Greg's Blog

Green line Extension Project

Greg DiGiorgio (RE/MAX Leading Edge) — Mon, 14 Apr 2008 22:46:11 -0500

This is finally in motion after 40 years of discussion. This project will extend existing MBTA Green Line service from Lechmere Station through the northwest Boston corridor communities of Cambridge, Somerville, and Medford, with an extension of the main line to Medford and a spur line to Union Square in Somerville. Somerville being the most densely populated city in New England is in dire need of more public transportation hubs. The Green Line will provide just that. Although the exact stops are not set in stone they are discussing potential stops in Union Square, Somerville High School & City Hall, Lowell Street, Magoun/Ball Square, Tufts, and ending in W. Medford. Neighborhoods in East Arlington will also benefit from this. The goals of the project are to increase mobility, encourage public transit usage, improve regional air quality, ensure a more equitable distribution of transit services, and support opportunities for sustainable development. The current phase for this project is scheduled to last 18 months and is focused on finalizing best route and station locations for the new transit service by moving into conceptual engineering and preparing the necessary state and federal environmental review documents. The project is expected to open by the last day of 2014 and is projected to cost $700 million. Katherine Fichter of the Office of Transportation Planning said the EOTPW “hopes to get half of the project costs from FTA grants,” and the rest will be borne by the state. If no FTA funds are granted, the state will bear the entirety of the cost.

Overall I think there is a tremendous opportunity for buyers to take advantage of investing in property near neighborhoods that will be seeing the Green Line. Just remember what the Red Line did to Davis Square back in 1984. I particularly would pay attention to the Somerville neighborhood behind Ball Square in between Broadway and Highland Ave on either side of Willow Ave. Residents in these neighborhoods will not only be walking distance from the Red line, but also the Green Line as well.

More at : Green Line Extension

Make Sure The Seller Doesn't Steal YOUR Appliances!!

Greg DiGiorgio (RE/MAX Leading Edge) — Sun, 13 Apr 2008 23:51:15 -0500

I'm in the middle of a transaction right now where the seller wants to switch out the stove after we already had the offer accepted. That's not fair and as far as I'm concerned not going to happen. If the seller discloses that they want to take the stove in the beginning that would be a different story. However, to show your house with a brand new stove then switch it out before the buyer moves in is a bit shady. Always make sure that you pay attention to the appliances. Make sure when you and your Realtor do you final walk through that you make sure the same appliances are still there as when you made your offer. The same hold true for any other fixtures like lighting, ceiling fans, sconces, and even chandeliers and fire place mantels. If the seller doesn't exclude them on the MLS listing sheet then it belongs to YOU!!

So How's The Market?

Greg DiGiorgio (RE/MAX Leading Edge) — Thu, 03 Apr 2008 21:30:47 -0500

This is a question I get asked pretty much on a daily basis. I could be in Dunkin Donuts, the cleaners, convenience store, or the dentist. If someone knows that I'm a Realtor the question usually follows. Here's the deal, its good for some, and not good for others. Let me explain. If you are planning to buy a home right now and want to sell it for a profit in 2 years, its probably not a good time to buy. However, if you plan on staying in the home for at least 5 years, its definitely a good time to buy. Now on the selling side, if you just bought around 2003 or 2004, HOLD ON TO YOUR PROPERTY IF YOU CAN!! If you don't have to sell right now don't. Get out of the adjustable rate mortgage, get into a fixed rate, and hold on for a little while longer. I know this is easier for some and impossible for the ones that bought a house they could barely afford with an interest only loan. I feel bad for those folks because they are in tough situations. A short sale seems to be their only option. The people that should be selling now are the ones that have owned for a while and have some equity. Take my parents for example, they had there beautiful 2000+ Sq. Ft. colonial built back in 1972 which my dad paid $51,000 for at the time, can you imagine? So now he has the house paid off and he says to me "Greg if I was going to sell I will wait until the market peeks out again so I can maximize my investment." Well, I understand that in all, but I said to him, "Dad your house is worth about $600,000, just because its not worth $675,000 anymore doesn't mean that you haven't had an unbelievable return on investment over the years". I told him that he shouldn't be greedy and to open his eyes and see the big picture. The beach front condo that he wanted to buy is now $650,000 instead of $700,000. If your buying and selling in the same market its a lateral move. Your house may be less, but so isn't the one you want buy. So besides all the hoopla you read in the Boston Globe or what hype you may hear on the streets, the fact of the matter is that the market DOESN'T stink, its just better for some than others!

Arlington Massachusetts

Greg DiGiorgio (RE/MAX Leading Edge) — Thu, 03 Apr 2008 20:36:41 -0500

Arlington, MA Real Estate is some of the best investment property available in the state. Arlington offers residential single families, multi-family investment homes, condominiums, new construction, adult living communities (55+ communities), retirement homes & facilities, land, and waterfront property. Located just 6 miles from Downtown Boston, property values in Arlington, MA have remained strong in the last several years and as many people will tell you, have a very bright future ahead of them as well. Arlington, Mass offers a magic blend of proximity to the city, respectable schools, desirable housing stock with prices notably lower than surrounding areas including Winchester, Belmont, and Lexington. There is also a theater nearby to catch a movie, or you can enjoy the bustling restaurant scene.

According to The Warren Group:

In January of 2008 the median single family home price in Arlington MA was $534,350, an increase of 15% from January 2007. In January 2008 the median price for a condominium in Arlington MA was $350,000, and 8% increase from January 2007. Year to date there have been 60 home sales, the highest price home sold for $950,000, and the lowest price sold was a condo for $160,000.