(MA) 617-297-8641 (RI) 401-641-5774

Contact@MandrellCo.com

Are you in the market to buy, rent or sell property in West Roxbury? Before you make a move, understanding the local market condition can make all the difference. We’ve outlined below exactly what’s happening with Single Family, Multifamily and Condos in the area. All these number reflect what’s taken place over the last 6 months.

Single Family Listings
Total Homes SOLD: 85
Average Living Area by Square Feet: 1,721.19
Average Listing Price: $539,540
Average DOM (Days on Market):  49.16
Average Sales Price: $540,895

Condominium Listings
Total Condos SOLD: 59
Average Living Area by Square Feet: 1,118.38
Average Listing Price: $348,744
Average DOM (Days on Market): 62.66
Average Sales Price: $344,178

Multifamily Listings
Total Multifamily Buildings SOLD: 3
Average Living Area by Square Feet: 2,106.00
Average Listing Price: $561,300
Average DOM (Days on Market):  38.00
Average Sales Price: $550,000
 

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to
Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales
Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will
be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!
Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

Read more

Landlording 101: Documentation and Security Deposits

In the case Meikle v. Nurse, The court ruled that landlords cannot evict a tenant unless they have followed the Security Deposit law 100% TO THE LETTER. Landlords argued that Security Deposit violations are only counterclaims (for money) and not defenses (preventing evictions). Although I understand their sentiment, the first sentence of MGL 239, 8A says that any claim can be used as defenses against eviction in cases of non-payment of rent or no-cause. As a general rule of thumb and especially as a new landlord, avoid evicting for “non-payment” or for “no-cause” and try to evict “for-cause” which at least prevents the tenant from raising the habitational defenses.

Documentation is EVERYTHING when you are a landlord. 

  • ALWAYS deposit your security deposit into an interest bearing account. Simply go to the bank and ask for a landlord/tenant account. Failure to do this will result in a fine of 3x amount collected. Save yourself the financial burden. If you are not disciplined, do not collect a security deposit.
  • ALWAYS provide a receipt for collection of security deposit. If you do not document, the tenant can state any reason because you did not provide any paper trail.
  • Have tenants do a walk through and sign an apartment condition form.
  • Have tenants pay rent electronically, this way, there is no he say/she say as to why rent is late (lost in the mail excuse gone)
  • Communicate with tenant via email or text only. Email or certified mail is best and always have them acknowledge receipt. I would venture to request a read receipt for emails.
  • Always confirm and reconfirm appointments for work done to units with tenants and take pictures.

To read more on security deposits or what your rights as a tenant or landlord are please click here.

Being a landlord is a job, more specifically, it is a business that has endless growth potential if done correctly. If done incorrectly, it can be a huge financial and emotional burden. In a highly concentrated market such as Boston, with neighborhoods in high demand such as Roxbury, Hyde Park, Jamaica Plain… It is crucial for landlords to understand the law.

 

If you need assistance screening tenants, completing the process and applicable paperwork, please contact us and we would be happy to walk you through the process. 

Contact@Mandrellco.com 0r 617-297-8641

 

Read more

Recently I was finally able to go to my first Boston Wealth Builders event, “Building Wealth Through Multifamily Investing” and it was everything I hoped it would be. A big thing for me when deciding to go to any real estate meetup is to not have to sit there and listen to a bunch of sales pitches from whatever guest speaker they decide to have attend that day. Instead, this is event was purely educational, covering topics such as evaluating your target market, determining property values, calculating cash flow, etc. As a beginner investor it was great to be educated on so many different topics involving multifamily real estate investing.

Another aspect of the event that I really enjoyed and thought was powerful was the several guests that attended to also speak. There was a mortgage broker from Sierra Pacific Mortgage, an attorney from Mahoney Law Group and a real estate agent from The Mandrell Company. No, they were not there to sell, but to cover their own topics as well as reinforce the organizer’s presentation.  The mortgage broker went into great detail about all the different loan options that are available to people, along with several that some people may not be aware of. Also, he explained some of the qualifications that his company goes by that may present an easier option to obtaining a loan that could help you fund your deal. The attorney provided a handout which essentially documented a step by step walkthrough of what you need to be doing throughout the process of purchasing a multifamily property which was incredibly helpful. Lastly, the real estate agent supplied a ton of additional information as well as his own personal experience of what he is noticing in these current markets and where some of the best places might be to look for multifamily properties.

At the end of the event they had allowed plenty of time for questions to be answered and even let people talk individually with any of the speakers that were there. This was a great opportunity to start networking with the type of people that you need to establish relationships if you want to be successful in this business. Ultimately this was the biggest take away from that day’s event. The importance of networking cannot be stressed enough and to be a part of a group that prides itself on creating an environment in which you can connect and build relationships with like minded people is something that I definitely look forward to continuing.

 

Read more

Forum examines Roxbury’s surging real estate market

Back in the 1960s, when homes in Roxbury could be purchased for as little as $2,000, demand was in the midst of a decades-long slide that mirrored national trends of urban disinvestment and growing black populations in U.S. cities.

Now, with multi-family homes selling for north of $700,000, most residents of the predominantly black and Latino neighborhood can no longer afford to buy there. After decades of white flight, well-heeled buyers are back, while working-class Roxbury residents are contending with rising rents and unattainable home prices.

By the numbers

$182,100 Average price of a Roxbury condo in 2000

$413,302 Average price of a Roxbury condo in 2015

$170,831 Average price of a single family Roxbury home in 2000

$426,867 Average price of a single family Roxbury home in 2015

$223,934 Average price of a multi- family Roxbury home in 2000

$553,989 Average price of a multi- family Roxbury home in 2015

“There is so much happening in such a short amount of time in this market,” said Dudley Square Main Streets Executive Director Joyce Stanley, a longtime Roxbury resident.

Stanley spoke during Perspectives on Roxbury/Dorchester Real Estate, a forum at the Bolling Municipal Building sponsored by the NAACP Boston Branch and the Mandrel Company, a Dorhester-based real estate firm. Stanley detailed the history of housing trends in the Roxbury market, looking back to the 1930s when blacks first began buying there.

She recalled the Boston Redevelopment Authority’s federally-funded urban renewal program, which tore out vast swaths of Roxbury real estate in the Southwest Corridor, the present location of Melnea Cass Boulevard and the Madison Park neighborhood. While the city has undertaken various efforts to redevelop the vacant parcels of land left by urban renewal and the wave of arson that plagued the neighborhood in the 1970s and ’80s, the pace of development has picked up during the push to build new housing under the administration of Mayor Martin Walsh.

“Developers are trying to get as many houses on a parcel as possible,” Stanley said. “Most developers are turning to condos.”

Mandrel Group Real estate broker Terrance Moreau agreed that large single- and multi-family homes in Roxbury will likely undergo condo conversions in the coming months and years.

“The movement of the real estate market is in favor of condos,” he said. “It’s the easiest way to resolve our issues of supply without new construction.”

Condo surge

Last year, 42 condominiums sold in Roxbury at an average price of $413,302, according to statistics Moreau distributed to the group of roughly 60 people who turned out for last week’s meeting. Because the average condominium price in Boston for 2015 was $707,361, Roxbury still offers a relative bargain, though with the median income in Roxbury at just under $30,000, there are few in the neighborhood who can afford it.

The 15 single-family homes that sold in Roxbury last year went for an average of $426,867, compared to an average of $744,897 in Boston.

The pressure on the Roxbury real estate market comes as millennial college graduates move into cities like Boston seeking easy commutes to high-tech jobs, and baby-boomers leave the suburbs seeking scaled-down urban living. Many white buyers looking at Roxbury are priced out of adjacent neighborhoods like the South End and Jamaica Plain.

Moreau stressed the fact that there’s little inventory in Roxbury, as long-time residents are holding onto their homes. The longer they wait, the higher their sales price is likely to be.

“It’s safe to assume that there will be appreciation in Dorchester and Roxbury, even if the market stabilizes,” Moreau said.

In addition to Stanley and Moreau, Codman Square Neighborhood Development Corporation Economic Development Director Abadur Rahman and Director of Community Organizing Jason Boyd spoke about the role of non-profits in neighborhood stabilization.

“We have seen demographic changes in the neighborhood,” Boyd said, acknowledging gentrification in the NDC’s Dorchester catchment area. “We’re committed to seeing Codman Square remain a vibrant, African American and Afro-Caribbean neighborhood of residents and small business owners.”

Last week’s meeting was the first of three planned to examine real estate trends in Boston’s black community. A second was scheduled for Wednesday, May 11 and the final for Wednesday, May 18.

If you are interested in buying‬ or selling‬ in Roxbury‬, contact your Roxbury Expert, Terrance Moreau at 857-399-0960 or email him at Terrance@MandrellCo.com

Source: Bay State Banner

Read more