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

Contact@MandrellCo.com

All posts tagged Sold

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!

Read more

What Does It Cost To Live In Randolph?

Want to know what’s happening with Randolph home sales and rentals?

Here are Randolph’s multifamily sales and rental market statistics over the last 6 months.

Total Multi-Family Listings SOLD: 6

Average Living Area by Square Feet: 3,174.00

Average Listing Price: $471,735

Average DOM (Days on Market): 14.87 Days

Average Sales Price: $495,680

Average Rent for 1 Bedroom Units: $1,300

Average Rent for 2 Bedroom Units: $1,658

Average Rent for 3 Bedroom Units: $2,121

Average Rent for 4 Bedroom Units: $2,350

Want to see sales data for another local area?

I Want To Know My Home’s Value!

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

Read more

What’s Up With Woburn Real Estate? Check Out These #’s

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents?

Here are Woburn’s multifamily sales and rental market statistics over the last 6 months of 2016.  

Total Multi-Family Listings SOLD: 9

Average Living Area by Square Feet: 2,594.00   

Average Listing Price: $521,735   

Average DOM (Days on Market): 37.87 Days 

Average Sales Price: $515,880

Average Rent for 1 Bedroom Units: $1,238

Average Rent for 2 Bedroom Units: $1,879

Average Rent for 3 Bedroom Units: $2,274

Average Rent for 4 Bedroom Units: $2,422

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

How To Think Like An Investor When Purchasing Your Home

How To Think Like An Investor When Purchasing Your Home

Friends and family come to me all the time asking my advice on how to make sure they are making a good investment when they buy a new home. Some home buyers inadvertently luck out, buy in an area that happens to explode within a few years of their moving there, make a few improvements, and sell their home for twice what they bought it for just a few years prior. This is wonderful when it happens, but it is largely due to luck and timing. Other buyers get the short end of the stick and find that their home has not gained any significant value in the last 4 years and they are hardly going to break even after closing costs.

Many people don’t realize that buying a single family home to occupy is not likely to be an investment per se, meaning you are not likely to actually make much money on it, unless you are smart about it. You can’t control the market, but you can try to avoid making a bad purchase by following a few simple guidelines.

1) Plan to live in it for more than 6 years. If you are not sure you are going to stay long term, it might not make financial sense to buy unless you are doing so simply because you want to have your own place where you are the boss and might have a better quality of life than in a rental property. However, you shouldn’t count on making any money when you sell. Depending on appreciation in your area, your home might not gain value fast enough to make up for the large chunk of money you will spend on closing costs when you sell. Plus you will be spending money on maintenance and up-keep while you are living there—if you don’t, you can certainly expect your home to lose value due to wear and tear. Depreciation is just as real a factor as appreciation.

2) Never buy a $500k home in a town with a median home value of $200k. If you want your home to sell quickly and for a good price, buy at or below the median value for your area. There is nothing more frustrating than trying to sell a home that is too expensive for the average homebuyer. If most buyers in your neighborhood are looking for a 3 bed 2 bath home in the $200k range and yours is a 5 bed 3 bath home for twice as much as the typical buyer in your town can afford, it is probably going to take longer to sell. When you get farther out of the big cities, real estate markets are not so fast and furious and salability becomes a real concern.

3) It is always better to buy the worst house on the best block, than vice versa. As the old adage goes “location, location, location”: if you want your home to gain value and sell quickly for a good price when you move, buy somewhere everyone wants to be. Even if I am a hundred miles away and have never been to any of the towns my friends are considering moving to, I can pull some data on crime rates, appreciation rates, median home costs, school ratings, types of architecture and how educated the population is within a couple minutes and tell you which town is a better bet in terms of resale value.

4.) Finally, buy a house in which value can be added. If a house is perfect already, someone else is making money on you. If you want to think like an investor, buy a house in need of cosmetic updates, or a foreclosure. Plan to do some projects, and while you might have a few more headaches than the buyer of the move-in ready home, you will be glad you did when you make money on the other end.

Happy House Hunting!

 – Liz Newcombe, Sales & Leasing Consultant | Liz@MandrellCo.com

Read more

4 Task You Must Complete to Maximize Your Property Sales Price


 

Hi All, I Just want to go over briefly four things that you can do when you’re selling your multi-family. Your two, your three, your four unit, your residential multi-family property. Four things that you can do to make sure that you maximize the price. That you get the most. When putting that property on the market, you walk away with the most money that you possibly can as a potential seller.

Four things that you can potentially do. Let’s start with number one. You can provide a unit vacant. Why would it be beneficial to you as a seller to provide a unit vacant when selling your multi-family? You have two potential buyers when you’re selling, let’s say a three family property. You have the owner-occupant buyer. Someone who’s going to purchase the property, move into the property, move into one of the units and rent out the other two to supplement their income. Then you have the investor. An owner-occupant buyer is almost always going to pay more for the property, their primary residence, the place that they’re going to live, than a potential investor.

Investor’s going to come in and they’re going to analyze the numbers specifically and strictly and say, “Does this property make sense from a financial standpoint and if it does or it doesn’t, I’m going to make my decision based on that.” An owner-occupant buyer is going to move in and make it their own. It’s the place that they live. There’s an emotional attachment to that place. By you providing a unit vacant, you’re essentially allowing them to move in. Without a unit vacant, essentially if all three units are occupied, only an investor can buy that property from you. Basically you’re eliminating the owner-occupant opportunity if all three units are tenant occupied and there’s not a space for an owner-occupant.

The first thing I would say is I wouldn’t go out and necessarily kick a tenant out, but if there’s a tenant moving out and you’re considering selling somewhere around that same time, you know you have a lease expiring in three or four months, it may be a good time to say let’s put the property on the market while I have this potential vacancy and move in at that time.

Number two. Make obvious repairs. If there are some things that need to be done, you are going to maximize your selling price by making sure that the property is shown in it’s best light. That seems obvious to some people but many people don’t do it prior to selling. Making sure that any appliances that are broken, light fixtures, front door, back door, the front porch, back decks, making sure that those things that are quite obvious as soon as you walk up to the building or as soon as you walk inside a unit, this is clearly not the way it should be. Making sure that those things are done prior to putting your house on the market or prior to putting that property on the market is going to maximize your sale.

Prepare for a spring or summer sale. If you are, let’s say it’s January, 2017 and you are moving into, considering selling, you have about three or four months before that spring market hits, that April, May, you really want to preparing your property for that spring marker or that summer market coming up. The reason you want to ideally sell in the spring or the summer, you have a larger pool of buyers at that particular time. Investors are going to be around all year round. But your owner-occupant buyers, if they’re renting an apartment right now and considering buying, their leases typically end sometime during the summer months. You’re going to have a much larger pool of buyers. People typically like to move during the summer when things are easier and not moving in the snow, especially in a place like New England. Preparing yourself mentally, getting your documentation ready, letting your tenants know about the sale, and making sure that you’re getting those things done during the winter months so when the spring and summer rolls around that your house or your property is prepared for that sale.

Last but not least, overpricing your property. Don’t overprice your property. Price it, I would say accordingly. Talk to your realtor, pull comparable sales, what’s going on in the neighborhood, what makes sense for this particular property compared to other sales. When you overprice the property, what you’ll end up with is potentially a stale listing. A stale listing is something that’s been sitting out there for 60, 90 days and now it’s not getting as much attention as it should be. When you do that you actually tend to get a lower sales price then you would have if you just priced the property appropriately from the beginning and sold it as quickly as possible to the best buyers during this spring or summer market.

Again, providing a unit vacant you’re going to get more money from an owner-occupant than you are from a potential investor. Making the obvious repairs. Making sure that your property is presentable and showing in the best light. Preparing for that spring or summer sale and not overpricing your property. Making sure that your property comes on the market at a reasonable and fair price compared to other similar properties that are selling on the market. If you do these four things, you’ll be sure that your sales price is maximized and you’ll get the most money and put the most money in your pocket after the property is sold.

Read more

Is The Dorchester Multi-family Market Cooling Off? Check Out These Numbers

If you know anything about Dorchester real estate, you probably know it’s been on fire for the last couple years…especially the 2-4 family buildings. But is the market cooling now? Are we at the peak? Check out the sales and rental numbers over the last 6 month and determine for yourself.

Here is Dorchester’s multifamily sales and rental market statistics for the last 6 months.

Total Multi-Family Listings SOLD: 104

Average Living Area by Square Feet: 3,362

Average Listing Price: $599,789

Average DOM (Days on Market): 51.58 Days

Average Sales Price: $593,745

Average Rent for 1 Bedroom Units: $1,645

Average Rent for 2 Bedroom Units: $1,972

Average Rent for 3 Bedroom Units: $2,211

Average Rent for 4 Bedroom Units: $2,564

 
I Want To Know My Home’s Value!

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

South Boston’s Multi-Family Sales Are On The Rise. Check Out These Stats!

South Boston Multifamily Sales & Rental Market Report   

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents? Is now a good time to sell?
Here is South Boston’s multifamily sales and rental market statistics for the last 6 months.

Total Multi-Family Listings SOLD: 24

Average Living Area by Square Feet: 2,958.00

Average Listing Price: $1,308,736

Average DOM (Days on Market): 49.11 Days

Average Sales Price: $1,256,778

Average Rent for 1 Bedroom Units: $2,189

Average Rent for 2 Bedroom Units: $2,828

Average Rent for 3 Bedroom Units: $3,616

Average Rent for 4 Bedroom Units: $4,178

 
I Want To Know My Home’s Value!
 

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

Why Your Rental Property Is Worth $50k Less Than Your Neighbors

 I often get the question, “why is my property worth less than my neighbor’s? My neighbor’s house sold for,” in this particular situation, “$600,000. My house is listed at the same thing but I’m not getting the attention or it’s not moving as quickly as my neighbor’s home.” I am going to try answer that question really briefly. Hopefully you like my little graphic here. I am really proud of myself, able to put this together. Not that artistic so it took me a little bit. Hopefully it shows the point pretty clearly.

In this particular instance we’re talking about multi-families. We are talking about, in this particular model, two triple-decker side-by-side. Let’s assume all else is equal. They were built the same year. In the same condition. The tenant base is just as strong. All the systems are working just as effectively or efficiently as one another. All else being equal, the only thing that differs between these two properties is the rental income being produced.

In property number one in our example, you have three units. Each one of them is collecting $1500 per unit. Let’s assume they’re three bedrooms. In property number two, again, all else being equal, you have three bedrooms collecting $2000 a piece. The difference typically that we find between buildings that are almost identical selling for two different prices is the rental income that’s being produced. When buyers buy a rental property, when they buy a multi-family building, a lot of times their intention is to … and not a lot of times, most times, I would say all times, their intention is to collect as much rent as possible to help them reduce their expenses. A lot of times their mortgage qualification relies on the rental income that comes in to help them qualify for a larger purchase.

In this particular example, all else being equal, this particular model, this particular property is worth $550,000. This one is worth roughly $600,000 because of the differences in income. Often you have the seller of property number one saying, “well my house, I’m putting my house on the market and you’re telling me it’s worth $50,000 less than the house two doors down that’s almost identical to mine that sold for 600. Well I know my neighbor and I talked to my neighbor and they’re getting 600 for their property. Why is my house sitting on the market and it’s not getting the attention when we’ve listed it at the same price?”

Again, there are a lot of different factors that go into selling property. The condition, the atmosphere, maybe this person sold in a nice summer market and this is coming onto winter. The rental income is not the only factor that goes into the final price. A lot of times whether you’re talking about multi-family properties, especially the triple-deckers that we have here in New England, the rental income is a big factor and the more rental income that you have being generated by the building, typically the higher the sales price of that building compared to similar buildings.

The point we’re trying to make is more money increases value. More money equals more value. The second point is staying up with the market. Staying up with the market. Staying in touch with what’s going on in your local rental market. By that I mean, typically the reason that you find a difference between these two buildings and what they’re renting for is this person has had long-term tenants. Very good thing, but while these tenants were staying in place, this landlord never systematically went back and increased the rents. The thought process is, and again, to no fault of this person, it’s very common that this happens, is my tenants are great. They’re great people. They don’t give me any trouble. I just want to keep them in place and I want to keep them happy. I’m not going to touch the rent. As long as they’re paying the bills. It is paying the bills that I’m covered. I don’t need much out of it.

Ten years down the road, fifteen years down the road when they’ve gone … when it’s time to now sell, this person has kept up with the market, systematically said, “okay, the three bedroom apartments are now renting for $1800, now they’re renting for $1900.” As tenants move out and new tenants are being replaced, or the tenants that are in place stay there and he systematically increasing two, three percent over time to keep up with the current market rents. When it’s time for these two individuals to sell, they’re cashing out, they’re retiring, they’re moving on, they’re trading up, whatever it is, this person now, despite how nice he was to his tenants or she was to her tenants, over the years is now put themself in a tough situation compared to the person who kept up with the market.

At the end of the day, buyers are going to look at what the property is producing and say, “I’m going to make my determination of value based on,” not solely, but again, in large part on what I can get back. Even if I occupy this unit, we’re looking at it from an investor standpoint, even if we looked at it from an own occupant standpoint and we said we took away this rent, we took away this rent. I now have $4000 to help me with my mortgage. In now have $3000 over here to help me with my mortgage. I can actually not only afford to pay more according to my mortgage broker, but it makes sense for me to pay more for this stream of income. That is exactly what buyers are purchasing. A stream of income.

You as a seller should over the years understand that you want to be systematically raising your rents, systematically increasing your rents, not to be troublesome to your tenants but to make sure when that sale comes sometime in the future that you are prepared for it and that the value of your building has been maximized because the rents have been maximized.

I Want To Know My Home’s Value!

Read more

How Long Will It Take For My Home To Sell?

What is your typical selling timeline and why it’s important to you as a potential seller? If you’re selling a property, you really need to know what’s the next steps and What am I looking forward to. How soon do I need to move out of this property? How soon do I need to turn over the keys to the new buyer?

That’s what I’m going to try to lay out for you. Hopefully it’s pretty clear through my timeline sketch here. When you first put a piece of property on the market and you tell your realtor, let’s go ahead and let’s sell this property, the first thing that your realtor is responsible for doing is marketing and selling the property. Your realtor’s going out and they’re putting the property on the MLS, on Zillow, on Trulia, these different marketing websites, they’re putting it on their own company website. They’re going out there and they’re doing open houses, doing private showings. They’re trying to find that potential buyer for you.

Once that potential buyer is found, and by found what we mean is, a potential buyer has seen the property through an open house, through some type of marketing venue and they’ve now placed an offer on the property. You realtor at the time of receiving that offer is going to come to you, they’re going to negotiate with the potential buyer on your behalf to get the highest sales price with the best terms possible. Once you, the seller, and that potential buyer have agreed to a price, agreed to terms, we call that day one. That is your offer to purchase day, that is the day that the offer, or OTP, has been accepted. That starts your timeline.

You have agreed to sell for a particular price, the buyer has agreed to buy for a particular price, which starts your 45 day approximate timeline. From there, in a typical situation your buyer is going to go into their 10 day home inspection window. Most offers are submitted with a 10 day, standard 10 day window and this allows the buyer to now enter your property, and to your tenant units and to, if it’s a multi-family enter the property to inspect the home with a licensed home inspector, with a contractor, to make sure that the systems are working, to make sure that the roof is okay, to make sure that the windows operate.

They’re going to do a full inspection to make sure that the property is truly what was being presented to them and it is in good working shape. At the end of that 10 day period, you can go with the buyer, it can go in a couple different ways, the buyer can say, I love the property and I want to move forward. That’s what we hope that the buyer does. The buyer can say, there were some things I didn’t really agree with at the potential property, this is not the right property for me, I’m going to back out of this transaction, or the buyer can say yes, I like the property but the price that we agreed to on day one, I don’t feel like that price is appropriate any longer.

The heating system is not working the way it should be, or it’s working but it’s much older than I anticipated. The roof is fine, but it’s much older, it’s 20 years into it’s life and is going to need to be replaced. The buyer has three options, either back out, move forward or renegotiate after that 10 day period. They’ve done their home inspection, let’s say hypothetically we’ve renegotiated and you both, the seller and the buyer, have come to an agreement on price. After that, you as a seller, the buyer, would both hire attorneys and you would go into what’s called the purchase and sales contract, or P & S.

What that does, it solidifies the deal and puts all of the offer information and the final price with the terms into a nice contract that the attorneys can use and it helps us move forward into the sale with a more concrete contract than the offer and purchase. The buyer is also going to put down a larger deposit this time and say yes, this is the property that I want, I’m now going to pursue my mortgage. You’ve had day one, you’ve had your home inspection period, we’ve renegotiated the price, we’ve gone and we’ve hired two attorneys, we’re gone onto purchase and sales.

The buyer is moving forward, the seller is moving forward. Now for you as a seller, from that day 15 to day 45, it’s about a 30 day window, I’ll describe to you a little bit about what the buyer is doing. The buyer in this particular situation is putting their mortgage together. They’re going back to the mortgage company and they’re saying, I found the property that I want, I’m submitting my taxes now, I’m submitting my other documents and the mortgage company is processing all that information to make the distribution, to pay you for the property and to put a lien on the buyer’s property.

You on the other hand, you as the seller, are working with your realtor to do three main things. One is the bank of the buyer is going to send out an appraiser to appraise the property to make sure that the property is worth the amount of money that you have agreed upon. Your realtor is going to make sure that the appraiser has access to the property and that the appraisal is properly done for the bank. The realtor, your realtor is also going to work with the local fire department to make sure that you have a smoke certificate.

Any time a property is being sold, the property needs to come with a certificate from the Boston or local municipality saying that the smoke detectors are in working order. Your realtor is going to help you cover that and you also have to get a final water reading. What are you paying for water bills, at the closing day you want to make sure that all your water bills have been paid and leaving the new buyer, the new owner of that home with a clean balance, a clean water lien with the local municipality or local water department.

Day one, day 10, day 15 and then finally we get to day 45, sometimes there is delays depending on holidays, sometimes it’s bumped up depending on if the buyer can submit their mortgage documents sooner but it’s typically a 45 day timeline from the time that you receive that offer to the time that you get to closing day. At the closing table you would exchange keys with the buyer, you would get the check from the closing attorney for the balance, assuming that your mortgage will be paid off, all the liens will be paid off on the property and whatever is left over you would receive as the potential seller.

Again, when you’re selling a property you typically have about a 45 day timeline from the day that you receive an offer, that offer to purchase is accepted to the day that you close and the new buyer is now the owner of that potential property.

Read more

Do You Know What A Multi-family In Quincy Sells For? Check Out The #’s!

Quincy Multifamily Sales & Rental Market Report
Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success. Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents? Is now a good time to sell?

Here is Quincy’s multifamily sales and rental market statistics for the last 6 months.
Total Multi-Family Listings SOLD: 80
Average Living Area by Square Feet: 2,523.00
Average Listing Price: $642,735 (What seller asked for the property)
Average DOM (Days on Market): 45.11 Days (How long it took to sell)
Average Sales Price: $632,778 (What buyers actually paid for the home)
Average Rent for 1 Bedroom Units: $1,445
Average Rent for 2 Bedroom Units: $1,772
Average Rent for 3 Bedroom Units: $2,133
Average Rent for 4 Bedroom Units: $2,533

I Want To Know My Home’s Value!

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

4 Task You Must Complete Before Selling Your Boston Rental Property

Hi guys. Willie Mandrell with the Mandrell Company and today I want to talk to you about five things that you must do prior to selling your multi-family property, your 2- to 4-unit residential or larger investment property. Here are five things that you must do or consider prior to putting that property on the market.

Number one, and the most important thing, is keeping your tenants informed. Nothing can spoil a sale faster than having a tenant who was uninformed about the sale and now objects to that sale, is uncooperative in terms of letting potential buyers in or coordinating with your realtor. You really want to keep your tenants informed about the sale and educating them about the process prior, letting them know that if they’re under lease currently, their leases are going to be respected by the new buyers. If they are worried about rent increases, having that conversation with them prior.

I think the most important thing is also informing them about showing times. We’re going to be having an open house on Saturdays and Sundays from 11 to 1. The realtor is also going to be contacting you for showings in between on Tuesday nights or Wednesday nights. We’re going to try to keep it to a minimum, as not to disturb your quality of living. We don’t really want to interrupt your dinner time or special family events. Keeping that open line of communication with your tenants is going to help the sale move a lot more smoothly than having them uninformed. Making sure you keep your tenants informed, number one.

Have a pre-sale inspection. This is not an absolute necessity, but it can really help move the sale along. If you have a home inspector come in prior to actually putting the house on the market, the home inspector will tell you which appliances are not working correctly, which plugs are not grounded, does your roof look a little older, does the foundation need some type of pointing? If you have a pre-sale inspection, you can learn a lot about the property that you might not have otherwise known, and give you an opportunity to address some of these issues prior to putting the house on the market, and can make the sale go a lot more smoothly than having the reverse happen and having the buyer do the home inspection, and then them coming up with issues and the potential sale falling apart later on.

Number three. Check your smokes. If you are operating with a two- to three- or four-family residential property, the sale cannot take place unless the Boston or local municipal fire department comes in and assures that your smoke detectors are in the proper working order and the proper position within the home as well. Making sure that you’re going around and checking your smokes, that they’re ten feet from every bedroom, that if you own a three-family or above, that the hallways, the common area, the back and front hallways, plus the basement are hardwired to an electric panel. Talk to your realtor about the requirements for the smoke inspection. They are most likely going to coordinate with the municipality, the local fire department and make sure that smoke inspection happens for you. Making sure your smokes are in good working condition, because the sale of that property will not happen if they are not.

Number four, very important as well, talking to your CPA about the sale of that property. If you’re selling that property, are you taking the cash and doing something with it? Are you cashing in? Is it closer to retirement? Your CPA is going to be able to advise you on the tax consequences. The federal government wants their money. The state and local governments also have a stake in the sale of your property as well. Talking to your CPA will give you a good understanding of what’s going to happen with the cash after the sale of that property. It’s something you really want to do and really understand prior, so you can make accommodations. Maybe you want to minimize your tax liability, and talk to your CPA about a potential 1031 exchange, an exchange from one investment property to another. Talking to your CPA is very important.

Last but not least, is you want to talk to an attorney, a good attorney. If you don’t have an attorney that you work with, not everyone does, you can get an excellent real estate lawyer or attorney suggestion from your real estate agent. We, as real estate agents work with attorneys on a regular basis, and we can refer you to someone good that’s in your area that knows your real estate. The reason you want to do that is you really want to have a relationship because as you’re going along and there’s certain paperwork, the offer form, the purchase and sales, the closing itself, the attorney might want to get power of attorney to sign for you at the closing, so you don’t necessarily need to attend. There’s a lot of legal aspects of selling property that you want to talk to your real estate attorney with as well.

THere’s the five things that if you do these five things, you’ll be in very good shape to have your sale move smoothly. Keeping your tenants informed, getting a pre-sale inspection, check your smokes, talk with your CPA, and hire a lawyer. If you do those five things, you’ll be in very good shape for a smooth sale of your multi-family property.

Read more

Over the years we have seen the real estate market in Boston increase steadily. The Hyde Park Multi-Family market has experienced a $100,000 value increase in the last 2 years. Multi-families were sold for an average price of $417,000 in 2014, today, they are sold for upwards of $523,000.  Multifamily homeowners must be ecstatic with this because they are recouping some equity and making a huge profit.

Multi Families 2014 2015 2016 (January to July)
# Sales 31 46 28
Average Sales Price $417,710 $450,087 $522,978
Days on Market (DOM) 58 84 79

Condominium values have risen slightly from last year but Hyde park is more of a family oriented neighborhood so we suspect single families and multifamilies are a more stable purchase in this area. 

Condominiums 2014 2015 2016 (January to July)
# Sales 29 29 16
Average Sales Price $244,712 $232,617 $240,573
Days on Market (DOM) 56 46 77

Single family sales are on track to surpass previous years with value steadily increasing. Families looking for a great neighborhood should consider Hyde Park as you still get some land and a decent sized home.

Single Families 2014 2015 2016 (January to July)
# Sales 99 116 55
Average Sales Price $353,837 $385,299 $392,760
Days on Market (DOM) 64 62 58

For more information on the Hyde Park market, contact your Hyde Park Real Estate Specialist Denisha McDonald

Read more

The Mattapan market has probably been the quietest in Boston  thus far. This signifies a stable community with homeowners who are satisfied with where they are and limited interest in selling. 

Multi Family homes have gained over $60,000 in equity since 2014. 

Condominiums are not popular in this area as evidenced by only one being sold thus far this year. 

Single family homes have experienced over $50,000 in added value of the past 2 years. Homes are selling for more and in less time. 

Multi Families 2014 2015 2016 (January to July)
# Sales 27 30 11
Average Sales Price $414,996 $434,081 $478,000
Days on Market (DOM) 70 57 124

 

Condominiums 2014 2015 2016 (January to July)
# Sales 7 5 1
Average Sales Price $115,357 $217,580 $185,000
Days on Market (DOM) 153 84 269

 

Single Families 2014 2015 2016 (January to July)
# Sales 14 26 12
Average Sales Price $255,743 $293,885 $313,158
Days on Market (DOM) 96 58 54

For more information on your mattapan market, contact your Mattapan specialist Rebecca Moise

Read more

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

Read more

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

Condominium Listings
Total Condos SOLD: 251
Average Living Area by Square Feet: 1,148.33
Average Listing Price: $1,026,012
Average DOM (Days on Market):  36.49
Average Sales Price: $1,040,665

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

In our next topic of conversation with Elizabeth Newcombe, we asked her what the first step in the home buying process is. Liz is involved in this process on a regular basis so getting her perspective on the topic is very beneficial. For anyone looking to purchase a home in the near future, this is a great short video on how to get started with the home buying process and what to expect throughout.

For more information on homes for sale in Attleboro, contact Elizabeth Newcombe at 413-834-8052

 

Read more

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

Multifamily Listings
Total Multifamily Buildings SOLD: 19
Average Living Area by Square Feet: 3,442.79
Average Listing Price: $1,053,368
Average DOM (Days on Market):  46.95
Average Sales Price: $1,038,290

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

We are currently in the process of finishing (hopefully) a 3 family listing in Dorchester, which has had many speed bumps along the way. The owner of the triple decker decided to convert the property into three separate condos, going against the advice that he received from the listing agent. The problem with doing this was that he was therefore, involving many more parties to the buying process than there would be, had he just sold the property as a whole.

Five takeaways from this experience from an outside perspective:

• You need to value your time: Most people do not put a value on their time. Sometimes you need to ask yourself, “is this worth my time” and if your time could be better spent doing something else, then the answer is no. Doing everything yourself isn’t always the best option.
• It is better to hire out the work: Similar to the first takeaway, you hold up the project when you try to do everything yourself. Big picture, it is best to hire a contractor to do all the work. Yes, it is more expensive doing this, but the quality of work should be the best it can be and more importantly, this frees up your TIME.
• Listen to people’s advice: By going against the listing agent’s advice, the owner has added months and months onto the sale of his property. In hindsight, he ultimately admitted that he wished he took the original advice he received and sold the property “as is.”
• Don’t chase extra money: The decision to convert the property to three separate condos was due to the thought that by doing so, the owner could roughly an extra $100,000 off the sale. Even though this will be the end result, the extra six months the project took, along with many other factors, eats into those profits more that you realize until all is said and done.
• Learn from your mistakes: Everyone makes mistakes. The most important thing is that you learn from that mistake and do not make the same one again. Fortunately, the seller acknowledged his mistakes and mentioned that he would do things very differently if this situation arose again.

Read more

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

Condominium Listings
Total Condos SOLD: 93
Average Living Area by Square Feet: 869.96
Average Listing Price: $436,205
Average DOM (Days on Market): 29.59
Average Sales Price: $438,291

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

Recently we sat down with our very own Elizabeth Newcombe to cover a series of topics. One of these topics was about what is happening currently in her local real estate market, Attleboro. As most of you know, the real estate market for the greater Boston area is very competitive right now and it is even making its way down to Bristol and Norfolk counties. Liz provides a firsthand look into everything you want to know about the market in Attleboro right now.

For more information on homes for sale in Attleboro, contact Elizabeth Newcombe at 413-834-8052

Read more

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

Are you in the market to buy, rent or sell property in East Boston? 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, Condos and Rentals in the area. All these number reflect what’s taken place over the last 6 months.

Single Family Listings
Total Homes SOLD: 10
Average Living Area by Square Feet: 1,540.70
Average Listing Price: $430,460
Average DOM (Days on Market):  62.30
Average Sales Price: $414,100

Condominium Listings
Total Condos SOLD: 53
Average Living Area by Square Feet: 980.87
Average Listing Price: $357,845
Average DOM (Days on Market): 51.49
Average Sales Price: $356,586

Multifamily Listings
Total Multifamily Buildings SOLD: 36
Average Living Area by Square Feet: 2,602.06
Average Listing Price: $609,300
Average DOM (Days on Market): 64.14
Average Sales Price: $599,417

Rental Stats
Average Rent for 1 Bedroom Units: $0
Average Rent for 2 Bedroom Units: $$1,881
Average Rent for 3 Bedroom Units: $2,330
Average Rent for 4 Bedroom Units: $2,650

 

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

Are you in the market to buy, rent or sell property in Hyde Park? 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, Condos and Rentals in the area. All these number reflect what’s taken place over the last 6 months.

Single Family Listings
Total Homes SOLD: 55
Average Living Area by Square Feet: 1,682.43
Average Listing Price: $381,615
Average DOM (Days on Market): 75.85
Average Sales Price: $375,956

Condominium Listings
Total Condos SOLD: 13
Average Living Area by Square Feet: 1,233.08
Average Listing Price: $265,515
Average DOM (Days on Market):   75.23
Average Sales Price: $254,962

Multifamily Listings
Total Multifamily Buildings SOLD: 24
Average Living Area by Square Feet: 2,790.71
Average Listing Price: $484,217
Average DOM (Days on Market):  89.17
Average Sales Price: $475,537

Rental Stats
Average Rent for 1 Bedroom Units: $1,175
Average Rent for 2 Bedroom Units: $1,598
Average Rent for 3 Bedroom Units: $1,907
Average Rent for 4 Bedroom Units: $2,200

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

East Boston Real Estate Prices Are Shocking | Check Out What’s Selling

Are you in the market to buy, rent or sell property in East Boston? 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: 13
Average Living Area by Square Feet: 1,623.57
Average Listing Price: $431,750
Average DOM (Days on Market): 49.15
Average Sales Price: $419,577

Condominium Listings
Total Condos SOLD: 53
Average Living Area by Square Feet: 933.04
Average Listing Price: $349,240
Average DOM (Days on Market): 49.15
Average Sales Price: $346,577

Multifamily Listings
Total Multifamily Buildings SOLD: 41
Average Living Area by Square Feet: 2,701.04
Average Listing Price: $602,240
Average DOM (Days on Market): 33.15
Average Sales Price: $595,438

Read more

Roslindale Real Estate Is on FIRE! Here’s What’s Selling…

Are you in the market to buy, rent or sell property in Roslindale? 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: 72

Average Living Area by Square Feet:   1,897.04

Average Listing Price:    $488,750

Average DOM (Days on Market): 40.15                                 

Average Sales Price:  $491,923   

Condominium Listings

Total Condos SOLD: 97

Average Living Area by Square Feet:   1,196.04

Average Listing Price:    $372,240

Average DOM (Days on Market): 25.15                                 

Average Sales Price:  $374,938

Multifamily Listings

Total Multifamily Buildings SOLD: 26

Average Living Area by Square Feet:   2,808.04

Average Listing Price:    $583,240

Average DOM (Days on Market): 65.15                                 

Average Sales Price:  $588,327  

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.

Read more