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.

New smoke alarm regulations begin April 5

The Massachusetts Dept. of Fire services has released information on the changes in the state's smoke alarm regulations for homes with five or less units. There is a guide to assist all those who may be affected.


To get more details, go to the Smoke and Carbon Monozide Requirements Guide.


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

Introducing a Spectacular Weston Estate

Beth Dickerson and Julie Harrison of Gibson Sotheby’s International Realty’s Back Bay office have listed a one-of-a-kind $24.5 million residence in Weston, Massachusetts. This meticulously designed Arts & Crafts inspired home, designed by renowned architect Jeremiah Eck, is a modern twist on the classic mountain lodge style home. This sun flooded estate is an architectural masterpiece, with slate roof, unique chimneys, and stone and mahogany façade. Located on Weston’s best sited parcel of land, this remarkable 33,000+/- square foot residence offers six bedroom suites, six powder rooms, and privacy on 13.5+/- acres of well landscaped and pristinely manicured grounds, including a cascading stone waterfall. Offering remarkable private amenities, including a pool with a cabana, a caterer’s kitchen, an in-home movie theater, a spa/barber shop, pet grooming room, a pub and a four-car garage, this estate is also situated adjacent to the Weston Country Club.


Private tours are now available for qualified buyers.


For more information, please contact Beth Dickerson, 857.362.1700, Beth.Dickerson@SothebysRealty.com or Julie Harrison 617.413.8332, Julie.Harrison@sothebysrealty.com.

Boston Real Estate Firm Goes Mobile

Local agency uses new technology to give clients MLS access on-the-go

BOSTON: Gibson Sotheby’s International Realty has announced that it is launching a new mobile service for Boston. Kwkly is a service provider that offers MLS access via text, GPS searches and an iPhone app – all allowing people to search for homes for sale by simply using their cell phone. This brings market information right into the hands of the user, no matter where they are. CEO, Larry Rideout, was very excited to be the first to offer this service in the Boston area. “Our clients are very savvy about real estate and technology. When I first saw how Kwkly worked, I knew our clients would love it. Now we can share this service with everyone in Boston.”

The text service works like this: the user texts the word “Gibson” to 59559. They are then prompted to give an address of a property that is for sale. The MLS info will be texted back to them in a matter of seconds. They will also receive a link to Kwkly’s GPS search service. If their cell phone has GPS abilities (as in Google Maps), they will be able to find the five nearest properties that are for sale and comparable recent sales. Lastly, iTunes App Store has two applications MA Homes and Boston Homes that users may download for use on their iPhone.

Rideout says that Gibson Sotheby’s International Realty is always looking for the best way to offer assistance to their clientele. “We pride ourselves on our quality of service. This is one more way that we can provide what our clients want – immediate access to information.”

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

Charlestown real estate: Waterfront penthouse with views

This spacious Charlestown penthouse offers 2+ bedroom, 3 bath, in a duplex layout with unobstructed waterfront views of Boston harbor, the islands and the city skyline from private balcony. This home offers over 2000 sq feet of flexible living space. Richly detailed kitchen and marble baths, den with fireplace, open living and dining with ocean views! First level bedroom and bath; spiral staircase to master bedroom suite, spa bath, walk-in closet and adjacent sitting area-perfect for at-home-office. 2 garage parking: 1 deeded, 1 valet , 24 concierge & close to airport/downtown.

To see more details about this home, go to Charlestown penthouse at Gibson Sotheby's International Realty, your real estate experts.

For more information on Charlestown and Boston 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.

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.

REALTORS TEAM UP WITH THE COALITION FOR THE HOMELESS

(Boston, MA)--The Greater Boston Association of Realtors® (GBAR) and the Massachusetts Coalition for the Homeless has teamed up to assist families transitioning from homelessness. GBAR’s Community Service Committee is sponsoring a furniture drive from November 3-6. The drive will benefit the Coalition’s furniture bank, which is used to furnish the homes of families making the transition from homelessness. The furniture bank accepts qualified household items to be distributed to families in need. This year, Olympic Movers is donating their time and resources to offer professional moving services to the charge. After making a reservation, Olympia Movers will pick up and move the donations from the homeowners at no cost. They will then deliver them on your behalf to the Furniture Bank. Homeowners have until October 21st to register donations by calling Joanne Paleo at 978-303-7100.

For a lot of Massachusetts families, this is much needed assistance. “Nothing is timelier than the topic of homelessness in today's economic climate,” said Joanne Paleo, chair of the Community Service Committee. “GBAR's Community Service Committee has been hard at work to support the Coalition and its Furniture Bank program. As local Realtors® our daily activities are entrenched in the housing market and I can’t think of a better way to give back to the communities that supports us.”

This is the second annual furniture drive GBAR has sponsored for the Coalition, which is the country’s oldest statewide homeless advocacy organization, founded in 1981. The drive matches the needs of homeowners who need to clear out unused furniture and families moving from shelters into empty homes. The Committee’s Vice Chair, Bill Gehan of Gibson Sotheby’s International Realty, is moved by the joint effort. “The Mass Coalition for the Homeless does an incredible job of helping families to prevent homelessness. My commitment to the organization was cemented when I learned that 40% of the homeless in Massachusetts are children under the age of 7. It is a truly frightening statistic.”

But, hope is clearly the key ingredient in this event. “The Massachusetts Coalition for the Homeless is thrilled to again be partnering with the Greater Boston Association of Realtors® in their efforts to help homeless families make a house a home,” said Robyn Frost, executive director of the Coalition. “With the help from the Board we are able to ensure that families making the transition out of homelessness into permanent homes will have free of cost furniture to set up their new homes.”

The Greater Boston Association of Realtors® is a private trade association with more than 5,500 Realtor® members who specialize in residential real estate in Eastern Massachusetts. GBAR is the largest of five divisions of the Greater Boston Real Estate Board (GBREB).

Massachusetts well-positioned for recovery

Analysts, citing key indicators for economic performance, are predicting that our state will recover from this recent economic downturn quicker than the rest of the country. Labor and housing market statistics show that Massachusetts is outpacing the US statistics by a significant margin – with home sales (adjusted for seasonal variations) soaring nearly 50 percent in the state since hitting bottom in January, compared with less than 20 percent nationally.

This is not, however, to say that the markets will fully recover in the next several months. Economists are cautiously predicting a slow recovery for the nation – with 12 to 24 months of incremental growth.

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.

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.

Spotlight on Boston real estate: Mass Foreclosures Drop 58.6% in May

An article on boston.com explored data from this May that showed a tremendous drop in foreclosures for the state of Massachusetts. The study by the Warren Group show the drop in comparison to the same month last year. There was also a 24.3% drop from last month (April 2009). Timothy M. Warren Jr., Warren Group’s chief executive, called the new data “encouraging.’’

To read the complete article, 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: Hancock Tower is sold

The New England Real Estate Journal has reported that the Hancock Tower was bought at auction by a partnership between Normandy Real Estate Partners and Five Mile Capital Partners, which have been buying some of the debt on the building since June. There was only one bid at the auction for the iconic building, originally designed by I. M. Pei.

Read the complete story on NEREJ.org.

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: Stable pricing in Boston challenges bargain-hunters

The national news has given many home buyers the impression that there are deeply discounted homes on the market everywhere. But, they are not finding them in Boston. One reason is low inventory. Also contributing is the fact that New Englanders tend to be more conservative with their dollars – meaning fewer homeowners here are dealing with troubled mortgages.

Read the complete story on NPR.org.

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

Real Estate Update: Chinese investors scouting U.S. properties

Canada’s national news source, TheGlobeAndMail.com shed light on the continuing trend in U.S. real estate: Chinese investors are eager to take advantage of a buyer’s real estate market in parts of the United States. Some U.S. based firms organize real estate tours for visiting investors.

Read the full article on TheGlobeAndMail.com.

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

Massachusetts Real Estate Update: What’s available for $500k?

A recent article on Boston.com went through a cornucopia of available listings throughout Massachusetts – each priced at $500k.

Read the full article on boston.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.

Massachusetts sees positive change in relocation trend

An article on BostonHerald.com explored an exciting shift in the Massachusetts real estate trend. Typically a state that people left for sunnier or less expensive states, Massachusetts saw more people moving to the state last year. That was the first time since 1987. The study, released by United Van Lines, indicates that the economic problems in states like California, have forced some to move back east.

View the complete article on BostonHerald.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 market fares well in Case-Shiller list

A recent article on BostonHerald.com shows the Boston real estate market outperforming much of the rest of the country in the Case-Shiller list – Boston’s prices fell by a mild 6%, compared to the other large metropolitan markets that experienced an average decline of 18%.

Why is Boston maintaining better than other areas? Well, one reason is that Boston didn’t experience a construction boom like other areas of the country. Their influx of inventory prior to the subprime mortgage scandal and the subsequent market dip set off a landslide for prices in areas like Miami and Las Vegas.

View the complete article on BostonHerald.com.

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