Back in September, we featured an open house at the lofts at 125 B Street, and this week again, our Featured Open House is the 125 B Street Lofts in South Boston / Seaport District. We love this building for its tall ceilings, exposed brick and beam, and modern and clean finishes.

Originally a schoolhouse, 125 B Street has been converted into 16 luxury lofts, featuring onsite parking in an adjacent lot. Two lofts now remain, all corner facing with double exposures, right around 1,100 square feet, listed at $534K and $544K,

The 125 B Street Lofts Open House will take place on Sunday, February 17, 2008 from 1:00 PM to 2:30 PM . When stopping in, let Julie Holenport, the listing agent, know that you read about the open house on the Boston Condo Blog. For more details, or to submit an offer, please contact us.

Boston’s latest Midtown luxury condo development, 45 Province, is steaming towards completion - target completion is April / May 2009. We’re excited to bring you the below exclusive time-series photos provided by one of our readers, Peter Carpi. You’ll see in the first photo below the crane rising over the soon-to-be structure of 45 Province, while the second photo displays significant progress made on the core of the 45 Province structure.

Check out these 45 Province sample listings (133 KB PDF) to get a feel for unit pricing, square footage and amenities. For more information, or to setup a tour of the 45 Province sales office, please contact us.

The Greater Boston Real Estate Board (GBREB) recently published seven talking points regarding the Boston (specifically “greater” Boston, which involves suburbs outside the core downtown) real estate market. All of them are quite interesting, and could be approached and/or discussed from many angles. Here they are:

1. The past year was the fifth best on record for residential home sales in Greater Boston with more than 20,000 detached single-family homes and condos sold in 2007. After declining in 2006, sales of detached homes and condos each rose modestly last year in Greater Boston, making it the only region of the state to report an increase in sales activity over the prior year, according to Boston MLS data.
2. While home prices declined nationally in 2007 and have fallen in much of Massachusetts for the past two years, home values have stabilized in Greater Boston as the median selling price for detached single-family homes was unchanged at $480,000 in 2007 from one year earlier. Meanwhile, in the condo market, the median price for sold units rose a modest 4 ½ percent to $356,000 in 2007.
3. Despite the recent correction in home prices, housing is a solid long-term investment. In fact, median home prices in Greater Boston have increased an average of 6.5% per year over the past decade, and remain 20% higher than they were just five years ago ($480,000 in 2007 vs. $400,400 in 2002).
4. The inventory of unsold homes remains plentiful at many price points, but the supply of single-family homes and condos has shrunk substantially in the past year by 14 percent. At the end of 2007, there was a 6 ½ month supply of homes and condos for sale in greater Boston real estate compared to a nearly 8 months in 2006, indicating the market has become more balanced between buyers and sellers over the past year.
5. Massachusetts ranks among the bottom five states nationally for annual housing permits per capita, largely due to strict zoning regulations that limits new housing production. This fact, along with strong housing demand from a large immigrant population locally and much more modest real estate investor activity in Greater Boston in recent years should insulate the region from any severe price correction.
6. When looking to buy, it’s virtually impossible to time the market. With mortgage rates having declined and now averaging near 6 percent for a 30-year fixed loan, home prices having stabilized locally, and many homeowners motivated to sell, this spring should be a good time to buy.
7. Although mortgage lenders have tightened lending standards, financing remains readily available for creditworthy borrowers. Importantly, however, consumers with credit scores under 680 can expect to pay higher rates and points this spring following pricing changes that Fannie Mae and Freddie Mac will impose in March. Thus, those currently in the market may wish to act sooner rather than later to buy.

Back in late January, we reported that the Concord Baptist Church in the South End would be converted into condos (see Concord Baptist Church to be South End Condos). A South End Landmarks Commission meeting took place on February 5, 2008 to review plans for the condos by developer Peter Zagorianakos. Below are the meeting minutes.

Peter Zagorianakos presented conceptual drawings of his plans for developing the church. Parking in basement, accessed either through alley or by curb cut on Warren where present door on east end of Warren Ave façade. Peter contended that there exists an 8 foot easement to church from back alley. This was strenuously disputed by the Pelletiers. Further, Jeanne Pelletier referred to the need to protect the 150 year old oak that grows on the side of the alley. Peter also claimed that the church has a 2 foot easement along the rear of the properties located at 174-182 West Canton.

Then, 4 levels of condominiums, yielding 16 units in all. First floor would use present window line on Warren Ave, wrapped around to façade facing West Canton. Second floor would have high ceilings, utilizing next level of existing windows, wrapped around as first level. The third and fourth levels would be under the cupola, whose height would not be raised. Substantial fenestration in the present roof line was shown, on the third and fourth levels. Windows would be placed in the arches facing West Canton.

Peter contends that the repairs done in 1975 where done badly and that the north and south walls (facing Warren Ave and facing Tremont) are in danger of immediate collapse. Jeanne disputed this, stating that the engineer has a high reputation for historical renovation, which was collaborated by a Commission member.

Views of the Commission members included the notion that this building is of the highest historic value possible and that any changes to the exterior would be done only as a last resort. This was supported by Jeanne’s documentation that the building influenced Frank Lloyd Wright. She also pointed out that the architect consciously protected the privacy of the back yards on the West Canton side by significantly reducing the windows on that side. This seemed to resonate to several Commission members.

The Commission chair asked the community to consider what other usages might be made of the building, if residential usage was not acceptable. And he asked if the community could raise the funds to prevent collapse.

Letters were read by Steve Wolfe and Paul Schmid. Susan Park spoke forcefully about the need for preservation.

The discussion started an hour behind schedule and took an hour. Next step for Peter is to come back with plans to address the issues raised.

It will be interesting to follow this South End condo development as it moves through approval and permitting process, there’s a long way to go at this point.

If you’re like us, Boston’s Restaurant Week always sneaks up on you, and you rarely have an opportunity to grab a table at that new restaurant that you have yet to try. Well, Restaurant Week has been announced for a little while now (scheduled for March 9 - 14 & 16 - 21), but there are still many great tables to grab. For more information, see the Boston Restaurant Week Official Site, and to make reservations, head directly to the Boston Restaurant Week Reservations page on Open Table. Bon Appétit.

We receive at least one inquiry every week regarding the status of the mega NorthPoint project across the river in Cambridge. While our focus here at the Boston Condo Blog is Boston condos, the ups and downs of the Cambridge NorthPoint project over the past 2 years have been a roller coaster ride for Buyers and the market in general. Based on the most recent Boston Herald article covering the Cambridge NorthPoint project, the development itself is giving earnest money and deposits back to Buyers because there is no clear closing date in sight.

As of February 13, 2008, new updates are also available at Wicked Local Cambridge.

A 1,200 square foot sleek and modern space at the South End’s elevator served Laconia Lofts is our Featured Open House of the week. Recently listed at $499,900, this open loft space features cork floors, a custom designed kitchen with maple cabinets, stainless appliances, Bosch dishwasher, gas cooking, and a Franke sink. The full bath features a Bosch-Poscher sink and water closet, and Grohe fixtures. This loft-style condo is priced below $450 per square foot, and carries a $413 HOA fee.

Sounds like an excellent living space, but the pictures below tell a different story, as it is currently being used as a work space. Look past this however, and see what this Boston loft has to offer you at the open house taking place on Sunday, February 10, 2008 from 12:30 PM to 2:30 PM, located at 1200 Washington Street.

Lafayette Lofts is a 42-unit loft-style development in Boston’s Midtown neighborhood, completed in 2005. Units seem quite rare to come by, which makes this an interesting time, as there are currently two lofts available in the building.

Also interesting is that these units represent the low and high price points at Lafayette Lofts, with a $479,000 one-bedroom in Unit 4D, to the $1,550,000 three-bedroom penthouse duplex in Unit 7F. Both units have sleek lines, and are available with rental parking, and the penthouse unit has some fabulous outdoor space which receives excellent afternoon light. The hip Midtown location puts you steps away from all corners of the city.

Unit 7F (the penthouse) will have an open house on Sunday, February 10, 2008 from 1:30 PM to 3:00 PM.

For more information about both listings: Lafayette Lofts Condo Information (PDF). To setup a showing, or obtain further details, feel free to contact us.

It’s a piano factory, it’s a general warehouse, it’s a bolt and screw company’s headquarters…wait, no, it’s The 1850, the South End’s newest SoWa condo development! The five-story building bordering Wareham , Albany, and Malden Streets on the southern tip of Boston’s South End will soon be home to 60 unique condos, many with a loft-style feel, including exposed brick and beams, as well as concrete floors.

Read the full story

Rather than doing a Featured Open House this week (which we typically run every Sunday morning), what we wanted to do was highlight the use of Boston Homes Newspaper as a valuable tool in working your way through Boston open houses over the weekend.

As you know, open houses are a great way to see a lot of property first hand, in a short amount of time. There are hundreds of open houses that take place each week in Boston (there are 150+ Boston open houses downtown today alone), the majority of which are on Sunday, and a Boston Homes Newspaper (which is published  on Saturday) is one of the best resources to have in your hand for that. It’s becoming an online world, but having a hard copy of the newspaper in your hand is a good idea for navigating the streets of Boston.

The Boston Homes Newspaper provides a listing of all of the open houses and their times, and breaks it down in easy to follow neighborhood maps. If you cannot get your hands on a paper copy (delivered to certain neighborhoods door to door for free on Saturdays), you can go to this ‘Find Boston Condos‘ webpage, and then click on the ‘Boston Homes website’ link in bullet 2, in order to view the current online version.

Keep in mind that the paper is published each Saturday, so every Saturday you can visit the website for updated open house listings.