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The Roxbury Real Estate market is experiencing a boom. Condo sales are through the roof and buyers cant seem to get enough. Single families and multifamilies are selling off market more than on market and being converted to condos because the demand is greatest. 

Mutli family home values have aggressively increased due to the high demand for rental units and the lure of condo conversions. MF homes were selling for $532,000 in 2014 and to date (keep in mind we are only in July) are selling for $879,000.

Multi Families 2014 2015 2016 (January to July)
# Sales 24 33 13
Average Sales Price $532,595 $574,782 $879,308 
Days on Market (DOM) 53 57 105

Half way through the year and condo sales have already matched the entire year of 2015 sales and surpassed that of 2014. Values have increased by $100,000. Savvy investors have taken notice and have been trying to meet the demand for luxury condos in the community. 

Condominiums 2014 2015 2016 (January to July)
# Sales 29 34 32
Average Sales Price $290,023 $404,094 $387,293 
Days on Market (DOM) 65 58 62

Single family sales have always been lower because they are hard to sell due to their large size. The average family does not want the responsibility of these massive Victorians. Savvy buyers have started converting them to multi-families to utilize the space. 

Single Families 2014 2015 2016 (January to July)
# Sales 12 14 7
Average Sales Price $435,975  $406,214   $444,964 
Days on Market (DOM) 63 94 43

For more information on the Roxbury real estate market, connect with your area specialist Terrance Moreau

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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

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Downtown Affordability Within Reach?

As we prepare to usher in a new year, something rarely seen in today’s market is also upon us. The developer Related Beal has begun work on a downtown apartment building where EVERY unit will rent at BELOW-market rates. Downtown is prime real estate so this endeavor is very shocking as developers could get top dollar for such apartments. Their efforts are especially applauded as it called for a hefty $230 million budget. 

The Related Beal project offers a template for other developers to meet the city’s goal of building more housing that middle-income residents can afford. The 14-story building at Beverly and Causeway streets in the Bulfinch Triangle near North Station will house 239 apartments priced at rents affordable to low- and middle-income tenants.

About half the units are aimed at renters earning mid-range incomes — up to $78,800 for a two-person household — with the rest set at rents for lower incomes. A family of four that earns $78,800 a year, for example, could rent a two-bedroom apartment for $1,628 a month, in a neighborhood where similar new apartments could be twice that price. 

When you are doing good for the community, you have to be creative in recouping the financial loss. Related Beal designed the project to also include a 220-room hotel, to help offset the development costs and make it easier to charge lower rents. This is exciting because it demonstrates that developers can impact their community with a little creativity. Areas like Mattapan and Roxbury could greatly benefit from creative projects like this to boost the local economy, provide affordable housing and rid neighborhoods of abandoned buildings. 

Related Beal is writing a road map that could help other builders finance more affordable housing in Boston. The issue with our housing is that middle income renters suffer the most. Generally, they earn too much for heavily-subsidized apartments but can’t afford the high-end apartments that are quickly taking over.  

Construction will likely take about two years and possibly a record breaking influx of applications for the lottery. We will be following this history making project so sign up for our blog to stay current on the progress and to learn more about the Boston real estate market.

If you have any questions regarding renting one of your units, please CONTACT US TODAY at 617-297-8641 or Contact@MandrellCo.com! Our agents are trained to find you the best tenant that meets your requirements.

 

 

adapted from The Boston Globe

 

 

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Key Facts to Selling Your Home (Part I)

When selling your home, there are several important facts to consider when working with your real estate agent beyond just listing your home and waiting for offers to roll in. Below is a BRIEF overview. For detailed outline of the process, please contact us.
Define your needs.

Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what is my ultimate goal after the sale?” For example, a job opportunity in another city may necessitate your move, a growing family may prompt your need for a larger home or conversely children moving out may signal it is time to downsize. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Together, we can map out the best path to achieve your objectives and set a realistic time frame for the sale.

Name your price.

Your next objective should be to determine the best possible selling price for your house.Currently, the Roxbury Market is booming, you want to price your home to get the most traffic.  Setting a fair asking price from the outset will generate the most activity on your home. We know what comparable homes are selling for in your area and the average time those homes are sitting on the market. Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced above their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. 
Prepare your home.

Most of us don’t keep our homes in “showroom” condition. If you have kids, at any given moment, it can look like a bomb exploded in your living room. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. As your real estate firm, we can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. We can provide feedback on inexpensive things if you are on a tight budget. You want buyers to envision themselves in “their new home” NOT Your current home.
Get the word out.

Now that you are ready to sell, we will implement the marketing strategy specifically designed for your home. There are many ways to get the word out, including: The Internet, Yard signs, Open houses, Media advertising, Agent-to-agent referrals, and direct mail marketing campaigns. In addition to listing your home on the MLS, we will use a combination of these tactics to bring the most qualified buyers to your home. We also host monthly seminars to help potential buyers get pre-approved to purchase a home. We cover a range of topics with the goal of helping attendees improve their credit, earn a higher income, and understand the home buying process from start to finish. We are also very active in and around the community. Our Roxbury real estate consultant Terrance Moreau can be seen mingling with community members in Dudley Cafe, speaking with home owners and providing feedback to homeowners because he is passionate about his community.

Be sure to check back for Part II of this series.

For questions, feel free to contact our office at 617-297-8641 or email us at Contact@MandrellCo.com.

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Are you interested in buying or selling property in Roxbury? Before you do, making sure you fully understand your local market is very important. Receiving regular market updates will also allow you to see where similar properties are selling as well as what landlords are charging for their rentals.

Here are Roxbury’s multifamily sales and rental market statistics for the last 6 months.

Total Multifamily Listings SOLD: 13

Average Living Area by Square Feet: 2,976

Average Listing Price: $513,054

Average DOM (Days on Market): 31.92

Average Sales Price: $494,233

Average Rent for 1 Bedroom Units: $1,334

Average Rent for 2 Bedroom Units: $1,727

Average Rent for 3 Bedroom Units: $2,304

Average Rent for 4 Bedroom Units: $3,000

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email (or complete the contact form below) 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 where you’d like to receive data. 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 crowd!

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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