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 update: National real estate market rises

Boston’s real estate market, along with the rest of the country has seen a lot of positive growth over the first quarter of this year. According to the National Association of Realtors, sales increased from a year ago in 44 states and the District of Columbia; 31 states and D.C. saw double-digit gains while two were unchanged and four were down. National Association of Realtors President, Vicki Cox Golder, said there’s been a change in market psychology. “Buyer confidence is back, and home buyers have long-term views. The typical buyer plans to stay in their home for 10 years, so we’ve put the flipping mentality behind us and most people see housing for what it is – shelter that provides social benefits and is also a good long-term investment,” Golder said.

To read the full story, go to NAR.com.

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

Featured Boston property: South End classic home for sale

Elegant parlor level 2 bedroom condo on lovely Chester Park in the South End features soaring 12' ceilings, new oversized Pella windows, and an expansive open living room. Brand new deluxe kitchen with Bosch appliances and honed granite just installed! Located close to public transit and great restaurants, this unit has everything; hardwood floors and detailed molding, two gas fireplaces, abundant closet space, W/D in unit, central air, and a private deck. OPEN HOUSE SUNDAY 4/25 11:30 - 12:30!


To read more about this fabulous South End condo, go to Boston real estate for sale in the South End.

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.

The Boston luxury real estate market is coming back

MLSpin shows the Boston luxury real estate market in a great light in 2010. From January 1-March 28, 2009, only 183 homes sold for $1 million or more. For the same dates in 2010, there have been 271. That is a 48% increase! By comparison, the state’s general real estate sales are up 10-11% year-over-year.



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

Boston’s new construction is selling well!

Boston’s latest new construction development, The Signal Building, is seeing a lot of early success. With each open house seeing 40 or more groups and ten units already under agreement, Mary Kelleher and Renee Asofsky are very confident.

The Signal consists of studios, one and two bedrooms in two styles: the renovated brick-and-beam building offers modern loft-like condos or more traditionally styled condominiums are in a newly built structure. The building’s residents will enjoy low monthly condo fees, a roof deck with spectacular city views and kitchen and bathroom. Other amenities include two elevators, private courtyard, gym, bike storage and recycling center.

Why is this property so successful? Well, at this price point (starting at $289,000) most of the inventory in the city is older construction with fewer amenities and in less desirable locations. Also, The Signal offers different layouts, styles and sizes to appeal to a large number of first time home buyers and upgrading home buyers.

To see more details, go to the TheSignalBuilding.com.

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

Luxurious Boston waterfront penthouse

This spectacular Boston duplex penthouse features 3-sided, stunning views of Boston Harbor from every room in the nose unit at Commercial Wharf. Watch sailboats drift by in this 2 bedroom with den, 2700sf condo, featuring open and airy, sun-filled living space with 20 ft. ceilings and exposed beams. Walk out through a sliding glass doors to 152 sq. ft. private balcony overlooking boat slips in Boston’s inner harbor and offering sweeping views of the city skyline. Enjoy the short walk to Financial District and finest North End restaurants and shops.


To see more of this spectacular Boston waterfront home, go to Boston waterfront.

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

Boston and Northeast real estate market surges ahead

The Boston and Northeast real estate markets are improving ahead of the country’s other sectors. The NYTimes had an article that quoted the Boston-based Warren Group and the National Association of Realtors – both organizations touted serious gains and/or improved stability in the Northeast real estate markets.

To see more details, go to the NYTimes.com.

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

Boston home sales on the rise for the 4th straight month

With the tax credit, low interest rates and improved consumer confidence helping to move buyers into the market, Massachusetts has seen an increase in the number of homes sold for the fourth month in a row. October saw its highest number of sales since 2005 – showing a 17.2% increase over the same month last year.

Click here to see more details on boston.com.

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

From Boston real estate to the National Picture

(SAN DIEGO, CA) -- Within two weeks of Congress passing an extension and expansion of the home buyer tax credit program through mid-2010, the feeling of renewed optimism and energy was in the air at the annual National Association of Realtors convention in San Diego this past weekend.

At a scheduled press conference, NAR introduced Vicki Cox-Golder as their new incoming President for 2010.

Ms. Golder stated in her press conference that her goals in 2010 primarily included, "Providing more liquidity to the real estate marketplace, get kinks out of the appraisal process, reduce restrictions on lending and further encourage our Realtors to really know their local markets."

NAR's senior economist Lawrence Yun also held a separate press conference and released some telling numbers and market predictions for 2010 that included; sales activity continuing to rise by as much as 15% in 2010, the reduction in inventory to just a 6-7 month national supply, and housing prices stabilizing and even showing a modest 3% to 5% appreciation by the end of 2010.

But Yun did admit that there are some issues that remain in 2010 that include increased foreclosures through mid-2010 and continued rising unemployment.

He further commented, "The fear factor that many consumers had in 2009 when it came to buying a home will be replaced by rational decision making and market data in 2010".

Other real estate market predictions made by Lawrence Yun for 2010 included;


* Estimated that over 2.2M families will take advantage of the home buyer tax credit program.

* 5.7M annualized sales rate of existing home sales, up from 5M in 2009.

* 550,000 new home sales, up from 400,000 in 2009.

* Over 3M homes in foreclosure in 2010 and an additional 3M homes in foreclosure in 2011.

* More international buyers enter the market in 2010 due to favorable exchange rates against the US dollar.


When asked, "what keeps you up at night for 2010", Yun replied "Inflation". "When inflation goes up, so does interest rates!"

Find the complete article on http://www.realestatechannel.com

Regional market surge helps Boston homes for sale

A recent RIS Media article documented the third quarter market improvements around the country – including the Northeast, where existing-home sales were up 16.7%. That is 6.9% over a year ago. One possible reason for the improvement is the First Time Homebuyer Tax Credit. The National Association of Realtors Chief Economist, Lawrence Yun, thinks a significant portion of the success is due to the tax credit. More than fiscally motivating, the credit has had an impact on the consumer confidence.

The Boston condo market was sited as one of the higher valued markets.

To read the full story, go to rismedia.com.

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

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.

Tax Credit is Extended: Boston Real Estate Market to Get a Boost

Congress passed the Extended Tax Credit for real estate purchases today. Now included are purchases for existing homeowners. Read the whole story on Boston.com. Condos and homes for sale in Boston are sure to see a boost from this much anticipated move.

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

Tax Credit Update: Extension Possible Today

Today may be the day that homebuyers find out about a potential extension for the tax credit that would otherwise expire on November 30. Read the whole story on Bloomberg.com. This could help to continue to bolster demand for homes for sale in Boston. The Boston real estate market has continued to see market activity, while other areas of the country have been less consistent.

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

Success in Staging

The benefits of staging a home for sale are well known to local real estate agents, many of whom can recall their own success stories. I remember one development where the agents just seemed to be moving furniture from one unit to another – as each unit sold quickly after staging. But, some homeowners may not understand the importance of professional interior design when presenting a home for sale.

Interior Designer, Andrew Terrat has provided staging and interior design services for many years. The owner of Terrat Elms has staged model condominiums for newly constructed developments, such as FP3. He has also designed home interiors for homeowners in Boston, including clients at the Ritz. Each example offers a different style personality – from brick and beam urban lofts to casual beach retreats. Terrat uses a combination of the homeowner’s personality and the style of construction.

Terrat believes staging can help a buyer to make a personal connection to the home. “Home buyers have an immediate connection – or not – to a home when they see it. My experience is that you have one opportunity to make that connection. Staging a property effectively can seal the deal. Is the common hallway pleasant? Is the first look into the home instriguing?” Terrat also notes there is a real value proposition in staging. “My experience is that buyers are inclined to choose and are willing to pay more for a property that has been renovated well and that shows well. I always have resale in mind when working with clients.”

For more information, go to TerratElms.com.

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

Winterize Your Home

Did you know that drafts can waste 5% to 30% of your energy use? Or that the Fed chips in on certain energy saving changes. For example, there is a tax credit which pays 30% of the cost for solar water heaters, or up to $1,500 for conventional systems. DailyGreen.com posted several helpful tips to help you winterize your home.

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

Boston home prices showing positive growth

Zillow.com’s charting of home sale prices is showing positive growth. The data taken over the last several years, shows downward pressure on pricing, with a positive turn during this year.

For more information, go to zillow.com.

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

Massachusetts market showed improvement in July

A recent NECN story used exciting numbers from the Warren Group to indicate improvement in the Massachusetts real estate market. It was the best July since 2005 – showing a tremendous number of home sales during a normally quiet month.

For more information, go to necn.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: Fixing up old homes

Boston.com featured a list of ten ways to improve an older home. From adding transom windows to open a room, to changing exterior paint colors, this list offers several solutions if you are selling your home or buying a previously owned home.

For more information, go to boston.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: Monetizing the First-Time Homebuyer Tax Credit in Massachusetts

An article in Banker and Tradesman discussed the exciting news that a program in Massachusetts will allow qualified buyers to use the First-Time Homebuyer Tax Credit as a downpayment:

Patrick, MassHousing Monetize First-Time Homebuyer Credit
By Ian B. Murphy - Banker & Tradesman Staff Writer
July 14, 2009
Gov. Deval Patrick has announced a loan program through MassHousing allowing first-time homebuyers to monetize and use an $8,000 federal tax credit as a funding source toward the closing costs of their new home. The principal and interest payments for the loan will be deferred until June 1, 2010, to allow first-time homebuyers to pay back MassHousing with their federal tax credit. If loans aren't paid by the June deadline, they will be amortized for 10 years at the rate of their original mortgage. Gary Rogers, president of the Massachusetts Association of Realtors (MAR), said not paying back the loan with money saved from the tax credit is still a decent option. "If that's what the homebuyer opts to do, that's still an excellent program; usually second mortgages have much higher rates," Rogers told Banker & Tradesman.

The loans will be available only to homebuyers with MassHousing mortgages, through MassHousing-approved lenders. To be eligible, loan participants must use the home purchased through the program as their primary residence for at least three years, and must purchase a one, two, three or four-family home from a seller unrelated to the buyer by Nov. 30. "These loans will both help prospective homebuyers achieve the comfort and stability of homeownership for their families, and also stimulate the commonwealth's economy through increased home sales, while reviving neighborhoods impacted by foreclosure," Patrick said in a statement.

This is the first program of its type in Massachusetts, according to Rogers, but there have been other variations of the same theme in other states. MAR worked with Patrick, Lt. Gov. Timothy Murray, and MassHousing to bring the program to fruition. "It's a partnership; we're right there with them, and we'll be making sure that our Realtors inform the people who this is aimed for, and that they know about the program," Rogers said. "The Tax Credit Loan will be of great benefit to homebuyers, Realtors and MassHousing-approved lenders, and we applaud the Patrick-Murray administration for its leadership in promoting affordable homeownership opportunities in Massachusetts," said MassHousing Executive Director Thomas R. Gleason.

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