blogger, as voted by the people! Make Real Estate Boston Blog proud and vote for us because WE ARE THE BEST!!
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November
2010
Back Bay Grand Mansion
448 Beacon St. Boston, MA
Asking Price: $10,500,000
The Scientology Church located on the corner of Hereford and Beacon hit the market last week at a listing price of $10.5M. With 25,000sqft of space, investors can pick up this property at $420/sqft. This is a fair price for the Back Bay, which averages mid 700′s per foot. The building boasts 5 floors of architectural detail with 7 fireplaces. There are over 70 windows that present panoramic city and Charles River views. There are also 14 existing outdoor parking spaces. This masterpiece makes an excellent luxury condo conversion similar to Church Court, another church conversion that anchors the other end of the block on Mass Ave. Our team has put together a comprehensive development analysis of this property for some interested parties. Opportunities such as this rarely come around — whoever takes on this project will be the talk of the town. For more information on this listing or to sit down with an analyst please contact gmorello@live.com
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