Mortgage Interest Rates are Skyrocketing...

… is Boston real estate in trouble?

The robust charm of Boston's streets has long been mirrored by its steadfast real estate market. But even the strongest fortresses face testing times. Recent developments are casting shadows on the traditionally solid grounds of Boston’s property landscape, heralding potential challenges ahead. 🏙️💔

- 🏡 Turbulence in Boston’s Housing Market: Explore the unfolding drama in our housing market amidst soaring mortgage rates and plummeting pending home sales.

- 🏢  72% DECLINE in Boston Commercial: Two office buildings at 33-41 West St. embody the challenges, selling at just $4.1M, a fraction of their $16M price seven years ago.

- 🍽️ The Most Beautiful Restaurants in Greater Boston: Check out some of the most gorgeous restaurants Boston has to offer.

- ✨ Queen + Adam Lambert Tour: Check out this awesome tour happening this weekend!

MARKET

YOUTUBE
Mortgage Interest Rates are SKYROCKETING, what’s next?

In today’s episode, local Boston Realtor, Mike Urban, explores the unfolding drama in our housing market amidst soaring mortgage rates and plummeting pending home sales. Join us as we unpack the impact of economic shifts on your home-owning dreams and potential investments.

Quick Takes:

🚀 Mortgage rates hit a 23-year peak

📉 Sharp decline in pending home sales

🏦 Potential FED rate hikes in 2023

🎓 Resume of student loan repayments and its economic ripple

🏛️ Government shutdown amidst financial strain

NEWS & FUTURE VIDEO
😯From $16 million to $4.1 million…..

In the heart of Boston, the downtown office market presents a perplexing landscape. The sales and valuations of properties, especially amidst the current economic climate, unveil stark disparities and hidden tales of the pandemic's impact on real estate. Let’s delve briefly into a recent case that has stirred discussions among local investors and developers:

Key Insights:

• 🏢 Two office buildings at 33-41 West St. embody the challenges, selling at just $4.1M, a fraction of their $16M price seven years ago.

• 🔄 Mai Luo, a real estate executive and the new owner, contemplates diverse futures for these buildings, including possible conversion to housing.

• 📊 Discrepancies in property values post-COVID, with some properties plummeting, while others manage to hold or increase in value.

• 📈 High-interest rates and hybrid work trends are reshaping the demand and valuation in the office space market.

• 🏛 The city’s office vacancy rates and property taxes remain pivotal for funding essential public services and infrastructure.

Full Article found: Here

LOCAL SPOTLIGHT
🍽️ The Most Beautiful Restaurants in Greater Boston

Amidst the rich tapestry of Boston's thriving culinary scene, there are establishments that stand out not just for their exquisite dishes but for their extraordinary interiors and enchanting ambiances as well. In a city where historic charm intertwines effortlessly with modern luxury, Boston hosts a collection of restaurants that turn dining into a thoroughly immersive experience.

Full Article found: Here

LOCAL EVENTS
✨ Queen + Adam Lambert Tour

Guests attending TD Garden events are advised that laptops, bags, backpacks, luggage, coolers, parcels, briefcases and like articles will be strictly prohibited from the facility. All guests may be subject to search of their person and/or possessions. Patrons with prohibited articles will be turned away and no storage or "check-in area" will be provided. Enforcement will be without exceptions.

Sale Dates and Times:

Public Onsale : Fri, 31 Mar 2023 at 10:00 AM

Official Platinum : Fri, 31 Mar 2023 at 10:00 AM

VIP Packages Onsale : Fri, 31 Mar 2023 at 10:00 AM

For more info check it out: Here

TESTIMONIALS & SUCCESS STORIES
1 of 100+ 5 Star Reviews

Absolutely a pleasure to work with. Mike is one of those rare people who have real world knowledge of what makes a house worth moving into. Working with him made the whole process a breeze and he went above and beyond to ensure that we made it to closing. If you get the opportunity to work with him, take it!! - Abe, Home Buyer

EDUCATE
Question of the Week:

“Is the home priced fairly according to comparable properties?”

Answer: Understanding whether a home is priced fairly involves a comprehensive look at comparable properties and current market conditions, supporting both buyers and lenders in making informed decisions.

Here's a quick guide:

• Comps Analysis: Realtors analyze recent sales of similar homes (comps) in the area to estimate fair pricing.

• Factors Considered: Home size, condition, age, and features impact its comparison to comp sales.

• Market Conditions: An understanding of current market trends is crucial to assess whether the price aligns.

• Negotiation Leverage: Fair pricing analysis can be used as a powerful tool during price negotiations.

• Appraisal Alignment: Banks will appraise the home’s value before approving a mortgage, ensuring it's not overpriced.

— Mike Urban

Reply with any questions you'd like us to address!

LETS WORK TOGETHER
Need a Realtor?

Looking for a Realtor in or around the Boston Area? Book a one-on-one consultation with Mike Urban - Here