3 Oceanfront Open houses in Marblehead’s secret neighborhood
Recently I wrote about Marblehead’s Unknown Oceanfront properties in the stretch from Preston Beach to Beach Street.
Today there are 3 Oceanfront Open Houses in this area. They are:
2-4 Coolidge Road, listed at $3.2 million and open from 11:30 – 1:00
11 Crown Way, listed at $3.5 million and open from 12:00 – 2:00
and 40 Ticehurst Lane, listed at $2.26 million and open from 1:00 – 2:30.
If you are in the market for an oceanfront property maybe it’s Time to think outside Marblehead Neck. (more…)
Marblehead’s 2016 property tax rate
The Board of Selectmen has approved a FY2016 rate of $11.10, up 2 cts from FY 2015. The average SFH tax bill will increase 4% to $7,973 based upon an average assessment of $718,342.
Note that the median SFH assessment for FY16, based on 2014 sales, is $545,000, (up 5.6% from 2015, which was based on 2013 sales.) This compares with a median SFH sales price in 2014 of $590,000. Only a small percentage of houses sell each year but this is quite a large difference and suggests that the median assessment will increase quite sharply next year.
This is the calculation for FY16:
Last February in How your property taxes are calculated I forecast a FY 2016 tax rate of $10.65, so why was I so far out?
Based upon the 10% increase in the median price of SFHs sold in 2014 (the year which is the basis for the FY2016 tax rate) I estimated an overall increase of 8% in Assessed Values. In reality, the increase used by the Assessor was 3.7%. The Assessor, of course, uses data for all the SFHs in Marblehead, not just the 3-4% which sell each year.
The next table shows what the tax rate would have been at different levels of increases in assessed values:
Note that the cost of debt exclusions continues to rise. Debt exclusions are included in the announced property tax rate:
The property tax rate will become official when it is approved by the Department of Revenue.
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 Andrew.Oliver@SothebysRealty.com. (more…)
What’s available by price in Marblehead today?
Overall market statistics about the supply of properties for sale are all very well, but most buyers want to know what is available in their price range. The first chart shows what’s available by price in Marblehead today compared with a year ago, while the second chart show sales and pending sales for the first 10 months of 2015. The table shows the average Days on Market (DOM) of today’s inventory by price range.
My comments are below the charts.
Marblehead’s proposed Assisted Living facility: on to the next stage
240 people showed up at the ZBA meeting this week. They heard presentations on the proposed development but were unable to ask questions. The next hearing will take place on Monday, November 23. (more…)
Saturday Marblehead Open Houses
Open Houses are usually held on Sundays but this week there are 4 Saturday Marblehead Open Houses.
Note that both the Harborside Sotheby’s International Realty oceanfront properties in Clifton Heights/Greystone are open today from 1:30 -3:00.
Click 11 Crown Way and 2-4 Coolidge Rd for details. (more…)
Marblehead Senior Living Center meetings
Thee has been a lot of talk about The Mariner, the proposed new Senior Living Center planned for 265 Pleasant Street. (more…)
2 “Unknown” Marblehead Oceanfront Open Houses
Last week I wrote about Marblehead’s Unknown Oceanfront properties, referring to houses off Atlantic Avenue from Preston Beach to Beach Street.
Well today, two of those houses – the only two on the market, both listed by Harborside Sotheby’s International Realty – are having Open Houses from 12-2.
The two are: 11 Crown Way and 2-4 Coolidge Road.
Marblehead one of safest towns in Massachusetts
SafeWise has just published this list which shows that Marblehead is one of the safest towns in Massachusetts.
Time to think outside Marblehead Neck
You would like to buy a house on the water, but you have noticed the amount of traffic on the Neck and are concerned with exposure to storms.
So what to do?
The answer is: think outside the Neck.
Read Marblehead’s Unknown Oceanfromt properties and you may be surprised to learn that between Preston Beach and Beach Street there are 32 homes (and likely a few more when the FY2016 assessments are announced in December as this area is appreciating) with an Assessed Value over $2 million.
Two of these properties are currently for sale and details can be seen by clicking on 11 Crown Way and 2-4 Coolidge Road.
Crown Way has an Open House today 1-3 and both house will be open next Sunday (if not sold before then).
Marblehead’s Unknown Oceanfront properties
A man came to the Open House at 11 Crown Way last weekend and commented that he had driven up and down Atlantic Avenue for years and had no idea that there were oceanfront houses at the end of the streets between Preston Beach and Beach Street. This area does indeed contain Marblehead’s Unknown Oceanfront properties.
Last year in an article Marblehead sale over $4 million – guess where? I wrote this:
“There are a lot of small streets that lead to the water and have 1 or 2 or maybe 3 or 4 houses sitting directly on the ocean at the end.
And for the most part these houses sit on the rocky Atlantic coast and are high enough that flooding is not a concern, while many of them face South, have great views of Ram Island and down the coastline, and are well protected from the nor’easters that can impact more exposed areas.”
One of the houses mentioned in last year’s article has sold; the other, 11 Crown Way, has just come back onto the market. And this week another, at 2-4 Coolidge Road was listed for sale at $3.2 million.
How many houses with an Assessed Value over $2 million are there in this stretch?
Last year I identified 29 houses with an AV of $2 million or more and this year I have found 32. I also know that AVs for this area are increasing and I would not be surprised to find another 6-7 creep over $2 million when assessments are announced in December.
People who live in this area know its attractions, which may be why houses rarely come on the market. There are two now – both listed by Harborside Sotheby’s International Realty – so take a look if you want a protected oceanfront property in a great neighborhood.
There is an Open House this Sunday at 11 Crown Way from 1:00-3:00.
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 Andrew.Oliver@SothebysRealty.com.
Read Which broker will sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Marblehead Oceanfront Open House Sunday
Check out this Marblehead Oceanfront. There is an Open House Sunday 1:00 – 3:00.
The main house is 6,126 sf with 7 bedrooms and 4 1/2 baths.
The 2,400 sf carriage house is perched directly on the water’s edge and houses the pool house and separate apartment, whose huge picture window frames Ram Island perfectly. There are plans to convert the additional carriage house space to a 4-car garage.
A private mooring is available.
Marblehead Oceanfront new listing
Check out this Marblehead Oceanfront which I have listed this week. There is an Open House tomorrow 12:00 – 2:30.
The main house is 6,126 sf with 7 bedrooms and 4 1/2 baths.
The 2,400 sf carriage house is perched directly on the water’s edge and houses the pool house and separate apartment, whose huge picture window frames Ram Island perfectly. There are plans to convert the additional carriage house space to a 4-car garage.
A private mooring is available.
Q3 Median Prices in Essex County by Town
Here below is a list of Q3 and Year to Date (YTD) median prices for single family homes (SFH) in Essex County by Town. See my comments after the table:
Source: MLS, Oliver Reports
Q3 comments
While prices rose 5% in Essex County overall (and 3% in Massachusetts) there were wide variations from town to town, with 23 showing increases, 9 decreases and 2 unchanged. The largest changes came mostly, but not always, in towns with a small number of sales, something which can add to volatility in short-term numbers.
Year to Date
The larger the sample the more reliable the numbers usually, which is why I look at YTD numbers. Here we see a 3% increase in both Essex County and Massachusetts overall, while within Essex County 25 towns saw increases, 8 decreases and 1 unchanged.
Summary
The median price of a SFH in Essex County is just under $400,000 YTD (and just over in Q3). There is one town with a median price over $700,000 and 5 over $600,000. At the other end there is no longer a town with a median price under $200,000 and only 4 under $300,000 ( and 3 of those may well climb above $300,000 before very long).
Overall, with mortgage rates under 4%, the market in Essex County seems to have returned to a fairly normal pattern of modestly increasing prices.
As always I am very happy to provide more details on any individual town – just ask.
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 Andrew.Oliver@SothebysRealty.com.
Read How should I choose the broker to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Marblehead home prices set record in Q3
In Q3 the median price of a Single Family Home (SFH) in Marblehead reached $660,000, finally beating the 2006 Q3 figure of $645,000.
The 2006 Q3 number was an anomaly. Until Q4 2014 it was the only quarter to see a median price over $600,000. But since then:
The Q3 2015 number was an increase of 11% from $595,500 in Q3 2014. For the first 9 months of 2015 the median price was $621,500, an increase of 6% from $585,600 in 2014. These increases are about double those for Essex County and Massachusetts overall.
Q3 often sees the highest median price for the year, just as Q1 often sees the lowest. That seems likely to be the case again this year as the median list price of the 32 currently pending sales is around $550,000. Nevertheless, it seems quite likely that 2015 will see the median price exceed $600,000 for the first time.
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 Andrew.Oliver@SothebysRealty.com.
Read Which broker should I use to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
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