Ever wonder what it is like to own your own parking space in Boston? Just finding parking alone is time consuming, stressful and can often take a good amount of change out of your pocket if you are renting one daily. Beat the weather, save time/money and please check out some of the open parking spaces within Back Bay, South End and Beacon [...]
A Look into Boston's Condominium Sales Market
It's safe to say that Boston's real estate has been on a hot streak. With 2018 at a close, Boston condominium sales have set even higher records than ever before. The Seaport took the lead in 2018 as the most expensive neighborhood, with the highest average sale price. Back Bay and South End [...]
Jamaica Plain | 96 Seaverns St. #PH | 2 BR 1.5 B | $2,995 *Reduced Price*
Sumner Hill neighborhood, in Jamaica plain. Two bedroom plus study, one and a half bath penthouse. Steps to Green Street T, and all the shops, cafés, and restaurants on Centre Street, this sun splashed home doesn’t disappoint. Central air conditioning and heat, [...]
Gov. Baker of Massachusetts signed into law a bill regulating and taxing any kind of "short-term rental" (that is, any rental for 31 days or less). There is an exemption for properties that are leased out for 14 days or less per calendar year, but this law is expected to have a substantial impact on owners that rent vacation homes and utilize services such as Airbnb and VRBO.
This new law takes effect on July 1, 2019. Hosts are obligated to register with the State and their local municipality, carry $1 million in liability insurance per unit, and possibly be subjected to inspections that will vary from city to town. Additionally, short-term rentals will be subject to new taxes and fees, including, but not limited to, a state tax of 5.7%, local taxes up to 6% (Boston can levy up to 6.5%; Cape Cod and Islands can levy up to 8.75%) and "community impact fees" of up to 3% may be levied locally on professionally managed properties (owners of 2 or more units in one town).
It will be interesting to see what impact this will have on tourism and business travelers, particularly if cities and towns decide to max out the allowable fees and taxes.
See additional details at marealtor.com/ShortTermRentals.
Disclaimer: This article should not be construed as legal or tax advice. If you own, operate or are considering owning or operating a short-term rental property, we recommend that you seek guidance from a lawyer and/or tax professional.
Open houses provide terrific opportunities to visit a neighborhood, investigate particular styles of housing, get a feel for space or picture yourself living somewhere. Your real estate agent can set you up to receive weekly open house lists in your desired area and price range. Visit an assortment and educate yourselves before getting [...]
Need an apartment in Boston? Here are some spotlighted apartments that are available NOW:
AVAILABLE NOW!!! Great views of Boston's historic cityscape, with all new appliances. Facing South, this one bedroom unit receives an abundance of natural sunlight. This professionally managed [...]
Good news for developers: Boston recently initiated a "Compact Living" pilot. It's a two-year program that will allow developers to build so-called micro housing units in the City (though the preferred term is "compact unit" instead of "micro unit"). Boston has been considering such a policy for a while, and this two-year experiment will let the City determine how well it works.
In order to build micro housing units in Boston, developers need to meet a number of standards. This includes complying with design standards, inclusionary housing requirements and following specific processes and procedures for approval.
Micro housing is often a hotly debated topic. Opponents typically raise concerns about density and displacing families (who need larger units to accommodate all family members). On the other side, micro units help promote affordability by creating more units and they help fill an underserved area of housing demand (according to Boston, the number of single people and couples is 2/3 of the City's population, but the number of studio and one-bedroom units is only 1/3 of the City's housing stock).
For more details on the pilot specifics, click here for Boston's webpage on the Compact Living Pilot. If you are a developer looking for micro housing opportunities in Boston, contact Eric Shabshelowitz to help with your search.
In need of an apartment? Here are a few featured apartments that are available for immediate move-in and at half of the broker's fee!
