Two new Marblehead Neck Oceanfront listings
Just $4,000 separates these two new Oceanfront properties on Marblehead Neck (click on the links below the photos for full details):
Contact me to arrange a private showing.
Will house prices continue to rise in 2020?
Are You Thinking of Selling in 2020?
How is Marblehead’s 2020 Property Tax rate calculated?
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Magnificent Marblehead Harbor View: OPEN HOUSE TODAY
The next phase of your exceptional life starts right here. For those who appreciate refined elegance, this 5 bedroom, 3.5 bathroom Marblehead home reflects the grace and grandeur of a bygone era.
You have to experience this timeless home in person. There is an Open House TODAY 11:30-1:00 or you can arrange a private tour by contacting Dick McKinley on 617.763.0415 or [email protected].
Click 76 Bubier Road to go to the website, 3D for a 3D tour inside the house and Marblehead Reporter review for the Reporter article about the property.
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Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
The Money Pit – the sequel
Remember “The Money Pit”? You know, the 1986 movie with Tom Hanks and Shelley Long, who purchase a supposed bargain of a mansion, which proceeds to collapse under their feet? Well, it turns out that the real-life house from the film has officially lived up to its reputation, selling for a huge loss, according to this Realtor.com article:The Money Pit
The house was purchased by a couple in 2002 for $2.15 million, but they were in for a surprise. “We didn’t realize how bad it was. The house was falling apart when you went from room to room. We definitely could have done the sequel.”
Undismayed, the new owners set out on an expensive renovation – $5.9 million, taking their total investment to $8 million, before listing the house in 2014 for $12.5 million.
That would have been a reasonable return on the $8 million investment – had it sold. But it didn’t. Until recently. For $3.5 million, or a $4.5 million loss. Ouch.OUCH!
According to a local broker: “’The Money Pit’ house selling at a loss has to do with both the size and styling of the house. Buyers are looking for more casual homes and aren’t as interested in large, formal properties. While the house is certainly beautiful, it’s just not the look that many buyers are shopping for.”
And that story has been repeated elsewhere.
“What a beautiful, old-style property,”commented one buyer recently about a 19th Century house. Before going on to buy a modern property; modern both in terms of design – more open concept, fewer formal rooms – and amenities – a smart home, sleek and shiny.
Perhaps the lesson from the Money Pit sequel is that just because you fall in love with an old house and are happy to invest millions in it does not mean that others will share your taste. Or if they do, most likely they are of an age where they are sellers, not buyers of such properties.
Caveat emptor applies to old properties.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
The Obamas are better placed than General Waverly
Do you remember the scene in White Christmas when Bing Crosby goes on TV to ask all men formerly under the command of General Waverly to come to the General’s Inn in Vermont? (more…)
Most expensive US Listing gets $50 million price cut
Traditionally on the North Shore buyers like to have a property under agreement by July 4 to ensure that they can move and be in place for the start of the school year.
After July 4, therefore, it is not unusual to see price cuts or, as we like to call them, price adjustments. But probably not on the scale of the $50 million cut on a property in Los Angeles. On the other hand the “adjusted” price is still a cool $195 million. Yeah, I always thought $245 million was a bit rich. $195 million – that’s so much more affordable. I wonder if there is an Open House today?
Click on the link for a description of the property from Mansion Global: US most expensive listing
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Michael Douglas/ Catherine Zeta-Jones take huge price hit
Being rich and famous does not guaranty top dollar when selling property as Michael Douglas and Catherine Zeta-Jones are discovering as they seek to sell their Exquisite estate in southern Europe in Mallorca, Spain.
The property was first listed for sale 6 years ago at $60 million. The latest price? Just $32.5 million. So hurry up for the chance to save $27.5 million.
One bonus for the new buyers is a video narrated by Michael Douglas:
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Would you spend $7.5 million on a guest house for friends and family?
According to American Luxury, Katy Perry has sold one of her Beverly Hills properties.
After all, who needs 3 houses in Beverly Hills?
Friends and family will be relieved the hear that one of the two she is keeping is the $7.5 million for “friends and family”.
Phew! I thought I was going to have to check AirBnB on my next visit.
Andrew Oliver
Realtor, Sagan Harborside
Sotheby’s International Realty
www.andrewJoliver.com
www.OliverReports.com
Tel: 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
$350 million price cut in Beverly Hills
After saying for 4 years that no offer under $1 billion would be accepted, the seller of The Mountain of Beverly Hills has reduced the price to a bargain $650 million.
According to American Luxury,the property, which totals 157 acres, “up to six separate properties may be carved out of it. It is pre-landscaped, and has already had thousands of plants and trees transplanted on it; a tireless series of sprinklers keeps the lawn looking fairytale. A gate and a paver motor court have also already been installed, not to mention an extensive array of atmospheric lighting.”
Here’s the view (there are more photos in the link above):
And if you are interested I can introduce you to a very good mortgage broker. Saving a few basis points on the mortgage may just make a difference….
Andrew Oliver
Realtor, Sagan Harborside
Sotheby’s International Realty
www.andrewJoliver.com
www.OliverReports.com
Tel: 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Henry VIII and Anne Boleyn honeymooned here
Mansion Global reports that the house where Henry VIII and Anne Boleyn honeymooned in is now for sale.
The house had fallen into disrepair until a team of historic preservation organizations, including the Spitalfields Trust and English Heritage, rallied together to restore the ancient gatehouse between 2006 and 2011.
$3.5 million seems a small price to pay for such a piece of history.
Andrew Oliver
Realtor, Sagan Harborside
Sotheby’s International Realty
www.andrewJoliver.com
www.OliverReports.com
Tel: 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
What do property descriptions actually tell you?
As Mansion Global points out: “In the text of almost any real estate listing, buyers and brokers can expect an onslaught of superlatives. It’s as if every property is the best and most beautiful with top-of-the-line finishes, tranquil and lush outdoor space, and gorgeous views.
But buried in that over-dramatization is a lot of info that can clue buyers in about what to expect from a given property beyond just the number of bedrooms and bathrooms and the size of the home, which might save them time during their search or give them the upper hand during a negotiation.”
Click How to decipher the wording in listings to read the short article which will help you navigate through the hyperbole of listings.
I think we can all agree, however, that “unobstructed ocean view” is an accurate description of this property:
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
Million Dollar Home Sales Jump 20% in 2017
While overall sales of Single Family Homes (SFH) in the 34 cities and towns of Essex County fell 1% in 2017, it was a different story at the higher end, with a 20% increase in sales over $1 million, from 242 in 2016 to 291 in 2017.
Moving up the food chain, the number of sales of $2 million or more increased 14% from 42 in 2016 to a new record of 48, although this was only marginally better than the prior peak of 47 in 2006.
This article will look first at Essex County overall and then at individual towns.
Essex County
Two charts: sales over $1 million and sales over $2 million.
Source: MLS, Oliver Reports
Towns
Marblehead has reported the highest number of sales over $1 million in every year except 2008. In 2017, Andover and Gloucester both showed sharp increases in sales, as did Newburyport, Beverly and Essex.
Marblehead leads again in sales over $2 million, except in 2006. In 2017, sales in Marblehead declined slightly while Gloucester saw a strong increase to tie Marblehead, with Manchester just behind.
Comment
These sales figures are not surprising given the strength of the housing market in recent years.In my 2016 year end reviews I suggested that 2017 might be the year when activity picked up at the higher end and these numbers confirm that did happen.
The future of the Marian Court site? $2 million condos
According to this Swampscott Reporter article White Court, the former summer home of President Calvin Coolidge and more recently the site of Marian Court College, has been sold to four Swampscott developers who plan to build 18 condos on the 6.2 acre site.
Wicked Local: Greg Phipps
The project is zoned as an independent living facility, which means that it’s restricted to people age 55 years and older with no children.
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
4 bedroom house for $149 million? Sold!
So you think prices in say Manhattan are high? Check out this luxury home which just sold in Hong Kong for $148.7 million. That works out to $16,258 per sq.ft.
Let’s see how that price per sq.ft. would compare with some of the houses currently for sale in Marblehead. The smallest house currently for sale is 1,243 sq.ft. It is listed for $475,000, but at the HK price per sq.ft. it would be $20 million. And the largest house for sale, 6,679 sq.ft., listed at $3.3 million, would be $108 million.
Maybe sellers need to raise their list prices in Marblehead. I have a nice little oceanfront listing 11 Crown Way at $2.8 million. Its HK equivalent would be $102 million plus another $39 million for the carriage house making a total of $141 million. But this weekend only there is a special – both buildings for only $100 million!!! Hurry hurry hurry – it can’t last at such a bargain price.
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
The best value in Marblehead Oceanfront property?
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.
Open House Sunday 12:00-1:30 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
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