Which billionaire should buy Marblehead?
A recent Redfin article Which billionaire could buy your city? showed the cities that the wealthiest billionaires could buy. Bill Gates, for example, the world’s richest man (based on disclosed numbers, which rules out Putin and the like who do not disclose their billions), could afford to buy every one of the 114,212 homes in Boston.
The intriguing question is this: who would you like to buy Marblehead? Or more to the point, perhaps, who would you not want to buy Marblehead? (The total assessed value of Marblehead’s real estate is right on $5 bn.)
Rupert Murdoch ($14 bn) could afford it, but would he allow Kris Olson editorial freedom at the Marblehead Reporter?
We are the Birthplace of the American Navy, and have strong American Cup connections, but would Larry Ellison of Oracle ($52 bn) ban traditional sail boats from the harbor and replace them all with high tech vessels?
We don’t have to worry about the traffic nightmare if the Patriots were to relocate to Piper Field as Bob Kraft ($3bn) cannot afford Marblehead.
And surely the best news of all: there is no fear of Donald Trump ($4 bn) taking over and firing everybody.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Pending home sales reach record in May
The Massachusetts Association of Realtors (MAR) issued a report this week Future Indicators showing that pending sales of single family homes (SF) in Massachusetts in May were the highest for any May since records started in 2004, while pending sales of condos were second only to those in May 2005.
After the brutal winter we endured, it is not surprising that buyers emerged with gusto when the weather finally broke.
I can imagine that one of the most frustrating things for a journalist must be seeing a headline for an article which conveys a misleading impression (in general journalists write the story while the headline is written by somebody else). Thus the headline on this article is, in part: Price and Market Confidence Index down.
On reading the article, the median price for SFHs increased in May by 7.4% in May while that for condos was up 8.6%. So to what does the headline apply?
“As more inventory starts to make its way to the market, REALTOR®-member confidence that prices will continue to go up isn’t as strong as it has been,” said Ruffini. “However, buyer demand is strong based on pending sales and hopefully that should start to push the REALTOR® Market Confidence Index up in the coming months.”
Note that this refers to those Realtors who responded to a survey. It does not say that those Realtors think prices are not going up; just that they are not as strongly convinced as they were at this time last year. Since Realtors in general are independent contractors working alone I always suspect that such surveys are more a reflection of that Realtor’s personal business pipeline than a considered, research- driven analysis of the economy and real estate trends.
We have seen a number of press headlines in recent months suggesting that prices are going up more slowly than they were a year or so ago. Suppose prices last year went up from $400,000 to $440,000. That’s a 10% increase. Now let’s assume they go up by $40,000 again this year. Because the denominator is now bigger ($440,000 rather than $400,000) the increase this year is “only” 9%. So the headline writer will say: “price increase slowing.”
A primary goal of my articles is to help buyers and sellers of real estate understand what is really happening. When you see articles about real estate, go past the headline and read the actual reports. And then use common sense. And then you will know “the rest of the story.” And you can always ask me!
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
American wealth hits all-time record as housing rebounds
According to figures released this week by the Federal Reserve, the net worth of American households and non-profit organizations increased by $1.5 trillion to a new record $81.8 trillion in the first quarter of 2014.
The good news is that roughly half the increase came from higher residential real estate values, while homeowners’ equity in their real estate increased 2% to 53.6% in the quarter.
Another positive sign is that household borrowing rose at a 2% annualized rate, indicating that we are becoming more comfortable about borrowing again, while that debt represents only 108% of disposable income,compared with 135% in 2007.
Overall these numbers, together with improving Consumer Confidence, suggest that the real estate recovery has a solid basis.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty
Affiliates LLC. Each Office Is Independently Owned and Operated
http://online.wsj.com/articles/americans-wealth-hits-new-record-in-1st-quarter-1401985427?mod=trending_now_2
…and here come the buyers
Last week I commented Here come the sellers on the wave of new houses hitting the market and asked if the buyers were ready. Well, this week we got the answer. Read on to find out what it was. Here is a table showing the number of Single Family Homes (SFHs) which received an accepted offer in recent periods: (more…)
Is the housing boom coming to your Town?
The Boston Globe this week published an article Boston and beyond – another housing boom may be bigger than the last showing that the median price of a home in Cambridge was now 30% above the previous peak in 2005 and suggesting that the boom was starting to move out further from Boston.
In my article this week –and here come the buyers I show how prices in Marblehead have a shot this year at getting back to peak levels. I continue to believe that the strength of the housing market will encourage buyers to trade up to higher levels again, now that they can be more confident that the market is on firmer ground. And the top end continues to see increased activity, with another $3 million plus house receiving an accepted offer this week. (more…)
Here come the sellers – are you ready, buyers?
Each week in Marblehead – and in some other surrounding towns – there is a Broker Tour of new houses coming to the market. This is when selling brokers have the opportunity to show their listings to other agents so that they can recommend the property to their buyers.
It is also a gauge of how much new supply there is. As the spring selling season gears up one would expect the number of listings to increase. It has. And this week there were 18 new Single Family (SFH) and 5 new condo listings on the Tour.It was a hectic morning dashing round to see as many as possible! (more…)
Luxury Home Sales Soar
The National Association of Realtors (NAR) published a report this week stating that Luxury Home Sales Soar Above Historical Average.
In a number of posts over the last year I have suggested that with the stock market at an all time high it made sense for wealthy investors to turn their attention to real estate. And that now seems to be happening. (more…)
Oceanfront homes package in Marblehead and Cayman Islands
If you need to be based in New England but want to be able to escape the worst of the winters, this package of an oceanfront house (plus carriage house, ideal for guests or as a weekend retreat) in Marblehead and a beachfront, ground floor condo (including turnkey, professionally managed rental program) at Rum Point in Grand Cayman, could be just the thing for you.
Click Marblehead Estate for details of the Marblehead property and Paradise on the Beach for the Cayman condo.
For information about buying both properties contact Andrew Oliver, 617.834.8205 or [email protected]
Marblehead housing inventory suggests prices will continue to rise
Sales of Single Family Homes (SFHs) for the first four months of the year were 49 compared with 54 a year ago, while condo sales were 11 against last year’s low figure of 6.
Both the sales breakdown and inventory suggest that the market will continue to strengthen in Marblehead this year. (more…)
Spring housing inventory points to strong market
With increasing signs that the brutal winter weather disguised the fact that the economy is actually strengthening quite strongly, buyers hoping that the spring selling season would see an increase in inventory are, so far, being disappointed.
Yes, there are more properties coming onto the market each week, but the inventory, at under 4 months’ supply in Essex County for both Single Family Homes(SFHs) and condos, reflects a sellers’ market as 6 months of supply is generally regarded as representing a market in equilibrium.
The following tables show the months of supply for each town, Essex County and Massachusetts, for both SFHs and condos; and the inventory by price in Essex County. (more…)
Is this the best app for finding real estate for sale?
I may, of course, be a little biased but I recommend the Sotheby’s International Realty app.
Text HARBORSIDE to 877-78 and download the app.
Type in a zip code and all properties for sale will pop up.
At the top right is a MAP – tap that and you get a map showing what is available and details of those properties.
Pretty cool. (more…)
Luxury condos in Boston sell in average of 20 days compared with 167 last year
As a timely response to my post last week Is the housing recovery really slowing down? the Boston Globe has published an article Boston luxury condo prices soar.
Luxury condos are “flying off the market” according to the Globe article. It cites Millennium Place, which opened last fall, with 256 condos priced from $550,000 to $3.5 million. The last condo sold two weeks ago. Next up, Millennium Tower, which opened its sales registration portal this week. (more…)
Is the housing market recovery really slowing down?
There have been a number of headlines this week highlighting the drop in mortgage applications and new home sales. What, if anything, does that mean for us here in Marblehead and Essex County? While national trends can have significance in framing market sentiment, it is important not to get confused by data from specific areas. We are not Las Vegas, and as the saying goes, “what happens in Vegas should stay in Vegas.” (more…)
Boston Strong: Happy Easter and Chag Sameach!
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty in Marblehead
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty
Affiliates LLC. Each Office Is Independently Owned and Operated.
Harborside joins the Sotheby’s International network
Some weeks I have to give quite a lot of thought as to the subject matter for my posts. This is not one of them.
“After five years of continued success, we are excited to announce our affiliation with Sotheby’s International Realty. We now offer all the advantages of a locally owned real estate brokerage combined with the vision, power and focus of Sotheby’s International Realty.”
As an Englishman I am very familiar with Sotheby’s and the huge impact they have had on real estate sales worldwide. As the owner of a waterfront property for sale I am very excited about the increased visibility I will get from Sotheby’s national and international marketing through 700 offices in 52 countries.
If you have a property which you believe would benefit from active marketing to a wider audience please contact me.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
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