An unidentified buyer yesterday [June 12, 2009] paid $300,000 for a private parking space in the Back Bay Area of Boston, making it the most expensive parking space, according to Listing Information Network, which tracks the city's Real Estate market.
The Agent who brokered the deal, said several residents at 48 Commonwealth Ave. engaged in a bidding war over the space, driving the asking price of $250,000 up to the record-breaking $300,000. The winning bidder did not want to be identified.
The price is more than what many people pay for a house in the US, but prime parking spaces near the Public Garden in Boston seem to be in short supply.
"There are only so many parking spaces in the city. And in this part, there's very few." - said the Agent.
In the last year, parking spaces in the Back Bay and Beacon Hill Areas of Boston have fetched an average selling price of $134,000, Listing Information Network said. A year earlier, the average cost of a parking spot in those areas was $127,000. The number of parking space sales has also increased in the last two years, from 18 in 2007 to 26 last year.
The owners who sold yesterday's record-breaking parking space live in the historic brownstone at 48 Commonwealth, a multi-unit building prominently located on the corner of Commonwealth Avenue and Berkeley Street.
They are also attempting to sell their posh two-bedroom unit with direct elevator access. The $2.5 million price includes a parking space in the building's underground garage.
The $300,000 space came with few amenities other than the prime location; it is outdoors and uncovered.
The previous record for an open-air parking space was set in 2006, when a buyer paid $250,000 for a space. © Courtesy of Boston[dot]com
Until next time,
Harris First
REALTOR®
Direct 604-295-4091
Harris@HarrisFirst.ca
www.HarrisFirst.ca
www.LadnerTownhouses.ca
Blog http://activerain.com/harrisfirst
A Disappointed Seller
Many home Sellers are disappointed by the first offer they receive.
As an example, when your Agent calls to say that he has an offer on your home, your adrenaline might start flowing profusely. You get really excited, but your happy bubble bursts when you are presented with the contract.
"It's just not enough!"
The Buyers asked for your brand new washer and dryer, and they also want to postpone the closing for another three months. You don't see how this could work...
Before rejecting any offer on your property - consider making a counter offer. Rarely does an offer look the way it would if you had written it yourself. Consider the good and bad points of the offer, and work with the two agents to find a middle ground that both, you and the Buyers can live with. You may have to go back and forth several times, and there will probably be compromises to be made on both sides. Unless you are lucky enough to be selling in a strong sellers' market, the Buyers will expect to do some bargaining. With a little patience, you and your agent can create a "win-win" situation for you and the Buyers.
Do These Real Estate Situations Apply to YOU?
I've learned these through years of experience as a Realtor.
I sure know that your situation might be different - and that's why I'm here.
My job is to personally advise homebuyers and Sellers.
If you have any questions about these, or other situations you may have heard elsewhere - ask me!
Until next time,
Harris First
REALTOR®
Direct 604-295-4091
Harris@HarrisFirst.ca
www.HarrisFirst.ca
www.VancouverWestSide.ca
www.RichmondBCREalty.ca
Fixed rates are on the way up; it's time to get locked in.
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With mortgage rates at "emergency" levels - low rates not seen by your parents and possibly even your grandparents - chances are you've considered breaking your current mortgage and renewing now before rates start to rise. Perhaps you want to free up cash for such things as renovations, travel or putting towards your children's education? Or maybe you want to pay down debt or pay your mortgage off faster? If you've thought about breaking your mortgage and taking advantage of these historically low rates, feel free to give me a call to discuss your options. In some cases, the penalty can be quite substantial if you aren't very far into your mortgage term, but we can determine if breaking your mortgage now will benefit you long term. People often assume the penalty for breaking a mortgage amounts to three months' interest payments so, when they crunch the numbers, it doesn't seem so bad. In most cases, however, the penalty is the greater of three months' interest or the interest rate differential (IRD). The IRD is the difference between the interest rate on your mortgage contract and today's rate, |
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which is the rate at which the lender can relend the money. And with rates so low these days, the IRD tends to be greater than three months' interest. Because this is a way for banks to recuperate any losses, for some people, breaking and renegotiating at a lower rate without careful planning can mean they come out no further ahead. Keep in mind, however, that penalties vary from lender to lender and there are different penalties for different types of mortgages. In addition, the size of your down payment and whether you opted for a "cash back" mortgage can influence penalties. While breaking a mortgage and paying penalties based on the IRD can result in a break-even proposition in the short term, if you look at the big picture, you'll see that the true savings are long term - as we know that rates will be higher in the years to come. Your current goal is to secure a long-term rate commitment before it is too late, and here lies the significant future savings. Following is an example of a home that cost $250,000 in November 2008 (just months ago) and what it's worth now, as well as the average change in interest rates, and total savings based on a 25-year amortization: |
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November 2008 |
May 2009 |
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Purchase Price: $250,000- |
Purchase Price: $212,500- |
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Average Interest Rate: 5.84% |
Average Interest Rate: 3.64% |
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Monthly Mortgage Payment: $1,575 |
Monthly Mortgage Payment: $1,076 |
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Amortization: 25 years |
Amortization: 25 years |
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Total Interest Paid Over 25 Years: $225,000- |
Total Interest Paid Over 25 Years: $112,000- |
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Using the above example, you would have saved $113,000 in interest payments alone over 25 years. Imagine the comparison using a higher-end home as an example. |
Until next Friday,
Harris First
REALTOR®
Direct 604-295-4091
Harris@HarrisFirst.ca
www.HarrisFirst.ca
www.CoquitlamHomes.ca
Blog http://activerain.com/harrisfirst
There are many companies / brands / products whose names were derived from strange circumstances.
Adobe
This came from name of the river Adobe Creek that ran behind the house of founder John Warnock.
Apple Computers
It was the favourite fruit of founder Steve Jobs...
He was three months late in filing a name for the business, and he threatened to call his company Apple Computers if the other colleagues didn't suggest a better name by 5 O'clock.
CISCO
It's not an acronym as popularly believed. It is short for San Francisco.
Compaq
This name was formed by using Comp, for computer, and PAQ to denote a small integral object.
Corel
The name was derived from the founder's name Dr. Michael Copland. It stands for Copland Research Laboratory.
Google
The name started as a joke boasting about the amount of information the search-engine would be able to search. It was originally named 'Googol', a word for the number represented by 1 followed by 100 zeros. After founders- Stanford graduate students Sergey Brin and Larry Page presented their project to an angel investor, they received a cheque made out to 'Google'
Hewlett Packard
Bill Hewlett and Dave Packard tossed a coin to decide whether the company they founded would be called Hewlett-Packard or Packard-Hewlett.
Intel
Bob Noyce and Gordon Moore wanted to name their new company 'Moore Noyce' but that was already trademarked by a hotel chain so they had to settle for an acronym of INTegrated ELectronics.
Lotus (Notes)
Mitch Kapor got the name for his company from 'The Lotus Position' or 'Padmasana'. Kapoor used to be a teacher of Transcendental Meditation of Maharishi Mahesh Yogi.
Motorola
Founder Paul Galvin came up with this name when his company started manufacturing radios for cars. The popular radio company at the time was called Victrola.
ORACLE
Larry Ellison and Bob Oats were working on a consulting project for the CIA (Central Intelligence Agency). The code name for the project was called Oracle (the CIA saw this as the system to give answers to all questions or something such). The project was designed to help use the newly written SQL code by IBM. The project eventually was terminated but Larry and Bob decided to finish what they started and bring it to the world. They kept the name Oracle and created the RDBMS engine. Later they kept the same name for the company.
Sony
It originated from the Latin word 'sonus' meaning sound, and 'sonny' a slang used by Americans to refer to a bright youngster.
Yahoo!
The word was invented by Jonathan Swift and used in his book 'Gulliver's Travels'. It represents a person who is repulsive in appearance and action and is barely human. Yahoo!
Founders Jerry Yang and David Filo selected the name because they considered themselves yahoos.
A Real Estate agent has shown you a house that you like a lot. There is only one problem-the price seems too high. In a situation like this, you can still make an offer that you feel is appropriate.
The Real Estate agent cannot tell you how much to offer, but he or she can give you information about the selling prices of similar homes in the area.
The agent will present your offer to the sellers.
They have three choices-they can accept, reject, or counter your offer.
If the house is a new listing, or if your offer is very low, they may decide to hold out for something better. Sellers frequently build a little negotiating room into their asking price. Prices that are not negotiable at the beginning of a listing period may become flexible as time goes on.
If you want to test the sellers' flexibility, make them an offer.
Do any of these really apply to YOU?
I've learned these tips through years of experience as a Realtor and Real Estate Investor.
But I know that YOUR situation might be different. That's why I'm here.
It's my job to personally advise homebuyers and sellers.
Ask me if any tip here really applies to your situation.
If you have any questions about these tips - or other tips you may have heard elsewhere - ask me!
I'll respond quickly, for free, and without obligation...
Until next Friday,
Harris First
REALTOR®
Direct 604-295-4091
www.LadnerHouses.ca
www.LadnerTownhouses.ca
www.LadnerCondos.ca
Harris@HarrisFirst.ca
www.HarrisFirst.ca
About me: Before you invest, investigate.®
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