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Suffolk County, MA Real Estate News

By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
If you’re looking to save on housing costs by renting an apartment in one of Boston’s many suburbs, it may be harder than you think.  Some of Boston’s suburbs like Cambridge and Brookline can be just as expensive as some of the City’s premium neighborhoods.  The pandemic has also shifted demand from Boston’s core areas near Downtown towards the suburbs, so prices are on the rise in many of the outer areas in Greater Boston. Still, renters can find affordable apartments in Boston’s suburbs not too far outside of the city if they know where to look.  Here are the Top 5 most affordable neighborhoods to rent an apartment in Boston’s suburbs: Waltham apartmentsAverage Rent: $1,988 Waltham holds down the top spot on our list of most affordable rental markets in Boston’s closest suburbs.  A 1 ...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
Boston’s apartment rental market seems to have begun its recovery after a year marked by shifting demand and soaring vacancies.  The vacancy rate for Boston apartments has dropped by 43% since mid-March of 2021 after soaring to unprecedented 9.13% in September of 2020. That figure now sits at 3.02%, and it's not unreasonable to believe that figure could drop close to 1% as it nears its cyclical low in late August. The inventory issues Boston experienced in 2020 were directly caused by the pandemic, and in particular remote learning.  Boston’s apartment supply is highly seasonal due to the large percentage of student population.  It’s estimated by Boston Pads that 60% of leases across all of Metro Boston begin and end on September 1 as it coincides with the beginning of the fall semester...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
Rent prices have been on the decline in Greater Boston since March of 2020.  Demand for apartments was severely hampered by remote learning and a diminished student population, sending prices for apartments plunging as high as 21% in Downtown. The reality is these severe rent drops have been more or less concentrated to a few neighborhoods in Boston.  Overall in Boston, the average rent for an apartment has dropped 4.51% year-over-year. This points to an interesting shift in demand that has occurred over the past year in Boston’s housing market.  Demand shifted from renting to buying amid record low interest rates.  Demand also shifted from the typical high-demand neighborhoods near Downtown and local Universities to areas out in the suburbs.  This shifting demand trend becomes clear wh...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The City of Boston is currently the 3rd most expensive rental market in the US behind New York and San Francisco.  Apartment prices have been steadily on the rise for over a decade due to a short supply of housing and a growing demand for apartment rentals.  This demand-growth has been fueled by increasing enrollment at local Universities and an ever-growing stream of VC funding towards Boston-based startups. 2020 marked the first year since the housing crisis where rent prices dipped in Boston.  The pandemic led to mass vacancies near Downtown and local Universities due to remote work and remote learning.  Vacancy rates climbed as high as 25% in Downtown, and still remain above 20% currently.  As a result, average rent for Downtown Boston apartments is down -21.45% YOY, Bay Village ren...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
Harvard, BU, Northeastern, UMass, Tufts, and MIT have all made announcements of their plans to either scale down or phase out remote learning for the Fall 2021 semester.  The much anticipated news is beginning to steady the apartment rental market in Boston, which has been plagued by vacancies as a result of a diminished student population.  The real-time availability rate (RTAR) in Boston peaked at 13.56% in March of this year as Universities began releasing their plans.  That peak marked a 159.7% YOY increase in apartment availability from the same data in 2020.  It has since leveled off and come down to 12.75% as the news has restored demand for off campus housing in Boston.  Typically availability peaks in Boston from March to April as it coincides with the latter half of the Spring...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The South End has been one of the hottest rental markets in all of Boston over the past decade.  It has solidified itself as one of the most desirable neighborhoods in Beantown, home to the city’s best arts and cultural scene and widely considered to be the epicenter of Boston’s best restaurant offerings.  That combined with its close proximity to Downtown and local Universities, South End’s housing market has enjoyed a steady flow of demand for housing for a long time.  All that changed in 2020. When the pandemic came to town, it reshaped the local housing economy.  Remote learning was put in place at every major local University, causing widespread vacancies in student enclaves like Allston, Mission Hill, Fenway, and South End.  Remote work led to a mass migration from Downtown to the...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
Tomorrow will mark exactly 7 months from the day the Fenway vacancy rate began its jaw-dropping blastoff as a result of the pandemic, remote learning, and the international travel ban.  The pivotal 9/1 leasing date came to pass, and Fenway saw the usual number of students moving out as their apartment leases expires.  Only this time, there were no students moving in. As a result, the vacancy rate for Fenway apartments rose from 3.38% on August 31 to an unthinkable 17.87% by September 8.  All of a sudden, one of Boston’s best areas to live was in a situation where 1 out of every 5 apartments lay empty. The Fenway apartment rental market is no stranger to high turnover.  As you can see from the preceding graphic, September always brings a spike in vacancies in Fenway as well as the entire...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
Rental prices in South Boston have been steadily on the rise over the past decade.  This iconic Boston neighborhood has transformed itself from the tough blue-collar neighborhood of the twentieth century to the diverse and developing white-collar neighborhood it is today.  Average rent prices are reflective of that trend, as South Boston is now one of the more expensive neighborhoods to rent an apartment in Boston. Currently the average rent price in South Boston is $2,752, which is about 8.9% higher than Boston’s average rent of $2,528.  That average rent ranks South Boston as the 10 most expensive area among all 33 neighborhoods that make up Boston and its closest suburbs.  That average rent price makes the cost of South Boston apartments about the same as apartments in Cambridge and ...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The apartment supply issues being faced by many Boston neighborhoods has been well documented over the past year.  Allston and other neighborhoods near local Universities have been plagued by apartment vacancies as a result of remote learning policies being instituted at local schools.  Interestingly enough, prior to February of this year, the Allston apartment rental market seemed to be holding steady in terms of vacancies compared to other popular student enclaves in Boston like Fenway and Mission Hill.    That all changed over the past 7 weeks, as the real-time availability rate for Allston apartments shot up to an unthinkable 27.4%, making it the highest availability rate of any Boston neighborhood.  That means more than 1 out of every 4 apartments in Allston is available for rent, ...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The year of COVID was a tough one for Boston’s apartment rental market, that is indisputable.  Apartment vacancies soared in many of the city’s most expensive neighborhoods as local schools enacted remote learning policies and residents in Downtown fled for open spaces.  Average rent prices for Boston apartments have declined by 4% city-wide, 8-10% in Back Bay, South End, and North End, and over 20% for apartments in Downtown Boston.  Some may believe that there is no way out of this market decline other than an end to COVID-19 and the remote learning policies that have stripped Boston of its vital student population.  If there is anything that can be done to quickly restore Boston’s rental market to the dominant force it was before the pandemic, it would be that.   But with more questi...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The vacancy rate in East Boston shot up a whopping 207% in the past 12 months.  Now at face value that sounds pretty shocking and could be the story in and of itself, until you peel back the layers a bit more.  So while it’s true that the current East Boston vacancy rate of 3.78% is more than triple the record low vacancy rate of 1.19% from February 2020, it doesn’t seem so shocking when you compare that to the 349% increase in the City-wide vacancy rate  or the 2600% increase we’re seeing in Downtown Boston.  Even prior to the pandemic, the apartment rental market in East Boston had undergone some dramatic changes over the past decade.  Bolstered by steady regional economic growth and increasing enrollment numbers at local Universities, the Greater Boston housing market emerged as one ...
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By James Lowenstern, Castles Unlimited. Newton MA Real Estate
(Castles Unlimited®)
While they aren’t often in the spotlight, independent brokerages account for a large percentage of real estate sales. But starting your own brokerage is not easy, many brokers prefer to open a franchise and pay dues in exchange for support.However, what many don’t realize is that independent brokers have several unique advantages. The first is individuality. With corporate structures come branding guidelines. Franchise brokers are limited on how they operate, brand, and market themselves. Independent brokers have the freedom and flexibility to run their own business, develop their own voice, and grant their agents more autonomy. Independent brokers also have more skin in the game, and therefore want (and need) to ensure you have the best possible experience in order to uphold their repu...
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By James Lowenstern, Castles Unlimited. Newton MA Real Estate
(Castles Unlimited®)
You’ve heard of a buyer’s and seller’s market, but have you heard of a renter’s market?Renters now have more negotiating power than they’ve had in a long time.In a city that is usually full to the brim with students, recent graduates starting their first jobs, and young families- something is definitely different this September. Because of a combination of work from home and all around uncertainty from schools re-opening; vacancies in Boston have increased by around 6%. So what does this mean for renters? For one, a much better selection of apartments than usual, but that’s not all. In some cases, owners and realtors are even offering incentives just to get leases signed and apartments leased.If you were hesitant about signing a new lease at first, you should rest assured that you are b...
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By Michael Mahoney, Boston Realtor with Century 21
(Century 21)
Real Estate in Boston by Century 21 Affiliated Agent Michael MahoneyGreater Boston Real Estate Update by Realtor Michael Mahoney I do hope this finds you and your family well, healthy and gainfully employed. I know it's challenging for a lot of people. If I can help you personally, please feel free to reach out. I belong to a couple business organizations and a fraternal organization that likes to help people who need it. If that's you, text/call 617-615-9435. In this week's newsletter, I continue to beat the drum about the lack of inventory in the residential real estate market inside the 495 Belt of Greater Boston. It's clearly the best time to sell. Properties going pending are almost 1.5x's the number of new listings coming on the market. This is reflected in my Norfolk and Suffolk ...
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By Michael Mahoney, Boston Realtor with Century 21
(Century 21)
Real Estate in Boston by Century 21 Affilated Agent Michael MahoneyGreater Boston Real Estate Update by Realtor Michael Mahoney I do hope this finds you and your family well, healthy and gainfully employed. I know it's challenging for a lot of people. If I can help you personally, please feel free to reach out. I belong to a couple business organizations and a fraternal organization that likes to help people who need it. If that's you, text/call 617-615-9435. In this week's newsletter, I continue to beat the drum about the lack of inventory in the residential real estate market inside the 495 Belt of Greater Boston. It's clearly the best time to sell. Properties going pending are almost 1.5x's the number of new listings coming on the market. This is reflected in my Norfolk and Suffolk C...
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By Michael Mahoney, Boston Realtor with Century 21
(Century 21)
The Last 7 Days in Boston Real EstateMichael Mahoney, a manager with Century 21 American Properties produces “The Thank Goodness it’s Monday” e-mail every Monday. It is a newsletter focusing on events, tools and strategies for our Century 21 agents.The market definitely needs more listings. The pendings are outweighing the active listings.  
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By Larry Lawfer, "I listen for a living." It's all about you.
(YourStories Realty Group powered by Castles Unlimited®)
Hiring the Right Contractor V1 E37 Masters Touch Design-Build.  In this PODCAST Chris Previte of Masters Touch  Design-Build shares with us today the right and wrong way to find, secure and redo your home the right way. Choosing your contractor is the simple matter of knowing what to ask and being focused on finding the right person for your needs. Communications, vision, follow through are big parts. Caring about your needs and having a willingness to focus on those needs is critical. Listen to how one company does it right.Over the many years I have been in the real estate industry I have been in thousands of houses and hundreds of housing sites being built.  Nothing is the same, all have their unique aspects.  Builders use different materials, different crews, different timing and mo...
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By Larry Lawfer, "I listen for a living." It's all about you.
(YourStories Realty Group powered by Castles Unlimited®)
Boston Globe Real Estate Writer spills the beans on Real Estate. Our Podcast today talks about high rents, need for affordable homes, transfer taxes, rent control the middle class families have difficulty in the Boston area finding homes that are a good fit for them.  Tim Logan, real estate writer, from The Boston Globe shares what he has covered in the past months on all these issues.  Transfer tax is in front of the legislature this week. The idea is to charge a 1% transfer tax to both Buyers and Sellers.  There are some towns in the Commonwealth looking at this for homes beginning at $400,000. This is a slippery slope. Once towns are reaping income from people who own homes and live in these towns they will, of course,  jump from taxing some sales to taxing all sales.To me this is un...
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By James Lowenstern, Castles Unlimited. Newton MA Real Estate
(Castles Unlimited®)
Financial Experts agree; they aren’t exactly sure when, but we are due for a recession sometime soon. In times like these, the stock market can be a scary place to hedge your bets. Conversely, real estate can be a great place to put your money if you are looking for an asset that will retain value long term, and provide stable passive income in the short term.If you’re looking to learn anything from the 2008 recession, you should keep in mind that the driving forces behind that crisis were fundamentally different than the ones at play today. Over 10 years ago, it was the mortgage default rates that forced the housing market to collapse, which in turn hurt the economy.But 2008 was a special case, in most recessions, real estate in a good location is one of the assets that will maintain i...
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By James Lowenstern, Castles Unlimited. Newton MA Real Estate
(Castles Unlimited®)
Recently there’s been a lot of discussion about the buyer’s agent. Some believe that the role is under attack because of developments in technology. Many buyers are now finding properties online and contacting listing agents directly. Needless to say, the position is under fire, and this it’s just another part of the rapidly changing industry in 2019. Change is inevitable, and the role is evolving, but it’s important to know the original purpose behind buyer’s agents, and why it cannot be so easily pushed away. Looking out for The Interests of The BuyersWithout someone to look out for the interests of the buyer, the public can be easily misled, it cannot be the job of the listing agent to help the buyer, because they are under contract, and paid by the seller. Buyers need representation...
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By James Lowenstern, Castles Unlimited. Newton MA Real Estate
(Castles Unlimited®)
Pricing a home right can be tricky, especially in volatile markets with prices that often fluctuate. It’s especially hard to tell if the other current list prices are accurate to the actual sale prices, which usually aren’t public until the sale closes- three or four months later. Analysis of similar homes and market changes are critical but sometimes difficult. It’s important to keep in mind the raw numbers such as square footage, monthly rental income, condition and location, as well as any special features. These are the most concrete factors on which to base your price. The history of the home is also valuable but uncertain, as you don’t always know how that particular market segment has shifted since the last sale. One of the best ways to get recent and accurate info regarding simi...
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