Worcester, MA 01607
(508)753-0820
Recent Commercial Real Estate Activity
Ed Levine - 2006 Realtor of the Year
The Realtor of the Year Award is given to an individual who has worked hard for the local Board of Realtors and has been active in the State and National Associations. A large component of this award is based on service and involvement to the community.
Ed is this year's Regional Vice President of the Massachusetts Association of Realtors and last year's president of the Worcester Regional Association of Realtors. He has served as Treasurer for two condo associations (Salisbury West and Crestwood Arms), and has been active in several committees at Temple Emanuel.
Ed Levine - 2006 Recipient of the Natalie Quinlan Distinguished Service Award
The Natalie Quinlan Distinguished Service Award is given to the Realtor who has provided exceptional service to the Worcester Regional Association of Realtors in various leadership roles. The award is only given to a Realtor who has been outstanding for over 5 years.
Natalie Quinlan was a past president of the Board and excelled in everything she did. It is a special honor to receive this award.
This is the first year that both awards were given to the same person in the same year.
Leases
Some of the recent leases at the Worcester Business Center by Jane Fine include CWMars who has signed a 10-year lease for 7,600 sq. ft. of space; Chickees Dance Studio has signed a 10-year lease for 5,858 sq. ft. of space; and Educational Training Center has leased classroom space.
Sales
Recent commercial sales include:
| 21 Ellsworth St. | $310,000 | 21,000 sq. ft. warehouse | Ed Levine | |
| 60 Ellsworth St. | $775,000 | 30,000 sq. ft. church | Jane Fine | |
| 2 - 6 May St. | $300,000 | 2 auto repair buildings | Jane Fine |
It's Happening in Worcester's Canal District: Dozens of Businesses Move In
According to Jane Fine, President of Fine Properties. Omc., Worcester's historical Canal District is being revitalized - dozens of new businesses are moving in. The latest additions to the neighborhood include Jeffrey Robert Hair Salon and Prime Financial who like other businesses realize the potential of this prime real estate location.
Several buildings are still available for sale in the area and Fine Properties maintains exclusive leasing rights to other commercial and retail space in the area. currently, Fine Properties is seeking a restaurant/cafe to lease approximately 2,000 square feet of retail space, conveniently located on the corner of Harding Street. For more information on this opportunity, please contact Fine Properties, Inc. at (508) 753-0820.
Jane Fine appears in Worcester Telegram and Gazette in "Decked Out" on rising prices of Worcester's 3-deckers.
The average price of a typical three-decker in Worcester has risen more then $72,000 in just three years, a 33 percent jump in value. But it may be a while before those who own three-deckers see that appreciation again.
The once-blistering market for three-deckers appears to be cooling, according to Realtors who handle the properties.More than 300 three-deckers has changed hands in Worcester this year through Nov. 23, already surpassing the 291 sales of three-deckers according to the MLS property information network of Shrewsbury. The average sale of a Worcester three-decker so far this year is 291,367, up about 6.5 percent from 2003, according to MLSPIN.
Between 2000 and 2003, however, the average price of a three-decker rose 24.1 percent as buyers took advantage of low interest rates and a perception that much of Worcester's housing was undervalued compared with the rest of the state. Buyers frantically outbid each other for prime properties, and wealthy investors purchased three of four three-deckers at a time.
"The real story when you talk about three-deckers is the rent they can generate," Mr. Russell said. "If they can't get the rents, they won't do the deal."
With prices so high, new owners of three-deckers have to charge rents at or near the top of the market to break even, something that has been hard to do, said Jane R. Fine of Fine Properties Inc.
"This year has been peculiar," she said. "It's more of a buyer's market right now. There are properties I sold in 2001 for $100,000 or $125,000 that re-sold (last year) at the $300,000 level. The jump from 2001 to 2003 was so great, there's no more room to go up."
Buyer's considering a $300,000 investment in a three-decker want to see clean properties in good neighborhoods, she said. Properties with those selling points are sitting on the market, she said.
Fine Properties, Inc. meets with Representative James McGovern to discuss residential and commercial development in Worcester's Canal District.
Topics of discussion included issues concerning national realtors as well as local issues regarding ongoing residential and commercial development in the Worcester area. Congressman McGovern offered his assistance in making economic development in Worcester happen and expressed a significant interest in Worcester's Canal District.
Due to Representative McGovern's interest in the Canal District project, Fine Properties arranged a meeting between several developers involved in rehabilitation projects of the Canal District area around Water Street and Harding Street. As a result of that meeting, Fine properties and Congressman McGovern are organizing a "Water Street Walk", which includes city officials, developers and utility company representatives. The purpose of the walk is to assist several developers involved with rehabilitation projects in overcoming hurdles in the completion of their projects.
Over the past several years, Fine Properties has been actively involved in the marketing, sales and revitalization of several properties throughout the Canal District. "We greatly appreciate the support that Representative McGovern has put behind this project and look forward to seeing the impact his efforts will have on the economic growth of the area" said Jane Fine, President of Fine Properties.
Edward Levine of Fine Properties, Inc. elected President of Worcester Regional Association of Realtors.
Chartered in 1923 the Worcester Regional Association of REALTORS® now serves over 1,600 local REALTORS® and industry affiliate members. The organization is responsible for the education, regulation and innovation of the local real estate community and is also affiliated with the Massachusetts Association of Realtors and National Association of Realtors.
Mr. Levine has a long-standing background in finance and management having been Vice President of Michael Baker Corporation, providing Geological and Geophysical studies for engineering and environmental projects. Since he entered the Real Estate industry eleven years ago, he has played a major role assisting several boards, non-profits and condominiums management companies in managing their risk, cash, investments and accounting. Mr. Levine's financial background is especially welcome to the WRAR as he is expected to significantly grow the organization during the upcoming year.
Mr. Levine will continue his duties as Vice President of Fine Properties. Jane Fine, Founder of Fine Properties and former President of the WRAR said "Ed is very enthusiastic about the position and he is looking forward to working with everyone to grow the association, bringing greater value to homeowners, realtors and the community."
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1031 Exchanges: Avoiding Capital Gains On Investment Property
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Fine Properties, Inc. 67 Millbrook Street, Worcester, MA 01607 Phone: (508) 753-0820