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      Agent Spotlight

      About Michael

      Executive Vice President of Gibson Sotheby's International Realty, Michael Carucci has been one of the most trusted names in the Boston real estate market for more than 30 years.

      Michael is one of Boston's highest producing agents and is consistently ranked in the top 1% in sales volume for the Greater Boston area. He is a recognized expert in the residential and commercial Boston real estate market and is regularly quoted in articles, appearing in the Boston Globe, Boston Herald, Boston Business Journal, and Banker & Tradesman. He is also a contributing editor for Boston Common Magazine...

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      Michael's Testimonials

      Michael Carucci's knowledge, advice, and guidance of the property market is extraordinary. Coupled with Michael's genuine concern for the welfare of the family in a stressful [...]

      Michael has an exceptional ability to uncover opportunities in an otherwise very competitive market. His follow through and execution make all the difference.

      "Michael is a star broker. By that, I mean he brings buyers and sellers together and makes deals happen. Both parties leave the closing table happy. He knows everybody and everybody knows him. [...]

      Working with Michael is always a pleasure. Whether on a residential sale or purchase, or a larger multi-family or retail transaction, you know that your interests are being looked after by one of [...]

      Michael represented me on both the sale of my home and the purchase of a new one that better suited my family. Michael’s execution was flawless and I would highly recommend him for any of [...]

      Michael did a great job closing the deal for us per my specific requests. He is very responsive - he always picks up the phone when I call him. I highly recommend him.

      Michael is knowledgable, patient, and professional. If you’re considering a sale or purchase, I recommend Michael Carucci.

      "What sets Michael apart from other brokers is his attitude that the job doesn't stop when the ink dries on the closing papers. He was a tremendous help when my family and [...]

      Market Rates and Trends

      The Luxe Life - How Celebrities Shop for Boston Homes

      Michael Carucci has been the go-to luxury agent for celebrities and luxury home buyers of all kinds for more than two decades. Whether it's recording artists, movie stars, or professional athletes, they all seek out The Carucci Group for expert luxury real estate representation for buying or selling their Boston homes. So, what do celebrity clientele look for when they need new digs? Here's how Michael Carucci's celebrity clients shop for homes:

      Location: While many luxury real estate buyers seek out expansive views or access to city amenities like restaurants, museums, and theaters, celebrity clients are a bit different. Celebrity clients seek respite from fans so that they can raise their families and enjoy the normalcy of life outside the public eye. It is for this reason that celebrities often seek out large estates with gated entrances and private back yards, or in the alternative, they opt for hotel living with a large selection of concierge amenities within the building like salons and spas, workout facilities, and full service life style support including cleaning, dry cleaning, and food services. Such celebrities often find themselves living in The Four Seasons, The Ritz Carlton, The Mandarin, or The W.

      Expertise: Celebrities never go it alone when it comes to buying or selling a home. Typically they have a team of business advisers who intricately research the real estate market to find a luxury home expert who has a track record of discretion. They don’t want the public knowing that that they are on the market for a home, nor where they are potentially buying. The business advisers narrow down the search to luxury agents like Michael Carucci, who never disclose who their clients are without express approval. Another interesting phenomenon in working with celebrities is that they utilize their luxury agent as their surrogate in selecting the property. In other words, it is not unusual to have an initial meeting where their wants and needs are detailed into a written document. The real estate team then does the legwork of searching and selecting homes based on that criteria, then viewing the properties, thereby narrowing down the search to two or three properties from which the celebrity client will select one. This is why celebrity clients only work with luxury agents who have an intimate grasp on the entire real estate landscape.

      Not Adverse to Renting: Celebrity clients are different than other luxury buyers in that they are not adverse to renting an estate or hotel residence for 6 months to determine if they love the area and amenities before making a long term commitment. Furthermore, many celebrities only need a short term rental because they are filming a movie in Boston or because they are temporarily in town to take advantage of the abundant educational and medial opportunities within the city. For example, in 2015, Michael Carucci worked closely with a celebrity recording artist who needed to rent a luxury estate for her family while her husband was undergoing treatment at a Boston hospital. Mansions and estates are rarely listed for rent, and so Michael Carucci and his team tapped into their network of high net worth clients to find the perfect Brookline estate for this celebrity family.

      They Look Past Aesthetics: Sometimes even luxury homes have loud wall paper, gaudy chandeliers, and shag carpets. It’s not always easy to look past the current décor to see all the potential, however celebrity clients are extremely good at looking past aesthetics to see what could be. Due to the nomadic nature of their lives, most have design experts on their team, and so celebrities are accustomed to looking closely at the bones of the property to determine if they have something worth buying. Most celebrities don’t move in after closing, but rather long after their design team has repaired, remodeled, and re-designed the entire property.

      Market Savvy: Yes, they almost always have bulky bank accounts, but that doesn’t mean that they overpay or spend frivolously on their real estate. In fact, when it comes to being market savvy, celebrities are some of the most educated real estate buyers in the market. Since many do not live in their homes for longer than 3-5 years, they often take appreciation and cost of improvements into consideration when purchasing. Their business advisers work with the real estate consultant to determine market appreciation in the area coupled with the cost of getting the property to where they need it to be. For most celebrities, the goal is to sell in a few years without losing a dime.

       

       

      Michael Carucci on the Cost of Living in Boston

      Michael Carucci's clients move to Boston from all over the world and, depending on what part of the globe they are coming from, sometimes home prices are a shock. For example, where a 900 square foot luxury condo in Fort Worth, Texas might rent for $1700/month, that same luxury condo in Boston will rent for $2800/month. That being said, it's not just housing that costs more, The Carucci Group tracks the cost of living all around so that we can give our clients a fair comparison of living expenses when it comes to food, entertainment, and personal care. 

      Here are some interesting Boston Cost of Living numbers based on October 2016 data:

      • Monthly rent for a 900/sqare foot apartment in an expensive area $2815
      • Monthly rent for a 900/square foot apartment in a normal rent area $2085
      • Utilities for 1 month in a 900 square foot apartment $227
      • Basic dinner out for two in a local pub $52
      • Two tickets to the movies $26
      • Two tickets to the theater (best seats) $155
      • Dinner for 2 at an Italian restaurant including wine and dessert $108
      • One cocktail at a downtown club $13
      • Basic lunch in the business district $14
      • Monthly ticket for public transportation $85

      For a more detailed summary of Cost of Living data with the ability to compare between states visit the Expatistan Cost of Living Index

      Explains Michael Carucci, "Yes, there's a price to pay for living in one of the greatest cities in the country, Boston. However, it's important to also note that salaries, job opportunities, healthcare, and educational opportunities are more abundant in Boston than anywhere else in the country. The typcial clients we work with are comfortable paying more because, quite frankly, they get more in Boston than anywhere else."

      The Carucci Group offers their clients an array of tools to help clients best determine the best potential home price for their family so that the family maintains the level of living that they are used to. As well, the Salary Report tool the team uses, helps relocating clients determine how much they need to make in the city in order to maintain their standard of living. 

      If Cost of Living data and salary matrix reporting sounds unusual for a real estate company, you are correct. However, The Carucci Group is anything but average. In fact, the team works daily to ensure that that the tools, resources, and service offered by their vetted team members are unequaled anywhere else in the industry.

      If you are interested in additional Cost of Living data for Boston or surrounding communities, reach out to Michael Carucci directly at michael.carucci@gibsonsir.com or 617-901-7600.

      Michael Carucci Talks Boston Luxury Real Estate on NECN

      As an expert on Boston luxury real estate, Michael Carucci was invited to NECN recently to talk with Mike Nikitas about what buyers are looking for when it comes to buying in Boston. Here are some highlights of their conversation.

      • Carucci noted a trend in families choosing Boston over the suburbs as evidenced by the early success he has seen in projects like Millennium Tower and the new Four Seasons at One Dalton. Michael says that many of his clients choose Boston over other communities because they can live-work-play all within the boundaries of a city with robust historical, cultural and entertainment offerings.
      • Per square footage prices for luxury real estate in Boston are about $1500-$2000/per square foot. Carucci shared data on a recent Four Seasons closing at $2800/per square foot. 
      • Michael shared information on which markets oversees are investing heavily in Boston, including parts of Asia.
      • "We like to say our job begins once the property closes." Carucci went on to explain the work he and his team members offer to clients even beyond the closing table. 
      • Carucci also shared his blueprint to selling luxury real estate. He says For Sale signs and Open Houses are unusual in the high end market, because what really works is his targeted marketing platform that works to locate the appropriate buyer for each property through his relocation and international network of affluent clients.

      CLICK HERE to watch the entire segment or contact Michael Carucci at 617.901.7600 or michael.carucci@sothebysrealty.com for your own personalized Boston real estate consultation.
       

      New Regulations in Truth-In-Lending & RESPA Integrated to TRID

      New Regulations in Truth-In-Lending & RESPA Integrated to TRID

      According to the Massachusetts Association of Realtors, new federal regulations governing the closing process will take effect on October 3, 2015. The new laws will ONLY apply to closings where the loan application was made ON OR AFTER October 3rd. The new disclosure form will be available on all MassForms electronic forms platforms. The TILA-RESPA Integrated Disclosure (TRID), integrates existing disclosures with new requirements aimed at improving consumer understanding of the mortgage process.

       

       

       

       

      Mixed Genres Affected By Need For Housing

      Whether Baby Boomer or Millenial, the need for affordable housing is dire in greater Boston. According to statistics, more than 38% of Boston's homeowners are spending one-third of their income while 25% of renters spend half of their salaries to keep a roof over their head. 

      These statistics have residents, builders and politicians debating the solution to the shortage of affordable, scalable housing.  Empty-nesters downsizing and first-time homeowners are vying for the very same thing, which is affordable, low-maintenance housing, and this may be an instance where seniority will not take priority. 

      As the following link suggests, solutions are debatable while the need is greater than ever. 

      http://www.bostonglobe.com/business/2015/03/17/housing-out-sync-with-region-needs/Pf6yhGhHs8bb5bF0yFXk0N/story.html

       

      Forbes Ranks 3 Massachusetts Cities Most Overpriced 2015

      According to Forbes Magazine, three Massachusetts cities rank as America's Most Overpriced Cities 2015, which included twenty-five locations.. These cities in their listed order of ranking are #3 Boston/Quincy, Massachusetts, #5 Cambridge, Massachusetts and #9 Essex County, Massachusetts (Peabody).

      Factors such as median income, home sales price, housing affordability and costs (above national average) such as groceries, utilities, transportation and health care are included in their finding.

      Leading the list as most overpriced is Honalulu, Hawaii.

      You can view the entire article here:

      http://www.forbes.com/pictures/emeg45eemkl/msahonolulu-hi/

       

      How Baby Boomers Are Driving The Real Estate Market

      While Millenials push forward into the housing market seeking first-time homes, Boomers in the market are demanding very different things. Many Baby Boomers in retirement or fast tracking on that road, are electing to choose renovation over relocation or opting for homes designed specifically for an older, wiser, market clientele.

      The need for housing designed and equipped for our aging America has created an architectural demand specializing in purposeful yet flexible design. Topping the list are open spaces, wider doorways and staircases, and a first-floor master bedroom, all of which can be adapted to suit the needs of a potentially handicapped owner. Comforts such as radiant heating, grab bars, shower seats, raised toilets and convertible hand showers are no longer wish list items, but trending in design and demand for 75 million consumers heading into their golden years. Flexible use areas for gym or office on the first floor, as well as extra lighting, are being incorporated into what has been labeled "universal design", avoiding the handicapped or geriatric label. 

      In fact, there are many brokers in this age group who understand and specialize in this distinctive market. 

      If you would like to speak to our experts and view properties which fit the universal design criteria, talk to our consultants today. 

       

       

      Bo$ton - A One Hundred Billion Dollar City

      According to the Boston Globe, we live in a One Hundred BILLION Dollar City ~ 110 Billion, to be exact.

      Boston for the first time in history has an assessed real estate value of over $110 Billion Dollars according to city assessment records. And with millions of square feet under construction, the potential of being an Olympic host city, the boom of the Seaport District and completion of the Big Dig, it seems it will not be slowing anytime soon. 

      For many investors, and for those thinking about selling this is great news but for some this news is not all good. With the increased value of real estate (nearly 10% in the past year), and the largest increase since 2007, will come hefty tax increases. Fortunately, state laws prevent increases more than 2.5% in a one year period.

      To read more about what this all means to our beloved Boston, check out the Globe's article at the link below.

      http://bit.ly/1ArSbDy

      If you're looking to find out the value of your property, you can reach one of experts at 617-901-7600.

       

      'Tis The Season To List Your Home

      According to a 2013 study by online real estate brokerage firm, Redfin, stronger housing markets including Boston, see a sales advantage when listing during the winter months compared with any other season. This could be because typically many sellers will pull their listings during the holiday season, decreasing inventory and competition for those remaining on market or because Boston sees many corporate, academic and medical transfers during these months coming in after the first of the year. 

      This information combined with data suggesting that Boston continues strong growth in the million dollar luxury market with millenials now joining the ranks of buyers means more opportunity for sellers than that seen in previous years. 

      Bundle in historically low interest rates making home owning more desirable and less expensive than renting in many markets, and you've got a potentially great holiday bonus when you list your home at this time of year.

      To understand the value of your home and market trends in your neighborhood, contact Michael Carucci directly at 617-901-7600.