Cambridge Area Real Estate News*
*While this newsletter is mostly about Cambridge , I cover Somerville and many surrounding communities from Arlington & Belmont to Brookline & Newton
Winter 2013
Dear Friends and Neighbors,
I hope you enjoyed your holidays and I wish you a warm winter and a Happy New Year!
JUST SOLD!! My featured listing this past fall was an architect renovated showcase home in the Brattle neighborhood which met LEED Silver standards for energy efficiency. With solar panels for hot water and electricity, foam insulation and state of the art systems, utility bills were cut dramatically! This home with its stunning custom cherry kitchen and family room open to a raised patio had 12 rooms, 4+ BRs and 4.5 baths and just sold for over $2,000,000: www.102Lexington.com
Have you considered solar panels or increasing the energy efficiency of your home? The Cambridge Energy Alliance (CEA) offers a wealth of info and advice on a variety of programs, rebates and credits. They will also do a free energy assessment of your home. CEA can be reached at 617-349-LEAF (5323) or www.cambridgeenergyalliance.org. The Cambridge city website now features an interactive Solar Roof Map, to show you whether your roof is well positioned to benefit from solar energy. Visit: www.cambridgema.gov/solar.
Last fall I also sold a charming 1 BR condo in a classic mid-Cambridge brick building. Asking in the low $300s, this condo had 5 offers over the asking price: another example of low inventory and pent-up demand. The Cambridge area real estate market continues to be marked by low inventory. As a result, it is likely that sales prices will continue to increase this year. While this may be good news for sellers, buyers will have to ready to move quickly to procure a property.
From 2011 to 2012, median single family prices in Cambridge increased 13.2%, while median condo prices increased a more modest 5.7% and median multi-family prices increased 16.1%. If you would like sales stats for surrounding towns, just let me know, or go to my blog. But don’t be misled by the 42.7% increase in average multi-family prices, as that reflected the sale of 28 JFK Street, Harvard Square for over $31 million!
Mortgage rates are amazingly low: right around 3.5% with no points for a 30 year fixed conforming loan with 20% down. For low down payment buyers, FHA loans are running sometimes as low as 3.25%, although closing and PMI costs can be high. If you are a buyer, this is a great time to lock in historically low interest rates. And if you are a homeowner, this may be a good time for you to refinance at a lower rate, or to consider selling.
Open Doors for the Homeless, The Cambridge Housing Assistance Fund (CHAF)’s new and exciting fall fundraiser was a big success. The Open Doors reception was held November 1st at Microsoft’s NERD Center, One Memorial Drive, Cambridge. Guests were greeted by panoramic 11th floor views of the Charles River, delectable hors d’oeuvres and light classical background music. Featured speaker Philip Mangano, President and CEO of the American Roundtable to Abolish Homelessness, praised CHAF’s prevention model. CHAF is very close to reaching it’s goal of preventing and ending homelessness by raising $150,000 to help more than 125 homeless and near homeless families and individuals to move from shelters and streets to homes, or to avoid losing the home they already have. For more info, or if you want to help a family by making a donation, just visit: www.CHAFund.org.
If you are considering selling, and you want the best advice on how to market and position your home in today’s real estate market, just let me know. Coldwell Banker invests about $50 million per year internationally in its internet presence and services. Ask me about how our sales and marketing strategy can benefit the sale of your home.
If you are buying, and want experienced advice on what house or condo to buy and how much to pay, give me a call. We are expecting a busy spring market, with exceptionally low interest rates and new listings coming on market beginning this month. Coldwell Banker continues to have the highest market share of any firm in Cambridge or Somerville and we will be listing new properties every week. So let me know if you’d like to get advance notice of new listings or to tour some homes. Or, if you’re just getting started and want to explore on the internet, I’d be happy to register you for WebHunter, which emails you daily alerts of new listings.
I'm celebrating my 27th successful year in Cambridge area real estate sales! Most of my business comes from word of mouth and referrals by satisfied clients. If anyone you know is considering buying or selling, I hope you will give them my name. My greatest pleasure and honor, is thanking you for a referral of your friends or associates. Thank you for your many referrals and for contributing to my success!
I look forward to hearing from you, whether to simply catch up, or to assist you with real estate.
HAPPY NEW YEAR!!!!
David Pap
Work: 617.844.2756
Cell: 617.594.1088
David.Pap@NEMoves.com
www.DavidPap.com
www.twitter.com/RealtorDavePap
www.davidpap.blogspot.com
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