Joe Ward of weRENTcentralmass.com on Grove Street in Worcester meets with
Jemimah Faith Ndungi regarding her rental application. (ED COLLIER)

Rental rates in the county showed their strongest gain in apartments with two bedrooms and a single bathroom, with a den or loft, increasing from an average monthly rate of $1,100 in the third quarter of 2007 to $1,225 in the third quarter of 2009, according to a survey by Sunrise Management and Consulting in Albany, N.Y. Other apartment configurations, depending on square footage and community, showed a variance in rental rates in the survey.

Sunrise’s report shows that rents in the larger markets in Massachusetts were flat, with regional increases being offset by declines in more populated areas.

“New household creation is the driver in multifamily market growth,” said Jesse

Holland, president of Sunrise. “With unemployment up, housing starts down and more stringent lending requirements, there is not enough new-household formation necessary to push growth in rental occupancies and rates,” he said, referring to data reflecting conditions in New York and New England

Average monthly rental rates grew from $970 in the third quarter of 2007 to $990 in the third quarter of 2009 in the region comprising the counties of Worcester, Berkshire, Franklin, Hampden and Hampshire, according to Sunrise data.

In Worcester, rates have dropped in recent quarters, partly because of properties that were auctioned at foreclosure being renovated and used as rental properties, said Edward Murphy, chief executive of weRENTcentralmass.com, which manages properties in Worcester and acts as a broker for property owners in Worcester and Central Massachusetts.

“We’ve had high-end condo conversions come on line, like the University Park Lofts,” which started as a condominium project with only a few units sold, and the remainder rented out.

“I would attribute that to the foreclosures coming through the pipeline. A few years ago it looked like inventory would be low. It didn’t take into account foreclosed properties. Now, we have renovated units coming on (as rental units).”

Mr. Murphy said there is a low supply of high-end one- and two-bedroom apartments in the city and surrounding communities.

When we get apartments like that, they go quick.

“When we get apartments like that, they go quick. There’s a lot of people who work at places like UMass and Babcock Power that would take them. The only other option is a big complex, like Plantation Ridge.”

Central Massachusetts rental rates, while stagnant, are more stable than in other areas of the country that were overbuilt during the housing boom in the first half of the last decade, said Sunrise official Richard Dolins.

“What we have is not a bad backslide, but it’s crawling along,” he said. “I would think that in these economic times, that’s a good thing. Owners are keeping their occupancy rates up.

“The Northeast market was not as overbuilt as some, like Denver and Las Vegas. There are tens of thousands of apartment units more than those communities could absorb. We have not seen that in Western Mass.”

Mr. Dolins thinks there is little excess of multifamily housing in Worcester County, and that the competition may be keeping rates stable. He said the market should see more of the same for the next two quarters.

“I know economists have their definition of recovery, but I don’t see how recovery exists with 10 percent unemployment,” he said.

“Over the next six months, looking out, I think we’re going to see the same things. I don’t know how the federal government is going to shake out the housing market.”

You can find the article here at the Telegram & Gazette

weRENTcentralmass

Worcester Sharks announce youth hockey equipment giveaway on September 12

• Units for lease starting at:  $850/mo
  
  
• 6 - 12 Month Lease options avilable
• Units for sale starting at: $115,000
• OWNER FINANCING AVAILABLE
• Certain buyers will qualify for credits up to 20% of purchase pric

For more information visit UPlofts - University Park Lofts

Edward Murphy Left - Eric Lindquist Right

weRENTcentralmass.com CEO Edward Murphy and Sharks Director of Public Relations & Broadcasting Eric Lindquist recently got swabbed at a Worcester Tornados game to become bone Bone Marrow Doners for Andrews Helpful Hands.

Edward Murphy CEO of weRENTcentralmass.com

Some Information about Andrews Helpful Hands:

What we do…

Andrew’s Helpful Hands Organization is helping families going through Bone Marrow Transplant. We will allow parents to focus on their child during recovery. The process of going through a Bone Marrow Transplant has many facades. If a donor is needed, we help you organize a Bone Marrow Drive. If finances are needed, we help you with fundraisers, benefits, raffles, etc. If you just need a helping hand, give us a call at (978)567-0842 because whatever you need during this period, we are here to be helpful.

Why we started…

On the sixth floor in Boston, a child sleeps, isolated by glass. Controlled to be pure, controlled for a life full of health. Hope filled eyes wanting to go home awaken to an oversized bag filled to the top with unwrapped presents. He looks at his mom and says, “These are too many for me. Can I give some to other kids in here?”

The child was a 5-year-old boy named Andrew Swenson, who was in Bone Marrow Transplant Unit in Boston. His dream in life was always to make others happy.

Because of this desire to always help others, his uncle, John Sousa, started a organization called “Andrew’s Helpful Hands Organization.

The Organization’s logo is Andrew’s handprint. This came about during transplant when he had GVHD (Graft vs. Host Disease). The disease had caused a burn over most of his body.

Sending “handmade High 5″ postcards was a wonderful distraction.

For more infroamtion about Andrews Helpful Hands visit the web site at :

http://www.andrewshelpfulhands.com

Worcester Sharks Director of Public Relations & Broadcasting Eric Lindquist

The the city of Worcester and the EDFC is focused on make the Hadly-Burwick area, “the portal for the redevelopment of their arts district”. The projects to come include 60 condo units behind the Hadley, 20 units inside the Boys & Girls club and an additional 55 units that will be going into the new Caravan building.

The Adams Street Lofts were once the Adams Street School which was built in 1896. The school was a brick Victorian building with stunning characteristics such as classrooms, wide hallways, and high ceilings. The renovation from a school to lofts was fairly simple since these Worcester Lofts wanted to keep a certain school-like charm. These School House Lofts wanted to keep their classrooms doors, chalkboards, and wooded trim. A new elevator and new windows were added to this luxury Worcester loft building. The lofts located off Shrewsbury Street have two parking spots available for each unit, stainless steel appliances, granite counters and new hardwood floors. The lofts come in studios, 1 bedrooms, 2 bedrooms, and even attic lofts are available! These Worcester Lofts are just minutes away from downtown Worcester, and all the Shrewsbury Street nightlife! Make these luxury lofts your new home.

The Kettle Brook Lofts are located on 1511 Main Street in Worcester. These luxury lofts give you the experience of city living but in a relaxed environment. These luxurious lofts in Worcester have huge windows, a fitness center with a gorgeous view, big walk-in closets, and plenty of storage space available. Each loft has marble bathrooms and you can relax in your own Jacuzzi tub which comes in each unit. All the rooms have bamboo flooring throughout and the kitchen has nice stainless steel appliances. These Worcester Lofts on Main Street come with new environmentally safe washer and dryer, and each loft has high ceilings. The Kettle Brook Lofts all have fabulous views, picnic areas, and also jogging and walking trails!

Kitchen

Dining Room

Bathroom

For more info check out: www.kettlebrooklofts.com.

Today Park Realty Boston & weRENTcentralmass.com CEO Edward Murphy attended the ParkView on the Commons Auction in Westborough. 16 Luxury Westborough Condos Auctioned.

Average Price Per Square Foot (PPSF) of Sold units
at the Park View auction was 56% lower than the original market price

Some stats of the Park View Auction:

• The auction was held in a vacant commercial space a the Bay State Commons in Westborough
• 16 Units in the Park View on the Commons were Auctioned
• All 16 Park View units were sold
• Units were auctioned by D J Flyyn Auctioneers
• Buyers had to pay a 6% Buyer Premium to D J Flyyn Auctioneers
• 2 of the Park View on the Common Unit buyers defaulted (units were re auctioned, more below)
• Unit 5310 at Park View defaulted because the buyer did not have two deposit checks
• Unit 5204 at Park View defaulted and was re auctioned later, no explanation was given 
• Park View on the Commons Auction Units sold on average 7.84% over the Minimum Bid
• The two units that defaulted are the only units that sold for over 20% of the Minimum Bid
• The average Park View on the Commons Original Market price per square foot was $467
• The average Park View on the Commons Auctioned unit price per square foot was $204 (including 6% Buyers Premium)
• The average Park View Auction price per square foot was 56% lower then the Original Market price
• The total combined Park View on the Common in Westborough Original Market price of units offered was $10,055,400
• The total combined Park View on the Commons Auction sales totaled $4,123,500
• The total combined Park View in Westborough Auction sales including buyer premiums totaled $4,380,450
• The total combined Park View on the Common Auction  sales were 59% lower than the Original Market asking prices of the units
• The Park View on the Commons units sold totaled 21,516 square feet
• 14 - 2 bedroom 2 Bathroom units were sold at the Park View on the Commons Auction
• 2 - 1 Bedroom 1.5 Bathroom units sold at the Park View on the Commons Auction
• The buyer premiums to D J Flyyn Totaled $247,950

• Stats on Units Sold

For final sales prices please email emurphy@weRENTcentralmass.com

Click the following link to view the web site for Park View on the Commons

After the original Park View on the Commons auction 5 more units were offered along with the 2 units that defaulted in the first auction.  Only 4 of the 7 units sold. Units 5306, 5316 and 5310 did not sell.

Park View did reach 50% of the units sold, this is needed for the buildings financing watch for the developer to blow out the remaining units needed to be over 50%

For more information on this Building and future sales or rental please contact Ed Murphy at emurphy@weRENTboston.com

All of this information was gathered at a fast paces auction we do not represent or guarantee any information to be 100% correct.