Boston Real Estate News – 4/30/2010

 

Brady’s New Pad – Tom Brady and his wife Gisele Bundchen are in the process of a building a mega-mansion in LA. Shutterbug Alec Byrne shot aerial photos of the sprawling estate (pictured right) that were first showed in New York’s Daily News last Saturday. The 22,000 sq. ft. 8 bedroom home sports a covered bridge, six-car garage, and lagoon-shaped swimming pool. Brady’s Beacon St. condo, which had been on the market for $10.9 million, has just been taken off the market, but Brady brought a little bit of Boston with him to the west coast. Brady hired his long-time friend John Fish, CEO of Boston-based construction company, Suffolk Construction, to build his new house for an estimated $20 million, not counting the $11 million that the super-couple paid for 3.75 acres of land in LA’s exclusive Brentwood section.

Bummer For The ‘Burbs – While sales figures in Boston’s housing market are optimistic, the rest of our fine state’s suburbian landscape isn’t doing so well. “The suburban Boston commercial real estate market ended the first quarter with a 21.8 percent vacancy rate, up from 21.1 percent at the end of 2009,” reports Matthew L. Brown of the Worcester Business Journal, “Since the second quarter of 2008, the amount of occupied space in the suburban market has shrunk by almost 4.2 million square feet, according to a report from Colliers Meredith & Grew, a Boston-based commercial real estate firm.” The report continues, claiming that the labor market throughout western Massachusetts has stabilized, while Boston’s job-loss recovery will be slower to improve. Through out Massachusetts, however, both in Boston and the ‘burbs, office vacancy still remains high.

Renting and Enjoying It? – All the hubbub around housing has pushed some couples to consider renting as a viable alternative to buying, while others have been long-term renters for more than 40 years and still enjoy it. A NPR radio broadcast tells the story of Prashant Jeloka and Meenal Bagla, a couple who moved to Boston during the housing boom while many their friends were buying, but decided to rent.  “‘There’s a lot of social pressure,’ Jeloka says. ‘Everyone seems to think that renting is not as good as buying.’ But when the couple sat down to do the numbers, owning didn’t add up,” writes Curt Nickisch, “Bagla says they didn’t want to spend their weekends mowing a lawn. They wanted to get out and enjoy Boston, and they wanted flexibility.” While Jeloka and Bagla enjoy the flexibility of renting in the short-term, John and Barbara Horan have rented their Boston condo for over 40 years. Renting has allowed them to save for vacations, retirement, and college funds for their two sons instead of having to save for a down payment on a house. “I am living the American Dream,” Jeloka says. “I have a good job, I enjoy the weekends, have friends, good food. That’s the American Dream — what else?”

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