Author Archives: Alisa Peterson

Residential Realtor specializing in Metro Boston and surrounding neighborhoods.

The Real Estate Sales Market’s Paradox of Choice

Alisa Peterson | April 27, 2012 - 2:40 pm

 

I recently watched an episode of TED Talks featuring psychologist Barry Schwartz discussing the Paradox of Choice (also the name of his book). According to Barry Schwartz, the American mantra of more choices equals more freedom, which in turn equals more welfare is not only wrong, it is harmful. Too many choices affect a person’s ability to choose by causing decision paralysis, unable to make any choice at all. If the person does make a choice, she often becomes dissatisfied the choice made, because, she believes a least one perfect option will be present among the multitude of options. If the one chosen turns out to fall short of perfection, buyer’s remorse can set in and the blame often falls on her own ability to make a correct decision. A fear of this buyer’s remorse can also prevent a person from taking action at all because we are aware of our heightened expectations resulting from living in a time of limitless choice.

After watching Barry Schwartz’s lecture I started thinking how it relates to the current Boston real estate sales market. I hear complaints from buyers and fellow real estate agents regarding the low inventory and how new listings to the real estate sales market are selling within days of being listed. When the sales market was saturated with inventory, property sat and sat. It’s hard not to make the connection between buyers having fewer options and their increased ability to make a decision.

According to MLS data, from March 15th-April 15th of this year (2012) 289 single family homes and condos were listed for sale in the downtown Boston neighborhoods, 225 properties went under-agreement, and they averaged 31 days on the real estate sales market. The same time period last year (2011) there were 377 single family home and condos listed for sale in the downtown Boston neighborhoods, 184 went under-agreement, and spent an average of 120 days on the sales market.

Barry Schwartz said “the secret to happiness is low expectations.” It is because when expectations are low, the opportunity to be pleasantly surprised is present! Many agents and sellers feel the current real estate sales market is a pleasant welcome change after the mortgage crisis a few years ago. And buyers, knowing there are few options, are less likely to talk themselves out making a decision on their new home. The result is less stagnation in the market, which is good news for both buyers and sellers of property.

If you are interested in searching property for sale or speaking with a Realtor, contact the Realtors of Matthew and Alisa Group Real Estate.

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Can I Quit You? Ending a Real Estate Relationship

Alisa Peterson | April 24, 2012 - 6:47 am

 

This spring in Boston, properties for sale are moving at lightening speed. By the time a property hits the general public, it seems to already have multiple offers. This is both intimidating and disheartening for all buyers but even more so for first-time home buyers. The most important resource both buyers and sellers have is their Realtor. Depending on your Realtor, this can be the best thing you have or the worst. It is important to have someone you are comfortable with and who understands your goals and real estate needs.

Just like in any break up, honesty is the best policy. Using the cliche “it’s not you, it’s me” phrase is worthless. It is unnecessary, vague, and doesn’t help either you or your Realtor. If you are unsatisfied with how they are doing their job, tell them, but give specific examples. If they are not responsive, show you properties that are not at all what you are looking for, or you feel like they are pressuring you to take certain properties, tell them. Sometimes your Realtor isn’t aware that you are dissatisfied. Your response time might be much sooner than what your Realtor believes necessary. Maybe the perfect property isn’t out there and your Realtor is showing you options that work for your needs. Getting on the same page with your Realtor and understanding how each party feels is crucial to getting a home. After you have had that conversation and nothing has changed, then tell your Realtor that you no longer wish to work with them. Do not avoid them and work with someone else without telling them. If you have signed an exclusive buyer representation agreement and you buy property through another party, you will still owe your original Realtor their commission.

Before beginning a real estate relationship, make sure both parties are on the same pageMore often than not, your Realtor will let you out of your contract if you are truly dissatisfied and have clearly discussed your dissatisfaction with them. No one wants to be in any kind relationship when one of the parties wants out. This holds true if even if you are the seller.

Furthermore, you may be surprised by your Realtor’s reaction. If neither of you took the time to understand each other, your Realtor may be as interested in breaking up as you are.

There are many Realtors in Boston, every one has a different approach, attitude, style, and personality. It is crucial to work with a Realtor who understands your specific real estate needs and goals. We at Matthew and Alisa Group Real Estate feel jumping blindly into a business relationship costs time and money. We need to understand what our buyers and sellers want. We take our time to discuss what our clients’ goals are and what are their highest priorities. Especially for first-time home buyers, buying a home is just as emotional as it is business and constant and clear communication is the only way to achieve your goals. Taking the time for a one hour consultation with our real estate team will save you time in the long run and make the experience less stressful for everyone involved.

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The Mason House: Back Bay’s Latest Historic Mansion for Sale

Alisa Peterson | April 11, 2012 - 7:34 am

 

The Mason Home: Million-Dollar Historic MansionNot too long ago I wrote about the Ames Webster Mansion at 306 Dartmouth St in Boston’s Back Bay, the incredible historic mansion that has been on the sales market for just shy of 800 days. At the time I wrote about the Ames Webster Mansion, there was no comparable property in Boston proper. This has now changed as The Mason House has come onto the sales market.

I recently had the privilege of touring The Mason House at 211 Commonwealth Ave and I truly feel it was a privilege. The Mason House is a single-family mansion built in 1883 by Rotch & Tilden architects in the Colonial Revival style for William Powell Mason. Situated across from the Commonwealth Mall between Exeter St and Fairfield St, every aspect of this home was designed with meticulous attention. The facade of the building is a seemingly simple brick exterior, but once inside, the grandeur within is revealed to the fortunate few to walk through the entrance. The moment you open the immense door and are welcomed into the incredible foyer, you do few like one of the fortunate few.

The Mason Home's Formal Salon at 211 Comm AveThe basics of this brick mansion are as follows: 5 floors, 11 bedroom, 9 bathrooms, 14 fireplaces, private terrace, enclosed garden, elevator, au pair suite, two wet bars, butler’s kitchen, and heated garage that fits up to 5 cars. All of these features found in one Back Bay home is unique, but what truly sets this home apart from other multi-million dollar mansions are the exquisite details. For example, the beautifully patterned moldings along the crown, walls, and fireplace in the formal salon gives an air of delicacy and refinement. The formal dining room with coffered ceiling and restored mahogany paneling exudes formality and regality.

The Mason Home features an incredible music roomThe piece de resistance has to be the music room added in 1897. The music room to me is reminiscent of the Pantheon in Rome, Italy with a stained-glassed skylight set into the coffered half-dome ceiling at the room’s entrance. The dome in the center of the room is believed to be the first architectural element in Boston designed specifically for electric lights, which were used to illuminate the stucco ceiling details. The music room was added by Fanny Mason, the daughter of the William Powell Mason, who founded the Boston Symphony and the Peabody-Mason Music Foundation. In this room, Fanny Mason hosted many musical performances by renowned artists of the time.

The Mason House seems immense and overwhelming as a whole, but each room achieves an intimacy that can make you feel comfortably at home. This trophy property is available for the asking price of $17,900,000 and since the previous owners have renovated many of the rooms (including the kitchen) for our modern times, very few renovations would be needed for the new owners to call it home.

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The Return of Boston Food Trucks

Alisa Peterson | April 6, 2012 - 1:29 pm

Parking Spaces Reserved for Boston Food TrucksIf you had searched, you may have found food trucks sparsely scattered throughout the city over the winter. Now that spring has sprung the official food truck season in Boston has begun! There will be more food trucks at more frequency and I could not be happier.

“What is so great about Boston food trucks?” you may ask. Well, the answer, my friend, is being made to order right around the corner. Boston food trucks offer fantastic variety of foods from vegetarian to bbq and gourmet cupcakes to frozen hoagies. The quick delicious meals food trucks offer are ideal for those on the go who do not have the time for a sit-down meal. Since the trucks do vary in location, day, and time, it is a wonderful way to add more options to the daily grind.

Due to the growing popularity of food trucks in Boston, Mayor Menino announced four new sites to begin this month. The first of these new sites will be in the Copley Square area of Back Bay at Stuart and Trinity. Even though trucks were here last year, this site has expanded to allow for three trucks. The second spot is located at the China Trade Building at Boylston Street across from the RMV and near the Loew’s Boston Common. This would be a great alternative to movie popcorn and Dunkin’ Donuts, not that there is anything wrong with either but it is nice to have on-the-go variety. The third location will be in the Financial District on the corner of Milk and Kilby and will have two food trucks. The fourth new location is in the South End at Tremont Street and Berkeley, which is great for me because it’s three blocks from the Gibson Sotheby’s International Realty office!

Visiting a Food Truck in Back BayNot everyone is excited for the added truck spots and extended times. Local small restaurants worry the food trucks will take away business. But variety is the spice of life and I feel there is room for both food trucks and established restaurants. In fact, since many of the food trucks have a strong fan base, they may bring in new business to the neighborhood.

Visit the City of Boston website for a complete list of the food truck locations and schedule.

Just like Boston itself, food trucks are not stagnant. The menus and locations are continuously changing. If you are interested in seeing property in an ever changing and exciting city, contact the Realtors of Matthew and Alisa Group Real Estate.

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Real Estate Tips I Learned from Realtors in Movies

Alisa Peterson | March 31, 2012 - 7:40 am

As I was watching Downton Abbey recently, I was amazed how the estate was the real star of the show rather than the characters. It made me think about movies I’ve seen where the house was the real star. Then I started thinking about how Realtors were portrayed in other movies. After making a list of of real estate movies, I began to analyze what real estate tips I could take away from the Realtors featured in those movies.

Poltergeist, the story of a good house gone badPoltergeist tells the story of a family’s dream home turning into a nightmare. Craig T. Nelson’s character is a Realtor who moved his family into a new home which is part of his company’s new real estate development. What he didn’t know was the real estate developers built this home over an old cemetery and the contractors only moved the head stones. What can we learn from this horror classic? If you can, try to find out if the house is built over a cemetery. Supposedly spirits get angry when their eternal rest is disturbed. In Massachusetts, this may not have happened because this would fall under stigmatized property and would have to be disclosed.

American Beauty shows that looking deeper can revel something differentAmerican Beauty plays on the theme that beauty on the outside can’t hide the ugly inside. Annette Bening gave a wonderful performance as an insecure real estate broker that focuses on superficial beauty and material possessions. She makes herself and her listings appear flawless. What can we learn from this Academy Award winning picture? No matter how perfect she made her life seem, it was not real, and she would never be happy. Trying to make yourself or your listings into something they are not, will never fool anyone. The right way to market real estate and your own attributes are to accent the strengths instead of covering up the weaknesses.

The Money Pit is another story of a dream home turning into a nightmare. But unlike ghosts stealing children into the TV, it’s a the perfect house that falls apart the second the couple moves in. When first-time homebuyers, played by Tom Hanks and Shelley Long, move into what could be their dream home, they soon discover they were duped and the more they fix, the more  has to be fixed. In the end, after all the renovation and costs, the foundation was strong and everything worked out. What can be learned from this movie? Always get your home inspected!

Glengarry Glen Ross shows salesmen at their worst, willing do whatever it takes to make a sale. This story is focused on a group of desperate real estate salesmen. Each character has different motivation for why they do their job and what they will do to make a sale. What can be learned from this movie? You should never feel like you are being sold because your agent should have your best interests in mind. These men had their interests and their needs in mind and their clients were mere obstacles to overcome toward getting what they needed. We also learned “coffee is for closers.”

Trainspotting features real estate only briefly, but it shows London real estate can be a bigger high than heroin. When the main character, Mark Renton, sobers from his heroin addiction and  finds his life in Edinburgh boring and meaningless, he moves to London and becomes a property letting agent. A property letting agent is basically a real estate agent that focuses on rentals. Due to ties at home, he has to leave, but in the end he chooses life. What can be learned from this movie? Renton’s life was boring and meaningless, when he moved to London the excitement and challenge that came from working in real estate, brought a sense of purpose he had been missing. This lesson may be more for future Realtors but if you are feeling trapped in mundane experiences, real estate may be a career to consider.

Working in real estate is exciting and challenging. Every business has drawbacks and unscrupulous people, which is why it is crucial to work with someone that you do trust and who truly understands your goals. If you are interested in speaking with a Realtor about your real estate needs (buying, selling, renting, etc.), contact the Realtors of Matthew and Alisa Group.

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ROI: 99 Projects and a Bath Ain’t One

Alisa Peterson | March 28, 2012 - 7:13 am

 

What Projects Bring the Best Return on Investment

When starting to do any renovations or improvements on a property the most important factor to consider is who or what the work is for. If this a property that can be called home for generations, then go personal, build it to fit your style, something that you want and will want for years. If the work is needed but in a property that you will out grow within several years, consider a practical approach. The more personal style shown in a project, most likely the less of a return on investment (or “ROI”) you will get at resale.

The cost vs value report 2011-2012 surveyed 35 remodeling projects over 80 cities that range from mid-range to upscale projects. According to this survey, replacement projects had the better return versus remodeling projects and mid-range projects recouped their costs more than upscale.

The top 5 projects that showed the best return at resale. Remember this is the national average and results may vary depending on location.

  1. Fiber-cement siding. This immediately improves curb appeal and 78% of the cost is recouped for a mid-range replacement.
  2. Entry door replacement. Again improves curb appeal and 72.8% of the cost is recouped for a mid-range replacement.
  3. Attic bedroom. This is a bigger project that adds an extra bedroom and bathroom and stays within the home’s original footprint. 72.5% of the cost is recouped. On average this project can cost $50,000 and has a value of $36,000 at resale.
  4. Minor kitchen remodel. This is a project that doesn’t have to cost very much if you think of it as a facelift. Replacing cabinets, hardware, countertops, and old appliances with energy efficient models can recoup 72.1% of the cost.
  5. Garage door replacement. 72.1% of the cost is recouped but this is a project that can vary in price depending on the home and the materials that have to be used. For a detached garage, an uninsulated door is fine. But if the garage is part of the house or rooms exist above the garage, spending more for an insulated door is necessary. Either way this project again immediately improves curb appeal.

The projects with the least return on investment are additions such as a sunroom or master suite. Remodeling a home office or bathrooms are also least likely to see a return on the dollars you put into the project, the reason being more people would want an extra bedroom rather than a home office and bathroom projects rank so low due to the expense. Taking a smaller bathroom and turning it into a spa also takes square footage away from other areas of the home and changes the original footprint of the home.

Renovations That Showcase Personality May Hurt ResaleResale is just one factor to consider when doing home improvement projects. If this is a home you have no intention of selling, making it what you want is more important, within reason. If your home is on top of your neighbors, you may want to tone down how much personality you show on the exterior of your home because it may make it stand out (and not in a good way).

Visit the Cost vs Value Report to see the full data and learn more about cost vs value. On the site, you can compare the data nationally, regionally, and by city.

To find your next project or your next home, contact the Realtors of Matthew and Alisa Group Real Estate.

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Buying a Home: How Do You Know If You Are Ready?

Alisa Peterson | March 21, 2012 - 11:44 pm

 

If you have been searching for rentals in Boston in the last couple years, you may have noticed that it is tough. Inventory is limited and prices keep rising. There are three things renters can do. One: pay the rising rates. Two: look farther outside the city than originally planned. Three: stop renting and purchase. Many people today feel that investing in real estate is safer than investing in stocks and with good reason. Real estate in Boston has not been hurt as much as the rest of the country and rentals in the city are consistently in high demand. If you are on the fence on buying real estate, here are a couple signs you may be ready.

Buying real estate in Boston may be a better option than rentingOne: you know what you want. If you have a realistic idea of the size you need and the location where you want to live for the next few years and you  haven’t found it on the rental market, take a look at what is on the sales market. The rental market in Boston favors landlords. The inventory is limited and owners can get not only their asking price but also first month’s rent, last month’s rent, and security deposit (each equal to one month) and not have to pay a broker’s fee.

Two: you have the finances. The upfront costs of renting an apartment in Boston are higher than most cities around the nation. Many people looking for quality rentals in Boston  are surprised how little they get for the money. With many banks loosening restrictions on who can get mortgages, it is worth your time to speak with a mortgage broker about types of loans and available rates.

If you are weary of buying because you do not want to be locked into a mortgage on the chance your career moves you to another city, keep in mind that you could hold onto your home as an investment property. With a tenant paying rent, you can build equity while someone pays your mortgage for you.

Contact the Realtors of Matthew and Alisa Group Real Estate if you are interested in learning more about purchasing a home.

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The South End: Why I Call It Home

Alisa Peterson | March 16, 2012 - 10:48 am

 

As I was walking through the South End on my way to work, I was thinking, “Why do I love this neighborhood?” I walked past groups enjoying coffee on the stoop of their brownstone, I saw people out walking their dogs, moms pushing strollers stopping to say hi, and there was a warmth in the air that has been missing for months. Spring is finally here and the South End seems to shine brighter to me.

So why do I love the South End?

Food and Entertainment: The South End has some of the best restaurants I have ever been to and diverse variety of flavors. Within a 10 minute radius, I can have tapas at Toro, sushi at Oishii Boston, French at Aquitane, Indian at Mela, charcuterie at The Butcher Shop, Ethiopian at Addis Red Sea, and Asian Fusion at Myers and Chang to name a few. The South End also offers restaurants with great bars to have a cocktail and grab a small bite such as The Gallows, Tremont 647, and Franklin Cafe. For live music, food, and drinks, I can go to The Beehive.

Events: The South End holds countless events throughout the year all over the neighborhood. From large fundraisers like the Chefs for Obama and Taste of the South End at the Boston Center for the Arts to local fundraisers at the smaller parks like those thrown by the Friends of Peter’s Park. The first Friday of every month the artists open their galleries late for everyone to enjoy a night of art. On Sundays, the SOWA Open Market is open to everyone to enjoy vendors selling locally made crafts, artwork, jewelry, and baked goods. Another big draw for the SOWA Open Market is the assortment of food trucks preparing all kinds of goodies such as Vietnamese noodle salads at Bon Me, gourmet grilled cheese at Roxy’s Grilled Cheese, and vegetarian/vegan delights at Clover.

Convenience: The South End neighborhood is filled with boutique shops, art galleries, and yoga/dance studios. Along with larger grocers such as Foodies and Ming’s, the South End has smaller specialty food shops like Fromaggio and Siena Farms that focus on local sustainable produce. And if I can’t find what I need in the South End, I can walk 10 minutes or less and be at Shaw’s or Whole Foods in Back Bay. As far as public transportation, I can take the Silver Line that goes along Washington Avenue, the Orange Line at Tufts, Back Bay, or Mass Ave T-Stops, or walk to the Green Line at Copley Square. If I have a long trip, I am minutes from commuter rails at Back Bay Station, the Mass Pike, Interstate 93, or the express route to Logan Airport.


South End brownstoneReal Estate: The South End is on the National Register of Historic Places as “the largest urban Victorian neighborhood” in the United States, but it is far from being a neighborhood perserved in time. Along with newly constructed luxury buildings, many of these Victorian single family brownstones have been renovated into condos, some of which are available to rent. Some of the brownstone row houses are built around beautiful parks, also called  squares, which are only accessible to owners of the homes around each park. Former industrial warehouses nearby have been converted into modern lofts as well as newly constructed condo buildings that offer amenities such as a concierge, parking garage, and gym available to both owners and renters.

Apart from everything the South End has to offer, I knew that this neighborhood was special the night I moved here. My boyfriend and I took a break from moving to walk our dog and grab some food on Tremont Street. On the way to the store we noticed everyone was smiling and praising our dog on how sweet she is. It had the neighborhood vibe we had been looking for and it felt great to be a part of it. 

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South Boston’s St. Patrick’s Day Parade

Alisa Peterson | March 14, 2012 - 9:48 pm

 

I can’t help but notice the increased amounts of Kiss me I’m Irish t-shirts, Leprechaun hats, four-leaf clover pins, shamrock shakes, and green beer which means St. Patrick’s Day must be near. With St. Patrick’s Day comes the St. Patrick’s Day Parade, held every year in South Boston.

This year the parade will be Sunday March 18th, starting at 1pm. The parade route starts at West Broadway T stop and continues along West Broadway through East Broadway to East 4th, to East 5th and around Thomas Park. The parade continues down Telegraph Street over to Dorchester Street and concludes at Andrew Square.

Parade route of the St. Patrick's Day parade in South Boston

Why South Boston?

According to Allied War Veterans Council, the history of the parade goes back to the American Revolution. In 1776, 55 cannons traveled to Dorchester Heights from Fort Ticonderoga on General John Henry Knox’s orders. In an effort of bolstering the appearance of strength, trees were cut down, hollowed out, and blackened over fire to look like cannons. On March 17th, orders were given that in order to pass safely, you had to know the password, which was “St. Patrick.” The British, not knowing the password or that some of the cannons were trees, saw what they were up against and left Boston. This event became known as Evacuation Day.

St. Patrick’s Day parades have been going on in Boston since 1879, however it took until the community became interested in local history to start celebrating Evacuation Day along with St. Patrick’s Day and make it a city holiday in 1901. Which is also when the city constructed the Dorchester Heights Monument, the site where General Knox had positioned the cannons. With the popularity of the combination of St. Patrick’s Day and Evacuation Day, Suffolk County made it a holiday in 1938. Because of the large Irish population endorsing the holiday, a law declaring the holiday was signed in 1941 using both black and green ink.

For more history and information about the South Boston St. Patrick’s Day Parade, visit their site.

If you are interested in seeing property for sale in South Boston, contact the Realtors of Matthew and Alisa Group Real Estate.

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17th Annual Taste of the South End

Alisa Peterson | March 3, 2012 - 2:35 pm

 

On March 6th, 2012 at 7pm in the Boston Center for the Arts Cyclorama, 40 restaurants will participate in the 17th annual Taste of the South End. General admission tickets are $95 and include unlimited tastings from all 40 chefs’ tables and complimentary wine and cocktails. VIP tickets are also available for $150, which in addition to tastings and drinks, include early admission and access to the after party.

The proceeds for Taste of the South end go to AIDS Action Committee of Massachusetts, Inc. (AAC). Founded in 1983, AAC is New England’s first and largest AIDS organization. They focus on education, prevention, and providing health services to men, women, and children living with AIDS and HIV.

Participating Chef Gordon Hamersley of Hamersley’s Bistro has said “The Taste of the South End is Boston’s premier food & wine event in our neighborhood and it brings together all of the South End chefs for the AIDS Action Committee. It is a fine way to both raise money for a wonderful organization that does vital work in our community and also have fun saying hello to friends, neighbors, and colleagues. I would not miss this event for the world.”

Watch the following video for scenes from past Taste of the South End events.

For more information about the South End neighborhood or about property for sale in the South End, contact the Realtors of Matthew and Alisa Group Real Estate.

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