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 [email protected]
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 [email protected].
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.
Harborside joins the Sotheby’s International network
Some weeks I have to give quite a lot of thought as to the subject matter for my posts. This is not one of them.
“After five years of continued success, we are excited to announce our affiliation with Sotheby’s International Realty. We now offer all the advantages of a locally owned real estate brokerage combined with the vision, power and focus of Sotheby’s International Realty.”
As an Englishman I am very familiar with Sotheby’s and the huge impact they have had on real estate sales worldwide. As the owner of a waterfront property for sale I am very excited about the increased visibility I will get from Sotheby’s national and international marketing through 700 offices in 52 countries.
If you have a property which you believe would benefit from active marketing to a wider audience please contact me.
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].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
More signs of buyers at top end in Marblehead
A couple of weeks after I reported a sale over $4 million on Bartlett Street, a house on Ocean Avenue, listed at $4.5 million, has received an accepted offer just 5 days after coming back on the market. This house was on the market last year for 6 months at the same price.
Over the last year I have reported that the higher end was slower in Marblehead and throughout Essex County than it was closer in to Boston, and I speculated that this might be a timing issue. Like the ripple from a pebble thrown into a pond, it takes time for increased demand to move outwards from the epicentre of Boston.
But there is increasing evidence that it is now happening. The table below shows sales (and pending sales) by price range:
Source: MLS, Oliver Reports
Note the sale on Bartlett Street was a private sale and is not included in the above table.
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].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Marblehead to vote on new flood map
At Town Meeting on May 5, Marblehead voters will be asked to approve new flood maps.
Becky Curran, Town Planner, has put together this FAQ about the proposal. Note that this action is to approve the maps. The FAQ clearly explains the separate provisions, which affect flood insurance, in the new Act passed recently to overhaul Biggert-Waters.
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].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Housing market: buyers moving up the price chain
In addition to looking at total sales and median prices I like to look at the breakdown of sales at different price levels. At this stage in the housing market recovery one would expect to see buyers trading up and increasing demand for prices at higher levels.
Although the first quarter in Massachusetts typically sees low sales, the breakdown of them does suggest a trend that I will be watching carefully as we move into the spring and summer.
First, sales in Marblehead. Note the drop in sales under $500,000 and the big jump in sales over $1 million.
Source: MLS, Oliver Reports
Beware first quarter housing market reports
Another one for the “Lies, Damned Lies and Statistics” file. (And I hope another reason to read my blog regularly to avoid being mislead.)
You may well see a report saying that the median price in Marblehead increased 19% from last year, which is the MLS figure including all sales. My numbers, which always exclude distressed sales, show a 17% increase. But it is important to know that quarterly numbers vary greatly.
Look at these numbers for Marblehead since 2010. They clearly show that Q1 2013 was well below the rest of the year. I am not saying that the Q1 number is not significant (see Buyers moving up the price chain). Just beware that Q1 a year ago was generally a low quarter.
Source: MLS, Oliver Reports
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