For the month of July 2008, the year on year condo sales value in Boston remained flat from 2007 to 2008, while volume dropped slightly at 12%. Here are the numbers: In July 2007 there were a total of 464 condos sold, while July of 2008 saw 408 total sales. The median value of sold condos in July 2007 was $375,500 and rose slightly in July of 2008 to $379,250. This represents a rise of approximately 1% in value and thus values have remained flat. This is an indication that the Boston market has remained relatively strong throughout the mortgage crisis. Although a decline in volume usually precedes a decline in value, Boston has a very healthy luxury market that should help keep values stable in the Boston market. For more information visit www.sharpbuyers.com. Sharp Buyers aims to educate buyers and can provide you with detailed reports as well as a real estate rebate at closing.

Many Boston Buyers are unaware that they can receive a %50 commission rebate on their real estate purchases. As the internet plays a more signifcant role in Boston home buyers home search, buyers stand to save more than ever and here is why. With the large number of resources that enable consumers to narrow their home search on their own before they even step out of the house, real estate brokers have been forced to come up with new and creative strategies to attract thses proactive home buyers. As a result many brokers and agents have joined the SharpBuyers.com real estate network. These agents are Realtors that have decided to reward proactive home buyers by giving them up to %50 of their commission at closing. This creates a system where home buyers get a professional negotiator working for them and receive compensation for their role in the home finding process. In most cases, the most time consuming aspect of a real estate transaction is finding the ideal home. If a home buyer can do this on their own or with minimal assistance from a Realtor, It allows real estate professionals to do what they do best, and that is mange the transaction from the offer to the closing. Sharpbuyers Borkers and agents are members of the NAR and work for companies such as RE/Max, Exit Realty, Keller Williams, Pridential, Coldwell Banker, and many more. Its time for Boston to save big.

As the real estate market continues to slide, it has become more and more critical for home buyers to watch the market. Many sellers that are forced to sell in this market sometimes list their homes for rock bottom prices for a fast sale in anticipation of further market declines. As a result, home buyers should make sure they are receiving and checking their daily updates from their Realtors. This will ensure that you are the first, or one of the first, to see the listings that fit you criteria and increase your chances of acquiring the property that's right for you. The other piece of advice is in regards to offering your best and final offer. If a property has multiple offers and you are sure it's a good fit for you, leave everything on the table. I have seen many buyers loose homes that they loved over a couple thousand dollars. Remember, you're paying for something that will increase you and your family's quality of life, and that is something that cannot be measured with a price tag. Sharbuyers.com can certainly help you save even more by providing you with a %50 Commission rebate at closing that will additionally save you thousands of dollars. Real Estate rebates are legal in most states and are endorsed by the department of justice. Ask your Realtor if they are a member of the SharpBuyer's Network or Contact SharpBuyers.com to locate a local pro that will provide full service and a real estate rebate at closing.

From Boom To Bust

The market conditions that led to the current real estate crisis are the result of pro-longed historically low interest rates, lax mortgage guidelines that were bent, and even broken in some cases, and the philosophy that anyone can own a home.

It was never easier for consumers to purchase real estate than between 2002 - 2006. Many unqualified individuals, who couldn't get a car loan, were able to buy real estate with little to no effort and 0 money down. Theoretically, if interest rates kept dropping, this would not have been a problem, because the home owner could just list and sell or refinance if they ran into any trouble. Buyers felt invincible because many were able to buy and hold for 6 -12 months and experienced 20% -50% increases in equity. But as rates climbed, the equity in these homes began to diminish, which meant that these unqualified buyers with no money in the bank were stuck with homes and mortgages that they couldn't afford.

The end result of this boom and the bust that followed was historically high foreclosure rates, difficulty for qualified buyers to attain a decent mortgage and a declining real estate market that is one of the factors contributing the current recession.

All of this leads me to question why unqualified buyers were permitted to purchase real estate. Simply put, it was greed. Many buyers were given bogus loans that kept their payments low for a few years while the owner was only paying interest. When these loans adjusted the owners were left holding a mortgage note that they could not refinance and a home that now had negative equity.

I hope the lending industry learned their lesson. If a buyer doesn't have money in the bank, a minimum of a10% down payment, and is using more than 30% of their salary to pay a conventional mortgage, they should not be permitted to purchase real estate. Only time will tell if these lessons were learned. 20-30 years from now, once the industry recovers and rates have risen and come down again and the leadership has changed, could we be having the same conversation? Will history repeat itself?  It will be interesting to see what the future has in store.

In May 2008, Boston Condominium sales volume decreased from 536 in May 2007 to 429 in May of 2008. This represents a 20% decrease in volume. Prices remained relatively even for the same period. In May of 2007 the Median price for Boston condo was $389,450 while in May of 2008 the median price was $388,000. This is a decrease of less than 1% in value, which means Boston Condo prices remain stable. Although prices remain stable the volume has significantly decreased which could lead to significant prices decreases in quaters 2-4 of 2008, if the volume doesn't rebound. This information was provided by SharpBuyer.com, Boston's Buyer Broker.

In May 2008, Boston single family home sales decreased from 111 in May 2007 to 73 in May of 2008. This represents a 34.2% decrease in volume. Prices also decreased for the same period. In May of 2007 the Median price for a single family in Boston was $385,000. In May of 2008 the median price was $356,000.00. This is an 8% decrease in value. Based on the data, it is clear that Boston single family home sales continue to decline. Home buyers stand to benefit the most during these market conditions.  This information was provided by SharpBuyer.com, Boston's Buyer Broker.

Through the first quarter of 2008, San Francisco home sales are down approximately 55% in volume but prices experienced a slight rise of 3% based on the median value, compared to quarter 1 of 2007.  While homes sales volume has dipped into a range not seen since 2003, the median value of homes has remained relatively stable.  San Francisco home values have actually remained relatively stagnant since Q1 2005 and have remained just about even over the last 3 years. Based on the data,  San Francisco shows signs of being a strong market but with the large dip in sales volume for Quarter 1 2008, there may be a significant price decrease to follow in Quarter 2.  Prices will certainly decline if the the volume does not pick up soon.

San Francisco consumers looking to purchase a home are certainly in the driver’s seat. The sharp decline in sales volume has genrally made sellers much more flexible and willing to work with buyers. Many buyers have decided to wait until the market bottoms out, but the only way to know when the market has hit rock bottom is when it starts to come back up. That being said, if you are in a position to purchase real estate, this is the time to buy. The Market may continue to slide but if you buy a home you can afford with the intent to live in it for 3-5 years, you will be able to weather the storm of an unpredictable market.

SharpBuyers.com Realtors will provide you with the tools to better understand the market and identify what type of property best suits your needs. In addition to their real estate knowledge and expertise, SharpBuyers.com Realtors will provide you with with a real estate rebate of up to 50% of their commission at closing. The rebate can be used for closing costs or any way a home buyer desires.

As oil prices continue to rise, consumers are looking for ways to increase their savings at the pump. Gas prices are hitting historic highs and many consumers are beginning to panic. More and more people are using public transportation and alternatives such as biking or walking.  One way that consumers can save is through real estate rebates. Everyone can benefit from real estate rebates. Anyone who refers a home buyer to SharpBuyers.com that results in a closing will receive $100 that you can use for anything you'd like including gas. Home buyers that go through SharpBuyers.com will receive a real estate rebate worth thousands of dollars.  We may not be able to reduce gas prices but we can help everyone make a little extra cash to ease the burdens imposed by a difficult economy.

It appears that Google is looking to write your next mortgage. (Well not quite in the US yet) Search Engine Land reports that Google has launched Google Merchant Search in the UK. The service is similar to Lending Tree in that consumers can now use Google to comparison shop for loans and view lenders side by side based on the advertised rates and fees. Is Google finally biting off more than they can chew? What are your thoughts?

The Mandarin Oriental is a highly anticipated luxury real estate project located at 800 Boylston St in the Back Bay of Boston. The building will feature 50 condominiums, 25 apartments, 148 guest rooms and mixed retail space including a 16,000 square foot spa. The Mandarin and its highly touted management team promise to provide the highest quality of service to all who reside in its quarters.

The Mandarin Boston will open in October 2008. It was originally slated to open in July of 2008 but after a fire that seriously damaged the spa; the opening date was pushed to October. There are currently three four condos available in this citadel of luxury. The amenities include the renowned Mizu Salon, a huge fitness center and spa, restaurants, and 5-star hotel services at the push of a button. And for an added bonus, the mandarin is adjacent to the Prudential Center, Copley Square and one block from Newbury Street. Residents also have indoor access to the Acela Express train to New York directly from the hotel.

To schedule a showing please contact SharpBuyers.com, Boston's Standard For Luxury Real Estate!