President Obama has given his 100 Day
progress report.
How is the local Real Estate market
doing for the first five months of 2009?
As I reported for the first two months of this year compared
to last year the market varies greatly by town.
Needham continues
to hold it’s ground but has leveled off as compared to the first two months.
Wellesley’s home sales in dollar volume for the first five
months of 2009 compared to the same period of 2008 plummeted 60.7% and the
median home price in Wellesley for this period fell 15.4%.
For this five month period compared to the same period in
2008, Natick had a moderate decline
of 19.6% in dollar volume but is the only town in the trio to show a gain of
7.8% in median price.
WELLESLEY has tanked, NEEDHAM is stable,
and NATICK has
moderate declines.
Percentage Change for the first five
months of 2009 vs. 2008
NEEDHAMWELLESLEYNATICK
SALES Units 5.1%- 51.9%- 21.3%
$ VOLUME 1.1%-
60.7%- 19.6%
Median price- 5.4%- 15.4% 7.8%
What does this mean?As of 5/31, Wellesley’s
average list price for single family homes was $1,692,538. This is in
stark contrast and out of balance with the average selling price of $1,162,520
for the first five months of 2009.
A further obstacle to Wellesley’s
recovery is a current inventory of 207 homes for sale. Ninety two of these
homes are priced at $1.5MM or more. Based on the sales of just seven homes for
more than $1.5MM during the first five months of this year it will take about
five years to absorb the inventory of homes priced at or above $1.5MM. Overall,
Wellesley’s 207 homes currently on
the market will take approximately 20 months to be absorbed based on sales for
the past five months annualized.
In contrast Needham
has 124 homes currently for sale and Natick
has only 102.
Two major factors are at play in the local real estate
markets. The basic law of supply and demand; or in the case of Wellesley,
oversupply, and the credit markets that are heavily biased against jumbo loans
needed to finance the vast majority of homes in Wellesley.
The numbers tell a story. Home prices in Wellesley
will face significant downward pressure in the coming months before the market
can gain equilibrium?Your thoughts?
What has not changed: Homes in very good locations that are in mint condition and priced right for the current market conditions continue to SELL.
18 Farm Hill Road, South Natick $799,500
John | 508-523-9252
18 Farm Hill Road, Natick, MA
Beautiful sunset views! Open floor floor plan
with a FIRST FLOOR MASTER BR w/ 12' ceiling & marble bath.
5BR/3.5BA Single Family House
offered at $799,500
Year Built
1985
Sq Footage
3,480
Bedrooms
5
Bathrooms
3 full, 1 partial
Floors
3
Parking
2 Car garage
Lot Size
40,293 sqft
HOA/Maint
$0 per month
DESCRIPTION
Sun
filled southern exposure. Updated granite/stainless/cherry kitchen
opens to dramatic family room with marble fireplace. Gleaming
hardwoods, central air, lawn irrigation, and two decks. Full daylight
lower level with bath offers potential as game/media room or
au-pair/teen suite.
John Prescott, Vice President | Century 21 Commonwealth | 508-523-9252
34 Algonquian Drive, Natick, MA-Under Contract
Sun splashed open floor plan Colonial that has been maintained with precision and care.
5BR/3.5BA Single Family House
offered at $829,000
Year Built
1995
Sq Footage
3,559
Bedrooms
5
Bathrooms
3 full, 1 partial
Floors
2
Parking
2 Car garage
Lot Size
19,994 sqft
HOA/Maint
$0 per month
DESCRIPTION
Move
right in to this sun filled, MINT CONDITION young Colonial located in
the sought after... ALGONQUIAN HILLS... neighborhood close to Wellesley
Center and the commuter rail.... The versatile fifth bedroom with FULL
bath is accessed by private stairway and could be utilized as an
office/au-pair/guest suite.
see additional photos below
PROPERTY FEATURES
Central A/C
Central heat
Fireplace
High/Vaulted ceiling
Walk-in closet
Hardwood floor
Tile floor
Family room
Living room
Bonus/Rec room
Office/Den
Dining room
Breakfast nook
Dishwasher
Refrigerator
Stove/Oven
Microwave
Attic
Basement
Washer
Dryer
Laundry area - inside
Balcony, Deck, or Patio
Yard
Jacuzzi/Whirlpool
ADDITIONAL PHOTOS
front
living room
kitchen
family room
foyer
rear
John Prescott, Vice President | Century 21 Commonwealth | 508-523-9252
2 Roundwood Road, Natick, MA
Under Contract
4BR/3BA Single Family House
offered at $609,000
Year Built
1965
Sq Footage
2,192
Bedrooms
4
Bathrooms
3 full, 0 partial
Floors
2
Parking
2 Car garage
Lot Size
22,738 sqft
HOA/Maint
$0 per month
DESCRIPTION
Walnut
Hill! 9 room, 3 bath home set on level open park like lot. Updated
granite kitchen and family room with a wall of glass to take in the
view.
see additional photos below
PROPERTY FEATURES
Central A/C
Central heat
Fireplace
High/Vaulted ceiling
Hardwood floor
Tile floor
Family room
Living room
Bonus/Rec room
Dining room
Breakfast nook
Dishwasher
Stove/Oven
Microwave
Granite countertop
Basement
Laundry area - inside
Balcony, Deck, or Patio
Yard
Swimming pool
OTHER SPECIAL FEATURES
ADDITIONAL PHOTOS
rear
Photo 2
Family
Living
Front
MBR
Looking for your first place?
Have you been textingor tweeting for a good real estate buy?
The new first time homebuyer tax credit represents an economic windfall for those who qualify!
So here’s a tax tip - Buy a House!
Homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible for a tax credit of 10% of the purchase price of the home up to a maximum of $8,000.
According to MyMortgageInsider.com, the tax credit can be claimed on either your 2009 tax return, or “immediately on the 2008 return due in April.”
There is a new IRS form 5405 which you need to file. It’s easy and all you have to do is claim the credit.
The $8,000 tax credit is a window of opportunity provided in the economic stimulus plan to help revitalize the economy. It’s a win-win position for a first-time buyer that you don’t want to miss!
If you have more questions, don’t hesitate to contact me at 508-523-9252 or email me at johnprescott2000@aol.com.
Let’s put this $8,000 to work for you!
Consult with a tax specialist regarding your specific tax situation.
JOHN PRESCOTT
-BostonKayakGuy
Top Real Estate Agent for more than 14 years, serving the real estate needs of Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities. www.johnprescott.net
JOHN PRESCOTT
Vice President
Century 21 Commonwealth
508-523-9252
BostonKayakGuy…The MetWest Scene
Get the latest scoop!SUBSCRIBETO THE METWEST SCENE:
Purveyor
of real estate in South Natick, Wellesley, Natick, Weston, Wayland,
Needham, Newton, Framingham, and Sudbury. For over 14 years John Prescott has specialized in real estate investing in Boston's metrowest communities.
TOP NATICK WELLESLEY NEEDHAM REAL ESTATE AGENT
Today's
real estate market can be daunting. Your real estate agent should have
a global perspective when it comes to your real estate needs. John Prescott
specializes in the metrowest communities of the greater Boston area.
Today's consumer has very specific objectives and requires an agent who
takes the time to know the inventory, market, and trends of more than
just 1 town! The customer is best served by a realtor who can attract
buyers from the greatest pool of prospects. Consequently your realtor
must know the attributes of various communities in order to best direct
potential buyers to homes which meet their needs. Sellers need to
attract buyers from their town, from the western suburbs, from the
state, and even from across the country. In fact, many potential
buyers are international buyers due to the strength of the euro and
other foreign currencies. The best agent knows how to market to these
varying market segments.
For
buyers, the best real estate agent is one who can match buyer needs
with available inventory in several communities so that the buyer is
aware of what their investment will buy in various communities. Buyers
need to know what their dollar will buy in the towns they designate, as
well as other towns so that they can make an informed choice.
Prescott
is an expert in neighborhoods, as well as towns. John has worked
closely with families for many years in the entire greater Boston area,
as well as with local companies.
Those relocating to the Boston area will find John Prescott to be a tremendous resource.
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Newton-Wellesley Hospital, eInc, South Natick neighborhoods, Wellesley neighborhoods, CENTURY 21 Commonwealth ,www.JohnPrescott.net, Boston Kayak Guy, Newton Needham Dover Weston Wellesley Natick Wayland "south Natick" real estate, relocating to Needham Newton Wellesley Natick, best Wellesley realtor, best Natick realtor, best buyer’s agent, best listing broker, best real estate negotiation, Top Sales Agent, Hall of Fame, for the best in real estate,Specializing in Natick real estate, Wellesley real estate, South Natick real estate, and luxury homes in Newton, Needham, Dover, Weston, Wayland, and other metrowest communities. Relocating, looking to sell, or needing buyer representation call John
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