The key to successful home restoration: good wine
Those of us who have restored homes – and understand the difference between restoring and rehabbing – will enjoy this Why old is good as gold interview in the Boston Globe with HGTV’s Nicole Curtis.
Source: EllisonPaint.com
Some of Nicole’s comments about the reasons old houses should be restored include the fact we don’t have either the materials or the tradespeople to build houses like these today, and that there are many wonderful ways to add modern amenities to an old home and technology keeps increasing the options.
Perhaps her best advice, however, was her response to being asked about must-have products when restoring an old home: “definitely a case of really great wine….to celebrate successes”. Oh, and a quality tool kit.
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].
Read Which broker will actually 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
Beverly 2015 Housing Market Summary
This Beverly 2015 Housing Market Summary post shows just the numbers for 2015. When I publish my detailed reviews I will add a link here.
Source: MLS, Oliver Reports
One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills that have just been sent out for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
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].
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
Salem 2015 Housing Market Summary
This report shows “just the numbers”. A detailed review of the SFH market can be read here.
Source: MLS, Oliver Reports
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].
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
Salem 2015 Housing Market review
This 2015 Salem housing market review focuses on the Single Family Home (SFH) market. I shall publish a separate report on the condo market. I have also published a one page Summary of the main numbers for both the SFH and condo markets.
Sales of SFHs were over 200 for the third consecutive year, while the median price was slightly higher at $349,000, equaling the previous peak reached in 2005. In contrast, sales of condos were up 21% and the median price increased by 9%, although both are still below their earlier peaks.
Median price
The median price was consistent in the two halves of the year:
As usual, however, there were quarterly fluctuations, with Q1 and Q4 lower than Q2 and Q3:
Source: MLS, Oliver Reports
Sales
Although not quite a record, sales were over 200 for the third year in a row:
ASR*
The ratio of AV to Sale Price (see below for an explanation) increased only to 85.5%, meaning that the median sales prices was 17% (100/85.5) above the Assessed Value:
Comment
It seems like an appropriate reflection of the change in Salem that September saw the visit 0f a cruise ship, just before the last of the stacks of the old Power Plant came down. These acts followed the opening of the new train station garage late in 2014, and all help contribute to the development of Salem as an exciting and dynamic town which continues to attract new residents.
* One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills that have just been sent out for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
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].
Read http://wp.me/p2SYWq-1sj
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
New listings mostly under $500,000
Definitions of affordable and inexpensive vary from area to area, but the most noticeable feature of this week’s new listings is that, but for 1 in Salem and 2 in Swampscott, they are all under $500,000.
New listings total 1 in Marblehead, 7 in Beverly, 17 in Salem and 6 in Swampscott.
Marblehead new listing
Beverly new listings
Salem new listings
Swampscott new listings
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].
Read Which broker shouuld I choose 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
GE to move to Boston
As has by now been widely reported GE is moving its corporate offices from Fairfield, CT to BOSTON. This is great news for the city, as GE’s move will likely attract other businesses, as explained in the Boston Globe’s GE has selected Boston article.
And, of course, the move will only serve to add demand to the real estate market, both in Boston and nearby towns with ready access to the city. Just to remind GE execs, you can get to the Seaport district – reportedly where GE is looking – from the North via the Ted Williams Tunnel…. (more…)
Playboy mansion AND Hugh Hefner for only $200 million
According to this Playboy mansion for sale article in the Boston Globe, the Playboy mansion, which is for sale for a mere $200 million, comes complete with a zoo license and Hugh Hefner. My understanding is that the two items are unconnected. (more…)
Swampscott 2015 Condo market review
The highlights of this Swampscott 2015 Condo market review are that sales were down slightly from last year’s record level, while the median price declined as a result of a change in the mix of sales. Perhaps the most striking number, however, is the ASR* number which suggests a significant increase in Assessed Values for condos in Swampscott next year.
Median Price
After a strong recovery in 2013/14 the median price slipped last year, but as the table below the chart shows this was the result of a change in the mix of sales in the first half of the year. Because of the small number of sales and seasonal variation (weather!) I do not report on quarterly numbers for condo sales. Swampscott condo market analysis is further complicated by the fact that there is a huge range of condos, from the older units around Vinnin Square to the brand new oceanfront luxury units on Humphrey Street.
The median price is that at which 50% of the sales take place both above and below the price. In H1 2014 only 41% of the sales took place below $250,000, so the median price must have been higher than that. It was – $272,000. In H1 2015, however, a full 58% of sales occurred below $250,000, so the median price was lower than that – $242,000. Note also the much smaller number of sales in 2015 : the smaller the number the greater the chance of a large swing in the median number.
Sales
Condo sales averaged 65 a year in the 2003-2006 period before slumping to a low of just 21 in 2011. The recovery since then has been quite dramatic. Both new construction and conversions have contributed to the growth in sales.
Interestingly, the number of condos for sale has increased in recent years – at least until 2o16 – although the number on July 1 has not approached the 45 and 47 of 2005/2006. I will monitor inventory during the coming year.
ASR*
The ASR is the ratio of Assessed Value (AV) to Sales Price, so if the ASR is less than 100% that means sales are taking place above AV. In 2015, despite the revaluation that occurred in 2014, the median ASR was just 79.2%, meaning that the median sale occurred at some 26% (100/79.2) above AV. Clearly, it would be logical to expect a jump in condo AVs next year.
Source:MLS, Oliver Reports
Comment
Just like the Single Family market, sales and prices of condos in Swampscott have recovered sharply from their depressed levels during the great recession, and the market now is back to a more normal state, albeit one where supply remains an issue.
* One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills that have just been sent out for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
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].
Read How should I choose the broker to sell my house?
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
Open Houses today: no Pats game
No Pats game today so plan to visit these Open Houses, with everything from a condo in Salem under $200,000 to an oceanfront estate in Marblehead: (more…)
Marblehead Harbor may get security cameras
The Marblehead Reporter’s article Marblehead harbor is eyed for security cameras describes how, as part of a larger initiative spearhead by the Massachusetts Harbormasters Association that aims to cast a public safety net over the commonwealth’s waterways, cameras may be installed in Marblehead Harbor. (more…)
More sales in Marblehead’s higher end
Many of us were surprised that the higher end did not see more activity throughout 2015, but there was clear evidence of a pick up as the year progressed.
In the last 4 months of the year there were 2 sales over $4 million and 1 over $3 million. 3 sales over $3 million in one year may not sound a lot compared with, say, Boston condo sales at 22 Liberty, but 4 is the most we have had in one year. And a further sale above $4 million closed this week, while there are two more pending sales in the mid to high $3 million range.
Pictured below is 11 Crown Way which has an Open House this Sunday from 12:00 – 2:00.
In my Marblehead 2015 Housing Market Review I commented: “after 9 months it looked as though we were going to see a median price for the year well over $600,000, but sales in the last quarter were skewed to the lower end.”
Since the beginning of December, however, sales have moved to the higher end. Of the 14 offers accepted since then, 1 was listed over $3 million, 2 between $1.5 and $2 million, 3 from $1-1.5 million, and one more at just under $1 million.
Maybe my expectation for activity at the higher end in Marblehead in 2015 was just a case of being a year early. The evidence of recent months suggest that 2016 may be the year when the higher end really does see the increased activity I have been expecting for a while. (more…)
Swampscott 2015 Housing Market Summary
In addition to my more detailed reports I am publishing this summary showing just the main numbers.
For more details on the SFH market read Swampscott 2015 Housing Market review and for condos Swampscott 2015 Condo market review.
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].
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
2015 Swampscott housing market review
This 2015 Swampscott housing market review focuses on the Single Family Home (SFH) market. I shall publish a separate report on the condo market. I have also published a one page Summary of the main numbers.
For the year sales increased 10% to a new record, while the median price increased 5%, but is still some 11% below the 2005 peak. 2005 was, however, an exceptional year (read What happened in Swampscott in 2005?) and the 2015 level was the second highest reported. I suggested in my mid-year review that the shortage of inventory should lead to higher prices in the second half of the year and that did, indeed, occur, with a strong finish to the year in Q4.
Median price
Sales
Sales were a record in 2015, beating the previous peak of 170 in 2004.
Sales at the higher end has been impacted by Swampscott’s high tax rate, so it was encouraging to see a sharp increase in sales above $1 million in 2015:
ASR*
Even though Swampscott had a significant increase in its Assessed Values last year, the ratio of AV to Sale Price (see below for an explanation) increased only to 90.5%, meaning that the median sales prices was 10% (100/90.5) above the new Assessed Values.
Source: MLS, Oliver Reports
Comment
Swampscott continues to see new development and conversions, and its proximity to Boston, whether by commuter train or the T from Wonderland, ensures that the market remains attractive to those who accept the trade off with higher taxes.
* One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills that have just been sent out for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
What happened in Swampscott in 2005?
While housing markets in Boston and places like Cambridge have been hitting new highs for the last 2-3 years, it takes time for higher prices to ripple further out. When the final numbers are tallied, the median price in Essex County in 2015 will be within about 1% of its peak, with many towns already reaching new highs. In Swampscott, however, the median price is still 11% below its peak, leading me to ask: what happened in Swampscott in 2005?
Price mix of sales
Only a very small percentage – 5% or less – of SFHs change hands each year, so while the median price of those that do sell can and does provide a good indication of the market, there is always the possibility that sales in any year will not be reflective of the overall housing market. It is for the same reason that we see quarterly fluctuations in median prices when sales in any quarter are skewed to a particular price range. These fluctuations do, however, tend to even out over time.
I looked at the sales in Swampscott for 2005 and compared them with the years either side. This is what I found: the biggest difference was that sales under $400,000 – which were 34% of the total in 2004 and 39% in 2006 – were only 20% in 2005. Conversely, sales over $500,000 were 53% in 2005, compared with only 35% in 2004 and 34% in 2006.
Source: MLS, Oliver Reports
My conclusion is that 2005 was an outlier in terms of its sales mix. Had 2005 seen a more normal mix of sales, then the median price would have been somewhere in the mid $400s and we would now be talking of a market close to its previous peak.
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].
Read Which broker should I choose to sell my house?
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
Garbage In Garbage Out – Govt corrects construction data
The Commerce Department’s November construction spending report contained the following footnote: “Monthly and annual estimates… for January 2005 through October 2015 have been revised to correct a processing error in the tabulation of data on private residential improvement spending.”
No big deal, right, since it was just a processing error and mentioned only in a footnote. But read this: “The upward revision to spending in 2014 is enough to raise growth that year from 2.4% to 2.6%-2.7%,” wrote IHS Global Insight US economist Patrick Newport in a research note. “The revisions are likely to boost growth for 2015 as well.” (more…)
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