Mid-week New Listings
The market remains active post Thanksgiving with good attendance at last Sunday’s Open Houses. Here are the latest listings: (more…)
Open Houses: Harborside SIR goes the extra mile
There are just 5 Open Houses in Marblehead today – and Harborside Sotheby’s International Realty is the listing broker on all 5.
We go the extra mile for clients.
Here is the list: Marblehead Open Houses .
The price on Lizzie Borden’s house has been axed
The price on the house in Fall River Lizzie Borden moved into after her parents’ murder has been reduced by $50,000 according to this Boston Globe story.
You could say the house price has been given 50 whacks. (more…)
How is Marblehead’s 2018 Property Tax rate calculated?
(Click here to download a pdf of this report.)
In my Marblehead announces 2018 Property Tax rate post this week I promised to write another article explaining exactly how the tax rate was calculated. This is it.
The formula is actually very simple: take the $ amount of the previous year’s tax levy, add 2.5% for Proposition 2 1/2, and also add any new growth (such as new construction or a condo conversion). This figure is the new tax levy. To this figure is added debt service – the Principal and Interest payable on the town’s debt.
Here are the numbers for FY 2017 and 2018, remembering that the FY runs from July to June.
The Tax Levy calculation
The $ amount raised by the property tax will increase year by year. That is because of the formula: last year’s number plus 2.5% plus new growth. In the table above you can see how the FY 2017 tax levy of $57,779,806 becomes the base for FY 2018. Add 2.5% and new growth and the new figure is $59,592,925. To both these numbers is added the debt service – Principal and Interest on the town’s debt, much as homeowners pay P&I on their mortgage.
The Tax Rate
The actual tax rate depends upon the total Assessed Value of all property: residential, commercial and personal. The tax rate is calculated by dividing the total dollar amount to be raised by the total Assessed value of all property. Thus, while the $ amount raised by the tax (and therefore the average tax bill) will increase each year, the headline tax rate will fluctuate depending upon the direction of Assessed Values.
In simplistic terms, the $ amount raised before debt service will increase by a little more than 2 1/2% each year, so if the median Assessed Value also increases by a little more than 2 1/2% the tax rate will be unchanged. If the increase in Assessed Values is less than 2 1/2%, then the tax rate will rise. And if the increase in Assessed Values is more than 2 1/2% then the tax rate will rise.
In FY 2017 the tax rate was $11.02, achieved by dividing the almost $64 million to be raised by the $5.8 billion of Assessed value. And in FY 2018 the calcualtion is $66.3 million divided by $6 billion.
How does debt service affect the tax rate?
The announced property tax rate announced each year includes the cost of debt service. As can be seen in the table below, while the tax rate from the levy to pay for town services has declined in recent years as property prices have increased, the cost of debt service has increased steadily, as we are paying for large ticket items such as the Glover School and Transfer Station.
What is the outlook for FY 2019?
The residential real estate market in Marblehead has been very strong in 2017 (and the 2017 median price will be the basis for the FY 2019 tax rate). At this stage it looks as though the median price will be around $660,000, an increase of over 6% from 2016’s $620,000. But bear in mind this is the median price of the roughly 230 SFHs that will sell this year out of the more than 6,200 SFHs in Marblehead, so does not imply that the Town’s Assessed Value will increase by 6%.
Nevertheless, with debt service at this time forecast to be similar to the FY 2018 level, it seems reasonable to expect a modest decline in the tax rate for FY 2019. But tax bills will continue to go up!
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Andrew Oliver and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead Oceanfront: $100,000 PRICE REDUCTION through SUNDAY NIGHT
This property offers not just one, but two houses on what is currently one lot. Oceanfront properties on the North Shore in general sell for $500-1,000 plus per sq.ft. 11 Crown Way is offered at just $440 per sq.ft. – and that counts just the main house.
Breathtaking views all the way down to the South Shore from this gracious, restored (1998-2006), 1870s oceanfront home. The open floor plan offers an easy flow for entertaining. The house sits on a private beach, high above the Atlantic, in a wonderfully protected location (no flood insurance required.) VIEWS and VIEWS and VIEWS.
Click 11 Crown Way for photos and description, and here’s a link to the Video. And a recent Crown Way sunset.
Carriage house believed to be a stop on the Underground RaiIroad. Property featured by Massachusetts Historical Commission.
Listen to the sound of the ocean, while looking out over the rocks which provide a sanctuary for wildlife.
Just 13 miles north of Boston’s Logan Airport, while enjoying all the charms and delights of the “Yachting Capital of America”, and “New England’s Best-Kept Seaside Secret.” Huge price reduction allows for any further updating required.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Andrew Oliver and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead announces 2018 Property Tax Rate
(Click here to download a pdf of this report.)
The property tax rate for Fiscal Year 2018 (July 2017-June 2018) will be $11.02, just a penny higher than 2017’s $11.01.
Here is a breakdown in recent years showing the impact of debt exclusions (for items such as schools and the new transfer station):
Source: Marblehead Board of Assessors
As usual, the Board of Selectmen voted to maintain the commercial rate at the same level as the residential rate.
The median Single Family Home assessment for FY 2018 increased 4.3% to $603,000 and the median tax bill for FY 2018 will increase 4.4%, or by $281, to $6,645.
I will provide more details, including a breakdown of how the rate was calculated, in a report this coming weekend.
Meanwhile, may we all have something for which we can be grateful this Thanksgiving.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Andrew Oliver and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Open Houses November 19
Rain will end mid-morning, then it will be sunny and mild. Perfect for visiting these last Open Houses before Thanksgiving:
Source: Harborside Sotheby’s International Realty
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
Last Major Day for Open Houses
The Sunday after Thanksgiving is generally regarded as the busiest travel day of the year and consequently there are normally only a few Open Houses. And then it is December.
So today is the last major day for Open Houses. And here is a link to the ones in Marblehead, Swampscott, Salem, Beverly and Lynn: Open Houses.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Andrew Oliver and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Finding the Perfect Ski Home
It’s that time of the year when many New Englanders start thinking about skiing. For many the winter routine is well-established, but the more adventurous may care to read The perfect ski home from Mansion Global and consider some other options.
And don’t forget: we are part of the worldwide Sotheby’s International Realty group and can introduce you to an agent almost anywhere in the world.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Andrew Oliver and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Swampscott’s Disappearing Housing Inventory
Many of the headlines about real estate over the last year or so have referred to the decline in inventory. One result of the decline has been bidding wars. Another consequence is that some prospective buyers have become discouraged and stopped looking actively, while some sellers have not listed their house because they fear they will not be able to buy another house.
The chart below shows the month-by-month inventory of SFHs for sale in Swampscott over the last 4 years. Inventory in early 2015 was impacted by the brutal winter (remember the polar vortex?), but it picked up only slightly thereafter. And as we saw in my post Marblehead’s Collapsing Inventory published earlier in the week, there has been no significant pick up in inventory in either of the traditional selling seasons: spring and fall.
Source: MLS, Oliver Reports
Here’s another way to look at the inventory: this chart shows the monthly average number of SFHs for sale each year:
Source: MLS, Oliver Reports
With this startling decline in inventory it is no surprise that the median price of SFHs sold in Swampscott has been rising, as high-lighted in Swampscott Q3 Housing Report: prices break through $500,000 – at last .
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Andrew Oliver and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead Oceanfront: Buy One Get One Free
This property offers not just one, but two houses on what is currently one lot. Oceanfront properties on the North Shore in general sell for $500-1,000 plus per sq.ft. 11 Crown Way is offered at just $440 per sq.ft. – and that counts just the main house. The carriage house is free.
Breathtaking views all the way down to the South Shore from this gracious, restored (1998-2006), 1870s oceanfront home. The open floor plan offers an easy flow for entertaining. The house sits on a private beach, high above the Atlantic, in a wonderfully protected location (no flood insurance required.) VIEWS and VIEWS and VIEWS.
Last Open House this Sunday 12:00-2:00 at 11 Crown Way. And here’s a link to the Video. and a recent Crown Way sunset.
Carriage house believed to be a stop on the Underground RaiIroad. Property featured by Massachusetts Historical Commission.
Listen to the sound of the ocean, while looking out over the rocks which provide a sanctuary for wildlife.
Just 13 miles north of Boston’s Logan Airport, while enjoying all the charms and delights of the “Yachting Capital of America”, and “New England’s Best-Kept Seaside Secret.” Huge price reduction allows for any further updating required.
Owner says “Bring Me An Offer.”
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Andrew Oliver and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Latest New Listings
Here are the week’s new listings:
Source: Harborside Sotheby’s International Realty
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
Lynn new listings
Marblehead’s Collapsing Inventory in One Chart
Many of the headlines about real estate over the last year or so have referred to the decline in inventory. One result of the decline has been bidding wars. Another consequence is that some prospective buyers have become discouraged and stopped looking actively, while some sellers have not listed their house because they fear they will not be able to buy another house.
The chart below shows the month-by-month inventory over the last 4 years. The number of homes for sale in 2016 was quite consistent with 2015, but 2017 has seen a major drop. Most notably, there was no real pick up in inventory in either of the traditional selling seasons: spring and fall.
Source: MLS, Oliver Reports
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Andrew Oliver and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
New Listings as of November 15
Here are the latest new listings:
Source: Harborside Sotheby’s International Realty
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
Lynn new listings
Today’s Open Houses
Sunny and mild with no wind this afternoon: perfect weather for visiting these Open Houses.
Source: Harborside Sotheby’s International realty
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
Recent Comments