February, 2005

Dear Friends and Neighbors,

I'm celebrating my 20th year in Cambridge area real estate sales, and with 15 years before that as a designer/builder/woodworker, that's 35 years working with Cambridge area housing!Most of my business now is word of mouth! Thank you for your many referrals and for contributing to my success!

Last year's 6 th Annual Benefit Concert for the Cambridge Housing Assistance Fund (CHAF) was a big success! We raised $125,000 to assist more than 125 homeless and near-homeless families and individuals with the startup costs of renting an apartment. Kendrick Oliver and the New Life Orchestra and the Nicole Nelson Band gave a terrific tribute to the music of Count Basie. In the six years that I've directed this event, CHAF has raised more than $725,000 to assist nearly 700 households. There's more info at www.CHAFund.org and a video of the concert plays frequently on Channel #9, Cambridge Cable TV.

The Kick Off Reception for this year’s CHAF's Benefit Concert is planned for April 5 th from 5:30 - 7:30 PM at the Charles Hotel in Harvard Square. We are always looking for volunteers, sponsors and contributors so, let me know if you'd like to come! And, SAVE THE DATE: September 29 th at Sanders Theatre for the benefit concert itself.

In spite of freezing cold weather, and the recent blizzard, the Cambridge/Somerville market real estate market is already very busy. Even though interest rates have ticked up a bit, they remain historically low. Pundits say that rates will tick up a bit more by summer. There is good selection of properties and, for buyers, a more balanced market than a few years ago.

New developments:

There are three new theatres slated for Cambridge! Adding to the city’s already rich cultural life, The Zero Arrow Theatre (corner of Arrow Street and Mass Ave.) just opened part of the American Repertory Theatre’s South African Festival. The Central Square Theater, to be built in a building owned by MIT at the east end of Central Square, will house the Nora Theatre Company and the Underground Railway Theatre. Fundraising is ongoing. And, The Constellation Center for the Performing and Cinematic Arts, to be built near Kendall Square and the intersection of Memorial Drive and the Longfellow Bridge, will feature four world-class halls under one roof.

The Cambridge area is experiencing a ‘boom’ of new construction , offering many quality opportunities for the discerning buyer. At Valentine Place, where contemporary design meets the urban lifestyle in Cambridgeport (www.ValentinePlace.com), eight of nineteen townhomes and lofts ($550k-$850k) are sold. And being renovated near Davis and Porter Squares: One Russell ($540k-$800k) will feature twenty-four residences in a redesign of an elegant brick elevator building; and Building Five Lofts ($485k-$995k) will house nine dramatic loft-style condos in a converted wood frame warehouse. The Aberdeen Lofts (low $300s and up), will feature 55 units in a 1914 brick and beam warehouse building near Fresh Pond with oversized windows and 16’ ceilings.

East Cambridge has an unprecedented amount of new construction on the books . Coldwell Banker’s new listing at One First features 199 quality loft style condos in five distinctive buildings of a former chocolate factory. There are also two conversions of rental buildings to condos: the Glass Factory ($297.5k-$589k) and the Regatta Riverview Residences ($355.2k-$603.8k), formerly Museum Towers, with its spectacular views of the lower Charles River Basin and the new Lenny Zakim bridge. All are just steps to the Lechmere Green Line stop.

The biggest news in East Cambridge is the planned development of Northpoint , which is an apprx. 50 acre rail yard on the other side of the Lechmere ‘T’ stop. This is slated to become a village of its own, including commercial and office space, and hundreds of rental housing units. As part of this development, the Lechmere stop will be moved.

In Somerville, there is ongoing controversy about the state’s previous commitment to extend the Green Line from Lechmere through Union Square to Tufts, with stops along the way. This would be a boon for Somerville, which has many train lines running through it and a lot of traffic congestion, but only two subway stops. The Conservation Law Foundation has joined with the cities of Somerville and Medford in a lawsuit to hold the state to its $260 million commitment to finish the project by 2011, in part to improve air quality in Somerville.

If you are considering buying or selling , now is the time to start planning. These low interest rates will not be around forever! I am always available if you would like an update on the value of your home, or if you would like a consultation on your real estate needs. We offer Buyer and Seller representation at Coldwell Banker Huron Ave., as well as mortgage, insurance, relocation and moving services.

I look forward to hearing from you, whether to simply catch up, or to assist you with real estate.


David Pap

Work: 617-844-2756
Email Address: David.Pap@NEMoves.com
Cell: 617-594-1088
Website: www.DavidPap.com