Featured Home by Chris Tuite

Looking to move to Boston?  How about this stunning residence in prominent Harbor Towers......Located on Boston's Waterfront this home sits on the Rose Kennedy Green way and only a minutes walk to the Financial District.  Boston real estate inventory is at an all time low, so don't wait to make and appointment to view this spectacular condominium.

$1,829,000.00

This stunning 2.5 bedroom home has been renovated with little expense spared. Custom coffered ceilings, artfully designed built-ins. This residence flows effortlessly from room to room. Large, open custom kitchen with granite & top of the line appliances. Absolutely the most dazzling skyline views in the city while still offering a calming view of Boston's inner harbor. This home also offers a den with full kitchen and full bath. Perfect hideaway for either spouse or visiting guests.

Boston Housing Market, Low Inventory

Below, see a recent article in Boston.com regarding the housing market in Boston.  I have been selling real estate in Boston for 20 years and have never seen the amount of home for sale this low. Currently there are only 405 active homes for sale in between Back Bay, Beacon Hill, South End, Midtown, South End, North End, Waterfront, Charlestown, and Seaport.

Sales of Condominiums, Single families, and Multi families are up from 1,422 units sold to 1,716 YTD.

The number of home for sales in Greater Boston is down significantly, falling more than 20 percent over the past year, a new report by Zillow finds.
And the biggest shortage is among lower-priced homes, with inventory for the bottom tier of homes for sale in the Boston area dropping 21.4 percent over the past year. That's followed by a 20.3 percent drop inventory drop in middle-tier homes and a 19.1 percent drop in the number of high-end homes available for sale, Zillow reports.
The drop in homes for sale in Greater Boston is a little higher than the national average, with a 19.4 percent decline in listings over the past year.
First-time buyers are likely to feel the crunch first given the bigger drop in inventory in the lower tier - sorry, not defined by Zillow but I'm checking.
That's particularly bad news. After all, starter homes in the Boston area are already something of a joke - it's often a choice between a fixer-upper closer in and a house in better condition beyond 495.

And things on the inventory front are likely to get worse before they get better, with home sales rebound now surging into the fall.
The number of homes put under agreement jumped 26 percent in September compared to a year before, while pending sales of condos jumped more than 48 percent, the Massachusetts Association of Realtors reported yesterday.
For buyers, there's a lot more to worry about than skimpier listings to look over.
Rising sales and falling inventory are a combination that typically leads to price increases, which we are already starting to see signs of.
And it's unlikely we will see any fresh batch of homes hit the market over the next few months - this may be the pattern until the start of the spring market.
First-time buyers, what are you seeing out there? Any starter homes, good or bad, that got your attention?

South End House Tour....A Must See

On Saturday, October 20th from 10AM-5PM the South End House Tour is being held; for the 44th year in a row! Hosted by the South End Historical Society, the goal of the event is to give all of the proceeds that are ever-so crucial to this Society for aiding in the preservation of the beautiful architecture, history and overall appearance of the South End neighborhood of Boston. Along with the Spring Ball, this is the only other event that the South End Historical Society hosts on an annual basis. All of the monetary earnings from both events, when combined, surmount to a staggering one-third of the Society’s total operating costs for the year. Thus, that is just further justification to the vast importance of this upcoming day.

Visitors and residents alike will be allowed the unique opportunity to be able to tour many of the most historical, valuable and finest kept residences that are spread throughout rowhouses all across the neighborhood. There is the availability to be a sponsor and therefore with these special tickets one will be provided with additional benefits during this occasion. Furthermore, there of course are general tickets as well for a cost of $25.

The South End is such an incredibly popular area of Boston for both living and visiting that even in a recent blog from this year we shared that it indeed was voted as the #1 neighborhood citywide. It thus goes to show that in order to earn such praise, these events and organizations dedicated to the upkeep of the area are as critical as ever.

For further information, please look to call the number below, and for purchasing tickets online, view the link at the base of this blog. Having our Flagship office here in the picturesque South End, we at Gibson Sotheby’s International Realty know how important this occasion is and we hope many of you can attend!

Housing Recovery

Interesting real estate article...Karl Case and Robert Shiller comment on the housing recovery

When it comes to predicting housing bubbles, you may get a better guess from a sociologist than an economist, said famed economists Karl Case and Robert Shiller in a rare joint presentation at the New England Mortgage Bankers Conference in Newport, R.I., this morning.

Case and Shiller discussed a new paper they have written that focuses on how beliefs about home prices do more to fuel housing bubbles than actual changes in interest rates.

For 10 years, the pair has surveyed buyers across the country about their expectations for home prices, asking how much they thought their home's value would change over the next year and how much it would change each year for the next decade.

The pair suggest that when people expect prices to rise faster than current interests rates over the coming decade, this helps drive purchases, and the differences between expectations and interest rates track more closely to the changes in sales than changes in interest rates themselves.

"It's the people who have the highest willingness to pay that drive the price," Case said. Looking back at buyer's expectations during the bubble, when people thought their houses would be worth as much as 17 percent more the next year, he said, "the only thing more astounding than people's expectations was what actually happened." 

Overall, both were tempered in their expectations for the housing market. Shiller half-jokingly said there was a 40 percent chance that housing was in recovery, while Case said he was felt housing starts were headed in the right direction and likely to cross 800,000 next month. But he also warned homebuilders to hold off on uncorking the champagne until they crossed 1,000,000.

"Cross your fingers and say a little prayer," he said. 

When it comes to predicting housing bubbles, you may get a better guess from a sociologist than an economist, said famed economists Karl Case and Robert Shiller in a rare joint presentation at the New England Mortgage Bankers Conference in Newport, R.I., this morning.

Case and Shiller discussed a new paper they have written that focuses on how beliefs about home prices do more to fuel housing bubbles than actual changes in interest rates.

For 10 years, the pair has surveyed buyers across the country about their expectations for home prices, asking how much they thought their home's value would change over the next year and how much it would change each year for the next decade.

The pair suggest that when people expect prices to rise faster than current interests rates over the coming decade, this helps drive purchases, and the differences between expectations and interest rates track more closely to the changes in sales than changes in interest rates themselves.

"It's the people who have the highest willingness to pay that drive the price," Case said. Looking back at buyer's expectations during the bubble, when people thought their houses would be worth as much as 17 percent more the next year, he said, "the only thing more astounding than people's expectations was what actually happened." 

Overall, both were tempered in their expectations for the housing market. Shiller half-jokingly said there was a 40 percent chance that housing was in recovery, while Case said he was felt housing starts were headed in the right direction and likely to cross 800,000 next month. But he also warned homebuilders to hold off on uncorking the champagne until they crossed 1,000,000.

"Cross your fingers and say a little prayer," he said.

Confidence grows in the housing market

Love to see positive press regarding the real estate market!  Thinking of buying or selling?  With low rates and qualified Buyers it makes sense for both.

"Local Realtors' confidence in the strength of the housing market is steadily improving, according to the latest monthly survey from the Massachusetts Association of Realtors (MAR).  

The group's Realtor Market Index (RMI), which measures whether agents believe the market to be stronger or weaker, has gone up for the 13th straight month compared to the year before.  In August, it measured 56.41.  Scores over 50 indicate a strengthening market. That's a vast improvement over last August's scores, when the RMI measured 21.63.

 "Regaining confidence in the market is a gradual process, but one that fortunately has been improving for 13 straight months," said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport in a statement. "The best way to ensure this upward trend continues is to increase the number of homes for sale. The only way that can happen is for homeowners who want to sell, but have held off, to make the decision to re-enter the market."

The vast majority of Realtors also expect further increases in home prices, with the association's Realtor Price Index (RPI) near all-time highs. The RPI measured 64.19 in August, which was up 61 percent from the August 2011 RPI of 39.92. This is the seventh straight month of year-over-year increases and the fourth straight month the RPI has been over the 60-point mark. On a month-to-month basis, the RPI was down 1.24 percent from the July 2012 RPI of 65.00.

Agents surveyed also thought that inventory levels would remain tight, with a plurality of respondents ----41 percent---saying that they thought inventory will be at the same level as today, while 37 percent thought inventory would somewhat increase over the next six months."  B&T 9.18.2012

Boston Real Estate Home of The Week

45 Province

$7,100,000

Stunning panoramic views of Boston from within Unit and Private Terrace! This classically elegant 33 story luxury residential tower, designed by world-renowned Robert A.M. Stern Architects, LLP, features 102 graciously appointed one to four bedroom luxury condominiums residences starting on the 15th Fl. The Clarendon, developed by Related Companies and The Beal Companies, offering a repertoire of unparalleled services and amenities amid a relaxed and elegant atmosphere, presents "The Way to Live

The country's beleaguered housing market is finally turning the corner - though the New York area appears to be lagging behind.

At last, some good news for the real estate housing market. Boston Real Estate has remained strong and steady and likely to sustain it's growth.

The closely watched S&P/Case-Shiller Index of property values in 20 cities rose 0.5% in June compared with June 2011, its first gain since September 2010.

But the New York metro area was among just six of 20 metro areas where prices fell, dropping by 2.1% compared with last year. When compared with May, New York area prices rose 2.1%.

"The New York region continues to show an erosion in prices over the past two years," Jonathan Miller, CEO of real estate appraisal firm Miller Samuel, told the Daily News.

Miller noted that the index does not include co-ops and condos and covers a broad territory including Long Island, Westchester, Fairfield, Northern New Jersey and a county in Pennsylvania.

From a national perspective, the report brought signs that the housing market is in recovery mode, fueled by low interest rates and rising demand.

"We seem to be witnessing exactly what we needed for a sustained recovery," David Blitzer, chairman of the S&P index committee, said in a statement. "The market may have finally turned around."

As of the second quarter, average home prices in the country are back to 2003 levels, the survey showed. The S&P/Case-Shiller Index was up 6.9% over the first quarter of 2012 and up 1.2% over the second quarter of 2011.

That marks a big turnaround from the steady declines witnessed during the recession. The National Home Price index hit a record low decline of 18.9% in the second quarter of 2009.

A separate report showed that foreclosures are falling off nationally.

There were 58,000 completed foreclosures in the U.S. in July 2012, down from 69,000 in July 2011 and 62,000 in June 2012, according to CoreLogic.