August 2008

There are 13 blog entries for August 2008.

Tom Brady & Gisele

Just in case you didn't think Tom Brady wheeled serious you know what, there is speculation that he purchased a piece of land in L.A with his honey bun Gisele for $11 Million. Talk about stepping it up! This guy goes from dating Bridget Moynahan to Gisele Bündchen, arguably the hottest chick on the planet. What I would give to have his lifestyle! The story talks about what houses he could afford to buy in Massachusetts. If any of you readers out there are in the same price bracket, please call me and I'd be happy to find you a house!

Link to Boston.com

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Inman News has a good article about the importance of using a professional real estate agent and the value they provide. I have to agree with the majority of what is written, but like any industry, you have good and bad people. That's why it's important to interview a few candidates, and ask friends and family for referrals. At The Terrier Group, we strive to provide our customers with the best customer experience in the business. I know we certainly provide a value for our service, and unlike what is stated in this article, our commission is generally 5 percent.

In the ongoing argument over the state of real estate commissions, I say long live 6 percent commissions. Technology hasn't replaced the agent, but it could help save the agent and justify the

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Trulia is a real estate search engine that allows people to search for homes online and provides real estate information to help them make better decisions in the process. Their "Trulia Voices" are very popular in local neighborhoods and are a great way for individuals to get real estate related questions answered. I've found it great for someone who is relocating for a job and needs information on specific neighborhoods, or just wants advice from a local real estate professional.

Trulia, one of the Web's most visited home listing sites, on Aug. 25 is introducing a tool available on Apple's iPhone that can locate all the listings and open houses in a user's vicinity.

The free software application uses navigation technology to summon data and displays

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For the first time in a number of weeks, mortgage applications for both purchase and refinance loans increased 0.5 percent. Rates have dipped a bit over the passed couple weeks, so that certainly had an effect on the increase. The real estate market is still struggling in some parts of the nation and summer is typically a slower time for the market.

Link to MSNBC Story

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The median price of single-family homes in Massachusetts fell 12.3 percent in July, marking the sharpest decline in monthly home prices since The Warren Group, Banker & Tradesman’s parent company, began tracking the housing market in 1987.

The median price for single-family homes sold in July dropped to $320,000 from $365,000 in July 2007, according to The Warren Group. The year-to-date median price is $316,000, a 9.7 percent decline from $350,000 a year ago. Prices have decreased in every county this year except for Nantucket, where they have flattened.

“The good news in July was that home sales didn’t decline as precipitously as they have in the previous six months of the year. Unfortunately, prices dipped even more than they did this past April,

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This weekend I stopped by several open houses in buildings around the South End and South Boston. I was with a international client who is looking a condo for their son who will be attending Northeastern. Rather than pay to house him in the dorm, they are wisely choosing to buy a place as an investment. They would like to be in a semi luxury building with 2 beds/2 baths around $600,000 that is close to public transportation in Boston.

We checked out 2 buildings in South Boston. The Court Square Press lofts, located at 9 West Broadway, and the new Allele, located at 150 Dorchester Avenue. The Court Square Press building was completed in 2003 and has 130 units. We viewed a very nice 1224 sq. ft. 2 bed/2 bath loft for $629,000. In my opinion, this was the

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After rising for the past several weeks, mortgage rates dropped a bit. Going forward, I expect 30 year fixed mortgages to remain in the 6's and may retest the 6.25 mark.

Link to Wall Street Journal

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Suge KnightThe tough economy is hitting more than just your average Joe Schmo from Alabama. If you are late with a few payments, this story will make you feel a little bit better. It seems as though some big rap producers are also struggling to make their mortgage payments. 50 Cent, Kanye West and Russell Simmons are certainly not in any financial trouble, but the other 2 guys on this list must need a hit bad!

Link to Forbes.com Story

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Big time Newton-based developer John Rosenthal filed what he hopes will be his final plans to build over the Mass. Turnpike. The Fenway neighborhood is a hot area for development. Samuels & Associates built the Trilogy a few years ago, and are currently putting the finishing touches on another luxury apartment building at 1330 Boylston Street. Red Sox ownership and Samuels & Associates each own several other parcels of land in the neighborhood, so I expect the growth to continue. Read the full story about the latest potential development by clicking the Boston Herald link below.

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The $7,500 first time home buyer credit is actually a loan that needs to be paid back to the IRS over 15 years. It's great that it's tax and interest free, but it does need to be repaid. Read the full description from the Boston Globe below.

Link to Boston Globe Article

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