"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/

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

"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/

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"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

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/

$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