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Creating a “Bedroom Oasis” Experience for Buyers

What are some of the things buyers look for in a new home?  Often times, they look for things they do not presently have–such as a showcase bedroom.  What is a “showcase” bedroom.  It’s not what you may think only in that ANYONE can have a beautifully staged bedroom–and it doesn’t even have to be limited to the master bedroom–it just takes a little bedroom inspiration!

When a buyer comes looking, a bedroom should look like something right out of a brochure from a major department store–such as Ikea or Bed, Bath and Beyond.  The bureau tops need to be clean enough to pass the “white glove” test, the mirror and windows should be spot free, the closets de-cluttered, (take out everything + keep what you need for one month).  Put away any 3 seasons clothing, leaving only a few pairs of pants, tops, belts, shoes, etc.(there should be 1/4 empty space in the closet).  The bed linens should be fresh and plump and luxurious to the eye.  A new duvet cover in a plain stripe a couple of matching pillow shams propped up, a contrasting smaller pillow in the center. The linens folded back (1/2 way down the bed) and plumped up to add to the sense of “sinking into an oasis” of cool and calm. The color choices should pick up a color from the trim paint in the room, or a picture on the wall, or even a small rug on the floor.  Tie these colors together to form a cohesive, soothing palette.  Take away any exercise equipment and things that do not belong in a bedroom.  If the curtains are on the windows, in the summer they should be light weight sheers in a light color.  

Where do you put all the items you took from the closet…try using the plastic storage containers that will slide under the bed!  They will be at your finger tips and no one will look under your bed as they usually look inside closets for space.  If there is left over space in your closets they will think that all their clothes and other items will fit!

Bottom line: your home will sell quicker if you spend a little time and energy sprucing up the bedrooms.

Review of Real Estate Market Conditions and Property Values in West Roxbury, MA

Over the past 10 days, I’ve reported in detail on the various market dynamics that influence residential property values in West Roxbury.  As noted in the three (3) previous posts written on this subject, in order to understand what is happening across the overall market segment for the end of the 2nd quarter in 2007, it was necessary to break the analysis down and examine the data in subsets.  First, we focused on West Roxbury’s single-family market segment, next we addressed the condition of the condo market, and, finally, we explored the goings on in the multi-family market.  Taken together, these three (3) market subsets tell us much of the story as to what’s happening in the residential marketplace for West Roxbury.

In this post, I will attempt to bring it all together in an effort to provide readers with a sense of what is occurring across the entire market.

A quick review:

• Single-Family Market–by far is in the best shape when compared to condos and multis.  The most significant aspect of this market segment as illustrated by its trend-line is that the ratio of single family homes under contract versus the total number of homes for sale is higher than at any other time in the past two (2) years.
• Condo Market–Although struggling over the past 18 months there are definite signs over the last quarter of a strengthening market.  While inventory is still a bit on the high side, the number of under contracts has been increasing in recent months.  Opportunities on the buy side remain strong.
• Multi-Family Market–Of the three (3) market segments, the multi-family market in West Roxbury has taken the hardest hit.  After investments in multi-families hit a fever pitch in 2003-2004, fueled in large part by the city-wide condo craze which spread like wildfire through Boston from 1999-2004, this market segment has experienced a significant downward shift in median sales prices and number of units sold. 

An interpretation of the real estate market data suggests that after an extended, but not necessarily dramatic (e.g. soft landing), adjustment period (some would say necessary market correction after an historic seven (7) run that saw in astonishing rate of appreciation year over year and subsequent rise in values), the market has returned to normalcy where there is a healthy balance of supply and demand overall.  While some segments have been slow to recover (i.e. multi-family), the market as a whole is, once again stable, and even beginning to tighten in some segments as some indicators suggest.

Next up:  The Roslindale Real Estate Market…

Carole’s Chronicles: Introducing the Robin(s) of Ruskin Street–Awakenings!

People often ask me what I like most about selling real estate.  It’s a perfectly reasonable question to ask, certainly one that I have pondered often enough myself during my 30 years in the business, but I’ve found there are many good answers to this question.  I guess if I had to pick one answer, though, as to what is the most gratifying part of being a Realtor, I would have to say it is when a young family finds and moves into their first home.  It’s a pleasure to participate in a young family’s joy as they begin their life journey.

As I reported on in my last post, my newest clients, the Robins of Ruskin Street, had found their dream home and began settling in.  Well, much to my delight I received some wonderful news last Friday morning: The Robins had given birth to triplets!  Can you believe it!  I was so excited I wanted to share the experience with all my friends and colleagues, so here’s sneak peek at the beaks (so-to-speak):

Real Estate Video by - Real Estate Blogger

In case you missed it as I do not have a loud stage voice, I have decided to run a naming contest for the newborns.  The winner(s) get the personal satisfaction of knowing they have given a name to these beautiful creatures–one that will be with them for the duration.  Also up for grabs is the honorary position of being the hatch-lings Godparents.  How exciting is this!  Let the games begin!
West Roxbury, Roslindale, Jamaica Plain

How’s the Real Estate Market Doing in Boston/West Roxbury?

As a Realtor, I often get asked the question by random people “how’s the market doing?”  It’s a great question, but one that I am rarely able to fully answer simply because most of the the time the person asking the question is looking for a quick answer (e.g. it’s up, it’s down, it’s holding steady).  Of course, there are times (such as during listing presentations) that I am able to explain more fully the dynamics that are occurring within a given market over a specific period of time regarding a particular property type (e.g. condo, single or multi-family homes), but even then I’m limited by the time allotted, usually by the client, for the presentation.  Nevertheless, the question of ‘how any market is doing’ is one of the most important ones that can be asked, and it deserves a full and comprehensive explanation-which is what I intend to start here today at rehubbub.com and continue to investigate and report on over the coming weeks and months. 

Because the topic is so expansive, however, coupled with the fact there is no one size fits all answer, I’d like to break the question itself and the subsequent answers into manageable pieces of easily digestible information, focusing on one segment of one market at a time.  My hope is, that over the next several months, I will be able to give readers a detailed and comprehensive sense of the current shape of the real estate market in each the neighborhood of Boston, as well as for Boston as a whole.

With respect to all the other wonderful neighborhoods comprising the City of Boston, I will begin this detailed analysis in my own back yard–that is the area of Boston known as West Roxbury (in time I will do the same for all of Boston’s neighborhoods).  Moreover, I will limit the first in this series on West Roxbury market dynamics to single-family homes.  I will further adjust the lens of this analysis by focusing on three (3) important indicators that, when taken together, tell a story as to the overall health of this market segment.  These indicator are as follows:

• Median Sales Price — The mid-point of sale prices, where half the sales are below and half are above said point
• Basic Supply and Demand by Units — The number of For Sale properties versus the number of properties that have gone under contract on a month by month basis
• Month Supply of Inventory (MSI) – Indicates how long the current supply of inventory will last (usually forecast by number of months out) given current market conditions and historical demand

When speaking intelligently about market conditions, or answering the question “how’s the market doing,” a good realtor will be able point to these leading indicators and explain, in plain English, what they mean to a prospective home buyer or seller.  It is, after-all, our job to accurately interpret market conditions and clearly communicate that knowledge to our clients. 

So, starting with the Median Sales Price indicator for Single Family homes in West Roxbury, let us examine the following graph:

First, the obvious:  This graph depicts a 24-month trend-line of median “sold” prices for single family homes in West Roxbury.  At first glance it may seem like the market has fallen of significantly since May of 2005 when the median sales price was $469,250 (May 2007 = $405,000), but there’s more to this story.  When taking this into context and aligned with the next two (2) graphs you will see that the market for single family homes is indeed strong and vibrant.  Has there been an adjustment in sales prices over the past 24 months?  Absolutely.  But it was a necessary correction coming on the heels of a 7-year run with historic highs not likely to be replicated in our lifetimes.  If you look closely, there is only a slight difference (roughly 1%) in median prices between May 2006 and May 2007.  The good news for home sellers is that the market is tightening and forcing an upward trend as is evidenced by nearly a full quarter (Feb-May 2007) of activity.  There is also good news for home buyers here as it is always a good time to invest in real estate when median prices are trending upward.

As I mentioned earlier it takes more than one indicator to tell the whole story.  This next graph illustrates an interesting trend in supply and demand by number of units over the past 24 months. 

What surprised me when I first studied this graph is that the ratio of single family homes under contract versus the total number of homes for sale is higher than at any other time in the past two (2) years.  Where as the last graph had shown us that a downward adjustment in sold pricing did in fact occur, this graph tells us that the market has accepted that correction, and moved on–showing definite signs that we are in a full recovery mode.  By the numbers, this graph shows that the number of for sale properties in May of 2005 was 119, and the number of properties under contract during this same period was 28.  Now, in May of 2007 the number of properties for sale was 129, with 37 having gone under agreement.  What this graph says to me more than anything is that buyers and sellers more and more are seeing eye to eye with respect to values. 

The third and final graph (above) measures what is referred to as the Monthly Supply of Inventory for Single Family homes in West Roxbury.  This indicator completes the telling of the story as to the overall condition of the single family market in West Roxbury.  It corroborates what the previous graph has shown us–that is that this market segment is definitely tightening up.  Specifically, it illustrates that the monthly supply of inventory is, in fact, in short supply–only 2.2 months.  In other words, if no other inventory were introduced to the West Roxbury single family market, then the existing supply would last only 2.2 months.  That is very short when you consider the rest of the single family market throughout the City of Boston is at 5.2 months MSI, and nationally at about 5.5 months MSI. 

There’s good news to be gleaned from all three (3) of these indicators.  Together they show a market in recovery and one that is definitely picking up steam.  To me, what I see is a much healthier market overall when compared to the hyper-inflated values and double-digit appreciation of the aforementioned 7-year historic cycle between 1998 and early 2005.  It may have been an exhilarating ride, but I for one am glad it’s over and, more imprtantly, a successful (soft-landing) return to normalcy is seemingly at hand.  Let’s hope it continues…

Next up:  The West Roxbury Condo Market (a slightly different story)

Carole’s Chronicles: Introducing the Robins of Ruskin Street in West Roxbury

I am very used to helping clients find their dream home and enjoy it very much.  Recently, I discovered a mother Robin nesting in one of my hanging plants at 12 Ruskin Street in West Roxbury–one of Boston’s finest neighborhoods.  She has created a tiny, but perfectly rounded nest in which she has so delicately delivered and arranged her three (3)  beautifully bright blue baby Robin’s eggs! 

Real Estate Video by - Real Estate Blogger

She is the most patient mother, and a wonderful client, roosting continually in her new dwelling.  I am fascinated with her. She is my newest client, albeit a little different, and I am delighted to say she has found her dream home!  Another satisfied customer for Carole White of Century 21 Carole White Associates

Real Estate Video by - Real Estate Blogger

Meals Tax: An Alternative to the Property Tax

At a recent meeting of the West Roxbury Civic Association, representatives from the City of Boston’s Department of Neighborhood Services and the Office of Budget Management met with community leaders to discuss Mayor Menino’s proposed legislation to reduce both residential property taxes and business taxes in fiscal 2008 by increasing the meal tax and by closing a tax loophole afforded to the telecom industry since 1912.

“With this plan, the Mayor has made a commitment to reduce residential property and business taxes,” said Jay Walsh of the Department of Neighborhood Services, “the idea is to offset increases in the property tax scheduled to go into effect in 2008,” he said.

Presently, the meal tax in Boston is 5%–with all revenue generated going directly to the state budget.  Menino’s proposal would increase meal taxes in Boston by an additional 1% with that portion going directly into the city coffers, presumably to offset increasing property taxes.  In doing this, the cost savings to homeowners in Boston is projected to be around $200 per household per year.

The second part of the Mayor’s proposal is to close a telecom tax loophole that’s been in place since 1912.  In the early half of the 20th century, tax incentives were given to the telecom giants as a means to foster growth and to encourage “Ma Bell” to invest in a robust telecommunications infrastructure.

“It’s time to close this tax loophole that the telecom industry has long benefited from,” said Chris Julianni of the Office of Budget Management, “the tax incentive has out-lived it’s original reason for being and the telecom industry has done quite well here in Boston over the years,” he said

Additionally, it’s important to note that the current meal tax in Boston is one of the lowest in the nation of comparable cities as illustrated below.  Also, according to the budget office, the impact the meal tax will have on city residents is negligible–about $25 per year per household–while the property tax savings may be many times that.  According to a recent study, two-thirds of the meals tax in Boston is paid by non-residents (e.g. tourists, conventioneers, suburban traffic, etc).

How to Make Your Home “Green”

Clearly, the environmental movement has gone beyond tree huggers, Al Gore and your Dad telling you to turn off the lights because he didn’t own the electric company.

We generally seem to be more aware of the environmental impact when it comes to our cars, and a lot of manufacturers are already building eco-friendly vehicles, but some states also build green homes.  In fact, more than 25% of re-modelers say consumers sought environmentally sensitive upgrades last year, compared to just 6% the year before, according to a study by NAHB (National Association of Home Builders) almost 80% of Americans consider themselves “green minded”.

The U.S. Green Building Council defines a “green home” as one that incorporates features that result in it:

• using less energy
• using less water
• using fewer natural resources in construction
• creating less waste
• having better indoor air quality

Here are a few ways to make your home greener:

ENERGY EFFICIENT WINDOWS

By replacing windows with Energy Star windows, you save on energy bills by helping to keep heat inside during the winter and outside during the summer.  These windows may have two or more panes of glass, warm-edge spacers between the windowpanes, improved framing materials, and Low-E coatings (microscopically thin metal or metallic oxide layers deposited on windows to reduce heat flow).

ECO-FRIENDLY FLOORING

Bamboo, cork and eucalyptus flooring products are all excellent choices for the home as they are sustainable alternatives to the slower growing hardwoods.  These products mature in roughly half the time that it takes hardwoods to grow.  They are also stylish and affordable.

COMPACT FLUORESCENT LIGHT BULBS (CFL)

This type of light bulb is a simple way of making a big change at a low cost in the energy efficiency of your home. Most home improvement stores carry these bulbs, which use 70% less energy than regular bulbs and can save $30 or more in energy costs over each bulb’s lifetime.

ENERGY STAR PRODUCTS

If you are in the market to upgrade any of your major appliances, consider purchasing an Energy Star-rated product.  Qualified refrigerators, dishwashers and vent fans incorporate advanced technologies that use 10-50% less energy and water than standard models, more than making up for their slightly higher costs.

TANK-LESS WATER HEATERS

Tank-less water heaters provide hot water on demand at a preset temperature rather than storing it.  Alternatively, replacing an electric water heater with a solar model can reduce costs by up to 80% a year, and over the 20-year lifespan of the appliance will prevent more than 50 tons of carbon dioxide emissions.

MORE EFFICIENT TOILETS

New toilets have redesigned bowls and tanks that use less water but function more efficiently than first-generation low-flow models.  In the average home, flushing toilets accounts for some 30% of water usage.  New efficient models can reduce that use up to 25%.

HOME INSULATION

Increasing the amount and R-Value (the measure of thermal resistance) of insulation is a cost-effective way to save energy and help reduce heating and cooling bills, which account for at least half of the energy use in the home.

To learn more about energy innovation, you may download the illustration above at: http://www.nahb.org/fileUpload_details.aspx?contentID=62120

As Spring is all around us and everything looks green and beautiful, it is easier to think about the environment and what we all may be able to do to preserve it!

Preparing for that open House–Tips for Cleaning the Garage

“Honey, the garage needs to be straightened out for the open house next weekend!”

O.K., so what does “Honey” do now?

For folks selling their property, a scenario like this one and the question of how to prepare the whole property for showing (including the garage if you have one) is common.  Often, homeowners use their garage for additional storage so cleaning it up and preparing it for a public showing can indeed be a huge undertaking.

Let’s break it down into manageable steps.

Take out the car, lawn mowers, bikes, assorted sports equipment, gardening tools, snow implements, etc.

1. Sweep the floor, wash the windows.  Decide on the items returning to the space. Before refilling put items into 3 piles:
   • return to garage or shed items that you will keep
   • give away/return to “real” owner
   • sell or consignment shop.

Will you be purchasing or making storage shelves or bins?

Organize items returning to the space that are similar, sports together, tools on another wall, etc.  If you are moving this is the opportunity to box and label. 

Well done!

Now, step back and decide if the exterior needs attention.  Do the gutters need to be cleaned and have leaves removed? The doors working properly, hinges oiled, does the outside need a paint job or touch up?  Provided you have followed these steps, you have now taken care of a very valuable asset to your property–and are ready to showcase it to he world….

About Zoning in Boston

What is zoning? How could it or does it affect me?

These are common questions asked by City of Boston homeowners, which I will try to address in as simplified a manner as possible.  Zoning regulates the uses that can be applied or the type of building that can legally be erected for privately owned buildings and land.  Zoning codes were first established in 1964 within the City of Boston to regulate privately owned land.  This means that every homeowner in the City is affected by zoning codes. 

Zoning was originally intended to protect the “character” of a neighborhood by forbidding the development of incompatible property uses. For example, zoning would not allow an auto body shop to be built within a residential neighborhood.  A by-product of zoning is that it can support the health of a residential neighborhood and sustain value.

Zoning may come into play when you want to add an addition on your existing property.  It answers the question “ What can I build and where?”  Zoning addresses building types & sizes, density, height and land uses throughout the city.  If a proposed project does not fall within the existing zoning guidelines, owners and/or developers can request zoning relief through the Zoning Appeals Process which is overseen by the Zoning Board of Appeal which is within the jurisdiction of the Boston Redevelopment Authority (BRA).  This process can take months, sometimes years, to successfully navigate and there are no guarantees!  An experienced zoning attorney is highly recommended to assist a homeowner that needs to go through the process.

The Zoning process is an on-going one. All areas of the city are broken down into zones. Each section of the City has it’s own zoning maps and guidelines.  Not all areas of the city have the same codes by which they must abide.  Zoning can be more or less restrictive depending on the character of an area within a particular “zone”.  For example, historic neighborhoods generally have more restrictive zoning codes, whereas, neighborhoods close to transportation may allow more density. 

The City of Boston typically works closely with the local communities to determine appropriate zoning codes for a particular area. For example, Roslindale is currently going through a re-zoning process is now working with city officials to formalize new zoning guidelines and an accompanying zoning map.

I have personally been through the Zoning Appeals Process and have first hand experience of the journey.  It is not a process for the feint of heart!  This is the forum where neighbors can become adversaries and friends can become foes.  At times, it can be a very intimidating experience but it can be also more entertaining than a movie!  

Feel free to comment here and tell me of some of your war stories. They will be educational for all of us!

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