Mansion Global

Design, Layout and Efficiency Define Home Luxury, Says Veteran Agent

Boston brokerage founder believes dream living is in a city

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Composite: BOSTON VIRTUAL IMAGING; ENGEL & VOLKERS BOSTON
Composite: BOSTON VIRTUAL IMAGING; ENGEL & VOLKERS BOSTON

Agent Michael Carucci, founder of The Carucci Group at Gibson Sotheby's International Realty, is an expert in Boston real estate, consistently ranked among the top 1% of agents in sales volume for Greater Boston. In 2016, he sold around $167 million in residential and commercial real estate assets, and he has nearly 50 years of experience real estate.

Mr. Carucci, who grew up in public housing in Somerville, Massachusetts, now lives in an apartment overlooking Boston’s Public Gardens in the Four Seasons.

We spoke to Mr. Carucci about his apartment, how the current political climate could affect Boston real estate, and much more.

Mansion Global: Describe your dream property.

Michael Carucci: It would be in a city. I’ve been living at the Four Seasons in Boston for nine years, so clearly I’m also a fan of amenities. I use the gym every morning and having concierge services is really helpful.

More:Miami-based Architect and Designer Is a Fan of the Urban Core

MG: Do you have a real estate property that got away?

MC: Yes, you used to be able to buy a brownstone in Back Bay for $100,000, and now they’re $5 million. There certainly have been some regrets.

MG: What does luxury mean to you?

MC: A lot of it is design, detail, layout, efficiency. Design and detail are what define luxury most for me.

MG: What area do you think is the next hub for luxury properties?

MC: Until recently I’d say areas around the Seaport and South Boston, but now I’d say East Boston/Chelsea.


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MG: What’s the biggest surprise in the luxury real estate market now?

MC: People are willing to live in smaller homes in exchange for a building, or even a neighborhood, with more amenities.

More:One of the City’s Best Known Developers Steers Clear of ‘Gambles’

MG: Where are the best luxury homes in the world and why?

MC: Core urban markets—New York City, London, Paris, San Francisco. I think there’s a major push globally to live conveniently.

MG: What best describes the theme to your home and why?

MC: Minimalist. Less is more. It’s spacious, and not cluttered.

MG: What’s the most valuable thing in your home?

MC: For me, it’s the kitchen, because I love to cook. It’s open to the dining room and living room, so I can entertain and cook at the same time. A lot of foreign buyers want closed kitchens, but I love the openness.

MG: What’s the most valuable amenity to have in a home right now?

MC: I’ve never heard someone say I have too much closet space or too much light that comes in here. It’s all about a modern kitchen, modern baths, closet space and light.

MG: Best piece of real estate advice?

MC: Location, location, location. If you can afford to spend a little more money for a better location, it’ll pay off in the long run. And buy something you believe you can grow into, so you don’t find yourself needing to move out in a couple of years.

More:Splurge On Everyday Comforts, Says Celebrity Interior Designer

MG: What’s going on in the news that will have the biggest impact on the luxury real estate market?

MC: Across the U.S., the uptick of interest rates will likely have an effect.

Recently in Boston you’ve had a lot of Chinese buyers. Before that it was Russian buyers, and before that Middle Eastern buyers. Our future relationship with all those countries could affect the real estate market here.

In London, I know you’re seeing people renting instead of buying because they’re worried about the effects of Brexit. That could happen here too.

More:Chinese Buyers Are Snapping Up Luxury Condos in Boston

MG: What is the best area now for investing in luxury properties?

MC: Urban cores—high-density urban areas. It’s not just in Boston, but here, too, we’re seeing young professionals with children who used to move to the suburbs who are now staying in the city.

MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?

MC: That’s a hard question, because new amenities are always attractive. But I would probably lean toward a prime resale in a top location. It’s cheaper.

MG: What area currently has the best resale value?

MC: The Back Bay neighborhood in Boston. There’s just not a lot of land, and you can’t go wrong.

 

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