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All posts tagged Mattapan

Meet Your Mattapan, Hyde Park & Roxbury Real Estate Expert

Denisha McDonald is your local real estate specialist for Roxbury, Dorchester, Mattapan and Hyde Park areas. She has a deep understanding of the community, it’s people and the real estate in these particular neighborhoods. Watch Denisha’s short introduction video!

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The City of Boston has designated the development team of the Cote Village  LLC, to redevelop the former Cote Ford Dealership site located 820 Cummins Highway in Mattapan. The Project will provide approximately 76, one-bedroom, two-bedroom and three-bedroom residential units (divided between flats an townhouse units), with an accessory rental office and community room, comprising of approximately 956 square feet for spadce, 4,172 square feet of ground-floor commercial space, including a 12,000 square foot public plaza with a total of approximately 84 parking spaces. The area impacted by the proposed development is the Mattapan neighborhood.

This development can provide much needed housing for area. “The proposed development will turn the now abandoned property, which has been vacant for decades and a blighted influence on the neighborhood and surrounding area, into a thriving part of the Mattapan neighborhood fabric,” wrote Lisa B. Alberghini, president of the Planning Office for Urban Affairs Inc., and Donald Alexis, president of Caribbean Integration Community Development, in a letter of intent to the BRA.

We will continue to monitor the progress of this proposal and see if it moves forward to breaking ground.

To stay current on what’s happening in your neighborhood, be sure to sign up for our blogs!

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It is no surprise that the Boston Real Estate market is HOT! Luxury condo buildings are on the rise, as are rental prices and demand for housing. The Boston Inclusionary Development Policy hopes to keep a place in the city reserved for low and middle income families. 

Some affordable housing activists say changes to the policy is long over due as the last substantial update was in 2007.  Updates are set to take effect in January 2016. The new guidelines would require developers to construct a greater number of affordable housing units or pay more to opt out of on-site affordable units in many neighborhoods. The goal of these efforts is to help keep home ownership within reach for Boston low- and middle income families as current prices are not realistic for achieving home ownership. 

The new IDP shifts will take effect zone by zone. Roxbury, Dorchester, Hyde Park, Mattapan, Roslindale and West Roxbury comprise Zone C. The IDP team aims to encourage middle class housing construction here. There is no increase requirements for developers in Zone C as it is difficult to develop here currently. 

Currently. rental units must be affordable to those making up to 70% of the area median income, earning $62,000 for a family of three. The BRA will allow developers in Zone C, to provide units to those making 100% AMI, earning $88,650 for a family of three. This concerns community members as they believe this is still out of reach for residents of the community. Many believe this will make the area more affordable to those from outside these neighborhoods rather than incentivising community members to become homeowners or remain renters. 

We are sure this will continue to be a topic of discussion in the coming year as we (The Mandrell Company) strive to increase home ownership in these neighborhoods. We work with sellers of the community and also educate potential buyers on the home buying process and provide resources to help make it more affordable for them to own in their community. 

 

For more information on our upcoming home ownership and investing in multi-family seminars, please email us at contact@MandrellCo.com and we will provide an updated schedule of events for 2016. 

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Are you in the market to buy, rent or sell property in the Mattapan area of Boston? Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly whats happened in the single family, multi family and rental markets of Mattapan over the last 6 months. Take a look at the numbers and see where you fit in.

Single Family

Total Homes SOLD: 9

Average Living Area by Square Feet: 1,489

Average Listing Price: $278,333

Average DOM (Days on Market): 60.33

Average Sales Price: $284,436

Multifamily Family

Total Homes SOLD: 8

Average Living Area by Square Feet: 3,296

Average Listing Price: $444,038

Average DOM (Days on Market): 20.23

Average Sales Price: $451,412

Condo Units

Total Condos SOLD: 3

Average Living Area by Square Feet: 1,046

Average Listing Price: $167,967

Average DOM (Days on Market): 64.93

Average Sales Price: $170,986

Rental Units

Average Rent for 1 Bedroom Units: $1,025

Average Rent for 2 Bedroom Units: $1,552

Average Rent for 3 Bedroom Units: $1,783

Average Rent for 4 Bedroom Units: $2,123

 

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Are you looking to buy a home in the near future? Has less then perfect credit stopped you from buying a home in the past? Home ownership is a huge part of the American dream and no one should be denied access. Here are 6 steps to improving your credit so you too, can achieve the American dream.

1. Pay down your credit cards to below 40%.

Ideally 30% but let’s start small and work our way up. It can be overwhelming if you have 5 credit cards that are all near their limit. Here are a couple strategies you could employ.  A. Pay off/down the highest interest card first. The money you save on interest payments will go toward paying off your next card on the list. B. Pay off/down the credit card with the smallest limit. Paying off something quickly gives you motivation to move on to the next. You feel motivated after paying down a $500 credit card in 2 months compared to paying $500 off a $5,000 credit card because you still see a high balance.

2. Slow down on opening new accounts

Each new account places an inquiry on your credit report, which decreases your credit score. When creditors see these inquiries, it decreases your chances of being approved. Also, new credit means less credit history, which is frowned upon. Side note: Choose cards with rewards so you earn while you spend.

3. Add someone’s credit history to your profile

If you have a family member that has good credit and good credit history, consider asking them to add you to their oldest credit card and preferably the one with the best credit history attached to it. While you will not adopt their credit score, you will obtain their history, so if they have owned the card for 10 years, you now have that 10-year history on your credit report. We DO NOT recommend you having access to their credit however. No matter how good your intentions, you never want to jeopardize someone’s credit for your own gain. They can give you their history without giving you access to their credit.

4. Get a secured line of credit

If you were unable to add someone’s credit history to your profile, your next best option is to open a secured line of credit. Essentially, you would put money on a card (like a debit card) and whatever amount you deposit, becomes your new credit limit. For example, you deposit $500 on your secured credit card, you now have a $500 credit limit on your card. If you decide to increase it to $1000, you pay the $1000 upfront and you can borrow against it up to $1000. The benefit is that if you decide to close the account, your money is refunded. Also, secured credit cards report to the credit bureaus unlike a debit card or some other services out there. Do your research and ask questions. See which card is best suited for your needs. The most important thing is to make sure they report to all 3 credit bureaus to help you establish credit.

5. Diversify your credit profile

You do not want all your credit to be of the same type. The goal is to have a diverse portfolio such as credit cards, car loan, mortgage, etc. Creditors want to see that you are responsible over a variety of credit types.

6. Get your credit limit increased with current lenders

I do this every year. If you have a great track record of always paying on time, you can ask your credit card company to increase your limit. Most allow you to do this on the website and it is instant. This serves 2 purposes: A. It increases your credit iimit and the % of credit owed. For example $400 on a $500 limit is 80% utilization, however, $400 on a $1000 limit is only 40% utilization. Do you see how this can improve your credit score without you doing anything more than making a phone call? This is not something you do monthly but rather on a yearly basis because some companies will pull your credit to make the decision which could hurt you in the short term but will be beneficial in the long. B. It gives you greater access to funds. Wouldn’t it be nice to know that you have an extra $1000 of available credit in case of emergencies?

Would you like to learn more about how to improve your credit? Sign up for FREE course – “How To Achieve An 800+ Credit Score & Never Be Denied For Anything“. You can find details on this course with the following link. http://www.meetup.com/Urban-Money-Matters/

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19-21 Fessenden St., Mattapan MA – A six-unit apartment building in Mattapan has sold for $860,000. The property consist of two side by side 3 family buildings.

The building is comprised of six three-bedroom, one-bathroom apartments. The units are separately metered and the tenants pay utilities. The property offers a paved off-street parking lot located in the rear of the building that accommodates six to eight vehicles. Other features include front porches and coin-operated laundry available in the basement of the building. The cap rate at the time of the sale was 9.2 percent.

The sale was originally reported by Bankers and Tradesman – www.BankersandTradesman.com

Do you want to know what investment properties are selling in your area? Want to know what your property is worth or what you can expect to pay as an investor? Contact us (Contact@MandrellCo.com) for a quick list of sold comps in your selected neighborhoods. FREE, no obligations reports.

 

 

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