February 2009

There are 5 blog entries for February 2009.

From this weekend's Boston Business Journal:

The Boston Redevelopment Authority approved a 15-unit residential project located at 333-339 West Broadway in South Boston. The five-story project, being developed by Paul Adamson and Mark Cummins of South Boston, will contain 15 condos of which two will be affordable. The units will be one and two bedrooms and all will feature exterior decks. There will also be ground-floor commercial space and below-grad parking.

This property is located across the street from Shenannigan's in South Boston. These Irish developers own Shenannigan's, the parking lot and apartment building next door, the Clock Tavern a couple doors down, as well as several other buildings in the area.

South Boston CondoTheir most recent project was four

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American Idol and Real EstateI don't really know what the hell this post is all about, but I watch American Idol (yeah, I'm a loser), and I work in real estate. The only real story I found that could tie the two together was former American Idol winner Fantasia Barrino barely escaping foreclosure in January 2009. Interesting? Something tells me her parents were not financial planners. I don't know how much money she's made, but I think it's more than I've made. She purchased the home in N.C. for $1.3 Million and the auction was scheduled for January 12, 2009. Luckily she was able to negotiate a deal with her lender and did not lose the home.

Now back to the important stuff. Pretty disappointing performances last night, although I liked Danny Gokey who sang last. I'll be sure to

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First-Time Home BuyerSome real estate people and home buyers will surely be a little disappointed today when President Barack Obama signs the proposed economic stimulus bill. Included in the new package is a change to the current $7,500 first time home buyer credit. As reported here in previous posts, the current tax credit is $7,500 with an interest free repayment over 15 years.

The Senate was not only aiming to up the credit to $15,000, but also to eliminate the repayment, and make the credit for all home buyers and not just first time home buyers. Unfortunately the bill came up a little short and is only providing an $8,000 credit to first time home buyers with no repayment. Still a great deal, but it fell short of what many people (including me!) were hoping for.

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Some 420,000 hybrid ARMs are scheduled to reset in 2009, according to the Treasury Department. A year or so ago, it seemed that many of these loans were going to see their interest rates reset to as high as 12% or more. But then interest rates started falling, hitting lows they hadn't seen in 37 years.

I know first hand what this article is referencing. I purchased my first property 5 years ago in February of 2004. I chose to go with a 5/1 ARM as I didn't think I'd live in the property for more than 5 years. I also figured I would sell it before the rate reset after the 5 years. I was right about the first part, but wrong about the second. This passed May I decided to rent the place out as the income was substantially more than the mortgage and condo fee.

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Idiot's Guide to Buyer's AgentI saw this graphic online and thought it did a good job of simply displaying why a buyer should use a buyer's agent. An Exclusive Buyer's Agent can advise you on value, negotiate the most favorable terms, and look out for your best interests. Purchasing a home without buyer representation is a huge mistake as the sellers agent is representing the seller and trying to get him or her the highest price possible. These are just a few points on why you should utilize a buyer's agent when purchasing a home. If you would like more details or representation for your next purchase, please email me.

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