Tag Archive | "Massachusetts"

Boston Commercial Real Estate Market Improves in 2011

After years of subpar performances, it appears that Boston’s commercial real estate market is back on track. The city had more growth this year than any other year since 2006, including the groundbreaking of a one billion dollar lease signed by Vertex Pharmaceuticals.

The growth in the commercial property market has been considerably strong in the South Boston waterfront area, where the Mayor has pushed for the development of an innovation district. Boston’s Mayor is hoping to bring in tech firms and other businesses that are looking to hire young workers.

While the premier areas of Boston have shown significant growth, analysts worry that not all is what it seems in the Boston market. While there was growth in 2011, much of it came from the prime areas of Boston. Commercial properties not located in prime areas did not experience nearly the same growth as those in premier areas such as the newly founded innovation district.

With that said, there is still much to celebrate in terms of commercial real estate in Boston. There are a variety of commercial properties that either opened to the public or started construction in 2011, thus contributing to the city’s strong performance. Atlantic Wharf opened for business in 2011, and is nearly full of tenants. Other areas such as Copley Place and the East Boston waterfront have massive commercial real estate projects under construction, which will continue to have a positive impact on commercial real estate in 2012.

Unlike many other cities in the United States, the Boston commercial real estate market is as healthy as it has been in the past few years, and will likely continue its growth into 2012.

Posted in CommercialComments (0)

Residential Real Estate Sales Up in Massachusetts

The residential property market in Massachusetts appears to finally be getting back on track. Overall home sales increased again in September, making it three straight months that the state has seen sales rise in the state.

The number of housing sales increased by roughly seven percent since the previous month. Despite the increases, some residential property experts are not overly optimistic about the housing market in the state. They believe that the market will finish the year as one of the worst ever in housing sales and prices.

The average home price in Massachusetts dropped for the first time in months to two hundred and ninety thousand dollars. It is the first time since April that the state’s average housing price fell below three hundred thousand dollars.

Condominium sales in the state reflected a complete opposite of sales in the single-family homes market. Condo sales fell nearly three percent. However, their average price did increase to more than two hundred and seventy-five thousand dollars.

There is hope that the housing market will continue to experience increases despite the opinion of some analysts. With the HARP program facing modifications that will benefit new and current homeowners, and residential mortgage loan rates hovering around all-time lows, many analysts believe that the market has the potential to rebound strongly.

The Northeast has, as a whole, experienced decent increases in the last quarter. While the numbers are still not even close to levels seen during the housing boom, they are recovering from those seen following the crash. While they may never hit the prices experienced during their boom, there is hope that they will continue to slightly increase once again.

Posted in ResidentialComments (0)

Five Reverse Mortgage Companies Ordered to Stop Selling in Massachusetts

The state of Massachusetts has sent five firms notices to put an end to their practice of selling reverse mortgages to the elderly. While reverse mortgages are commonly sold to elderly homeowners, the five companies did not have the adequate licenses need to sell in the state, thus making their business practices illegal.

The five companies, which have been identified as Eldervantage LLC, Lender 411 LLC, Senior Reverse Mortgage Online, Reverse Mortgage Help Desk, and Reverse Mortgage Site, are not the only companies who have received cease and desist letters from the state of Massachusetts. In fact, since the state decided to crack down on such unlicensed activity in 2009, more than twenty companies have received similar letters. The state of Massachusetts has made it clear that the actions taken by the companies cannot be considered fraud, though they were illegal according to state law.

The state has made a very concentrated effort in the last two years to prevent unlicensed companies from selling reverse mortgages to senior citizens, as there were various reports of reverse mortgage firms making false and misleading promises in an effort to take advantage of them. While there are no indications that the five reverse mortgage companies that received letters to cease activity were actually those that made misleading promises to the elderly, they were practicing without a license in the state, thus leading to the corrective action that was taken.

Reverse mortgages can be a very beneficial service to some elderly people, as it can provide financial help in dire situations. However, they are usually not recommended, particularly for those homeowners that are elderly.

 

Posted in Finance and MortgageComments (0)

Home Sales Increase in Massachusetts

For the first time in six months, the number of home sales in the state of Massachusetts has increased. The numbers improved seven percent over last month, giving real estate analysts hope that the housing market in the northeastern part of the United States may get out of its slump.

Experts, however, believe that the increase may have been an exception rather than the norm, and don’t hold high hopes that the real estate market will see any real improvements any time soon. The reason for their pessimistic attitude stems from the fact that the housing market has fallen so far already, and that the minimal increase still does not even bring them close to the desired sale levels. In fact, when comparing home and condo sales in the state to where they were at the same time last year, it is evident that there has been a major decline in the numbers.

While home sales did increase this past month, the average price of each sale did experience a very miniscule decrease. Real estate agents are hopeful that, with real estate prices somewhat leveling out, and mortgage rates sitting at record lows, that potential homeowners will see now as the ideal time to buy a home. Many sellers have come to realize that they will not be able to sell their home at prices that were realized during the real estate boom, and thus, they are settling for much lower final sale prices. That is good news for buyers, though they must still overcome the hurdle of tightened lending standards on mortgage loans from the banks.

Posted in ResidentialComments (0)


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