Michael DiMella
Michael DiMella
Title: Co-broker/owner, Charlesgate Realty
Age: 34
Experience: 11 years
As a former BU Terrier hockey player, DiMella certainly knows the virtues of hustle – a quality he brings to his real estate career. Just a few years out of college, he and a partner launched their own firm,
Charlesgate Realty Group, carving a place for themselves in the competitive Back Bay market. He’s now bringing his youthful energy to a 2014 term as one of the youngest presidents of the Greater Boston Association of Realtors.
Q: How did you start your career in real estate?
A: I sort of caught the economics bug back in high school – one of the things we looked at was the economics of real estate. And it stuck with me – economics was my major as an undergrad, and I was interested in markets, interested in real estate. I ended up getting a job, just part time while I was in school, in a real estate brokerage. And I stuck with it from there. I met my current business partner there, and we went on to found this company. We were just 23 and 24 – a year and a half out of college.
Q: That’s a heck of a way to get your feet wet – a lot of agents wait years to launch their own brokerage.
A: It definitely was – it was totally bootstrapped. We had saved up a little money, both of us, but it was definitely a grind. I remember when we were able to rent our first little 900-square-foot office, and we were both so excited. But we were able to build our company, build our staff. Just a lot of hard work.
Q: Have you always been based in the Back Bay? I don’t know if it’s the first place I’d pick, if I were a young guy starting out, looking to launch a brokerage.
A: We have. It’s definitely a competitive market, but that’s what we were looking for. We looked at it as having the most opportunity. I think maybe going into it we didn’t quite realize the level of competition that there was, being so young. But we dove into it headfirst. If we were going to do it in Boston, let’s go downtown Boston. Let’s take the bull by the horns and go after it … it’s a tough market to crack, but we got a hold with some of the web-based marketing that we were doing that we were the first people doing at that time, and that helped us.
Q: Have you seen the neighborhood change at all, having built your career in the Back Bay?
A: What is interesting overall, not just in the Back Bay but in the South End and Beacon Hill as well, there seems to be a sort of gravity in Boston, where it’s really attracting a lot of different people, and you’re seeing some substantial population growth. But what’s especially interesting is we’re seeing a lot of younger families – people are getting married and staying in the city longer, having kids in the city. What used to be, five or six or seven years ago, almost as soon as a couple got married they would move out to the suburbs. Now people are staying in the city for a much longer time, which I think is a fascinating demographic trend for the city … you go to the South End these days, strollers are everywhere.
Q: Do you think we’re building for that? There’s been an awful lot of buildings going up, but they’re luxury buildings, or aimed at young professionals. You say you’re seeing a lot of young families. Is supply meeting the demand there?
A: No. Not even close. That’s the biggest challenge we have in Boston right now, is that sort of middle-range housing option, for younger families, or even older people. We do a good job building luxury. That’s apparent. We do a pretty good job building affordable. We don’t do a good job at all building that middle-income housing for families. It’s severely underserved, and hopefully we’ll see some changes – it’s a trend that’s only growing.
DiMella’s Top Five Favorite Back Bay/South End Neighborhood Gems:
- Copley Square. It’s just one of my favorite spaces in the city, with the architecture and the people-watching.
- La Voile, a cool, very traditional French restaurant on Newbury Street.
- SoWa on Sundays in the South End; great to visit for the Farmers’ Market.
- The Gallows has great cocktails.
- Abe & Louis is a solid spot to take a client to for a glass of wine and a steak.
