The development of Love Joy Wharf , located at 160 North Washington in Boston, MA has long been in the works but as of last week, the city of Boston will grant funds to aid in the improvement project. Love Joy Wharf is situated at the north point of the Bullfinch Triangle next to the TD Garden. The new development will house the new World Headquarters to Converse shoes which will encompass 187,000 square feet of space, 45,000 for retail space and, 300 person restaurant, floating docks and 100 residential condos.
Archive for the ‘News’ Category
According to today’s Case Shiller Report, Boston housing prices are up 2.4% between April2012/May 2012 and another 2.5 percent between May 2012/June 2012. Year over year, Boston is even. This is in contrast to cities like Atlanta who are down over 12% year over year and New York which is down 2.1% year over year. Just more evidence that Boston, MA is one of the most stable real estate markets in the country.
Click for full report ————> Full S&P and Case Shiller Report
Just to give everyone a little perspective on the current condo market in Boston, MA, here is a true story….Thursday, a new listing at the Bryant Back Bay came on the market for $1,794,000+$140,000 for a second garage space. Well, based on the feedback, the auction sale prices are in the rear view mirror.
Saturday there were 5 showings, Sunday Open House had 16 groups come through, Monday morning saw 5 more groups come through and unit went Under Agreement Monday afternoon.
Lesson Learned: The luxury condo market is heating up FAST. For units to be flying off the market this fast in early February is a pretty clear indication that the Spring market is going to be very strong. Buyers need to be ready to act if the right opportunity presents itself.
*The best advice we can give you is to find a good Buyer’s agent, preferably from LRG;-), who will monitor the market on a daily basis and notify you when your ideal home comes on the market.
After Louis of Boston vacated 234 Berkley St., for it’s new home in the trendy Seaport Area, the building quickly began to erode. The wonderful detail slowly crumbled and everyone in the Back Bay began to wonder what would come of this flagship retail space. There were rumors of a boutique hotel and even luxury residences.
Well, now we have our answer!!!
Restoration Hardware, a very popular California based luxury furniture company has signed a lease for the 40,000 square foot building at the corner of Boylston and Berkley. At Luxury Residential Group, we feel it is a perfect fit and will be an amazing compliment to the neighborhood.
12:58 am 9/16/2011 – It would appear that a fire of some sorts has broken out on Washington Street in Downtown Boston. A large number of fire trucks, police vehicles and ambulances sighted at The New Emerson College Dorm/Paramount Theater on Washington Street. Lot’s of water on the street, and students evacuated. Stay tuned for updates.
Can you say WOW? Nicholas Cage purchased a 27-Acre, 18,825-square-foot, 12 bedrooms and 11 bathroom estate in Middletown Rhode Island, just outside Newport in 2007. He recently unloaded it for $6.2 million. For those of us who cannot do math, that is a loss of $9,500,000 in just 4 short years.
Tonight marked the opening ceremonies of the 2010 Winter Olympics in Vancouver British Columbia. A city that has been described by some as one of the most livable cities in the world.
An evening that was supposed to be a festive celebration took on a somber mood as the Republic of Georgia lost one of its young athletes. Twenty one year old Nodar Kumaritashvili (1988-2010) tragically lost his life on a trial run at what is widely known as the worlds fastest and most dangerous luge tracks at Whistler Mountain. As the athletes were visibly shaken, K.D. Lang sang Hallelujah. Her singing came from the heart and may go down as one of the best performances in Olympic opening ceremony history. It moved the audience and the 100′s of millions of people around the World that had the privilege of witnessing the historic event. Although the song was part of the original plan, it certainly took on different meaning in light of today’s tragedy.
Google, risking billions of dollars in revenue, has threatened to pull their popular search engine out of China if the Government continues to sensor its content and search results. No other company in the world has the same impact or power over commerce and business as Google. The Chinese Government has told Google that if they are going to operate in China, they MUST play by their rules. This means they cannot show search results that contain human rights terms, critical political views, religious propaganda or pornographic material. The company has agreed to follow these strict guidelines for the last few years but things may be about to change. Recently, two Chinese human rights activists Gmail accounts were hacked by highly sophisticated means. Google has taken exception to this and without directly blaming the Chinese Government for the breach, they have told them that they would pull out of China if they continued this kind of behavior and censorship. At the Google headquarters, Chinese citizens left flowers and notes in admiration of Google’s stand. A civil uprising is beginning to take shape in the country and its momentum may force the Government to ease its stand.
We applause Google for putting their core principals ahead of their bottom line. It may be one of the most refreshing, and forever lasting events of our time. Nothing, throughout history, has been able to force change in China until now. Who would have thunk that Google, an American company, would be able to accomplish something that no other Government or Human Rights Group could. We feel that Google will prevail in the end, stay in China and put a huge dent in the Governments stand on censorship.
What does this have to do with Real Estate?
It highlights the fact that no matter how much money is at stake, or how far two parties are apart in a negotiation(could be $500 on a $5 million dollar transaction), one should NEVER challenge or question another’s core principals. It will undoubtedly end all negotiations and profitable relationships moving forward.
It was reported today, 1/11/2010, by the Boston Globe and Boston Properties that Edward Linde has passed away due to complications related to pneumonia. Linde was not only known for his role in building one of the countries largest, most successful commercial real estate companies, but more importantly, his donations to the arts community($25 million to the Museum of Fine Arts) as well as local Boston Hospitals.
Our sympathies and prayers go out to the Linde family.
After all the excitement and media coverage surrounding the new, state of the art, Plymouth Rock Studios, it was announced today that funding for its 240 acre, $550 million dollar, “Super” studio on the South Shore has collapsed. With less than a week before groundbreaking, questions have cropped up about the viability of its financing company, Prosperity International LLC out of Orlando Florida.
In a prepared statement, the studio said, “The lender was required to meet a milestone on November 6 and has failed to do so. Consequently, [the studio] exercised its contractual right to cancel the agreement.’’
Developers are still dedicated to the project but with the current economic climate there is no telling when construction and funding will move forward.
LRG’s Two Cents: We would like to see Massachusetts pull through with some assistance. It makes sense as the studio is going to create thousands of new jobs and produce huge tax revenue for the Bay State. Besides the direct financial benefits, there are also social benefits to the area as well. High budget, blockbuster films will be shot locally. They will showcase the vibrancy of Boston, bringing tourists, visitors and residents from around the world to our beautiful city.