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

Today I had the privilege of having a birds-eye-view of my neighbor (I’ll refer to him as Josh to protect his anonymity) roofing his own house. Josh purchased his home a couple years ago in less than perfect condition and has gone on to prove that this can often be a great way to enter an otherwise expensive market. Obviously one must be armed with a first hand knowledge of carpentry and home improvement or enough money to pay someone else – which as many of us know can sometimes end up worse than if we had just done it ourselves.

Josh perches precariously on a ladder

Josh has been slowly turning an ugly duckling into a bonafide gem. His latest effort is ambitious – a new roof. Keep in mind that our homes (they were probably built by the same builder and are certainly the same vintage) are roughly 135 years old. Pretty much every job is like a box of Cracker Jacks. There’s a surprise in there somewhere… and this project was no exception. I was able to stick my head out my kitchen window and monitor progress which I’m sure Josh appreciated immensely. I tried to lighten the dreariness of the day the best way I knew how – by being a Wisenheimer. At first I thought Josh was telling me I was “#1″ but quickly realized he was destined for victory [over the roof].

Josh & George install scaffolding

Josh was being helped today by his friends Bill & Ted. (Their names have also been changed to protect their anonymity.) Here they are installing scaffolding so they don’t fall off the roof as they remove the old shingles. I’m only mildly scared of heights, but this was making me quite nervous. Actually, I’m not nearly as scared of heights as I am of falling to my death – so it’s really all about security for me. Clearly Josh, Bill & Ted do not share this fear.

Josh harnesses to the chimney

There was some level of safety exercised however. Josh lashed the fellas to the 135 year old chimney with climbing gear. I thought this was a great idea and it made me feel much better until I remembered the old Warner Bros cartoons where Wiley Coyote would similarly lash himself to a tree or a rock outcropping only to fall to the canyon floor followed by the large, heavy object to make two successive poofs of dust, one for Wiley and the other, slightly larger poof for the very heavy object that usually pushed him 10 ft or so into the Earth’s crust. Seriously though, who doesn’t get an audible chuckle from the image of Wiley Coyote walking away, disgruntled, with his mid-section bobbing like an accordion? Anyway, Ted is beginning the process of prying off the old shingles and removing the nails. This is a filthy, hard job and it makes a BIG mess.

Josh, Bill & Ted start making progress as the rain starts

The guys really got down to business peeling off the shingles. This is when Josh found the surprise in the Cracker Jacks. Much of the roof sheating and fascia was practically dust on the top side. He had previously checked the condition from the attic and it looked great – but the top side wouldn’t likely hold nails any longer. He’s also planning on rebuilding a lot of the Mansard hip (the steeply sloped sides). As you can see, Josh’s job just got a lot bigger, and a lot more expensive. His house is getting an entirely new roof.

Josh inspects his 135 year old roof sheating

Josh is inspecting his antique roof sheating. Look closely at the veins in his forehead as he comes to terms with the fact that he is now going to have to hoist large sheets of plywood up onto his roof. Don’t forget he has to pry all this old wood off first which will leave the inside of his house open to the elements until he can seal it back up. Thankfully, his tenant lives on the second floor.

Josh & Bill brave the Tempest

Suddenly, without warning (except for the weather report) the rain really started coming down. Who would have thought – two surprises in one box of Cracker Jacks! Luckily I had a huge tarp to add to Josh’s collection and the guys frantically started to cover up the house. This was no easy job. Check out the driving rain and the look of grit determination on Bill’s face. They got it covered up in short time and now it looks like some of the houses from back home in the Ozark Mountains.

A hairnet for the house

The only problem with the tarps is that they are like big sails up there on the roof. They all have to be tacked down with furring strips. The surface was then so slippery that they had to tack in strips of wood like a ladder to climb up and down. It’s like a big residential rubber.

Bill & Ted clean up the mess

This kind of job makes a nasty mess. The little grit from the old shingles gets everywhere and the material is heavy and cumbersome. It would be interesting if someone could come up with use for all the old shingles in the world.

More on this adventure as it unfolds.

More details at www.TheBostonHomeTeam.com

Open House Sunday 23rd, 12p-2p

Large upstairs bedroom

A perfect mélange of Modernist sensibility and New England Colonial. From the outside this home is an unassuming Colonial set well back from the street. This home has an incredibly flexible plan. Good design allows for a three bedrooms and three full baths with kitchen and dining rooms, living room and family room. However, some may trade the family room for an opulent master suite with direct access to a private brick patio.

Wide open plan and glorious kitchen

Just off the entry foyer you are greeted by an inviting and highly functional kitchen and dining area. No expense has been spared. Recessed lights run the length of the room all set on dimmers for mood. Beautiful glass mosaic tiles accentuate the honed granite counter. The entire kitchen was designed and installed in 2004 including Dacor range, oven and microwave, Amana Fridge, Bosch dishwasher and Kohler sink and professional grade faucetry. The custom finished cabinets are one of a kind and add a friendly playfulness to the room.

A short flight of stairs up from the kitchen lead to a loft-like living area where your family can gather around the gorgeous fireplace with glass tiled surround. A short flight downstairs from the kitchen leads to a modern family room with bamboo flooring and sunshine pouring in from the glass doors leading out to the private brick patio. There is a full bath with exquisite marble and glass tiling, heated towel rack and an enormous glass enclosed shower. There is also a small laundry room with Bosch washer and dryer.

Designer bath - zen perfection

The upstairs bedrooms look out over the landscaped grounds and patio areas. There are three bedrooms upstairs and two more full baths in the original part of the home. Both bold, sophisticated baths are finished in stunning slate, marble and glass tile, Samuel Heath, Villeroy & Boch, Duravit and Hoesch.

There is 2 car parking off street, a new garden shed and a full basement for all storage needs. Located advantageously steps from two different T stations, Doyles & The Midway Café, The Emerald Necklace Park System and one of JP’s newest tot lots.