Where's the inventory? Cambridge single family inventory down 70% over 2011

[CLICK IMAGE FOR FULL SIZE] 

 

Spring maintenance

It is hard to believe after a winter of battling ice dams and endless shoveling, but it is time to think about spring home maintenance.  Here are some ideas:

- Schedule a time to get your HVAC system cleaned and change your air filter. Do it now before it gets hot - you will get scalped if you wait until the first 85 degree day!

- Check for damage to your roof - signs include missing, curling, cupping, broken or cracked shingles. Pooling or ponds of water that fail to drain from flat roofs may indicate low areas and inadequate drainage.

- Check all the fascia and trim for deterioration - these areas can become weathered and worn and may lead to potential water damage.

- Check your smoke detectors.  This is important!  We find that ours inevitably get the low battery chirp in the middle of the night - and I can say from experience that it is no fun fishing the ladder out of the basement at 2a to stop a chirping alarm.  Just change your 9V batteries 2x/year and don't face this annoyance!

- Clean clothes dryer exhaust duct, damper, and space under the dryer 

- Inspect and clean dust from the covers of your smoke and carbon monoxide alarms

Harry Potter Scavenger Hunt at Museum of Natural History

I can't wait to take my six year old Harry Potter fans to the Harvard Museum of Natural History (the place with all of the stuffed animals) for their Harry Potter scavenger hunt!  It runs from Saturday, October 30th through Sunday, November 28th.  More information available on the HMNH website at http://bit.ly/cO1QST.  Free with museum admission.

Cambridge Condominiums: Average and median values

Check out the chart below - it doesn't feel right to say it, but 2010 (to date) has set a record for both average and median prices for condominiums in Cambridge.  What these data don't tell is what someone is getting for their dollar - are they spending more but getting more for their dollar?  Stay tuned for a look at how much one is getting for their dollar.

Average and median prices for Cambridge Condominiums 2000-2010

Cambridge Condominiums: A word about unit volume

I'm getting tired of hearing my esteemed colleagues commenting on how "dead" the condo market feels. According to the chart below, our unit sales volume is actually pretty consistent with most of the past ten years, save for the decidedly UNUSUAL years of 2004-2007.  However, I would wholeheartedly agree that it is fun to pretend that those years were the rule and now we're living the exception, just waiting for the years of 1000+ condo sales to return.  Alas, I think we'll be waiting a while.

Oh - and important for me to note that these are not doom and gloom data - I will post soon about the average and median prices - that is a happy tale for Cambridge homeowners!

Cambridge MA real estate condominium sales - unit volume

Cambridge announces FY2011 property tax rate of $8.16/thousand

When showing real estate to buyers from the other side of the river, I invariably hear some exclamation about how low the taxes seem and some question about whether there is a mistake on the listing sheet.  There is not - we benefit in Cambridge from a comparatively low residential tax rate, kept that way by our robust commercial sector which foots about 65% of the total property tax bill for Cambridge.

Robert Healy, the Cambridge City Manager, recently announced that the residential property tax rate for FY11 will be $8.16 per thousand dollars of assessed value.  This represents a $.44 increase from FY10, or 5.7%.  At the same time, the total assessed value of taxable property in Cambridge has decreased a modest .47%.  The combination of an increasing tax rate and decreasing assessed values means that actual increases to homeowners' tax bills are moderate.  If you find yourself awake in the middle of the night and unable to get back to sleep, you can read the whole FY2011Property Tax Update at:

http://www.cambridgema.gov/CityOfCambridge-Content/documents/propertyupdate2010Final.pdf.  

Additionally (and thankfully!), the City Council has once again approved a tax exemption for owner occupants of residential real estate in Cambridge.  The residential exemption for FY11 is $1601.20.  If you recently purchased your home and were residing there as of January 1, 2010, you are eligible for the exemption.  You can download the application form from the City’s website at www.cambridgema.gov. The form is available under “Online Services, City Permits and Applications.” You do not need to reapply each year.

You've Made A Mistake. Now What?

You've Made A Mistake. Now What? - Best Practices - Harvard Business Review

This article reminds me of a time when I was a very young assistant lacrosse coach at Harvard.  I had scouted some recruits and then had painstakingly put together a highlight reel for the head coach, the venerable Carole Kleinfelder, to review to see which athletes she thought worth recruiting.  She watched about 3 minutes of the 30 minute video, then turned it off and turned to me.  She flatly stated, "You missed the whole point." (she didn't mince words). She went on to explain to me that ALL of the potential recruits could do good things.  What she was more interested in seeing was what mistakes they made, and then how they recovered from them.  In her estimation, this was how to separate good high school athletes from great ones.  It is a great lesson, and one I haven't forgotten. 

Harvard Farmer's Market | Today is second to last market of the season!

via http://www.dining.harvard.edu/flp/ag_market.html

Today is the penultimate Harvard farmer's market of the season! Great #Cambridge resource for everything delicious from veggies to chocolate to fresh fish.

Quick Route to Midtown! New #Cambridge-NYC Bus Line Opens | The Harvard Crimson

Brooklyn-based bus service World Wide Tours will launch on Oct. 27 a new bus line called World Wide Bus, which will travel between Cambridge and New York City.

Regular one-way fares will cost $15 on weekdays and $20 on weekends. World Wide Bus is offering an introductory price of $10 for one-way trips any day of the week in a sale that ends Nov. 18.

Passengers will be picked up at the Alewife MBTA Station in Cambridge and then at Riverside Station in Newton. They will be dropped off in Manhattan at 31st St. and 8th Ave., near Penn Station.

The new line, which features free wireless internet access, will leave four times a day during the week and eight times a day on weekends.

When asked about the new competition, BoltBus, Lucky Star Bus, and representatives from several other bus services declined to comment.

Harvard students are cautiously enthusiastic about the creation of a new direct route.

“That’s awesome, as long as it’s not ridiculously crowded,” said Thomas C. Foley, Jr. ’13, who said he rides Amtrak trains to the Big Apple.

Benjamin K. Moss ’13 said that he would only ride the World Wide Bus if it proves better than the BoltBus. “I’d only use it if it had the same amenities, like WiFi,” he said.

via thecrimson.com

So proud of my sister!

Facebook CEO names Jen Holleran to run $100M foundation called StartUp: Education - http://tinyurl.com/3x68uzx.

Okay, so this isn't Cambridge real estate news, but you can't blame a girl for spreading the good word...

Mortgage rates and incentives

I just heard from a colleague in the mortgage business about a great incentive that Sovereign Bank is doing.  If you open a Sovereign checking account (from which you pay your mortgage), they will deduct an extra .25% from already historically low rates. On a 30 year fixed conforming loan, they're offering a rate of 4.5%, reduced further to 4.25% with the incentive (and 0 points).  On a 30 year fixed jumbo, the rate is 5%, or 4.75% with the incentive.

Rob Kinasewich is a terrific guy and has been in the business many years.  If you're interested in learning more, his number is 781-910-9547 and email is rkinasew@sovereignbank.com.

The Cambridge Insider Blog is back

A year later, the Cambridge Insider Blog is back with a clear head and fresh perspective!  I'm very excited to be back in the saddle full time and indeed, it is an exciting time in Cambridge real estate.  With single family average prices up 13% from 2009 and condo average sales prices up 12% (source: H3MLS), it seems that the market is showing some energy.

Cambridge Insider Blog on maternity leave!

The Cambridge Insider Blog will be taking a break to tend to two small but loud distractions (new babies H & E) - I will be back online in the Fall of 2010 for a continuation of Cambridge market data, real estate insights and other information about our great city of Cambridge, MA!

OPEN HOUSES AUGUST 9th

The list of OPEN HOUSES for this weekend has been posted here.  Happy house hunting!

Open Houses July 4th Weekend

Hi Everyone,

We're taking a break from posting open houses for the holiday weekend.  Open houses will be back up on the Cambridge Insider for the weekend of July 11 and 12.

Have a fun and safe Fourth of July!

Lauren

$8,000 First time homebuyer tax credit

The revised first time homebuyer tax credit, good for real estate purchased between January 1, 2009 and December 31, 2009, is much more simple and easy to understand than its predecessor.  I've posted a PDF that explains the credit and the income limitations - you can access it here.

Data on median prices for single family homes

The data I'm considering here are for properties sold through MLS - bear in mind this doesn't include private sales, foreclosure auctions, or other non-marketed properties.

Mortgage Rates Drop This Week

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 6.04 percent during the week ended Nov. 20. The 30-year loan rates were 6.14 percent the prior week.

During the same period, interest on 15-year fixed loans slipped to 5.73 percent from 5.81 percent.

Five-year and one-year ARMs declined as well, down to 5.87 percent from 5.98 percent and to 5.29 percent from 5.33 percent, respectively.

Source: Los Angeles Times (11/21/08) 

Cambridge and Somerville Open Houses for Sunday, November 8th and 9th

The list of OPEN HOUSES for this weekend has been posted here.  Happy house hunting!

Boston Business Journal Article on Mortgage Data

This week's Boston Business Journal has an interesting blurb on mortgage data:

"...Mortgage volume was off by about 30 percent year over year, suggesting that sales data may be especially weak for September.

The Business Journal analyzed the number of mortgages reported with the Registry of Deeds during the first 15 business days of September and compared the figure for the same period the previous year. The number of mortgages — which includes residential and commercial properties — in Suffolk County fell 33 percent to 608, according to information from the Registry of Deeds Web site. The northern section of Middlesex County saw a 32 percent decline in mortgages to 369 during the same period.

Banking experts say September’s drop in mortgage activity, coming on the heels of an already moribund stretch in home sales over the previous 18 months, is likely due to skittishness among potential buyers — not tightened lending standards among local lenders."