Jan 11, 2013|
Jennifer Athas, Boston Herald, on High End Real Estate Deals in 2012
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Back into the financial exchange. That's the opening bell and not to the gas pump fell by the way but. OK so here's what I've got in front of me at the open the Dallas down fourteen points. S&P is flat but down slightly. NASDAQ is flat down one. You've got oil trading down 55 cents in 9327. Gold is trading down -- thirty to fifteen. 72 shock when they got going on markets that. They've been down slightly today. It's been a pretty flat week and to be a husband a pretty boring week and I'll tell you this much in the markets. Sometimes I like -- it's OK every now and then we don't need all these two and 300 point days we're gonna have -- of them it's like ebb and flow we're gonna have money those coming up probably towards the beginning of February once this debt ceiling debate kicks into high yours though. We certainly have something to look forward to there and even -- if looking forward to it is is is the right word. But right now we are joined by Jennifer at this from the Boston Herald and Jennifer how are you this morning. So. Talking about when he twelve and we're talking about the biggest sales. In Massachusetts into when he set in in 2012 what was the biggest one that we saw last year. There right now in Boston there is a 151000 square foot home on commonwealth avenue that children twelve and a half million. And it was originally used. As -- It -- to -- doctor's office and conference center and now it's going back to a private home to new owners they're renovating it back into the single family. I'd rather my real estate transactions not be disclosed on the air for it to -- yeah and a Manny Ramirez is no longer here so it's not his place either. Out I think made a pretty good job of clearing out the rates while he was there so. And Jennifer. What exactly were most of these sales taking place in Boston any particular neighborhoods -- areas that we should be looking out here. That ticket question they're you know happen -- that top billed as the a year or in back -- -- -- -- once they accept that. So that's that's kind of the Beverly Hills of Boston. He -- exactly at the very very important that cut to a lot of people. And and so really looking at this. Obviously these sales they're obviously for extremely high prices most folks can't even begin to imagine owning a home. All of you know of this type of value but what does this say about the strength of the high -- market in Boston over the course of the last year. You know it's been really strong it's up to probably about 25%. Compared to last year and I built about two million dollars in. And one of the driving factors credit for the uptick last year with the change in the tax law there -- you know an increase in the capital gains tax. Through 2013. So a lot of people moved a little bit quickly last year to get those sales down for 2012 but that definitely. Help on the higher rent. And so now here's here's kind of the big question that I have for you. What exactly. Do you get for twelve and a half million dollar what do you get for ten million dollars. What what exactly is -- obviously it's it's the neighborhood but what what are some of the perks that can come along with these places. You know you get any anything from 4000 square feet to 101000 square feet and a half of about four of these children condominium. You know I think you also get to 101000 dollar amount plus Condo -- with a company -- properties. You get you a lot of square footage and you're really in prime locations and at the end of the day. Now I see a great one on here that that interest me for a number of reasons this one in the Chestnut Hill section of Brookline. Sold for ten and a half million off its original price of twelve and a -- C getting it's it's a bargain. This is there is a bargain at ten and a half million. And the Georgian revival style home situated on three acres twenty rooms ten fireplaces and a -- pavilion with an indoor Olympic size pool and spa. So where where do I sign up. It was it's it's remarkable -- but at the end of the day what you're when it is -- about don't want to be outside purple I don't know it was a beautiful property. Indoor Olympic size -- like you finally fulfill my dream of getting my future children in there and on their way to being the next Michael Phelps. An option that'll work document how tall I am so little left to see if I can find some other alternatives but in terms of looking at this high end market. Obviously last season was a very strong here what are expectations between thirteen are we going to keep this momentum or do you see as possibly hitting a little bit of a -- You know in the high -- the -- is continuing to continuing to move along on on the cape. Then -- estate just sold for nineteen and a half a million common with but by billionaire bill Coke. Who already has the place you know right around the corner from -- -- They just get a six and a half million dollar transaction over declared in one of the penthouse -- there have from behind and you're gonna continue to implement them. But I think you know after talking to bankers and economists. At 2012 it's a lot of increases. In terms of sale at all price point I think that underwriting standards. That usually affects the lower -- people who are the people have to get a mortgage they -- you know anything under a million dollars under 700000 dollars. Underwriting standards are so difficult now is that now we made it slowdown and that and that -- point. All right we'll Jennifer. I certainly appreciate you giving us the lowdown on on some of these dream properties. I don't think he'll ever be buying one of them but it's always nice to know what's out there at least. And certainly good to see that bad housing market continuing to move forward in Massachusetts. -- all right that was Jennifer at this from the Boston Herald in June. Quick question for you obviously you know we're talking about some very expensive properties. But if you had to pick the most desirable place for you to live in the. -- -- I think the Mountain State. This day. Just -- You know he sees some of these gorgeous residences don't just one walk and ring the doorbell knock on the door and say what you do for a living. I get at the U. Do as some of the most beautiful residents in neighborhoods in and around Austin in -- and even you know up in. The -- district of lol. Amazing homes and I do I just wonder what these days and that it is going hammering into rebels and asking -- question and I'll probably get taken away. And I know that for the last few years that that -- mansion trend is kind of -- in on the wane but we're starting to see a pick up again with a lot of these bigger. Five and 6000 foot home starting to show up again now you're you're not seeing quite as many of the 101000 plus square foot homes and a utility bill -- has gone up so much -- you wanna heat. Judy if you find a 101000 square foot home -- not concerned about utility bill. I'll tell you have to ask you can't afford this is true or you have to look at the price tag you can't afford it mr. Coming up in a little bit we are going to be joined by manifesto from Yahoo! finance at the top of the hour. Coming up right after this though we are going to be talking to blow it more about expectations for this market over the next couple weeks going into February and that big debt ceiling debate. That's next right after this.