W Boston Hotel Sells For $89.5M
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Boston W Hotel is sold for an estimated $89.5 million. According to Court documents, the buyer is an investment firm from Maryland by the name of Pepplebrook Hotel Trust, and the seller is the developer of the property, SW Hotel Venture LLC. However, it is important to mention that only the hotel part of the property is sold. The Hotel will keep the name: W Hotel Boston, and takes the first 15 floors of the iconic glass tower at 110 Stuart Street. The W hotel Boston has 235 hotel rooms, a restaurant, a lounge, and a spa.
The Condos will remain under the ownership of the developer’s branch SW Boston. There are 123 Luxury condos and residences starting from the 16th floor. The Luxury condos have their private entry and concierge, but share many of the hotel’ s amenities and services. A few weeks ago, a bankruptcy judge ruled in favor of SW Boston (and against Prudential Insurance who provided $192 million to build the project) allowing them more time to reorganize their finances.
The W Boston Luxury Condos and Residences have experienced a sizable increase in the sale of their luxury condos in the last few months. Thus, with this new influx of cash, buyers can rest assured that the W Boston Residences are here to sell by the developer and now is the time to scoop up some great deals in the building before prices go up, as the Boston luxury real estate market is showing healthy signs across the Back Bay.
Should you need more information about the W Boston luxury Condos, or want to schedule a private viewing, please contact Boston Luxury Residential or call C.H. Naamad at 617-407-9740.
Read the full post with gallery and in-depth details: W Boston Hotel Sells For $89.5M
292-296 Newbury Retail Condos sold for $$6M
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Four retail condos have been purchased by Linear Retail Properties LLC for an estimated $6 million. The retail properties sit on 292-296 Newbury street between Hereford and Gloucester streets. They are comprised of about 5716 square feet of retail space, on the two first floors on three adjacent buildings on the left side of Newbury. The spaces are rented out to, among other, Vibram USA, M. Labrecque Salon, A pet supply store by Audrey, and MiniLuxe Spa.
This is LRP’s 9th purchase in the Boston area, and the 2nd in the Back Bay on Posh Newbury St.
For more information about luxury condos and Fine homes in the Back Bay, please contact BLR at 617-407-9740 or via email: ch@blrboston.com
C.H. Naamad
Boston Luxury Residential
www.BLRBoston.com
ch@blrboston.com
Read the full post with gallery and in-depth details: 292-296 Newbury Retail Condos sold for $$6M
How To Help Japan
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Below are links to some of the most trusted websites to which you can donate to help with the Relief efforts for the Tsunami and Earthquake disasters in Japan. Please donate as much as you want or as little as you can. All donations count in these hard times.
Thank you.
1= World Vision: Link , or TEXT “4JAPAN” to 20222 to send a $10.
2= American Red Cross: Link , or Text “REDCROSS” to 90999 and make a $10 donation to the American Red Cross.
3= Salvation Army: Link , or Text “JAPAN” or “QUAKE” to 80888 to make a $10 donation.
4= UNICEF: Link , or text “JAPAN” to 864233 to give $10.
5= America Cares: Link
6= Doctors Without Borders: Link
7= Shelter Box: Link
8= Global Giving: Link , or Text “JAPAN” to 50555 to donate to the fund.
9= Habitat for Humanity International: Link .
Thank you for your time and donation, and please forward this page to all your friends, family, and colleagues, or anyone who may be interested in helping the Japanese people in these hard times. This is NOT Japan’s plight alone; this is the whole world’s struggle.
C.H. Naamad
Broker
617-407-9740
Boston Luxury Residential
www.BLRBoston.com
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Foreclosures = RE Lottery
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There are other options!!!!!!!!
If you are the average buyer, stay away from foreclosures, REOs, and Short Sales please. If you want a good deal, buy in up and coming neighborhoods, not depressed properties. This is what I call Real Estate Lottery.
The long held gold dream that good deals in Real Estate (RE) can be had in the ever expanding foreclosures and short sales markets is becoming a frightening nightmare these days for both buyers and sellers due to legal litigation against all parties involved in such transactions.
We all know about the legal issues most banks, like Bank Of America, CitiBank, and Wells Fargo, face because of so deemed illegal practices such as Robo-signing and lack of disclosure.
Furthermore, what is more frustrating to buyers and sellers is the limbo status banks keep you in. I have heard of people waiting six, seven, or more months to hear back from the bank. The situation is even more complicated when the property has tow mortgages and therefore two banks that never communicate.
I have a client who told me that she thought she bought a short sale property, and seven months later discovered that the bank had already sold the same property in auction for less than she agreed to pay for it. She was devastated.
Real Estate brokers have to be very careful here. Angry buyers or sellers may and can go after the brokers if such cases, especially if the transaction takes a long time. In other instances, brokers are suing sellers for not closing on a good offer, or buyers who give up when the banks take too long to get back to them.
I personally refuse to get involved in foreclosed properties. It is not worth the time, the money, or the trouble.
C.H. Naamad
617-407-9740
www.BLRBoston.com
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700K Special Assessment Tsunami
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In the last decade, some of Boston’s Luxury condo buildings have been hit by earthquake caliber Special Assessments. The first that comes to mind is, of course, Harbor Towers condos where some assessments reached in the hundreds of thousands.
Now, 12 months after a raging fire destroyed part of the building, there is talk about The 483 Beacon Towers Condo association where trustees are considering a $700,000 price tag to upgrade their building outdated HVAC systems. Some of the residents are livid over this proposal, and claim that much of the work proposed is unnecessary and wasteful; while other argue that it is time to revamp the whole system now and move on.
Special assessments vary according to whom you talk, and may range from $10,000 to $24,00 or $17,500 to $35,000 with larger units paying the highest estimates. There are 70 condos at Beacon Towers, and over 75% of the units are on the smaller side. However, Some of these residents live at the adjacent 479 Beacon and 481 Beacon buildings. These buildings share the same condo association as 483 Beacon; and therefore, have to pay the assessments, although their buildings will see no gain from the upgrades.
C.H. Naamad
Boston Luxury Residential
617-407-9740
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New Luxury Building in Boston
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The BRA has given its final approval for a construction of a New Luxury Rental High-rise in the Downtown area. The $172M new Luxury Building will be 27 stories high, featuring 385 Luxury Rental units, 110 parking spaces, and retail and commercial space on the ground floor. The new building will be at the corner of Washington Street and LaGrange street. The New building will be named: The Kensington. The Kensington Luxury Building is scheduled to open it doors in summer/fall of 2013, and construction to begin summer of 2011.
This is good news for the Boston Real Estate market and the neighborhood, especially after the failed project at the old Filene’ s Basement.
C.H. Naamad
Boston Luxury Residential
617-407-9740
ch@blrboston.com
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Zillow Adds Rent Zestimates
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Zillow.com:
A new feature is being added by Zillow.com to help it grow in the ever expanding rental markets. The new feature is celled: Rent Zestimates. It is similar to its Sale Zetimates feature, which helps buyers and sellers determine a average price for a specific property. The Rent Zestimates feature works the same way, except that it helps people find out the average monthly rental price of a property whether available for rent or not. The average price is based on the location, the mortgage payment, and the estimated value. There are about 90 million homes and apartments that may benefit or be affected by Rent Zestimates.
On the other hand, it is no secret that the initial Zillow.com Sales Zestimates were inaccurate in many cases, and predicted “false” estimates, especially in urban areas where neighborhood lines are close to each other and where property values depend on which side of town the property lies. let’ s hope that the new feature Rent Zestimates will be more accurate. instead, I recommend that all the present and future landlords consult a local broker who knows the market first-hand and can price the property correctly and better than any computer including the Super Computer Watson.
C.H. Naamad.
BLRBoston.com
Read the full post with gallery and in-depth details: Zillow Adds Rent Zestimates
