Brookline real estate prices still holding up, bucking trend

Published by YourTown Brookline

Brookline--If there is one thing Vladimir Jovanovic appreciates most about Brookline, it’s the town’s European feel. It reminds him of his native Serbia.

A year ago, when he and his wife were expecting their first child, Jovanovic moved
from Allston to Brookline, swayed by the town’s appearance, as well as its reputation for strong schools and safety.

Jovanovic, who had lived in Allston for more than three years, is just one of the many people investing in Brookline real estate. In Brookline, counter to a statewide trend, home sales and median prices rose in the last year, and realtors say the market is healthy. The town, along with several others in the state, is bucking the slump that the Bay State has been trying to recover from since home values peaked in 2005.

An unemployment rate lower than the national average, a prime location, a prestigious public school system, and access to urban transportation, make Brookline appealing to home seekers, experts and new residents say.

“It (Brookline) has superstar qualities for a town, things that aren’t too susceptible to the fluctuation of the general economy,” said Shira Steinberg, real estate consultant for Keller Williams Realty. “[It] has more stability because of its built in excellent attributes.”

Statistics conducted by The Warren Group, a company that tracks real estate, show that the median sales price of single-family properties in Brookline went up to $1.2 million a 6.73 per cent growth in the first ten months of 2011 compared to the same period in 2010. In contrast, the state as a whole experienced a decrease of 1.68 per cent from $298,000 to $293,000.

Steinberg said that even though Brookline prices are not at their peak, they are on a healthy trend. Chobee Hoy, owner of Chobee Hoy Associates Real Estate, agreed. “Numbers have increased, certainly not in the same way the have in other years, but it’s a much more stable real estate market in Brookline than in other communities,” she said.

Although Brookline offers more condos than single-family homes compared to Newton, experts find them very similar in terms of real estate. Saul Cohen, president of Hammond Residential Real Estate, said the Brookline market is 80 percent condos and 20 percent houses; Newton is considered to be the other way around. Still, Brookline’s median sales prices for a single-family home, a category in which Newton has the advantage, were up four percent more than that of Newton.

Statistics from The Warren Group also show that this year, single-family home sales in Brookline grew by 8.66 per cent from 127 in the first ten months of 2010 to 138 in the same period in 2011, even though the state had a decrease of 8.86 per cent

Brookline draws families for many reasons, including town’s convenience to the city and its own abundance of amenities.

“It’s the best of both worlds,” said Paul Epstein, a Brookline resident and brother of the former Red Sox general manager, Theo Epstein. “[It’s] right in a major urban center but you also have incredible resources that are usually associated with more suburban centers like great schools to attend or work in, great people.”

Like Epstein, many people choose Brookline for its school system. “Brookline has excellent schools. Boston is not considered competitive with Brookline (in terms of public schools),” said Steinberg. “Most people who can afford expensive housing are more likely to send their children to a private school in Boston and in Brookline they’ll go to public schools.”

Others move to Brookline to escape the fast pace of the city. “It’s a quiet area, but [still] close to practically everything,” said Nadim El-Fata, a homebuyer and potential Brookline resident.

Timothy Warren Jr., CEO of The Warren Group, agreed that location is an important factor. “The access to medical institutions, hospitals, research facilities, etc. make it (Brookline) somewhat recessive proof,” he said.

Michael Goodman, professor of public policy at the University of Massachusetts Dartmouth, echoed Warren’s assessment of the Brookline real estate market’s ability to survive a recession. “Brookline is a major exception… the unemployment rate is very low, the income levels of the people who live in the town are very high [and] the amenities that the town provides to home owners… have made the town relatively immune,” he said.

Another variable is relative affordability, said Stacie Yellin, a real estate agent who has been in the business since 2004. Even though prices are on the rise, the median sales price of a single-family home is still $750,000.

In the near future, experts expect prices to rise slowly. “If interest rates stay low and the economy improves… you’ll start to see some stability,” said Goodman.

For places like Brookline, where the market is already healthy, this means prices will continue rising. “Most economists seem to think that the healthy markets will go up maybe four percent every year on average,” said Steinberg.

But at some point, could home prices cause Brookline to lose its appeal? Greg Vasil, CEO of the Greater Boston Association of Realtors, doubts that. “Brookline is a desirable place to live,” he said. “If some people get priced out of Brookline, there will always be others coming in.”

Holiday How-To: Party Style

Originally published by BUQuad

There comes a time in every college student’s life when he or she needs to learn how to host a killer holiday party. Here is the crash course on party planning. Follow these tips and host the ultimate Christmas, Hanukkah, Kwanzaa, New Year’s or end-of-the-semester party.

Step 1: Send out proper invitations.

Before anything happens, guests need to know about the event. It is very important to send out the invitations early enough that guests have time to respond. Yeah, college is all about doing everything at the last minute, but when it comes to a dinner party, planning is necessary. The invitation can be anything from a massive Facebook message to a bunch of consecutive Twitter mentions, from a creative e-vite to a good old letter delivered through snail mail. Avoid general invites, such as a Facebook event or a casual tell-him-and-her-and-everyone-else-that-I’m-having-a-party text to a friend.

Step 2 (Optional): Choose a Theme.

Themes are a great way to make a party more fun. Plan it correctly and be surprised at how entertaining it can be, for the host and the guests.

A delicious twist to the traditional holiday party is a cookie swap. Make guests bring a batch of cookies to share—potentially allowing store bought goodies for those who are culinarily challenged. Then all you have to do is warm up the milk and stuff your face with as many cookies as you can.

The idea of inducing a sugar coma surrounded by your closest friends does not sound appetizing? Throw an ugly hat party. Let’s face it, ugly sweaters get all the attention, but there are some horrendous hats out there on which the spotlight should be shining.

Some people love theme parties; others hate them. Regardless, it is important to make sure that all guests are on the same page. So if a theme is in order—be it ugly sweaters or classy attire—let everybody know about it.

Step 3: Decorations.

Adorning your place for a party can be a hassle and taking it down is usually much worse. But decorations can add that extra oomph, so give it a shot. Even just the classic mistletoe or dreidels filled with goodies will make the party more fun. Other ideas are magazine Christmas trees, a glass bowl full of round tree ornaments or a homemade Menora.

Step 4: Create a playlist.

A party without music is like a cupcake without icing; it is just not right. And while it’s perfectly acceptable for the music to play quietly in the background, it is a must. No music, no mood.

When deciding what to play, think about your guests. Low music is good for mingling and conversations; turn it up when you want the dance party to start. As for choosing the type of music, think outside the box. Mix different genres and time periods, but do so wisely. In other words, do not go Kanye-Adele-Michael Jackson in the first seven minutes; a good way to switch genres is by playing songs that do so anyways. For example, use Flo Rida’s “Good Feeling” to ease from rap to pop or vice versa.

Also, keep in mind that theme related songs make the party more exciting, but don’t go overboard on the holiday music. Here are some tips for making a winter holiday playlist.

Step 5: Set a menu.

If the occasion is a dinner party, decide what kind of food is to be served: a meal made from scratch, an array of fancy canapés or classic store-bought party trays. They are actually pretty tasty.

When deciding what to serve guests, think about all the possibilities. It is better to stay on the safe side than to spend the whole party stressing over the lack of appetizers because the home made salt and vinegar potato chips burnt while you were trying to decide whether to ice the red velvet cupcakes or assemble the hand tomato pies first. Not to say that serving chips made from scratch along with velvety cupcakes is a bad idea; just make sure your skills are up to par.

The easy way out is serving an array of easy to make canapés. Guests will be entertained trying the different treats available, and everybody’s belly will be satisfied by the end of the night. Whip up some ricotta bruschetta, wrap some baby potatoes in bacon strips, fill some bowls with candied nuts. Put out a platter of crudités with a side of ranch and a fruit-cheese plate and show off your Martha Stewart skills.

Step 6: Set up the other menu.

Drinks are a party must—regardless of their alcoholic content. There’s two options. Keep it low-scale and serve casual drinks like soda, sparkling water, juice  or beer (if you’re twenty-one) or bring the party up a notch and mix fancy cocktails (virgin or not).

Before deciding what to serve, look back at your theme and food menu. If a cookie swap is happening, skip the soda and replace it with a piping mug of peppermint hot chocolate; if canapés are being served, pair them up with a pitcher of virgin sangria.

Step 7: Get Ready.

Make sure you have time to set everything up. Decorate the party space hours before the event. Put out plates, make sure enough cups or glasses are available and leave out a big stack of napkins—whether you are serving food or not, napkins are always useful. Then put on your party attire, press play and enjoy the night because you know you deserve it!