News from Charles River Properties
Did you know?
We have a nice assortment of well-priced one and two bedroom apartments, many with heat and hot water included.
a broker in our Newton Office, is now a Notary Public. If you need a document notarized, feel free to give her a call at 617-916-3808.
Are you a first responder of Public Safety officer in Newton, Watertown or other local communities? Special discounted sales commissions are available through Melissa. Call 617-916-3808 or email email@example.com.
With winter fast approaching, our local homeless population is in need of warm clothing. Our lead Waltham rental agent,
reports, "The director of the
Community Day Center of Waltham
tells me her clients are cold and asking for warm layers. I am currently collecting the following items for the guests of the Center. I know you have many items to donate, but at this time, due to limited space, I am only able to accept/collect the following:
Fleece, hoodies, sweatshirts
Hats, gloves, scarves
Winter jackets (high demand for men's)
Please text Pat at 781-771-7641 to arrange drop-off/pick up. Thank you for your thoughtfulness.
We are proud that local organizations included Pat as a recipient of the Waltham Hero Award last year.
We now have two offices to support our clients --- 113 Adams Street in Newton and 1700 Massachusetts Avenue in Cambridge.
We produce 360 video tours for many of our properties offered for lease and sale.
Here are some examples.
A recent sale and one property coming to market
Our client, a real estate investor, has just completed the purchase of her second Somerville multi-family through our Newton Office.
8 Porter Street
is a well maintained property close to Porter Square. Her first purchase through us was an outstanding two-family at
38 Concord Avenue.
Moving to Active from "Coming Soon" status is our lastest listing, a 1960
expanded ranch house
on Waverley Oaks Road, near the Belmont line. With some decorative updates a buyer can turn this property into a showcase. One compelling feature is the back yard, nicely landscaped by the owner over many years; another is a nice ground-floor office formerly used as a beauty parlor. This property also offers great value as the 3rd least expensive single family home on the Waltham market as of today, October 15. Offered at $598,500.
A condo in the heart of historic Salem
Listed by our North Shore Multi-Family specialist,
beautifully maintained condo at Museum
Place features 982 sq ft of open living space, high ceilings, and windows which provide exceptional light throughout. Unique architectural features include Crown moldings and a gas fireplace. Kitchen with stainless steel appliances and granite counter tops, a private porch, two bedrooms with California closets, two full baths, and two deeded parking spaces. Additional amenities include central air, in unit laundry and elevator. Re-developed in the early-2000s, this historic building was formerly the old Salem Police Station from 1914 until 1992.
For help finding and evaluating mult-family properties, give Miguel a call at 617-233-6075
Listed October 1, offer accepted October 18.
A Commercial investment opportunity
Are you looking for an opportunity to invest in a commercial property? Our newest Commercial listing merits your consideration.
33-41 Nason street in Maynard
is a mixed-use commercial/residential building with six units generating approximately $109,200 in Gross Income.
A Unique Rental in a private enclave
This special 2 bed, 1 1/2 bath apartment we've just listed for rent in Newton feels like a single family home, complete with manicured backyard and ample parking, well designed and constructed to the highest standards. It is updated and everything is in immaculate condition.
Check it out here.
A softer market creates opportunities for renters
It's common knowledge that rents have climbed steadily in the Boston area over the past few years. But as evidenced by recent studies (see below) rents have fallen back.
We now have an ample inventory of great apartments around the Boston area
, from modern, updated one bedrooms in Waltham, Watertown to two bedroom (and larger) condos for rent in Cambridge. If you see one of our listings you like, complete the form on our ad and we will get back to you promptly.
Real Estate Market News and Opinions
Emergency rental assistance available for income-qualified Watertown renters
The Watertown Housing Partnership has set up an Emergency Rental Assistance Program for Watertown renters who have lost income and are having trouble paying rent as a result of the COVID-19 pandemic. This assistance is temporary and will provide assistance for up to three months to Watertown renters not receiving other government rental assistance and earning below 80% of Area Median Income. Assistance is for up to $750 for a 1-bedroom apartment, $950 for a 2-bedroom apartment, and $1,150 for a 3-bedroom apartment. Anyone interested in applying should contact Robyn Rufo at Metro West Collaborative directly for an application (firstname.lastname@example.org or 617-923-3505 ext. 5). While the application deadline passed September 24, interested renters can contact Metro West Collaborative to be added to the wait list. For more details, see this flyer and the program guidelines.
Existing-Home Sales Soar 9.4% to 6.5 Million in September 10-22-20
Existing-home sales grew for the fourth consecutive month in September to a seasonally-adjusted annual rate of 6.54 million – up 9.4% from the prior month and nearly 21% from one year ago.
The median existing-home price was $311,800, almost 15% more than in September 2019. Total housing inventory declined from the prior month and one year ago to 1.47 million, enough to last 2.7 months – a record low – at the current sales pace.
More than 7 in 10 homes sold in September 2020 – 71% – were on the market for less than a month
The Housing Market is a Circus? 10-21-20
Boston's Multifamily Market Is In One Of The Nation's Steepest Declines
Boston landlords collected 68.6% of rents between Oct. 1 and Oct. 6, compared with 80.3% for the same period in 2019, according to RealPage's monthly rent collection survey. The 11.7% drop-off was the largest among major markets in the country, outpacing Los Angeles at 9.8% and Las Vegas at 8.2%.
Whether this data indicates a more serious problem for Boston landlords is hard to say. Massachusetts doesn’t allow landlords to assess penalties for late rental payments until they are 30 days past due, an unusually long time.
“We’ve got the metro on the watchlist for this month, we won’t know whether or not there’s actually a challenge there for up to a couple weeks,” RealPage Chief Economist Greg Willett wrote in an email.
Meanwhile, the rental market in Boston has softened amid a glut of apartments.
Rents have fallen 12% in Boston over the past year, well above the national average of 1.4%, according to Apartment List. They have fallen 9% since the pandemic started in March.
Though other high-rent cities such as San Francisco, New York and Washington. D.C., are in the same predicament as Boston, there are some unique characteristics to the city’s market. Many renters are college students who are attending class online and don't need to rent an off-campus place. Some are stuck home overseas because of travel restrictions. --BisNow 10/20
Our take on this: In a market where there are more rental units available than there are renters, smart landlords know that competing is more than just about cutting rental prices. Apartment seekers look for places in good condition with modern updates, and above all they favor properties that are sparkling clean. Effective marketing is important, too. Here's how we work with landlords. Here's a selection of residential rentals we are offering now.
Centers for Disease Control Situation Summary
Information from the Commonwealth of Massachusetts
Coping with Coronavirus Stress
Looking to the future *
Waltham Mutual Aid Network
Atty. Richard Vetstein's Massachusetts Real Estate Law Blog
Need to know more about mortgage relief options?
Coronavirus resources for property owners
Mortgage help for homeowners impacted by the coronavirus
For home buyers and sellers
The #1 Reason not to wait to list your home for sale 10-14-20*
Why pricing your home right is essential 10-5-20
Three of the Latest Reports Show Housing Market is Strong 7-27-20*
How to Prepare for a Bidding War 10-16-20*
How to Invest in Real Estate During the Pandemic 5-18-20
Home Buying Guide -- Zillow 8-20
What does economic evidence tell us about the effects of rent control? 7-20
Ten Ways to Catch Frauduent Rental Applications 6-25-20
COVID-19 Coronavirus Landlord-Tenant Laws, Regulations and Procedures Monthly updates
The Newfound Importance of Technology in Property Management (National Real Estate Investor)
*Items marked * are from the Charles River Properties LLC blog.
All opinions are those of the respective authors. Charles River Properties LLC employees do not necessarily share the views expressed. For general information only, not legal or tax advice. Any property information is subject to change and is from sources we deem reliable but its accuracy is not guaranteed.