August
2010
Students are coming to invade an apartment near you! With 20,000 new students on their way to Boston, the rental market is steady. Landlords should definitely review the process of handling last month’s rent and security deposits so there are no problems when the term of the lease comes to an end. Landlords are more liable than they think when it comes to handling these deposits so its an area to be careful in. Here are the requirements for holding a security deposit:
When the deposit is tendered, the landlord must give the tenant a written receipt which provides:
- the amount of the deposit
- the name of the landlord/agent
- the date of the receipt
- the property address.
Within 30 days of the money being deposited, the landlord must provide the tenant with a receipt stating the amount, bank and account number. The security deposit must be held in a separate interest bearing account that is protected from the landlords creditors. Also within 10 days after the tenancy begins the landlord must provide a written statement of the conditions that the tenants received the property in. Which then gives the tenants a chance to disclose any other damages that were not noted. The security deposit MAY be used for unpaid rent or reasonable damage to the unit. But they MAY NOT be used for eviction costs or attorney fees. The security must be returned to the tenants within 3o days of the tenants leaving. If you follow these directions then you’re in the clear!
July
2010
One a week we will put together a list of Real Estate and General Business Articles that you might be interested in each week we will have a different focus this week is (Start Ups and Entrepreneurs) – feel free to start discussion in our comments section on any of these articles….
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Cool Products
Why Young Entrepreneurs Fail:
INC’s Top 30 Young Entrepreneurs
- Check out the ‘Rooms for Rent’ start up very interesting – could it be applied in Boston? http://www.airbnb.com/
My last case study on Seaport Square showed readers that the Seaport is trying to become the new “go to” location in Boston; residential, retail and restaurants. Most of the city approved developments have been staled and with past fails and hardships that Gale International has faced with their projects, people aren’t getting their hopes up yet. BUT there is something exciting coming to the Seaport that seems like it has risen from the sea and is on pace to be done by the end of the summer. Its Liberty Wharf, which was acquired by the Cresset Group development team in 2007, which is roughly 70,000 sq. ft. of mixed use space right where Jimmy’s Harborside used to be. This is PRIME real estate and will be a summer attraction for all of Boston. Finally developers have begun to develop this under utilized waterfront haven!
Project Description
This is one of the most exciting projects that is under construction right now. It is being constructed on the former Jimmy’s Harborside and is going to bring an ideal urban lifestyle feel to the Seaport District. It is DIRECTLY on the waterfront, which makes for a very desirable destination for dining and mingling. The developer is Cresset Harborside Group LLC, the land is owned by the Massachusetts Port Authority, the talented design team is led by Elkus Manfredi Architects with help from McNamara/Salvia, Inc. working on the structure, Cosentini Associates working with MEP, HW Moore Engineers dealing with the site and civil aspects, Reed Hilderbrand Landscape Architects and Childs Engineerings working with the marine. In total the development will have 3 buildings, all 3 being distinctively unique and different, offering a variety of uses to the public.
The East Building is going to be home to Legal Sea Foods, which will stretch up to 18,000 sq. ft. Its sister restaurant Legal Test Kitchen is situated across the street and does extremely well. It will give diners another option from the same restaurant group. This Legal Sea Foods will have plenty of outdoor seating so that you can enjoy the outdoors and the great views of the Boston Harbor.
The West Building stands 50,000 sq. ft. with a new restaurant on the first floor, another restaurant by the name of Zed451 on the second floor that will have patio space for diners and a partially enclosed roofdeck. The third and fourth floors will be home to offices that are yet to be announced. The third building is a Kiosk size structure, reaching just about 1,500 sq. ft. which will also be restaurant space with plenty of outdoor space. The greatest part about this project is the 11,300 sq. ft. of balcony and deck areas, its crucial when you have waterfront real estate that is housing restaurants. Another cool part of this is the new boardwalk and 500 feet of linear dock space for boaters. It is similar to what The Barking Crab does, where you can dock your boat while you eat. I’ve recently been by the site and it looks amazing, its coming along so quickly! I can’t wait to go sit on the patio, enjoy a great meal and then walk less than 25 yards to a concert at the Bank of America Pavilion. I’ve heard great things about Zed451 and am looking forward to seeing what other cool restaurants will fill the other spaces. I will keep you posted on what other restaurants and offices are moving into these buildings. The Seaport is becoming more desirable with each and every project. There are some amazing luxury apartments located directly across the street from this construction. Its luxury living at a great price and its location is flawless!
TO SET UP AN APPOINTMENT TO SEE UNIT AT PARK LANE OR FOR MORE INFORMATION AND PICTURES ON THIS PROJECT PLEASE CONTACT Epapa27@yahoo.com
Pictures
