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November 2012 Archives

Massachusetts Home Sales Up as Housing Market Recovers

Home sales are up in Massachusetts, according to The Boston Herald.

The Herald cites numbers released by The Warren Group, an industry tracker. Specifically, the sales of single family homes are up.

Sales of single family homes in the state of Massachusetts rose 21 percent in October, when compared to October of last year, cites The Herald.

Boston's New Condo Complex Shows Signs of Recovering Market

Remember the days when luxury condominiums were popping up everywhere? Those days might be coming back. At least tentatively, as New York-based Millennium Partners is marketing its 15-story condominium complex on lower Washington Street.

The fifteen story glass-and-steel condominium building boasts 256 unit, ranging from 775 square feet to 2,360 square feet, reports The Boston Business Journal.

The units will be priced from $550,000 to $3.5 million.

Owner Occupied Dwellings on the Rise as Homeowners Turn Landlord

Here’s a good way to make some money while owning a home. Become a landlord. Rent out part of your home. Specifically, rent out a separate unit in your home.

According to The Boston Business Journal, many new homebuyers are looking at multi-family properties as a way of earning some extra cash. Essentially, these prospective homeowners are exploring the idea of living in a building while renting out the other units in the building.

Boston Commercial Real Estate Market is Up

Bostonians have a lot to be thankful for this weekend! At least as it relates to real estate, they do.

Boston’s commercial real estate market is leading the real estate comeback, nationally, reports The Boston Business Journal.

According to the Business Journal, Boston’s commercial real estate prices are heading back up to the same levels they were at during the peak, back in 2007.

That’s great news for real estate speculators and investors.

Boston is said to be the strongest commercial real estate market in the country, according to Moody’s Investor Service, the Business Journal says.

New York and San Francisco follow Boston,

Black Friday Liabilty for Property Owners, Not Just Retailers

This week, Black Friday is coming up and holiday shoppers couldn't be more excited.

While many states have begun opening doors on Thursday, Massachusetts law prohibits employees from working on Thanksgiving. So it's Black Friday and not "Black Thursday/Friday" in Massachusetts.

FHA Makes Borrowing Easier for Rebound Buyers

Question: Does a short sale hurt your chances at buying a house again?

Answer: It may not hurt your chances as much as you may have initially thought.

The Federal Housing Administration is giving rebound buyers a second shot at owning a home, reports The Los Angeles Times. In an attempt at kick-starting the housing market, the FHA is loosing their pocketbook when handing out loans. According to the Times, the FHA has been allowing these rebound buyers to get loans a mere three years after foreclosure and with as little as 3.5% down.

Boston Man Gets Creative in Paying for Hurricane Sandy Repairs

After Hurricane Sandy left devastation in the Northeast, many are trying to pick up the shattered pieces of what Sandy left behind in her wake. And many are finding that their home repair costs aren't covered by homeowners' insurance, flood insurance or by any other means.

This could be for many reasons. Perhaps their insurance doesn't cover the type of damage that they are trying to redress. It could be because they simply don't have insurance. Or it could be that they've exhausted their insurance coverage and they need more money.

Smoking Bans in Apartments and Condos: Legal?

Smoking is a real health hazard. But for a landlord, is it legal to ban smoking inside apartments? Similarly, for condo associations, is it legal to ban smoking inside condo units?

According to a blog post on Boston.com's real estate blog, more and more condo associations in the Boston area are trying to ban smoking inside individual units.

The reason that many condo associations are banning smoking is due to the fact that smoking is the cause of many fires, according to the Centers for Disease Control and Prevention.

Elizabeth Warren's Contributions to Mortgage Reform

The polls are closed. The verdict's in. And Elizabeth Warren now represents Massachusetts.

So what does that mean for homeowners in Massachusetts? What does Elizabeth Warren have to say about the housing bubble?

Earlier this year, Warren released a statement on the settlement between 49 state attorney generals and five mortgage lenders on the robosigning lawsuits, reports MassLive. "Moving forward, further investigation and prosecution are needed to bring our long national mortgage nightmare to an end," Warren said.

Aerosmith Performs Outside Their Old Digs in Allston

This week, Allston's most famous property is 1325 Commonwealth Avenue.

Aerosmith performed a free concert outside the building on Monday afternoon. The concert was a tribute to the building where the band got its start, reports Boston.com.

Steve Tyler, Joe Perry, Brad Whitford, Joey Kramer and Tom Hamilton apparently lived in the building, back in the 1970's. They are believed to have lived in apartment 31. The third floor apartment is now inhabited by young people, which the landlord says are most likely young professionals or grad students.

Mary Kennedy's NY House for Sale for $4M

Look what just hit the real estate market: The late Mary Kennedy's 14-room Bedford, N.Y., house is listed at $3,995,000, reports The Associated Press.

Kennedy was buried in Hyannisport earlier this year. And while her house was in New York, the family's Massachusetts roots are undeniable.

Her estate is being probated in New York Surrogate's Court. Details of her estate are still vague but it's probably fair to assume that Mary Kennedy and her estranged husband, Robert F. Kennedy Jr., owned the Bedford house together.

Whether this house was part of Mary Kennedy's overall probate estate, we don't know. But it still brings us to a discussion about the methods of holding title to property.