Region’s Real Estate Market Suffers from Lack of Inventory

December 2, 2010 – BOSTON:  Amid the recent stories of a slow recovery in the nation’s real estate market, Boston area real estate agents are battling with a different challenge – a lack of inventory. They have an active pool of qualified buyers – but not enough homes for them to buy.

“We are used to being ahead of the curve,” said Michael Hansen, Owner of Gibson Sotheby’s International Realty. “Boston tends to recover from economic dips before most of the country. That is what we are seeing now.”

In the last six months, Boston has seen a lot of movement at the higher end of the market. Experts attribute that to “smart money” re-entering the market. (Smart money is the term used to describe the more affluent and savvy investors.) That movement in the higher price points has been followed by improving home sales at other price ranges. And, with all that activity, the supply has dwindled.  “We have a lack of inventory,” said Nick Russo, a veteran real estate broker of more than 30 years. “I have clients who are ready to buy in the South End, but there aren’t enough units out there.”

“I have been working with clients searching in the Back Bay for a $2.5 million home,” notes real estate agent, James Plasteras. “It has been a challenge to get a pool of homes that work for them. And I am seeing that at other price points, as well.”

Karl Case, of the Case-Shiller Home Price Index, shared his predictions at a lecture in Boston this week. “I don’t think we’ll have a double-dip,” said Case. His prediction is for a continued recovery in the market, with the northeast coming out of the recession ahead of the rest of the country.

“What we need now are listings,” said Hansen. “If anyone has been considering selling their home, now appears to be the time to get it on the market, because there are definitely buyers who are ready to move.”

Go Green and Save Money this December

If you haven't yet, it's time to look into energy efficient products and renewable energy systems for your home. Not only will you save money in the long run, you also may be entitled to a tax break.Want to learn more? Engery Star has a ton of helpful information on their website about how to apply, when to apply and much more. The deadline is December 31, so act fast!

Looking for more tips to go green this year? Here are a few of our favorite sites:

Best Green Home Tips
The Green Guide
HGTV Green Home

Have a tip for going green and saving money? Let us know in the comments.

Video: Sotheby's International Realty Leadership Forum

Boston real estate CEO visits the International Leadership Forum

This week Sotheby’s International Realty hosted the International Leadership forum in Atlanta, Georgia. Boston’s own Larry Rideout was asked to participate in a panel discussion of six owners of international luxury real estate offices. Rideout noted, “This luxury brand works for homes of every price point.”

CEO of Sotheby’s International Realty Affiliates said, “I’m very excited about the growth of Gibson Sotheby’s International Realty. This company has embodied what the standards of this brand are all about.”

For more information on Boston’s leading luxury real estate company, go to GibsonSothebysRealty.com.

Gibson Sotheby’s Joins the Effort to Help End Hunger

Gibson Sotheby’s International Realty is participating in a fundraiser for the Greater Boston Food Bank. The memorable event will be hosted by RHD&D at their newly completed luxury home and will feature the following local chefs: Michael Schlow of Radius, Evan Deluty of Stella, Andy Husbands of Tremont 647, and Tim Fonseca of Four Seasons Hotel Boston.

One Starry Night - A Celebration to Help End Hunger
Wednesday, September 22, 2010
6:30pm - 9:30pm
A private residence at 1014 Boylston Street, Chestnut Hill, MA
Tickets: $500 per person

To purchase tickets, go to the Greater Boston Food Bank website.

Boston Luxury homes selling WAY over last year’s mark

Boston’s luxury real estate market appears to be selling far more than last year. Gibson Sotheby’s sold 40 $1 million+ properties so far this year – as opposed to 21 for the same period last year. Beth Dickerson’s sale on Commonwealth Avenue in Boston’s Back Bay – for over $10 million - is the most expensive home sold in the state so far this year (source: MLSpin).

For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston real estate company seeing sales growth

Boston luxury real estate company, Gibson Sotheby’s International Realty, has seen growth in market share in the first five months of 2010. Now ranked as number five in the state – and the only Boston-based firm in the top five – the firm has closed more than 200 sides for almost $150 million since January 1, with well over 150 scheduled to close in May and June (source: MLS). And it’s not just the activity from the federal tax credit. In fact, Gibson Sotheby’s closed 15 sides for homes over $1 million and has 25 more scheduled to close.

For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston real estate agents gearing up for National Open House Weekend

Boston’s real estate agents are preparing for a very busy weekend. With only 3 weeks until the Tax Credit expires, the National Association of Realtors, in conjunction with dozens of local Realtor organizations, has declared April 10 and 11 as National Open House Weekend. The Boston Globe is also planning a special real estate section for Sunday’s paper.

So, what can prospective buyers expect? According to MLSpin, there are approximately 900 open houses planned in Boston alone! Some agents, like Gibson Sotheby’s International Realty’s Kerry Dowlin and Lee Robinson, are planning open houses on both Saturday and Sunday to provide maximum exposure for their clients and more opportunity for prospective buyers.

For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston Real Estate Firm Sees Upward Mobility

Gibson Sotheby’s International Realty is finding conventional successes in unconventional ways

BOSTON: Only a few weeks into the spring market, one Boston real estate firm is seeing tremendous success. Gibson Sotheby’s International Realty recorded 80 Under Agreements and over 100 sales transactions in January and February (source: MLS). The firm is ranked #5 in the state and has the #1 office in Boston’s Back Bay for 2010 sales-to-date. But their recent success is not just measured in sales figures. The firm has made some strategic moves over the last few years, making them the top-ranked Boston-based firm in the state. They expanded with office acquisitions in the Waterfront, Charlestown and Westwood areas. They also invested in the firm’s infrastructure, including additional marketing and relocation services for their clientele. “We saw the importance of offering the finest services to each client,” says Michael Hansen, President and Co-Owner. “We knew our clients would appreciate the special efforts we now provide.”

All the improvements have attracted highly successful sales associates. Once again, Gibson Sotheby’s recognized Beth Dickerson as their top agent in 2009, having sold the highest volume of sales. Dickerson’s average sale price was more than $3 million last year and she recorded the most expensive sale in Boston, a condominium on Beacon Street in the Back Bay that sold for $9.25 million. Co-Owner, Paul McGann, meets regularly with agents who are considering the firm. “Most often, agents who join us are already successful – but they are looking to go to the next level; to grow their business.” It is that growth potential that brought agents like Tammy DeWolfe to the company. After years in the business, she joined Gibson Sotheby’s Westwood office last month, citing the company’s support as a major motivating factor.

CEO and Co-Owner, Larry Rideout, continues to look for new ways to offer service to an expanding clientele. This month, the company launched a text-to-MLS service offered by Kwkly. This allows home buyers to text the address of any property for sale to get MLS information in seconds. They also have added an iPhone application and a GPS-based search function. “The percentage of Gen X and Gen Y home buyers is growing and they want immediate access to information,” says Rideout. “Our goal is to continue to find new ways to provide exceptional service.”

Boston real estate sales team meets with regional network

Gibson Sotheby’s International Realty’s Boston real estate sales team joined colleagues from the northeast region at a conference held in Winchester, Massachusetts. Agents from Maine, New Hampshire and Rhode Island, as well as dozens of Massachusetts real estate sales agents, were in attendance. The participants discussed best practices and forged new partnerships. (Pictured here are Broker/Owners from some of the regional offices).

Gibson Sotheby’s International Realty CEO, Larry Rideout, was pleased with the outcome. “We are proud to be part of the Sotheby’s International Realty network and of how unique the service is within our industry. This event is yet one more example of the power of working together. We know that from what we have learned here, we will be able to expand our reach and offer even more to our agents and clients.”

For more information on Boston real estate for sale , go to Gibson Sotheby's International Realty, Boston's real estate experts.

Weston luxury home featured in Boston Business Journal

A spectacular Weston luxury home, marketed by Beth Dickerson and Julie Harrison of Gibson Sotheby’s International Realty, was featured in the Boston Business Journal.

For more information on Boston and Weston luxury homes, go to Gibson Sotheby's International Realty.

Joe Wolvek of Gibson Sotheby’s International Realty put together a great analysis of homes going under agreement in the South End of Boston. This benchmark is very helpful for those keeping an eye on market movement to see how many Boston homes for sale are going under contract. Some of the activity could be due to the passing of the home buyer tax credit extension and expansion. The Boston real estate market still continues to outperform other markets in the country.

To read more by Joe Wolvek, go to BostonRealtyWeb.com.

For more information on Boston condos, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Home of Historic Civil Rights Activist For Sale in Boston

Lee Robinson of Gibson Sotheby’s International Realty has listed the historic home of William Monroe Trotter in the Jones Hill neighborhood of Dorchester. This modest five bedroom, two bath Victorian home has a picket fence, and a farmhouse feeling with a vintage kitchen, a tree-top master suite and many charming architectural details. It also features extensive decorative painting by John Derian. This unusual property offers a restful urban oasis with a terrace, a professionally landscaped yard, two pergolas, a tree swing, parking and a wonderful location – high upon Jones Hill, capturing lovely natural light and ocean breezes.

Mr. Trotter graduated magna cum laude from Harvard in 1895, and was the first man of color to be awarded a Phi Beta Kappa key. But upon graduation with an M.A., he quickly hit the glass ceiling in his professional life. A co-founder of The Guardian, an African American activist newspaper, he also was a charter member of the Niagara Movement, a forerunner to the NAACP. As a political activist and publisher he railed against segregation in government and agitated for radical reform and equal rights. In 1899 he married, Geraldine Pindell who co-partnered with him providing substantial help and support enabling Mr. Trotter to achieve significant success. The couple lived in their Jones Hill home until her death in 1916 and his in 1934. The home was named a National Historic Site in 1976.

With a unique combination of charming details, abundant natural light and generous living space, this storied home captures all the romance of the Victorian era. For more information, go to gibsonsothebysrealty.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston real estate: New Wall Street Journal micro-site features Boston firm

The Wall Street Journal is flourishing in this economy, as readers flock to its print and electronic versions for up-to-date information on the stock market, government relief plans and more. Sotheby’s International Realty recently launched an exclusive arrangement with the Wall Street Journal, resulting in a micro-site called “The Business of Extraordinary Living”.

Colleen Barry, the Marketing Director of Boston’s Gibson Sotheby’s International Realty is enthusiastic about the potential for the site. “Our clients’ homes already receive a tremendous amount of exposure from our current datafeed to more than 40 websites. This new Wall Street Journal agreement promises to drive even more traffic to SothebysRealty.com and to our listings. We are thrilled to be working with such a sophisticated and successful publication.”

View the complete site on wsj.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston real estate: Beacon Hill

Beth Dickerson of Gibson Sotheby’s International Realty has listed a Beacon Hill pie-a-terre with a fabulous roof deck. Proudly resting on prestigious Mount Vernon Street this pristine two bedroom floor through condo, neighbors Boston's highly sought after Louisburg Square! Situated on the second floor of this charming well maintained and professionally managed brick building, this home; with its hardwood floors throughout, two marble surround fireplaces, sun inviting oversized windows, and enormous private deck, is the ideal residence. A bright and open living room with views onto tree lined Mount Vernon Street, an office area separated by a beautifully molded oversized doorway, this spacious room is open to the well positioned galley kitchen. Master bedroom, offers large windows an en suite tiled bath with unique glass bowl sink basin, and glass shower stall. The second bedroom, currently used as study, provides for access to the sprawling sun drenched private deck. An abundance of outdoor space, direct sunlight, and lush vegetation offers a serene abode in the middle of Beacon Hill!

View the complete property description on SothebysRealty.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston’s Seaport

Brian Perry of Gibson Sotheby’s International Realty has listed a spectacular loft-style home with gorgeous city views in the Seaport. This stunning three bedroom/three bathroom penthouse boasts soaring 21 ft ceilings and two walls of windows 18 ft high. Enjoy the view from your large, private balcony overlooking the Boston skyline. Unit features two fireplaces, one in the living room and one in the master bedroom. The master bathroom features a large glass shower, soaking tub and Kohler/Grohe fixtures. The kitchen shines with granite countertops, Viking stove, refrigerator and double wall oven. Two garage parking spaces are included.

View the complete property description on SothebysRealty.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston real estate suffers from a lack of inventory

An article on BankerAndTradesman.com detailed the defining difference between the Boston real estate market and much of the rest of the country: a lack of inventory. In fact, the inventory is down 21%.

The interview with John Ranco, Director of Sales for Gibson Sotheby’s International Realty, uncovered that the battle for agents is to inform clients of the difference between the “national news and regional data, which is much different.”

View the complete article on BankerAndTradesman.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston’s South End

Joe DeAngelo of Gibson Sotheby’s International Realty has listed a gorgeous single family home in Boston’s South End. This historic building is in a great location! Once home to a sea captain and his son, this three bedroom and two-and-a-half bath home has wonderful possibilities. It features oversized windows, crown moldings, and six marble mantels. An exterior makeover was completed in 2008, including new roof and roof deck, with amazing Back Bay skyline and South End views.

View the complete property description on SothebysRealty.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on the north shore

Tom Kennedy of Gibson Sotheby’s International Realty has listed a stunning estate in Beverly. Sitting on almost 2 private acres, this mansion offers unparalleled views of the entrance to Beverly Harbor and the Atlantic Ocean. A long manicured lawn slopes to your own beach. This 8855sq foot home boasts a chef's gourmet kitchen, 6 renovated baths (3 full, 3 half) a complete master suite with sitting room, wet bar, dressing room and en suite bath. Third floor Stag Bar with spectacular water views, game room and library.

View the complete property description on SothebysRealty.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on metro west

Karen Gray of Gibson Sotheby’s International Realty has listed a stunning estate in Framingham. Proudly resting atop Nobscot Mountain with cascading views over the 820 acres of Richard Callahan State Park to the panoramic skyline of Historic Boston and beyond, this brand new custom designed home offers the utmost in privacy. This commanding estate offers both the charm and convenience of a comfortable family home while maintaining a stately presence.

View the complete property description on SothebysRealty.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.