Newton Apartments, Real Estate Sales and Professional Management
We helped Brian find three different apartments to rent out in the Newton MA area. We are always sure to help each of our clients find the right apartment that fits their personal needs and budget. Thanks for the great review, Brian, it was our pleasure to help you find a suitable apartment to rent!
We helped Barbara and her family find an apartment to rent in Newton MA on two separate occasions; we were happy to help, and thank you Barbara for the great review!
Hurricane Katrina. Hurricane Sandy. Bad or old-out dated flood maps. And a lot of other issues came to a head recently for National Flood Insurance Program. Without NFIP, there is almost no private flood insurance available. Let’s take one small part of this problem: maps.
The flood maps have to be updated and kept current because the flood plains are not static, they change. Some of the existing flood maps are 15-20 years old. You may find that your property is now located in a flood zone. What happens if, God forbid, you have flood damage and have not updated your insurance? Even without a claim, what will that do to your insurance premium? What will that do to your property value? Some predict that the impact on property values and the cost of premiums will force some home owners into foreclosure. A lender will require flood insurance on the home, if the premium is so outrageous that no one will pay it, the property is not going to be worth much.
There are too many unanswered questions. The laws need to be updated but I support the NAR in asking to delay parts of Biggert-Waters legislation and do a comprehensive affordability study on the costs of this law. For more:
http://www.realtor.org/
http://www.youtube.com/watch?
Thanks for reading,
Michael Spurr
Understanding the Homestead Act!
Buying Real Estate
In the state of Massachusetts, one of the last states to offer this, we have what’s called the “Homestead Act”. And it’s a great thing that every home owner should have attached to their property. In fact, I would go as far to say that it’s shameful NOT to have a Homestead Act on your Real Estate. The Homestead Act protects a home owner from a law suit from taking their primary residence up to $500,000. Investment property is not covered in the Homestead Act. However, an owner-occupied 2 family would be covered up to that amount. There were some recent changes to the Homestead Act that reminded me of the importance of knowing about this for new home owners.
More information at http://www.sec.state.ma.us/rod/rodhom/homidx.htm.
Thanks for reading!
Michael Spurr
Filtered From Yelp!
10/5/2013
Mike is the best rental agent I have ever dealt with in Boston, San Francisco, or LA, he is way out of the norm. True integrity, not just lip service. I looked at a lot of apartments in June 2005 before I looked at one with Mike. I was very specific about my “list” and that one didn’t work, but Mike had another one that did. He connected me with the best landlord I have ever had, convinced him to amend a no pet policy for one cat since I was a single tenant and he thought I would take excellent care of the place, and I ended up in a lovely apartment for six years. I would use him again and recommend him in a heartbeat and I am not known as easy to please;-)
Barbara B. , Newton Upper Falls.
Understanding the Homestead Act!
Buying Real Estate
When you buy your first home there are a lot of new things to learn about. Some are very expensive, others not so much. This is one of the “not so much” items!
In the state of Massachusetts, one of the last states to offer this, we have what’s called the “Homestead Act”. And it’s a great thing that every home owner should have attached to their property. In fact, I would go as far to say that it’s shameful NOT to have a Homestead Act on your Real Estate. The Homestead Act protects a home owner from a law suit from taking their primary residence up to $500,000. Investment property is not covered in the Homestead Act. However, an owner-occupied 2 family would be covered up to that amount. There were some recent changes to the Homestead Act that reminded me of the importance of knowing about this for new home owners.
More information at http://www.sec.state.ma.us/rod/rodhom/homidx.htm.
Thanks for reading!
Michael Spurr
An Offer to Purchase is a Binding Contract
Buying Real Estate
In Massachusetts, all Real Estate Offer to Purchase contracts must be in writing with consideration, that is, with a reasonable deposit to bind the offer. Most often, the consideration is a check made out to the listing agency for $1000. In the case of McCarthy v Tobin 1998, the court ruled that the offer to purchase stated all terms & conditions material to the completed transaction, signed by both parties, is a binding contract. I have heard some agents say “well, we can put in an offer and if you decide in a few days that you don’t like it, we can back out of the deal by finding something wrong in the inspection contingency.” WRONG! A buyer should have reasonable cause for withdrawing from the contract and can be held to that assumption. When you make an offer to purchase, do so with the intention of buying the property. In light of the legal significance of this binding offer, buyers (and sellers) are wise to consult an attorney to review the Offer to Purchase before they sign it.
Thanks for reading, Michael Spurr
Owner/Broker, Cert. Buyer Representative
August, 2013
After hiring two different agents to market our family’s home in Newton without success, we were referred by a neighbor to Michael Spurr. After Michael explained the market being down, he encouraged us to rent the property until the market returned.
That made sense to us. Michael then evaluated the house as a rental, offered suggestions on improvements to attract quality tenants. He found us quality tenants for the target date and asking rent. The family we rented the house to were never late with the rent and were lovely tenants. Because both my sister and myself lived out of state, Michael managed the house for us too. He was always attentive to the tenants needs, maintenance was done on time and the accounting was clear and transparent.
After two years the market rebounded, we felt confident to offer the house for sale again. Michael listed the house for sale and within a week we had several offers and the house sold for above the asking price!
At no time were we ever frustrated because we could not contact Michael, he was always easy to reach, honest with expectations and was spot on in the rental, management and sale of our family home. We would hire him again and encourage other to do so too.
You did an outstanding job at taking care of the house, thank you.
Barbara S, Karen B.
8/2013
Mike,
We are really thankful for all you did, Fabio and I really appreciated all your effort in helping us find the right place.
You were sincere with us all the time. I knew we could trust you, when Mike says something is good, believe him. He knows what he is talking about!
Thank you so much for EVERYTHING!!!
Amanda & Fabio, Newton Centre MA
Mill Creak Residential Development LLC. has asked Needham to permit 300 units to be built on Greendale Ave. on the Needham/Newton line. The lot is approximately 6 acres. Question to landlords: Do we need more luxury apartments in our area? How will this affect your tenant base in the future?
Interest Rates Should Hold for the Next Year…
Buying Real Estate
No one knows the future and predicting it is very dangerous, but if you don’t go out on a limb, you never get the chance to fall off!
My feeling for the coming year is that the Real Estate market in our area (Boston/Metro West) will continue to improve; this means prices will continue to stabilize and homes will again increase in value.
The average sale price for condos, single family homes and multifamily homes has increased over the last year. Here are some estimated values:
I feel that the lending situation should get better too. Having said that, make sure your credit score is strong and you have a game plan on what, and where you would like to purchase your new home!
Many of my clients are interested in buying multi-family homes in the Newton MA area. But what they don’t understand is that these homes are in high demand but short supply!
If you’re interested in buying a multi-family home, please give me a call at 617-965-3300, or email me at [email protected]. As you just read, they are in high demand, but in short supply, and they remain on the market for a short amount of time (less than two weeks). I am looking forward to helping you with finding multi-family homes, or any other real estate service you need!
If you’re thinking of investing in residential Real Estate, here’s something to be very aware of when considering the size of units in a multifamily property. The US census data shows that the single households have increased substantially over the last 40 years. In 1970 the average of single person households was 17.1 percent. In 1980 it increased to 22.7 percent and to 24.6 percent in 1990.
My guess is that we’re now over 30 percent of the households in the US are that of a single occupant. In Boston, the housing stock is older and there are fewer small units. Think about it, seventy years ago people got married and had kids early in life. So, at that time, there was no demand for a one bedroom apartment. Fast forward to today and there are many single people and couples looking for that one bedroom with a study style of apartment and because the housing stock is older-there aren’t that many to offer. Simple laws of supply and demand tell you that you’ll get the best return on small apartments.
Last weeks’ national numbers on employment were not what the economists expected. With things in Europe unstable, we’re only guessing where the economy will go from here. Having said that, our area, the Metro West area of Boston continues to move in a positive direction. Interest rates are still at record lows, so if you’re considering buying in this area it’s a good decision to do so.
Here are some very important things to think about when buying to guard against losing value after you buy that property.
If the street that the house you like has a lot of traffic or a double line, really consider this because it will most likely only get worse over time. If you’re looking at a multi-family home with 2 units, each with 3 bedrooms and you only have a total of 3 parking spaces for the entire house, you’re going to have parking issues and that too, will only get worse over time. Today many younger buyers are conscious of their “carbon foot print” because of this they use public transportation and we all want as short a commute as possible.
Thanks for reading,
Michael Spurr
Owner/Broker, Certified Buyer Representative
Many people ask me “Why do I need to use a “Buyer’s Agent” when I can go online and see all the listings for sale myself? Well, it’s true. Anyone can go online and see what’s offered for sale. But how do you know if the asking price is fair market value? It’s very important to look at a list of sold properties for the last 6 months to understand where the market is at this time. And it’s also important to look at the trend over the last few years. Has the single family sales market in Newton hit bottom? Are prices still falling? NO, here are the numbers from the beginning of the recession:
2008 2009 2010 2011
Number of sales 499 511 518 519
Average List Price $940k $880k $922k $945k
Median Sale Price $755k $710k $744k $760k
Days on Market 75 78 76 87
As you can see, the single family sales market hit bottom in 2009. But this is because I’m an agent, I have access to a lot a data and I know how to read the data. And you can also see that the market is back to a level of 2008! This year should be very busy!
Thanks for reading,
Michael Spurr
Owner/Broker, Certified Buyer Representative
