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Joshua A. Golden of Luxury Residential Group Sells Final PH at The Clarendon Boston

Thursday, August 15th, 2013

Boston Condos, Boston ClarendonRelated Beal announced today that The Clarendon, the 33-story luxury residential tower in Boston’s Back Bay, is 100 percent sold out. The major milestone comes with the sale of Penthouse 3 for more than $6.2 million with Joshua A. Golden of Luxury Residential Group LLC representing the buyer in the transaction.  As milestones go in the Boston market, this one has great significance because it makes The Clarendon the first luxury new construction high-rise condominium building in the city to achieve sold-out status. It’s also a monumental moment for Related Beal, a partnership between Related Companies and Related Beal (formerly The Beal Companies), as The Clarendon was their first joint venture.  The Clarendon has continued to achieve ground breaking results and the property’s value consistently increased year-to-year. In January 2013, the property achieved its second to last major milestone with the sale of Penthouse 2 achieving a  record-breaking price of $1,834 per square foot for a luxury new construction high-rise condominium at that time. This accomplishment is a testament to the reputation of the building’s developers, as well as the allure of the Downtown residential market today, and represents a preview of what the Boston market can expect from Related Beal.

 

Earthquake Felt In Boston, MA August 23rd, 2011

Tuesday, August 23rd, 2011

Luxury Residential Group’s offices at 355 Boylston Street in Boston, MA just felt the effect of a 6.0 magnitude earthquake that was centered in Virginia.  The Prudential Tower was shaking as well as other Boston high rises.  It kind of rattles the nerves a bit but no damage has been reported.

Hubway Bike Sharing Comes to Boston

Tuesday, August 2nd, 2011

Wonder what that row of bicycles are on the corner of Arlington and Boylston just across from the Heritage Condos and Four Seasons? It is a new Bike sharing program called Hubway or http://www.thehubway.com/ which is sponsored by New Balance .  It is indeed an interesting “Green” concept that is primarily based on a trust system. The site explains the system more concisely but the overall gist is a clean, healthy, alternative to cabs.  In all, there nearly 600 bikes at 61 stations around the city(Station Map Here).  There is a annual membership fee of $85 which is reduced to $60 as a special introductory price.  Below are the usage fees and explanation of how they are structured which we got from their site TheHubway.com.

Hubway Boston

Hubway Boston

Usage Fees

Every ride less than 30 minutes time is always free for both Registered and Casual Members.  After 30 minutes, Usage Fees are incurred based on the following rates.  Registered Members received 25% off Usage Fees, which will be billed on the 10th of each month.  Casual Members are billed for Usage Fees within 3 days of the end of their membership period. The rates are as follows: 

Ride Time Total Hourly Fee
Casual Membership
Total Hourly Fee
Registered Membership
0 – 29:59 min $0.00 $0.00
30:00 – 59:59 min $2.00 $1.50
60:00 – 89:59 min $6.00 $4.50
90:00 – 119:59 min $12.00 $10.50
2:00:00 – 2:29:59 hours $20.00 $16.50
2:30:00 – 2:59:59 hours $28.00 $22.50
3:00:00 – 3:29:59 hours $36.00 $28.50
3:30:00 – 3:59:59 hours $44.00 $34.50
4:00:00 – 4:29:59 hours $52.00 $40.50
4:30:00 – 4:59:59 hours $60.00 $46.50
5:00:00 – 5:29:59 hours $68.00 $52.50
5:30:59 – 5:59:59 hours $76.00 $58.50
6:00:00 – 6:29:59 hours $84.00 $64.50
6:30:59 – 6:59:59 hours $92.00 $70.50
7:00:00 – 23:59:59 hours $100.00 $75.00

The bikes themselves seem pretty indestructiblebut this writer has concerns that vandalism(angry cabby’s perhaps?), injuries and irresponsible riders may cause some headlines in the near future.

Nicholas Cage Unloads R.I. Estate For A $9.5 Million Loss

Thursday, April 21st, 2011

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.

Exterior

 

 

 

 

 

 

Kitchen

Ritz-Carlton Boston Lobby Makeover Features A New Bar, Lounge and Restaurant

Monday, March 14th, 2011

Ritz Boston Condos and HotelToday we received exciting news from Ritz-Carlton Boston Management regarding their plans for a new lobby bar, restaurant and hip lounge. We say it is about time as local hotel lobbies, similar to those at Liberty and The New W, have surpassed the Ritz as THE cool places to stay in Boston.  Their  lobbies serve as both trendy destinations for local residents, as well as inviting, energetic reception/checkins for Hotel guests. If the Ritz can expand their image to cater to traditional, business as well as hipster clientele, they will have hit the mark. Based on the description below, this change should not offend any incoming hotel guests that are used to 5 star amenities.  As a matter of fact, we feel strongly that Ritz-Carlton Condo Residents, as well as hotel guests alike, will view this as a significant change for the better.

From Ritz Management:

“The first phase of this exciting renovation will focus on the creation of a new lobby bar and lounge to replace our existing Gallery space.  This new venue, which will be named shortly, will reflect a more modern, sophisticated design and will be a cocktail destination with small bites for both guests and local residents.

The new space will offer 65 seats with residential retro-style lounge seating and 13 seats at an arch-shaped bar that will serve as the focal point in the room.  The fireplace will remain but will be elevated to eye level for a dramatic visual upon entry.  New lighting pendants, floor lamps and a dramatic chandelier will bathe the space in warm, glowing light.  The new look and feel will exude an inviting palette of colors, from walnut wood-paneled walls, to textured fabrics and leathers in off-white, black, brown and rich cognac.  Area sisal and wool rugs will cover our Italian marble floors, and will help soften the space with a cozy and relaxed mood.

Also part of the lobby re-design is a new concierge desk making the sense of arrival for our guests more intimate and residential.  Upon completion of the Lobby by May 15th, renovations will begin to Jer-Ne restaurant & bar transforming that into an entirely new restaurant.”

Forever 21 Coming to Newbury St. But Not Where You Thought

Friday, December 3rd, 2010

At one time, it was rumored that Forever 21, the LA based clothing store, was taking the old Louies of Boston building located on the corners of Newbury, Berkley and Boylston St. It is now confirmed that, they have leased the space where 40% of the Danker & Donohue Garage used to be on the last block of Newbury Street(371 Newbury Street). The renovation is breathtaking and the space will quickly be known as one of the nicest retail build-outs in all of Boston. 60% of the property at 371 Newbury Street will still be operating as a garage which is good news for Back Bay and 360 Newbury Street residents who have monthly parking there.

New Forever 21 Store on Newbury Street

New Forever 21 Store on Newbury Street

Forever 21 is an American chain of clothing retailers with branches all over the World.  The first store opened April 21st, 1984 in the Highland Park District of Los Angeles.  The original store was only 900 square feet.  In 2010, Forever 21 opened a flagship store in Cerritos, CA that encompasses 80,000 square feet.

Bryant Back Bay Set to Auction Off Another 11 Units

Thursday, October 14th, 2010

BryantThe Bryant Back Bay is set to auction off another 11 developer owned units.  Based on the success of the last auction, this appears to be the best way to stimulate sales.  Units that were originally priced at $1,540,000 have a min. starting bid of $1,075,000 or just over $500/square foot.

Below is a list of the properties being auctioned off.  We offer buyer representation at NO FEE but it is essential you schedule an initial appointment with us prior to the auction.  For more information, please call Joshua A. Golden at 617-233-5800.

Table of Properties


Residence
No.
Beds Baths Interior
Sq. Ft.
Last Ask Price Minimum Bid Slash in
Price
Min Bid
$/SF
306 3 3 2,146 $1,540,000 $1,075,000 -30% $501
606 3 3 2,097 $1,825,000 $1,130,000 -38% $539
701 3 3 1,913 $1,710,000 $1,130,000 -34% $591
704 3 3 2,137 $1,910,000 $1,130,000 -41% $529
705 3 3 2,153 $1,925,000 $1,130,000 -41% $525
706 * 3 3 2,097 $1,875,000 $1,130,000 -40% $539
 
806 3 3 1,877 $1,860,000 $1,250,000 -33% $666
Residence 806 features a 198 sf private terrace not included in the interior sf.
903* 2 2 1,793 $1,875,000 $1,175,000 -37% $655
 
904 3 3 1,903 $1,985,000 $1,250,000 -37% $657
905 3 3 1,941 $2,025000 $1,250,000 -38% $644
906 3 3 1,877 $1,975,000 $1,250,000 -37% $666

* Furnished models (furnishings not included)

  • 1 parking space and 1 storage unit are included in the purchase price of each auction residence.
  • Additional parking spaces can be purchased for $125,000 if available. Please visit or call the Auction Information Center for additional information.
  • Terms and Conditions


    Minimum Selling Price

    This sale includes condominium residences within The Bryant Back Bay, a condominium, with minimum selling prices as low as $1,075,000. The sale will occur on Sunday, November 7th, 2010 (“Auction Day”) subject to these terms and conditions.

    A published minimum selling price has been established for all the residences. This means that the Seller has agreed to accept from registered bidders all bids equal to or greater than the published minimum selling price for each of these residences. No bid below these minimums will be recognized.

    Condominium Association

    Buyers become members of The Bryant Back Bay Condominium Association and are assessed a monthly fee. This fee is used towards customary condominium operating expenses except for separately metered utilities for each residence. For details contact the Auction Information Center.

    1. REGISTRATION

    Registration is required to attend the auction and to become eligible to bid. Complete and return the yellow Auction Registration Form prior to Auction Day.

    If you are planning to purchase more than one residence, your completed Auction Registration Form must be received no later than Wednesday November 3rd, 2010. Registrants will be notified of the number of homes they have been approved to purchase upon sign-in on Auction Day. Approval to purchase more than one unit will be at the sole discretion of the Seller.

    On Auction Day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order (“Cash Equivalent”) in the amount of $20,000 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $20,000 to equal a 5% deposit of the winning bid price. Cash Equivalent(s) should be made payable to yourself.

    Those who register on Auction Day will be required to complete the Auction Registration Form and present a $20,000 Cash Equivalent as well as a blank personal check. Auction Day registrants will be limited to the purchase of one residence only.

    2. ON-SITE INSPECTION AND SALE DOCUMENTS

    You should physically inspect all residences you are interested in purchasing.
    The Condominium Documents will be available for viewing at the Auction Information Center onsite at The Bryant Back Bay and should be thoroughly reviewed for details of the offering prior to the Auction Day. Electronic copies of these documents will be made available to registrants. Please familiarize yourself with the Condominium Purchase and Sale Agreement and the Condominium Documents since winning bidders will be expected to fully execute the Condominium Purchase and Sale Agreement immediately after becoming the winning bidder in the auction room. Please note that Buyers will not have time to review the Condominium Purchase and Sale Agreement at the closing table on Auction Day. Auction staff will fill in the blanks within the Agreement and Buyers will simply review for accuracy and sign the document. If you have any questions, please contact the Auction Information Center or your attorney prior to the Auction Day.

    3. PROCEDURE

    If you are the highest bidder on a particular unit identified by the Auctioneer, you will be required to sign a Bid Confirmation Sheet immediately upon acceptance of your bid and an auction escort will then accompany you to the contract area where you will complete the Condominium Purchase and Sale Agreement. All parties intending to be listed as a Buyer under the Condominium Purchase and Sale Agreement must be present at the auction or represented via a “specific” power of attorney. Power of Attorney forms/affidavits must be provided and approved by Wednesday November 3rd, 2010. Bidders approved to purchase multiple residences will sign a Bid Confirmation Sheet, but be allowed to remain in the auction hall until their final successful bid, and will complete a separate Condominium Purchase and Sale Agreement for each unit to be purchased by such bidder immediately following their final successful bid or immediately following the auction. If you have any questions regarding the auction sale procedure, please contact the Auction Information Center.

    4. FINANCING

    Financing is available for qualified Buyers. In the event a successful bidder wants a mortgage financing contingency in the Condominium Purchase and Sale Agreement, the successful bidder must use financing arranged by the Seller’s preferred lender(s) and Title Company, and must provide to Seller a pre-approval in writing for a specific dollar amount prior to Auction Day. If Seller’s preferred lender(s) should then fail to fund that amount, the Buyer may elect to terminate the Condominium Purchase and Sale Agreement and Seller, in such event, shall refund the deposit to Buyer in full. No other financing contingency will be accepted.

    A mortgage representative from the Seller’s preferred lender(s) will be available by phone during open house dates to assist with financing.

    5. CLOSING

    All sales must close on or before Friday December 17th, 2010 (30 business days from the auction).  In addition to the Purchase Price, the Buyer will be responsible, for paying certain costs on the day of the closing, including but not limited to, recording fees, parking and real estate taxes, conveyance costs, lender fees and costs, title examination, title company, and title insurance fees and costs, survey costs, attorney fees, and one-time working capital reserve contribution in an amount equal to two (2) months of the then current estimated annual common charges (including any general, residential or parking common charges) allocable to the Unit, which will not be credited against future payments of assessments.

    Does Selling Your Own Home Really Save You Money?

    Friday, September 24th, 2010

    fsboBritt Foss of Luxury Residential Group Says: “NOT NECESSARILY” and here is why.

    Selling real estate can be a tricky business. Sellers sometimes decide that they want to go it alone when selling their property. This is an attractive move because houses priced to sell at market include the 5% commission that is paid to the seller’s and buyer’s agents whom broker the deal. For sale by owner (FSBO) transactions do not use brokers or agents and therefore do not pay that 5% commission. Seller’s price their home to sell at market in the hopes of making a 5% bonus. It rarely works out this way. As a matter of fact often FSBOs end in the seller being frustrated at unqualified buyers wasting their time and offensively low offers. To examine why this occurs we need to look at the four main types of buyer.

    The first type of buyer is the investor. The investor love s the FSBO market. Investors are looking for the best return on their dollar and remove emotion from the equation. Sellers involved in a FSBO transaction are not real estate professionals by trade. The investor always builds in the 5% commission to their already discounted offer price. The result is that the seller and buyer are light years apart. The investor is counting on the seller to act in a rash manner and will not move much of the offer price. The seller becomes frustrated and the deal falls apart. If the deal does come together in the end the property sells below market even taking the unpaid 5% commission out of the equation. In other words, the seller spends a lot of time and effort for poor results.

    Now let’s look at the local buyer who is looking to move into something bigger. Perhaps the family has grown or the buyer’s income has increased and they are looking for an upward move. These local buyers know their area and have a lot of time to look around on their own. Typically in this scenario there is no pressure to move. Local buyers also have a lot of time to find a great deal or vulnerable FSBO. Like investors savvy local buyers know where the FSBOs are. They are not as worried about inventory because time is not an issue. They can wait for that perfect home to come to market. They will also add the 5% commissions not being paid onto their already discounted offer price. The scenario involving the Local Buyer is just like the investor. Seller’s end up light years away from the buyer’s initial offer become frustrated and the deals often fall apart. Because the local buyer has a lot of time they will wait out the seller. Ultimately the property sells below market and the seller gives up the 5% they were looking to make without using an agent.

    Many buyers are from out of town and must move because of job relocation or other circumstances. These buyers rarely will enter into the FSBO market because the smaller FSBO inventory and time constraints. Also, the buyer often does not know the local market as well. Relos almost always work through a buyer’s agent. As a result deals are closed in a timely and efficient manner.

    First time home buyers almost always work through a buyer’s agent. The process of buying your first home can be daunting. People feel it is the best course of action to hire a buyer’s agent to guide them through the process. The buyer’s agent will introduce them to properties in their price range that are appealing to their tastes. Unfortunately FSBO transactions rarely see first time home buyers.

    In conclusion trying to sell your home without using a real estate professional eliminates more than half of the buyers out there at any one time. It is the types of buyers who determine what kind of offers a FSBO will receive. Usually the offers are very low and the buyers unqualified. There are exceptions to the rule in every case. If you are a frustrated seller perhaps it is time to hire a broker to market your property!

    If you are a “For Sale By Owner” or “FSBO” and having a hard time selling your property, please call Britt Foss of Luxury Residential Group to give you an evaluation at no cost to you. His number is 617-513-3171.

    Closing Costs for Buyers and Sellers

    Monday, August 9th, 2010

    People always ask us what they can expect their closing costs to be when they purchase or sell real estate in and around Boston, MA.  Below is Luxury Residential Group’s quick guide, outlining the closing costs for both buyers and sellers.

    For Buyers:

    • Attorney Fees – $400-$2000+ (Varies from attorney to attorney)
    • Filing Fees – $125 Deed +$175 Mortgage(If cash deal this is not applicable) + $65 Municipal Lien Certificate = $365
    • Title Insurance – $2.50-$4.00/$1,000 of Loan amount(Closer to $4.00/$1,000 if cash deal)

    For Sellers:

    • Attorney Fee – $750-$2000+ depending on who you use
    • Tax/Transfer stamps – $4.56/$1,000
    • Mortgage discharge – $100
    • Filing fee – $75  
    • Record 6D** Certificate – $75
    • Fire Inspection – $50 (Charged by the city)
    • Broker commission – Separate agreement between Seller and their Real Estate Agent

    **6D Certificate is a document from the condominium association showing that all condo fees and special assessments have been paid in full prior to closing.

    Boston – 2nd Quarter 2010 Sales Results

    Monday, August 2nd, 2010

    First Half Year Over Year - sales are up 5.4%

    Quarter Over Quarter – Sales are up 3.1%

    yearoveryear

    Click —– >Boston – 2nd Quarter 2010 Sales Results

    Featured Listing
    The Clarendon Boston - PH 3 - $10,950,000.00 Back Bay Boston, $9,750,000
    The Clarendon Boston - PH 3 - $10,950,000.00
    Back Bay Boston, $9,750,000
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