This is it! The most optimistic and visionary plan I've heard for our economic and energy future. I'm going to read Rifkin's book: "The Third Industrial Revolution"! This will create millions of jobs. As energy is decentralized, every home and building becomes an energy producer, selling power back to the grid as necessary.
And, it sounds inevitable and enabled by the internet. It's like the music industry trying to stop the downloading of music files. They couldn't stop it, and had to throw in the towel and join in, selling files over the net like at iTunes. According to Rifkin, it will be the same with big oil and fossil fuels.
This is being done in the European Union now!
More about Rifkin: http://www.foet.org/JeremyRifkin.htm
And right in line with Rifkin's work, Google announces it is offering loans for homeownwers to install solar panels on their roofs:
http://www.boston.com/realestate/news/articles/2011/09/28/google_wants_to_help_homeowners_add_solar_power_panels/
Wednesday, September 28, 2011
Tuesday, August 16, 2011
Warren Buffett
Here's a great Op Ed article in the Sunday New York Times by Warren Buffett and an interview of Buffett by Charlie Rose about the op ed piece. This is well worth reading and/or watching!
Warren has strong opinions about the recent deficit debacle, speaks about tax rates on the wealthiest Americans and has a generally optimistic view of the American economy.
Among other things, he believes that the real estate market is still eating up excess inventory from the bubble, and when household formations exceed housing starts, demand will exceed supply and that will help the economy turn the corner. He estimated that will happen in 2013.
Sunday Times Op Ed:
http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1&src=tp&smid=fb-share
Charlie Rose Interview of Warren Buffett
http://www.charlierose.com/view/interview/11845
Warren has strong opinions about the recent deficit debacle, speaks about tax rates on the wealthiest Americans and has a generally optimistic view of the American economy.
Among other things, he believes that the real estate market is still eating up excess inventory from the bubble, and when household formations exceed housing starts, demand will exceed supply and that will help the economy turn the corner. He estimated that will happen in 2013.
Sunday Times Op Ed:
http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1&src=tp&smid=fb-share
Charlie Rose Interview of Warren Buffett
http://www.charlierose.com/view/interview/11845
Thursday, March 3, 2011
MAR Study of 2010 Buyers & Sellers
MASSACHUSETTS ASSOCIATION OF REALTORS STUDY
MASSACHUSETTS HOME BUYERS AND SELLERS – 2010
· 55% of all properties sold in MA in 2010 were to 1st time homebuyers (vs. 50% nationally)
· Desire to own a home, was the #1 reason given to purchase (36%)
o Desire for a larger home (8%)
o Change in family situation (8%)
o Desire for home in better location (8%)
o First time buyer tax credit (7%)
· Median income of buyers was $82,100 (2009 household income data) vs. $72,200 nationally and down from $94,800 in 2008
· 55% of home buyers were married couples
· 19% were single females
· 12% were single males
· 13% were unmarried couples
· 13% of buyers were born outside of the U.S. vs. 10% nationally
· Median age of 1st time home buyer was 32 vs. 30 in 2009
· 54% of 1st time home buyers were between 25 & 34 years old
· 28% of 1st time home buyers were between 35 & 44 years old, only 8% were 18-24 years old
· 1st time homebuyers in MA had a median income of $75,900 vs. 59,900 nationally
· In 2010 92% of buyers financed their home purchase (98% of 1st time buyers compared to 84% of repeat buyers)
· Savings was the chief source of down payment for 1st time buyers (85%) vs. 48% of repeat buyers using the proceeds from the sale of their primary residence
· 46% of all buyers believe that their home purchase was a better investment than the stock market (vs. 54% in 2009) – an additional 31% of buyers felt their home purchase was at least as good an investment as investing in the stock market
· 94% of MA home sellers choose to work with a real estate professional, 6% higher than the national average of 88%
· Of FSBOs (nationally), 58% knew their buyer prior to the sale
· The median age of home sellers was 46, up from 44 in 2009 and they had a median income of $108,900 vs. the U.S. median of $90,000
· The typical seller owned their property for 9 years
· 37% of home sellers reported that the main reason for deciding to sell was a change in family situation
· (marriage, birth of child, divorce) or that their home was too small
· Only 3% reported selling because they could not afford the mortgage (vs. 6% in 2009)
· 40% of Sellers did not reduce the price before their home was sold
· Homes typically sold for 95% of the listing price
· 26% of Sellers offered incentives to attract buyers vs. 44% nationally (closing costs, warranties, repair credits)
MASSACHUSETTS HOME BUYERS AND SELLERS – 2010
· 55% of all properties sold in MA in 2010 were to 1st time homebuyers (vs. 50% nationally)
· Desire to own a home, was the #1 reason given to purchase (36%)
o Desire for a larger home (8%)
o Change in family situation (8%)
o Desire for home in better location (8%)
o First time buyer tax credit (7%)
· Median income of buyers was $82,100 (2009 household income data) vs. $72,200 nationally and down from $94,800 in 2008
· 55% of home buyers were married couples
· 19% were single females
· 12% were single males
· 13% were unmarried couples
· 13% of buyers were born outside of the U.S. vs. 10% nationally
· Median age of 1st time home buyer was 32 vs. 30 in 2009
· 54% of 1st time home buyers were between 25 & 34 years old
· 28% of 1st time home buyers were between 35 & 44 years old, only 8% were 18-24 years old
· 1st time homebuyers in MA had a median income of $75,900 vs. 59,900 nationally
· In 2010 92% of buyers financed their home purchase (98% of 1st time buyers compared to 84% of repeat buyers)
· Savings was the chief source of down payment for 1st time buyers (85%) vs. 48% of repeat buyers using the proceeds from the sale of their primary residence
· 46% of all buyers believe that their home purchase was a better investment than the stock market (vs. 54% in 2009) – an additional 31% of buyers felt their home purchase was at least as good an investment as investing in the stock market
· 94% of MA home sellers choose to work with a real estate professional, 6% higher than the national average of 88%
· Of FSBOs (nationally), 58% knew their buyer prior to the sale
· The median age of home sellers was 46, up from 44 in 2009 and they had a median income of $108,900 vs. the U.S. median of $90,000
· The typical seller owned their property for 9 years
· 37% of home sellers reported that the main reason for deciding to sell was a change in family situation
· (marriage, birth of child, divorce) or that their home was too small
· Only 3% reported selling because they could not afford the mortgage (vs. 6% in 2009)
· 40% of Sellers did not reduce the price before their home was sold
· Homes typically sold for 95% of the listing price
· 26% of Sellers offered incentives to attract buyers vs. 44% nationally (closing costs, warranties, repair credits)
Monday, January 10, 2011
Follow me at: twitter.com/RealtorDavePap
Cambridge Area Real Estate News*
January 2011
*While this newsletter is mostly about Cambridge, I cover Somerville and many surrounding communities from Arlington & Belmont to Brookline & Newton as well. Every town is different, so call me if you have questions about the value of your home or what to buy.
Dear Friends and Neighbors,
Happy New Year! I hope you had fulfilling holidays with friends and family and I wish you health and happiness in the New Year!
Home Sweet Home, a Dessert & Wine Tasting to Open Doors for the Homeless on October 16 was a big success. The Cambridge Housing Assistance Fund (CHAF), which I co-founded and have volunteer directed for twelve years, raised $155,000 to assist 110+ homeless and near homeless families and individuals to avoid or escape life in a shelter, or on the street. If you would like to help more homeless, visit www.CHAFund.org.
Beware what you read about the real estate market! Newspaper reports are often about national trends, whereas local trends may depend on your town, neighborhood, even street.
The Cambridge area real estate market has been remarkably resilient and has held its value well. If anything, a shortage of desirable inventory has affected the market and although there are buyers who want to buy, there is not always the right inventory for them to buy.
Recent statistics show that local real estate market continued to stabilize in 2010. Many agents I speak to are getting an unusual amount of calls from new buyers for this early in the year and expect an early start to the ‘spring market.’ There is optimism that the state and national economy will continue to improve. As buyers have more confidence, and more jobs are created, this may buoy the spring real estate market.
Recent stats show 15% more single families sold in Cambridge in 2010 than in 2009 and 22% more in Somerville. The number of condo sales was essentially flat, -1% in Cambridge in 2010 and +3% in Somerville. While 2010 average single family prices were up 13% and 6% in Cambridge and Somerville respectively, I find this somewhat inconclusive as there was a small sampling, just 127 and 78 sales, respectively, and the ‘mix’ can be a factor.
This does, however, show a stabilizing and improving market with more sales and somewhat improved prices. This will benefit the entire regional economy as, every time someone buys a home, they also hire carpenters, roofers, painters, etc.
Although the fall market was price sensitive, certain properties stood out. Acting as a Buyer’s Agent, I recently sold 2 exceptionally high quality properties. One was a condo in a newly renovated Victorian between Harvard and Central Squares, and the other a new townhouse with contemporary design near Inman and Central Squares. I also sold a 2 family house near Davis Square, which will be renovated into condos. Davis Square is a very popular area right now. Meanwhile, a listing of mine, a townhouse built in 2005, sold last summer within 1.2% of its 2005 price, further demonstrating price stability.
Mortgage rates are still at historic lows: right around 5% with no points for a 30 year fixed conforming loan. 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.
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, let me know. And if you are buying, and want experienced advice on what house or condo to buy and how much to pay, give me a call. 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 25th successful year in Cambridge area real estate sales! If anyone you know is considering buying or selling, most of my business comes from word of mouth and referrals by satisfied clients. I hope you will consider giving my name to your friends and associates. My greatest pleasure and honor, is thanking you for a referral. 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.
Have a Great New Year!
David Pap
Work: 617.844.2756
Cell: 617.594.1088
David.Pap@NEMoves.com
www.DavidPap.com
www.twitter.com/RealtorDavePap
SNEAK PREVIEW: Loft condo in Arlington Height’s former Locke School. 9 skylights, 2 BRs, 2 baths, 1,620sf for $419,000!
Cambridge Area Real Estate News*
January 2011
*While this newsletter is mostly about Cambridge, I cover Somerville and many surrounding communities from Arlington & Belmont to Brookline & Newton as well. Every town is different, so call me if you have questions about the value of your home or what to buy.
Dear Friends and Neighbors,
Happy New Year! I hope you had fulfilling holidays with friends and family and I wish you health and happiness in the New Year!
Home Sweet Home, a Dessert & Wine Tasting to Open Doors for the Homeless on October 16 was a big success. The Cambridge Housing Assistance Fund (CHAF), which I co-founded and have volunteer directed for twelve years, raised $155,000 to assist 110+ homeless and near homeless families and individuals to avoid or escape life in a shelter, or on the street. If you would like to help more homeless, visit www.CHAFund.org.
Beware what you read about the real estate market! Newspaper reports are often about national trends, whereas local trends may depend on your town, neighborhood, even street.
The Cambridge area real estate market has been remarkably resilient and has held its value well. If anything, a shortage of desirable inventory has affected the market and although there are buyers who want to buy, there is not always the right inventory for them to buy.
Recent statistics show that local real estate market continued to stabilize in 2010. Many agents I speak to are getting an unusual amount of calls from new buyers for this early in the year and expect an early start to the ‘spring market.’ There is optimism that the state and national economy will continue to improve. As buyers have more confidence, and more jobs are created, this may buoy the spring real estate market.
Recent stats show 15% more single families sold in Cambridge in 2010 than in 2009 and 22% more in Somerville. The number of condo sales was essentially flat, -1% in Cambridge in 2010 and +3% in Somerville. While 2010 average single family prices were up 13% and 6% in Cambridge and Somerville respectively, I find this somewhat inconclusive as there was a small sampling, just 127 and 78 sales, respectively, and the ‘mix’ can be a factor.
This does, however, show a stabilizing and improving market with more sales and somewhat improved prices. This will benefit the entire regional economy as, every time someone buys a home, they also hire carpenters, roofers, painters, etc.
Although the fall market was price sensitive, certain properties stood out. Acting as a Buyer’s Agent, I recently sold 2 exceptionally high quality properties. One was a condo in a newly renovated Victorian between Harvard and Central Squares, and the other a new townhouse with contemporary design near Inman and Central Squares. I also sold a 2 family house near Davis Square, which will be renovated into condos. Davis Square is a very popular area right now. Meanwhile, a listing of mine, a townhouse built in 2005, sold last summer within 1.2% of its 2005 price, further demonstrating price stability.
Mortgage rates are still at historic lows: right around 5% with no points for a 30 year fixed conforming loan. 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.
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, let me know. And if you are buying, and want experienced advice on what house or condo to buy and how much to pay, give me a call. 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 25th successful year in Cambridge area real estate sales! If anyone you know is considering buying or selling, most of my business comes from word of mouth and referrals by satisfied clients. I hope you will consider giving my name to your friends and associates. My greatest pleasure and honor, is thanking you for a referral. 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.
Have a Great New Year!
David Pap
Work: 617.844.2756
Cell: 617.594.1088
David.Pap@NEMoves.com
www.DavidPap.com
www.twitter.com/RealtorDavePap
SNEAK PREVIEW: Loft condo in Arlington Height’s former Locke School. 9 skylights, 2 BRs, 2 baths, 1,620sf for $419,000!
Monday, February 8, 2010
Massachusetts median home prices rise in December
Massachusetts median condo prices increased 5.9%, from $236,000 to $249,990, in December 2009 compared to December 2010, according to the Warren Group. Single family median prices increased 10.4%, from $267,500 to $295,000 in the same period.
While good news for the economy, these increases may have been caused in part by historically low interest rates and the home buyer tax credit, which ends this spring. Cambridge prices have been remarkably resilient and remained relatively flat in 2009.
While good news for the economy, these increases may have been caused in part by historically low interest rates and the home buyer tax credit, which ends this spring. Cambridge prices have been remarkably resilient and remained relatively flat in 2009.
Monday, January 25, 2010
New EPA deleading regs to raise renovation costs
New Environmental Protection Agency regs go into effect April 22, 2010 saying all contractors removing lead paint must be certified. The EPA estimates this will add about one hour and $100 to most renovation jobs.
Click here to read the full January 24, 2010 Boston Globe Article by J.W. Elphinstone
Click here to read the full January 24, 2010 Boston Globe Article by J.W. Elphinstone
Saturday, January 2, 2010
Will mortgage interest rates 'spike' in spring???
"Lending rates will also spike as the government withdraws its trillion-dollar support of the mortgage market in the spring," says an article in the New York Times on 1/1/10.
This might argue for home buyers to act before this happens so they can lock in historically low interest rates. Sellers may also want to consider selling sooner rather than later as rising rates could adversely affect home values.
"As banks enjoy a recovery, lending may slow further as the Federal Reserve shifts its focus from spurring growth to heading off inflation, reversing the current period of ultralow interest rates that has been a boon to banks. Right now, low rates are fattening banks’ profit margins, since many lenders are not passing on their own low costs to borrowers. Lending rates will also spike as the government withdraws its trillion-dollar support of the mortgage market in the spring."
Here's the link to the full article:
http://www.nytimes.com/2010/01/01/business/economy/01wall.html?bl
This might argue for home buyers to act before this happens so they can lock in historically low interest rates. Sellers may also want to consider selling sooner rather than later as rising rates could adversely affect home values.
"As banks enjoy a recovery, lending may slow further as the Federal Reserve shifts its focus from spurring growth to heading off inflation, reversing the current period of ultralow interest rates that has been a boon to banks. Right now, low rates are fattening banks’ profit margins, since many lenders are not passing on their own low costs to borrowers. Lending rates will also spike as the government withdraws its trillion-dollar support of the mortgage market in the spring."
Here's the link to the full article:
http://www.nytimes.com/2010/01/01/business/economy/01wall.html?bl
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