Spring is in the air. It’s the season for properties to begin hitting the market in earnest. I think we’ve seen the last of the snow, so by the time little green plants start peeking out of the ground you should be prepared to hit the open house trail if you’re in the market for a new home. 143 new properties have hit the market since January 1, but 96 of those came on this month. It’s clearly getting ripe around here. I’m pleased to say I have a number of new homes hitting the market as well. Four this week, a couple next week and hopefully several more over the next month or so. I’m pretty excited about this newest batch of homes – they’re all exceptional values and beautiful. I have open houses all weekend and even a Commuter Open House on Monday for those of you with a little time when you get off the train on Monday. In no particular order, I’ll give you a brief run down on each of them and some of my favorite photos from the shoots. By the way, if you’re in the market, or even just considering it, you might want to sign up on my website as I have some super cool tools that the average home buyer will find quite useful. Ever been scrambling around on a Sunday (lacking the appropriate caffeination) trying to pull open house info from the Boston Globe, Boston.com, some random real estate website, etc? 45 minutes later your hunched over your computer furiously loading all the properties into Google maps and cross-referencing the open house times? No more! Check out my open house search tool. Just plug in your parameters and viola! you’re in business. all the available open houses are magically delivered to your screen, mapped and chronologically ordered. Pretty cool, eh? Sign up for an account for lots of other goodies. Anyway, the task at hand. The smallest of my three new homes is a loft-like condo in The Brewery District adjacent to Stony Brook station between Boylston and Porter. As described in MLS:

Loft-like 2BD in The Brewery District

Perfection. Design, efficiency and location. Brewery District loft steps from Stony Brook Station. Total renovation from basement to roof. High-efficiency heating and point of use, on-demand hot water for kitchen and bath. Amazing insulation in walls and roof. Incredibly well thought out design including cabinetry, and built-in oak/aluminum wardrobe. Roof rights and nice rear deck. This is a great space to just sit and enjoy the light and quiet – it has a certain Zen quality about it.

These descriptions aren’t as easy to write as you think so keep that in mind. Criticism welcome as long as it’s accompanied by a suggestion. This unit is seriously wonderful. It’s going to make some one very happy. I sold it several years ago at Arthouse and they had to pry it from my kicking and screaming then too.

What an amazing ceiling!

This is the perfect starter pad – not just because of the price point, but it’s been renovated really well. Way better than what is typical for a unit like this. Over insulated, thermal panes and steel doors make it efficient, but also really quiet. The look of the ceiling is obviously cool but check out the Miele washing machine/dryer. Under sink you’ll find a point-of-use, on demand hot water system. It runs the kitchen and the bath. Sweet! Open house Sunday April 2, 1:30p-2:30p. I’ll be having a commuter Open House on Monday April 4th, 5:50p-7p.

Next on the list is a single family home on 30 Neillian Crescent, on Moss Hill in Jamaica Plain. This home is one of the best values on the Hill in a long time. It may not be the cheapest ever, but it’s definitely priced right – especially considering the condition:

Beautiful open-plan home in highly desirable neighborhood. New kitchen w/SS apps and large prep space. Guests can sit in dining rm and chat w/the host or lounge in living rm in front of fireplace. Picture window looks out over quiet street of well-maintained homes and enormous corner lot. Each bedrm is bigger than the next with a large master facing the rear of the home. Huge, open family room with direct-entry garage and 3/4 bath. Short walk to Larz Anderson Park. Short commute to Med area.

Immaculate Moss Hill home in Jamaica Plain

30 Neillian Crescent Open Houses Sat April 2, 12-1p & Sun April 3, 1:30-2:30p

Living room with fireplace and picture window.

Finally, last but not least is 41 Bournedale Rd, Jamaica Plain. This is the Woodbourne Neighborhood. There are a handful of duplexes just like this one in the “Bourne” neighborhood and I’m a big fan of the layout. They have kitchen, dining and laundry all in the back with a door to the back porch and yard. There’s a tiny hallway separating the dining area from the living room. On one side of it the designer snuck in a built-in hutch. It’s a nice little surprise when you come around the corner. The living room has a wood burning fireplace and a set of stairs that gently curve upstairs out of site. Very cute. My favorite thing upstairs is a cozy reading room just off the master bedroom. I’d spend a lot of time there if it was my place. Here’s what I wrote on the MLS:

Charming 2 story home w/perfect plan. Property has feel of a house rather than a condo. Open kit/dining room opens to covered porch. Enjoy your morning coffee listening to the birds chirp in the wooded yard. Granite counters and stainless steel appliances. Breakfast bar separates kitchen from dining room with built-in hutch.Walk to T, conservation land, shops and restaurants. Ask about Forest Hills Initiative for exciting information about area future development.

Somewhere Hipsters are gathered around expensive beer, reading these out loud and making fun of me. So be it. Come by this Sunday 3rd and we can have coffee together on the back deck from 12-1p.

One of my favorite rooms in Jamaica Plain

Jamaica Plain kicks off 2011 with the addition of Bartlett Square

2010 was box office year for Jamaica Plain real estate. There were certainly some ups and downs and working with the banks has been no cake walk – but Jamaica Plain homes have held in there for the long haul. JP has that certain je ne sais quoi that can be found no where else in Boston.

Although the commercial side of Jamaica Plain had some shake ups along Centre and South Streets, and there’s some controversy over the new Whole Foods market scheduled to fill the Hi-Lo space, the east side of the MBTA tracks is still decidedly lacking restaurants, cafes, bars, shops, etc. making those locations somewhat less desirable due to the distance to amenities. However, it look like Jamaica Plain might be inching closer to a balanced commercial and retail base as several large projects move forward

While I reserve my opinions on some of the proposed and partially completed projects for a later date, some of them I find downright exciting. I happen to live on Amory Street near The Brewery and the new project at Bartlett Square has my eye.

I attended one of the community meetings when the project was in the planning stage and I was immediately impressed with how well Maple Hurst Builders handled the design integration with the surrounding buildings not to mention the complicated traffic and parking issues in the area. I held my breath that the project would pull through and maintain the overall “spirit” that had been proposed at that meeting. It has surpassed all expectations thus far.

I was immediately impressed with how well Maple Hurst Builders handled the design integration of Bartlett Square with the surrounding buildings, not to mention the complicated traffic and parking issues in the area.

I’ve done a lot of traveling throughout the United States, paying special attention to the architecture and infrastructure of various places along the way. It’s something I find very interesting, and to be frank, after visiting some of these places, parts of Boston are underwhelming in terms of development. It seems that often in an attempt to maintain strict planning and zoning rules in an effort to maintain a rigid historic Boston vernacular – the overall city suffers. I yearn for more creativity and variance but it is so rare.

Enters Bartlett Square. Don’t get me wrong, it’s no Frank Gehry fantasy (not a fan actually) but rather a very well designed addition to the neighborhood. The project fits nicely with the rows of old brick buildings between Amory and Washington Streets while tipping it’s hat to a more and more eco-conscious, modernist market.

Specializing in the redevelopment of under-utilized urban properties, Maple Hurst Builders has earned particular acclaim for the development, design and construction of in-fill projects that enhance their respective Boston neighborhoods by artfully blending classic architecture with contemporary details.

Each residence crafted by Maple Hurst Builders is distinctive, featuring amenities and workmanship typically reserved for custom-built homes.

Respect for the environment has always been an integral element of the design and construction of every project. Green building and sustainable construction are not merely marketing terms at Maple Hurst Builders. Resource and energy conservation, judicious use of materials and permanence of the structure are paramount. Maple Hurst Builders always will strive to deliver properties of unsurpassed value and enduring beauty.

The development at Bartlett Square is pursuing a rigorous eco-conscious design including solar panels that will support hot water and common electric needs, bike storage, a Kone “eco-efficient” elevator, Energy Star appliances, high efficiency heating and cooling and vegetative green roof, etc.

Bartlett Square employs serious eco-conscious design

In addition to the 13 condo units (two of which are affordable units per city of Boston guidelines) there will be three desperately needed retail spaces ranging from 775 SF to 1875 SF. I’m swooning at the mere idea of some healthy food options. Personally, I have my eye on a certain live foods restaurant. I suppose what stores go in will have a dramatic effect on the area and help determine the personality of that portion of the neighborhood.

I believe this section of Jamaica Plain has some amazing history and architecture, setting it apart from the more bucolic JP that is west of the MBTA line. The Brewery District and abutting neighborhoods seem to have the potential to be something like Williamsburg in Brooklyn or parts of Portland, OR. I like the grittier feel and the antique brick structures.

Locationally, the project is the bomb. Some of my favorite places in Jamaica Plain are all within walking distance. Just a few doors down from a little bodega and a block from Canto 6 with it’s steamed up windows and ridiculously mouth watering pastries and sandwiches. BMS Paper is Valhalla for party people. One of the best kept secrets in Boston IMO. You can get anything from industrial kitchen supplies to wine glasses for about $.50 each. I’m saving up for the “diner” plates they have. You know, those thick, heavy plain white plates and cups that are so strong they last for 50 years? Next on the list is Axiom Center for New and Experimental Media.

AXIOM is located at the corner of Green and Armory Streets. The gallery is on the ground floor level of the Green Street train stop on the Orange line at 141 Green St. A little about Axiom from their website:

Axiom was founded in 2004 by Heidi Kayser as an artist’s collective who originally exhibited work in a collaborative studio space. From 2005 to 2009, Axiom grew into a non-profit center whose mission is to support and nurture cutting-edge contemporary art practice through exhibitions, events, education and collaboration.

In 2010, Axiom merged with Boston Cyberarts, the organizers of the renowned biennial festival, the Boston Cyberarts Festival.

In 2011, Axiom returns to a collaborative management practice by forming the new Axiom Group, a collective of artists who curate exhibitions and events, provide educational programming, exhibit their own work, and participate in day-to-day operations. We are not currently accepting new members, but we love short term volunteers! If you are interested in volunteering or interning, (up to three college credits available) contact us: info@axiomart.org.

From the gallery at Green Street station, heading north up a gorgeous bike and pedestrian path takes you right by The Brewery complex which is home to some of Jamaica Plain’s favorite businesses. Bella Luna and the Milky Way pump out the best hand made galactic eats this side of the galaxy. You can’t go wrong with a Simple Simon and one of the Sam Adams brew made specially for this establishment. Next door is Ula Cafe, a treasure trove of delectable breakfast yummy treats and creatively combined sandwiches. Everything there seems to be fair trade, consciously sourced, etc. Stop in for an excellent cup a Joe and free Wi-Fi. When you’ve had your fill of some exotic strada or your favorite – the bacon, cheddar and chive scones, and you’re feeling a bit lumpy, you can jog upstairs to the massive Mike’s Fitness. Mike’s is a great gym and you’ll find, like the rest of Jamaica Plain, Mike’s is pretty diverse. Anyone will feel comfortable working out here. My favorite spot is on the recumbant bike or the Cybex elliptical in front of the huge windows overlooking the MBTA tracks and the Southwest Corridor.

As the project proceeds, I’ll keep you informed with more updates. If you have any questions in the meantime don’t hesitate to ask. If you’d like to hear it from the horse’s mouth in person, you can speak to the developers of Bartlett Square at the 1st Annual Jamaica Plain Home Energy Fair, Saturday March 5th, 9:30-1 pm at Bella Luna.

- 10:30 Introduction by MC (BJ Ray of Prudential Unlimited Realty).

- 10:35 Presentation on energy in homes, energy in the electrical grid, your energy footprint.

- 10:50 Presentation on energy reduction measures big and small.

- 11:05 Quick testimonials from DER homeowners.

- 11:15 Quick pitch from Green Justice Coalition on action items for their campaign.

- 11:25 Introduction of “Ask an Expert” participants.

- 11:30 Pizza is served!

- 11:30 Participants are free to mingle, have pizza, and ask questions of experts.

- 12:30 MC announce contest winners.

Some of the presenters:

- Dave Legg or other from National Grid on DER program

- Irina Rasputnis (NEEP) on the bewildering array of energy incentive programs

- Mass Energy Consumers Alliance on purchasing renewable electricity

- BBMC: Linda or Kim on materials choices for kitchens&  baths

- Ben Crouch Organics on local food production

- Green City Growers on local food production

- Cool JP on their block-by-block “Carbon Diet” campaign

- Green Justice Coalition on their efforts to create “Green Jobs” in weatherization

- Bikes Not Bombs, JP Bikes on pedal-powered transportation, here and abroad

- Living Structures, on reducing your home’s operating energy

- Roxbury Green Power/Green Grease Monkey, on waste veggie oil for transportation and home heating fuel

- 350.org on climate activism and why 350 matters

New data is always hitting the wire on housing data. It seems to be John Q. Public’s favorite indicator of financial well-being.  Zillow posted some interesting parameters that should probably be taken with a grain of salt. My experience is that Zillow can be wildly inaccurate, but my bet is that when looking at the entire real estate market as a whole – probably a decent snapshot.

Zillow has Jamaica Plain outpacing all of it’s neighbors, including but not limited to Roslindale, North Dorchester, West Roxbury, Mission Hill, etc.  The multiple listing service provides very accurate, real time data as well. In comparison, Jamaica Plain has remained surprisingly level over the last five years.

5 year real estate inventory for Jamaica Plain

I’m no analyst mind you, but it seems to me that we have a much healthier market now. While the number of homes on the market spiked throughout 06′, the number of properties going under agreement and making it to closing is very strong. I attribute this market resilience to our strong community. Despite the best efforts of the recession, Jamaica Plain drew a hipster line in the sand and we’re not crossing it.

$/SF values showing pretty steady over last 5 years.

$/SF values are a good way to commoditize real estate values if you’re looking at large quantities of property. It’s too easy to get hung up on the listing prices and overlook the varying size of a given unit.

If you would like more relevant real estate market data – feel free to ask for customized reports. I can drill down to almost any parameter and track it. Just email me at www.TheBostonHomeTeam.com, or better yet, check out our new website and sign up for regular market updates.

Gorgeous Sumner Hill Mansard Victorian

Are you in the dog house? Have you besmirched your good name? I have an opportunity for you to redeem yourselves. At the base of beautiful and historic Sumner Hill, across from the old Congregational Church,  you will find this gorgeous Mansard Victorian. Bring your sweetie and give the Valentine’s Day gift of a lifetime! We’ll be having an open house for neighbors only from 11a-11:30a, and then a public open house from 11:30a-1p.

Unique architecture

A landmark property to anyone who travels the streets of Jamaica Plain – the unique overhang is thought to be an architect’s sneak. There’s about 70SF hanging out over the sidewalk. Don’t quote me on that little historic tidbit – I’m not sure where I heard/read it anymore. I’ve got a request into a local historian to find out what I can on this lovely manse.

Fully one-third of this home resides out of view from the street. There is another unit that is roughly half the size of the upstairs, that opens on three sides the the pretty back yard. It’s really neat to see the massive, rough hewn granite blocks that form the foundation under the sidewalk. You can see it from within the fence at yard level.

This stately home got a serious facelift less than 10 years ago. The entire Mansard “hip” was replaced with architectural shingles, new windows and soffits were added as well as copper gutters and downspouts. Quite a bit of old siding was replaced at this time as well. Generally, the exterior is in perfect condition. The current owners have done a smashing job with the interior as well. Josh & Julie have added their own brand of sophisticated, modern charm. There’s definitely more than a hint of the Orient in the decor – including a very tasteful bamboo wall treatment in the master bedroom.

Giant master suite

There are three bedrooms that are  small, medium and large and have a gentle slope to the wall from the roof line. It adds a lot of charm and character without adversely effecting the layout or space whatsoever.

If you’re used to New England bedroom sizes, you’ll find the master suite to be a pleasant surprise.  It’s spacious and light with views out over the neighbor’s roofs to Green Street and the grand architecture of The Bowditch School. The bedroom opens to the bath by passing through a custom closet outfitted with a very well thought out organizational system. Someone with lots of clothes and an analytical mind clearly designed it. The bathroom is large for a Victorian. I doubt this room always served as a bathroom, but it certainly should have. There’s an old clawfoot tub and some bath fixtures that are reminiscent of the period, but in reality everything is new.

There is another full bath on the second level for the other two bedrooms. All the rooms open off a landing flooded with natural light from a skylight opening above the exposed rafters. Downstairs, the first floor flows just as well. The kitchen, dining and living rooms are large and perfect for entertaining – although, make everyone take off their shoes because the floors are truly luminous and it would be a crime to mar them.

The kitchen isn’t so easy to pin down to a specific style. Although the Bosch stainless steel appliances and white cabinets give it a decidedly modern look, the counters are darkly stained wooden butcher block that have a warmer feel than the typical granite counters that are so common of late.

There is a laundry cabinet that doubles as a pantry adjacent to the kitchen – and an ample deck through sliding glass doors, leads down to a beautifully landscaped yard.

The dining room is probably my favorite room in this house. One wall is covered with books, and the others are practically all windows – looking out over the yard, deck and Green Street. There’s a large closet as well, so if you put the table in the kitchen this could actually be a fourth bedroom or an office – but I think it’s configured best as it is.

The location doesn’t really get any better. When I write that this home is steps from everything – I mean it. Maybe 127 steps to the subway? (Give or take 10.) There are shops, boutiques, restaurants, pubs, etc. just a few blocks away on Centre as well as the Mosaic school across the street in the Congregational Church, and Hollow Reed up on Sumner Hill.  There’s a playground around the corner with water sprinklers in the summer and a great play structure. Further up Lamartine Street there’s a baseball field, basketball courts, the list goes on and on.

Check out our website at www.TheBostonHomeTeam.com for more information on this home and other property in and around Jamaica Plain as well as  the virtual tour at www.84Seaverns.com.

$8,000 homebuyers tax credit extended

President Obama reups popular tax credit through June 2010 and expands it to include people with higher incomes and some who want to trade up into new homes.

NEW YORK (CNNMoney.com) — President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday.

The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

Free money?

The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers — those who have not owned a home in the past three years — still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

“The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

Nicholas provided four scenarios illustrating how the tax credit rules for existing homebuyers will apply:

• Harry owned a home in 2001 and 2002 but sold it to relocate for a job. He would qualify for the $8,000 first-time-buyer credit because he has not owned a home in the past three years.

• Sue purchased a home in 2004 and has lived there since. If she decides to buy a new home, she would qualify for the $6,500 tax credit because she has lived in the same residence for five consecutive years in the past eight.

• Jane purchased her home in 2002, lived there for five consecutive years before she rented it out in 2007. She would qualify because she was an owner/occupier for at least five consecutive years in the past eight.

• Mark purchased a home in 2006 and lived there for the past three years. He would not qualify because he is neither a first-time homebuyer nor someone who lived in the same primary residence for five consecutive years out of the past eight.

Legislators and industry experts expect that the credit will encourage buyers such as Jane and Sue to move up their purchase plans.

“This bill will shift demand from the second half of 2010 into the first half,” said Pat Newport, a real estate analyst with IHS Global Research. “As a result, home sales and prices will get a boost in the first half of 2010, with payback in the second.”

That’s not a bad thing, according to Bill Kilmer, vice president of advocacy for the National Association of Home Builders. It’s important to stabilize real estate markets quickly to help bring the economy out of its tailspin.

The original $8,000 tax credit appears to have helped accomplish that goal: Home prices have inched up the past few months, according to the S&P/Case-Shiller Home Price Index.

But critics still see the program as being ineffectual because it rewards buyers who would have purchased a home anyway. Newport estimates that fewer than 400,000 of the 2 million who have claimed the original credit made their purchases solely because of the tax advantages.

Furthermore, buyers do not, in reality, receive the entire benefit. “The credit helped prices stabilize,” said Newport. “So the credit has been split between seller and buyer. The sellers are getting higher prices and buyers paying more than they would have without it.”

The housing industry, however, is pleased with the extension, although the credit has not been quite as effective as they hoped.

The industry thought the credit would provide a ripple effect, with sales to first timers triggering as many three additional “move-up” sales.

That did not happen, according to Lawrence Yun, NAR’s chief economist.

“It did not have the chain reaction impact it was supposed to,” he said. “Instead, many first-timers turned to vacant, foreclosed or other distressed properties the sellers of which were unlikely to be move-up buyers.”

So, the tax credit helped prop up the low end of the market without having much impact on the rest of the spectrum. Expanding the benefit to existing homeowners should boost those segments. That should produce additional benefits, according to Yun.

“Preventing further price decline or even nudging prices up a bit stabilizes housing wealth, which makes homeowners more comfortable in their spending,” said Yun. “They’re more likely to go out to the stores or buy a new car. That provides a boost to the overall economy.” 

A lot of my clients ask me, “What are closing costs?”

Don't break the bank.

Real property in most jurisdictions is conveyed from the seller to the buyer through a real estate contract. The point in time at which the contract is actually executed and the title to the property is conveyed to the buyer is known as the “closing“. It is common for a variety of costs associated with the transaction (above and beyond the price of the property itself) to be incurred by either the buyer or the seller. These costs are typically paid at the closing, and are known as closing costs.

Occasionally, lenders will allow buyers a “seller concession for closing costs” between 3-6% depending on the product, the down payment and a number of other parameters. Essentially this allows the buyer to finance these costs into their loan.

Examples of typical closing costs might include:

• Title service cost(s), paid by either party according to the contract but by default seller may pay the majority, for title search, title insurance, and possibly other title services. In some cases the attorney may do the title search or the title service and attorney fees may be combined. Required by institutional/commercial lenders and often by the real estate contract.
• Recording fees, paid by either party, charged by a governmental entity for entering an official record of the change of ownership of the property. Required by the government for recording the deed.
• Document or Transaction Stamps or Taxes, paid by either or both parties depending on location (area of jurisdiction), charged by a governmental entity as an excise tax upon the transaction. Required by law.
• Survey fee for a survey of the lot or land and all structures on it, paid by either party, to confirm lot size and dimensions and check for encroachments. Required by institutional/commercial lenders.
• Brokerage Commission, paid by the seller to a Real Estate Broker, to compensate the Broker(s) involved in the sale for their services in marketing the property, finding a buyer, and assisting in the negotiations. Brokerage commissions are usually computed as a percentage of the sale price, and are established in a listing contract between the seller and the listing broker. The listing broker may offer Buyer Agents a portion of their commission as an incentive to find buyers for the property. Payment is required if real estate brokerage service was used. This is often one of the largest closing costs.
• Mortgage Application Fees, paid by the buyer to the lender, to cover the costs of processing their loan application. In some cases, the buyer would pay the lender the application directly and prior to closing, while in other cases the fee is part of the buyer’s closing costs payable at closing.
• Points, paid by the buyer to the lender. Points are a form of pre-paid interest, charged by the lender as an alternative to charging a higher rate of interest on the mortgage loan. One point equals one percent of the loan principal.
• Appraisal Fees, usually paid by the buyer^{[citation needed]} (although occasionally by the seller through negotiation), charged by a licensed professional Appraiser. Many lenders will require that an appraisal be performed as a condition of the mortgage loan. The purpose of this appraisal is to verify that the sale price of the property (upon which the underwriting of the loan is based) is equal to or less than the fair market value of the property.
• Inspection Fees, usually paid by the buyer^{[citation needed]} (although occasionally by the seller), charged by licensed home, pest, or other inspectors. Some lenders require inspections (such as termite inspection) to verify that the property is in good condition, which is necessary to assure that the property will retain the necessary collateral value to secure the mortgage loan.
• Home Warranties, paid by either the buyer or the seller. Warranties are available on resale homes insuring major household systems against repair or replacement for the buyer’s initial year of ownership. Sellers will sometimes offer these warranties as a marketing strategy, or buyers can elect to purchase them at closing.
• Pre-paid Property Insurance, paid by the buyer but may be reimbursed by the seller. Lenders will typically require that a mortgaged property be insured at all times throughout the life of the mortgage, and will usually require that the first full year’s property insurance premium be paid in advance by the buyer. If the buyer has not already paid the insurance company directly, this would become another closing cost payable at closing.
• Pro-rata property taxes, paid by the seller, the buyer, or both. Most (but not all) jurisdictions assess taxes on real property, which are usually payable at a specified date annually. Since all but a tiny fraction of real estate transactions close on a date other than this one specified annual date, most transactions must include an adjustment to assure that both the seller and the buyer end up paying their share of the annual property tax, proportionate to the percentage of the year that each has ownership of the property. Usually required by institutional/commercial lenders and by the real estate contract.
• Pro-rata Homeowner Association Dues, paid by the seller, buyer, or both. If the property is covered by a Homeowner Association (HOA), the HOA will normally be funded by dues assessed against each property owner. Again, since the ownership of the seller and buyer are each fractional in the year of the transaction, there must be an adjustment made so that each owner pays their proportional share. Often required by institutional/commercial lenders and by the real estate contract.
• Pro-rata Interest, paid by the buyer but may be reimbursed by the seller. The monthly mortgage payment is calculated and payable on a specified day each month. If the closing does not actually fall on that specified date (which is usually the case), then an adjustment must be made to calculate the interest on the loan for the number of extra days until the first payment is due.
• Attorney Fees, paid by the buyer for the bank’s closing attorney.
• Lender Fees, paid by the buyer. This is a one time fee that is charged by a lender. Your guess is as good as mine as to what this is for.
• Credit Report Fee, paid by the buyer to “pull” their credit report.
• Courier Fee, paid by buyer to get deed from the closing table to the registry of deeds.
• Tax Service Fee, paid by the buyer to handle setting up the escrow account and subsequent handling of the buyer’s tax payment for them. The lender does this to ensure no tax liens get placed on the property.
• Municiple Lean Certificate,

Other items in addition to the above may be common in some jurisdictions, and some transactions may include unusual or unique items as closing costs. In the United States, Federal law requires that all residential transactions financed by a mortgage have all closing costs documented in detail upon the standard HUD-1 form. This information must be provided to the principals but does not have to be sent to the government. Instead a Declaration or Statement by Buyer and/or Seller is often required to be provided to the government office recording the deed. Form 1099-S may be required to be sent to the United States Internal Revenue Service, but Federal law does not allow a charge for this.

A good consumer should also ask for a “Good Faith Estimate” from a bank or mortgage broker that explicitly outlines what is being charged to the buyer. If the deal seems too good to be true – it just might be. Always get it in writing.

My very good friend Mike Randall share many common interests including a general mis-trust of the government, an entrepreneurial streak and last but not least a strong wanderlust.

We’ve had scores of conversations over the years about expatriation and how to pull it off. Of late, I’m more inclined to stay in America and explore some of the very rural, off the beaten path areas of our country like Taos, NM, parts of Oregon, Montana, etc. However, Mike just sent me a link to a community in Costa Rica that is insane. One of the founders came up with the hair-brained idea to build a treehouses with zip lines connecting them. It reminded me instantly of something in Disneyland or the like. The pragmatist in me would have said, “you’re out of your mind ” if someone had suggested it to me. I would have been wrong. The good folks at Finca Bellavista have followed their dream and are now the envy of us all. My kid would explode in rapture at the idea of riding a zip line over to her friends house. Or school. Or wherever.  The original plan only had 65 acres but later blossomed into a 350 acre village. They have a community bath house, pedestrian skyways, and more creature comforts than I expected.

“Residents are now able to stay connected with the outside world at Finca Bellavista! On January 5, 2008 we had our high-speed direct link satellite dish installed, which is powered 100% by solar-generated electricity. The signal is great and the service is the fastest we’ve experienced in all of Costa Rica! The entire base area at Finca Bellavista can access the Wi-Fi signal. That means residents can work remotely or chat with far-away friends and family from a riverside hammock or anywhere else at the base area of the community. What a great way to stay in touch while getting away from it all!”

Okay, I’m listening…but I’m still skeptical, right? The crazy thing is that the development is selling out. They offer 2-4 acre parcels and they seem to have some good planning and the foresight to put some parkland and community spaces in there so it doesn’t feel like a tropical trailer park. The amount of spaces that have been purchased and the number of units built seems hard to believe. I haven’t gotten to read enough of the website to see if they have construction costs yet, but they can’t be cheap. The workers must certainly be highly skilled. I anticipated very rudimentary dwellings that looked as if they would fall in a good wind – but these things look pretty good and they look to be getting some good engineering ideas up their sleeves from some of the drawings they have on the site. Have a look around their website for yourself.

Concept drawings for treehouse at Finca Bellavista