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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.

New Foreclosure Wave: What Will Be the Impact?.

Filed Under: Beverly Farms, Beverly MA bank owned, Beverly MA Condos, Beverly MA foreclosed homes, Beverly MA foreclosures, Beverly MA homes, Beverly MA Multi-Family, Beverly MA real estate, Beverly MA REO, Manchester by the Sea, Manchester MA, Manchester MA real estate, North Shore MA bank owned, North Shore MA bank owned, North Shore MA foreclosures, North Shore MA real estate, Pride's Crossing Tagged With: , , , , , , , , ,

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.

beverly ma real estate in pride's crossing

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.

frick estate in Pride's Crossing in Beverly MA real estate

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

Pride's Crossing Beverly MA mansion

Local points of interest

  • Prides Crossing Railway Station
  • Prides Crossing Post Office
  • Prides Beach

prides crossing beach Beverly MA real estate for sale

Showing properties 1 - 6 of 113. See more city of Beverly real estate.
(all data current as of 5/18/2012)

  1. 3 beds, 2 full, 1 part baths
    Home size: 3,105 sq ft
    Lot size: 5,598 sqft
    Year built: 1935
    Parking spots: 2
    Days on market: 1
    Listing provided by Jason Parisella, Keller Williams Realty
  2. 4 beds, 2 full, 2 part baths
    Home size: 3,864 sq ft
    Year built: 1987
    Parking spots: 6
    Days on market: 1
    Listing provided by Fay Salt, Coldwell Banker Residential Brokerage - Beverly
  3. 4 beds, 2 full baths
    Home size: 1,470 sq ft
    Lot size: 8,360 sqft
    Year built: 1956
    Parking spots: 2
    Days on market: 2
    Listing provided by Gail Guittarr, Coldwell Banker Residential Brokerage - Beverly
  4. 5 beds, 3 full, 1 part baths
    Home size: 4,531 sq ft
    Lot size: 5.33 ac
    Year built: 1955
    Parking spots: 10
    Days on market: 3
    Listing provided by Carole Sharoff, AVH Realty
  5. 2 beds, 1 full bath
    Home size: 864 sq ft
    Lot size: 10,760 sqft
    Year built: 1952
    Parking spots: 4
    Days on market: 3
    Listing provided by Kathleen Brown, J. Barrett & Company
  6. 4 beds, 2 full baths
    Home size: 1,797 sq ft
    Lot size: 6,798 sqft
    Year built: 1972
    Parking spots: 4
    Days on market: 3
    Listing provided by Susan C. Olson, RE/MAX Advantage Real Estate

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.
Filed Under: Beverly MA homes, Beverly MA real estate, Pride's Crossing Tagged With: , , , , , , ,

Beverly Farms MA Beverly MA real estate and homes

October 5, 2011 By Leave a Comment
You are here: Home / Life in Beverly MA / Beverly MA Neighborhoods / Beverly Farms MA

Beverly Farms MA

Beverly Farms – The real estate market on Beverly MA waterfront

beverly-farms-ma-real-estate-west-beach

Let’s see what Wikipedia has to say…

Beverly Farms is an informally defined neighborhood at the eastern edge of the city of Beverly, Massachusetts. It is an ocean-front community with a population of about 3,500 which extends from the Manchester-by-the-Sea border to another informally defined section of Beverly known as Prides Crossing. This area is part of Massachusetts’s North Shore region, about 20 miles north of Boston.

Past and present

Beverly Farms and the adjacent Prides Crossing originally were farming communities, like the rest of Beverly. In the late eighteenth and early nineteenth centuries, wealthy residents of Boston and New York City built summer “cottages” along the seashore; these cottages were nearly the size and stature of those in Newport, Rhode Island, though only a few of the original mansions remain in Beverly Farms today.

In 1887, Beverly Farms unsuccessfully petitioned the Massachusetts Legislature for incorporation as a town.

By the mid twentieth century, Beverly Farms resembled a small town, somewh at secluded from the rest of Beverly and culturally interlinked with Prides Crossing. Working-class neighborhoods sprang up as support for the mansions became necessary. At this point, there was a wide financial gap between the wealthy and the working class.

Beverly Hills, California, was named in 1907 after Beverly Farms, part of Beverly, which was a vacation spot of then-President Taft.

beverly farms ma real estate ayers estate

Changing times

Beverly Farms remains a vibrant community with changing demographics. Pockets of residential development and generally escalating real-estate values appear to have adjusted average residency to a wealthier population, much as in the past. Real estate in Beverly Farms has become very desirable. The community is served by three churches, Episcopal, Baptist, and Roman Catholic. Among other public buildings are a community center (known as the Hastings House because it was donated and is partially supported by the Merril Hastings foundation), a fire station, a railroad station on the MBTA Commuter Rail, and a recently expanded branch of the Beverly Public Library.

Downtown Beverly Farms extends along West Street (part of Route 127) for about 1/2 mile. It has undergone some gradual changes over the last decade. Currently, the downtown is a mixture of high-end restaurants, bakeries, and clothing stores.

Summer in “The Farms”

beverly farms ma beverly ma real estate for sale

Life in Beverly Farms is slow-paced in the winter but becomes increasingly active when the warm weather arrives. The summer is full of activity for residents and visitors alike. Many of those activities are based at the local community beach, West Beach: this is a private beach, owned by the residents of Beverly Farms and Prides Crossing; current and former residents of the areas are entitled to beach permits, allowing access to West Beach (non-residents must apply for an access permit; their wait typically is six to ten years, because of the limited size of the facility).

beverly farms ma beverly ma real estate for sale

Beverly Farms is busiest at the Fourth of July holiday. A private organization of residents annually raises upwards of $60,000 through fundraisers to enable a weekend-long agenda of activities, including community dances, children’s events, softball games, and the well-known “Horribles” parade. Celebration of the holiday culminates with fireworks at West Beach above a crowd that averages about ten thousand.

Showing properties 1 - 6 of 170. See more city of Beverly real estate.
(all data current as of 5/18/2012)

  1. 7 beds, 6 full, 1 part baths
    Home size: 6,296 sq ft
    Lot size: 1.42 ac
    Year built: 1929
    Parking spots: 15
    Days on market: 138
    Listing provided by Philio W. Cushing, Coldwell Banker Residential Brokerage - Beverly
  2. 6 beds, 5 full, 1 part baths
    Home size: 9,500 sq ft
    Lot size: 1.68 ac
    Year built: 1895
    Parking spots: 21
    Days on market: 345
    Listing provided by Elaine Sawyer, RE/MAX Advantage Real Estate
  3. 7 beds, 7 full, 1 part baths
    Home size: 8,800 sq ft
    Lot size: 1 sqft
    Year built: 2007
    Parking spots: 14
    Days on market: 67
    Listing provided by Lynda Surdam, Coldwell Banker Residential Brokerage - Manchester
  4. $4,100,000 : 441 Hale, Beverly
    11 beds, 9 full, 2 part baths
    Home size: 8,500 sq ft
    Lot size: 4.04 ac
    Year built: 1882
    Parking spots: 6
    Days on market: 665
    Listing provided by Joanie Purinton, River Valley Real Estate
  5. 5 beds, 3 full, 1 part baths
    Home size: 4,531 sq ft
    Lot size: 5.33 ac
    Year built: 1955
    Parking spots: 10
    Days on market: 3
    Listing provided by Carole Sharoff, AVH Realty
  6. 7 beds, 6 full, 1 part baths
    Home size: 6,790 sq ft
    Lot size: 3.27 ac
    Year built: 1900
    Parking spots: 10
    Days on market: 392
    Listing provided by Mary Pruett, J. Barrett & Company

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.
Filed Under: Beverly Farms, Beverly MA Condos, Beverly MA homes, Beverly MA Multi-Family, Beverly MA real estate Tagged With: , , , , , , , , , ,

Beverly MA Real Estate – Search MLS

August 1, 2011 By Leave a Comment

Showing properties 1 - 10 of 189. See more city of Beverly real estate.
(all data current as of 5/18/2012)

  1. 3 beds, 2 full, 1 part baths
    Home size: 3,105 sq ft
    Lot size: 5,598 sqft
    Year built: 1935
    Parking spots: 2
    Days on market: 1
    Listing provided by Jason Parisella, Keller Williams Realty
  2. 4 beds, 2 full, 2 part baths
    Home size: 3,864 sq ft
    Year built: 1987
    Parking spots: 6
    Days on market: 1
    Listing provided by Fay Salt, Coldwell Banker Residential Brokerage - Beverly
  3. 4 beds, 2 full baths
    Home size: 1,470 sq ft
    Lot size: 8,360 sqft
    Year built: 1956
    Parking spots: 2
    Days on market: 2
    Listing provided by Gail Guittarr, Coldwell Banker Residential Brokerage - Beverly
  4. 1 bed, 1 full bath
    Home size: 910 sq ft
    Year built: 1970
    Parking spots: 2
    Days on market: 2
    Listing provided by Laura Hall, Coldwell Banker Residential Brokerage - Manchester
  5. 5 beds, 3 full, 1 part baths
    Home size: 4,531 sq ft
    Lot size: 5.33 ac
    Year built: 1955
    Parking spots: 10
    Days on market: 3
    Listing provided by Carole Sharoff, AVH Realty
  6. 2 beds, 1 full bath
    Home size: 864 sq ft
    Lot size: 10,760 sqft
    Year built: 1952
    Parking spots: 4
    Days on market: 3
    Listing provided by Kathleen Brown, J. Barrett & Company
  7. 4 beds, 2 full baths
    Home size: 1,797 sq ft
    Lot size: 6,798 sqft
    Year built: 1972
    Parking spots: 4
    Days on market: 3
    Listing provided by Susan C. Olson, RE/MAX Advantage Real Estate
  8. 3 beds, 1 full, 1 part baths
    Home size: 1,768 sq ft
    Lot size: 21,980 sqft
    Year built: 1949
    Parking spots: 2
    Days on market: 3
    Listing provided by Stephen Archer, Keller Williams Realty
  9. 3 beds, 2 full baths
    Home size: 2,590 sq ft
    Lot size: 4,500 sqft
    Year built: 1900
    Parking spots: 7
    Days on market: 3
    Listing provided by Alan Indeck, Indeck Real Estate
  10. 2 beds, 2 full baths
    Home size: 1,139 sq ft
    Year built: 2006
    Parking spots: 2
    Days on market: 4
    Listing provided by Paul Herrick, Keller Williams Realty

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.

Beverly MA Real Estate for sale search is an IDX feed from MLS-PIN for Bill Barbin, Beverly MA native and MA real estate broker.

 

Filed Under: Beverly MA Condos, Beverly MA homes, Beverly MA Multi-Family, Beverly MA real estate, Featured Posts Tagged With: , , , , , ,
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Bill Barbin Licensed MA Real Estate Broker with J Barrett and Company Direct: 978-500-1543 Mail to: 1 Beach St. Manchester by the Sea, MA 01944
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.

This IDX solution is (c) Diverse Solutions 2012.