How did North Shore Home Prices Perform in the last Decade?
The decade from 2010-2019 saw a remarkably consistent record of Single Family Home Price increases throughout the North Shore and Essex County.
For the purposes of comparison I have converted all prices to a base of 100 for 2009.
The first chart shows the performance of Marblehead, Swampscott, Salem, Beverly and Essex County as a whole. If you look at the numbers for 2019 you can see how consistent the performance was, with a 50% increase over the decade.
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Twenty Questions with Marblehead’s Assessor
The FY2020 (July 1, 2019 – June 30, 2020) tax rate has been set at $10.39, down from $10.74 in FY2019. While the median single family (SFH) assessment increased 7.0%, or $44,000, to $674,000, the median SFH tax bill increased by half that – 3.5% – or $236, to $7,003. The commercial rate has once again been set at the same level as the residential rate.
Note that the tax rate includes the cost of debt exclusions (mainly for school construction and items like the new transfer station) voted by residents. Debt service accounts for $0.98 of the 2020 tax rate, down from $1.02 in 2019. Excluding the cost of debt service, the tax rate fell from $9.72 to $9.41.
Marblehead’s 2020 tax rate will again be the second lowest of the 34 cities and towns in Essex County. The highest rate in Essex County belongs to Wenham at $18.94; the lowest Rockport at $10.10; and the median is $13.68.
Approximately 75% of Marblehead’s revenue comes from property taxes. (more…)
Marblehead 2019 Housing Market Summary
[Click Marblehead 2019 report to download a copy of this report.]
Single Family Homes (SFH)
The median price increased 4.1%, breaking $700,000 for the first time. Sales recovered from last year’s dip and were in line with the average of recent years.
Condos
The median price increased 7.8% to just under $400,000, while sales were in line with the average of recent years.
NB Numbers in bold represent record levels. Sources: MLSPIN, OliverReports.com
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: LAST 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. Come to the LAST Open House TODAY 12:00-1:30.
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
Old North Festival Chorus: last night tonight
The final concert in the 39th year Old North Festival Chorus concerts takes place this evening. Last night’s concert was acclaimed by a packed house.
I want to share with you a behind-the-scenes view from a member of the chorus.
It all starts on the last Wednesday in September when we register, collect scores and guides, and start the first rehearsal.
This is a great evening, greeting old friends and welcoming new singers. Discovering what Maria has selected for this year’s program and then – starting to sing!
It sounds simple, but is not. First, most of the music we sing is written for 4 voices: soprano; alto; tenor and bass. And each of those voices at some point will split into 1st (higher range) and 2nd (lower range).
So the first task is to identify the line in the score for your voice. Many of us use a colored marker to highlight our voice part.
Now we know what to sing we have to know how. Emphasize the downbeat, release on the upbeat, don’t sound the s until the very last moment, sing piano or forte. Take a breath here; don’t take a breath there; stagger breathing; look up. LOOK UP. LOOK UP.
Again, many of us make notations in the score. We write notes to ourselves. Remember that excelsis is pronounced ek-cel in the Bach and egg-shell in the Huron Carol. Make a note.
We get mps versions of our parts; we listen to our part on cyberbass; we listen to CDs and try to sing our part to the CD so that we can hear the overall sound.
Wednesday rehearsals soon become Wednesdays and Saturdays and then, after Thanksgiving, the pace picks up. On the Monday we go up on to the risers at the back of the church for the first time. The sound now is different as we are singing out to the sanctuary, not into a wall.
On Wednesday the string players (violins, etc.) come and for the first time we sing with more than piano accompaniment; excellent although that has been, it is very different singing with the strings. Excitement starts to mount.
And then, on Friday night, dress rehearsal! 3 hours singing the program in concert order with a full orchestra. Maria has two rehearsals with the strings and just one with the rest of the orchestra. However they may have played the music before – and whether they have or not – what matters is how Maria wants to direct it for these concerts.
So out come the pencils as the orchestra players, in turn, make notes and notations in their scores.
Saturday morning comes and – no rehearsal! But we meet early before the concert and warm-up with the orchestra, while Maria runs through a few spots that she wants us to focus on.
And then, it’s show time.
In his poem “How It Stays with Me”, written in 2011 after his first year singing with Festival Chorus, award-winning Swampscott poet Clem Schoenebeck wrote:
“In the parish hall of the memory center, where neurons
Bind and gag the learned music, the choir awaits its cue
To release all hostages in remembered performance
Lights flicker on and off. It’s time. Women smooth wrinkles
From their long black dresses. Men tug and tighten red ties.
Sip of cold water, cough drop, quick trip to the head?”
In the first half of the concert we sing the major piece or pieces – this year a Bach Cantata and Mendelssohn’s Vom Himmel Hoch – Latin and German.
And then comes the intermission. “I think that went quite well.” “The sopranos sounded great.” “The basses were awesome.” “The altos were perfect on their entrances.” “Boy, didn’t the tenors sound great?” Members are complimented on their section by a singer in a different voice part. One of those choir things.
In the second half we sit in rapt awe listening to the children’s choir and the Bell Choir, and then we are back on the risers for the lighter part of the program.
And then it is over – or almost. The audience is on its feet with a standing ovation. The soloists and Maria are presented with bouquets. A voice is heard yelling Brava.
And then the children come back and join the adults and the audience in singing “O Come All Ye Faithful” with the full orchestra. We may not be singing Amazing Grace, but grace is what we have received. And it is amazing.
And then it is over. Until Sunday when we do it all over again. The warm-up is a little shorter. “You were great last night,” says Maria. “Just one or two sections I want to go over. Last night was the first full performance with the orchestra. So tonight you can do even better.”
And we try. We try our best, not our hardest because that does not produce the best sound. We have learned that being part of a chorus means not focusing on our own singing but contributing to the performance for the audience. Can’t reach a high note? Lip sync. Got lost in a Bach run? KEEP SMILING and come back in when you can.
The performance. And when we hear the CD a couple of weeks after the Concerts, we pinch ourselves and say: wow! Because we don’t hear the concert; we hear the sound from our own section. Hearing the CD for the first time makes us understand the man who wrote one year and said: “I closed my eyes and could have been at Carnegie Hall.”
And how does this happen? An unauditioned group of singers of varying standards and experience? Who makes it possible? That would be Maria van Kalken, in her 31st year as Director; Maria, who seems to waive a magic wand rather than a baton; Maria who never stops smiling, never gets testy; Maria who repeats herself time after time (Look UP!) while still smiling. And Maria who treats the professional orchestra and singers with such courtesy that they always want to come back the following year.
And so we try that little bit more. For Maria.
After the Sunday concert we have the choir party. Some have to leave early because of work the next day; others have taken the day off or planned no morning activities. We sit and stand and eat and drink and talk and listen; with friends; friends who have become closer as the weeks go by; friends who are united by the shared experience of giving and receiving great joy.
And as Clem Schoenebeck said in his dedication to the poem:
“The concert is over, but the music doesn’t stop.”
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
Open Houses and last night of Festival Chorus Concert
It is the last day of the Marblehead Christmas Walk and Concerts so come and enjoy!Last night’s Festival Chorus concert was acclaimed by a packed house, so make sure to come tonight – after visiting these Open Houses – to confirm that Marblehead is a wonderful place to live and to bring up a family.
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
Click Other towns to search towns not listed above.
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
Open Houses weekend December 7/8
Here are this weekend’s Open Houses. It is the Marblehead Christmas Walk and Concerts this weekend so come and enjoy!
A revised list of Sunday Open Houses will be published at 8 a.m.tomorrow.
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
Click Other towns to search towns not listed above.
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
Marblehead Christmas Walk and Concerts
The Marblehead Christmas Walk is now underway and lasts through Sunday,with the climax being the the Old North Festival Chorus concert at 7:30 pm on Sunday (it is also on Saturday at 8 p.m.)
Click here for the full program.
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
Pre-Revolutionary Marblehead: Open House TODAY
There is an Open House today, 11:30-1:00, for this Pre-Revolutionary Marblehead house. It is a perfect blend of old and new – and even has a double garage.
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
EXPERIENCE MARBLEHEAD AT ITS FINEST IN THIS AUTHENTIC “OLD TOWN” COLONIAL
7 Middle Street,Marblehead, Massachusett Open House: Sunday 11:30-1:00 PM Or call me on 617.834.8205 for a private showing.
Time-honored properties occupy a different place in the world than do other homes. Homes that have acquired charm, quirks, and storied pasts add their own lives to yours.
We take great pride in presenting 7 Middle St, in Marblehead. This thoughtfully updated antique offers timeless appeal at every turn.
Offered at $799,900 | 4 BR | 2.5 BA. LEARN MORE
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
How is Marblehead’s 2020 Property Tax rate calculated?
This article, which explains how the tax rate is calculated, is a follow up to Marblehead 2020 Tax Rate drops sharply
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 Fiscal Year 2019 and 2020, remembering that the FY runs from July to June.
The Tax Levy calculation
The dollar 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 2019 tax levy of $61,400,179 becomes the base for FY 2020. Add $1,535,004 for Prop 2.5% and $303,231 for new growth and the new figure is $63,238,414. To this number is added the debt service – Principal and Interest on the town’s debt, much as homeowners pay P&I on their mortgage – to give a total amount to be raised of $69,809,220.
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 median 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. One other variable is the cost of debt service.
In FY 2019 the tax rate was $10.74, achieved by dividing the almost $67.8 million to be raised by the $6.3 billion of Assessed value. And in FY 2020 the calculation is $69.8 million divided by $6.7 billion, which produces a rate of $10.39. While the tax rate will decline in 2020, the median tax bill, based on the higher Assessed Values, will increase by $236, or 3.5%, to $7,003.
Note that the calculation of the tax rate is made simpler by the fact that Marblehead’s Board of Selectmen votes each year to have a single tax rate for both residential and commercial tax. In towns which elect to have a differential rate – i.e. by taxing commercial property at a higher rate than residential – there are generally two different tax rates, achieved by dividing the amount to be raised from residential and commercial taxpayers by their respective aggregate Assessed Values.
How does debt service affect the tax rate?
The announced property tax rate announced each year includes the cost of debt service, which Marblehead tries to keep to 10% or less of the total tax bill.
The historic link between tax rates and median prices
This chart shows the tax rate for each Fiscal Year together with the median price for the year used for the calculation (e.g. the median price for 2018 is used for the 2020 tax rate).
Remember that for the tax rate to go down, Assessed Values have to increase by more than the approximately 2 1/2% that the total tax levy will increase each year.
What is the outlook for FY 2021?
The residential real estate market in Marblehead has been firm again in 2019 (and 2020 prices will be the basis for the FY 2021 tax rate). At this stage it looks as though the SFH median price will be around $710,000, a modest 3% increase from 2018’s $689,500. But bear in mind this is the median price of the roughly 240 SFHs that will sell this year out of the more than 6,200 SFHs in Marblehead. This does not imply that the Town’s Assessed Value will increase by 3%, including as it does all types of property.
Nevertheless, it seems reasonable at tis stage to expect that the tax rate in FY 2021 will be similar to that for FY 2020.
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
Marblehead 2020 Tax Rate drops sharply
This is a good news, bad news story.
The good news: the tax rate for Fiscal Year 2020 (July 1, 2019 to June 30, 2020) will drop from $10.74 to $10.39.
The bad news: taxes paid are going up. The median Single Family Home assessed value increased 7% from $630,000 to $674,000, resulting in a 3.5% increase in the median tax bill from $6,766 to $7,003.
Remember that assessments for 2020 are based upon prices achieved in 2018.
What about Prop 2 1/2, you may ask?
Prop 2 1/2 refers to the entire tax bill in dollars. Take last year’s taxes, add 2 1/2% plus new growth, add in the cost of debt exclusions, and that produces the dollar amount for the following year.
Now take that amount and divide by the assessed value to get the tax rate. That is the rough formula. In towns like Marblehead, there is one rate for all types of property. Other towns choose to tax commercial property at a higher rate.
But sticking to Marblehead, getting the dollar amount to be raised each year is fairly easy. The main variable is the assessed value. In a year when the assessed value goes up sharply, as in 2020 when the median assessed value will increase by 7%, the tax rate will go down, because one is dividing the dollar amount raised by a larger figure.
This simplistic table illustrates how the calculation is made:
The first column represents Taxes of $100,000 to be achieved from an assessed value of $10,000 (I am ignoring mill rates to make the example simpler). $100,000 divided by $10,000 produces a tax rate of $10.00.
The second column shows a 2.5% increase in taxes to $102,5000, and an increase in assessed value to $10,500. Divide one by the other and the tax rate drops to $9.76 – but the dollar amount raised goes up. This is the scenario in Marblehead for 2020.
The third column shows what happens if assessed values go down. The amount to be raised it still $102,500, but dividing this by the reduced assessed value of $9,500 produces a tax rate of $10.79.
The bottom line is that taxes paid nearly always go up. Not universally: in any year some will go up, some down and some stay the same.
But at least now you know that in all probability, when you get that tax bill just before year end, although the tax rate will be going down, your tax bill will be going up.
I shall publish a more detailed explanation of the 2020 Marblehead tax rate in due course, along with tax rates for all 34 cities and towns in Essex County as they are announced in coming weeks. Click Property Taxes to go to the section of the blog with information about property tax rates throughout Essex County.
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
7 Middle St in Boston Magazine
“To survive the long, frigid days of New England winter, we want a homebase that feels warm and cheerful on even the most below-zero of nights. Thankfully, this Marblehead Colonial is essentially the real estate version of a HappyLight. Not only does 18th-century charm permeate the original beams and floors, but vibrant splashes of color amp up the energy in each room. Not to mention, a total of six fireplaces radiate heat throughout the four bedrooms, the living room, and the kitchen. Prepare to canoodle away those winter days.”
Offered at $799,900 | 4 BR | 2.5 BA
Read Boston Magazine’s article on 7 Middle Street
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
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
Spectacular Marblehead Condo: Open House SATURDAY 11:00-1:00
Recently listed 3BR/2BA Townhouse Condo built in 1978 with 1620 Square Feet of living area and three off-street parking spaces at your front door! Lovely wood floors throughout all three levels.
Amazing master bedroom suite with cathedral ceilings, skylight, double closets, tiled full bathroom, wood-burning fireplace and built in bookcases.
OPEN HOUSE SATURDAY 11-1 or contact Lynne Breed 781.608.8066 for a private tour.
Click 23 Hillside for full details.
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
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