Posted: 27 Apr 2012 04:00 AM PDT
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North Shore MA real Estate for sale
Short Sale Percentages by State
April 27, 2012 By Leave a Comment
Foreclosures: What About the Children? (Part 1)
April 24, 2012 By Leave a Comment
Posted: 24 Apr 2012 04:00 AM PDT
We were recently troubled by the findings of a research paper authored by Julia Isaacs of the Brookings Institute for the organization First Focus which was titled The Ongoing Impact of Foreclosures on Children. In the report, Ms. Isaacs quantified the number of children that have been impacted:
- 2.3 million children have already lost their homes to foreclosure
- 3 million additional children are at risk of losing their home
As the real estate broker that brings this North Shore MA real estate website to you, I can speak of this first-hand.
She also noted the four ways foreclosures may affect children negatively:
“First, and most obviously, families receiving foreclosure notices are much more likely to move than other families, and, … children who move frequently do less well in school.
Second, homeowners receiving a foreclosure notice are under a lot of financial and psychological stress, as they struggle to stay in their house, and if that fails, to find a new home quickly…parents under a lot of financial distress sometimes engage in harsher and less supportive parenting, which in turn can lead to negative behaviors on the part of children, making it harder for them to interact well with peers and in school.
Third, foreclosures and housing instability have a negative impact on physical as well as mental health, with studies finding higher rates of non-elective visits to emergency rooms and hospitals in ZIP codes with the highest foreclosure rates, as well as a strong association between housing instability and postponement of needed health care visits and necessary medications.
Finally, because foreclosures are often highly concentrated in certain neighborhoods, children living in or near foreclosed homes may suffer the consequences of living in neighborhoods with more vacant houses, higher crime rates, lower social cohesion, and a lower tax base.”
If you find that you are at risk of foreclosure, know your options. The new National Mortgage Settlement might give you a pathway to stay in your home.
You can get information on the opportunities the settlement offers here.
However, if you have exhausted all your options and now must decide between a short sale and foreclosure, analyze what is the best decision for you and your family. Tomorrow, we will discuss these choices.
Rents On the Rise
April 20, 2012 By Leave a Comment
New Foreclosure Wave: What Will Be the Impact?
April 19, 2012 By Leave a Comment
New Foreclosure Wave: What Will Be the Impact?
Posted: 18 Apr 2012 04:00 AM PDT
We reported two months ago that foreclosures will significantly increase this summer as a result of The National Mortgage Settlement. This month, both Reuters (Americans brace for next foreclosure wave) and CNNMoney (Flood of foreclosures to hit the housing market) concurred. However, we believe this increase in distressed properties will have a much different impact on the housing market than previous increases for three reasons.
1. Demand Will Absorb Much of the Increase in Supply
The last wave of foreclosures entered the market as both consumer confidence and demand for housing was on the decline. That created an overhang of discounted properties that pushed down the prices on non-distressed homes. This new increase in foreclosures is hitting a different type of real estate market. Consumer confidence is stabilizing and the demand for housing is increasing. The impact on prices will be much less dramatic in most markets than it has been in the past.
2. Many Banks Are Doing Necessary Repairs and Renovations
Historically, the typical foreclosure has sold at a discount of 25-30% compared to non-distressed properties. The banks are finally realizing that they may soon own one or more of homes in any neighborhood. For that reason, we are beginning to see banks do the necessary repairs and renovations in order to garner a price closer to the value of non-distressed properties in the marketplace thereby lessening the impact on the value of surrounding homes.
3. Different Regions Will Bear the Brunt
Originally, many thought that the foreclosure fiasco was confined to the four ‘sand’ sates (CA, AZ, NV and FL). We now realize that cities like Chicago and Atlanta, along with many others, have also faced the burden of falling prices because of an increase in distressed properties.
This next ‘flood of foreclosures’ will have the largest impact in the judicial states that impeded the foreclosure process over the last few years such as New York, New Jersey and Connecticut. California, Nevada and Arizona will be impacted in a much less dramatic way than in the past.
3 Questions You Must Answer When Buying a Home
April 17, 2012 By Leave a Comment
3 Questions You Must Answer When Buying a Home
Posted: 17 Apr 2012 04:00 AM PDT
If you are thinking about purchasing a home right now, you are surely getting a lot of advice. And some of that advice is probably negative. Why buy now with prices still falling? Don’t you realize real estate is no longer a good investment? Don’t you know that people who bought six years ago lost their shirt? We understand the concern your friends and family have. However, let’s look at whether or not now is actually the perfect time to buy a home.
There are three questions you should ask before purchasing in today’s market:
1. What are the experts recommending?
In the last 120 days, many experts have said that buying now makes sense. This list includes: John Talbott, Christopher Thornberg and Warren Buffett.
2. When will I begin to see appreciation if I buy now?
This is a great question. Macro Markets, LLC is a company that studies housing prices. They started their Home Price Expectation Survey in 2010. They ask 100+ housing industry experts to project housing prices through 2016. The most current survey shows that the experts are predicting prices to remain relatively flat in 2012. The experts then project prices to rise reaching a cumulative appreciation of over 10% by 2016.
Purchasing a home today makes great sense from a financial standpoint. Think of the old axiom: you want to buy low and sell high. This decision should not only be a financial one however.
That leads us to our third and final question:
3. Why am I buying a home in the first place?
This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with finances. The Fannie Mae National Housing Survey shows that the four major reasons people buy a home have nothing to do with money:
- A good place to raise children and for them to get a good education
- A place where you and your family feel safe
- More space for you and your family
- Control of the space
What non-financial benefits will you and your family derive from owning a home? The answer to that question should be the reason you decide to purchase or not.
Bottom Line
Don’t allow money to get in the way of you making the right decision for you and your family. In the long run, the finances will work in your favor anyway.
Months’ Supply of Distressed Properties by State
April 13, 2012 By Leave a Comment
Months’ Supply of Distressed Properties by State
Posted: 13 Apr 2012 04:00 AM PDT
The months it would take to sell off all homes under distress or 90 days or more delinquent based on the current sales pace.
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National Housing Survey 2012
April 4, 2012 By Leave a Comment
Posted: 04 Apr 2012 04:00 AM PDT
Each quarter, Fannie Mae releases their National Housing Survey. They survey the American public on a multitude of questions concerning today’s housing market. We like to pull out some of the findings we deem most interesting each time it is released. Here they are for the most recent report:
84% of the general population believes that owning a home makes more sense than renting.
The Most Important Reasons to Buy a Home
When we talk about homeownership today, it seems that the financial aspects always jump to the front of the discussion. However, the study shows that the four major reasons a person buys a home have nothing to do with money. The top four reasons, in order, are:
- It means having a good place to raise children and provide them with a good education
- You have a physical structure where you and your family feel safe
- It allows you to have more space for your family
- It gives you control of what you do with your living space (renovations and updates)
The Home as an Investment
Though most people purchase a home for non-financial reasons, everyone realizes there is a money component to homeownership. Here is what they said on this issue:
- 63% of the general population believes that homeownership is a ‘safe’ investment.
- 53% believe that homeownership has more potential as an investment than any other traditional asset class.
Rent vs. Buy
We are always interested in the difference people see in renting vs. owning.
- 64% of renters have aspirations to someday own their own home
- 70% of renters think that owning is superior to renting
Bottom Line
Our belief in the value of homeownership grows each time this survey is released.
Housing Market: About to SPRING Back
April 2, 2012 By Leave a Comment
Housing Market: About to SPRING Back
Posted: 02 Apr 2012 04:00 AM PDT
We believe that 2012 will be the year that home sales start to climb again. Over the past thirty days, more and more experts are saying the same thing.
Jamie Dimon, JPMorgan Chase CEO
“I believe we’re very close to the inflection point. People look at prices that are still coming down but all the other signs are flashing green… You could come up with a pretty bullish case (for housing).“
Frank Nothaft, Freddie Mac chief economist
“Even the housing market is showing some signs of shaking off the depression-like conditions that have plagued it for much of the past few years.”
“Stabilization in U.S. housing fundamentals is creating an attractive investment opportunity. Many of the ingredients are in place for continued improvement in housing.”
Lawrence Yun, NAR chief economist
“If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”
Beverly MA real estate foreclosures hit prices soon
October 18, 2011 By Leave a Comment
Many sellers want to wait until the spring before putting their home on the market. This might be for any of several reasons in the Beverly MA real estate market:
- They don’t want to be inconvenienced during the holiday season.
- They believe that they will see more potential buyers and as a result will get a higher price.
- In the northern part of the country, they might not want people walking through the snow and then into their house.
- All of the above
In a normal real estate market, this may make sense. However, this market has been anything but normal. This spring will also see some abnormalities. The biggest difference will be the direction prices will take.
In years past, the spring market would favor the seller because increased demand would outpace any increase in supply: the number of houses coming onto the market would not be as great as the number of buyers newly entering the market. In most situations, when demand is greater than supply, prices increase.
The reason this spring will be different is that the supply of homes coming to the market will be dramatically impacted by foreclosure properties being released by the banks. Many believe this increase in inventory will far outweigh buyer demand. In situations where supply is greater than demand, prices decrease.
Will This Actually Happen?
RealtyTrac, in their latest foreclosure report, explained:
“U.S. foreclosure activity has been mired down since October of last year, when the robo-signing controversy sparked a flurry of investigations into lender foreclosure procedures and paperwork. While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.
This will impact prices in Beverly MA real estate. An increase in Beverly MA foreclosures and Beverly MA bank owned homes will apply downward pressure on an already strained real estate market. Foreclosed homes and REO properties in Beverly MA have not been a big problem but, as you see around you, many more jobs are being lost and we know that means mortgages aren’t being paid.
What Do Experts Believe the Impact Will Be?
Here are the pricing projections by several major entities:
- Zillow believes we will not see a bottom in prices until the first quarter of 2012.
- Standard & Poors thinks prices will drop %5 in the next few months.
- JP Morgan Chase believes prices will depreciate 6 to 7% over the next six months.
- Barclays says prices will fall 7% by the end of the first quarter of 2012.
Bottom Line
You may pay a hefty price for the convenience of not having your property on the Beverly MA real estate market right now.
Showing properties
1 - 40 of 181.
See more city of Beverly real estate.
(all data current as of
5/18/2012)
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$92,100 : 10-12 Summit Ave, Unit 2, Beverly1 bed, 1 full bath
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$99,000 : 315 Rantoul Street, Unit 302, Beverly1 bed, 1 full bath
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$110,275 : 36 Dunham Rd, Unit 208, Beverly2 beds, 1 full bath
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$112,000 : 75 Cabot St, Unit 4, Beverly1 bed, 1 full bath
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$124,900 : 44-1/2 Chase St, Unit 2, Beverly3 beds, 1 full bath
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$128,000 : 401 Cabot Street, Unit 5, Beverly1 bed, 1 full bath
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$129,900 : 36 Wallis St, Unit 1, Beverly2 beds, 1 full bath
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$144,900 : 60 Rantoul, Unit 202N, Beverly1 bed, 1 full bath
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$157,000 : 348 Rantoul, Unit 303, Beverly1 bed, 1 full, 1 part baths
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$159,900 : 12 Pleasant St, Unit 3, Beverly1 bed, 1 full bath
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$162,900 : 12 Summit Ave, Unit 13, Beverly1 bed, 1 full bath
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$164,900 : 8 Folger Ave, Unit 2, Beverly2 beds, 1 full bath
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$164,900 : 60 Rantoul Street, Unit 404N, Beverly1 bed, 1 full bath
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$169,900 : 36 Dunham Rd, Unit 307, Beverly2 beds, 1 full bath
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$169,900 : 2 Duck Pond Rd, Unit 122, Beverly2 beds, 2 full baths
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$169,999 : 103 Elliott St, Unit 7, Beverly1 bed, 1 full bath
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$174,900 : 30 Chase St, Beverly3 beds, 1 full bath
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$175,000 : 4 Duck Pond Rd, Unit 221, Beverly3 beds, 2 full baths
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$175,000 : 71 Conant, Unit 5, Beverly2 beds, 1 full bath
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$175,000 : 11 Bow St, Unit 2, Beverly2 beds, 1 full, 1 part baths
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$176,000 : 38 Dunham Rd, Unit 302, Beverly2 beds, 2 full baths
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$179,900 : 116-128 Rantoul St, Unit 408, Beverly1 bed, 1 full bath
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$182,000 : 50 Rantoul Street, Unit 207, Beverly2 beds, 2 full baths
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$189,000 : 40 Bow Street, Unit 1, Beverly2 beds, 1 full bath
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$194,900 : 47 Sohier Road, Unit 2, Beverly2 beds, 1 full bath
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$195,000 : 40 Heather Street, Unit 305, Beverly1 bed, 1 full bath
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$199,500 : 50 Rantoul St., Unit #401, Beverly2 beds, 1 full, 1 part baths
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$205,000 : 37 Wellman St., Unit 1, Beverly2 beds, 1 full bath
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$218,000 : 437 Elliott St, Unit 1, Beverly2 beds, 1 full bath
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$219,000 : 40 Heather St, Unit 312, Beverly1 bed, 1 full bath
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$225,000 : 19-R School St, Unit 6, Beverly2 beds, 1 full bath
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$225,000 : 34 Northern Ave, Beverly3 beds, 1 full bath
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$229,000 : 116-128 Rantoul St, Unit 207, Beverly1 bed, 1 full bath
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$229,900 : 90 Essex, Unit 2, Beverly3 beds, 1 full, 1 part baths
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$229,900 : 40 Chase, Beverly3 beds, 1 full bath
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$229,900 : 13 Hillside Ave, Beverly2 beds, 1 full bath
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$230,375 : 34 Woodland Avenue, Beverly3 beds, 1 full bath
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$234,900 : 30 Mason St, Unit 2, Beverly3 beds, 2 full baths
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$235,000 : 14 Franklin Pl, Beverly2 beds, 1 full bath
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$239,000 : 416 Elliott Street, Unit 1, Beverly2 beds, 1 full bath
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
Pride’s Crossing in Beverly MA real estate
October 5, 2011 By Leave a Comment
Pride’s Crossing
Prides Crossing Railway Station
Location
Prides Crossing is a historic section located in the City of Beverly, Massachusetts. It is bordered to the north by Beverly Farms, and to the south by the Beverly Cove areas of Beverly. Although no formal boundaries have been determined, most locals consider it to exist between numbers 407 and 600 Hale Street.
History
The name is associated with John Pride who was granted land in the area in 1636. In the late 1800s and early 1900s grand mansions were built as summer “cottages’ for wealthy business magnates. Henry Clay Frick[1], who made his fortune in steel (Carnegie Steel) was among the best known of these summer residents. He built “Eagle Rock”[2], located between Hale Street and the Atlantic ocean. Edward Carelton Swift[3] , at one time the owner of the largest meat packing operation in the U.S. built a mansion, “Swiftmoor”[4] on Paine Avenue in Prides Crossing. Eleonora “Eleo” Sears a flamboyant female socialite and world class tennis player owned a residence that still exists where Paine Avenue and West Beach meet. These wealthy residents were known to travel to Prides Crossing in their own rail cars, disembarking at the Prides Crossing Railway Station, located on Hale Street across from the entrance gates to Paine Avenue.
Entrance to Paine Avenue
The train station still exists and has been the location of a general store, hardware store and now houses a candy manufacture. The current MBTA Commuter Rail station consists of a single low platform adjacent to the old building.
Notable former residents
- Henry Clay Frick (Steel Magnate)
- Alice Roosevelt Longworth (eldest daughter of former President Theodore Roosevelt)
- Richard D. Sears[5] (U.S. Open Tennis Champion)
- Edwin C. Swift (Swift Meat Packing)
- Frederick Ayer[6](Textile Manufacturer)
- William Henry Moore (One-time owner of the National Bicuit Company and Diamond Match)
- Norman Prince, co-founder of the Lafayette Escadrille
Local points of interest
- Prides Crossing Railway Station
- Prides Crossing Post Office
- Prides Beach
Showing properties
1 - 6 of 113.
See more city of Beverly real estate.
(all data current as of
5/18/2012)
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$485,000 : 3 Sargent Ave, Beverly3 beds, 2 full, 1 part baths
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$649,000 : 24 Thoreau, Beverly4 beds, 2 full, 2 part baths
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$379,000 : 38 Dartmouth St, Beverly4 beds, 2 full baths
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$3,550,000 : 32 Brackenbury, Beverly5 beds, 3 full, 1 part baths
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$289,000 : 16 Nursery Street, Beverly2 beds, 1 full bath
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$389,000 : 11 Frankwood Ave, Beverly4 beds, 2 full baths
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
