Echelon Seaport has Arrived

Echelon Seaport – Boston

Echelon Seaport is bringing “New York City living” to Boston in a big way (see renderings below).  For many years, we’ve had clients tell us that the amenities (or lack thereof) in luxury buildings throughout Boston were small, tired or an after thought.  The Echelon Seaport is changing the game for luxury real estate in Boston.  Amenities include (but are not limited to) concierges, valets, indoor basketball, indoor fitness centers, two outdoor pools, 1 indoor pool, outdoor courtyards, indoor clubrooms and many more luxury amenities that Bostonians have desperately wanted.

Sales are slated to begin later this Spring.  If you are considering purchasing in this once-in-a-lifetime development, make sure to start your research NOW!  My recommendation is to contact us sooner rather than later to ensure that you are one of the first buyers in the door.  This will allow you to select your residence and also ensure you purchase prior to any probable price increases.

In addition to the amazing residential and amenity component, Echelon Seaport will also have some of the highest end retail in the City, which is being marketed by WS development.

For complimentary buyer representation, please reach out to us today!  For additional information and to contact us today, please follow this link

Echelon Exterior Rendering

Echelon Interior Pool Rendering

Echelon Fire Pits Echelon Rendering Basketball Echelon Exterior Pool

 

 

 

 

 

 

 

House and Senate Tax Legislation Changes

How will the tax legislation impact real estate?

While the Senate and House have yet to agree on the legislative changes that the chambers passed this past week, it’s clear that the changes anticipated will affect owners and prospective buyers of real estate.

The key changes impact the Mortgage Interest Deduction, the State and Local Tax Deduction and the Capital Gains Exemption.  All of which we’ve briefly outlined below…

Mortgage Interest Deduction

The current Mortgage Interest Deduction (MID) is currently capped at $1,000,000.  The House proposes the cap be lowered by $500,000 while the senate proposes keeping the MID at $1,000,000.  The Houses proposal would limit MID on owners who own properties in excess of $1 Million.  This policy does not take into account for inflation.  As coastal cities valuations continue to grow, more homeowners will lose the ability to deduct their mortgage interest overtime as values appreciate.

State and Local Tax Deduction

The new legislation retains the deduction for real estate property taxes but limits the amount to $10,000.  10% of all real estate owners exceed $10,000 annually.

Capital Gains Exemption

Current rules require homeowners to live in their home for two of the previous five years in order to qualify for the exemption.  The exemption currently is that any profit on a real estate transaction is tax free on the first $250,000 of profit for individuals and up to $500,000 for married couples.  This rule would change for homeowners from two of the previous five years to five of the previous eight years of homeownership.  Under the new rule, in order for an owner to qualify for a capital gains exemption,  the owner will now need to live in a primary residence for a minimum of 5 years prior to selling.

This may reduce inventory on the market and actually increase valuations as owners of real estate elect to hold onto their properties for a minimum of 5 years in order to qualify for the capital gains exemption.  This could potentially decrease that amount of supply on the market and increase pricing due to limited supply.

Additional Negative Changes for Real Estate

Eliminates the interest deduction on all Home Equity Loans

Eliminates the deduction for ALL state and local taxes (including property taxes)

Eliminates the deduction for moving expenses with an exemption for military families

Requires a Presidential Declaration of Disaster to use the deduction for personal casualty loss

What do these changes mean for Real Estate Prices?

It’s hard to say.  On the one hand, most of the tax policies make homeownership more expensive.  That being said, most buyers of real estate rarely calculate the MID or take into account the Capital Gains Exemption.  Since buyers typically aren’t aware of deductions or Capital Gain Exemptions, it’s hard to say whether buyers will factor in these taxation policies prior to buying.

In addition, the Capital Gains Exemption could actually stop sellers from selling until they hit their 5 year timeframe.  This could cause a lack of inventory on the market as sellers hold their property longer.

As theses changes become more concrete, we will continue to update you as these proposal become concrete legislation.

 

What are the Benefits of Purchasing a New Construction Condo in Boston?

We receive a lot of inquiries from buyers in regards to purchasing a new construction condo in Boston.  Many prospective buyers wonder if buying a condo pre-construction is a wise financial decision.  Each opportunity is unique and, because each opportunity is unique, the risks and rewards are different for each new development.

110 Broad Street - photo credit - Boston Redevelopment Authority
110 Broad Street – photo credit – Boston Redevelopment Authority

In a competitive market such as today’s real estate market where a larger pool of buyers exist compared with the amount of inventory on the market,  it can be challenging and frustrating to buy a resale condo.  Many of our buyers put in offers on many homes and condos prior to actually winning and purchasing.  It’s quite common in the Greater Boston real estate market for a Seller to receive multiple offers within the first week of marketing a home.

Since the real estate market is so competitive, new construction developments in areas such as South Boston, East Boston, Somerville and Cambridge can offer an opportunity for a buyer to purchase during the pre-sale marketing phase of the development.  What we mean by pre-sale is the period in time during which a developer will offer buyers to purchase prior to the official marketing launch.

This opportunity is good for a few different reasons…

  • Buyers have the ability to select which floorplan works best for their lifestyle
  • Little to no competition to purchase
  • Purchase prior to the general market knowing about the opportunity to purchase and potentially purchase at a discount

Developers offer pre-sale purchasing opportunities for a variety of reasons…

  • Prior to going to the open market, developers like to have a certain percentage of the units under agreement to showcase the developments desirability.
  • Developers like to implement a “rolling-launch” marketing strategy.  This means that from the first sale through the last condo sold at a new development, the developer will typically try and implement multiple price increases during the pre-sale time frame.  In order to create a rolling launch,  the developer will sometimes price inventory slightly below perceived market value in order to sell the first phase of units

We believe that for certain buyers, these pre-construction opportunities could be the right fit for prospective buyers in this competitive real estate marketplace.   Contact The Gollinger Team of Coldwell Banker for additional information on upcoming developments.

New Luxury Rental Buildings in Boston

Due to Boston’s goal of reaching 30,000 new housing units by the year 2020, Boston has seen a housing boom in recent years not seen in a very long time.  Most of the new housing has been catering towards the luxury high end apartment segment of the real estate marketplace.  For a renter, it is important to know what all of your options are on the market.  Because of this, we’ve been working on a luxury rental map that includes most of the newer and new luxury rental buildings in Boston.  This doesn’t include every option but it certainly includes a lot of them.  For additional information, don’t hesitate to reach out to The Gollinger Team of Coldwell Banker…

Pierce Ground Breaking Event

I had the unique pleasure of attending the ground breaking event for the Pierce in the Fenway neighborhood of Boston yesterday afternoon.  The event was held at the Van Ness apartment building in Fenway on a high floor with panoramic views of downtown Boston.  Mayor Walsh and Councillor Josh  Zakim were in attendence and gave speeches geared toward the wonderful job Samuels and Associates (“Samuels”) has done, not just in regards to the Pierce, but on the overall redevelopment of the Fenway over the past 10-15 years.  Samuels has been intimiately involved in transforming the Fenway into one of the hottest neighborhoods in Boston from a cultural, entertainment and livability perspective.

The Pierce ground breaking was quite a spectacle and not your typical “hard-hat” event that so many ground breaking events typically entail. It was catered by Tiffani Faison, who was a finalist on Bravo’s Top Chef.  Since then, she has come onto Boston’s restaurant scene by opening Sweet Cheeks and will soon be launching her new restaurant Tiger Mama in the Fenway. In addition to the food, attendees could also partake in some midday bubbly. Champaigne was hand-passed around the event as well (Why not?)

The Pierce deserves this high-end ground breaking.  This 30 story glass tower will include over 100 luxury condominiums with unobstructed views in every direction (360 degrees).  The lower portion of the building will include 240 rentals and 20,000 square feet of retail. Without a doubt, the Pierce will be considered one of Boston’s iconic condominium towers.  The architect for the building is world-renowned  Aquatechtonica, and if the renderings are accurate (which I’m sure they are), the Pierce is one sleek looking building!

Take a look at some of the photos of the event and the renderings for the Pierce…

 

Pierce Boston Condos

View Van Ness Event Pierce Ground Breaking Shovel Mayor Walsh

Style Spotlight: Regional Modern in Cape Cod

Regional Modern design is centered on the relationship between glass, wood, stone, and steel. Source: Houzz
Regional Modern design is centered on the relationship between glass, wood, stone, and steel. Source: Houzz

Regional Modern design is getting a lot of attention these days. We’re fortunate that Massachusetts is leading the way in this regard and there some truly splendid examples to explore throughout the state.

Among the most stunning are some marvelous homes nestled into the background of Cape Cod. These homes feature everything from beautiful trellis work and soft wood cladding to give them a natural, yet futuristic ambiance. Designed by Hammer Architects, they have done a masterful job of taking into account the natural environment and climate to create homes that blend perfectly into the landscape.

At the core of regional modern is the harmonious relationship between glass, wood, stone, and steel. The blending of these elements to create simple, yet elegant designs is what makes these home so appealing. Further, the simplicity of these materials belies their inherent strength. Indeed, they can be used to create large picture windows, sweeping verandas, and expansive spaces with ease.

Another designer to look for is Maryann Thompson Architects. They are highly skilled at combining outdoor/indoor spaces into one. This makes their homes feel ever more expansive while maximizing the owner’s enjoyment of the outdoors. Indeed, their designs are airy and welcoming which makes them perfect for entertaining or simply relaxing after a long week at the office.

Equally as important to design, the homes designed by Hammer Architects and Maryann Thompson Architects have done a commendable job of taking full advantage of the natural scenery and the beautiful views Cape Cod affords. By including everything from spacious patios to ringed porches, the regional modern homes they’ve constructed create delightful places of rest and relaxation without being hindered by sun glare, blowing wind, or falling rain.

Further, while the homes afford plenty of open space, they also create plenty of privacy. The strategic positioning of windows and the inclusion of automatic window shades means that privacy can be adjusted as desired. In the end, it makes these square homes with staunchly defined lines havens for peaceful reflection, and idyllic retreats from the hustle and bustle of city life.

For more information about the regional modern home listings we have available, contact The Gollinger Team of Coldwell Banker by calling 617-266-4430. We will be happy to help you find the ideal home for your lifestyle and family’s needs.

A Boston Brownstone Receives Some TLC

The results of these remodels are remarkable and one of the most successful has been the remodel completed by Tanya Capaldo and Tom Caracciolo. Source: Houzz
The results of these remodels are remarkable and one of the most successful has been the remodel completed by Tanya Capaldo and Tom Caracciolo. Source: Houzz

Boston’s brownstones are some of the most charming in the nation. With everlasting Victorian charm, the brownstone’s lining the streets of our fine city exude elegance from every angle. While the exteriors are largely the same, the interiors are getting an upgrade as homeowners seek to take remodeling in Boston to new levels.

The interiors of brownstones tend to be closed off and claustrophobic. Designed at a time when function was more important than form, many people are opting to knock down walls and open them up. The results of these remodels are remarkable and one of the most successful has been the remodel completed by Tanya Capaldo and Tom Caracciolo.

They were able to take a 2,000 square foot brownstone located in the South End of Boston and bring it into the modern era while still maintaining the charm of the past. Indeed, they have maintained a perfect balance between multiple eras.

Starting with the floors, they installed stained white oak flooring in a herringbone pattern. This choice pays homage to the history of the home while providing a stunning visual element for guests to marvel. They have also chosen to keep the stained glass window treatments. Thus, from top to bottom, the “old” provides a frame for the “new” to be sandwiched between. This is further enhanced by the slightly gray walls which provide a neutral tone that is highlighted by the colorful artwork and deep hues of the mid-century modern furniture placed throughout the rooms.

Another attractive touch they chose to include were highly detailed millwork around the fireplace and the arch separating the sitting room and the dining room. The half-archway is located where a wall once stood and ties the structure together while opening the room up.

In the kitchen, they have chosen to use open and mirrored cabinetry/shelving coupled with modern appliances, white tile, and an industrial oven. The result is a modern kitchen that creates a harmonious balance between form and function.

Remodeling in Boston is a wonderful way to take a property that’s “close” but not quite there to new levels. The Gollinger Team of Coldwell Banker can help you find a property that would provide a good foundation for your design dreams. We invite you to contact us at 617-266-4430 to start the process of finding the property that’s ideal for your needs.

Neighborhood Spotlight: Roxbury

Roxbury is a dissolved municipality and officially recognized neighborhood of Boston, and is one of 21 official neighborhoods of Boston. Source: Discover Roxbury via Facebook
Roxbury is a dissolved municipality and officially recognized neighborhood of Boston, and is one of 21 official neighborhoods of Boston. Source: Discover Roxbury via Facebook

Boston is filled with history, and much of this is centered in the historic Roxbury neighborhood that was founded in 1630. Over the years, Boston has grown around it and today it is now at the heart of the city. From corner to corner as you travel down Washington street, you’ll see 300 years of Bostonian history on display.

One of the things you’ll notice is the construction material of choice in some of the older structures. It’s puddingstone which was a composite rock native to the area. Easy to mine and work with, it was a favorite building material that was easy to transport and used to create some truly remarkable structures.

Over time, the community evolved and Washington Street, Dudley, Warren, and Centre streets began to take on the shape and feel that they maintain to this day. In fact, John Eliot Square was the location for the first meetinghouse in the city and it was where city leaders met to discuss the layout, design, and business of the region.

You can even taste the history of the region. All you have to do is order a glass of cider from the area’s many pubs. A glass of cider at the Corrib Pub tastes much the same as it did in the 1700’s due to the fact that many of the area orchards still produce apples for its production.

Some other structures of note include the Dillaway-Thomas House at 183 Roxbury Street and the Shirley-Eustis House at 31 Shirley Street. Both of these structures were built by some of Boston’s most noted residents and each feature architectural designs and influences that were copied throughout the region. Each structure represents a time capsule that shows just how our city was developing and evolving.

There are also a number of other historic landmarks that are most certainly worth discovering. The John Eliot Burial Ground is one of the oldest in the country. There’s also the Eustis Street Fire Station, and John Rouestone Hall. These historic landmarks are full of historic charm and provide an unfettered view for you to peer into the past while reflecting upon the present.

The Gollinger Team of Coldwell Banker has a number of properties available within the Roxbury neighborhood. We invite you to contact us at 617-266-4430 to learn more about our listings and to schedule a showing of the properties you find the most appealing.

The Pierce Condos Boston

Today Samuels and Associates released the first rendering of a new building that will occupy the Fenway District’s skyline called the Pierce Condominiums.  Located in the bustling Fenway District, the Pierce will have panoramic unobstructed views of the Boston skyline.  Sales are set to begin within the next few months.

The Fenway Distrct has undergone quiet the transformation over the past few years with buildings popping up throughout the neighborhood including Trilogy, 1330, Vanness and now the Pierce.  Along with these luxury buildings has come an array of nightlife, restaurants and shopping destinations including the city’s first Target.

The Pierce is viewed to be one of the most luxurious buildings not just in Fenway but in all of Boston.  The renderings do nothing to alter that opinion as it appears to be one of the sleekest buildings in all of Boston.

Neighborhood Spotlight: Bay Village

The Bay Village neighborhood is one of Boston's best kept secrets. Source: Bay Village, Boston via Wikipedia
The Bay Village neighborhood is one of Boston’s best kept secrets. Source: Bay Village, Boston via Wikipedia

Boston is a city with a discovery waiting around every corner. The next time you’re out exploring, be sure to visit the Bay Village neighborhood where the city’s historic roots course through the sands of time.

At just six square blocks, it’s a small neighborhood. This makes it easy to miss in the hustle and bustle of daily life. That’s part of the secret of the neighborhood: it’s so small that it’s been able to hide out from many of the changes that have altered other neighborhoods in the city. Indeed, the architecture you’ll see is distinct and reflects the Federal period with staunch resolution.

Well, it’s resisted most changes. Art Deco came into vogue once upon a time and so too did Victorian architecture. All three of these styles can be seen in the six blocks that make up the neighborhood. Throughout the area, you’ll see tall trees, beautifully maintained facades, and friendly neighbors that wave and say hello as you pass by.

Honestly, visiting Bay Village is a bit like traveling back in time. If it weren’t for the clothes and the cars, you’d genuinely think you’d been picked up and dropped off a hundred years ago. From the Our Lady of Victories Church to the Greek Revival townhouses of Melrose Street, the community has managed to maintain the much the same flavor through the centuries. That makes it a genuine classic among America’s most notable neighborhoods.

The Bay Village neighborhood is a tranquil place in the heart of the city. It is quiet, peaceful, and friendly. It really is the kind of neighborhood where you ask your neighbor for a cup of sugar, and join them for Saturday fishing trips and Sunday tea. While there are some restaurants at the edge of the neighborhood, Bay Village is primarily homes. There are no bustling shopping centers, few offices, and traffic jams are as rare as an unkind word. This makes it feel more like a village than a neighborhood in the middle of one of America’s busiest cities.

The Bay Village neighborhood is among the most charming in the city. We invite you to contact The Gollinger Team of Coldwell Banker at 617-266-4430 for more information about the listings we have in the area and to schedule a showing to view the properties you find most appealing.