OK, let’s put the challenges facing the downtown Boston condo market into a little context.

Just check out the fiasco in Las Vegas, which is being flooded with thousands of new luxury even as prices plummet and foreclosures soar.

After buying condos for $600,000 in MGM’s luxury towers, some owners are now desperately trying to unload them for $200,000, a BusinessWeek blog notes.

The business mag also points to a new study that finds condo sales on the once booming Las Vegas Strip have slowed to a grand total of – get this – four a month.

It makes the one sale a month new downtown Boston condo projects are cranking out look positively frenzied.

The downtown condo market has become a popular target lately.

I’ve taken a few shots myself and there’s no lack of ammunition out there if you are so inclined.

Sales at an array of new, downtown condo projects have fallen to a rather sluggish rate of one per month, according to the recently released PrimeTime Urban Report.

But not so fast, argues Kevin Ahearn, the dean of the downtown condo market whose sales team has can be found behind just about every major new luxury project.

I have been following this promotion since it started. Here’s the pitch: a fashion retailer, Daffy’s, is offering a one-year lease at $700 a month for a $7000 a month loft on Carmine Street and 7th Avenue. (That’s smack in the middle between Greenwich Village, Soho, and the West Village.) Contestants were asked to come to the apartment to do a 30-second interview explaining why Daffy’s should give them the rights to the lease. It’s like, “what will you do for a Klondike bar?”
Mostly, these are commercials for Daffy’s. They amused me. So, I’m passing them on…
This ad campaign made me wonder. Does this advertising help the folks at OneSeventh, the owners of the building? There were lots and lots of people coming through to record their interviews; I wonder if any will ever rent there at market rate? I doubt it.

If you dream of living in a condo or apartment within a block or two of America’s oldest and arguably most colorful ballpark, you just may be in luck.

Since taking over the Sox in early 2002, Sox owners John Henry and Thomas Werner have pumped tens of millions into the renovation of Fenway Park. The owners have also spiffed up the streets around Fenway as well, buying up nearby property and turning Yawkey Way into an open air concourse.

The team’s decision to renovate Fenway instead of tearing it down and building elsewhere has helped unleash a wave of new development, much of it residential, around the antique ballpark.

Developer Steve Samuels has built two residential high-rises just a few blocks from the ballpark, adding close to 800 apartments to the neighborhood. John Rosenthal, the anti-gun crusader and developer, is pushing ahead with his own plans to deck over the nearby Turnpike with a massive housing and retail project of his own.

And more new development, particularly residential, is likely on its way. Samuels continues to buy up property in the neighborhood, including a Mobil Station across from the ballpark.

The Sage family, owners of the Howard Johnson hotel next to the ballpark, have been talking for years about plans for some sort of upscale condo, hotel complex.

It’s a trend that I covered extensively for a couple Boston newspapers and which, frankly, I was somewhat skeptical of first.

Here’s a proposal that is bound to stir up some controversy, both in the real estate industry and beyond.

The Boston City Council is preparing to debate plans to slap a $300 fine on real estate brokers who rent out a single apartment to five or more students.

It’s the latest in a campaign by City Councilor Michael Ross to rein in student rowdies in the neighborhoods.

Ross, as you may recall, led the charge that led to last year’s change to the city’s zoning code that prohibits more than four students sharing a single apartment.

As a city girl, I traded increased density for walkability. My house has a walkability score of 92 percent. I find it a perk to living here. I think it has value.

So, I was pleased to see walkability validated by CEOs for Cities.

“A new analysis from CEOs for Cities reveals that homes in more walkable neighborhoods are worth more than similar homes in less-walkable neighborhoods. The report, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities” by Joseph Cortright, analyzed data from 94,000 real estate transactions in 15 major markets provided by ZipRealty and found that in 13 of the 15 markets, higher levels of walkability, as measured by Walk Score, were directly linked to higher home values, according to CEOs for Cities's press release.

The study found that in the typical metropolitan area, a one-point increase in Walk Score was associated with an increase in value ranging from $500 to $3,000 depending on the market. The gains were larger in denser, urban areas like Chicago and San Francisco and smaller in less dense markets like Tucson and Fresno.”

My wife and I have talked for years about swapping homes with someone either in France or Scotland and getting away for a summer vacation.

But actually converting the idea from daydream to reality has been another thing altogether.

The half finished state of our Natick fixer-upper – and the feeling we didn’t have much to swap – is one thing that has held us back.

But our addition and renovation is now complete – we moved into the new half of the house back in May.

Anyway, I got a nice little nudge recently from a feature in the Globe on the house swapping phenomenon.

I had a conversation with a listing agent whose seller is insisting on a price that has no basis in current comparable properties. Partly, it is an odd-duck kind of place. Partly it is over-improved (that means that it is too nice for the building and the neighborhood.) Partly, the sellers bought it at peak.

My buyers like this place. When I did my CMA, I could not justify the price. Not even close. I asked the listing agent what he was thinking. He gave me comparables in a totally different neighborhood (it would be like comparing Jamaica Plain to Back Bay.) When I said that the comparables don’t work based on location and an appraiser would know that, he reminded me that the appraiser may very well be clueless about this location issue.

He might be right about that.

Sam Schneiderman, Broker-owner of Greater Boston Home Team continues his Monday series.

I was recently talking with an economist about helping him buy his next home. As we were discussing his wants and needs, of course the subject turned to price.

This gentleman, who we will call George (not his real name) has been around the real estate block a few times. He has lived in several cities and is now retired. We spoke about homes he has lived in over the years and he reminisced about his first apartment, a suburban single family home that worked well as he was raising children and the condo he is in now. Now that his children are grown, we discussed his desire to spend his retirement years in an urban condo where he can walk to most amenities.

As we discussed his targeted price range and condo fees, George shared his philosophy about home buying.

The New York Times had an article about our triple-deckers this month. Besides quoting what Dennis Lehane thinks of them, Abby Goodnough quoted these statistics about foreclosure in this kind of housing:

In Boston, three-family homes represent 14 percent of the housing stock, but made up 21 percent of foreclosed property in 2008, according to the city’s Department of Neighborhood Development… Ms. [Evelyn] Friedman, [chief and director of the Boston’s Department of Neighborhood Development] believes the foreclosure rate on triple-deckers is even higher than the data indicate, because many were converted into condominiums in recent years. These are counted in a separate category that made up 48 percent of the city’s foreclosed properties last year.

I am a huge fan of owner-occupied multi-family housing. The Times’ reporter reiterates what I think:

Best of all, three-deckers put homeownership within reach of the working class. Buyers could live in one unit and rent out the others, assuring they could afford payments and upkeep for years to come.

The city of Boston has many residential areas. Below is MWest, a regular commenter on this site telling us why she likes to live in Roslindale. For a lot of people, Roslindale has the perfect mix of proximity to the city center, green space and a village center that seems like a small town in and of itself.

For those in the city of Boston, is Rozzi the place to be? Are there other neighborhoods of Boston where $350,000 will get you a single family home? (In the case of Beacon Hill or the South end, a townhouse could qualify, if they are really attached single family homes.)
Roslindale has a beautiful town square ("Rozzi Village”) with great restaurants and shops and excellent proximity to downtown Boston by the commuter rail, subway, bus or even bike path. Equally important, we have wonderful outdoor spaces, starting with the Arnold Arboretum, but also including several well-maintained ball fields and playgrounds. It is next door to trendy JP, and I can get to Routes 1 and 128 easily.

I much prefer the organic tapestry that we have here; it is part of living in a city. As to schools, this is a perennial debate, even among those of us who live here. Our child isn't in school yet, but what I can say is that I have met many parents, including those who could afford private schools, whose children attend various public and charter schools by choice.

Last week, we talked about the perfect density for a home. Some tried to put a town name on the place. Remember, we are doing fantasy, not reality.

Today, we talk about what is in town when you go to town.
What is in your fantasy town center? Is there shopping? What kind of shopping? Does it have stores with everything and anything you want, big stores? Or are there Mom and Pop places with specialty items? Both?
Are there cultural venues like theater? Museums? Live music venues?
Are there places to go on a date? Restaurants? Movies?
Is there street life? Does the town hold farmer’s market or street vendor events? Is there a children’s recreation center?
What recreation is there, overall? Is there a municipal pool? A skating rink? Tennis courts? A track? Parks and wooded walking paths?
What annual events would you want to have? Fireworks? Parades? Races? Fairs?

Create your perfect town or city here.

Marcus asked:

Rona, do you ever ask your clients what their absolute fantasy neighborhood would look like? I'm not talking about picking from existing neighborhoods; I mean describing what you wish you could find--the type and size of house, the neighbors you'd meet, the amenities nearby, how you'd spend your time. It can be an interesting question, as long as you can steer discussion away from pure money per se.

OK, Marcus, you are on! I don’t ask my clients, but I will ask my readers…

Dear Readers,
If money were no object, where would you live? What would your house look like? What would be around it?

Today, let’s talk about density. How much crowding is too much crowding? How much space is too much space? If you could live anywhere, would you choose city life, or would you want 100 acres between you and the next house in town? Is suburbia to best of both worlds?

Here’s a twist I didn’t know. According to current Massachusetts law, you are liable for injury caused by someone slipping on your sidewalk if you shovel. If you leave the snow as it falls, you are not liable.

Denise Provost, a State Representative explains it this way, “This means if you shovel piles of snow off your sidewalk after a big snowfall, but leave an icy patch you could not scrape off, and someone came along and broke a bone by slipping on it, they could hold you responsible.” Whereas, if you leave the snow where it falls, you are not responsible if someone walks there. You might get a ticket… Big deal.

During the presidential election, there was much talk about how voters wanted a president that they could have a beer with. I couldn't imagine hoisting a cold one with Barack, until I found out that I lived less than a quarter of a mile away from him from 1989 to 1991. We were both living in Winter Hill section of Somerville. Barack likes apartments; I like that in a guy.

Barack Obama’s bachelor pads were a lot like where I prefer to live. On 60 Minutes, Michelle Obama picked on another of his student rentals as “a dump” and his Senatorial apartment as an only slightly better version of that dump.
(His family home in Chicago is a good bit nicer. So is his transitional apartment. And so is the guest house he moved into yesterday. And so is the White House.)

When house-hunting, I point out things about homes that will affect my buyers in the winter: lots of steps, steep steps, hills, low and shaded doorways, sunken driveways. However, by the time that we are house-hunting, my clients have already made the biggest winter decision: city, suburban, or rural.

Boston and the other cities of Massachusetts are relatively small cities. Massachusetts suburban life varies from homes on 3000 square foot sized lots -- where neighbors can easily get to neighbors -- to towns where homes have acres to themselves -- with gates, walls and total privacy.

Where you live depends on what you can and will spend for your housing. Within a price range, you made some choices about whether you wanted to be a city mouse or a country mouse.

By law, everyone is supposed to clear their walks after a snowfall. This winter, that has been already created a lot of labor. Since we are in New England, you would think that we’d be prepared for some snow. But, every time we hit a snowy patch, I hear grumbling about those who don’t do their part, or those that do it poorly. Bad-will runs especially deep for businesses that don’t do their part.

In many towns, the fine for not clearing your walk is $25. Is that enough? Some people think it should be more, especially for businesses. One client of mine suggested that businesses that don’t clear their sidewalk should be closed until they clear, because they pose a hazard to public safety.

While showing property on Tuesday morning (December 23rd), my client said to me: “I can’t believe how many people wanted to go out for drinks on Christmas Eve. When I said that I was going home, they made sympathetic noises. But I like my family. I want to go home to see them.” This made me wonder if he is one of the lucky ones, or if many people love being home for the holidays.

Some of my clients love homes that remind them of where they grew up; some hate anything like what they grew up in. When you chose your current house or apartment, did you choose it because it was like your childhood home(s)? Or did you want something as different as possible from where you grew up?

The cards started showing up about two weeks ago. Every year, I get cards with houses on the front. It’s not because I am a broker. I get the impression that lots of cards have peaceful, quiet houses which are covered with snow. I got a perfect example from Bob and Margaret. Great card!
Why is it that Christmas is associated with single family homes, snowy streets, and fireplaces? Is it like Thanksgiving, stuck in New England history? You know, “Over the river and through the woods” and all that. (You all know that the song was written about grandparents in Medford, right?)

Starting with the winter solstice, the days get longer from now until June. That’s not such a warming thought, since the winter is just beginning. So, what do you need? Light! Fire!

Today, let’s talk about fireplaces. Do the short days of the year make you yearn for a roaring fire? Do you have an opinion about which is better, wood-burning or gas?

For some of my buyers, fireplaces are a must. Some don’t care. Some don’t like them. Homeowners, did you want a fireplace? Did you get one? Do you use it?

If you are part of the fireplace-less majority, there are alternatives. In 1966, WPIX in New York began airing a film loop of a crackling fire, called The Yule Log. It was a hit in the New York metropolitan area.

Did you go home early on Friday? Or did you work from home? Not everyone can stay away from their job. For some, their jobs are more critical in bad weather. Staying home is just not an option.

In the spirit of the holiday season, I would like to commend all those who have jobs which took them onto the road during this spate of wet weather. You know who you are. You are the plow drivers, truckers, fire fighters, police, bus drivers, heating and plumbing contractors, medical workers, and, of course, public utility repair personnel.

Also out there were those who added to our convenience. These workers include taxi drivers, food delivery people (from meals-on-wheels to pizza,) those who staffed grocery stores and convenience stores. The mail came. So did the newspaper. The Patriots played at Foxborough.

Thank you all.

The ice storm on Thursday night was the worst since 1990. I wish a quick recovery to everyone in the path of this storm.

Where I lived it poured, it was windy, but it didn’t all freeze until later. I drove on Thursday night. I drove on Friday morning. I had power and heat at home. This weekend I saw some damp basements, including my own. I saw sump pumps running, including my own. I saw sump pump run-off freezing on the sidewalks and streets, including my own. I got off lucky.

In my memory, black-outs, snow and flooding became an opportunity for neighbors to band together. City dwellers (and some suburbanites) have strength in numbers. When power is out or streets are impassible, neighbors find neighbors. As a child, blackouts meant ice cream binges. Barbeques were fired up to save the meat. Neighbors with gas stoves cooked other perishables, those with candles and extra blankets shared them, and the neighbors with camp heaters housed the little children overnight. During the flood after a hurricane, my father ran important errands in his truck. To the kids, disaster meant no school. It was a party. I think the grown-ups had a fairly good time, too.

The New Republic column, “Firm Grasp on the Obvious,” cites this headline:

'Light' Meals are Lower in Fat, Calories
Huntington Herald-Dispatch

Equally obvious is this:

Blue Cross Blue Shield Foundation study that found Suffolk County residents with the least access to fresh produce, safe parks, and affordable places to exercise were the least healthy.

Cities like Boston, Somerville, and Holyoke have been part of an effort to change this.

WS started a conversation about neighborhoods which got side-tracked to a conversation about the term he used to describe bland, homogeneous neighborhoods. He got some good answers. Are there more?

Where can a person find a neighborhood that is not bland? Where are the neighborhoods to find people of different ages, income levels, cultural backgrounds and family constellations? Where are places where the housing doesn't all look the same? There are a lot of people who prefer these areas to those that remind them of Leave it to Beaver. or Father Knows Best.

WSJevons wrote about his quest for a "not white bread" neighborhood.

Rona,

Thanks for the info*. It is tough to find truly integrated communities in Boston.

Any readers (who are not real estate agents) have thoughts on communities that have a diverse mix of people?

* Is white bread a protected class?

Here's the answer I can give, as a broker. The rest is up to you, readers! Please! No bashing on anyone's race, religion or sexual preference!

WS,
These are the protected classes: Race, color, religion, national origin, ancestry, sex (gender), sexual orientation, marital status, veteran status, disability (mental or physical,) age (except elderly retirement communities that meet certain standards.)
There are additional classes in regard to rental housing.

"White bread" is not on the list.

I trust that when WS says “white bread,” he does not just mean Caucasian. I wouldn’t define it that way. You can figure out the "white bread" factor for yourselves, based on your personal definition. Look at the businesses an area supports, what kinds of cars are parked around, what bumper stickers are on the cars, what size is the average home there...There are many things that are not directly related to the color of the skin, the ethnic or religious origins, or who your neighbors choose as life partners. Look around you, the signs are everywhere!

According to the Census Bureau's 2005 American Community Survey, 35 percent of Boston households do not have a motor vehicle. Car Free in Boston has been published since 1977, so the idea isn’t new. However, I have seen a sudden up-tick in people thinking about no car options when looking for a home. So that other 65 percent are getting the message. For more than ten years, I have had some clients who were car-free. Sometimes it was because of a preference not to drive around here (I see their point!); sometimes it was for economic reasons (didn’t want to support a car); and some of them could not or would not drive for one reason or another. This year I had a record number of daily bicycle commuters who were buying.

I have been hearing about the Green Line extension into Somerville for fifteen or so years. I have been hearing listing agents “sell” it as a feature of a property for two or three years. Since this summer, I hear it being “sold” as a done deal. Brokers are saying “The Green Line stop is going to be three blocks away.” “The new Green Line will make this an easy commute.” “See that building there? It is going to be torn down to make a new Green line stop.”

The Green Line is coming, but so is Christmas. Christmas will be here first. The Green Line is coming, expected in a neighborhood near you in 2014. Six years. A lot can happen in six years. Do you believe in the Green Line? Do you believe in Santa Claus?

ZipRealty.com has a great new utility on its site. It’s from Walk Score. It ranks a home in relation to how conveniently located it is to grocery stores, parks, restaurants, coffee shops, parks, movies, bars, mass transit stations and more. Homes that score 90 or above are deemed a “Walker’s Paradise,” homes scored between 70 to 89 as “Very Walkable,” 50 to 69 as “Somewhat Walkable,” and 0 to 49 as “Car Dependent.”

This is an encore blog entry, first posted on August 10, 2007. Since then, I have had two more two-family buyers. The good choices for two-family homes have been few and far between. Both houses I have worked with were old, solid, but needed extensive updating.

I had buyers close on a two-family home last week. They had a long and hard search because there were so few nice options. I am glad to have them join the dwindling ranks of two-family homes owners.

The mass conversion of two-family homes into two-condo associations has reduced the supply. The steep increase in sale prices without a proportionate rental increase made the economic benefit of owning a two-family less appealing.