The New Balance HQ would be in Brighton, and would include new offices, track and field facility, a hockey rink, and a hotel. Amazing.
The developer is New Brighton Landing LLC and made its filing with the City of Boston. The New Balance HQ in Brighton should take up 14 acres, near the existing offices on Guest Street.
]]> Funnily enough, New Balance the shoe company, also leaves a footprint in another area, namely, real estate. New Brighton Landing is the company’s real estate arm (or foot, if you prefer).The New Balance HQ filing did not indicate the size of the buildings, but it seemed massive to the reporters covering the story. There will have to be a good number of permits to be obtained, specifically from the Boston Redevelopment Authority.
The unfortunately acronymed BRA maintains the city’s zoning regulations. The Boston Zoning Code tells real estate developers what land uses, building types and sizes, heights and densities are appropriate on land throughout the city.
The Boston Zoning Code also regulates certain activities. For instance, zoning controls activities like noise level, waste management, appearance of a building (eg., height, size, and proximity to another), parking, and air quality. In a commercial zone, for instance, ordinances often require a specific number of parking spaces and may regulate the number of stories a building can have, the size of signs, and the number of similar businesses in the same district.
The proposed New Balance headquarters will be another kick in the right direction for Brighton.
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Prosecutors had been seeking a $200,000 fine and six months in prison, but U.S. Magistrate Judge Judith G. Dein pointed out that many of Winn's alleged crimes were beyond the statute of limitations or could not be prosecuted in federal court because they were connected to state candidates. As for the donations made to U.S. Representatives Michael Capuano and Stephen Lynch, it turned out that Winn had only pleaded guilty to misdemeanors there.
]]> The Columbus Center developer has been well known in Boston real estate circles for producing affordable housing. Still, the trail of money that grew out of Arthur Winn, involved everyone from Governor Mitt Romney, Senator John Kerry, Rep. Edward Markey, to state senator Dianne Wilkerson — who is serving 3.5 years on an unrelated bribery charge.The Columbus Center Development was a very complex project, reported The Globe, demanding air rights over the Massachusetts Turnpike due to scarcity of land. It was later described as “one of the most spectacular real estate failures Boston has seen.”
Developing any kind of property, from residential to commercial, to mixed, is a complex affair, requiring money and many permits. The best way to solidify your position is to keep an experienced real estate attorney on tap.
To find out more about commercial real estate zoning and the Columbus Center, see the links listed below.
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For flood coverage, the National Flood Insurance Program tells The Times, you need a separate policy.
]]> Renter's insurance policies are similar to homeowners' insurance policies but have no coverage for buildings or structures. Renter's insurance typically covers the cost of replacing personal items that are stolen, damaged, or destroyed.Some renters policies cover legal liability in the event that anyone suffers an injury while on the insured property. Certain actions of the policyholder which occur away from the insured property may also be covered.
Note: The landlord's insurance will probably not cover tenant property losses unless the tenant can specifically demonstrate that the landlord was negligent in some manner.
As to the concern whether you are purchasing legitimate renter's insurance, you can check with the state government. The Massachusetts Division of Insurance monitors the solvency of the companies it licenses in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products.
Finally, before moving into an apartment building, you may want to check whether renter's insurance is required, and if the landlord has a relationship with an insurance company to provide favorable rates.
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To make matters worse, apartments are at historically high prices in Boston, reports the Boston Globe. In fact, the only cities to exceed Boston nationally were New York, San Francisco, New York's Westchester County (huh?), and Fairfield County (ok, then).
The most expensive neighborhood in Boston was Kendall Square, followed by Seaport and East Cambridge. The Financial District and Waterfront rounded out the top five.
It is important to note that not everyone in an expensive neighborhood happens to be wealthy. Many people are middle-class renters who are in the middle-zone. They can't afford a down-payment for a house, but they can't live too far from their jobs, so end up living in the city.
]]> As such, when they rent in an expensive neighborhood, they may have to worry about security deposits quite a bit. Thankfully, Massachusetts is one of those states with a one-month’s rent limit on security deposits, reports FindLaw. So, if you are renting an apartment at $2,500 a month, you won’t have to pay a security deposit more than that amount.And what happens when you’re prepared to leave the apartment. What happens to that chunk of money you gave as security deposit? Well, you are supposed to get it back from the landlord. In Massachusetts the security deposit return time limit is 30 days, reports FindLaw.
If you feel as if a landlord is trying to exceed the legal limits and do illegal things with your security deposit, you may want to call up a local landlord-tenant attorney from the real estate bar.
In the meantime, remember these basic rights for tenants: one month rent limit on security deposit, and security deposit return time limit is 30 days.
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Why don't ventless fireplaces need a chimney? Well, Unlike wood burning fireplaces, a ventless fireplace uses natural gas or gel to produce heat. These types of fuels are deemed to have a lower emissions rate than wood.
Despite that, The Boston Globe considered the question of ventless fireplace safety and generally came out with the view they could be hazardous.
]]> According to The Globe, if used properly, which means only for supplemental heat (i.e. not full-time), a ventless fireplace is fine. However, homeowners still have to be careful because such fireplaces create indoor water vapor which can lead to mold in the walls. Ventless fireplaces and mold don’t seem like they would go together, but they do. Then there is this:There are fail-safe gadgets on the units to shut them off if oxygen levels fall to a certain level, or carbon monoxide rises to a certain level, but what if they fail?
For many, this is perhaps the scariest part of a ventless fireplace.
Of course, it goes without saying that if you use a ventless fireplace and these gauges fail to work and you suffer an injury, you would be well-advised to consider an attorney practicing in the area of products liability and defective products.
Similarly, if you are in the process of buying a house and have retained an attorney familiar with how local houses are constructed, he or she might be able to warn you about ventless fireplaces and to get the house tested in advance, both for gases and ventless fireplace-related mold.
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The deal, between the attorneys general, federal officials, and the nation’s biggest mortgage servicers has been on the table for a while, and just needs a little more of a push.
Even as housing secretary, Shaun Donovan, is going forward with crafting a deal, some critics think it might be too lenient.
]]> The nation's five largest mortgage servicers are: Bank of America, JP Morgan Chase, Citigroup, Wells Fargo, and Ally Financial.In total the agreement might come out to $25 billion, with nearly $17 billion of that used to reduce mortgages. As for those 750,000 families who had been affected by improper foreclosure activity, they would get about $1,800 each, reports the Times.
Improper foreclosure activity has, perhaps, not gotten enough attention (and therefore not enough money is being directed at it).
Some of the foreclosure crisis revolves around the way that the foreclosure process is being handled, from banks not being able to provide proper documentation of ownership, to claims that documents have been "notarized" but not actually signed in the presence of notaries, to the act of robo-signing.
In essence, many documents were signed by banks without the banks first confirming that they were accurate.
If you are involved in or face a foreclosure crisis of your own and have questions about the process or the bank's right to proceed, contact an experienced lawyer in your area.
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One of the parties driving the foreclosure mediation debate is the United States Department of Justice. In writing about their Access to Justice program, the DOJ describes what it means when it refers to foreclosure mediation:
]]> In response to the ongoing foreclosure crisis, many jurisdictions around the country are turning to mediation, where a neutral third-party (often, but not necessarily employed by a court) helps facilitate negotiations between a lender and homeowner as they attempt to reach agreement on an alternative to foreclosure where such an outcome is feasible.Access to Justice sorted through at least 40 different foreclosure mediation programs around the country and tried to determine what best practices should be cultivated. Such programs have the additional benefit of being friendly towards middle-class and lower-income families.
To become more popular, foreclosure mediation would have to overcome the scrutiny of people like Raphael Bostic and the Department of Housing and Urban Development: "If foreclosure mediation is such a good idea, why haven't more jurisdictions taken up the mantle? What are barriers to implementation and program participation, and is the conventional wisdom that mediation takes a long time and is costly supported by the evidence?"
It is partly to answer these inquiries that a full report was issued, writes the DOJ.
It appears taht foreclosure and mortgage mediation would be a positive advance on the current alternatives to foreclosure that are out there. These include special forbearances, mortgage modifications, partial claims, pre-foreclosure sales, and deed-in-lieu of foreclosures. For more information on these alternative to foreclosures, as well as whether foreclosure mediation is available in your area, please see below.
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Perhaps in response to this, Freddie Mac and Fannie Mae (those dreaded Mac siblings), are announcing an extension of a program that allows unemployed homeowners to defer part or all of their monthly payments for up to 12 months while they are out of work.
The mortgage deferment for unemployed homeowners is a form of forbearance.
]]> Unemployed homeowners who apply for a forbearance after already missing some payments can skip only up to a maximum of 12 months. In other words, you can't go a year without paying, and then get a second year off also by applying for the program. Its just one one-year term.It is still a pretty good deal, though how much impact it will have remains to be seen. Particularly because last year there were about 2 million foreclosures, reports The New York Times.
And, of course, there are critics as well. One from the University of Pennsylvania points out that while the program is "humane" there are some people who shouldn't be in the homes they are in and some of them won't end up finding jobs that will enable them to pay for their mortgages. As a result, there could be some downside because it could slow the foreclosure pipeline," reports The Times.
If you're one of those people that even with assistance from government programs would probably end up in a foreclosure, you may want to consider other options.
Selling your house for less than you owe is referred to as a "short sale", and in many states, you must get the permission of your lender before you do this. If you don't, the lender may sue you after the sale for the difference. Finally, short sales typically aren't possible if you have more than one mortgage, unless the same lender owns the additional mortgages.
For more information see below.
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Papelbon's Beacon Street penthouse is four bed-room, three-bathroom, with hardwood floors, high ceilings, custom cabinets, a fireplace, and awesome appliances. There is also an outdoor deck and an elevator. In total, it comes out to 2,500 square feet.
]]> Papelbon is leaving the Sox, with whom he won a World Series, to go to a better team. He joined the Philadelphia Phillies for $50 million over four years.If you are ready to buy Papelbon’s house, you may need to begin preparation.
Purchasing a home, especially if it is Papelbon’s house (or any other piece of expensive real estate), will likely be the largest and most significant transaction of your life, which is why many people choose to hire a real estate agent to assist in the search and negotiate on their behalf.
Real estate agents generally fall into two categories: home buying agents and home selling agents. Home buying agents aim to level the playing field a bit for homebuyers (almost all sellers have seller’s agents, whose job is to get the very highest price for the property) through the agents’ knowledge of the industry and familiarity with the particulars of a neighborhood, sellers, contractors, etc.
In addition to buying agents, homebuyers may also employ real estate attorneys to represent their interests in the purchase of a home. Attorneys are experts in real estate law and can provide counsel on legal issues which may arise.
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The Federal Reserve is not alone in the foreclosure review. The body is joined by the Office of the Comptroller of the Currency (OCC). The foreclosure survey will go out to people that faced foreclosures in 2009 or 2010, reports the OCC website. The OCC is calling it the Independent Foreclosure Review.
]]> Through the survey, you can get a review of your case if you believe you suffered financial injury as a result of errors in the foreclosure processes of the following companies: America's Servicing Company, Aurora Loan Services, Bank of America, Beneficial, Chase, Citibank, CitiFinancial, Citi Mortgage, Country-Wide, EMC, EverBank/Everhome, Freedom Financial, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Services, MetLife Bank, National City, PNC Mortgage, Sovereign Bank, Sun-Trust Mortgage, U.S. Bank, Wachovia, Washington Mutual, and Wells Fargo.The Independent Foreclosure Review's staff will determine whether individuals suffered financial injury and should receive compensation or other remedies due to errors or other problems.
Already, more than 4 million letters have been mailed. If you believe you are eligible and have not received a form, you can request one from (888) 952-9105.
Reviews are conducted by independent consultants working under the direction of the federal regulators and may take several months to complete.
Finally, if you believe your case to be particularly complicated, you may seek the assistance of an attorney beforehand. After all, you don't always get to make your case to the government like this.
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Turns out that some politicians have been advocating using Fannie Mae and Freddie Mac to set off a nationwide mortgage refinancing and it seems to be getting bipartisan support, reports the Washington Post.
The impetus for the idea comes from the fact that more than 75% of homeowners have been paying interest rates higher than 5 percent, whereas the current interest rate is closer to 4 percent. That could mean hundreds of dollars of difference just in a month.
]]> When you refinance, you pay off the original mortgage and replace it with a new one.Is it always a good idea to refinance? Well, no. In almost all cases, you won’t recover the closing costs for a few years, so if you are planning to sell your home in the near future, it makes little sense to refinance unless you can obtain a no-points adjustable-rate mortgage at a low “teaser” rate.
And how do you know if the numbers make sense?
Well, according to FindLaw, you should calculate the difference between your current mortgage payment’s after-tax cost versus your future payment’s after-tax cost.
Because Uncle Sam gives you a tax break on mortgage interest (15 to 31 cents per every dollar of interest paid, depending on your tax bracket), it’s important to figure the tax break into your calculations, especially if you are (or expect to be) in the top tax bracket.
Multiply the annual interest you pay currently by .15 or .31, depending on your tax bracket, to figure out your current tax savings. Then multiply your annual interest paid on the new loan by the same number.
FindLaw advises homeowners compare rates and charges between several lenders, including your current mortgage servicer. Also, consider switching from a thirty-year to a fifteen-year mortgage. You may be able to pay off your loan in half the time without increasing your monthly payment by much.
Note that the amount remaining on the loan must be less than your home is now worth. Mortgage lenders are bound by strict state and federal guidelines spelling out the percentage of current value they can lend. Generally speaking, you can refinance if your home is worth 10 percent more than the loan amount.
It is not an easy bit of math, nor an easy judgment call. If you think it is necessary, seek an attorney’s advice.
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]]>Lead exposure, which can lead to lead poisoning and can cause both learning and organic problems, affects approximately 250,000 children in the United States.
Preventing lead paint problems have been important to Bostonians, as evidenced by the wealth of resources that Lead Safe Boston offers.
]]> Lead paint laws and lead paint disclosure laws have been around for several years to protect homebuyers from health risks associated with lead-based paint, writes FindLaw’s Boston Real Estate Law News. “The Lead Paint Form,” which is included in Property Transfer Notification Certifications in Boston, states every buyer interested in purchasing a residential home, particularly one built before 1978, should be notified about whether the property might “present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning.”There are also certain duties on the person selling the home. This includes providing the buyer with any information on lead paint hazards. Sellers should also test their homes for lead before putting it on the market.
Federal lead-based paint disclosure rules were enacted in 1996, and require sellers or landlords to disclose any information about lead-based paint hazards when selling or leasing to any purchaser or tenant of residential housing built before 1978.
The rule also requires disclosure by brokers and real estate agents. In addition, the seller or the landlord must provide the purchaser or the tenant with an EPA-approved lead pamphlet, and copies of any record or inspection report concerning lead-based paint.
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]]>Bank of America (BAC) was sued by MBIA, a bond insurer, for losses that MBIA suffered as a result of Countrywide's loans, and the court recently ruled in MBIA's favor, reports Bloomberg News.
]]> MBIA alleged that it was duped into guaranteeing payments on mortgage bonds Countrywide issued. But it still remains for MBIA to show that Countrywide made misrepresentations about the loans backing the bonds. Showing that much is considered a victory because MBIA could've been put in the situation of having to prove that the loans caused the losses -- which would be a far more difficult task for the bond insurer.And why is this one case significant in the larger real estate scene? Well, according to Bloomberg:
Defeats on such matters may add as much as $9 billion to what Bank of America owes bond insurers, according to an August estimate by hedge fund Branch Hill Capital, which has bet against the lender's stock and has invested in MBIA.
A bond insurer is basically a company that guarantees payments to investors that buy securities backed by different kinds of loans, in this case, mortgage loans. Where the loans are fraudulent means that the bond insurer has been put in an unfavorable position of having to pay out to people that were misled.
Of course, Countrywide is not accepting liability for alleged fraudulent loans. Rather, it is blaming the housing bust. But MBIA is saying the same thing that individual homeowners who faced foreclosure on their homes are saying: the housing bust only happened because there were so many fraudulent loans given in the first place.
It is a real estate catch-22 that the courts are having to unravel. The moral, therefore, is that before entering into any mortgage loan, do your homework and check with an attorney first to avoid ending up in a mortgage loan lawsuit.
Related Resources:What may frustrate residential property tax payers even more is that as their rates went up, the commercial tax went down. As a result, single-family homeowners in Medford will pay an average $155 more in taxes this year. This is the 25th year in a row that taxes have gone up, according to Councilor Robert M. Penta.
Generally speaking, a local taxing authority (e.g. the county or municipal government) uses one of two methods to calculate the property tax rate:
]]> In the first method, the taxing authority estimates its total expenditures over a given time period. Then, it divides that figure by the taxable or assessed value of all property within its jurisdiction. The result is the tax rate. This rate is sometimes expressed using percentages; sometimes it is expressed as a dollar amount (i.e. $1 per $100).This is the preferred method for Medford property taxes. The new Medford residential property tax rate will be at $12.03 per $1,000 valuation, and the new commercial/industrial rate will be at $23.72 per $1,000 valuation, according to the Globe.
In the second method, the taxing authority estimates the amount of taxes available from property tax levied at a specific rate. The taxing authority will either increase or decrease its budget based on increases or decreases in the total value of the property's taxable or assessed value. This is a more cumulative and often overlapping way of determining property tax.
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The Countrywide settlement with the Department of Justice is the largest settlement in history over residential fair lending, reports the AJC.
The settlement covers conduct between 2004 and 2008 and involves allegations of charging blacks and Hispanics higher interest rates and directing them towards more expensive mortgages, reports MSNBC. The alleged discrimination extended to around 200,000 people.
]]> Every potential mortgagee has a right to fair lending. Federal law protects every homebuyer looking for a mortgage loan against discrimination on the basis of race, color, national origin, religion, sex, marital status, age, receipt of public assistance funds, familial status (having children under the age of 18), handicap, or exercising your rights under other consumer credit protection laws. Lenders may not take any of these factors into account in their dealings with you.As the Countrywide settlement reveals, it is often extremely difficult to tell if a lender is being disingenuous. One thing you can do is to check with private fair housing groups and human rights agencies, as well as look out for notices from federal or state enforcement agencies.
In the event you find that your lender is engaging in discriminatory practices then you should also consider speaking to a qualified attorney. They would be able to tell you about monetary damages and other relief -- like going to the DOJ.
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