From our President

Cambridge housing market shows dramatic departure from doom and gloom of national housing reports

Thu, 26 Aug 2010 13:23:10 -0500

In the last few days, the press has been really digging into the real estate market. Recently released figures for July 2010 sales indicated a sharp decline in properties sold that month. Why is this a surprise? Everyone knew the tax credit deadline was behind the surge in June closings. The real question is whether, going forward, the post-tax-credit housing market is heading toward collapse or whether we're going to see a return to equilibrium. To answer that question, we took a look at market activity in Cambridge, Mass. Two things stand out. First, although the tax credit did stimulate a good deal of activity this Spring, post-tax-credit July 2010 in Cambridge represents a return to our normal market dynamic rather than a nose dive. (See graph below) In fact there's been a slight but noted increase: in July 2009 we had 84 properties go under agreement; in July 2010 the figure went up to 86. Contrary to the generalizations being made about the national market, here in Cambridge we are not seeing a dramatic decline in activity nor do the statistics indicate this kind of trend for the future. Secondly, it's being reported that, post-tax-credit, many parts of the country are seeing inventory levels jump to 12 months of inventory or higher. What does this mean? Basically, given the current stock of houses for sale and the current level of buyer activity, it will take over 12 months to sell all the inventory in those troubled markets. Six months of inventory is considered a healthy, neutral level of inventory to be at. In Cambridge, we've been doing better than average (See graph below): our inventory levels in July 2010 were at 4.3 months. The month before, June 2010, we were at 4.1. months, so the end of the tax credit clearly hasn't triggered stagnation in our market. In fact, ever since March, the beginning of our Spring market, our inventory has consistently hovered around 4 months. These are just two ways that the situation in Cambridge differs dramatically from the doom and gloom reports making the rounds in the media over the last few days.

A Walker's Guide to Buying a House

Fri, 02 Jul 2010 11:35:42 -0500

More and more home buyers are paying attention to where they can walk to from their homes. Listing agents are making a point of articulating all the neighborhood amenities you can walk to from a house for sale. Information from websites that rank a location's walkability, for example Walkscore.com, is also a popular feature on listing sheets. This article from the WSJ points out some ways that Walkscore gets "location efficiency" wrong.

house hunting in good school districts

Sat, 26 Jun 2010 11:54:46 -0500

What's the value of a good public school system? Does it make sense to pay for it even if you don't have children? Homes associated with great schools generally sell faster, in good markets and bad. And property values in towns with top-performing schools suffered significantly less (if at all) compared to neighbors with inferior school systems. If you're buying a house because of the school system, you're going to be paying a premium so be prepared to make some sacrifices when it comes to square footage and amenities. So long as the schools in your town maintain their performance, you'll be in a good position when it comes to sell.

Without tax-credit, May 2010 transaction activity is down but Massachusetts housing market is chugging along

Wed, 02 Jun 2010 16:11:10 -0500

In May 2010, pending transactions were down slightly in Massachusetts from the same time last year (3-6%). Month-to-month, there was a sizable decrease compared to April 2010 (16-17%). The deadline to qualify for the tax credit was April 30, and is the explanation for the significant decline in number of contracts signed from one month to the other. A few months ago, predictions about what would happen to the housing market once the tax credit expired were much more pessimistic than a mere 17% decline. Now, absent the government stimulus, the number of transactions shrank by less then 20% -- it's clear that the housing market has the potential to run on it's own steam again, and maybe at a more sustainable level.

April 2010 Massachusetts Real Estate Market Shows Strenght

Fri, 28 May 2010 13:17:14 -0500

April 2010 Massachusetts condominium and single-family home sales show increases in transaction activity and price. Condominium sales up by 55.7% from April 2009.

Home Prices Projected to Begin Rebound in 2011

Wed, 19 May 2010 09:45:42 -0500

The Wall Street Journal reports on home value trends for 2011. Economists from Deutsche Bank to the Census Bureau are weighing in on what's in store and the prognoses range from pie-in-the-sky super optimistic to more moderate, plausible scenarios. And, we're not hearing so much of the grim predictions of further decline in the housing market anymore. The consensus seems to be that 5 or 10 years hence, not only will we all be in a good place again, the process of recovery is well under way.

Boston Herald Home of the Week

Wed, 19 May 2010 09:43:15 -0500

One of our properties was featured in the Boston Herald as Home of the Week. It's a landmarked antique 1844 Greek Revival that has undergone an award-winning restoration. Here's a link to the listing showcase. Find out more about this home at www.178central.com

20 Cities Surviving the Recession

Wed, 12 May 2010 16:15:06 -0500

Where is the recession ending? Here's a list of US cities recovering from the recession. Major US cities were evaluated based on job growth potential and property values holding steady. The Boston-Cambridge area made the list for relatively stable home prices and reasonable job growth during the recession.

Top 10 Cities for Recent College Graduates

Fri, 07 May 2010 09:53:49 -0500

Boston, along with Atlanta, Phoenix, Denver, Dallas, Philadelphia, New York, Cincinnati, Baltimore and Los Angeles ranked as 10 top cities for recent college graduates. The rankings are based on the price of a 1-bedroom apartment, availability of entry-level jobs and access to cultural and lifestyle offerings.

Major Price Reduction and Closing Credit

Wed, 14 Apr 2010 14:19:03 -0500

Major price reduction! Only $589,000. A fully renovated single family home in Cambridge for under $600K. Only 1/2 mile walk to the Red Line T. The seller is offering a $3,000 credit toward the buyer's closing costs. Take advantage of this opportunity to supersize the $8,000 first time buyer tax credit to $11,000!

Beautifully Renovated Single Family

Overview
Maps
Photos
Features
Description
Video
Neighborhood
Market Stats

$589,000

Single Family Home
For Sale

Main Features

3 Bedrooms
1 Bathroom
1 Partial Bathroom
Interior: 1314 sqft
Lot: 3,913 sqft

Location

37 Harvey Street
Cambridge, MA 02140

(617) 864-5400

Listed by: Weichert, Realtors - Channing Real Estate (617) 864-5400

Our recent listings

Rare Single Family in Riverside
Great 2-Room Studio steps to Davis Square
Beautifully Renovated Single Family
Sweet 1-Bedroom Condo with Custom Soapstone Kitchen and Beautiful Bath
Updated and Very Rentable Side-by-Side Two-Family

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Half Crown and Marsh Historic District

Thu, 01 Apr 2010 11:03:51 -0500

In the news: Just down the street from our Harvard Square office, the Half Crow and Marsh historic district is a hidden jewel tucked between the Square and the Charles River. Arguably Cambridge's best kept secret, this neighborhood's architecturally and historically significant homes get snapped up quickly. We're proud.to say that we contributed market data to the attached article about life and real estate in the Half Crown and Marsh historic neighborhood of Cambridge, MA. You can find it on page 20 of the Boston Metro (Wednesday, March 31, 2010). Let us take you on a tour of properties for sale in this and other historically significant preservation districts in Cambridge.

Mass. Market in a Nutshell

Thu, 01 Apr 2010 11:01:35 -0500

February 2010: 3rd consecutive month of year-over-year gains for the price of of a single-family home in Massachusetts. 4th consecutive month of year-over-year increases in the sale price of condominiums. 6th consecutive month of year-over-year increases in number of condos sold. Graphs and more discussion here.

Investment Opportunities in US Real Estate for Canadians

Tue, 16 Mar 2010 11:33:35 -0500

Canadian neighbors: It's time for a cross-border shopping expedition! The Canadian dollar is gaining strength and it looks like a good time to scoop up U.S. real estate. This article discusses the arbitrage possibilities for Canadian investors. University towns like Cambridge, Mass. offer excellent investment opportunities: we'd be happy to tell you about them.

Maps, maps everywhere

Thu, 11 Mar 2010 19:19:25 -0500

Maps, maps, maps: that's the practical underpinning of location, location, location. The maps we use everyday to tell us where things are, how to plan our route and what's the best place to live help us to accomplish a lot of mundane tasks, but they can also be an avenue for fun and creative expression. Take a look at this New York Times piece featuring some brilliant creative cartography by illustrator Christoph Niemann.

Cambridge, Somerville in hunt for high-speed Google Internet network

Fri, 05 Mar 2010 15:06:25 -0500

Boston, Somerville, Cambridge & other local communities are putting themselves forward as candidates for Google's plan to install super-high-speed Internet connections across the country. Google's motives aren't clear just yet, but the project could be a great boon to cities around the country. Cooperation with Google ...goes beyond getting faster internet: it gives cities in the program the chance to attract high tech businesses and grow their commercial tax base, which would allow for improved constituent services like schools and, if the numbers are right, allow for a decrease of the residential property tax rate. Low property taxes and good schools make a place very attractive and that means robust appreciation in property values. We like the sound of that a lot. Here's to Cambridge and Somerville both getting picked by Google.