Boston Real Estate    Gibson-Sotheby's International Realty   jwolvek@BostonRealtyWeb.com  617 584 9790  556 Tremont St., 69 Newbury St., Boston MA
Boston real estate: Gibson Sotheby's. Joe Wolvek, formerly with Coldwell Banker.

Click below for graphs, stats, & sold Boston properties:

         South End (as of 2.3.10)
           Back Bay (as of 2.3.10)
        Beacon Hill (as of 1.5.10)
            Midtown (as of 1.5.10)
  Leather District (as of 1.5.10)
  Seaport District (as of 1.5.10)
  _  South Boston (as of 1.5.10)
            Fenway (as of 1.5.10)
Closed bldgs, 1 fams
Luxury Building Sales (Q3/09)
 

 Boston Real Estate Report: 2.3.2010
2009 wrap-up & 1.2010

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* Neighborhoods covered: Back Bay, Bay Village, Beacon Hill, Charlestown, Chinatown, Fenway, Leather Dist., Midtown, N. End, Seaport, S. End, S. Bos, Theater District, Waterfront, W. End.

* Neighborhoods covered: Back Bay, Bay Village, Beacon Hill, Charlestown, Chinatown, Fenway, Leather Dist., Midtown, N. End, Seaport, S. End, S. Bos, Theater District, Waterfront, W. End.

2/4/10- Back Bay market details for 2009 and January are now posted, and you can take a look at them here. Some surprising metrics. According to LINK, which takes their closed data from the Suffolk Registry of Deeds, the 4th quarter of '09 (114 closings) was the 2nd strongest 4th quarter since 2005 (although for perspective, the 4th quarter of '04 had 198). This was definitely enhanced by the homebuyer tax credit, although it's hard to know how much. Click here fore all the metrics.

2/3/10- OK, I've finished the South End current & 2009 wrap. Take a look for all the fun metrics: $/SF, median prices, condos sold, absorptions, etc. You couldn't have more fun if you tried. And I know you will try. The South End was the least bad neighborhood in one of the least bad cities in the US. As you can imagine, it's all a mixed bag, but it's a heckuva lot better than last year (which admittedly is not a high bar). I'm cautiously optimistic.

2/2/10- Well that was fun wasn't it? 2009, I mean. Real estate wise. My apologies to Sergio Leone, but it started out really ugly, became merely bad, and then became...well, I don't want to say good, exactly, but a heck of a lot better. In February, I was gnawing on my fingernails...By the time it all ended in December, the real estate market was still alive and out of the ICU (and really really really thank you to those of you who referred friends and family to me).

If you look at the chart at the top (go ahead, I know you're dying to...), it's obvious that '09 ended up with significantly fewer sales that '08 (mostly due to extreme weakness in the late winter market. Median sales price and $/SF were off too. It wasn't beautiful any way you look at it, but it looks worse because the end of '08 was distorted on the high end by the  large  number of closings at the Mandarin in Back Bay. Uber uber high end.

In terms of number of properties going under agreement, in the beginning of the year, as I said, it was looking pretty scary. By the end of the year, we had regained the ground we'd lost and were even a little ahead of 2007. Median prices are looking stronger than earlier in 2009, but it's hard to know what's going to happen with those.

Indeed, it's hard to know about any of this because it's obviously tied to the national economy. Plus, I'm assuming that there will not be an extension of the homebuyer tax credit. But I've said it before and I'll say it again, Boston is probably the least bad place to be. Supply, (except in the extreme high end) is relatively tight and will remain so. Unemployment is unlikely to reach levels commonly seen in other parts of the country.

In the coming days, I'm going to be posting the detailed metrics on a neighborhood by neighborhood basis, so keep checking back.

1/6/10- You may have other interests in your life; say, nuclear physics, staring out into space, collecting "Bewitched" memorabilia...My particular tic is keeping an eye on the Boston real estate market. I find it very interesting. Happily, not as "interesting" as most other real estate markets around the country, but interesting nonetheless.

Using the word "recovery" is really premature. But hypothetically speaking, what's going on now in Boston is what it would look like. Vastly increased numbers of closings across most of the Boston neighborhoods, not only in November (deadline for first time homebuyer tax credit), but in December too (Under the new Homebuyer Tax Credit Plan, one has until April 30  to get a new property under agreement, and until July 1 to  close...so not that much of an incentive to get it done during the holiday season on that count--BTW, here are the details of the Tax Credit Plan--not just for first timers anymore).

Not only are we way ahead of last year, but the year before that too. Plus, it's not only closings, but properties going under agreement thru December that are up too.

Median prices are trending upwards too, but that, I think, is more the function of they the type of properties closing (i.e. the Residences at the W etc). I think prices will be more or less flat in most price ranges and neighborhoods. The uber high end towers will still be a deal for a while, since there's still a lot of inventory to sell at the W, 45 Province, Clarendon, etc. In other price ranges, inventory is tight to moderate (If you want to check out the interaction between inventory and under agreements, check out the absorption rates on the neighborhood pages to the left). Also, the employment picture appears to becoming a hair more optimistic around here, which will hopefully keep demand steady. And a steady market is good for everyone. If you would like to communicate with me, please feel free to email or call, or visit my blog and do it that way.

12/31/2009- As you can see, the number of properties in our market area that are going under agreement is now way higher than where it was last year. This probably shouldn't be a surprise, since the waves of bad economic news were starting to crash upon us right at that time. What is particularly encouraging, however, is that we appear to be significantly ahead of where we were the year before that. And the trend appears to be upward.

Median have rocketed upwards.... Before homeowners start partying and potential buyers navigate away, this is largely due to the high end closings at the Bryant (some of which were those auctioned properties) and 304 Comm Ave. I also think that sellers who might've been too aggressive in their pricing, or who had properties that were not in the right condition or location for the prices that they were asking are now understanding that the holidays are coming and it's time to get a transaction done. The peaks in 2008, BTW, were due to a large number of closings at the new, uber high-end Mandarin in Back Bay and not reflective of the difficulties the market was having at the time. Click the buttons on the left to see individual neighborhood results.

Why is activity up?

Obviously,  extremely low interest rates have helped. A $500,000 mortgage at 6% yields the approximately the same monthly payment as a $555,000 mortgage at 5%.

The $8,000 homebuyer tax credit has helped, as have somewhat lower prices. This tax credit has now been expanded to homebuyers who are not first timers, as well as  homebuyers with higher incomes.Click for FAQ on the tax credit.

 I think that there is more of an expectation now that the economy is no longer in free fall, and has indeed, stabilized to a large degree. The jobless rate has fallen for the first time since 2007. Many indicators across the country, and certainly here in Boston have improved.

Additionally, while we have certainly suffered increased unemployment here, it has not approached the levels seen in many other parts of the country. Because of the variety of industries located here, we will likely continue to outperform most of the rest of the country.

This has actually become a very good homebuying opportunity, and to my experience, it is being perceived as such by the potential buyers that I am helping and speaking with.

Why have prices not gone lower than they have? Here in Boston, as I've discussed before, the supply is limited. While other regions were overbuilding, that hasn't happened here, and indeed  it is just not possible to that extent here in the downtown Boston neighborhoods. Right now, supply is tight to moderate, and the buyer "pool", at least for now, is absorbing it increasingly well.

One niche that is not performing well includes most properties in the "high end" luxury hi-rise towers. Sales there  have been slumping, particularly in the newly constructed ones, leaving years worth of inventory to sell off. There are some very good deals to be had in this niche. Click here for info on the 10/17 auction at The Bryant.

Is the local real estate market steadying out? That obviously depends to a large extent on the national economy, and there's plenty of room for differing opinions on that account. But it's apparent that downtown Boston is one of the most stable places to be right now.

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The market does not behave as a whole, in unison. It is divided into geographic and financial segments, which are all behaving differently.    

The pages linked to the buttons on the left will give you a great deal of info  about market behavior. This includes $/SF, asking-selling differential, as well as lots of other stuff.

Both Boston real estate buyers and Boston real estate sellers should be aware of the market conditions in the particular segment they're involved with.  Working with an experienced and knowledgeable agent can give you a big edge. Now, more than ever, it is important for buyers to get experienced help in executing a positive and comprehensive plan in order to make the right decisions, in sorting out the worthwhile properties, and getting help in negotiation and the transaction itself.  And now more than ever, it is necessary for sellers of Boston property to take advantage of the extensive marketing exposure, as well as  market positioning, and negotiating experience that I bring to the table.  If you would like more detailed info, or help purchasing or selling your Boston real estate property, please contact me.

And as always, if you'd like to search the current inventory, click on the "Search Listings" tab above.

Anyway, as I'm sure you know, I stand ready to help you in either searching for and purchasing property in Boston, or marketing and selling real estate in Boston.

And feel free to contact me even if you just have some questions, or want to say hi.

Regards,
Joe

Boston Real Estate. Buyer brokerage & seller real estate brokerage & relocation . Full property listing & marketing . Condominiums, brownstones,  & buildings

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Revised: February 05, 2010