Real Estate News: Homes Fit for the First Family

Living in The White House may seem like a dream come true–complete with a 24-hour cooking staff and on-ground vegetable garden–but as President Obama’s second term comes to a close, The First Family will soon be on the hunt for a new, less white, house. Although the Obamas plan to remain in Washington until their youngest daughter, Sasha, is finished with high school, as the president announced at a luncheon last month, their plans beyond that are still unknown. With his oldest daughter, Malia, headed to Harvard University next spring, Obama just may find himself back in the city he called home during law school–perhaps in something larger than his leased basement-apartment, though. Read more

Real Estate News: Three Boston projects to keep your eye on

As any great, flourishing city, Boston is constantly expanding and improving. However, lately our humble, waterfront city has been experiencing growth at an unprecedented rate. Here are the three biggest, most magnificent and transformative construction projects currently underway. Read more

Real Estate News: Surge of the Seaport

Although a lot has changed since the last State of the Seaport, all of the incredible, upward trends are still increasing at a rapid pace. Shopping areas continue to expand as unique, speciality stores keep popping up, such as Birch & Willow Studio and Louis Boston, and there is more to do than ever with Boston Harbor cruises or waterside brewery excursions at your fingertips. In additional, there are even bigger changes to come in the form of an $800 million development to “Seaport Square” in the near future which was just approved a few months ago, along with General Electric, a top Fortune 500 company, planning to move in. While Boston magazine thinks the area is “about to become a wellness capital,” and The Globe suggests that it’s just starting to find its “soul,” we at Gibson Sotheby’s International Realty see a remarkable opportunity to stake out a front-row seat, as all eyes are on what is about to be Boston’s main event: the surge to the Seaport. Read more

Real Estate Tips: Prepping Your Home for Sale

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Getting your home ready for sale is no easy task. However, it makes all the difference and will result in a higher sale price. Even if you have to spend a few thousand dollars to get it to where you need it. Think about it, with average sale prices over $500k, its not hard to imagine a presentable staged home increasing your homes value by as much as 5% or more. Roll your sleeves up & lets get started!   Read more

Real Estate News: Sales Prices Increase in April to Record Highs

Elevated buyer activity, strong consumer confidence and low inventory has led to increased sales and prices of single-family detached homes and condominiums in April throughout Greater Boston, according to data from the Greater Boston Association of REALTORS® (GBAR).

“Throughout the spring, we’ve seen a steady rise in sales matched by continued price growth as buyer demand in our region remains high,” said GBAR President Andrew Sarno. “The strong economy and job market, paired with rising home values throughout Greater Boston, has led to an increase in consumer optimism and confidence when buying a home, as evidenced by the rise in buyer activity.”

Last month, sales of detached single-family homes improved on an annual basis for the eleventh consecutive month increasing 21 percent from the 762 homes sold in April 2015 to 922 this year. This represents the highest single-family home sales total for April since 2010 when there were 975 homes sold.

Greater Boston Single-Family Market Overview

  April 2015  April 2016 +/-
Closed Sales 762 922 +21.0%
Median Sales Price $512,250 $530,000 +3.5%
Days on Market Until Sale 78 70 -10.3%
New Listings 2,472 2,131 -13.8%

Condominium sales also rose 18 percent last month, from 690 units sold in 2015 to 814 this year. Last month’s condo sales number is slightly above average historical condo sales volume of 801 in our market, and the seventh highest total for the month since 2003.

Greater Boston Condominium Market Overview

 April  2015  April  2016 +/-
Closed Sales 690 814 +18.0%
Median Sales Price $436,000 $480,000 +10.1%
Days on Market Until Sale 59 46 -22.0%
New Listings 1,732 1,473 -15.0%

In each market, median sales prices increased in April setting record high prices in our region. Sarno added that many multiple offer situations has benefitted sellers in the form of higher home values and steady price appreciation.

“Except for a few cold days, the spring buying season essentially started in January,” said 2016 MAR President Annie Blatz. “All this early activity pushed closed sales to a new high for the month of April and prices followed.”

Unlike March, inventory numbers in April declined slightly in both markets. As we enter the summer months, the early start to the busy spring season may also be the cause of lower inventory seen in April.

Source: Greater Boston Association of Realtors. Find more information here.

About the Greater Boston Association of Realtors: The Greater Boston Association of REALTORS® (GBAR) represents over 6,500 real estate professionals throughout the Greater Boston and Eastern Massachusetts area and is one of the local boards of the National Association of REALTORS® – the largest trade association in America. GBAR® provides professional development courses, standard forms, legal reports and updates, brokerage counseling, legislative and regulatory representation, ethics, mediation and arbitration services, as well as recognition awards.

Real Estate News: Young Families Gravitate Towards the Inner City

Home prices in Boston’s suburbs are starting to decrease, as home buyer’s shift their focus towards the heart of the city. Our very own Michael Carucci who does a handful of business in both the suburbs and the city attributes this to the changing preferences of younger families.

“I cannot tell you the number of deals I have done in the last few months that five or 10 years ago they would have been buying in the suburbs,” he told Boston.com in an interview earlier this month.  

The piece reports that, according to data provided by The Warren Group, the median price of homes in the upscale suburbs of Concord, Cohasset, Needham, Wellesley, Cohasset, and Sherborn have all decreased. The decline began the first few months of 2016 as young families began to gravitate towards the city.

These numbers are just the beginning of huge changes to come. Previously, the prices of homes in these areas have been on a steady incline, appropriately reflecting the predominant home buyer preference of a slower-paced lifestyle and white picket fence. But now, these young families are trading in the fence for a more convenient inner city location. .

The other side of this real estate see-saw is the climb in the price of homes closer to the big-city-and-bright-lights feel of inner Boston. Carucci refers to this as the “live work play” phenomenon. With an increase in available activities for children and families, top-notch education offerings, improved safety measures, and a changing urban landscape with improved transportation systems, the city is more appealing than ever to the coming wave of new parents.

Young families are more noticeably seeking a balance between the preservation of the quality and purity family life, and maintenance of the social-life they’re accustomed to. Real-estate agents like Carucci can not only read into the ever-changing statistics on the housing market, but also predict the next big thing: Boston as a work-and-play-ground for parents and children alike.

Real Estate News: Legendary Cannes Chateau Now Offered for Sale

Known as the backdrop of Alfred Hitchcock’s 1955 classic film To Catch a Thief, the Chateau de la Croix des Gardes is now being offered for sale for the first time in nearly 60 years. The legendary Cannes Chateau is listed by our very own affiliate Côte d’Azur Sotheby’s International Realty and will be accepting offers any where between $57 million to $113 million.

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Cannes Cannes, Provence-Alpes-Cote D’Azur, 06400 France | Price Upon Request

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Real Estate Wrap Up – Third Week of May

Stay up to date on all the latest news on real estate and the Sotheby’s International Realty brand with highlights from this week’s top news stories.

1380 Washington-2_1

Featured Listing | 1380 Washington Street, Holliston | $798,000

Taj Boston hotel up for sale for $125M – Boston Business Journal

Huge Boston East Apartment Complex to Officially Break Ground – Curbed Boston

Chinese Investment in U.S. Real Estate Still Booming, Says Report – Curbed National

Tower Proposed for the Fenway Would Bring 325 Residential Units – Boston.com

The Unique Pink diamond sells for $31.56 million – The Jewelry Editor

In Search of Summer Real-Estate Love – Mansion Global

SIR Affiliates names Relevance New York first global PR firm – PR Week

Real Estate News: The Evolution of Kendall Square

10856788684_43e6d3ea0b_kBig changes are to come for Kendall Square, one of the busiest, most innovative technology hubs in the ever-advancing Cambridge area.

Already distinguished by the unique architecture of nearby Massachusetts Institute of Technology, as well as the sleek design of many cutting-edge tech firms such as Google, Akamai Technologies, and The Cambridge Innovation Center, this little slice of stainless steel and smart cars is about to undertake a whole new venture: neighborliness. Read more

5 Best Colors of the Spring Sales Season

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Of course there is always white.  And if you are trying to sell a condo or single family that gets very little light, white on white trim is always a safe bet.  But if that’s not the case, here are a few very safe, sophisticated, tried and true colors that go with all styles & and room sizes. 

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Real Estate News: What is it like to live in Brookline?

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1 Hillside Road, Brookline – listed by Michael Carucci

Brookline, Massachusetts: Birthplace of John F. Kennedy, residence of Tom Brady, and, if you so desire, your very own suburban paradise to call “home.”

The humble 02445 has been ranked time and again as “best suburb” or “best place to raise a family” and here you will see why. Read more