Nordstrom is Having a Sale… on Condos!
September 11th, 2009 Categories: Featured Listings, Market Conditions, Natick, Real Estate
Natick has one-of-a-kind luxury condos that are going on the auction block next month. The Nouvelle at Natick is a 215 unit project that is connected with the mall. About 20% of the units are going to be auctioned October 4th.
The developers are in trouble. They built this development just as the economy was going into a tailspin. They have sold or put under contract only a total of 37 condos. Ouch!
Using town records, I was only able to verify 18 sold units, and selling prices ranged from $369900 to $1.2 million. The following are the units being auctioned:
- 1 Bedroom & 1 BR + Study $160K-$210K
796-1078 sq ft units
- 2 Bedroom & 2 BR + Study $220K-$315K
1068-1591 sq ft units
- 3 Bedroom (only 1 unit auctioned) $350,000
1774 sq ft
- Penthouse (2 units) $375K-$475K
1596-2110 sq ft units
The marketing department has tried everything to entice the local Realtor community to sell these units. Incentives for months of condo fees or mortgage payments have not worked to bring in sales. These prices have just been too high for such a unique housing option in Metrowest.
You will need a deposit of $10,000 on auction day, and I would highly recommend doing all your homework about unit locations, pricing, and mortgage financing. If you are an investor you likely will need 20-25% down payment to get your financing.
These very unique Metrowest condo options were never a good investment to consider, until now. Feel free to contact me for all details of the process and the property options. The developer will pay the commission of your Buyer Agent when bidding on these units, so take advantage of this guidance.
“We Live Where You Live” Ed Daniels of Remax Executive Realty can help you with this auction process and perhaps get you a great investment. He can be reached at 508-341-7880.| Discussion: No Comments »
Holliston: Real Estate is Local!
September 9th, 2009 Categories: Holliston, Real Estate
So, if you are living a busy life like me, you catch sound bites about how the world is doing. Lately it has been health care, stock markets, and of course, real estate values.
If you own a home in Holliston, you are not concerned with national real estate numbers… you are concerned with Holliston values!
Real estate is local. So let me provide you with some bullet points of how our town is doing in the real estate department:
Median prices up 2%
Thru August, the median home selling price was $357,000 for the year. It was $350,000 at this time in 2008.
Taking longer to Sell
It takes 136 days on average to market a home in Holliston to sell. In 2008 it took 117 days on average thru August.
More homes Sold in 2009 vs. 2008
We have 83 sales in town for 2009 compared to 74 over the same period in 2008.
Holliston did not go through this economic downturn unscathed. Going back in time just one more year and we find that the town’s median price is still down 10% since 2007 ($397,900 median sold values Jan-Aug 2007).
Perhaps this data will help to put into perspective how well most family’s largest investment is holding up.
“We Live Where You Live”
Ed Daniels of Re/Max Executive Realty can be reached at 508-341-7880 for any questions about the real estate market. Any member of The MAhome Team can service the entire Metrowest Boston area, but Ed grew up in Holliston and is completely biased towards the community
| Discussion: No Comments »
The Mortgage Rate Mountain
September 9th, 2009 Categories: Market Conditions, Mortgage Updates, Real Estate
Just a quick post:
This is a graph of mortgage rates over the course of the past 40 years.
Fielding calls about interest rates and client’s worry about where they are heading, I lose perspective about these numbers.
People, you can’t get much better than this… don’t worry about an eighth of a percent, lock it in!
Ed Daniels, of Re/max Executive Realty, can be reached at 508-341-7880. He is an 11 year veteran of the real estate market in Metrowest Boston, and has great mortgage broker contacts to answer all your specific questions.
| Discussion: No Comments »
Signs of Life for Real Estate Market
May 26th, 2009 Categories: Market Conditions, Real Estate
The April numbers for the Massachusetts Association of Realtors are IN and I like what I am seeing! It is starting to reflect the conditions that my team is seeing on the street. We are busy, and clients are seeing multiple offers and strong seller negotiations.
If you are shopping right now, buy or forever hold your peace.
Single family homes:
Median Prices and Number of Sales have climbed since February. Read the rest of this entry »
| Discussion: No Comments »
6 Top Mortgage Programs Available Today
April 13th, 2009 Categories: Market Conditions, Real Estate
It is a historic time in the mortgage business over the past 18 months. The lending landscape has gone thru so many changes and tweaks over this time it made me ask:
What types of mortgages are still available today?
Michael Dunsky, of Mortgage Master in Walpole MA, sent over a terrific summary of the programs and their main features. Here they are: Read the rest of this entry »
| Discussion: No Comments »
Big Gov’t At It Again – Solving the Foreclosure Issue All Wrong!
April 4th, 2009 Categories: Market Conditions, Real Estate
The City of Boston has managed to come up with another waste of taxpayers money. Mayor Tom Menino has recently announced $4 Million in funds are newly available for taking care of foreclosure filled Boston neighborhoods. These funds come from the “Housing and Economic Recovery Act of 2008″ that you and I will be paying for years to come.
The amount of funds is too small to make any noticable effect on these neighborhoods.
The 51 page Application Package describes the 15 documents that an interested party would have to submit. Some are simple affidavits, but most are huge undertakings, Read the rest of this entry »
| Discussion: 3 Comments »
Home Bidding Wars are Back?
April 2nd, 2009 Categories: Market Conditions, Real Estate
Current events and local news coverage has not been presenting a very rosy picture out there for the housing market. Economic news is overwhelmed with negative results.
So, Why am I dealing with multiple offers?
- A Hopkinton foreclosure home currently has fifteen, yes 15, offers on it! My Buyer had to offer over asking price just to have a chance at it!
- My Milford estate sale listing is Under Agreement with only 17 days on market.
- A listing I have on Fisher Street in Medway had 3 offers on it and is awaiting Bank Approval on the “short sale”.
Here is an April 1st article about some national experiences like this: Read the rest of this entry »
| Discussion: No Comments »
Radon Gas: Linking To the Facts
April 1st, 2009 Categories: Real Estate
Learning that there is Radon Gas at elevated levels in your home, or the home you are buying, is never a good thing. It gets worse because most people are not very knowledgeable about what Radon is!
This post collects data from several sources to make you an educated consumer.
First and foremost, radon gas is naturally occurring and is in the air all around us. When found to be at excessive levels, there are methods and companies out there to guarantee a solution to the issue. So take a deep breath and read on (ha-ha)…
What is Radon?
| Discussion: No Comments »
Strength in the Ashland Housing Market
March 3rd, 2009 Categories: Ashland, Market Conditions, Real Estate
Ashland Massachusetts is a community that is tucked away in the shadows of the larger Town of Framingham, but some people have noticed it!
The housing market is reflecting overall declines of 12% in median prices, but Ashland is holding up very well.
The median prices in single family homes for the town is $419750, for the 12 months ending 3/1/09. The median price for the 12 months prior to this was $423750.
This is an overall decline in median price of 1%!
The inventory of available homes in Ashland is quite low. There are only 47 single family homes on market. This is a decline of 23% from a year ago.
The single family homes on market have been available for an average of 176 days, or almost 6 months.
The real estate industry uses a term called “consumption rate” to describe whether we are in a Buyer’s Market or a Seller’s Market. Read the rest of this entry »
| Discussion: No Comments »
Tarot Cards for the Massachusetts Economy
March 2nd, 2009 Categories: Market Conditions, Real Estate
There is an awful lot of data out there on the state of the market. Many of these articles give projections of how long this recession will last, and others how a buyer/investor could take advantage of this housing crisis. One of the best sources I have found is the Greater Boston Housing Report Card.
In October 2008, The Center for Urban and Regional Policy at Northeastern University put together this report card. Here are my summary of some interesting sections:
Building permits are an indicator that new homes are not being added to the marketplace. This results in Read the rest of this entry »
| Discussion: No Comments »
