The Boston Home Team Blog » Real Estate

Casey Overpass – makes it or breaks it for Forest Hills

William Brokhof — Sun, 03 Apr 2011 12:17:07 +0000

I’ve been following the online conversations about Casey Overpass and speaking to a few locals. It seems the overpass is a crucial design problem for local authorities. In my opinion, it’s a make it or break it challenge for the future of Forest Hills. An outstanding design that is welcoming and solves the unbearable traffic issues in the area would transform the area and produce revenue and strengthen property values and the tax base for decades. On the flip side, get it wrong and Forest Hills could easily go down the drain.

There are so many design challenges in this city that go unmet. Instead of holding out for the long ball, impatience and short-sighted frugality tend to ruin the process. I’ve seen it many times right here in Jamaica Plain. I sincerely hope the Forest Hills residents are vocal and get some say in how they want their neighborhood to look and function. I’m reblogging an article from Patch here for your convenience:

On a dreary, cloudy day, the Casey Overpass looks even uglier. Large brick-red scabs of rust spot the I-beams along its side. The towering concrete supports are streaked with brown and orange runoff. A look up to the underside of the overpass reveals flaking, crumbling brickwork.

Jamaica Plain’s Monsignor William J. Casey Overpass is an eyesore to say the least. But its increasing structural deficiency is what began to worry the Massachusetts Department of Transportation. And now, after 57 years of mounting disrepair, the state is making plans to tear the thing down.

MassDOT has launched a six-month study of alternatives to replace the Casey Overpass, during which there will be committee meetings, as well as forums open to the public. The first of these is public forums will be held Wednesday at 6:30 in the Agassiz Community Center.

“The project’s been in the works for some time,” says Adam Hurtubise of MassDOT. “We haven’t decided on a course of action yet. One of the reasons we’re having these community meetings is to get feedback from neighbors so that we can develop a repair project that can meet the needs of the most people.”

Neighborhood groups, green advocates, motorists, bicyclists, pedestrians and state officials all have an opinion on what should replace the overpass, whether that be an at-grade redesigned intersection or a new, smaller above-grade overpass.

The current overpass is both higher and wider than is needed, after being built over elevated train tracks that have been long closed. It was recently reduced to one lane each way due to unsafe outer lanes.

However, some community members are unimpressed with the communication so far. Frederick Vetterlein, co-chair of the Stonybrook Neighborhood Association Steering Committee, has attended several meetings regarding the overpass’s future but has yet to see examples of what might replace it.

“I was disappointed that there hadn’t been concrete work done to show up traffic patterns,” he explains. “The process is only six months long and we’re already a month into it. I just wonder when the actual engineering work will be done to show where the traffic is going to go… so we could see ramps or how many surface lanes and traffic lights would be necessary, where the exits are, how the traffic is processed.”

Hurtubise says those concerns “are all things for which we’re soliciting public input.”

Because heavy traffic on the Casey Overpass affects roads deep into the surrounding neighborhoods of Forest Hills, Stonybrook and others, Vetterlein asserts that traffic control needs to be the number one priority in the redesign of the intersection.

“It’s already a mess there – the traffic jams up twice a day and it’s like a giant wall that blocks and separates Jamaica Plain and makes Forest Hills very inaccessible to the rest of Jamaica Plain,” Vetterlein says.

Sarah Freeman, a longtime JP resident on the working advisory group for the project, is hopeful that they will be able to reach a solution that meets the needs the various user groups of the area in a greener way.

Freeman, who also represents the Arborway Coalition, sees the renovation of the Casey Overpass as a way to reconnect a section of the Emerald Necklace and re-open Franklin Park to much of JP. Currently, it is largely cut off from residents due to the size and backed-up traffic of the overpass.

“From an Emerald Necklace point of view, the function that’s needed is to connect the Arboretum with Franklin Park in a way that doesn’t negatively impact other uses but achieves the goal of safe and inviting connection between the parks,” she says. “There are neighborhoods that have ‘their’ neighborhood park and much of JP lost that with the overpass becoming a barrier rather than a connector.”

While generally residents are hopeful about the project, Vetterlein also harbors concerns about the affect a smaller or nonexistent overpass will have if Jamaica Plain continues to grow.

“We are not against taking down the overpass. It would be a beautiful thing to be able to do it, but we want to be convinced that it will work, that this isn’t something that will continue to plague us in the future,” he explains. “There is a vast amount of development that’ll happen in this area. If this overpass doesn’t fit in to a plan for growth for the area, it is just going to continue to be a dividing point.”

For more information, visit the Mass Dot Casey Overpass Project Web site or attend the first meeting, April 6, 2011 from 6:30 to 8:30 at the Agassiz Community Center, 20 Child St.

The Boston Home Team is quitting.

William Brokhof — Thu, 31 Mar 2011 17:56:30 +0000

That’s right. We’re packing it in, shuttin’ it down. We’re dropping the hammer. Closing the doors, turning out the lights, we’re throwing in the towel. Calling it a day.

No, we’re not giving up real estate – just some bad habits. Namely, using way too much paper and fuel. There’s a lot of tradition [read obsolescence] in my business. Folks aren’t all that open to electronic signatures yet, but that’s the way of the future. The Boston Home Team is going paperless. Well, not completely all at once, but we’re going that direction. As soon as we can come up with a viable alternative for property information sheets at open houses I think we’ll about have this problem licked. In the meantime, all of our contracts, offers, purchase & sale documents, etc. will be completely paperless. Electronic signatures are better all around. Thanks to the Esign Act of 2000 (I know! Who knew this has been around more than a decade!):

Electronic and digital signatures are just as binding as traditional pen and ink signatures as long as they are executed through a process that clearly establishes intent to sign and ensures all legal elements of proof. Furthermore, electronic signatures obtained through DocuSign are compliant with the federal Electronic Signatures in Global and National Commerce Act of 2000 (ESIGN) and the Uniform Electronic Transactions Act (UETA) which has been adopted in most states. As a result, they are legally binding and backed by a comprehensive audit trail. – Docusign FAQ

Basically, we can now generate any document, mark it up for initials and signatures and send it on it’s way. It ravels from one signer to the next until completely executed at which point it turns into a PDF and Presto! Everyone gets a copy in their inbox. Not even the Devil himself is this efficient when harvesting souls. I’ll bet he doesn’t even provide a copy of the contract.

Three Jamaica Plain properties to get jazzed about. And their open house times…

William Brokhof — Wed, 30 Mar 2011 23:16:28 +0000

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

[caption id="attachment_1071" align="aligncenter" width="567" caption="Sunroom/reading room off the master bedroom"][/caption]

Revised Homestead Law Now Provides Automatic $125,000 Homestead Protection.

William Brokhof — Thu, 17 Mar 2011 19:55:19 +0000

Very interesting article about the Homestead Law Now Provides Automatic Protection

reblogged from: The Law Office of David Rocheford

In Massachusetts an estate of homestead protects a homeowner’s primary residence from the claims of certain creditors. Prior to the change in the law the declaration of homestead protected the equity in the home for up to $500,000 of its equity in the event the home owner is sued. That is, if a homeowner is successfully sued in court, $500,000 of the home’s equity could not be touched by an attachment and or execution of sale by the judgment creditor. To acquire the homestead a homeowner would need to file a written declaration and record it with the county Registry of Deeds.

The Massachusetts Legislature has recently passed long awaited revisions to the Massachusetts Homestead Act. The revised law now provides automatic protection up to $125,000 on a homeowner’s primary residence, and a written homestead can also be filed to increase the protection up to $500.000. The act also provides homeowners additional protection:

An automatic homestead exemption of $125,000 is now provided for all Massachusetts homeowners for protection against certain creditor claims on their primary residence.
Homeowners are eligible for a $500,000 homestead exemption by filing a written declaration of homestead at the county registry of deeds.
A written homestead declaration can now be signed by both husband and wife.
Homeowners who already have a written homestead are still covered up to $500.000.
Homes held in trust can be declared as a homestead by the trustee.
If a single person who has a homestead gets married, the homestead automatically protects the new spouse!
A homestead can now pass on to the surviving spouse and children who live in the home.
You do not have to re-file a homestead after a refinance.
In all mortgage transactions the closing attorneys must now provide the mortgagor with a written notice of availability of a homestead.

Blemished to Bling?

William Brokhof — Wed, 02 Mar 2011 22:36:43 +0000

Reblogging this from Boston.com:

By Matt Rocheleau, Town Correspondent

The Internet network MSN has listed Jamaica Plain among 10 “revitalized” neighborhoods from across the country.

In a photo-and-text web gallery published last week in the Microsoft-run site’s “Real Estate” section, the Boston neighborhood is seventh on a list dubbed “From blighted to bling.” There is no explanation or methodology for how the list was compiled, nor does it claim to necessarily be a top 10, or ranked, list.

The gallery was created by SwitchYard Media, which according to its website produces multimedia content for various web publications. The media company and its writer who compiled the list were not immediately available to comment Wednesday afternoon.

The list was released as concerns stirred by a new grocery store swirl over the current and future state of gentrification in Jamaica Plain.

The slideshow begins:

Run-down, dilapidated, crime-infested and drug-ridden are descriptors that homeowners typically avoid attaching to their neighborhoods — unless those terms describe what the area was like before its revitalization.

Now, many of the urban neighborhoods that were forsaken in the 1960s, ’70s and ’80s are staging a resurgence. Frequently, artists seeking affordable work spaces have been at the forefront of this urban renaissance … Usually, it doesn’t take long for developers to get in on the action.

About Jamaica Plain, the list says:

A 1960s proposal to build a highway through the “southwest corridor” of Boston’s Jamaica Plain neighborhood accelerated white flight to the suburbs. The road was never built, but during the project’s planning stages, hundreds of businesses and families were uprooted, shaking the community.

Many of the former factory workers’ homes turned over to Cuban, Dominican, and Puerto Rican immigrants, giving the neighborhood an eclectic mix. But abandoned factories left the neighborhood in a state of neglect.

The turnaround started in the late 1980s, when cheap rent attracted students, artists and a vibrant lesbian and gay community. In the past decade, conversion of commercial spaces into condos added to the neighborhood’s appeal for new residents. Now Jamaica Plain, a 4.5-square-mile community, has become one of the hottest neighborhoods in Boston, leaving some local boosters wondering if they can afford to stay.

E-mail Matt Rocheleau at mjrochele@gmail.com.

Bartlett Square to be Cornerstone of Jamaica Plain’s Brewery District

William Brokhof — Mon, 14 Feb 2011 22:18:30 +0000

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

Over the last 15 years the “hot spots” in Jamaica Plain real estate have migrated. Obviously there will always be strength in the Pondside, Mosshill and Sumner Hill markets, but there seems to be some real interesting growth in the Brookside neighborhood (more recently referred to as The Brewery District), Parkside, Stony Brook, Jackson and Hyde Squares and of course Woodbourne. It’s exciting. While one always hopes that development is fair and equitable, it’s nice to see what would otherwise be empty lots repurposed.

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.

I have been a fan of Maple Hurst Builders since I began my real estate career. The workmanship is noticeable, attention to detail is evident and the materials are high quality. The company ethos is apparent and sets them apart from much of the competition. Here’s an excerpt from the Maplehurst website – might as well let them ring their own bell:

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.

Jamaica Plain’s 1st Annual Home Energy Fair

William Brokhof — Mon, 14 Feb 2011 21:58:18 +0000

- 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

Bartlett Square to be the Cornerstone of Jamaica Plain’s Brewery District

William Brokhof — Mon, 14 Feb 2011 21:41:38 +0000

FHA condo approval as it applies to condo association in Jamaica Plain

William Brokhof — Thu, 02 Dec 2010 20:01:57 +0000

Barney Frank hammers the financial industrh

Listen up condo peoples. This year has been a bit bumpy for the more loosey-goosey condo associations in and around the city of Boston. Anyone trying to sell a unit in one of the more casual buildings was probably given a rude awakening. Strict lender guidelines have arrived. The usual response to this by pretty much all involved is general revulsion and disgust – but I don’t get it. These are big investments all tied up in a bow with multiple other investors. Why not run them like a business? These guidelines should have been in place all along. So tighten your belts people – and get those books straight!

A colleague at Wells Fargo passed these on to me. If you would like to speak to her feel free to contact me for her info. She’s a great gal and very knowledgeable.

An underwriter must review for any circumstances or conditions that might have an adverse effect on the project or cause a mortgage in the project to become delinquent. Below are a few of the key requirements:
- No more than 10% of the units owned by a single entity.
- No more than 15% of the units are 30+ days delinquent on their HOA dues.
- No more than 50% of the units are occupied by non-owner occupied residents.
- The budget must have a line item that reflects at least 10% of the annual income being allocated towards reserves.
- The building must have acceptable hazard, flood, liability and fidelity insurance (fidelity insurance is required for buildings with 20 or more units). HUD has released temporary guidelines effective through December 31st 2010. HUD has not yet announced any continuance of these guidelines. Below is a comparison between the FHA guidelines and the temporary guidelines.

	2010 Temporary Guidelines	FHA Guidelines
Pre-Sale for New Construction/New Conversion	30%	50%
FHA Concentration in New Construction Buildings	50%	30%
FHA Concentration in Established Buildings	100%	30% for established projects with 4 or more units. 3 or fewer units can not have more than one unit financed with an FHA mortgage.

HUD lists all approved condos on their website: https://entp.hud.gov/idapp/html/
condlook.cfm

FHA Appraisal Requirements
FHA requires the underwriter to review the appraisal to determine whether the appraiser has reported any property conditions that will affect the health and safety of the occupants or the security and soundness of the property and must require immediate repair where the property condition poses a threat to these criteria. Examples of property conditions that FHA will continue to require automatic repair for existing properties include, but are not limited to:
• Inadequate access/egress from bedrooms to exterior of the home
• Leaking or worn roofs (if three or more layers of shingles on leaking or worn roof, all existing shingles must be removed before re-roofing)
• Evidence of structural problems, such as foundation damage caused by excessive settlement
• Defective paint surfaces in homes construction pre-1978
• Defective exterior paint surfaces in homes constructed post 1978 where the finish is otherwise unprotected

Boston housing data shows Jamaica Plain real estate is climbing

William Brokhof — Thu, 22 Jul 2010 19:09:58 +0000

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.

Jamaica Plain Zillow Home Value Index

Jamaica Plain Home Values – Interactive chart

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.