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As another decade comes and goes it helps to look back over the past ten years and see how much has changed in the real estate industry. There are certain elements that have really changed the way business is done these days and will have a long term effect on the process of buying and selling a home. According to the National Association of Realtors Profile of Home Buyers and Sellers data:
- Over the past decade (1999 compared to 2009), median home values have increased more than 25 percent from $137,600 in Nov. 1999 to $172,600 in Nov. 2009. This shows that those who have been in their homes for 10+ years have definitely equity built up in those properties.
- Fewer people are buying single family homes - 78% in 2009 compared to 82% in 1999.
- More than half of buyers (54 percent) bought a home in a suburban neighborhood last year compared to 46 percent 10 years ago.
- A majority of last year’s buyers (90 percent) began their search for a home online compared to only 37 percent in 1999. I highlight this because this has been an instrumental change in how real estate is done these days, which has led to The Madden Team being on the forefront of these technological changes.
While these changes have occurred within the real estate industry, some things have remained unchanged over the course of ten years.
- The median age for homebuyers in 2009 was 39, just as it was in 1999.
- Neighborhood quality, affordability and convenience to work and school are still top considerations for buyers.
- 80% of buyers still believe that owning a home is an investment in their future.
While some things change, other stay the same. There will always be innovation that changes this industry and we will adapt to use it to the best of our ability. Have a happy and healthy 2010!
In an effort to stay "on top of" the real estate market in Watertown, MA we weekly pull market statistics for single families, condominiums and multi family homes. We make an effort to share this data with our clients and the internet users, so that we can help educate potential buyers and sellers about the realities in the Watertown, MA real estate market.
SINGLE FAMILY HOMES
Year-to-date single family home sales in Watertown, MA have been pretty steady in comparison to last year. The number of active listings, number of sales year-to-date, average sale price and median sale price are all basically unchanged. This year we are averaging slighly better days on market averages for sold homes. This tells us that sellers are pricing their homes to sell and therefore they are selling faster.
CONDOMINIUM HOMES
The condominium home market has seen a -$23,668 depreciation year-to-date with fewer sales this year as well. With the first time home buyer tax credit being extended, we still feel as though it is a great time to list your condominium homes because through the end of April buyer will attempting to getting an offer accepted in order to be eligible to receive the $8,000 incentive. This will hopefully help the market catch up to the 2008 standards.
MULTI FAMILY HOMES
The multi-family homes market in Watertown, MA has also depreciated year-to-date in comparison to 2008 by -$35,796. There have been 17 fewer sales year-to-date in this category as well. With a substantially lower average sales price, now may be the time for investors to find some great rental income property or to eventually use as a condo conversion.
For more information on the Watertown, MA real estate market or to receive this updates weekly by mail, please contact Mark at mark@themaddenteam.com or call Mark directly at 617.448.9481.
Click on the logo below to be taken to The Madden Team Homepage
Overview
The 125 Trapelo Condominiums is a 41 unit complex located in Cushing Square in Belmont, MA. The building, which was built in 1963, is located on Trapelo Road. Of the 41 units, only 2 bedroom units will come with 1 deeded parking space.
Units & Pricing
Currently there are 5 units available through CENTURY 21 Commonwealth at 125 Trapelo Road in Belmont, MA. The condos start at $179,900 for a renovated 1st floor 1 bedroom condo and go up from there. The condos are either being sold as-is or with a roughly $25,000 upgrade package to look similar to the model unit (pictured below).
For more information on pricing, please email either Mark or John.
The monthly condominum fee will vary based on the size of the condo ranging from $290 to $397. That condo fee includes: Heat, Hot Water, Water, Sewer, Master Insurance, Laundry Facilities, Elevator, Exterior Maintenance, Landscaping and Snow Removal
Area
The 125 Trapelo Condominiums are across the street from the 73 bus stop into Harvard Square or a longer walk to the Waverley Square Commuter Rail. In Cushing Square there are numerous eating options: Savino's, Kitchen on Common, Vicki Lee's, Brother's Pizza and more. There is a Starbucks and a Spirited Gourmet wine, beer and liquor store as well.
Click Below to see my other Go Inside Articles:
Go Inside
New Changes to the TRUTH IN LENDING ACT
The Federal Reserve has proposed some changes to the Truth in Lending Act (TILA) that will help better protect the consumer and provide less surprises for the consumer during the closing process.
- Improve the disclosure of the annual percentage rate (APR) so it captures most fees and settlement costs
-
Require lenders to show how the consumer's APR compares to the average rate offered to borrowers with excellent credit
-
Require lenders to provide final Truth in Lending Act disclosures at least three business days before loan closing
-
Require lenders to show consumers how much their monthly payments might increase, for adjustable-rate mortgages.
These changes will help the consumer to better understand every detail of their financing, while protecting them from the "at the closing table" increase in rates. The second bullet point is great, "Require lenders to show how the consumer's APR compares to the average rate offered to borrowers with excellent credit" because many consumers do not know how much poor credit affects their chances of securing low interest rates in their home purchase. There are many step one can do to increase their credit rating (and no, it does not take too long either).
In conclusion, these changes to the Truth in Lending Act should help consumers to set aside their fears of entering the mortgage world, because disclosures and transparency are becoming the name of the game.
Timeline for Buying
Your Home Courtesy of The Madden Team
To
begin, give The Madden Team a call and get pre-approved for a mortgage.
In order to keep you on track for this Timeline for Buying Your Home we
have qualified mortgage advisors that we could recommend for you, if
needed. This timeline for buying your home
represents approximately 60 days. The time periods shown on this chart
are fairly typical but may differ in your situation, depending on
various needs and negotiations between Buyer and Seller.
DAY ONE
- Offer submitted with
$1,000 personal check
DAY TWO
- Offer accepted; hire a
home inspector
DAY 7-10
- Home Inspection completed
DAY 10
- Hire an attorney to look
at the Purchase
and Sale Agreement
DAY 10-14
- Sign Purchase and Sale
Agreement with additional
5%-10% deposit
DAY 16
- Submit completed mortgage
application
DAY 28-35
- Lender
issues mortgage commitment
1 WEEK BEFORE CLOSING -
Obtain home insurance binder for closing
DAY BEFORE CLOSING -
Final walk-through
DAY 40-60
- Pass papers at closing
(1-2 hours)
Check back for a slightly more indepth explanation of the different
stages of The Home Buying Process: Pre-Approval, The Offer, The
Inspections, The Purchase and Sale Agreement and The Closing
UPDATE: Congratulations Sellers! This property SOLD for over 101% of the ask price.
Gorgeous 5 room, 2 bedroom, 1 bath condominium in perfect location for quick access to Route 60 and Route 2. Steps to Arlington's downtown and the Minuteman Bike Path, this home features hardwood floors throughout, an updated kitchen and bath and a beautiful common patio. The fireplaced living room leads out onto a 3-season front porch perfect for summer nights. A built-in hutch highlights the good sized dining room. It's time to make Arlington home!
EXTERIOR (DOOR ON LEFT)
LIVING ROOM FIREPLACE
 DINING ROOM WITH BUILT-IN HUTCH  COMMON PATIO
FIREWORK
DISPLAYS
July
3rd
Danvers:
9:00 PM at Plains Park
Gloucester: 9:30
PM at The Harbor
Hingham:
around 9 PM
Lexington:
After Sundown at Center Playground,
Manchester-by-the-Sea: 8:30
PM at Singing Beach
Milford: 9
PM at Plains Park
Needham: Dark
at Memorial Field
Orleans:
Dusk at Rock Harbor
Sharon: 9:15
PM at Memorial Park Beach
Walpole: 9:00
PM at the field behind town hall
Weymouth: 9:30
PM on the waterfront
July
4th
Acton: 10:00
PM at NARA park
Barnstable:
Dusk at Lewis Bay
Bellingham: 9:30
PM at the Football field
Beverly Farms:
9:00 PM at West Beach
Boston: 10:30
PM on the Esplanade
Falmouth:
Dusk at the harbor
Marblehead: 9:00
PM at the harbor
Martha’s Vineyard: 9
PM in Edgartown
Nantucket: 9:00
PM off Jetties Beach
Newton: 9
PM at the Halloran Field and Sports Complex
Old Sturbridge Village:
Dusk
Plymouth: 9:00
PM on the waterfront
Salem: 9:15
Pm at Derby Wharf
Wakefield:
Dusk at North Avenue
Waltham: 9:30
PM at Leary Field
Wilmington:
Dusk on the common
THE RIVERBANK LOFT at 290 PLEASANT STREET in WATERTOWN, MA
Overview
The Riverbank Lofts is a complex of 56 condominiums in Watertown. The Riverbank Lofts are located at 290 Pleasant Street in Watertown, MA. The condominiums were constructed in 2006 in a building originally built as an office building and then converted into condominiums. Every unit comes with 2 deed parking spaces.
Units & Pricing
The units are all 1 bedroom or studio sized and range in size from around 621 square feet to 1,333 square feet. The units on the first floor have patios, while the back side of the building overlooks The Charles River. The original units came with washer and dryer included in the units, but resale units will obviously have the choice of keeping the washer and dryer if so desired. All units have 1 bathroom.
The monthly condominium fee ranges from the low $200's per month to the high $300's per month depending on size of the unit. The condo fee includes: Heat, Master Insurance, Elevator, Snow Removal, Refuse Removal.
Sales History
The number of sales over the last three years in MLS transactions has ranged from 4 year-to-date in 2008 to 32 in 2006.
- 2006 - Average Sales Price: $333,475 (10 units sold) with an Average Market Time of 24 days
- 2007 - Average Sales Price: $332,966 (32 units sold) with an Average Market Time of 93 days
- 2008 - Average Sales Price: $351,125 (4 units sold) with an Average Market Time of 495 days
In 2009, there have been 2 units that have sold at The Riverbank Lofts. They were listed at an average of list price of $317,500 and sold for an average of $297,500. Currently there are 3 condominium for sale at The Riverbank Lofts with an average list price of $315,667 and there are 2 units that are currently Under Agreement that were listed at an average of $346,500.
For more information on the current listings or to be notified of any new listings at The Riverbank Lofts please email me at mark@themaddenteam.com or call me directly at 617.448.9481.
Area
The Riverbank Lofts are located along the Charles River Bike Path, which leads all the way into Boston. It also has great access to the Mass Pike, Route 20 and more. With close access to Watertown Square's shops and restaurants this is a great commuter location.
Click Below to see my past Go Inside articles:
Go Inside Archive
Updated on November 12, 2009
As seen in the Boston Globe!
One of my recent sold listings was featured in a Boston Globe article about how the stimulus plan is helping Watertown. It was great because they interviewed the buyers who bought the home and showed some of the work that they had begun putting into the home. The buyers talked about realizing that now is a great time to buy because of low home prices, low interest rates and the $8,000 tax credit for first time home buyers.
Take a minute to watch the video or read the article. The buyer talked about receiving a great deal and... he did! It was a house that needed a TON of work in a great neighborhood, so after they put in the effort they'll have a great house in a great Watertown neighborhood.
Click on the picture below to watch the video.
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Mark Madden | The Madden Team
Watertown,
MA
More about me…
Century 21 Commonwealth
Address: CENTURY 21 Commonwealth, 161 Mount Auburn Street, Watertown, MA, 02472
Office Phone: (617) 926-5280
Cell Phone: (617) 448-9481
Email Me
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