Jamaica Plain

How Much is a Condo in Boston?

The condo market in Boston is growing quickly. According to an August, 2016 report released by realestate.com, both the number of available condos and their prices are on the rise. A big reason for the higher average price is the development of many new luxury condos. Longwood Towers Condominiums is one such example. These units have a lot of amenities not previously found in Boston condos. Some of these features might include an on-site fitness center, concierge service, and valet parking.

Condo Prices vs. Single-Family Home Prices

In late 2016, the average condo in Suffolk County was $520,000. This represented a 9.5% increase over the first half of the year. Suffolk County includes Boston as well as smaller, nearby cities like Chelsea and Revere. The average single-family home in the same county sold for $440,000. That was 4.4 percent higher than the first half of 2016.

Here are the average condos prices for Boston and nearby cities:

  • Downtown Boston (including South End, Midtown, and Back Bay) - $800,000

  • South Boston - $615,000

  • East Boston - $400,000

  • Cambridge - $651,000

  • Somerville - $587,000

  • Jamaica Plain - $478,000

These prices can certainly be discouraging, especially for a first-time homeowner. However, attending one of our first-time home buyer seminars can provide you with several resources. If you don’t see any upcoming, please contact us, or feel free to call us at (617) 396-3100, and we’ll be sure to arrange a seminar to help you soon!

How Are Condos Different?

Many Bostonians prefer condos because it allows them to own property with more perks and less responsibility than a homeowner. It also provides more freedom than renting an apartment. Someone else handles all outside maintenance such as mowing the lawn or shoveling snow. Since you own your unit, you’re free to decorate or remodel as you see fit. The one exception is that you won’t be able to make structural changes to common walls between your own space and a neighbor’s.

If you’re looking for luxury and convenience, speak to us today about Longwood condos for sale.

How Much Apartment Can I Afford?

Budgeting for apartment rent isn’t always easy, especially when it’s your first time renting. For most people, rent or mortgage, food, and transportation take up at least 60% of their budget. The goal of this article is to help give you a baseline knowledge of this topic to establish your own personalized apartment budget.

When adding up your income, be sure to include or subtract the following, if applicable:

·       Salary

·       Bonuses

·       Royalties or rental income

·       Alimony or child support

·       Interest

·       Proceeds from a recent sale of a large item

As you balance your budget, try not to spend much more than 60% percent of your total income on rent, food and transportation. You will still need money for electricity, cable/phone, insurance, medical care, debt repayments, and if you’re lucky savings. Be sure to consider the cost of living in your preferred location when choosing your apartment. In Boston, many people enjoy the conveniences of urban living, such as public transportation and riding or walking to their workplace.

Your Annual Salary Should Be At Least 40 Times Your Monthly Rent

There’s no question that the cost of living is high in Boston. This is why many landlords require tenants to earn an annual salary that is at least 40 times the monthly rental rate. Assume that you and your spouse earn a combined income of $100,000 per year. Divide this figure by 40 to get the maximum you should pay for rent each month. In this case, it’s $2,500.

Consider Your Move-In Costs

Keep in mind that you almost always need to pay a security deposit when you move into your new apartment. It’s common for landlords to require the first and last month’s rent when you sign a lease, too. To offset these costs, look for special deals being offered. For example, a rental property manager may offer a free month’s rent when you sign a lease of at least one year. You also need to account for costs such as new furniture or professional moving assistance. Rest assured, the management at Longwood Residential will assist you in locating money-saving deals whenever possible.

Hot Boston Neighborhoods You Should Invest In NOW

Real estate is an excellent investment option because it generates a predictable income source and its value increases over the years. Whether you’re new to real estate investing or a seasoned professional, you need to know which Boston neighborhoods make the best investments.

Jamaica Plain and Roslindale

These neighborhoods are slowly becoming too expensive for low income and middle class renters, but both of them are attractive to young professionals with few obligations who can afford the rent. A current trend among investors in Jamaica Plain and Roslindale is to live in a multi-family property they buy or in a single-family home with extra rooms. They can then rent out the space they are not using.  One obvious benefit to this is that your renters pay most of the mortgage.

Roslindale is the more affordable of these two areas. People who are priced out of Jamaica Plain are heading to nearby Roslindale to look for housing. This is good news for you as an investor. The area also has a huge draw in Roslindale Square. The weekly farmer’s market is a hit, as are the numerous restaurants and shopping options.

Other Boston Neighborhoods to Consider

Condos are an attractive option for people who want stability without the demands of home ownership. The Brighton neighborhood is home to several one and two-family homes that have been converted to condos. This is a good time for investors to get in on the growing condo market in Brighton. The area is also home to Brighton Center. It is a vibrant area containing shops, restaurants, and many businesses.

East Boston offers an amazing skyline view and is connected to greater Boston by harbor tunnels and the MBTA’s blue line. The area has improved significantly over the past few years and is attractive to renters. If you prefer to buy investment property in the suburbs, consider Watertown. This Boston neighborhood is less expensive than the city and may be a good option for renters with young families.

Boston and Brookline Area News and Events thru September

If it comes as a shock to you that August is already here, take heart. There are still plenty of activities to participate in while it is still warm enough to leave your home without a jacket. Summer may be winding down, but events in Boston and Brookline (or some nearby cities) are not. Here is what’s on tap for late August and the whole month of September:

Find Your Park

July 22 to August 30

Brookline Public Library, First Floor, 361 Washington Street

To honor the 100th anniversary of the National Park Service this month, staff from the John Fitzgerald Kennedy and Frederick Law Olmstead historical sites are jointly hosting a public event. Some of the exhibits show the strong connection each site has with the federal national park system. A book truck will also be available with literature on each of the historic sites.

Restaurant Month in Brookline

The Fireplace Restaurant, 1634 Beacon Street, Brookline

While many nearby restaurants are celebrating Restaurant Week in mid-August, The Fireplace Restaurant is participating for the whole month. During August, diners can enjoy a three-course meal at $20 for lunch and $38 for dinner. This offer is available seven days a week.

Indignation

Opens Friday, August 5

Coolidge Corner Theater, 290 Harvard Street in Brookline

Based on a novel of the same name, the play Indignation is set in 1951 around the time of the Korean War. Marcus, a brilliant young Jewish man from a working-class family in Newark, heads to a conservative Christian college in Ohio to avoid being drafted. Once he gets there, love complicates everything. Tickets are just $11.25 for adults and $9.25 for seniors and children.

Arts on the Arcade

Fridays, August 5, 12, 19 & 26

Samuel Adams Park, 30 Germaina Street Jamaica Plain in Boston

Every Friday through the end of the month, Brookline residents can trek to nearby Jamaica Plain to leisurely look at works of art while enjoying live music from area bands.

Mamadou Diop Concert

Saturday, August 20, 3:30 p.m. to 5:30 p.m.

City Hall Plaza, Boston, 1 City Hall Square

If you enjoy Mamadou’s popular songs I Am Me, Senegal, IBOU, or Sweet Susan, you won’t want to miss this event. He is well-known for West African music and his master rhythm guitar playing.

Dedham Square Coffeehouse Open Mic

Thursday, September 1, 7:00 p.m. to 9:00 p.m.

565 High Street, Dedham

Have people always told you that you’re funny? Now is your chance to prove it. Dedham Square Coffeehouse, located about 8 miles from Brookline, is hosting an open mic night. Get your best comedy routine ready and give it a shot.

Central Square Art Share

Wednesday, September 14, 10:00 p.m. to Midnight

The Middle East, 472 Massachusetts Avenue, Cambridge

This free event is open to anyone age 21 and up. You can enjoy live DJs, drinks, dancing, and viewing the work of many local artists. Contact abby@mideastclub.com if you are interested in setting up an artist’s booth at this event.

Copenhagen Beer Celebration

Friday, September 23 and Saturday, September 24, Noon to 11:00 p.m.

City Hall Plaza, Boston, 1 City Hall Square

Beer enthusiasts will love this one. Dozens of the top names in the brewing industry will have their beers represented at this festival. You will appreciate the food and music as well.

Three Best Neighborhoods for Beth Israel Employees

After accepting a job at Beth Israel Deaconess Medical Center, the next big decision is finding the best place to live. The three neighborhoods described below all have many attractive qualities in addition to being in close proximity to the hospital!

Brookline
Brookline's "flagship" neighborhood is Coolidge Corner, a premier retail shopping area.  Located at the intersection of Beacon and Harvard Street, Coolidge Corner is also home to many highly-rated restaurants, including Lineage, Zaftigs Delicatessen, Bottega Fiorentina and FuGaKyu.  Brookline has some of the highest quality schools in the local community for both K-8 and high school.  Brookline has a highly developed public transportation system including several different MBTA subway lines. 

Fenway
This neighborhood is in closest proximity to Beth Israel Deaconess Hospital. It is home to Fenway Park, Symphony Hall, and the Museum of Fine Arts. Fenway has an exciting nightlife with several bars and nightclubs on Lansdowne Street.  It is adjacent to Back Bay and numerous other attractions in Boston.   Several colleges and universities are in the Fenway neighborhood, making it a young, vibrant community.

Jamaica Plain
Jamaica Plain is a diverse and dynamic neighborhood with young families, a vibrant Spanish community, and a growing LGBT population.  Housing in this neighborhood is more affordable than other areas of Boston.  There are many green spaces and plenty of opportunities for recreational pursuits.  As a whole, residents in this community are committed to healthy living and environmental causes.

Olmsted Place: Jamaica Plain's Newest Apartment Complex Offers Luxuries Galore

Olmsted Place Apartments - which opened in fall 2015 - offers luxurious accommodations in Jamaica Plain. Residents enjoy the spaciousness of nine-foot high ceilings and six-foot wide windows in each unit. Apartments also include soft bedroom carpeting, tiled bathroom floors, stainless steel appliances, in-unit laundry, central AC and several other features of modern luxury living.

The building earns a high walk score for being just 10 minutes away from the Arnold Arboretum, Longwood Medical Area, and Whole Foods. It is across the street from a 39 MBTA bus station (travels directly to Back Bay) and steps from the gorgeous Olmsted Park. Some other benefits new residents enjoy include:

  • Resident coffee lounge
  • Sunny pool deck
  • On-site fitness center
  • On-site underground parking
  • Private resident dining area
  • Secure bike storage
  • Full service concierge 
  • Package retrieval service
  • Professional management with 24-hour turnaround guarantee on all maintenance service requests

Right now 530 square foot studio apartments start at $2600 a month. 1-bedrooms range from 748 to 783 square feet and start at $3200 a month. 3-bedrooms are 1300 square feet and start at $4950 a month.

CONTACT US TODAY TO LEARN ABOUT EXCLUSIVE SPECIALS SUCH AS TWO MONTHS FREE RENT!! • info@longwoodresidential.com

CONTACT US TODAY TO LEARN ABOUT EXCLUSIVE SPECIALS SUCH AS TWO MONTHS FREE RENT!! • info@longwoodresidential.com

 

Olmsted Place Apartments

At long last, the Olmstead Place Apartments are set to open in the fall of 2015. The luxury apartment building once housed the Home for Little Wanderers, a social service agency providing a variety of family-oriented programs. Some of these included adoption assistance, foster care information, and special education services.

From Vacant Building to Luxury Apartment Complex Boston Residential Group, the developer and manager of Olmstead Place Apartments, expressed interest in renovating the building soon after the Home for Little Wanderers closed. However, the project didn't move forward for several months due to concerns about how it would affect the affordability balance of the neighborhood. That issue has since been resolved and the 196 units will soon be available for rent.

Amenities Galore

Future residents of Olmstead Place Apartments will enjoy the luxury surroundings at their new home in Jamaica Plain while also enjoying the convenience of being just a 10-minute walk from T-stations, restaurants, shopping, pharmacies, hospitals, banks and more. The new apartment complex boasts more than a dozen incredible amenities, including:

  • Fitness Center
  • Pool
  • Private dining area
  • Full service concierge
  • Underground parking

Monthly rents for these apartment homes with nine-foot high ceilings and six-feet long windows start at $2,600. Studio, one, two, and three-bedroom units are currently available.