79 Florence Street, #600S, Chestnut Hill – One of the largest and most desirable units at Hampton Place! Endless options for the next resident in this corner penthouse with over 3,000 sq ft of living area with architectural details and 4 garage spaces! Bright and spacious fireplaced living room boasts tray ceiling and floor to ceiling windows offering gorgeous panoramic views. The living room flows into the dining room, large eat-in kitchen with island and cozy den. Both bedrooms are graciously sized with walk-in closets and large luxurious his and her en-suite bath for master bedroom. Laundry in-unit and tons of storage round out this penthouse. Building amenities include club house, exercise room, indoor/outdoor pools and 24/7 security. Close to Chestnut Hill shops, restaurants and Route 9. Contact me today for a private showing. Click here to view more.
Under Agreement in 24 hours! 250 Hammond Pond Pkwy #209N, Chestnut Hill – Beautiful, bright and sunny 1200+/sqft 2 bedroom, 2 bathroom unit in the desirable Chestnut Hill Towers. Contact me today if you are looking for a similar unit!
Exceptional Needham 4 bedroom/3.5 bath estate property in coveted neighborhood close to the Charles River. This gorgeous property is professionally landscaped by The MacDowell Company of Weston and sits on a private acre corner lot with a front circular driveway, oversized 2 car garage with direct driveway and back service entrance. The home boasts spacious and sunny rooms throughout. The first floor includes a gracious living room and entertaining sized dining room. The kitchen is equipped with Thermador double ovens, Vermont marble and a large, bright breakfast area. Lovely wood paneled fire-placed family room leading to patio and wired for surround sound that runs through the kitchen and patio. The second floor features an elegant master retreat built in 2002, with tray ceiling, three walk-in closets with California closet built-ins, en suite marble bath with radiant floors, large steam shower and jacuzzi tub. The other bedrooms include an en suite bedroom with full bath, that could be used as a second master, two additional bedrooms and a full hall bath. The lower level has a gym/recreation area with fireplace, and unfinished space ready to be transformed. The fully fenced backyard creates a private oasis, perfect for entertaining! Inviting large custom stone patio, multiple year-round gardens and gunite pool. Lifestyle living.
250 Hammond Pond Pkwy, #209 N, Newton, MA, Massachusetts 02459. Beautiful, bright and sunny 1200+/sqft 2 bedroom, 2 bathroom unit in the desirable Chestnut Hill Towers. Freshly painted and move-in ready! Large living room with wall of windows leads to dining area and private balcony. Master bedroom with shelved walk-in closet and en-suite full bath. Multiple closets throughout and additional storage included. 2 Parking spaces, 1 garage and 1 outdoor. Ideal location by Route 9, Chestnut Hill Mall and plenty of shopping/amenities. Chestnut Hill Towers is a full-service complex including 24 hour concierge, swimming pool, tennis courts, gym, clubroom and hair salon. Easy to show, contact Susan today! $619K
Home Prices in Greater Boston Soared in the First Months of 2015
Courtesy of Scott Van Voorhis and Boston.com Correspondent
A home in Needham, where the median price of sales in the first quarter of 2015 was almost a million dollars. – Aram Boghosian/Boston Globe
The spring market has kicked off with a bang, with big hikes in home and condo prices in some of the hottest markets across Greater Boston.
Double-digit increases in prices have pushed real estate values deep into record territory in Cambridge, Somerville, Brookline and a number of suburban towns as well.
The median price of the homes sold in Cambridge during the first three months of 2015 hit $1.3 million, up 34 percent from last spring, while in Somerville it reached $590,000 after an 18 percent jump, according to The Warren Group, which tracks sales and home and condo prices statewide.
At $1.3 million, Cambridge’s median home price is more than double what it was back during the first three months of 2005, when it was $667,500.
The median price of a home in Brookline reached a stunning $1.7 million after a 16 percent jump during the first quarter, making it the most expensive place in the state to buy a single-family, barring the occasional sale of a Back Bay or Beacon Hill mansion.
And Needham’s median price ($980,000) is closing in on the $1 million mark after a 16 percent increase, Warren Group numbers show.
A home in Cambridge, where home prices are higher than they’ve been in a decade.
Aram Boghosian/Boston Globe
By contrast, the median price of homes across the state rose during the first quarter by a more modest 4 percent, to $317,500, while home sales rose by 1.3 percent. Statewide, the median condo price rose 2.4 percent during the same period, to $297,000, even as sales fell 6 percent, The Warren Group reports.
“The spring market is in full swing,” said Elaine Bannigan, owner of Pinnacle Residential Properties in Wellesley. “There are homes to look at and buyers are out there in force.”
Other towns where median prices rose by double digits included:
Nor was it just wealthy or relatively affluent zip codes that have seen big price increases so far this year:
In Boston, Dorchester’s median price soared 30 percent to $375,000 while Hyde Park’s jumped by about 14 percent, to $319,000, Warren Group stats show.
Everett, where Steve Wynn is laying plans for a $1.7 billion casino, saw its median home price rise 17 percent, to $316,500.
Median condo prices also surged in a number of local neighborhoods.
The median price in Charlestown rose 36 percent to $575,000, while East Boston, which is seeing a wave of new waterfront condos and apartment under construction, saw a nearly 30 percent gain, to $352,000.
The median condo price in Jamaica Plain rose 13 percent, to $414,000, while Cambridge saw an 8 percent jump, to $575,000.
Meanwhile, a number of towns and neighborhoods have blown past home price highs set back in 2005, the peak of the last boom.
At $1.3 million, Cambridge’s median home price is more than double what it was back during the first three months of 2005, when it was $667,500, while the median price of a home in Somerville back in the spring of 2005 was $428,500, not $590,000, as it is today, Warren Group numbers show.
Needham’s median price of $980,000 represents a nearly 50 percent increase over a decade ago, when it was $663,750.
Outstanding opportunity to live in an ideal Needham location! Meticulously maintained 3 bedroom home with open floor plan. Lovely living room, dining room and bright family room with high ceilings and fireplace. Eat in kitchen connects to family room and three season porch. Master Bedroom with connecting bath. Finished playroom and office in the lower level with lots of additional space and storage. Central air and underground sprinkler system. Convenient Needham location close to elementary school, major highways, and commuter rail. $620K
A recent top 10 list compiled by the Warren Group ranked a list of Massachusetts communities with the largest home value gains over the past nine years.
Brookline came in at fifth place, with the median price in 2014 reaching $1.48 million from $1.1 million in 2005, a 32.6 percent increase. Brookline saw sales increase with prices.
The Boston neighborhood of Jamaica Plain, which shares a border with Brookline, saw prices rise to $700,000 in 2014 from $498,000 in 2005, a 40.6 percent increase.
Image via Shutterstock. Article via The Brookline Patch.
Zillow has a prediction that ought to surprise young people feeling trapped in Boston’s rental cycle: By the end of next year, millennials will overtake Gen X’ers as the country’s biggest bloc of home-buyers.
The company forecasts 2015 will be a promising year for those trying to buy a home for the first time. After looking at factors like income growth, new home construction and increases in rental prices, it’s economists talked directly to potential homebuyers.
“Roughly 42% of millennials say they want to buy a home in the next one to five years, compared to just 31% of Generation X,” said Dr. Stan Humphries, Zillow’s chief economist, in a statement.
“The lack of home-buying activity from millennials thus far is decidedly not because this generation isn’t interested in homeownership,” he said, “but instead because younger Americans have been delaying getting married and having children, two key drivers in the decision to buy that first home. As this generation matures, they will become a home-buying force to be reckoned with.”
Michael Breer, a Boston real estate blogger, sees the same trend locally. “A lot of millennials are coming of age,” he said. Breer, who is also an agent with Sotheby’s International Realty, notes that in the Boston region, banks seem more willing than they were a few years ago to give mortgage loans to millennials – a major hurdle for the first-time home-buyer.
Still, millennials (those under 35 years old) have a lot of ground to make up on Generation X (35-50 years old) and the rest of the U.S. population. A September report from Redfin real estate brokerage said only 42% of millennials nationwide own homes, compared to 65% of the general population.
That gap is much, much bigger in the Boston metro region. According to Zillow’s numbers, only 19% of millennials in Boston, Cambridge and Newton currently own homes, compared to 61% of Gen X’ers and 77% of Baby Boomers. Zillow says the local gulf in ownership is worse than all but five other cities in the whole country.
It’s not a surprise there are relatively few millennial homeowners in Boston, given the competitive market new buyers face. There’s also the problem of matching the high expectations of young people looking to live in trendy areas like the South End, Beacon Hill or Back Bay with the financial realities there.
“You look at the neighborhoods that are desirable for millennials and they’re just not affordable,” said Breer. “Even in a place like Somerville, you’re probably looking at $300,000 to $500,000 for a studio or a one-bedroom.” Breer says under those conditions, young people are likely to rent for a few years in hot neighborhoods before looking to buy somewhere cheaper.
If Boston is going to catch the newly predicted wave of millennial homebuyers, it has to reverse that trend soon, which isn’t likely. For 2015, Boston ranks low among large cities on Zillow’s list of best places for likely first-time buyers – below even notoriously expensive markets like New York and San Francisco.
A big reason Boston is rated as unfavorable to first-time buyers is slow growth in the low-end housing market, a bracket millennials are most likely to land. According to Zillow, Boston has only 6% more units available in that market than it did a year ago. On the other end of the spectrum there’s Las Vegas, which has about 85% more bottom tier homes than it did last October.
Rich Hornblower, a broker with Coldwell Banker who also spoke to Boston.com last month about the tough first-timers market, is holding out hope for the future. He points to a number of projects underway at the Boston Redevelopment Authority, some of which include affordable housing units, as proof the city is trying to attract younger buyers.
“I think as the city keeps on improving and getting better we’re going to see more people trying to set their roots,” Hornblower said. “I think [millennial home ownership] will go up as Boston becomes more of a destination for people trying to stay after college.”
He also thinks young Bostonians will get sick of constantly rising rents and start to long for the stability of a fixed mortgage payment – another major factor in Zillow’s forecast. “They can get a fixed cost, know that they can live in the city and stay there,” Hornblower said. “That’s really valuable versus renting, especially in the downtown area where rents can go up year to year and you have no control over it.”
Exceptional Needham 4 bedroom/3.5 bath estate property in coveted neighborhood close to the Charles River. This gorgeous property is professionally landscaped by The MacDowell Company of Weston and sits on a private acre corner lot with a front circular driveway, oversized 2 car garage with direct driveway and back service entrance. The home boasts spacious and sunny rooms throughout. The first floor includes a gracious living room and entertaining sized dining room. The kitchen is equipped with Thermador double ovens, Vermont marble and a large, bright breakfast area. Lovely wood paneled fire-placed family room leading to patio and wired for surround sound that runs through the kitchen and patio. The second floor features an elegant master retreat built in 2002, with tray ceiling, three walk-in closets with California closet built-ins, en suite marble bath with radiant floors, large steam shower and jacuzzi tub. The other bedrooms include an en suite bedroom with full bath, that could be used as a second master, two additional bedrooms and a full hall bath. The lower level has a gym/recreation area with fireplace, and unfinished space ready to be transformed. The fully fenced backyard creates a private oasis, perfect for entertaining! Inviting large custom stone patio, multiple year-round gardens and gunite pool. Lifestyle living!
Susan Mammola Newton Real Estate 