Multiple Sources reported today and company officials have confirmed that the NorthPoint Lofts Condo Development site in East Cambridge has been sold to new developers including the Canyon-Johnson Urban Funds of which Earvin “Magic” Johnson is part owner.

The North Point project is a 44 Acre tract of land and originally started construction in 2000 and was planned to build a 10 Acre park,  2.2 million square feet of commercial office space, 2,700 residential units and 150,000 square feet of retail space as well as a new MBTA Green Line Station. The Project has been stalled since 2005 while Currently only 330 residential units have been built at Northpoint. The Tract of land is mostly in East Cambridge but includes 5 Acres in Somerville & 1.5 Acres in Charlestown.

The Stylish units feature: Bamboo Floors, Soaring Glass windows, Stainless steel kitchen appliance package, Italian Design Cabinets by Arclinea, Quartz Stone Counter-tops, Ceramic Subway Tiled Bath & Phillipe Starck Duravit sinks with Vanity & Moen faucets.

NorthPoint is a great Cambridge Loft development and still has units currently for sale: Studio loft Apartments start at $299,900, 1 bedroom lofts start at $375,000 & 2 bedroom lofts go for around the $600,000 range.

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Does this developer have the Magic touch?

The architect of a unique Loft project in Japan has passed away at 73 years young. Ironicly his lifes work was about defying death and aging.

His experimental work, done with wife Madeline Gins, sought to reverse the effects of aging by changing the design of architectural spaces. Their theory asserts that bodily degeneration occurs, at least in part, because our living spaces are too comfortable. The couple spent eight years and $2 million building a very unusual home in East Hampton, N.Y., that exemplified their notion that disorienting and challenging homes might prevent death.

The Reversible Destiny lofts, finished in 2005, cost about $6 million to build. Five of the nine lofts, which rent for $1,700 to $2,300 a month, have tenants.

A typical apartment has three or four rooms in the shapes of either a cylinder, a cube, or a sphere. Rooms surround a kitchen-living room combination with bumpy, undulating floors and floor-to-ceiling ladders and poles. Dozens of colors, from school-bus yellow to sky blue, cover the walls, ceilings and other surfaces.

Obituaries of Arakawa (who used only a single name) can be read here and here. To mark his passing, however, it’s worth revisiting an excellent 2009 story on his work by WSJ reporter Amir Efrati. He toured Arakawa’s anti-aging house and explored how the project unraveled thanks to an unlikely villain: Bernard Madoff.

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Architect of Reversible Destiny Lofts Passed

Last night Senators in Washington agreed to extend the popular $8,000 First Time Home Buyer Tax credit until April 30th of 2010. In addition to extending the Tax credit it will also be opened up to existing home owners at a reduced credit of $6,500 as long as they have owned there home for at least 5 years.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Industry representatives said uncertainty about the tax credit is hurting new home sales. September’s decline was the first since March. It takes 45 days to 60 days to close on a house, making it unlikely a sale made today would be consummated by the end of November, said Lucien Salvant, spokesman for the National Association of Realtors.

“Buyers right now have an incentive to hold off, not knowing whether the credit will be extended,” Salvant said.

About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

This is great news for anyone that has been waiting on the fence to buy a new Boston Loft. With the extension and addition to the law pushed all the way till the end of April you will have plenty of time to get out and find your perfect Boston Loft for Sale!

If you have any questions or comments feel free to email any of the staff at Lofts.com or leave a comment below and we will respond to it as quickly as possible.

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Home Buyer Tax Credit Extends Till April 2010

On October 8th 2009 the house of representatives voted unanimously 416-0 to pass the Service Members Home Ownership Tax Act of 2009, which pushes the credit’s current November 30 deadline back an additional year for members of the military, Foreign Service, and intelligence corps who served at least three months of qualified overseas duty in 2009. “This bill makes sure that the brave men and women who put their lives on the line every day get to enjoy the same benefits as every other American who benefits from their service,” said Rep. Charles Rangel, the New York Democrat who introduced the bill. “By extending the first-time homebuyer tax credit for service members overseas, we give these families more time to utilize the benefit, while also helping our economy continue its recovery.”

Extension for all first-time buyers: The development comes as lawmakers step up their efforts to extend the tax credit for all first-time homebuyers. The issue was raised yesterday during a meeting at the White House between congressional leaders and President Obama.” We need to continue working toward ensuring that more families can stay in their current homes and continue efforts to strengthen the housing market by extending the homebuyer tax credit,” Senate Majority Leader Harry Reid, a Democrat from Nevada, said after the meeting. Senator Johnny Isakson, a Republican from Georgia, has introduced legislation that would extend the credit for an additional year. Reid, meanwhile, has endorsed a bill introduced by Maryland Sen. Ben Cardin, a Democrat, pushing the deadline back for six months. Talbott says the six-month extension is “very likely” to become a reality. “It threads the needles of politics and costs,” Talbott says. “The U.S. economy and the housing market desperately need it.”

You can read the full article from Luke Mullins here.

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$8,000 First-Time Homebuyer Credit to be Extended for Military

Congratulations, Boston homeowners.  You are among the nation’s elite in expensive living, according to the 2009 Coldwell Banker Home Price Comparison Index.  Since January 1, the average sales price for a four-bed room, two-and-a-half bath home in Boston is over $1.3 million.  This figure ranks Beantown seventh in the top-10 among US markets behind five California cities and Greenwich, Conn.

When it comes to homes, Boston is flossin'

Have no fear.  There are affordable markets with high quality of living in this country.  You can purchase a home in Phoenix, Colorado Springs and Myrtle Beach for $200,000 or less.  In the Bay State, Worcester is most affordable with the average four-bed, two-and-a-half bath going for $242,769.

The top 10: living on a coast comes with a cost.

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Boston is expensive (golf claps)

Contrary to popular belief, the Mayflower passengers did not have a red carpet entrance.

There may not be any lights or cameras, yet, but there certainly is action in Plymouth, Mass today after a team of California film executives announced that Prosperity International, LLC of Orlando will lend $550 million to begin construction on Plymouth Rock Studios later this year. This soon-to-be Hollywood East has been in the works for two years and will sit on the the current 240-acre Wavery Oaks Golf Club. After the property is purchased for $16.5 million, construction on a $50 million dollar access road to the facility will begin.

From double bogeys to stunt doubles

Plymouth Rock Studios, once complete in 2012, will boast 14 soundstages, a 10-acre back lot, production and post-production facilities, a theater and an amenity village, home to groceries, pharmacies and hair salons.  It’s like ESPN Studios and the Google Campus are getting together to have a baby.

ESPN-esque + Google-ish + Hollywood-like = Plymouth Rock Studios?!

What does this project mean for the state?  Well, Plymouth Rock projects that over 2,000 high-income jobs will open up and give New England a big boost in the entertainment industry. You never know, maybe Bostonians will start seeing Brad Pitt and Angelina Jolie shopping on Newbury after filming in Plymouth.  Brangelina in Boston has a nice ring to it, doesn’t it?

Plymouth Rock will bring new jobs & more to the Bay State.

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Plymouth Rock Studios gets BIG loan

As the saying goes all good things must come to an end. Unfortunately that is the case with the $8,000 First-time Homebuyer Tax Credit. The program has been a huge success and has helped the housing market rebound from what some people are calling the bottom. With a hard deadline of December 1st 2009 now is the time to get out and look for the perfect Boston Loft you have been dreaming of.

To qualify as a first-time home buyer and get the maximum tax credit you’ll need to read up on the Federal Housing Tax Credits site and see if you meet the definition of a first-time buyer.

The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home-ownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

To receive the $8,000 maximum tax credit or 10% of purchase price (whichever is less) a single buyer’s income must be below $75,000 and married couples must have a combined income of less than $150,000.

What can you do to seize this great opportunity?

Make sure you are Pre-approved for a mortgage. The financing process can take the most time and stall your deal leaving you vulnerable to miss the Dec 1st deadline of the Tax Credit. If you need some suggestions please feel free to contact any of the Lofts.com agents for an introduction to an ethical and friendly mortgage professional.

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$8K First-time Home Tax Credit Ends Soon

We heard some bad news the other day, The Achilles Project-Persephone restaurant have shut there doors as of Saturday August 1st. This is a major blow to the community. It is people like Michael and Shaka that are taking risks and putting a lot on the line to push the edge in Boston.

The Achilles Project was located in the Fort Point Channel at 283 Summer Street. It was a great place to meet up with friends and relax in the lounge/bar area and have some drinks. Neighbors in 25 Channel Center down the street are going to miss being able to walk to a nice lounge.

The concept for Persephone  was Contemporary American-inspired cuisine that featured only the fresh ingredients and seasonal items. Chef Michale Leviton who you can still visit at Lumiere Restaurant in Newton did a great job creating the menu.

The boutique featured exclusive and limited-run clothing and accessories from competitive to high-point fashion lines. They also carried previously unreleased collections from a wide variety of designers for both women and men.

Featured Designers:

• Acne
• Band of Outsiders
• Clae
• Earnest Sewn (my favorite jeans BTW)
• Rag & Bone

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The Achilles Project closes: Sad day!

The Tall ships are in town in Boston from the 8th-13th. I went over to the Seaport District on Sunday an walked around viewing all the Tall ships that were docked in the harbor. We got there on the late side so we weren’t able to get on any of the boats but we still had a blast.

After seeing all the sites we stopped in and had dinner at Anthony’s Pier 4 a landmark seafood restaurant with a ton of history and charm.

Even after the Tall Ships have left there are still some other great things to do in the Seaport District:

• Visit the ICA and see an exhibit ( May I suggest Shepard Fairey)
• Have a Drink at Barbara Lynch’s
• Take a Harbor Cruise
• See a Concert

Gallery Of Tall Ships:

For even more pictures  take a hop on over to our gallery of Tall Ships on flickr.

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Ahoy Mateys! 2009 Tall Ships Boston

If you you don’t have any lunch plans tomorrow Thursday June 11th you should head on over to Children’s Wharf Park, located between Congress St & Seaport Blvd for Taste of the Fort Point Channel hosted by Friends Of Fort Point Channel.

Guests will be able to relax at picnic tables and listen to live music by Chris Philips while sampling a wide variety of cuisine offered by local restaurants and café’s on the Channel. The event is FREE and open to the public.

PARTICIPATING RESTAURANTS:

The Barking Crab
Blue Wave
Emack & Bolios
Flour
Miel Brasserie
Rumba
Au Bon Pain
Channel Cafe
The Daily Catch
Sleeper Street Cafe
FP3

Photos Courtesy: Friends of the Fort Point Channel

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Free Lunch Thurs, June 11th 12:00-1:30pm