Salem Power Plant finally closes: cruise ships scheduled for October
The final transmission to the New England power grid is scheduled for 1 second before midnight tonight. The message, according to the Salem News article What next for Salem Power Plant?, will be, in effect: “closed for business.”
According to the Salem News, this is what we can expect to happen in the coming months:
– for about six weeks, the grounds will be made safe – draining oil from machines, disconnecting electricity – for the demolition contractor
– around mid-July sound-proofing fencing will be erected near Derby Street and the demolition of the plant, starting with the oil tanks, will start
– the smokestack that once served units 1-3 will come down, followed by the taller one
– the demolition crew will work roughly south to north along the harbor, and the main plant building will be one of the last things to be demolished
According to Kathy Winn of the Salem Planning department, the deep-water coal dock will be revamped to accommodate cruise ships, the first of which is scheduled to arrive in mid-October. (more…)
Are you following these trends in luxury homes?
On a(nother) dreary Saturday morning, let’s take ourselves away and look at trends in luxury home sale listings. This table shows the changes in terms used in listings of luxury homes (those listed at 4 or more times the median price for their area) from 2012 to 2013 according to Trulia.
Overall, the trend shows increased emphasis on “expansive windows, great views and fitness amenities” and away from “indoor cooking and eating.” (more…)
…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…)
Mortgage rules eased to help housing market, but don’t tell Congress
I have written Fannie Mae and Freddie Mac that the best solution for the housing market would be to make sure that Fannie Mae (FNM) and Freddie Mac(FRE) returned to their core mission of providing liquidity to the housing market. They got away from that mission during the boom and Congress, in typical knee jerk fashion, decided to shut them down – with no plan to replace them, other than a vague hope that the “private sector” would step in.
Well, that hasn’t happened, and this week Mel Watt, the recently appointed head of the Federal Housing Finance Agency (FHFA), which oversees FNM/FRE, reversed course on some of the new mortgage rules amid concern that they would hinder the housing market recovery. Mr. Watt went further and said:” I don’t think it is FHFA’s role to contract the footprint of Fannie and Freddie.” Winding down the companies without clear proof that private investors are willing to step in “would be irresponsible.” (more…)
Which property would you buy for $5 million and change?
With the news that a newly listed 3,000 sq ft Boston condo found a buyer in 8 days , I found myself wondering what one could buy in Essex County for that money.
Here are a few current listings: which one would you buy? (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 Andrew.Oliver@SothebysRealty.com
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 Andrew.Oliver@SothebysRealty.com.
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.
Recent Comments