LRG Boston Real Estate Blog » Boston Luxury Apartment Rentals

A Quickly Moving Boston Condo Market

admin — Fri, 23 Mar 2012 02:33:46 +0000

By Joshua A. Golden and Craig Anne Lake

Real Estate in Boston is changing quickly

With rental rates on the rise, Boston is beginning to feel more like Manhattan. What we are beginning to see is a shift from renting to purchasing. With inventory at all time lows, the rental market in Boston has become quite overheated, which in turn has driven rental prices up and inventories down.

Why is Boston so much hotter than other parts of the Country?

Look no further than the areas 40 Universities, dozens of hospitals, one of the country’s largest biotech communities, and of course, the huge influx of World renowned Financial Companies/Hedge Funds. As these companies grow, so does the need for housing.

Furthermore, there is a growing trend for empty Nester’s who want to simplify their lives by moving into the city from surrounding Suburbs like Wellesley, Newton, Weston, Sudbury and Andover. Combine that with a huge inflow of money from Asia and The Middle East and you have a recipe for a quickly moving market.

The problem has been the lack of inventory. Due to the fact we have had a warm Winter, Spring buying has come early.
It is not uncommon to see multiple offers and sometimes bidding wars for well priced properties.

Our Advice

Know the market.
Know your budget.
Do not hesitate if you see something you like because it could be gone tomorrow.
Talk to your bank if you not a cash buyer and get pre approved.
Most importantly, use ONE experienced buyers agent that knows the market. Remember, a good agent has seen thousand’s of units and knows a good opportunity when they see one. Furthermore, they will assist you with the buying process.

Renters, Bring Your Checkbook!!!!

admin — Mon, 25 Jul 2011 19:46:04 +0000

The old saying, “Bring your checkbook” is more relevant now than ever. Boston Rental Market hits an all time high. We often see 5 or 6 applications on the same apartment after one short day on the market.

By Craig Anne Lake of Luxury Residential Group

Craig Anne Lake of Luxury Residential Group

Recently, I find myself apologizing all the time while I say, “I promise I am not just saying this, and I know it sounds cheesy, but if you want this property – bring your application and check in hand and be ready to turn it in…” I hate sounding like I am being pushy, but any bit of hesitation, and you can lose a place.

I hate that Realtors are not the most respected or trusted of professionals. I have heard us being compared to used cars salesman. I assure you that not all Real Estate agents are the same. Making things worse right now, is the fact that the rental market here in Boston is out of control. Unfortunately though, if people don’t trust our judgment, they are finding themselves without a place to live.

There just isn’t that much available, and things are going quickly. It sounds cliché coming from an agent to say it, but if you don’t act quickly on something you like, you will not get it.

I have actually had a client lose a property even with the check and application in hand and even with an insider’s recommendation and help!

It is NOT a renter’s market right now. I am finding some properties to be $200-$500 more expensive per month this year over last year. Specific areas are especially difficult – like the desirable South End and Back Bay areas. The competition is intense for a great place. There just isn’t a lot inventory and there are a lot of people searching with very similar requirements. Last year at this time, luxury buildings were paying full broker’s fees and offering incentives like “one month free”. It is incredible what a difference one year can make.

The sales market isn’t too shabby either. I have had bidding wars on properties in the South End, and have seen properties go “Under Agreement” in days.

I completely understand wanting to compare and contrast and feel that you have seen everything that is out there before making a decision. It is difficult to convince a client to jump on a place, especially if they haven’t seen a lot of places. However, given the market, if you find something you like, you may want to swipe it up quickly because if you don’t, someone else will.

I promise, I am not just saying this… And if you still don’t trust me… The Boston Globe explains it here:

http://www.boston.com/business/articles/2011/07/25/rents_hit_record_high_in_boston_area/?page=1

If you ever thought about buying an investment property in Boston, now would be an ideal time. Rates are low and rents are high.

Luxury Residential Group – #1 In Rentals for 2010

admin — Thu, 06 Jan 2011 03:10:54 +0000

In our first full year, Luxury Residential Group has achieved one of our goals, to be one of the best, full service, boutique brokerage firms in all of Massachusetts. We would like to thank all our customers for their loyalty and our agents for their hard work. Without you, we could not have achieved this great honor.

Below are the rankings, over the last 12 months, of all Massachusetts firms that do rentals. This includes companies with over 1,000 agents.

Report Run: 1/5/2011 9:48:16 PM
Start Date: 1/1/2010
End Date: 1/5/2011
Towns: All of Massachusetts

1	Luxury Residential Group, LLC Boston, MA 02116	37 226,590	11 51,200	106 330,220	154 608,010	191 1.24
2	Otis & Ahearn – Newbury St Boston, MA 02116	33 221,180	57 244,070	37 136,050	127 601,300	160 1.23
3	Joyce Lebedew Real Estate South Boston, MA 02127	75 346,350	65 157,550	22 43,750	162 547,650	237 1.12
4	Gibson Sotheby’s International Realty Boston, MA 02118	57 251,910	84 204,334	19 51,600	160 507,844	217 1.04
5	Hammond Rental Group Chestnut Hill, MA 02492	43 233,882	48 165,020	20 83,415	111 482,317	154 0.99
6	Coldwell Banker Residential Br Boston, MA 02116	37 269,750	47 151,675	12 50,225	96 471,650	133 0.96
7	Otis & Ahearn – 84 Atlantic Boston, MA 02110	30 187,700	59 192,555	22 68,700	111 448,955	141 0.92
8	Coldwell Banker Residential Brokerage – Boston – Newbury St. Boston, MA 02116	27 170,500	24 95,800	36 140,479	87 406,779	114 0.83
9	Gibson Sotheby’s International Realty Boston, MA 02116	19 118,510	33 127,000	23 133,300	75 378,810	94 0.77
10	Success! Real Estate Braintree, MA 02184	94 285,738	32 46,969	27 42,000	153 374,707	247 0.77
11	Coldwell Banker Residential Brokerage – Brookline Brookline, MA 02446	34 157,160	45 125,325	29 88,165	108 370,650	142 0.76
12	CL Waterfront Properties BOSTON, MA 02110	41 240,500	22 80,950	12 45,525	75 366,975	116 0.75
13	Flavin & Flavin Realty, Inc. Quincy, MA 02169	21 53,070	1 1,500	5 311,125	27 365,695	48 0.75
14	Boston City Properties Boston, MA 02116	6 22,250	4 11,395	147 328,685	157 362,330	163 0.74
15	Keller Williams Realty Braintree, MA 02184	11 27,550	3 307,500	5 11,050	19 346,100	30 0.71
16	Coldwell Banker Residential Brokerage – Wellesley – Central St. Wellesley, MA 02481	28 171,900	20 91,925	22 78,220	70 342,045	98 0.70
17	Gibson Sotheby’s International Realty Boston, MA 02109	24 120,020	74 177,630	9 25,775	107 323,425	131 0.66
18	Warren Residential Group, LLC Boston, MA 02116	27 137,700	8 21,550	45 162,775	80 322,025	107 0.66
19	Centre Realty Group Newton, MA 02459	23 125,940	15 52,475	29 81,400	67 259,815	90 0.53
20	Keller Williams Realty Boston Boston, MA 02116	38 140,592	30 65,820	23 49,745	91 256,157	129 0.52
21	Coldwell Banker Residential Brokerage – Cambridge – Mass Ave. Cambridge, MA 02138	31 164,850	28 66,460	9 24,650	68 255,960	99 0.52
22	Coldwell Banker Residential Brokerage – Boston – Charlestown Boston, MA 02129	38 152,350	31 64,050	20 39,125	89 255,525	127 0.52
23	Boston Residences, Inc. Cambridge, MA 02141	41 218,300	13 28,325	3 7,345	57 253,970	98 0.52
24	ePlace Cambridge, MA 02139	31 147,460	16 44,350	7 15,075	54 206,885	85 0.42
25	Coldwell Banker Residential Brokerage – Concord Concord, MA 01742	20 72,140	34 68,670	30 65,643	84 206,453	104 0.42
26	RE/MAX First Choice R. E. Northborough, MA 01532	42 131,970	27 39,376	21 34,215	90 205,561	132 0.42
27	Jacob Carlin South Boston, MA 02127	53 165,950	13 22,500	9 15,400	75 203,850	128 0.42
28	Ford Realty – Boston Boston, MA 02114	38 135,290	21 43,845	9 24,625	68 203,760	106 0.42
29	Boston Realty NET.com, Inc. Boston, MA 02116	26 125,930	18 45,950	10 24,750	54 196,630	80 0.40
30	Coldwell Banker Residential Brokerage – Worcester – Park Ave. Worcester, MA 01609	53 119,850	44 49,770	20 25,445	117 195,065	170 0.40

Shaq, Call Us, Manny Ramirez’s Penthouse is For Rent – $25,000/Month

admin — Thu, 05 Aug 2010 20:02:29 +0000

Manny Ramirez, has decided to put his Penthouse unit on the market for rent until the sales market in The Ritz Carlton comes back a bit.

Here are the specifics:

$25,000/month
4,421 square feet
4 Bedrooms, 5.5 Bathrooms
3 Parking spaces
Private outdoor space
Some of the most stunning views in the entire city of Boston
24/7 Concierge and security
Ritz Carlton Service

To set up a private showing, please contact Joshua A. Golden at 617-233-5800.