GKR Blog

Posted by Jay Rooney on January 16, 2010 - For the 2nd consecutive year, our loyal clients and customers have made GKR Residential the #1 Independent Real Estate Firm in Milton in 2010. Kevin Keating, Matt Freeman and company continue to set the standard for service and professionalism in the Milton real estate market and you have recognized their efforts.

If you are considering selling or buying a Milton home in 2010, call one of our qualified professionals at 617-698-3300.

PS: Don't forget to ask for a complimentary Milton calendar when you call!

Posted by Jay Rooney on January 16, 2010 - 43 Baxter Street #2, South Boston, Asking Price $249,000. I am calling this South Boston property "The Hottest Spot North of Havana" because of its beautiful private outdoor space that consists of a fenced in gunite pool and stone patio. The unit itself was renovated in 2005 and was very nicely done. One bedroom, 1 full marble bathroom with a steam shower, gas fireplace, and a granite and stainless steel kitchen with maple cabinetry. Other details include oak flooring throughout, private laundry, security, and private storage. Less than a block from public transportation to Downtown Boston and 1/4 mile from the West Broadway shops, this unit is a steal at $249K!    

January 12, 2010. All signs point to the Fed raising interest rates in the next 90 days but some experts believe they may opt to pull money out of circulation instead to combat inflation. From my perspective, raising rates while they are trying to stimulate the economy by offering a tax credit to home-buyers and home-sellers doesn't make sense. The tax credit program has helped to keep the local real estate industry afloat for the past year, but "the rate" is what gets buyers out of their seats no matter what incentives are available to them.    

I checked with a couple of mortgage brokers yesterday to see what they are offering for a 30 year fixed and the consensus seemed to be 5%. Last year at this time the 30 year rate was about 5.25%. If we can keep the 30 year at or below 5.25% for the first half of 2010, buyers and sellers will be out in force.          

If you are considering buying or selling a home in South Boston, MA, or Milton, MA, this report will give you a very good understanding of the financial advantages of buying . . . and selling now.

RISMEDIA, December 15, 2009—(MCT)—Interest rates on the benchmark 30-year, fixed-rate mortgage dipped to a 38-year low recently, giving consumers another reason to consider purchasing a home or refinancing their current one.

Freddie Mac recently stated the average rate on a 30-year loan was 4.71% with an average 0.7 point, the lowest rate since the agency began its weekly tracking of long-term interest rates in 1971. A point is equal to 1% of the loan amount, payable as a lump sum at closing. While the decline wasn’t overly dramatic, the dip is likely to get people wondering whether it’s time to sign on the dotted line.

The 5 following questions may help you decide if now is the time to go ahead and purchase a home or refinance your current home.

Q: Why are rates so low?
A: Since early January, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae in an effort to stabilize the housing market by making homes more affordable for consumers. The Federal Reserve Bank of New York, which is managing the program, plans on purchasing $1.25 trillion of securities.

Q: Are rates expected stay this low?
A: It’s hard to tell, but don’t count on it because the lending landscape is likely to change next year. In September 2009, the Fed said it would gradually wind down the purchase program, ending it by March 30, 2010. That has some in the mortgage lending industry worried.

In a recently published mortgage survey, more than 60% of Bankrate.com’s panel of experts predicted that rates will move higher over the next 30 to 45 days. How much higher is anyone’s guess. Last year at this time, the average 30-year, fixed-rate mortgage was 5.53%.

Q: Why do different mortgage surveys come up with different average interest rates?
A: It depends on which lenders are in their sample, when the survey was taken and whether the rates quoted are the posted rate, the application rate or the commitment rate. Also, some surveys take into account the points paid to secure the rate.

But regardless of the survey, the general consensus is that rates are ultra-low right now and may be the lowest the market will see.

Q: What else does a consumer need to know?
A: The lowest rates are offered to the most credit-worthy customers who can make sizable down payments. Shop not just for the interest rate and the points involved but also for the fees involved, which can vary widely from one lender to another.

If you’re refinancing, remember the bigger the loan, the greater the payoff for finding a lower interest rate. Savvy customers put in their paperwork with a lender and set a “strike” interest rate at which to lock in the loan, a good move considering rate volatility.

Several refinancing calculators are available online that let borrowers plug in all the required numbers and determine the monthly savings and how long it will take to recoup the expense of a refinancing.

Q: So is now the best time to buy a home?
A: It depends on personal situations. Homebuyers certainly have a lot of factors working in their favor right now—low interest rates, plenty of marked-down homes for sale and an extended and expanded federal tax credit that will expire in the spring.

On the flip side, there’s growing sentiment among analysts that housing prices, which are showing ever-so-minor improvement, may fall further. The reason? Lenders are expected to get better at determining which borrowers will qualify for loan modifications. That means lenders also will get faster at moving homes through the foreclosure process.

Mark Zandi, chief economist at Moody’s Economy.com, recently predicted that housing prices nationally will hit bottom in 2010’s third quarter. That means anyone buying a house now could see the value of their investment initially depreciate.

(c) 2009, Chicago Tribune.

Reported by Associated Press on Tuesday, November 24th - Sales of single-family homes in Massachusetts shot up by about 17 percent in October when compared to the same month last year, but the median price continued to slide down.

The Massachusetts Association of Realtors and The Warren Group in reports released Tuesday attributed the fourth consecutive month of increased home sales when compared year to year to the federal first-time homebuyer tax credit that was set to expire at the end of this month, but has since been extended and expanded.

Officials with both organizations say the increased sales, coupled with extension of the credit, is evidence that the housing market is recovering.

Ben Affleck is in South Boston, MA, today filming scenes for his upcoming movie The Town, starring John Hamm, Blake Lively, and Ben Affleck himself. Our own MaryBeth Poblocki saw "Boston Ben" standing in front of Schubert's yesterday and woke up her son Connor when she got star-struck and screamed "Oh My God  . . . that's Ben Affleck" while driving up Broadway with her husband Kevin. 

Facebook reports say that Affleck is shooting a scene at Thornton's Florist today on Dorchester Street, and will be back to Charlestown for the next couple of days. The movie is an adaptation of the book Prince of Thieves by Chuck Hogan, which tells the real life story of a group of bank robbers and armored car thieves from Charlestown, MA. Apparently Affleck, the Director of the film and a Boston native, was intrigued by Hogan's claim that Charlestown, MA, had, at one time, more armed robbers per capita than any other place in the world. Affleck attempts to see how and why these guys from Charlestown were robbing banks and heisting armored trucks and put it on the big screen.

Though this movie is not focused on South Boston, MA, like Good Will Hunting, "Southie" is quickly becoming one of the East Coast hot-spots for Hollywood Directors and big-time actors.         

Great news for South Boston and Milton home-buyers . . . and South Boston and Milton home-sellers! President Obama signed the bill that extends the Federal Tax Credit to June 30, 2010, and the details are even more attractive than the existing program that was due to expire on November 30, 2009. Here are the details of the new bill:    

"Halloween on Broadway" is an awesome South Boston tradition. Thousands of kids and their parents marched up and down East Broadway on Friday night while the local business owners and their employees handed out treats. It was really cool to interact with our South Boston neighbors and see the kids smile from I Street to L Street.

My favorite costume was the production in the photo to the right. This couple converted a "pack and play" into a rolling tank and dressed their little ones in camouflage with "We Support Our Troops" in bold letters draped across the front of their tank. It was so popular that people were stopping them to take a picture and to give them an ovation. I actually thought I'd see it on the front of boston.com or on the front of one the the local newspapers on Sunday. 

A huge thanks to Donna Harman and Sandy McCarron who greeted families in front of our office at 707 East Broadway and handed out candy for 2 hours until we ran out!  

    

437 D Street #2G. If lofts are your thing and you are looking for a South Boston condo, look no further than 437 D Street #2G. This 1217 square foot 2BR/1BA unit has been completely renovated and professionally designed by the owners who are in the art and architecture business. They were influenced by their travels to the American Southwest and Italy and every inch of this unit clearly has a purpose and a function. With one garage parking space and one rental parking space included, this unit is a great value at $549,000. 

Just minutes from the new Boston Convention and Exhibition Center, South Station, and the South Boston Waterfront.    

WHAT A GREAT IDEA! If you live in South Boston and you don't have off-street parking you can now go out to dinner or Sunday brunch and not worry about losing your parking spot. Amrheins Restaurant, South Boston's oldest restaurant and voted as Boston Magazine's Best Brunch in 2009, will now pick you up at your door and drop you safely at home when you are done with your meal (and drinks). This FREE shuttle service is available Monday - Friday from 5PM on, and Sunday from 10AM on. If you have off-street parking, but you are worried about finding a parking space when you go out, Amrheins has a very large parking lot adjacent to the restaurant and parking is FREE.

Support a great local restaurant and take advantage of a great idea . . . and ask for Susan Linehan-Rooney if you choose to cuddle up to the bar! Check out Amrheins' website at www.amrheinsboston.com or call (617) 268-6189 for more details.

   

   

 

GKR Residential sponsored Celebrate Milton again this year and like last year when it poured all day, event organizers were forced to move things to the Cunningham School gym to stay dry. Though space was a little tight for all involved, the citizens and families of Milton were out in force and the kids still had a ball. There were bouncy houses, concerts, and several kid-oriented displays that kept the little ones happy and busy.

As a locally owned real estate company, based right here in Milton, MA, we are honored to take part in Celebrate Milton and thank those who donate their personal time to run the event each year.       

We are pleased to announce that we have moved our South Boston office from 36 A Street to a great new location at 707 East Broadway. The new space is almost twice the size of our previous location with an additional 800 square feet in much needed storage space. I hope you noticed the outstanding renovation we did to the front of 707 East Broadway and encourage you to pop in to see the inside of our office of you are in the neighborhood. Stay tuned for an announcement about our grand opening celebration. Call (617) 268-7600 for all your South Boston real estate needs.

  

According to MLS statistics on 8/18/09, we are pleased to announce that the six talented and hard-working agents in our Milton office have outsold the nearest competitor in town this year by more than 4-1. On average, GKR agents have sold 3.67 homes in Milton thus far in 2009, while the 71 agents at Coldwell Banker Residential Brokerage have sold an average of .89 homes (less than 1 sale per agent) in Milton during the same time-frame. The 16 agents at Kelley and Rege have sold an average of .88 homes in Milton, and the 13 agents at RE/MAX Landmark have sold .85 Milton homes in 2009. The 56 agents at the Braintree office of Keller Williams have sold .04 homes in Milton this year. 

Why is this important to you if you are considering selling your Milton home? If you call GKR Residential you will reach an experienced agent with a proven track record for sales. Conversely, if you call Coldwell Banker or Kelley and Rege, for example, there's a chance you would reach an agent who hasn't sold a single property in Milton this entire year. In this economic climate, you simply can't take a risk like that. Our clients are relying on the experience of our agents now more than ever and we are delivering the results they expect. 

Call our Milton office today at 617-698-3300 for a complimentary market analysis of your home.             

   

If you are selling a property in a desirable location and you price it correctly it will sell no matter what the economic conditions are. Case and point: 133-135 M Street in South Boston, which is a newly renovated 3-unit condo property located a couple of blocks from beautiful M Street Beach. Our own VP (or Vice Prez), Mary Beth Poblocki, put these units on the market this week for $419,000, $399,000 and $379,000 and they were under contract in 72 hours. (I asked MaryBeth what took so long and she said that she wouldn't let it happen again . . . ha, ha). 

The developer, Mr. Stuart Mullally, does a fantastic job and has a great reputation, and MaryBeth was dead on with her pricing. The location is also considered by many to be superior in South Boston. By creating a "perception of value" with her pricing compared to similar units on the market in the same price range, the first open house drew 25 groups, 3 of whom brought their check-books.

Congratulations to Stuart, MaryBeth, and the 3 buyers who are buying a great product in a fabulous location!      

Boston.com reported today that while national home prices continue to drop, Boston home prices increased for the 2nd straight month. While the increases in prices in Boston were modest - .4% in May and 1.6% in June - this is great news for Boston homeowners and the local economy. The same report actually stated that Boston is one of only 5 cities nationwide to experience 2 consecutive months of price increases this year.

If you are considering buying a home in Boston, but you are waiting until the market bottoms out, you may want to act sooner rather than later. This very well could be the start of the rebound in the local economy.    

425 East 6th Street #2 - $629,000. I said it in 2005 when this building was renovated and converted into 3 condominiums and I'll say it again today: 425 East 6th Street is the finest 3-family condo conversion in the history of South Boston real estate. I say this after considering the following criteria: location, workmanship, size and layout, parking, and the views.

The location is just below Thomas Park and the historic Dorchester Heights monument in what many consider to be South Boston's historic area. The building is also located just 3 blocks from the beach, parks, and East Broadway, which is both the shopping district in South Boston and the main route for public transportation to all points Downtown Boston.

The workmanship is exceptional and unlike anything I have ever seen for a 3-family conversion in South Boston. The flooring is Brazilian cherry and porcelain tile in the kitchen; the kitchen appliances are Kitchen Aid and Viking; the ceilings are 11 feet high and an 8 inch crown molding wraps the entire place; both bathrooms are ceramic tile with tempered glass shower doors; and the living room area features an 11 foot cherry wall with built-ins and a gas fireplace. 

1400 square feet on one level in South Boston is very unusual. Most of our 3-family homes are 40% smaller, or between 700-900 square feet a floor. This extra space, along with the open floor-plan layout and the 11 foot ceilings makes the place feel like a single family home. For example, the current owner has both a 15 foot dining room table and a baby grand piano in the unit. She also has enough space for a home gym in her master bedroom. Again, very unusual.  

In many areas of South Boston parking has become almost a quality of life issue. Not a problem at 425 East 6th Street because all 3 units have deeded garage parking in the rear.

The views from the rear of 425 East 6th Street are among the best bin Boston. You can literally see as far as Marina Bay in Quincy on a clear day, and the Boston Harbor Islands and Moakley Park are well within site.  

This unique South Boston property is a must see and our South Boston Home of the Week.  

    

Boston Magazine recently recognized 8 real estate agents and brokers from across Massachusetts and it is with great pride and appreciation that I report that I (Jay Rooney) was chosen as one the their Masters of the House for 2009. 

This truly came as a surprise to me as I received a phone call one day from a reporter from Boston Magazine who told me that I had been selected. She said that I was one of 8 agents and brokers from across Massachusetts who MLS (Multiple Listing Service) referred to her as somebody who was still doing a high volume business despite the downturn in the economy. My picture and statistics for 2008 (36 sales in South Boston and 41 overall in 2008) were displayed in the March 2009 issue of Boston Magazine and on their website at www.bostonmagazine.com. They also quoted me as saying that "the days of pushing the market are gone . . . you have to be priced right" when selling a home. I stand by those words 100%. 

I am overly passionate about my job and my business but it can definitely be a grind, so it was nice to receive this recognition. Thank you to all of my clients and customers who make it possible for me to do what I love! 

 

 

         

66 N Street #4. I am calling this one the "Condo On The Green" because it is located on beautiful Independence Park, which also happens to be the home of the nation's first Vietnam War Memorial. This unit is truly unique, and in my opinion, currently the best value on the Eastside of South Boston at $449,000, or $287.45 per square foot. The unit consists of 1562 square feet over 3 living levels and has been beautifully renovated with a granite and stainless steel kitchen, maple flooring, 2 full tile and marble bathrooms, new HVAC system, and new laundry machines.

The history behind this building is also pretty neat. It was formerly called the Pere Marquette Building and was home to a local Knights of Columbus group. It was converted to condominiums in the late 1980's and has long been one of South Boston's most attractive properties because of its uniqueness and its great location. It is literally less than 2 miles from South Station and Boston's Financial District, and also 1/4 mile from the beach! 

If you are looking for the space of a single family home and the amenities of a condo; or, you would like to reduce your commute to Downtown Boston to 10 minutes; or, you would like to be able to walk out your front door and be at the park or at the beach in seconds . . . look no further!         

I am pleased to report that Matt Freeman, Vice President and Sales Agent at our Milton location, is the top listing and selling agent in the town of Milton for the first half of 2009 with $4.7M in sales. Matt has consistently been one of the top agents in Milton over the past 10 years and it really doesn't come as a surprise to me that he has been so successful selling real estate. Simply drive by 27 Central Avenue, the address of our Milton office, at 8PM any night of the week and you will see Matt at his desk still working for his clients.  

Congratulations to "Milton Matt" and his family!          

According to MLS statistics, 79 single family homes sold in Milton in the first half of 2009 at an average sale price of $480,109. The average "listing price" of these 79 homes was $505,727 and the average "days on market" was 112 days.

In comparison, 106 single family homes sold in Milton in the first half of 2008 at an average sale price of $515,583. The average listing price of these 106 homes was $545,541 and the average days on market was also 112 days.

   

The new dog park on Day Boulevard, adjacent to the MWRA facility, seems to be a big hit among dog owners in South Boston. It is completely fenced in and in my opinion a very nice use of public space. I actually heard from a client that it is also a great place to meet new friends and other dog owners in the neighborhood.          

According to MLS statistics, the South Boston real estate market is as strong as any market in Massachusetts and buyers are citing the $8K tax break for first time buyers as the driving force behind their decisions to buy in South Boston now.  This makes sense because most of the condo buyers in South Boston are in fact "first time buyers" who rent in the area first. Some parents are even gifting money to their children so that they can take advantage of the $8K tax incentive before it expires on December 31, 2009. While the interest rates have gone up recently, they are still historically low which is also a motivating factor for buyers.      

In an effort to get back into shape I just went for a run around Turner's Pond and realized what a treasure it is to the town of Milton. In addition to taking in the beautiful views of the pond and the historic homes long Central Ave and Canton Ave, I saw families feeding the ducks, dads and sons fishing, and others just relaxing under the trees. It's hard to believe that Downtown Boston is just 7 miles away! 

GKR Residential sponsored the South Boston Sports Hall of Fame Scholarship Fund golf tournament again this year, and despite soggy conditions, the turnout was great! 175 golfers and tournament organizers descended on River Bend Country Club in Bridgewater, MA, and received a very sharp golf shirt, compliments of GKR Residential, in return for their support for a very worthy cause. This year's scholarship winners are Stephanie McGrath (UMass Amherst), Emily Mayer (Harvard), and Christine Kelly (St. Anselm's). These impressive young women come from great South Boston families with deep roots in the community. Congratulations to the award recipients and their families, and to Ed Buccigross and his committee who ran a great event again this year.            

School is out in Milton so please be sure to look twice while driving!   

My parents threw out the 1st pitch at the Boston Red Sox game last night and it was truly a memorable night. I got to stand on the field during the ceremony and watched Derek Jeter and Robinson Cano play long toss before the game.  Pretty cool stuff! 

Despite cold, raw and rainy weather, the Milton Road Race was a big success tonight. GKR Residential sponsored the event again this year and had a face painter and balloons at our table.  Both were big hits with the kids!  Congratulations to all of the runners who braved the elements, and the Milton Junior Woman's club who ran the event.    

Welcome to my blog! As the Broker/Owner of South Boston's #1 real estate firm and Milton's #1 independent real estate firm (according to MLS), my goal is to tell you what's going on in the South Boston and Milton real estate markets and communities, and share my insights about pretty much everything. I look forward to hearing from you!