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It's not really brand new, but it's replacing this one. Go to Joe Wolvek's Boston Real Estate Blog!

Columbus Center Dies from lack of...well...Money...

The mega-development-to-be-that-never-was, the Columbus Center, died quietly today at 13, the last few years of which were spent on life support. The project's main backer, Calpers, the California State Pension Fund, apparently decided that there were plenty of ways to lose money back at home, rather than investing in a losing proposition in Boston. Really, why leave home? There are many things that Boston could use, but another high rise luxury condominium complex is more than likely not one of them.

The Columbus Center was going to be "...a towering five-building complex of condominiums, hotel rooms, and stores..." located above the Mass Pike, combining office, retail, and condos.

Now, one thing that I was definitely looking forward to was having some retail and street life along the the stretch of Columbus between 223 Columbus (the Pope Building) and Clarendon, and I hope that in the medium term future there's a way to make economic sense out of some kind of project there. My own opinion is that it will have to be on a smaller scale. But there are significant economic hurdles to owning the air rights above the Pike, let alone the costs of above-roadway construction. So it's kinda tricky, as we say in the industry.

Anyway, here's the whole story from the Boston Globe.

Perfect Investor Condo: $319,000. Open Sunday March 7 from 1-2:30

This sunny one bedroom "split" is located on the 5th floor of a professionally managed elevator building with spectacular views of The Back Bay Fens! It can easily be used for two roommates. Comparables rent for $1800-$1900. The updated kitchen and bath are in great condition, and the unit itself is ready to move into. New electric wiring. New plumbing. Common areas, building electric, and heating system  have been updated, building is in great condition. On Back Bay/Symphony line, Near Berklee, "T", buses, shopping, Newbury, you name it! Sorry, NO PETS!

Click for photos and more info 

Boston Real Estate Activity Picking Up

As you can see from the graphs above,sales activity, while not at 2007-2008 levels, is a whole lot perkier than last year. Additionally, there is good supply, but not a glut. Median prices are also looking pretty healthy over most of the neighborhoods. Click on Back Bay, South End, and Beacon Hill to see the details. Other neighborhoods coming,

Downtown Condo Inventory Still Tight

As of 2/26/09, there were 1089 condos available in the downtown Boston neighborhoods. This year, it's approximately 1166. Looking over the past decade, these numbers represent historically low supply...which helps the real estate market here not to crash. Supply, with rare exceptions is always relatively tight here, since there's little room to build. The one exception to this is the niche of very high end high rises, which is the one very soft market segment.

Due Diligence for Real Estate Agents and Buyers

Great blog entry from Rona Fishman in the Boston Globe a few days ago. It has to do with the due diligence that SHOULD have been done in the Smoky Condo lawsuit. But it is also great advice for what both buyers and agents should be doing in gathering info on any prospective condo purchase:

As an agent, I am responsible for figuring that out what is important for my client. That’s part of the art of a good agent. Instead of studying mind reading, I figured out how to ask the right questions.
The more restrictions someone puts on a search, the fewer choices he/she will have. So, I ask for the “do-or-die” requirements first. Most ... are pretty obvious. How many bedrooms, baths, storage, etc…It is after that initial list where things can get too vague if I don’t ask the right questions.
“Do or dies” include anything that will make the new owner sick or inhibit their life significantly. This includes a smoke-free building for the plaintiff of this case. It is not reasonable for this person to buy in a building where the other residents could be a non-smoker today, but sell to a chain smoker a month after she closed. If she were working with me (assuming that she actually told me this...), it would have been up to her to specifically direct me to show her anything that wasn’t a smoke-free building. I might have found myself working with her for a year -- and seeing only ten properties total. So be it.

Read the whole entry.

There are tons of potential transaction killing issues out there: Pet restrictions, noise, lead paint, rental restrictions, and the general financial and physical condition of the unit and association, as well as the legal footing of the association. Most of this will come out in the wash in the course of due diligence, but the agent, the buyer, and the attorney need to be proactive in uncovering any potential issues.

A further word about being how to be a successful real estate agent. I've been in the business for 18 years, and a huge portion of my business is from repeat business or referrals from previous clients. That's the only way to be successful. It's up to you the buyer to find an agent who will be a knowledgeable and dependable partner. Make sure your agent has never had any complaints against them. Make sure your agent has happy past clients. Talk to your agent about the process. A good agent will encourage you to get together just to talk. It is worth making some time for this. A good agent has done this hundreds of times, and can be a good guiding partner. A bad agent is worse than no agent at all. And just like any business, there are good apples and bad apples.Get in touch with me if you'd like more info.