The trend emerged because of the need. There is little private parking in central Boston. As buildings (with back yards accessed by by back alleys) were developed into condo units these back yards were made into surface parking. As new construction mid-rise and high-rise buildings appeared they all included underground parking. Many of these parking spaces could be bought as individual spaces in addition to the one or two spaces that came with the condo.... more
Beacon Hill and Back Bay have very expensive parking - either for rent or for sale. The South End has similar parking but less expensive. Dorchester has little or none - there is no need as many properties have their own off street parking.... more
If you can afford a 15 year loan it is a lot better than a 30 year loan. To put it in perspective after 15 years of a 30 year loan you finally pay more in principal than in interest and you still have 15 years to go. A 15 year loan is a forced savings plan that saves you thousands in interest payments and pays down the property much quicker. A 30 year loan has a higher interest rate but the payments are lower.... more
Yes, it is worth it when you are somebody who wants to live in the center of Boston in a nice residential area with beautiful Brownstones. The Back Bay was one of the biggest landfill projects at the time and it's rich with history. I recommend the neighborhood very much and I think the rent and sale prices of the homes speak for themselves.... more
Crazy... I think they put a little money back into it to make it more presentable and sell it. I.e fix the bathroom.. sell it for $50K more, minus the commission ... minus the bargin price.. and hopefully they make some money. I know they can't live there... it's too expensive to live there with condo fees...... more
Title insurance can protect you from some very expensive mistakes. As an example, in one area an old farm was subdivided. Yet in the deed dating back to the 1800's it was not allowed. The amount of legal costs incurred by all who bought houses was great. Title insurance covered that.
Sometimes a house can have unrecorded liens against it. You could have an inheritance argument that puts ownership of the house in question. In each case title insurance both protects you and covers the costs to straighten things out.
Is title insurance needed? No, but neither is car insurance or house insurance. Yet those are considered a smart idea to buy just in case something happens. Every year someone has their house burn down and has no insurance. Every year someone gets in a car crash without insurance, and every year someone has title problems that cost them dearly as they had no title insurance.
Is title insurance a good idea? ABSOLUTELY!!! I will not buy a house without it. I do not think anyone should.... more
Just to make sure I understand the question, are you trying to find out how the back bay market currently compares to other markets in Boston in terms of pricing? I.e, see if back bay has been affected by the market slow down compared to other areas and if they are experiencing price drops?
hmm, I can't think of any site that does that. Real Estate is hyper local so each town is affected differently by a market slow down. Looks like an agent is going to have to help you with something like that ... Or at least someone with access to the MLS so they can do some on market snapshots for you.
If you want, I can do one for you no strings attached. I do this stuff all day so I have no problem helping you out. Find me if interested.
Yes, 02115 is the western section of Back Bay (Kendal Sq / Fenway area) while 02116 is the eastern section (includes Newbury St and runs to the Public Garden), so generally speaking the 02116 area is more desirable and therefore more valuable. On the other hand 02115 may have more upside from an investment standpoint. In particular pay attention to the Fenway area which is undergoing rapid change as the Red Sox ownership group continues to pump money into local real estate.... more