New-Home Sales, Prices Fall in October
November 30, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics | Leave a Comment
New-home sales in October fell to a seasonally adjusted rate of 433,000, a 5.3 percent drop from the revised September rate of 457,000, according to figures released this week by the U. S. Department of Commerce.Sales are 40.1 percent lower than the October 2007 estimate of 723,000.
The median sale price of a new home sold in October fell 1.7 percent from September, to $218,000, which is a 7 percent decline from a year ago. There was an 11.1-month supply of new homes for sale at the current sales rate, up from a 10.9-month supply in September.
Regionally, the Northeast and the Midwest reported monthly gains in new-home sales in October by 22.6 percent and 6 percent, respectively, while the South and the West had declines of 6 percent and 18 percent, respectively. However, new-home sales in all four regions dropped sharply compared to a year ago: by 41.5 percent in the Northeast; 44.5 percent in the Midwest; 38.5 percent in the South; and 39.7 percent in the West.
Stay tuned: Boston Real Estate statistics coming soon…
3Q Home Prices Continue to Slide: FHFA
November 30, 2008 | Filed Under Real Estate News | Leave a Comment
U.S. home prices fell 1.8 percent in the third quarter of 2008 from the previous quarter, and 6.0 percent compared to a year ago, according to the Federal Housing Finance Agency’s (FHFA) latest house price index. The data is calculated using purchase prices of homes with mortgages bought or guaranteed by Fannie Mae or Freddie Mac. Home prices are down 7.9 percent since their peak in April 2007, FHFA reports.
S&P Home Price Index Shows Record Declines
November 30, 2008 | Filed Under Real Estate News | Leave a Comment
The S&P/Case-Shiller U.S. National Home Price Index fell a record 16.6 percent during the third quarter of 2008 versus the same period a year ago, Standard and Poor’s reported this week. Home prices have returned to 2004 levels, while the index’s 10-City and 20-City Composites posted annual third quarter declines of 18.6 percent and 17.4 percent respectively, also new records.
All 20 of the metropolitan areas tracked by the index posted annual declines in September, and 13 of those cities reported record rates of decline. Phoenix, Las Vegas and San Francisco were the weakest markets, posting year-over-year declines of 31.9 percent, 31.3 percent and 29.5 percent respectively. Dallas and Charlotte, N.C. faired the best, declining 2.7 percent and 3.5 percent respectively.
Huge Rate Drop
November 25, 2008 | Filed Under Real Estate News, Real Estate Investment, Mortgage and Finance | Leave a Comment
The economic stimulus helped lower rates. Today we saw a significant drop with 30-year-fixed conforming loans being quoted at 5.5 percent or 5.25 percent with 1 point of origination.
MA Home Sales Up For Second Straight Month
November 25, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics | Leave a Comment
Single-family home sales in Massachusetts jumped nearly 14 percent in October from a year ago, the second consecutive month that sales increased, according to Banker & Tradesman. But home prices failed to recover, with the statewide median home price falling by more than 10 percent during the month compared to a year ago.
Single-family home sales rose 13.7 percent to 3,698 from 3,253 in October 2007. Year-to-date sales, however, are 12 percent lower than they were in 2007. A total of 34,668 single-family home sales transactions were recorded in the first 10 months of 2008, down from 39,383 a year earlier.
Plymouth, Berkshire and Suffolk counties experienced the biggest boost in single-family home sales in October. In Suffolk County, sales surged 71.2 percent to 125 from 73 in October 2007. Berkshire County home sales climbed 35 percent to 139 from 103, while Plymouth County saw its sales increase 24.7 percent to 379 from 304.
Meanwhile, the median single-family home price in Massachusetts tumbled 13.9 percent to $285,000 in October from $331,000 a year earlier. The year-to-date median home price has fallen to $310,000 – 11.2 percent lower than last year’s $349,000 median price.
The steepest declines in median home prices so far this year have occurred in Barnstable, Bristol and Worcester counties, where prices are off by about 13 percent from 2007.
Condominium sales in October fell but not as sharply as in previous months this year. Condo sales were down 7.4 percent to 1,660 from 1,792 in October 2007. Year-to-date condo sales have sunk 22.7 percent to 17,665 from 22,854.
The median condo price dipped 5.5 percent to $260,000 in October from $275,000 last year. The year-to-date condo price is $278,000, 1.5 percent lower than $282,255 in 2007.
Fantastic Boston Loft Just Listed
November 24, 2008 | Filed Under Boston Lofts, Boston Lifestyle, Boston Condos, Boston Real Estate | Leave a Comment
Would you like a really short commute? How about no commute! Bushari Group Real Estate has just listed this fabulous 1,564-square-foot loft in the heart of Boston’s Financial District, at 289 Devonshire Street PH-5. A direct-access elevator takes you to this spacious penthouse. The home features, 15-foot ceilings, high-end appliances, roof-rights, tons of storage and 2 full baths. Plenty of rental garage parking nearby. Exclusively available for $785,000. Call today to schedule private viewing.
Stunning 5 Bedroom Foreclosure in Newton Now Available
November 24, 2008 | Filed Under Foreclosure, Real Estate News, Real Estate Investment, Mortgage and Finance, Boston Real Estate | 1 Comment
Before mid-September it seemed that the Boston luxury real estate market was almost immune from what the rest of the nation was feeling. Not so anymore. This spectacular 5 bedroom, 5.5 bath single-family in Newton was foreclosed on and is now available for purchased for $1,299,000. The home is assessed for $2,086,700. The home features 5,583-square-feet of pure luxury. Constructed in 2004, there is a finished basement, a 3 car garage, deck and patio. Some finish work is needed and the home is being sold “as is” by the bank.
Photos and information courtesy of Dean Casacca and Gibson Sotheby’s International Realty.
Cute Loft Available in JP
November 21, 2008 | Filed Under Boston Lofts, Boston Condos, Boston Luxury Developments, Boston Real Estate | Leave a Comment
A 739-square-foot luxury loft for only $319,900…what else could you ask for? Oh wait, how about garage parking and 200+ sq ft of outdoor space? Well, unit 214 at the American Brewery Lofts has it all. In the heart of Jamaica Plain and close to Longwood Medical Center, this is truly a Boston Loft to be envied.
Information and photos courtesy of Michael Dorion and Sarah Carroll of Coldwell Banker Residential Brokerage.
SmartMoney Magazine lists cities in line for a rebound
November 21, 2008 | Filed Under Foreclosure, Real Estate News, Real Estate Trends and Statistics, Real Estate Investment, Boston Real Estate | Leave a Comment
In October 2005 the median sales price for a U.S. home was about 7.3 times per capita income. By this May it was just about back tot he historical norm at 5.7 times per capital income. In many locations it looks like inventory has flattened and the decline has ended. SmartMoney Magazine has noted that the following cities look like they are in line for a rebound:
Seattle, Raleigh, Des Moines, Philadelphia, Denver, Birmingham, Salt Lake City.
Ahhh…but where is Boston?!
Source: SmartMoney (11/01/08)
Fannie Mae…Changing the Rules
November 21, 2008 | Filed Under Real Estate News, Mortgage and Finance, Boston Real Estate | Leave a Comment
If you are considering purchasing a piece of Boston Real Estate with a conforming loan, you may want to close before the spring. Come April 1, 2009, Fannie Mae will begin implementing some new rules. The first rule will require the appraiser to review the sales contract. This may seem like a given, but it has rarely been done in the past few years. Mortgage companies want to know exactly what they are getting into, and will be on the lookout for “cash back at closing” and “home repair” incentives. It has become almost commonplace for developers (as well as some individual sellers) to add huge incentives to the purchase price such as prepaid condo fees, kitchen upgrades and gym memberships in order to keep recorded sales prices high.
The second change will require appraisers to explain why they decided not to use homes in the same neighborhood as comparables.
The third change involves repair escrows, which is the practice of lending additional funds subject to repairs that will enhance the value of the home. For example, a buyer would get $400,000 toward the purchase and another $20,000 to repair the hardwood floors. This would be subject to reappraisal showing sufficient increase in value. This may do some serious damage to the sale of homes needing extensive work.
As Boston Real Estate professionals, our mission is to provide you with the best home-buying or home-selling experience in Boston. Search MA properties through MLS on our website, www.bushari.com. We pride ourselves on exceptional customer service, and look forward to sharing that service with you.
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