Team-Nor'easter of Harborside Realty in Marblehead, MA is really excited that this Sunday they will be presenting the Roy Disney, full production film, "Morning Light." Roy Disney, and his team from North Sails, set out to train 15 young adults to sail aboard a TP52. An incredibly fast and exciting racing boat. During the movie, you will get to know all of the young sailors and watch them learn the racing and tactical maneuvers necessary to compete in the ocean race from California to Hawaii known as the Transpac. In addition to the great cinematography and sound production that Disney brings, we will be introducing one of the sailors, Charlie Enright. Charlie will be introduced before the film and give us a brief talk about his overall experience. He will be available during the intermission and will do a Q&A after the show. Tickets will be available prior to the showing up to 5 pm at Harborside Realty located at 72 Front Street, Marblehead. Additionally, you can call Dru Slattery at 978-223-5180 to purchase tickets for $10. At the door, tickets will be $15. All monies collected from ticket sales will benefit the Pleon Yacht Club.
Team Noreaster is a real estate team at Harborside Realty. We deal with homes for sale in Marblehead, Salem, Swampscott and the North Shore of Boston. We also handle short sales, foreclosures, and other real estate investments.
Hey. Check this out. We can all learn something. Hope to see you there.
Presented by the Marblehead Rhodes 19 Fleet: Race Strategy: Start to Finish
Don't miss an evening that is sure to be packed with insights from three of Marblehead's top sailors: Jud Smith, Jack Slattery and Bill Lynn. Between them, Jud, Jack and Bill have won more than 20 national one-design championships, 5 world titles, and a long list of prestigious big boat regattas.
During this moderated panel, they will walk us through their race day priorities and areas of focus, from pre-race prep to the finish. The evening will conclude with a Q&A session.
A cash bar will be available.
Questions? Contact Kim Pandapas kpandapas@comcast.net
Admission is free & open to all one-design & PHRF racers.
May 6, 2010
7:00 p.m.
Gerry 5
210 Beacon Street Marblehead
The Jackson Cup held on Marblehead Harbor, Marblehead, MA
Last weekend I participated in the Jackson Cup, match race regatta hosted by the Boston Yacht Club in Marblehead, Ma. I raced on the Eastern Yacht Club Team. The Eastern Yacht Club is located on Marblehead neck on the harbor front. BYC did a terrific job, the races moved along quickly, the boats were in good shape and evenly matched, breakfast, lunch and dinner were provided and the weather cooperated.
The racing took place right off the docks of the BYC in Marblehead Harbor. EYC sailed 19 races over the 2 day regatta, finishing 4th behind the Royal Thames, Seawanhaka and New York yacht clubs. The breeze ranged from a light 5 knots to 12+ on Sunday afternoon.
Saturday night the BYC hosted a dinner at their club located off Front St. in Marblehead. The dinner was delicious. After dinner teams and sailors were roasting each other into the late night.
Marblehead hosts many regattas over the summer. If you visit you can see racing in the harbor and out on the ocean almost every day in summer. Additionally, the Marblehead sailing community hosts many formal and informal sailing seminars. The next seminar will be Race Strategy-Start to Finish with Jack Slattery, Jud Smith & Bill Lynn a panel of go fast perspective. Thursday, May 6th at 7pm at the Gerry 5 located at 210 Beacon St., Marblehead. Admission is free.
Team Nor'easter is in the Jackson Cup. Dru Slattery is out representing our team and sailing in the race. Vern Urlich is meeting with clients watching the race from the Boston Yacht Club and I am at Harborside Realty holding down the fort. I can't complain at all since the office is located on Marblehead Harbor, I feel right in the heart of the action in Old Town Marblehead. Dru is going to post about the Sonar sailing. I better stick to real estate. She is the sailor!
Beautiful weather on the harbor. Bright sun. Good breeze. Lots of activity. While the Sonar racing takes place in front of the BYC, a historical yacht that has just been locally refurbished tacks around the harbor enjoying the space before the rest of the boats start filling up the moorings in Marblehead Harbor and Salem Harbor in a couple of weeks.
Spring is here. Locals and tourists are walking the streets. An 18' whaler is running up the harbor getting boats ready. Grabbing a cup of coffee at Foodies. Maybe lunch at The Landing or the Driftwood. People are watching the activity on the harbor front and getting enjoying the spring weather. Boaters are stopping in to visit Jim at Lynn Marine Supplies www.lynnmarinesupply.com/ across from our real estate office on front street in Marblehead.
We aren't just about the good times and great weather in Marblehead. We help people with homes for sale in Marblehead, Salem, Swampscott and the rest of the North Shore of Boston. If you have a home for sale or looking to buy, we can help you navigate the transaction. We can also help with foreclosures, short sales, investments, and rentals. We can also help you out by giving you a harbor tour of Marblehead and Salem Sound. Not only do we not mind, we love to do it. Just drop us a line...
Team Nor’easter at Harborside Realty in Marblehead, MA is excited to announce that we are presenting the Roy Disney Movie, “Morning Light” on Sunday, May 23rd at the Marblehead High School auditorium at 6:00 PM. The tickets are $15 at the door or $10 in advance. Tickets can be purchased in advance beginning Monday, May 17 at Harborside Realty, 72 Front Street, Marblehead from Dru Slattery, Monday – Saturday 9am – 1 pm.
All monies raised through ticket sales, bake sale and raffle with benefit the Pleon Yacht Club in Marblehead. Pleon YC is Marblehead’s Junior Yacht Club run by kids for kids. Check out their web site at www.pleon.org
The movie morning light is the story of 15 rookie sailors training for and racing in the 2,300 mile Transpac Race , a sailboat race from LA to Honolulu.
Additional to the movie screening Charlie Enright, a member of the crew will give an introduction to the film and do a follow-up question and answer session from the audience.
If you have any questions, please call Dru Slattery at 978-223-5180.
Condo for sale in Lynn's Diamond District. 65K!!! Water views. Are you kidding??!!! Penthouse Unit. 1 Bedroom. 1 bath.
Wake up to water views in a bright sunny unit. Start your day with a relaxing coffee and enjoy the open floor plan and eat-in kitchen. Stroll along the ocean walk or the beach along Lynn Shore Drive. This condo has the lifestyle you are looking for. Treat yourself to the luxury.
This one bedroom waterfront rental has stunning water views. Located in Old Town Marblehead right on Marblehead harbor. Walking distance to Ft. Sewall, shops, restaurants, bars, parks, the beach, public boat landing, and much more. Call Dru Slattery 978-223-5180 for details.
Beautifully maintained and updated 3 BR home on quiet street in central Gloucester. Large family room off the kitchen makes for great entertaining. Recently installed energy efficient windows, doors, appliances, gas heat conversion, and more. Fantastic fenced in area in the back of the home with a patio, garden, koi pond, trees and shrubs. Off street parking for two as well. This home has so much to offer and is move in condition.
April 1st at Devereux Beach. 60 Degrees. Sun is shining. Waves are breaking. The housing market is recovering on the north shore. People are out looking for homes for sale in Marblehead, Salem, and Swampscott. getting ready for a big summer.
First Time Home buyers. Investors. Take notice! Now is the time.
If you are looking for homes for sale in Marblehead, Swampscott, Salem, or the North Shore of Boston, now is the time. The inventory of homes for sale in Marblehead, Swampscott, and Salem are increasing as we move into the spring real estate market. This means more choices for you the buyer. For the sellers out there, this means more competition, but more opportunity to showcase your property. Home buyers will be out searching for the right home and it could be yours. As we approach the tax credit deadline, open houses will be well attended and showings will increase. The market forces are in a rising balance as more homes come to market and more buyers enter the market looking for them.
So if you are a buyer looking for homes for sale in Marblehead, Swampscott, Salem, or the rest of the North Shore of Boston, contact us today to get the process started and find out more about how Team Nor-easter can help you find the right home.
Multi Family or Single Family conversion opportunity. This home for sale in Marblehead was previously a single family converted to a two family home. Keep it as an income property in this layout or convert it back to a single family and customize your castle.
First Time Home Buyers and investors take notice! Multi Family or Single Family conversion opportunity. This home for sale in Marblehead was previously a single family converted to a two family home. Keep it as an income property in this layout or convert it back to a single family and customize your castle.
Incredible views. 4 Bedroom, 2 bath, Eat-in Kitchen, Living room, Deck. $3000 per month. No pets. First and Last month deposit.
Right in old town Marblehead, above the yardarm at the Boston Yacht Club. Close to shops, restaurants, Crocker Park, the public landing, and everything Marblehead has to offer. Spend the summer in the heart of the action on the harbor.
Winter storm on Front street Marblehead. This video was taken on 3/1 on Front Street in Marblehead. Just past the Adams house on the way to Ft. Sewall in old town Marblehead. Several homes for sale just closed in this area. The new owners were treated to an exciting view of the sea.
On a cold February day, out in front of our office at Harborside Realty, a lobster boat pulls into the dock at the Landing on Marblehead Harbor. It is a great scene. Views of Marblehead Neck are obscured by the falling snow. The waterfront all along the North Shore of Boston provides wonderful scenes and vistas that are classic to New England.
Another beautiful morning on Marblehead Harbor. The mornings are waiting for spring.
This video was taken from the parking lot off of Ferry Lane by the Harbor Master's Office (a local secret parking spot). Looking to the right, you can see past the Boston Yacht Club to the causeway leading out to Marblehead Neck. As the camera pans to the left, you can see the shoreline of the Marblehead Neck side of the harbor leading out to Chandler-Hovey park and Marblehead Light.
During the winter, for a short time, the sun sets and illuminates Marblehead Neck with a beautiful glow. From our office at Harborside Realty, we enjoy this view each day.
Marblehead provides two great views at Sunset. This is one of them. From the Marblehead side of the harbor, you can watch as the sun illuminates the homes and yacht clubs on the Marblehead Neck side of the harbor. The second view (which will be featured in future posts) affords a sunset view looking west over water (rare on the East Coast) and downtown Marblehead. This video is being shot in February to sharply contrast video that will be added in the summer.
Skating on Redd's Pond is a local tradition in Marblehead, MA. From kids with their milk crates to pick up games of hockey, there is a little bit for everyone. A little treasure that adds to the joy of living in Marblehead.
Big Banks Accused of Short Sale Fraud
Published: Friday, 15 Jan 2010 | 12:13 PM ET
Text Size
By: Diana Olick
CNBC Real Estate Reporter
Just as regulators, lawmakers and all forms of financial oversight boards are talking about new regulations to guard against mortgage fraud and another mortgage meltdown, there appears to be yet a new mortgage fraud out there today, allegedly perpetuated by agents of, yes, the big banks.
I was first alerted to this by Jeremy Brandt, the CEO of several companies that bring short sale agents, investors and sellers together.
His companies include 1800CashOffer, HomeFlux.com and FastHomeOffer.com. Brandt has a huge network of short sale real estate agents, and over the past several months he's been receiving all kinds of questions and complaints about trouble with second lien holders.
As we all know, during the housing boom, millions of Americans pulled cash out of their homes in the form of home equity loans and lines of credit. They also used "piggy back" loans in order to get even lower interest rates on their primary mortgages. Now, many of the borrowers in trouble, and many who are so far underwater on their loans that they don't qualify for any refi or modification, are choosing short sales as a way out. (Short sales are when the lender allows the home to be sold for less than the value of the loan). About 12 percent of all home sales by the end of 2009 were short sales, according to the National Association of Realtors.
The State of Housing
Current DateTime: 12:20:36 15 Jan 2010
LinksList Documentid: 34878641
* Mortgage Modification Program Helping Few Homeowners
* Zell on Housing: Worst is Over
* Holiday Moratoria Didn't Reduce Foreclosures
* December US Foreclosures Jump From Previous Month
* Highest State Foreclosure Rates
* Realty Check with Diana Olick
In order for a short sale with two loans to happen, the second lien holder has to drop the lien.
If they don't, and there's no short sale, the home goes to foreclosure and the first lien holder gets the house because second liens are subordinated debt to the primary loan.
In short, the second lien holder gets nothing. In order to get the second lien holder to drop the lien, the first lien holder generally negotiates some partial payment to the second lien holder. The second lien holder doesn't have to agree, but more and more are doing so.
That's all legal.
But here's what's not legal and what's apparently happening quite often recently. Since many second lien holders are getting very little, they are now allegedly requesting money on the side from either real estate agents or the buyers in the short sale. When I say "on the side," I mean in cash, off the HUD settlement statements, so the first lien holder doesn't see it.
"They are pretty clear and pretty upfront about the fact that if the first lender knows they are getting paid, the first lender will kill the short sale," says Brandt. "So these second lenders are asking for the payments off the closing documents, off the HUD statement, usually in a cashiers check prior to closing. Once they receive that payment, they will allow the short sale to go through, which according to RESPA laws and the lawyers that we have spoken to on the topic is not legal."
(RESPA is the Real Estate Settlement Procedures Act, the 2008 law requiring that consumers receive disclosures at various times in the transaction. It outlaws kickbacks that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by HUD. Read more about it here.).
I told RESPA specialist Brian Sullivan over at HUD about all this and he replied, "That's a red flag!"
Clearly illegal.
Brandt told me he's heard from at least 200 agents that they've had these requests made by representatives of Citi Mortgage [C 3.41 -0.10 (-2.85%) ], JP Morgan Chase [JPM 43.76 -0.93 (-2.08%) ], Bank of America [BAC 16.2801 -0.5399 (-3.21%) ] and other large banks.
Most agents wouldn't go on the record with me, for fear of retribution by the banks with whom they have to work every day. But one agent, Kayte Gentry, of Keller Williams Integrity First Realty, was brave enough to blow the whistle.
"I think it's wrong, and I think somebody needs to hold them accountable, and every time I lose a house in foreclosure because of this, it hurts my client," says Gentry matter-of-factly. "Aside from being illegal and a violation of RESPA, it's immoral and truly it's just sad for the client that it's hurting."
Mortgages
30 yr fixed 5.18% 5.32%
30 yr fixed jumbo 6.02% 6.11%
15 yr fixed 4.69% 4.91%
15 yr fixed jumbo 5.53% 5.71%
5/1 ARM 4.47% 3.85%
5/1 jumbo ARM 4.91% 3.99%
Find personalized rates:
Bankrate.com
Gentry says she has had the requests made three times and claims she lost one sale because of it.
"The big banks that have recently made this request, specifically payments outside of the closing statement have been Citi Mortgage and JP Morgan Chase."
JP Morgan Chase simply answered, "No Comment," when I relayed the charge to their media representative.
Bank of America denied the practice to CNBC in a written statement:
"Bank of America enforces a policy that all disbursements are documented on the settlement statement for short sales. When we are servicing a first mortgage with a second lien held by another investor, if the second lien holder asks for off-HUD payments, we will not approve the transaction (if we have knowledge of it). It is also against Bank of America’s policy to accept off-HUD payments on its second liens."
Citi 's reply was a bit more complicated:
“We work very hard to help distressed homeowners find solutions for their financial challenges. In our attempt to amicably resolve the debt, we will generally negotiate a reduced settlement with the homeowner in order to release a second lien. Unlike some lenders who refuse to reduce the payoffs on second liens, we choose to reduce the payoff amounts in some situations to assist the borrower. We do not provide instructions to settlement agents on how to fill out the settlement statement or any other closing documents, and we certainly do not require settlement agents or any other parties to violate applicable laws."
"When we confront the lenders and tell them that this request is illegal and a violation of RESPA, they tell us it's been cleared through legal and they don't care. Do it anyway," charges Gentry.
CNBC.com
I personally heard a recording of a phone conversation between a short sale real estate agent and a second lien lender, during which the second lien lender clearly asked for cash outside of the settlement and threatened to kill the deal without it.
The real estate agent was rightly concerned and reluctant (the recording was given to me by Brandt who got it from the agent. The agent would provide no information on the lender, for fear of retribution):
AGENT: Well yes, I don’t want to lose my license, go to jail, I mean, I have to sign…
LENDER: You're not going to lose your license - we have plenty of realtors who do this, who actually understand how this whole process goes - and they realize that OK, if I want to get this done, this will take place."
I contacted the Treasury Department, HUD, FINCEN (Financial Crimes Enforcement Network) and the Federal Trade Commission, and none of their representatives could tell me of any active investigation into this. The folks at HUD said they'd be very interested to see my story.
Marblehead is a very popular destination for people relocating from Charlestown. This chart compares the home for sale market data. The metrics used explore how "hot" the market is versus the prices of the homes for sale.
In the previous blog postings, we looked at how the real estate market is doing. The Market Action Index gave us the relative strength of the real estate markets, but what does this mean to the home buyer and seller? The question on everyone's mind at the end of the day is "what are home prices doing?" This chart examines home prices for the last quarter of 2009. These prices are the active market prices or "list prices" of the homes for sale. The downtrend can be reflecting sellers decreasing price to clear out inventory at the end of the year. Homes for sale in Marblehead show an increase in list price. This is very interesting since it is happening in the 4th quarter, a historically slow time for the real estate market.
Here is a look at the Market Action Index for a greater size area on Boston's North Shore. While Salem is still showing a downtrend, Marblehead, Swampscott, and Beverley are showing signs of a market reversal. Marblehead is the best defined uptrend of the four towns. Any value under 30 represents a buyer's market. This uptrend in MAI is good for both buyers and sellers. Sellers may interpret this as the buyers losing their firm control over pricing in the market. This may encourage more sellers to list their homes for sale. This would be a good use of this data. For buyers, while the ultimate pricing control may be relaxing, the inventory may increase as more sellers enter the market. This means more choices for the buyers. These are encouraging signs of an ever improving market.
The question I get asked most frequently is, "how is the real estate market in Marblehead?" The above chart provides some insight. The market action index compares the relative strength of the market based on several key factors. Any value under 30 indicates a buyers market. Marblehead is showing a strong reversal in the MAI downtrend. In fact, the Market Action index is indicating a strong uptrend. The end of the day is that when it comes to homes for sale in Marblehead, the real estate market is heating up.
CHARLESTOWN
Matt Dolan's market update
02129
Sunday December 20, 2009
The median condo/townhome price
in CHARLESTOWN 02129 this week is
$449,000.
Median List Price THIS WEEK
Real-Time Market Profile Trend
$ 449,000
Average Days on Market
Asking Price per Square Foot $ 462
Percent of Properties with Price Decrease 50 %
Percent Relisted (reset DOM) 8 %
Percent Flip (price increased) 2 %
146
Market Action Index* Cold! Buyer's Market 15
Median Number of Bedrooms
Median Number of Bathrooms
Median Size (sq ft) 988
2.0
1.5
The Market Action Index has been
basically flat recently, and days-onmarket
decreasing, there aren't strong
* see below for details on the Market Action Index signals for the direction of the market.
PRICE
Prices in this zip code have been on a
downward trend recently and this
week, while essentially flat, doesn't
break us out of that cycle.
The Market Action Index answers the question "How's the Market?" By measuring the SUPPLY AND DEMAND
current rate of sale versus the amount of the inventory.
Local conditions are currently quite
strongly in the Buyer's Market zone
(below 30). The 90-day Market Action
Index stands at 15. With several months
of inventory available at the current
sales rate, buyers should find ample
choice.
Index above 30 implies Seller's Market conditions. Below 30, conditions favor the
buyer.
Med. Sqft Bed Bath
Med.
Age Inven. New
AbQuartile
Median Price sorbed
Investigate the market in
quartiles—where each quartile is 25%
of the homes listed.
QUARTILES
Characteristics per Quartile
Avg.
DoM
1 $ 699,000 1,550 2.0 2.0 109 28 1 4 136 Most expensive 25% of homes
2 $ 499,000 1,167 2.0 2.0 110 29 2 2 159 Upper-middle 25% of homes
3 $ 409,000 921 2.0 1.0 109 29 1 4 141 Lower-middle 25% of homes
4 $ 299,900 676 1.0 1.0 110 29 1 2 150 Least expensive 25% of homes
Matt Dolan | www.Matt-Dolan.com | 617-816-1909 1
Altos Research Corp. reports real-time analysis of the residential real estate market in local markets across the country. All
information contained herein is based on properties currently listed for sale and available publicly. When evaluating a
particular property, make sure you use comparable sales data in addition to the market trend information available in this
report. The data presented in this report is accurate to the best of our knowledge, but cannot be guaranteed as such. Use
this report as one input in the real estate decision making process, but do not rely on it for accuracy. Nothing in this report
or any other Altos Research publication is a recommendation to buy or to sell real estate. We recommend you work with a
licensed real estate agent or broker.
About Altos Research Corporation
Copyright 2005-2009 Altos Research LLC www.altosresearch.com
MARBLEHEAD
Matt Dolan's market update
01945
Sunday December 20, 2009
The median condo/townhome price
in MARBLEHEAD 01945 this week is
$319,900.
Median List Price THIS WEEK
Real-Time Market Profile Trend
$ 319,900
Average Days on Market
Asking Price per Square Foot $ 291
Percent of Properties with Price Decrease 32 %
Percent Relisted (reset DOM) 12 %
Percent Flip (price increased) 5 %
287
Market Action Index* Cold! Buyer's Market 12
Median Number of Bedrooms
Median Number of Bathrooms
Median Size (sq ft) 1,193
2.0
1.5
Inventory has been lightening lately
and the Market Action Index has been
trending up. Though days-on-market is
increasing, these are mildly positive
* see below for details on the Market Action Index indications for the market.
PRICE
While the median price in this zip code
hasn't moved much in the last few
weeks, we are relatively close to the
market's high-water mark. Watch for
persistent downward shift in the
Market Action Index into the Buyer's
zone as a leading indicator of the price
strength subsiding.
The Market Action Index answers the question "How's the Market?" By measuring the SUPPLY AND DEMAND
current rate of sale versus the amount of the inventory.
Local conditions are currently quite
strongly in the Buyer's Market zone
(below 30). The 90-day Market Action
Index stands at 12. With several months
of inventory available at the current
sales rate, buyers should find ample
choice.
Index above 30 implies Seller's Market conditions. Below 30, conditions favor the
buyer.
Med. Sqft Bed Bath
Med.
Age Inven. New
AbQuartile
Median Price sorbed
Investigate the market in
quartiles—where each quartile is 25%
of the homes listed.
QUARTILES
Characteristics per Quartile
Avg.
DoM
1 $ 572,000 1,700 2.0 2.0 38 10 0 0 300 Most expensive 25% of homes
2 $ 349,450 1,334 2.0 2.0 78 10 1 0 235 Upper-middle 25% of homes
3 $ 284,438 964 2.0 1.0 79 10 0 1 255 Lower-middle 25% of homes
4 $ 169,900 540 1.0 1.0 109 11 0 1 351 Least expensive 25% of homes
Matt Dolan | www.Matt-Dolan.com | 617-816-1909 1
Altos Research Corp. reports real-time analysis of the residential real estate market in local markets across the country. All
information contained herein is based on properties currently listed for sale and available publicly. When evaluating a
particular property, make sure you use comparable sales data in addition to the market trend information available in this
report. The data presented in this report is accurate to the best of our knowledge, but cannot be guaranteed as such. Use
this report as one input in the real estate decision making process, but do not rely on it for accuracy. Nothing in this report
or any other Altos Research publication is a recommendation to buy or to sell real estate. We recommend you work with a
licensed real estate agent or broker.
About Altos Research Corporation
Copyright 2005-2009 Altos Research LLC www.altosresearch.com
SWAMPSCOTT
Matt Dolan's
01907
Sunday December 20, 2009
market update
The median single family home price
in SWAMPSCOTT 01907 this week is
$579,000.
Median List Price THIS WEEK
Real-Time Market Profile Trend
$ 579,000
Average Days on Market 200
Asking Price per Square Foot $ 233
Percent of Properties with Price Decrease 42 %
Percent Relisted (reset DOM) 1 %
Percent Flip (price increased) 0 %
Market Action Index* Cold! Buyer's Market 14
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
2,528
4.0
2.5
8,001 - 10,000 Sq. Feet Inventory has been tightening and
days-on-market decreasing recently.
The Market Action Index has been
basically flat, not providing strong
indication for market conditions.
* see below for details on the Market Action Index
PRICE
In this zip code this week saw relatively
little price change from last week.
However, we continue to demonstrate a
nice up trend over the last several
weeks.
The Market Action Index answers the question "How's the Market?" By measuring the SUPPLY AND DEMAND
current rate of sale versus the amount of the inventory.
Local conditions are currently quite
strongly in the Buyer's Market zone
(below 30). The 90-day Market Action
Index stands at 14. With several months
of inventory available at the current
sales rate, buyers should find ample
choice.
Index above 30 implies Seller's Market conditions. Below 30, conditions favor the
buyer.
Bed Bath
Med.
Sqft
Med.
Age Inven. New
AbQuart
Median Price Med. Lot Size sorbed
Investigate the market in
quartiles—where each quartile is 25%
of the homes listed.
QUARTILES
Characteristics per Quartile
Avg.
DoM
1 $ 977,000 4,630 0.50 - 1.0 acre 5.0 4.5 82 18 0 0 298 Most expensive 25% of homes
3,067 4.0 3.5 58 18 0 0
8,001 - 10,000
2 $ 699,000 sq ft 214 Upper-middle 25% of homes
2,350 4.0 2.5 79 18 0 1
8,001 - 10,000
3 $ 477,450 sq ft 138 Lower-middle 25% of homes
1,537 3.0 1.5 79 19 1 1
4,501 - 6,500
4 $ 349,900 sq ft 154 Least expensive 25% of homes
Matt Dolan | www.Matt-Dolan.com | 617-816-1909
Altos Research Corp. reports real-time analysis of the residential real estate market in local markets across the country. All
information contained herein is based on properties currently listed for sale and available publicly. When evaluating a
particular property, make sure you use comparable sales data in addition to the market trend information available in this
report. The data presented in this report is accurate to the best of our knowledge, but cannot be guaranteed as such. Use
this report as one input in the real estate decision making process, but do not rely on it for accuracy. Nothing in this report
or any other Altos Research publication is a recommendation to buy or to sell real estate. We recommend you work with a
licensed real estate agent or broker.
About Altos Research Corporation
Copyright 2005-2009 Altos Research LLC www.altosresearch.com
SALEM
Matt Dolan's
01970
Sunday December 20, 2009
market update
The median single family home price
in SALEM 01970 this week is $314,000.
Median List Price THIS WEEK
Real-Time Market Profile Trend
$ 314,000
Average Days on Market 276
Asking Price per Square Foot $ 181
Percent of Properties with Price Decrease 51 %
Percent Relisted (reset DOM) 3 %
Percent Flip (price increased) 2 %
Market Action Index* Cold! Buyer's Market 16
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
1,840
3.0
1.6
4,501 - 6500 Sq. Feet Inventory has been decreasing lately
but the Market Action Index is falling
also. With days-on-market climbing,
these are relatively negative
implications for the market.
* see below for details on the Market Action Index
PRICE
Prices in this zip code have been on a
downward trend recently and this
week, while essentially flat, doesn't
break us out of that cycle.
The Market Action Index answers the question "How's the Market?" By measuring the SUPPLY AND DEMAND
current rate of sale versus the amount of the inventory.
Local conditions are currently quite
strongly in the Buyer's Market zone
(below 30). The 90-day Market Action
Index stands at 16. With several months
of inventory available at the current
sales rate, buyers should find ample
choice.
Index above 30 implies Seller's Market conditions. Below 30, conditions favor the
buyer.
Bed Bath
Med.
Sqft
Med.
Age Inven. New
AbQuart
Median Price Med. Lot Size sorbed
Investigate the market in
quartiles—where each quartile is 25%
of the homes listed.
QUARTILES
Characteristics per Quartile
Avg.
DoM
4,652 4.5 3.0 188 15 0 0
6,501 - 8,000
1 $ 699,000 sq ft 352 Most expensive 25% of homes
2,164 4.0 2.0 94 16 0 1
6,501 - 8,000
2 $ 359,450 sq ft 248 Upper-middle 25% of homes
1,646 3.0 1.5 59 16 0 0
4,501 - 6,500
3 $ 294,500 sq ft 273 Lower-middle 25% of homes
1,230 3.0 1.0 109 16 1 2
Less than
4 $ 228,950 4,500 sq ft 237 Least expensive 25% of homes
Matt Dolan | www.Matt-Dolan.com | 617-816-1909
Altos Research Corp. reports real-time analysis of the residential real estate market in local markets across the country. All
information contained herein is based on properties currently listed for sale and available publicly. When evaluating a
particular property, make sure you use comparable sales data in addition to the market trend information available in this
report. The data presented in this report is accurate to the best of our knowledge, but cannot be guaranteed as such. Use
this report as one input in the real estate decision making process, but do not rely on it for accuracy. Nothing in this report
or any other Altos Research publication is a recommendation to buy or to sell real estate. We recommend you work with a
licensed real estate agent or broker.
About Altos Research Corporation
Copyright 2005-2009 Altos Research LLC www.altosresearch.com
MARBLEHEAD
Matt Dolan's
01945
Sunday December 20, 2009
market update
The median single family home price
in MARBLEHEAD 01945 this week is
$657,700.
Median List Price THIS WEEK
Real-Time Market Profile Trend
$ 657,700
Average Days on Market 184
Asking Price per Square Foot $ 286
Percent of Properties with Price Decrease 36 %
Percent Relisted (reset DOM) 4 %
Percent Flip (price increased) 0 %
Market Action Index* Cold! Buyer's Market 18
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
2,483
4.0
2.5
8,001 - 10,000 Sq. Feet Inventory has been lightening lately
and the Market Action Index has been
trending up. Though days-on-market is
increasing, these are mildly positive
indications for the market.
* see below for details on the Market Action Index
PRICE
This week prices in this zip code
bumped up a bit but the trend of recent
weeks is generally downward. Keep an
eye on the Market Action Index for a
leading indicator of the duration of this
downtrend.
The Market Action Index answers the question "How's the Market?" By measuring the SUPPLY AND DEMAND
current rate of sale versus the amount of the inventory.
Local conditions are currently quite
strongly in the Buyer's Market zone
(below 30). The 90-day Market Action
Index stands at 18. With several months
of inventory available at the current
sales rate, buyers should find ample
choice.
Index above 30 implies Seller's Market conditions. Below 30, conditions favor the
buyer.
Bed Bath
Med.
Sqft
Med.
Age Inven. New
AbQuart
Median Price Med. Lot Size sorbed
Investigate the market in
quartiles—where each quartile is 25%
of the homes listed.
QUARTILES
Characteristics per Quartile
Avg.
DoM
1 $ 2,295,000 4,200 0.50 - 1.0 acre 5.0 3.5 57 21 1 3 226 Most expensive 25% of homes
0.25 - 0.50 acre
2 $ 899,900 2,975 4.0 3.5 81 21 1 2 194 Upper-middle 25% of homes
2,200 4.0 2.5 62 21 0 4
6,501 - 8,000
3 $ 523,000 sq ft 155 Lower-middle 25% of homes
1,574 2.5 1.5 73 22 2 2
4,501 - 6,500
4 $ 392,000 sq ft 164 Least expensive 25% of homes
Matt Dolan | www.Matt-Dolan.com | 617-816-1909
Altos Research Corp. reports real-time analysis of the residential real estate market in local markets across the country. All
information contained herein is based on properties currently listed for sale and available publicly. When evaluating a
particular property, make sure you use comparable sales data in addition to the market trend information available in this
report. The data presented in this report is accurate to the best of our knowledge, but cannot be guaranteed as such. Use
this report as one input in the real estate decision making process, but do not rely on it for accuracy. Nothing in this report
or any other Altos Research publication is a recommendation to buy or to sell real estate. We recommend you work with a
licensed real estate agent or broker.
About Altos Research Corporation
Copyright 2005-2009 Altos Research LLC www.altosresearch.com
Marblehead, MA. Matt Dolan with Harborside Realty has been awarded the Accredited Buyer’s Representation (ABR) designation by the Real Estate Buyer’s Agent Council. (REBAC) of the NATIONAL ASSOCIATION OF REALTORS (NAR).
Matt Dolan joins more than 30,000 real estate professionals in North America who have earned the ABR designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.
REBAC, founded in 1988, is the world's largest association of real estate professionals focusing specifically on representing the real estate buyer. There are more than 40,000 active members of the organization world-wide. THE NATIONAL ASSOCIATION OF REALTORS, "The Voice for Real Estate," is the world's largest professional association, representing over 1,000,000 members involved in all aspects of the real estate industry.
You may contact the Real Estate Buyer’s Agent Council by telephone, (800) 648-6224, by e-mail, [rebac@realtors.org], or by visiting the REBAC website, [www.REBAC.net].
Homebuyer Tax Credit Provides Incentives for Buyers
[Marblehead, MA]- With low interest rates and an abundance of inventory buyers are seeing that now is the time to buy. And for those who were previously on the fence, the recently extended 2009 first-time homebuyer tax credit is becoming the incentive they need, allowing buyers to save thousands on a new home this year.
“The $8,000 tax credit has been extended for first-time home buyers who purchase a principal residence until April 30, 2010,” said Matt Dolan, ABR of Harborside Realty. “In addition, a $6,500 tax credit or grant is available to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. Unlike previous homebuyer tax credits, this credit does not have to be repaid and can be used as a down payment toward the purchase of the home.”
For many interested buyers, this tax credit not only provides financial support, but it allows many to realize the dream of homeownership that they may not have qualified for previously.
The details of the credit are similar to the one offered in 2008 and include the following requirements:
• Buyers must close on their home purchase by April 30, 2010
• Buyers must ensure that they are qualified first-time buyers under IRS guidelines
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
• Each home buyer’s tax credit is determined by the price of the home and the buyer's income.
The success of the tax credit thus far has led to its extension beyond the initial deadline. This is just one of many efforts under way to help people like you achieve the dream of homeownership.
With all of the requirements and restrictions for this credit, the key is to work with a real estate professional that knows the local market and specializes in buyer representation – like an agent who has earned the Accredited Buyer’s Representative (ABR®) designation.
Matt Dolan is one of more than 40,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer’s Representative (ABR®) designation. As the world's largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is "The Voice for Buyer Representation," with more than 50,000 active real estate professional members of the organization throughout the world.
To find an ABR®-designated agent near you, and to receive a free copy of the REBAC-published Homebuyer’s Toolkit, visit www.REBAC.net or call 800-648-6224.
Predictions 2010: Real Estate
Published: Tuesday, 1 Dec 2009 | 12:00 PM ET
Text Size
By: Diana Olick
CNBC Real Estate Reporter
1. The residential housing market will dip again in mid-2010 before settling into a recovery in the back half of the year.
Foreclosure
Photo: Jeff Turner
The end of government programs that have been artificially buoying housing (home buyer tax credit and Fed's Fannie Freddie mortgage purchase program) will result in a slowdown in demand right at the height of the Spring season. Rising foreclosures will also push more inventory onto the market, putting additional downward pressure on home prices.
2. Foreclosure inventory will be a lot higher than some predict.
Shadow inventory should be seen not just as homes the banks are holding on to or that are still in the foreclosure process, but homes where borrowers have stopped making payments and have not heard from the banks.
3. No more historic lows on the 30-year fixed.
Unless the government decides to extend its Fannie-Freddie purchase program or do something else to juice the credit markets, mortgage rates will rise steadily, probably leveling off somewhere around 6 percent.
4. Commercial real estate will continue to suffer the ills of low vacancy rates, low rents and high default rates.
The biggest concern is credit, as billions of dollars in commercial debt come up for refinance with little to no takers.
CNBC hosted a Real Estate Summit on Squawk Box this morning. Richard LeFrac, Sam Zell, Donald Trump, Wilbur Ross and other industry leaders discussed the current sate of the economy and the real estate market.
Key Take-Away:
When asked what the single best investment is in today's market universe(equities, bonds, real estate, anything), Richard Lefrac's answer: Buy a home. He cited today's low prices coupled with historic interest rates.
The homes for sale in Marblehead are a perfect opportunity to take advantage of this situation. The local market is already turning as people from Boston are selling their condos to upgrade to a single family home. Marblehead locals are taking advantage of the opportunity to move closer to the water, out to Marblehead Neck or closer to Old Town.
Richard LeFrac also made the comment that as this catches on, prices will rise as the inventory decreases. Although his comments were not directed toward the Marblehead market, the certainly apply.
mmercial Property Fears Are Overblown: Zell, LeFrak
Published: Tuesday, 1 Dec 2009 | 8:24 AM ET
Text Size
By: Antonia Oprita
Associate Web Producer, CNBC.com
Commercial property is facing a tough time, but reports that it is likely to collapse and trigger a second round of the recession are exaggerated, three billionaire investors told CNBC Tuesday.
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"I just don't believe that's the case," Sam Zell, chairman of Equity Group Investment, said about speculation that commercial real estate represents the second leg down of the financial crisis which hit the world two years ago.
"We haven't had a new real estate asset of any significance committed since July 2007," Zell said, adding that it may take another 24 to 36 months before a major project is committed.
Prices for commercial real estate have already fallen by about 40 percent, but the problem is that lots of owners are in negative equity now, said Richard LeFrak, president of the LeFrak Organization.
Commercial Real Estate
Owners don't sell because "the bottom line is there's more debt than there's value," Zell added.
However, debt makes up about 80 or 90 percent of commercial real estate projects in the US and because of the recession, unemployed people "need little retail space," Wilbur Ross, chairman and CEO of WL Ross & Co., said.
"I think it's going to be a long, hard struggle even without new construction," Ross said. "I think it is going to be tragic for the equity owners and for some of the lenders."
Typical regional banks in the US would have 25 percent of their assets in commercial property loans. "I think the biggest victims are going to be the regional banks," he added.
Malls are also likely to suffer, as "the new norm is that nobody goes shopping, everybody is saving," LeFrak said, adding that mall vacancy rates run at about 11-12 percent.
The worst-hit areas will be the ones to recover first, Zell said.
"I think that probably the most severe slowdown has been in office real estate and I'd suspect that probably that would be the first to recover," he said.
1.The men of old were heroes, who fought by land and sea, to preserve their homes from tyranny and shame; And enrolled among the bravest, writ high in history, Stands old Marblehead's beloved and honored name.
Chorus
Then Marblehead forever! God bless the good old town! May she never shame her noble ancestry! She was first in Revolution, was first in '61, and from all dishonor we will keep her free!
2. The men of old were heroes, but they are in their graves, And 'tis ours, their sons, the battle now to fight, When our homes and altars tremble before the greed of knaves, Who assail the cause of country, home and right.
3. Then rouse we at the summons that rings in Freedom's call! 'Tis our battle, sons of men whose blood was shed 'Neath her banner in the old time! Let life or death befall, We'll defend the flag in good old Marblehead.
Team Nor’easter can help you find the right home for sale in Marblehead. Whether you are looking to take advantage of today’s economic situation, upgrade your home, or just find your own place by the shore, we have you covered.
Marblehead isn’t just a place to live, it’s a lifestyle. Team Nor’easter understands this lifestyle and can help you find the right home for sale to match it. Marblehead offers great sailing, fishing, boating, beaches, and beautiful vistas. Just a short distance to Boston, residents of Marblehead are able to tap all of the resources and amenities of such a world class city. From young to old, everyone enjoys their own piece of the Marblehead lifestyle.
Let us know how we can help you find the right home for sale in Marblehead.
Dru Slattery, Vern Urlich, and Matt Dolan have joined together to form Team Nor’easter. Team Nor’easter is a real estate team at Harborside Realty in Marblehead MA. Vern Urlich brings 15 years of real estate experience and a personal approach to get the job done. Dru Slattery is our champion sailor that has made her mark at the world competitive level and brings her excellence at the helm to real estate. Matt Dolan is our market analyst and real estate investor. He evaluates the data to create a competitive edge. Together we bring the Power of 3.
Whether selling your home or looking for your new place, let us show you how our team approach can help you get the job done. Contact us today and let us show you the power of 3.
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WASHINGTON -- Buying a home is about to get cheaper for a whole new crop of homebuyers -- $6,500 cheaper.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and President Barack Obama is expected to sign it.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers -- or anyone who hasn't owned a home in the last three years -- would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.
The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that was included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.
"We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again."
The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.
Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.
"For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home," Bond said. "And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place."
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.
Chart Courtesy of National Association of Realtors
HOMEBUYER TAX CREDIT: REVISED NOVEMEBER 2009
FEATURE
Jan 1 – November 30, 2009 Rules as enacted
February 2009
December 1 – April 30, 2010 Rules as enacted
November 2009
First-time Buyer:
Amount of Credit
$8000
($4000 married
filing separate)
$8000
($4000 married
filing separate)
First-time Buyer: Definition for Eligibility
May not have had an interest in a principal residence for 3 years prior to purchase
Same
Current Homeowner: Amount of Credit
No Provision
$6500
($3250 married
filing separate)
Effective Date:
Current Owner
No Provision
Date of Enactment
Current Homeowner: Definition for Eligibility
No Provision
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit
Purchases after November 30, 2009.
(Becomes April 30, 2010 on Date of Enactment.)
Purchases after
April 30, 2010
Binding Contract Rule
None
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until
July 1, 2010 to close.
Income Limits
(Note: Increased income limits are effective as of date of enactment of bill)
$75,000 – single
$150,000 – married
Additional $20,000 phase out
$125,000 – single
$225,000 – married
Additional $20,000 phase out
Limitation on Cost of Purchased Home
None
$800,000
Effective Date of Enactment
Purchase by a Dependent
No Provision
Ineligible
Effective Date of Enactment
Anti-fraud Rule
None
Purchaser must attach documentation of purchase to tax return
