Mayor Thomas M. Menino tours District Hall, the 12,000-square-foot Innovation Center in the Seaport District

Finally, the first major addition to the Innovation District of Boston’s Seaport is here. Just on Wednesday the 22nd of May, Mayor Thomas M. Menino took a tour of the almost completed center which has been renamed ‘District Hall’. This 12,000 square foot facility, which we blogged about in the past, will be at the heart of the 23-acre up-and-coming location in Boston which will soon be graced by an array of buildings, firms and organizations who all share this same transformative vision for this area of the Seaport. This new meaning of the future flourishing neighborhood of Boston can best be defined by the Mayor himself. “A new approach is called for on the waterfront – one that is both more deliberate and more experimental. The massive expanse of the South Boston waterfront, with its existing knowledge base, opportunity for growth, and world-class infrastructure is ripe to produce world-class products and services.”

This new building will be opening next month in June and will be buzzing, full of start-up firms in addition to 3,000 square feet of the facility dedicated to restaurant and cafe spaces. John Hynes, the developer of the project, donated an astounding $8 Million to aid in the construction of the project at zero cost to the city. Mayor Menino went on to comment that, “This is a very special place in the Innovation District of our city. It’s a place where people will be able to use their creativity in this space available to start-ups. I’ve been excited about this project since day one. It was a concept that we had and everyone pulled together to make sure it happened.”

As the first free-standing complex solely dedicated to the furthering of local businesses that is open to the public, the daily operations, events, and programming of the facility will be headed by Tim Rowe. Mr. Rowe is currently the CEO and founder of the Cambridge Innovation Center. Along with his team at the non-profit sister organization known as Venture Café, the group has already booked a great deal of partnerships and activities to take place at District Hall over this summer such as LearnLauchX, Mobile Monday Boston, and Boston Startup Institute; to name a few.

As a whole, the building will be able to not only accommodate many users, but it is designed to exceed the Massachusetts stretch energy code as it will operate by consuming 22% less energy on a daily basis. This is only the first grand opening of countless developments that are either well underway or soon will begin construction in the Boston Seaport and in particular the Innovation District. The future of this area indeed looks bright and will only provide Boston with yet another dynamically refreshing area with truly endless possibilities.

More Information: Boston Business Journal

Foreclosure Filings Have Dramatically Dropped in 2013

There are countless ways to describe how well the real estate market has been faring in the Bay State throughout the past two years and 2013 in particular. This latest news headline concentrates on a segment of the market that typically is more foreign to everyone involved in the industry. This would be none other than foreclosures where on our local level the increasing prices coupled with foreclosure prevention efforts have resulted in a significant 82% decrease in such activity when looking at March of 2013 over March from 2012.

Come the close of March from last year a grand total of 1,621 petitions were filed, while over this past March of 2013, there were only 284 foreclosure petitions. This, as previously mentioned, was an 82% decrease and much of this can be attributed to the improving economy and impressive ascent that the real estate market has taken this spring season. Taking a step back in a more broad sense, the first quarter of 2013’s year-over-year shows that there were 2,080 petitions to foreclosure, down a still massive 52% from the 4,348 figure from 2012’s Q1.

These results come from The Warren Group, whose CEO Timothy Warren came forward to report on these findings; “Overall, we’re seeing foreclosures drop all over the country, but Massachusetts is exceptional in its reduction. The Mortgage Bankers Association reports that we rank 48th in foreclosures started in the first quarter of 2013. Foreclosure prevention efforts combined with a booming real estate market are leading to fewer foreclosures.”

A completed foreclosure, also known as a foreclosure deed, also realized a welcomed decrease by 74% in March to 227, down from the 899 that there were in March, 2012. Auction announcements also saw their segment diminish with a 67% plummet in year-over-year statistics to 398 foreclosure auction announcements this March compared to 1,214 from the March from a year prior. As prices continue to climb, the wider impact of this is that homeowners will gain further equity, thus lowering the foreclosure filings even more as we progress through this rebounding year.

More Information: Housing Wire

15,000 Square Feet, 4,000 Feet Private Waterfront, 50 Acres in Greenwich, CT (Photo from Realtor.com)

Do you have some extra money to spend? How about $190 Million? This is what will be needed in order to call the most expensive listing currently on the market in the United States home. Located in the beautiful and exclusive high-end neighborhood of Greenwich, Connecticut, this estate is truly unlike any other.

Owned by timber mogul John Rudey, the property breaks down to being priced at $14,054/square foot; a mind numbing figure. So what comes with all of this? A 4,000 foot private waterfront in addition to the Copper Beech Farm all having at it’s center a 15,000 square foot residence. Within the home are twelve bedrooms, nine bathrooms, staff quarters, an elevator, ten fireplaces, a solarium, and even a six car garage. The estate also benefits from having two lovely greenhouses, a peaceful apple orchard, a championship tennis court, and a seventy-five foot long heated swimming pool.

Truly, not much more could be needed in the eyes of the most discerning prospective buyer of luxury real estate. The immaculate grounds sprawling fifty acres have been manicured to perfection with every tree, bush, flower, and blade of grass seemingly in their ideal place at all times. The home itself has a long-standing respected history dating back to when it was constructed in 1896. Over the years since then, the residence has had extensive renovations to always keep it in pristine condition all while respecting the pure timeless elegance that the home is known for. With the potential commission on this listing totalling $9.5 Million, it is encouraged that you look to the link at the base of this post for additional information and for some spectacular images of this Greenwich property.

More Information: AOL Real Estate

295 Meadowbrook Road, Weston

There are so many distinguishable factors that can make a home truly unique. The fascinating thing about real estate and a home is that certain aspects can completely be ideal to some individuals, and the polar opposite to many. Tastes can vary depending on somebody’s age, their level of activity, their country of origin, and the list only goes on. Could there be the perfect home? Probably not, and that is why this business is so dynamic.

As the weather is warming up and that familiar spring breeze is once again upon us, homes that benefit from having outdoor spaces become increasingly attractive to today’s buyer. Due to the mild winter seasons we have been experiencing in Massachusetts over the recent past, the amount of time we are able to enjoy these exterior sanctuaries has only lengthened.

In the past we have decided to feature two posts detailing specific current listings that are truly spectacular for their ingenuity in creating an in-home wine cellar, and the other post highlighted breathtaking pools. Similar to the aforementioned blog discussing the best in pools, it has now become apparent that showcasing the finest in a home’s overall exterior space is worthy for this time of the year. We encourage you to have a browse through the forthcoming Gibson Sotheby’s International Realty listings. All of them benefit from having the benefit of at least a praiseworthy garden, to soaring roof decks to even pools and other ideal entertaining areas. Buyers are currently incredibly abundant and properties are seemingly flying off of the market at rates we are not typically used to due to the low inventory. It thus becomes critical to contact the agents associated with these extraordinary properties below to set up a showing as soon as possible.

• 2001 Marina Bay Unit PH901, Marina Bay, $999,999

• 8 Schoolmaster Lane, Dedham, $1,795,000

• 62 Commonwealth Avenue Unit 9, Back Bay, $1,975,000

• 1425/1411 Main Street, Williamstown, $2,000,000

• 9 Dartmouth Place, South End, $2,095,000

• 45 Parley Avenue, Jamaica Plain, $2,495,000

• 183 Hutchins Road, Carlisle, $2,695,000

• 46 Appleton Street, South End, $3,490,000

• 295 Meadowbrook Road, Weston, $6,500,000

• 211 Commonwealth Avenue, Back Bay, $14,995,000

Sotheby’s International Realty has opened an office in the Philippines

Sotheby’s International Realty, with roughly 13,000 associates within now over 660 offices and 49 countries and territories worldwide, is always looking to expand their influence of excellence worldwide whenever the right opportunity comes about. This prominent global real estate network constantly strives to construct strong teams of experienced agents who benefit from, among many things, the brand’s broad exposure, its extensive marketing campaigns, latest technology, contacts and resources cross-nationally, referral opportunities, and from the beneficial association these offices have with the famous and influential Sotheby’s Auction House.

Now just as of last week, the firm has announced that it’s luxury real estate services and programs will now be available in the Philippines with the grand opening of Phillipine Sotheby’s International Realty! Within recent times we have reported in our blogs the fortunate circumstances allowing the Sotheby’s brand to open offices in (reverse chronological order) Malta, the Dominican Republic, Lithuania, Puerto Rico, Australia, Israel, Asia, Mexico, and Italy.

The first office for the company will open in Manila, the capital city of the Philippines at the address of Unit 802 of the Eco Tower in Bonifacio Global City, Taguig 1634. Ultimately, this has been a moment that the now Chief Executive Officer of Philippine Sotheby’s International Realty, Philip Mareschal, has been dreaming of bringing to the area for years. “Our agents devote themselves to providing invaluable local knowledge and service on an international scale while offering our clients exceptional service by bringing the world to their home, paying attention to the details and understanding their needs, all with the goal of making their real estate transaction more enjoyable and worry free. Our office is centrally located at the center for booming businesses and sophisticated lifestyle in BGC Taguig, Manila, Philippines.”

Their central focus in the marketplace will be for prime resort and vacation homes, retirement properties, and other luxury homes and apartment units. In the not so distant future, Mareschal and his team will be opening a second office in Cebu, Visayas later in 2013.

Philip White, the Chief Executive Officer of Sotheby’s International Realty Affiliates LLC commented on this groundbreaking news in stating that, “Philippine Sotheby’s International Realty is yet another key step forward in our overall expansion plan for Southeast Asia. “Philip Mareschal has 13 years of experience as a top-tier real estate professional with Premier Sotheby’s International Realty in Naples, Florida. His firsthand knowledge and experience in leveraging the value of our brand will be an asset as he brings a new level of luxury real estate service into the Philippines.”

We at Gibson Sotheby’s International Realty mimic the positivity that Philip White and Philip Mareschal have portrayed to the greatest extent and congratulate the efforts of the Philippine Sotheby’s International Realty team to accomplish this deal. It is because of our increasingly interconnected market of Sotheby’s International Realty professionals around the Globe that we in our own independently owned and operated localized offices are given a strategic advantage in the marketing and selling of our listings. It is with great pride that we can look to the leadership of the brand and know that we are still headed in the right direction. It is with immense excitement that we can now look forward to working closely with Philippine Sotheby’s International Realty in the future!

More Information: Sotheby’s International Realty

The Back Bay’s most expensive listing – 211 Commonwealth Avenue, $14,995,000 (Beth Dickerson)

(Pictured: The Back Bay’s most expensive listing – 211 Commonwealth Avenue, $14,995,000 (Beth Dickerson)

Where is the center of Boston? If one were to ask that question, an answer that certainly would not receive any criticism would be the Back Bay neighborhood. With Newbury and Boylston Streets being the scene for the greatest amount of foot traffic amongst locals and visitors alike in our city, so to is an incredible amount of foot traffic presently pouring into open houses and private home tours in the Back Bay. Did you know? 50% of all of the hotels in Boston are in the Back Bay and 18% of the entire city’s jobs are here. The vibrant energy here is endless. It thus seems like a given why so many people wish to call this location home, while there are only 26,000 people in the city who are actually fortunate enough to.

With some of the most exclusive real estate in the whole of Boston, residents who own Back Bay Real Estate benefit from, but are absolutely not limited to, the finest restaurants and shopping in the city, as well as countless options for sporting events, shows, and other forms of entertainment within reach of one’s home. Well, as it comes to be known, this most prestigious neighborhood of Boston has also just been recognized as being 5th in the nation for it’s volume of luxury home sales.

This report defines luxury as a home which has sold for at least $1 Million between the beginning of 2008 through the end of the first quarter of 2013. The top zip codes from the entire country were gathered and Back Bay luxury real estate made the top five with 306 sales during this time span. It is no secret that the housing market has been on a remarkable rebound over the past year, however looking to the luxury segment of the market there is an even greater improvement. The first quarter of 2012 through the end of the first quarter of this year realized a 34% increase in the sale of luxury homes priced over $1,000,000. As a comparison, home sales for all price points across the United States increased by a still commendable 5%. Moreover, the market still remains as competitive as ever among buyers despite the fact that the increase in sales is causing prices to rise. In fact, the study concluded that 73% of offers on properties over the past month resulted in strong bidding wars.

More Information: Boston Business Journal

Housing Inventories Rose Nationally in April

One of the biggest trends in the real estate market across the United States especially as of late has been the severe lack of inventory yet the relentlessly high spike in demand. As more sellers have become cognizant of the fact that it is a sellers market due to all of the buyers and overall rising house prices, inventory levels are slowly but surely returning to normalcy.

The spring market is historically notorious for being the most active season for buyers in many parts of the country and certainly here in Massachusetts. With properties seemingly flying off of the market at a rapid pace, the sign of a boost in the amount of homes for sale is a welcomed notion. Realtor.com points out that April of 2013 compared to this past month of March saw inventory rise by a total of 4%. As optimistic as this was, it nonetheless fell 13.5% below the level of inventory realized in April of 2012. There indeed is still a long way to go.

Asking prices have risen as a result of the restricted inventory as well. A 2.6% climb in asking prices in April over March occurred and this past April’s numbers were 3.1% above those from April, 2012. Regarding the previously referenced shorter time period that homes are spending on the market until closing, over 50% of the properties in April were on the market for an average of only 81 days. This represented a 2.4% decline in the average days on the market than March. Furthermore,  it was also a significant 11% down in average days on the market from April of last year. All of these figures come from Realtor.com’s study of over 800 multiple listing services (MLS) throughout the nation. For sale by owner (FSBO) properties, including newly constructed homes that are not typically listed by an MLS, were not included in the report.

More Information: Wall Street Journal

2013 REAL Trends 500

Gibson Sotheby’s International Realty just announced that it was recognized on the 2013 REAL Trends 500 list of the 500 most successful brokers in the U.S. The REAL Trends 500 is an annual research report that identifies the country’s most successful residential real estate firms. These offices are ranked by closed transaction sides and separately by closed sales volume and this report is seen by many as the definitive real estate trend resource. Ranked at 162 out of 500, this exceptional accomplishment is compounded by Gibson Sotheby’s International Realty’s high production per agent, with a total of 8 offices and 200 real estate agents.

Out of the 24 Sotheby’s International Realty offices listed in the top 500, Gibson Sotheby’s International Realty was ranked 14th in the country. The company has made this list already numerous times now, which we also blogged about last year and the year before.

Larry Rideout, CEO and co-Owner of Gibson Sotheby’s International Realty released in a statement that, “We have been named in the Top 500 for Companies for 2012 by the organization REAL Trends.  An incredible feat considering the competition. We are also the only Boston based firm on the list. This is further validation of your excellence in getting the job done for your clients and customers. Congratulations!”

More Information: REAL Trends

Twice as many single women bought homes as did single men in 2012

Did you know? Roughly 25% of all real estate purchases across the country in 2012 were made by one individual alone. This statistic comes from the National Association of Realtors’ Profile of Home Buyers and Sellers 2012, which we blogged about not long ago when it was released. With the market improving and faith now restored in the industry, single individuals stormed back to the market in great numbers. As it turned out, out of these single buyers, twice as many were single woman buying real estate as opposed to single men.

When it comes down to the basics of the buying and selling transaction process, the scenario is much the same whether one has a partner or not; so single buyers, rest easy and search confidently. The shopping for a home and financing for the property processes are all the same. While this fact simplifies the ordeal for the lone ranger, the only downfall from being on this journey alone is that all of the research, financing, bills, upkeep, and more fall on that one home buyers plate. A tough task to handle indeed.

So while the experience may seem daunting to some, it truly is not as difficult as it may perhaps initially seem. Below are some wonderfully helpful strategies that will aid single buyers through this, likely the most important financial decision they will make in their lifetime:

1. Get a grip on your finances – Ensure that you have met with a financial planner prior to engaging in the home buying process. Always be as transparent as necessary with your finances with your real estate agent. The key is to avoid any potential debt and to understand your expenses in great detail.

2. Come in under budget – It may be a wise decision to purchase a property below what you are currently able to afford as a single buyer. Due to the fact that being alone allows for less financial backstops and protection, if any unfortunate occurrences were to happen with the property, it is better to be safe than sorry with your finances.

3. Find an agent you ‘really’ trust – Often an agent, especially for those seeking a home alone, become a financial advisor, father figure or even mother confessor during this crucial point in your life. Thus it becomes incredibly essential to interview as many potential agents as possible and to listen to your network’s experiences with their agents. You want to ensure that this person is someone that will not only do a good job, but that you also enjoy being around.

4. Get backup – Having a second pair of eyes on literally any project or task we indulge in is a valuable tip in life. A trusted friend or family member accompanying you on your home search will give you the necessary confidence to make the correct decision.

5. Stay flexible – Be cognizant of the fact that you do not need to purchase your dream home immediately, especially if you are going into this alone. Exchanging dreams for reality and knowing you can always trade up to a different home later is completely reasonable.

6. Be ready to bail – The home buying fantasy is not for everyone, especially not right away. Temporarily backing out of the process and setting a new savings goal to then revisit the buying pool at a later date is a smart and mature route to take.

7. Get a roommate – If there is extra space within the purchased residence, having a roommate in the home who helps to pay rent and other bills is a valuable way to help cover costs such as a mortgage payment.

More Information: MSN Real Estate

Paul Cézanne’s ‘Les Pommes’ – Sold for $41.6 Million (pre-sale estimate of $35 Million)

Just a couple of days ago on the 7th of May, the Sotheby’s Auction House had yet another record breaking evening. It has not been long since groundbreaking achievements were realized at this World-renowned auction house. Specific items worth the limelight of posting about were Edvard Munch’s ‘The Scream’ which sold for a World-record $119.9 Million last year, Sotheby’s jewels which sold for a record $112 Million, Steve Jobs’ memo being sold, a rare Apple 1 computer selling for $374,000, and a clip highlighting the record-breaking Contemporary Art Auction. These are all just within the past year, and now the successes have only continued.

A total sale of $230 Million worth of Impressionist and Modern Art were sold which neared the pre-sale estimates of $235.1 Million. While this grand dollar value was the largest ever seen in an auction of this genre of art, the night belonged to the Collection of Alex & Elisabeth Lewyt, selling for a massive $88.6 Million.

Other notable sales included:

• Paul Cézanne’s ‘Les Pommes’ which dates back to 1889-1890. A spectacular piece that displays a stunning take on modern composition, this piece was in high demand and sold for $41.6 Million; above the pre-auction estimate of $35 Million.

• Amedeo Modigliani’s popular work entitled ‘L’Amazone’ attracted a great deal of competition among those in attendance and telephone bidders as well and eventually sold for $25.9 Million to a very lucky buyer.

• Continuing on with the night, Auguste Rodin’s famed sculpture ‘Le Penseur’ exceeded the $12 Million estimate and closed for $15.2 Million.

• Georges Braque art set a new record as his one of his Fauve works, ‘Paysage à La Ciotat’ closed for $15.8 Million; beating out the artists past record sale of $10.2 Million.

• Furthermore and in conclusion near the end of the night, Honoré Daumier also had a personal best sale for ‘Les Avocats’, which was purchased for $2.6 Million.

To view a video clip highlighting some of the more exciting and memorable moments from the night, have a look at the link located at the base of this post.

More Information: Sotheby’s