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Saturday, October 31, 2009
New Cambridge Property Tax Rate FY2011
New Cambridge, MA tax rate=$7.72/yr/$1,000 of assessed value. Residential exemption is $198,423=$1,531.83/yr saving for owner occupied properties.
Saturday, October 17, 2009
"Hopes run high for tax-credit expansion" Market Watch
The 1st time Buyer's $8k tax credit certainly spurred sales in the entry $300s, $400s level in Cambridge, MA area this fall. Extending and possibly increasing this credit might keep sales activity up over the usually quiet holiday period (T'gvg - mid Jan.).
Here's the article from Market Watch:
By Steve Kerch, MarketWatch
SAN DIEGO (MarketWatch) -- The expansion -- or, at a minimum, extension -- of the $8,000 first-time-home-buyer tax credit that is set to expire Nov. 30 is at the top of the legislative agenda for the Mortgage Bankers Association, with one of the MBA's leaders saying the trade group is "very close" to winning that battle in Congress.
http://www.marketwatch.com/story/home-buyer-tax-credit-renewal-very-close-mba-2009-10-12
Here's the article from Market Watch:
By Steve Kerch, MarketWatch
SAN DIEGO (MarketWatch) -- The expansion -- or, at a minimum, extension -- of the $8,000 first-time-home-buyer tax credit that is set to expire Nov. 30 is at the top of the legislative agenda for the Mortgage Bankers Association, with one of the MBA's leaders saying the trade group is "very close" to winning that battle in Congress.
http://www.marketwatch.com/story/home-buyer-tax-credit-renewal-very-close-mba-2009-10-12
Wednesday, August 26, 2009
"Home prices and sales on rise in Boston area," Boston Globe 8-26-09
"Home prices in Greater Boston have increased for three straight months and the number of houses selling is up sharply, suggesting that the long housing slump is over," according to an article in the Boston Globe on 8-26-09.
If buyers feel increased confidence that the market has bottomed or is bottoming out, this may suggest a busy fall market with buyers also trying to close before November 30th to take advantage of the $8,000 tax credit. Average time from accepted offer to closing is ~60 days although, depending on the bank, it's possible to close in 45 days. So, if a buyer puts a home under agreement by end of September to middle of October it should be possible to close by Nov. 30th.
Ironically, there is still a shortage of inventory in the $300s and low $400s price ranges, which is where most first time buyers are looking. This may lead to some competing bid situations. Perhaps sellers will get the message and start selling so they can trade up. This could even fuel the market in stagnant higher price ranges as these sellers trade up.
Today's lower prices are a boon to buyers, who can buy for 10%++ less than a few years ago. And for sellers trading up, there is a silver lining. Guess what? It's possible that what you're trading into has come down more in value than what you're selling. So, don't lament the 'loss' you're taking on the selling end when you're gaining on the buying end. You may very well come out ahead, with more house and equity for the money than if you had traded up when prices were higher.
Read the full Boston Globe article at http://www.boston.com/business/articles/2009/08/26/reports_suggest_mass_home_buyers_overcoming_qualms/
If buyers feel increased confidence that the market has bottomed or is bottoming out, this may suggest a busy fall market with buyers also trying to close before November 30th to take advantage of the $8,000 tax credit. Average time from accepted offer to closing is ~60 days although, depending on the bank, it's possible to close in 45 days. So, if a buyer puts a home under agreement by end of September to middle of October it should be possible to close by Nov. 30th.
Ironically, there is still a shortage of inventory in the $300s and low $400s price ranges, which is where most first time buyers are looking. This may lead to some competing bid situations. Perhaps sellers will get the message and start selling so they can trade up. This could even fuel the market in stagnant higher price ranges as these sellers trade up.
Today's lower prices are a boon to buyers, who can buy for 10%++ less than a few years ago. And for sellers trading up, there is a silver lining. Guess what? It's possible that what you're trading into has come down more in value than what you're selling. So, don't lament the 'loss' you're taking on the selling end when you're gaining on the buying end. You may very well come out ahead, with more house and equity for the money than if you had traded up when prices were higher.
Read the full Boston Globe article at http://www.boston.com/business/articles/2009/08/26/reports_suggest_mass_home_buyers_overcoming_qualms/
Friday, August 21, 2009
10 Questions for New School Head Jeff Young
"..the pieces are here in this community for Cambridge to be the best urban school district in the country," said new Cambridge school superintendent Jeff Young.
Read the interview by David L. Harris in the August 20, 2009 Cambridge Chronicle:
http://www.wickedlocal.com/cambridge/homepage/x1373186714/Ten-questions-for-Cambridge-superintendent-Jeff-Young
Read the interview by David L. Harris in the August 20, 2009 Cambridge Chronicle:
http://www.wickedlocal.com/cambridge/homepage/x1373186714/Ten-questions-for-Cambridge-superintendent-Jeff-Young
Tuesday, July 21, 2009
"Housing starts gain to 7 month high"
Boston Globe article July 18, 2009:
"WASHINGTON: Housing starts in the United States unexpectedly rose in June as construction of single-family dwellings jumped by the most since 2004, signaling the market is stabilizing."
http://www.boston.com/realestate/news/articles/2009/07/18/housing_starts_gain_to_seven_month_high/
"WASHINGTON: Housing starts in the United States unexpectedly rose in June as construction of single-family dwellings jumped by the most since 2004, signaling the market is stabilizing."
http://www.boston.com/realestate/news/articles/2009/07/18/housing_starts_gain_to_seven_month_high/
Saturday, July 4, 2009
Friday, May 8, 2009
"Novartis will expand in Cambridge"
The pharmaceutical giant Novartis is planning to to build a new facility at 181 Mass Ave, Cambridge on land leased from MIT.
This May 8th Boston Globe article by Casey Ross demonstrates the desirability of Cambridge to the Biotech and the Big Pharma industry. Over the years Kendall Square has become a worldwide epicenter for research and development in the lifesciences. Proximity to and partnerships with MIT, Harvard and the local hospitals are a big part of this appeal.
"We're committed to Cambridge. This is a long-term investment," said Mark Fishman, president of the company's institute for biomedical research. "We have found it particularly beneficial to have the relationship with MIT, Harvard, and the hospitals in the neighborhood."
To me, this further demonstrates the appeal of Cambridge and the demand for Cambridge real estate. Novartis already has about one million square feet of space in Cambridge, much of it in the former Necco factory on Mass Ave.
See the full article here
This May 8th Boston Globe article by Casey Ross demonstrates the desirability of Cambridge to the Biotech and the Big Pharma industry. Over the years Kendall Square has become a worldwide epicenter for research and development in the lifesciences. Proximity to and partnerships with MIT, Harvard and the local hospitals are a big part of this appeal.
"We're committed to Cambridge. This is a long-term investment," said Mark Fishman, president of the company's institute for biomedical research. "We have found it particularly beneficial to have the relationship with MIT, Harvard, and the hospitals in the neighborhood."
To me, this further demonstrates the appeal of Cambridge and the demand for Cambridge real estate. Novartis already has about one million square feet of space in Cambridge, much of it in the former Necco factory on Mass Ave.
See the full article here
Tuesday, May 5, 2009
Pending home resales up again
On the national scene:
Boston Globe
Courtney Schlisserman and Sho Chandra
May 5, 2009
WASHINGTON - Pending sales of US existing homes posted their first back-to-back gain in almost a year in March, and construction spending ended a six-month slide, spurring a rally in stocks......
"People are worrying a bit less about a depression and starting to see signs of recovery," said James O'Sullivan, a senior economist at UBS Securities LLC in Stamford, Conn."
see full Boston Globe article:
http://www.boston.com/realestate/news/articles/2009/05/05/pending_home_resales_up_again/
Boston Globe
Courtney Schlisserman and Sho Chandra
May 5, 2009
WASHINGTON - Pending sales of US existing homes posted their first back-to-back gain in almost a year in March, and construction spending ended a six-month slide, spurring a rally in stocks......
"People are worrying a bit less about a depression and starting to see signs of recovery," said James O'Sullivan, a senior economist at UBS Securities LLC in Stamford, Conn."
see full Boston Globe article:
http://www.boston.com/realestate/news/articles/2009/05/05/pending_home_resales_up_again/
Monday, May 4, 2009
$8,000 Homebuyer Tax Credit
This website from the National Association of Home Builders has good info about the $8,000 Tax Credit:
http://www.federalhousingtaxcredit.com/2009/index.html
http://www.federalhousingtaxcredit.com/2009/index.html
Wednesday, February 18, 2009
Obama's speech today on home mortgage crisis
Here is text of today's speech by Barack Obama on his plan to alleviate the home mortgage crisis: click here
http://www.reuters.com/article/bondsNews/idUSN1843934920090218
http://www.reuters.com/article/bondsNews/idUSN1843934920090218
Tuesday, February 17, 2009
Trader Joe's Leads Alewife Boom*
Yes, the new building going up at the Fresh Pond Rotary will be a Trader Joe's. So if you don't like the prices at Whole Foods, or Whole Paycheck as some like to call it, you can just cross the street, carefully, to Trader Joe's.
Alewife "is the last area (in Cambridge) that has significant development potential..." according to Susan Glazer, deputy director of the city's Community Development Department. But the area "doesn't really have a focus," said Glazer and "some streets don't even have sidewalks."
Local residents and business owners would like to see the Concord Avenue/Alewife area become more pedestrian and small business friendly with more opportunities for housing development, and some zoning changes were implemented in 2006.
Community vigilance is important to see that this area is responsibly developed in accordance with community needs. There are two wetlands n the area: The Fresh Pond Reservation and Alewife Brook Reservation. Anyone who has enjoyed Fresh Pond and seen the Great Blue Heron or the Screech Owl that live there will understand this.
"The Alewife area is already one of the most congested in the state," said state rep Will Brownberger. "It's a matter of great concern that relatively intense development is expected in the area.....Our challenge is to improve public transportation and to facilitate pedestrian and bicycle travel in the area to....reduce congestion to accommodate whatever beneficial developments are planned."
In the last few years, residential condo developments at 733 Concord Avenue, 27 Wheeler Street and 318 Rindge Avenue are bringing more residents to the area. The Starbucks next to the Best Western confirms the trend and in some ways is a leading edge indicator for what's to come. And the Best Western's Hotel Tria is undergoing a $10 million renovation to double its room capacity.
It sounds to me that the city is doing a good job of controlling development in the area, although Cambridge residents need to maintain their vigilance. There is a 20 year plan to add mixed use infrastrucute and roadways to the area, Glazer said.There has been continuing development pressure as well on the area near "Faces" on Route #2, which is close the the Alewife wetlands. Needs of residents, developers, small business owners and the environment must be balanced for the good of all. Making the area more pedestrian and bicycle friendly and integrated with mass transit at the Alewife Red Line stop should reduce traffic and make this an appealing area for some time to come.
*Info from " City, developers see Alewife boom" in the Boston Globe on 2/8/09.
For photo and full article, click here.
Related Link: Friends of Alewife Reservation
Fresh Pond Reservation
Alewife "is the last area (in Cambridge) that has significant development potential..." according to Susan Glazer, deputy director of the city's Community Development Department. But the area "doesn't really have a focus," said Glazer and "some streets don't even have sidewalks."
Local residents and business owners would like to see the Concord Avenue/Alewife area become more pedestrian and small business friendly with more opportunities for housing development, and some zoning changes were implemented in 2006.
Community vigilance is important to see that this area is responsibly developed in accordance with community needs. There are two wetlands n the area: The Fresh Pond Reservation and Alewife Brook Reservation. Anyone who has enjoyed Fresh Pond and seen the Great Blue Heron or the Screech Owl that live there will understand this.
"The Alewife area is already one of the most congested in the state," said state rep Will Brownberger. "It's a matter of great concern that relatively intense development is expected in the area.....Our challenge is to improve public transportation and to facilitate pedestrian and bicycle travel in the area to....reduce congestion to accommodate whatever beneficial developments are planned."
In the last few years, residential condo developments at 733 Concord Avenue, 27 Wheeler Street and 318 Rindge Avenue are bringing more residents to the area. The Starbucks next to the Best Western confirms the trend and in some ways is a leading edge indicator for what's to come. And the Best Western's Hotel Tria is undergoing a $10 million renovation to double its room capacity.
It sounds to me that the city is doing a good job of controlling development in the area, although Cambridge residents need to maintain their vigilance. There is a 20 year plan to add mixed use infrastrucute and roadways to the area, Glazer said.There has been continuing development pressure as well on the area near "Faces" on Route #2, which is close the the Alewife wetlands. Needs of residents, developers, small business owners and the environment must be balanced for the good of all. Making the area more pedestrian and bicycle friendly and integrated with mass transit at the Alewife Red Line stop should reduce traffic and make this an appealing area for some time to come.
*Info from " City, developers see Alewife boom" in the Boston Globe on 2/8/09.
For photo and full article, click here.
Related Link: Friends of Alewife Reservation
Fresh Pond Reservation
Wednesday, February 11, 2009
Vice Mayor Murphy Resignation
Vice Mayor Murphy Resignation*
Cambridge Vice Mayor and City Councillor Brian Murphy announced at last night's Council meeting that he is resigning from the Council to take the position of Deputy Secretary of Transportation with the Commonwealth of Massachusetts. Vice Mayor Murphy has served seven years on the Council, and in the current term has served as Vice Mayor, co-Chair of the Ordinance Committee and Chair of the Finance Committee. The Election Commission will recount votes from the 2007 City Council election to select Vice Mayor Murphy's replacement.
*from a Cambridge Chamber of Commerce message on 2/11/09
Cambridge Vice Mayor and City Councillor Brian Murphy announced at last night's Council meeting that he is resigning from the Council to take the position of Deputy Secretary of Transportation with the Commonwealth of Massachusetts. Vice Mayor Murphy has served seven years on the Council, and in the current term has served as Vice Mayor, co-Chair of the Ordinance Committee and Chair of the Finance Committee. The Election Commission will recount votes from the 2007 City Council election to select Vice Mayor Murphy's replacement.
*from a Cambridge Chamber of Commerce message on 2/11/09
Friday, January 9, 2009
Mortgage rates fall to all time low
January 8th article from CNNMoney.com:
NEW YORK (CNNMoney.com) -- Mortgage rates fell to another all-time low, declining for the tenth consecutive week. Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.01% for the week ending Jan. 8th. That's down from 5.10% last week and well below 5.87%, which is where the rate stood at this time last year. The 30-year fixed rate mortgage has not been lower since Freddie Mac started conducting the survey in 1971. Mortgage rates continue to respond to the Federal Reserve's decision to purchase mortgage backed securities from Fannie Mae (FNM, Fortune 500), Freddie Mac (FRE, Fortune 500) and Ginnie Mae, according to Frank Nothaft, Freddie Mac vice president and chief economist. "On November 25, 2008, the Federal Reserve announced that it planned to purchase up to $500 billion of these securities by the end of June this year. For the sake of comparison, there were roughly $4.7 trillion of such securities backed by home mortgages available as of September 30, 2008," Nothaft said in a release Thursday. The 15-year fixed rate mortgage this week averaged 4.62%, which is down from 4.83% last week. A year ago at this time, that rate averaged 5.43%. The 15-year rate has not been this low since June 13, 2003, when it averaged 4.6%. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.49% this week, down from last week when they averaged 5.57%. At this time a year ago, the 5-year ARM averaged 5.63%. And the one-year Treasury-indexed ARM averaged 4.95% this week, up from 4.85% last week. Last year, the 1-year ARM averaged 5.37%. "Since the end of October 2008, these rates have declined by almost 1 1/2 percentage points," said Nothaft. "[That's a] payment savings of about $184 a month for a $200,000 loan - an additional $11 from last week." First Published: January 8, 2009: 11:10 AM ET
NEW YORK (CNNMoney.com) -- Mortgage rates fell to another all-time low, declining for the tenth consecutive week. Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.01% for the week ending Jan. 8th. That's down from 5.10% last week and well below 5.87%, which is where the rate stood at this time last year. The 30-year fixed rate mortgage has not been lower since Freddie Mac started conducting the survey in 1971. Mortgage rates continue to respond to the Federal Reserve's decision to purchase mortgage backed securities from Fannie Mae (FNM, Fortune 500), Freddie Mac (FRE, Fortune 500) and Ginnie Mae, according to Frank Nothaft, Freddie Mac vice president and chief economist. "On November 25, 2008, the Federal Reserve announced that it planned to purchase up to $500 billion of these securities by the end of June this year. For the sake of comparison, there were roughly $4.7 trillion of such securities backed by home mortgages available as of September 30, 2008," Nothaft said in a release Thursday. The 15-year fixed rate mortgage this week averaged 4.62%, which is down from 4.83% last week. A year ago at this time, that rate averaged 5.43%. The 15-year rate has not been this low since June 13, 2003, when it averaged 4.6%. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.49% this week, down from last week when they averaged 5.57%. At this time a year ago, the 5-year ARM averaged 5.63%. And the one-year Treasury-indexed ARM averaged 4.95% this week, up from 4.85% last week. Last year, the 1-year ARM averaged 5.37%. "Since the end of October 2008, these rates have declined by almost 1 1/2 percentage points," said Nothaft. "[That's a] payment savings of about $184 a month for a $200,000 loan - an additional $11 from last week." First Published: January 8, 2009: 11:10 AM ET
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