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Sotheby’s International Realty News: Cape Cod Firm Added to our Network

OLYMPUS DIGITAL CAMERASotheby’s International Realty Affiliates LLC announced the newest member of our network is New Seabury Sotheby’s International Realty. Located on Cape Cod, the firm is owned and operated by Christopher Burden Jr. and Amanda Prince.

New Seabury Sotheby’s International Realty has three offices on and around the Cape and will provide service to New Seabury, Popponesset and the greater Cape Cod area.

“Christopher Burden and his team are seasoned real estate professionals who have extensive market knowledge about the community in which they serve,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC.  “We are proud to welcome New Seabury Sotheby’s International Realty to our network.”

Formerly known as New Seabury Real Estate, has served the greater Cape Cod area since 1970. “Affiliating with Sotheby’s International Realty allows our company to have access to high caliber marketing opportunities and technology, as well as worldwide exposure,” said Burden.  “We are thrilled to be a part of a globally recognized brand.”

Our network continues to grow at lengths as we have a presence in over 60 countries and territories worldwide encompassing 17,000 dedicated real estate sales associates. Here at Gibson Sotheby’s International Realty we would like to congratulate Christopher Burden Jr., Amanda Prince, their team and of course the Sotheby’s brand for this significant achievement.

Take a look at our previous blogs below in order from most recent to older news to read about other grand openings to see just how far the Sotheby’s brand has come in such a short period of time.

Source: Sotheby’s International Realty 

Real Estate News: Millennials Switch Gears to Homeownership

Real Estate "sold" sign with red brick building and trees blurry in the backgroundMillennials (ages 21 – 34) dubbed as the “generation of renters”, have contributed to the rental market significantly over the past few years as they left the nest to live in the city closer to work or public transportation. Although the city provides amenities like bars, clubs, public transportation, and shops, a recent analysis from reports that millennials are migrating to homeownership proving skeptics wrong.

This past August, 65 percent of millennials have searched websites and apps for homes, and in a focus group, it was proven that they are 70 percent more likely to buy a home than the average adult (ages 34+). In our previous blog, we reported strong home-buying activity in August- partially due to Millennials seeking affordable housing. Also, from July, the first time homebuyer rate jumped almost 5 percent.

Millennials have proven their worth as being the group to succeed in the job market when the recession hit, and they are working hard to build credit and a new worth. They are now entering a time in their lives where their futures are in mind. Those who claim that Millennials are the generation of renters are certainly mistaken as they are more and more transitioning from renting to buying.

Sources:, World Property Journal

Sotheby’s International Realty News: Brand Now Present on Block Island

block islandSotheby’s International Realty Affiliates LLC announced that Sullivan Real Estate on Block Island is the newest member of our global real estate network and will now operate as Sullivan Sotheby’s International Realty. This makes the third independently owned and operated member company in Rhode Island.

Owner, Cynthia “Cindy” Pappas, has served the greater Block Island area since 1967.  Throughout the years, the firm actively participated in local land preservation and is proud to have contributed to the efforts that led to Block Island being named one of the “Last Great Places” in the Western Hemisphere by the Nature Conservancy.

“Block Island is an iconic New England town located 12 miles off the shores of Rhode Island.  Its unique beauty and acclaimed quality of life has often attracted buyers seeking a second or third home, making it an ideal market for our brand,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC.  “With its established and reputable presence in the community for nearly 50 years, we are proud to welcome Sullivan Sotheby’s International Realty into our network.”

Offering residents a respite from their mainland lives, Block Island presents the opportunity to live the sought-after island lifestyle.  The brokerage is committed to providing exceptional service to its clients and making the transition to island life as seamless as possible.  It has also been involved in contributing to the island’s year-round vitality.

Here at Gibson Sotheby’s International Realty we would like to congratulate Cynthia Pappas, her team and of course the Sotheby’s brand for this significant achievement. Our network continues to grow and the lengths to which we can see our influence is becoming increasingly broader and more impressive. Our worldwide network now has a presence of more than 17,000 dedicated, experienced real estate sales associates within roughly 800 offices in 61 countries and territories.

Take a look at our previous blogs below in order from most recent to older news to read about other grand openings to see just how far the Sotheby’s brand has come in such a short period of time.

Source: Sotheby’s International Realty 

Boston Real Estate News: Boston Redevelopment Authority Approves 130 Housing Units

Board members of the Boston Redevelopment Authority met once again on the 17th of September to approve 130 housing units in the Allston-Brighton area as well as Roxbury. The developments are estimated to cost $47 million and will create 130 construction jobs for local construction firms.

The approved projects include:

Charlesview Redevelopment Plan at 180 Telford Street, Allston

clarionConstruction has begun on the second phase of Charlesview, the Town Homes at Brighton Mills. Earlier this year, they completed the first phase of redevelopment in Brighton Mills with 20 homes for mixed-income families. As of last week, the organization was approved to construct their next phase on the corner of Telford Street and Western Avenue, Allston/Brighton.

Currently, there are three vacant buildings on the premises which will be demolished to make way for the upcoming 88 units. The area will also have a public plaza in the front, a large courtyard for residents, 4600SF of amenity space, and a rowing room. Additionally, the living area will have 84 parking spaces and an on-site bicycle storage. The total project cost is estimated to be about $35 million.

The Clarion Project at 311 Blue Hill Avenue

 clarion2A four-story, mixed-use building has been approved on Blue Hill Avenue in Roxbury. This project, name The Clarion, will revitalize several vacant plots with 40 units of affordable housing and 6000SF of retail space. The building will have 38 units of one- and two- bedroom apartments, and there will be two family homes that will have two- and three- bedroom units. 32 of the 40 units are deeded as affordable units according to the city, and the rest of the 8 will be available for rent at market price. The project totals to $12 million and will begin this fall with hopes of completion in the winter of 2016.

Sources: Boston Redevelopment Authority, Charlesview Residences

Boston Real Estate News: Buyer Activity Remains Strong in August

The Massachusetts Association of REALTORS® (MAR) reported that very strong buyer activity in August pushed pending home sales up over 40 percent from the same month last year.

“There was no slowdown this summer as buyers continued to be out there making offers that sellers were happy to accept,” said 2015 MAR President Corinne Fitzgerald. “Buyer activity should remain strong with the only variable being the recent volatility in the stock market.”

Looking more specifically to the Greater Boston area, new listings were up 14% for single-family homes and 17.1% for condominiums according to the Greater Boston Association of Realtors® (GBAR).

Greater Boston Single- Family Market Overview

  August 2014 August 2015 +/-
Closed Sales 1,516 1,720 +13.5%
Median Sales Price $490,000 $499,900 +2.0%
Days on Market Until Sale 60 61 +2.9%
New Listings 1,267 1,445 +14.0%

After declining during three of the first five months of the year, sales of detached single-family homes improved in August on an annual basis for a third consecutive month. The month’s sales volume is the most ever recorded for the month of August in Greater Boston, surpassing the previous record of 1,694 homes sold in August 2013.

The median selling price for single-family homes rose for an eleventh consecutive month in August to a new record high price of $499,900. This median selling price reflects today’s tight inventory levels, improved optimism about the economy and housing market, pent-up demand from millennials looking to transition from renters to homeowners and empty-nesters looking to downsize and cash in on strong gains in their home’s value in recent years.

Greater Boston Condominium Market Overview

  August 2014 August 2015 +/-
Closed Sales 1,138 1,190 +4.6%
Median Sales Price $419,000 $460,000 +9.8%
Days on Market Until Sale 52 46 -12.5%0
New Listings 777 910 +17.1%

The median selling price for condominiums rose steadily on an annual basis last month, increasing nearly 10 percent from a median price of $419,000 in August 2014 to an all-time high monthly median of $460,000 this past August.

Demand for condos remains strong, especially among entry-level buyers looking to convert from renting to home ownership, overseas investors, and suburban empty-nesters looking to downsize or relocate to Boston. Indeed, sales activity would likely be higher if not for the very limited supply of condos available for sale in eastern Massachusetts.

The healthy sales pace of late can be attributed to steady job growth and the overall health of the local economy, near record low mortgage rates, and recent improvement in household formation. This year’s severe winter weather also delayed the start of the traditional spring market, resulting in a higher than normal closing activity over the summer months.

Find more in-depth August market data for the Greater Boston area 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.

Featured Real Estate: Award Winning, Modern Masterpiece by Earl Flansburgh – 4 Hawk Hill Road, Lincoln

front photoBuilt in 1970, this modern masterpiece in Lincoln encompasses elegant updates for superb functionality in today’s lifestyle. Renowned and award-winning local architect, Earl Flansburgh, designed the home which he hailed “The House for All Seasons.”

4 Hawk Hill Road boasts more than 120 feet of floor to ceiling glass and was originally designed by Earl Flansburgh to showcase and protect the original home owner’s valuable modern art collection. Thus, the day long light in the home is almost entirely indirect and constantly changing so that it does not become too strong.

Originally designed in a “U”-shape, the home underwent major renovations in 1988, which among many other improvements, added a large master bath suite and closed in the “U” to create the enclosed garden courtyard and current circular flow.

Included is a  complete chef’s kitchen which was renovated in 2013 and features sleek European Parapan cabinetry, Miele/Wolf/SubZero appliances and a large greenhouse

The master bath suite was renovated in 2011 and creates a spa-like retreat featuring an exercise room, indoor hot tub, steam shower, sauna and spacious dressing room.DSC_0011

In the formal living room you can sit and watch birds fly through the trees, deer stroll by, or, in the fall, revel in the blazing colors as the leaves turn.DSC_0002

This home includes a stunning atrium garden, intimate bluestone patio, two decks and luscious gardens, near miles of conservation trails. Enjoy the ever-changing light and gentle sounds of the waterfall.outside

The house in its woodland and landscaped setting is marvelously serene, tranquil and zen-like. Gain a sense of being at one with the natural world in this extraordinary home while watching the light change color and quality throughout the day.

“In this house, you can enjoy a high degree of luxury without anything ostentatious or over-the-top opulence. It is an excellent place for people who value quality over quantity,” stated the seller. “It is like a private spa-like retreat that is still an easy commute to Boston and most work hubs in the area.”

This secret refuge is exclusively listed by The Tom and Joanne Team of Gibson Sotheby’s International Realty and lies in a zen-like setting to soothe the soul while luxurious amenities pamper the body. For more information visit or call 781.795.0502.

Boston Real Estate News: Recent trends show that millennials have an increased interest in the Greater Boston Area

Boston city skyline at dusk with Prudential Tower and urban skyscrapers over Charles River with lights and reflections.

According to the Boston Globe, compared to all other major U.S cities, Boston boasts the highest number of people ages 20 to 34.  The same thing can be said of surrounding towns of close proximity including Cambridge and Somerville who have an even higher percentage of “millennials.” Employment opportunities, nightclubs and bars coupled with the availability of public transportation continues to make this hub alluring to the younger working generation.

A trend of millennials expanding their territory not only in Boston but to the surrounding areas has increased significantly. The US Census Bureau’s American Community Survey and a Globe analysis of 158 cities and town in Greater Boston reported that 43% of Somerville’s population are in the age range of 20-34. The report also stated that the highest concentration of millennials are in Waltham at 31% and Medford and Brookline at 29%. Meanwhile, to the South Quincy has the highest concentration of these young adults who make up 27% of its residents.

A University of Massachusetts Professor, Robert Forrant, commented on young people and their train of thought by saying, “They look at where the jobs are and what the amenities are, and they’re making good choices to where they want to end up. And at the same time, a lot of communities are trying to revive their housing markets and are recognizing that market potential.”

Cities such as Medford and Melrose are adapting to this demographic as new residential units are being developed in these areas to service them better. Within the past 7 years, Medford has seen an addition of 900 residential units while Melrose has recently built three luxury apartment complexes. Both of these areas are minutes to public transportation. The vice president of a local property management company responsible for one of the new luxury apartment complexes in Melrose noted that they are getting more renters from Cambridge and Somerville who are looking for a “less urban, more outdoorsy feel as well as a boutique building.”

Boston remains to be a highly desirable area for the millennial generation and forever will be. However, the surrounding areas that have a suburban feel are increasingly becoming more and more popular for this demographic because of the number of opportunities they are presented with.

Sources: Boston Herald, Boston Globe