Real Estate News: Middlesex County Dominates Charts in March

According to the Massachusetts Association of Realtors ® Report the Middlesex county dominated the March charts for percent increase of closed sales and median sales price growth.

Littleton and Everett took the first and second spots in closed home sales for percentage increase. Charlton, Sudbury, Ipswich and Westfield filled the last 4 spots tying with a +100.0% increase. The complete Top Ten list for Percent Closed Sales is below:

Closed Sales            Percent Increase
1. Littleton                   +333.3%
2. Everett                     +225.0%
3. Douglas                   +200.0%
4. Norwell                    +120.0%
4. Dudley                     +120.0%
5. Franklin                   +111.1%
6. Charlton                  +100.0%
6. Sudbury                  +100.0%
6. Ipswich                   +100.0%
6. Westfield                +100.0%

Malden had the highest year-over-year median price increase with homes there closing at a median of $414,000. The complete Top Ten list for Median Sales Price Growth is below:

  Median                 Median            Percent
Sales Price               Price              Increase
  Growth 
1. Malden              $414,000           + 50.5%
2. Westford           $467,450           + 43.8%
3. Wilmington       $520,000           + 36.8%
4. Chatham           $825,000            + 34.1%
5. Wellesley          $1,400,000         + 34.0%
6. Randolph         $304,000            + 33.6%
7. Woburn            $425,000            + 30.0%
8. Hingham          $909,500            + 32.8%
9. Reading           $550,625             + 31.9%
10. Dracut           $430,000            +31.5%

*A minimum of ten homes must have been sold in each town during March 2015 to make this list.

All data used in the rankings is compiled from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS®, Inc. and MLS Property Information Network, Inc.

Source: The MAR Report

Real Estate News: Home Sales Remain Steady in March

The Massachusetts Association of REALTORS® (MAR) reported that single-family home sales in March were down less than one quarter of a percent compared to the same time last year. A shortage of homes for sale pushed prices up again slightly in March. Condominium sales were down while prices were up three percent.

March Closed Sales:

Single-Family March 2015 March 2014 %Change
Sales 2,753 2,758 -0.2%
Median Price $320,000 $314,063 +1.9%
  • Closed sales have been down seven out of the last 11 months
  • Median prices up 29 of last 30 months
Condominium March 2015 March 2014 %Change
Sales 1,118 1,306 -14.4%
Median Price $309,108 $300,154 +3.0%
  • Closed sales have been down eight out of the last 11 months
  • Median prices up 21 out of the last 22 months

“Despite our difficult winter, buyer demand remained almost as constant as the snow,” said 2015 MAR President Corinne Fitzgerald. “While the many storms kept sellers from putting their homes on the market in March, pent-up seller demand should translate into a very active spring. This activity will be good for the economy and the real estate community as a whole.”

Inventory and Days on Market:

Single-Family March  2015 March 2014 %Change
Inventory 14,862 19,716 -24.6%
Months of Supply 3.6 4.8 -25.0%
Days on Market 127 122 +4.1
New Listings 6,329 7,012 -9.7%
  • 38th straight month of year-over-year inventory decreases
Condominium March 2015 March 2014 %Change
Inventory 3,988 5,620 -29.0%
Months of Supply 2.4 3.3 -27.3%
Days on Market 98 85 +15.3%
New Listings 2,521 2,662 -5.3%
  • 53rd straight month of year-over-year inventory decreases

Although there was a slight slip in home sales in March, the Boston housing market remains healthy with modest price appreciation and strong buyer demand, according to data issued by the Greater Boston Association of REALTORS® (GBAR).  The biggest factor currently hindering activity is a simple lack of inventory.

“Buyer activity has been just as brisk as the weather this winter,” stated GBAR President David McCarthy, noting that low mortgage rates, rising home values, and new, lower down payment and financing options for first-time buyers have fueled an increase in demand in recent months.

“Given our healthy economy and market fundamentals, one might expect sales to be higher, but we simply don’t have enough listings to satisfy those looking to buy,” McCarthy explained, adding that the severe winter delayed the start of spring market as many homeowners were unable to prepare their property to sell before March.

As the weather only gets warmer, the level of activity is predicted to surge as more homeowners are able to ready their property to be listed for sale.

About the Massachusetts Association of REALTORS®:

Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 21,000+ members.  The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.

Boston Real Estate News: 427 Residential Units Approved by the Boston Redevelopment Authority

new projectsThe Boston Redevelopment Authority has approved 10 development proposals which will bring the city a total of 427 new residential units across downtown, South Boston, East Boston, South End, Allston, Brighton and Mission Hill.

The projects include:

• A 16-story, 223-unit residential building will take the place of a nine-story structure on a four-acre tract of East Boston’s waterfront property along New Street. This project cost is expected to total $132 million.

• 110 Broad Street along the Rose Kennedy Greenway in downtown Boston will include 40 residential units and 3,500 square feet of ground-floor retail space.

• The one-story Brighton Beer Garden will be demolished and replaced with a five-story, 23-unit residential building with 600 square feet of ground-floor retail. The project cost is expected to total $4.9 million.

• A six-story, 65-foot-high, 48 unit residential building in Allston will take the place of an open-air parking lot and a single family home.

• The Factory at 46 Wareham in the South End will be redeveloped into a 64,530 square-foot mixed-use development. It will include retail, 15 units of residential and one level of below-grade parking. The project cost is expected to total $8 million.

• 151 Liverpool Street in East Boston will be rehabilitated and expanded into a 38,000 square foot, five-story, 24-unit residential building.

• A Future Automotive Inc. site in East Boston will be demolished to build a four-story, 14-unit residential building.

• The former New England Baptist Hospital in Mission Hill will be redeveloped into a 40-unit residential building.

Other approved projects include an expansion of Emerson College’s student housing and the renovation of the vacant Boston Tech Center in Brighton into a state-of-the-art, three-rink skating facility. Each of these developments combined will total a project cost of $353.65.

Source: Boston Business Journal

Sotheby’s International Realty News: Sotheby’s Brand Expands Presence in Mauritius

MauritiusThe Sotheby’s network is truly remarkable and continues to grow at a miraculous rate having just announced that Espral International Ltd, a land and property development company in Mauritius will now do business as Mauritius Sotheby’s International Realty.

The firm is represented by Gilbert Espitalier- Noel as CEO and managed by Diane Watkins and Timo Geldenhuys who will now serve the high-end real estate market throughout Mauritius.

“Our expansion into Mauritius continues our commitment to providing access to the Sotheby’s International Realty network’s exclusive real estate services in key countries around the world,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC.  “Mauritius is a beautiful island nation in the Indian Ocean off the southeast coast of the African continent. Known for its blue seas, white sandy beaches and luxury hotels, the island is also home to significant luxury real estate offering a truly unique lifestyle.  We are proud to have this team of professionals represent us in this fine market. ”

According to Geldenhuys, Mauritius is a relatively small market with a very distinct separation between local and international buyers. “International buyers are only allowed to purchase in dedicated government approved developments and hence the local market prices are not inflated by international investment,” he said.  “Cultural diversity within the local market demands the abilities of a skilled agent.”

“We boast a young and dynamic team, driven by passion and excellence, with a culture that favors communication and discussion,” said Watkins.  “We have an in-depth knowledge of the local market and our products. We believe the client always comes first and we go the extra mile to assist in finding the best fit for their needs. Now with the support of the Sotheby’s International Realty brand we can bring our extraordinary properties to the far-reaching corners of the world.”

Here at Gibson Sotheby’s International Realty we would like to congratulate Gilbert Espitalier- Noel, his team, and of course the Sotheby’s brand for this significant occasion.  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 16,500 dedicated, experienced real estate sales associates within roughly 760 offices in 60 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 

Looking to relocate? Contact our Director of Relocation, Nicole Rideout, by email at relocation@gibsonsir.com or by telephone 857.362.1758.

Featured Property: Historic Greek Revival Home in Medfield

2Historically known as Quinnapin, the residence at 411 Main Street in Medfield center is a true example of late Greek Revival combined with Italianate-style architecture. Originally built in 1880 as the new Baptist Parsonage, the historic two and one-half story home was built on a parcel of land that was formerly granted to the Barber family in 1650 and later sold to W.W. Mitchell in 1881.

When Medfield was first settled in 1650 and the land was granted to George Barber, a house on the site was torn down for the new construction of Timothy Cheney’s home. Bradford Curtis, who immigrated to Medfield in 1832, purchased the Cheney’s estate later dividing the eastern portion of land to a separate owner “I. Curtis”.

During the 1930s this home featured a public “tea room” and in later years was sold as a private residence. Today, this superb historic property has been restored as a single-family house preserving outstanding craftsmanship, lovingly modified with exquisite detail true to its classic construction. The home offers five bedrooms, two and one-half bathrooms, oversized windows, two fireplaces, inlaid wood floors, detailed moulding, high ceilings and expandable walkup attic space.

DSC_4961eThe main entrance of this residence leads into a grand foyer with a beaded overhang protected by a Colonial-Greek Revival porch. The home is light and bright with tall windows throughout. Interior features highlight bay windows which welcome sunlight into the living and dining rooms. French doors beckon from the fireplaced dining room onto the private backyard porch. A Chef’s kitchen blends double arched windows, breakfast banquette seating, center island, tin ceiling, exotic granite countertops, custom cherry cabinetry, dual ovens, twin stainless sink, Thermador gas cooktop, a SubZero refrigerator, radiant heat and bonus seating at the raised counter bar and spacious mudroom overlooking a circular covered side porch.

The master bedroom consists of double closets, a cozy sitting room, updated full master bath with a large tiled shower and laundry for comfort and convenience on the upstairs level.  A deluxe guest bathroom features an “air” spa tub, marble decor and luxurious fixtures. During warm weather a Tamarack “Ghost” whole house fan keeps the house comfortable.

Photo Apr 12, 11 39 22 AMLeading through the French doors enjoy an English country garden complete with a Kenneth Lynch classic stone ornamental fountain beyond the back porch featuring a pergola, columns, a trellis and mahogany deck for outdoor entertaining and relaxation.

This beautiful historic home is exclusively listed by Janis Urbanek of Gibson Sotheby’s International Realty.

For more information visit GibsonSothebysRealty.com

Real Estate News: Thanks to the Start of Spring Pending Home Sales Were Up in March

The Massachusetts Association of REALTORS® (MAR) reported that the spring market started to gain traction in March as pending home sales went up over 14 percent from the same time last year. The tracking of signed purchase and sales agreements, also called “pending sales”, provide reliable information about where the real estate market is heading in coming months.

March Pending Sales:

Single-Family March 2015 March 2014 %Change
Sales 4,836 4,226 +14.4%
Median Price $320,000 $314,063 +1.9%

•    Pending sales have been up 24 of the last 25 months

Condominium March 2015 March 2014 %Change
Sales 2,135 1,905 12.1%
Median Price $309,108 $300,154 +3.0%

•    Pending sales have been up 24 of the last 25 months

“While Massachusetts was still covered with snow in March, homebuyers were out there and made offers that were ultimately accepted,” said 2015 MAR President Corinne Fitzgerald. “We know that as the temperature rises, so will the amount of offers being made this spring.”

Both REALTOR® Confidence Indexes are at 12 month highs, they were still down slightly from March 2014.

REALTOR® Market and Price Confidence Indexes:

Confidence Index March 2015 March 2014 %Change
Market 69.18 69.50 -0.5%
Price 78.88 79.69 -1.0%

•    The RMCI has been down 15 of last 16 months
•    The 12th straight month that the RPCI has gone down
•    March 2015 is the highest the RMCI has been since March 2014
•    March is the fourth time the RPCI has been at 70 or above since August 2014
•    Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition

“Pent up buyer and seller demand from the winter has lifted the overall confidence level of REALTORS® when it comes to the market and prices as we head full on into the spring market,” said Fitzgerald.

The Massachusetts REALTOR® Market Confidence Index (RMCI) and Price Confidence Index (RPCI) are based on monthly responses from a random sampling of Massachusetts Association of REALTORS® members on the state of the housing market.  More specifically, the survey asks members two basic questions pertaining to the real estate business in their market area in Massachusetts. In addition to the two standard questions, the survey each month includes one wildcard question that changes each month and is based on an industry hot topic.

About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 19,000+ members.  The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.

Real Estate News: Boston and Cambridge Ranked in the Top 20 Housing Markets to Watch this Spring

blogChief economist of realtor.com, Jonathan Smoke, suggested a surge of demand when taking an early look at the housing data from March. Buyers should expect substantial competition in the weeks to come.

“Despite a 2% growth in inventory month over month, the median age of inventory continues to be down, with a 13% drop month over month.”

He noted that  median list prices are rising faster, now at $220,000 nationally up 3% month over month and 11% year over year.

“It’s still a seller’s market,” Smoke said. “Realtor.com data shows that supply is not keeping pace with surging demand.  We expect rising prices to persuade those who may be on the fence about listing their homes to do so in the coming months, leading to closer parity between supply and demand.”

After looking over March housing data, Smokes determined what he believes to be the 20 hottest markets in the country based on the number of listing views relative to the number of listing.

“We are now firmly in the time of the year when peak demand and peak inventory levels typically occur, through spring and early summer,” Smoke said. “Buyers should expect substantial competition, especially in the hottest markets, and for affordably priced homes within most markets.”

Below are the Top 20 that Smokes believes to be the hottest and should see healthy activity in the coming months and the spring season kicks into high gear.

1. Waco, TX
2. New Orleans-Metairie, LA
3. Ann Arbor, MI
4. Denver-Aurora-Lakewood, CO
5. Santa Rosa, CA
6. Fort Wayne, IN
7. Vallejo-Fairfield, CA
8. San Diego-Carlsbad, CA
9. Columbus, OH
10. Detroit-Warren-Dearborn, MI
11. Manchester-Nashua, NH
12. BostonCambridge-Newton, MA-NH
13. Austin-Round Rock, TX
14. Boulder, CO
15. Springfield, IL
16. Charleston, WV
17. Pittsburgh, PA
18. Tampa-St. Petersburg-Clearwater, FL
19. College Station-Bryan, TX
20. Lansing-East Lansing, MI

Source: Housing Wire

Gourmet Kitchens: A feature of Listings from Gibson Sotheby’s International Realty

Gourmet kitchens create the perfect environment for family and friends to gather. Spring marks a time for these gatherings whether it be in the recent celebration of Easter or Passover or in the upcoming graduation and wedding seasons.

Featured here are extraordinary homes we have listed all which include a gourmet kitchen perfect for entertaining.

BayStateUse

183 Bay Street, Barnstable- $6,995,000
This outstanding estate consists of two lovely homes located within the heart of Osterville. The waterfront property has gorgeous views of North Bay/Osterville Marinas/draw bridge. The home has been recently renovated and features a new outstanding master suite with two private balconies overlooking the Bays. The guest house is Cape Cod at it’s finest which dates back to 1939. The owners have retained the charm of yesteryear with french doors overlooking the back yard. Landscaping is wonderful w/many stone walls, mature plantings and a fantastic pool.

WashingtonUSE

1313 Washington Street Unit 206, South End- $1,960,000
Stunning sun-filled 3 bed/2 bath corner Unit located at Wilkes Passage overlooks Washington Street and Peter’s Park. The award winning South End design studio of Meichi Peng created the floor plan, which features hardwood floors throughout, over-sized windows and abundant storage space. It has a Chef’s kitchen with custom cabinetry, stainless steel appliances and Royal silk granite counter-tops and center island. The master bedroom has a walk-in closet and ensuite. The second bathroom features honed Calcutta marble. The common roof deck has fabulous views of Boston’s skyline.

LakeviewUse

56 Lakeview Drive, Barnstable- $1,795,000
What is it like to live at 56 Lakeview Drive? It’s a little chilly this morning so I turn on the gas fireplace in the kitchen while I make my coffee and watch the sun rising across the shimmering lake. A kayaker goes by and I think why not. I grab my coffee and jump in the boat off my 64′ dock. Returning I notice how great the house looks with its new shingle siding, roof and trim. I climb the outstanding bluestone and stone staircase and decide to pay some bills in my private office before everyone rises. The gas fireplace is soothing. Guests arrive today. The grandparents will stay in the first floor bedroom suite. We will have a game of volleyball before cocktails in the living room then dinner in the private dining room.

LincolnRoadUSE131 Lincoln Road, Wayland- $1,645,000
Located on beautifully landscaped fenced yard with shed, barn and corral this Colonial offers an open floor plan and contemporary flair. The main floor features a chef’s kitchen with large island, eat-in area and access to a family room with 12ft ceilings, wet bar, Marble fireplace and over-sized windows affording views of the lush gardens and lawn. The 2nd level has the master suite, a luxurious master bath with Jacuzzi and professionally organized dressing room. There are 3 family bedrooms, two additional bath and the laundry. The lower level boasts a wine cellar, exercise room,full bath,movie theater and play room.

EdgewaterUse

1 Edgewater Place, Winchester- $1,399,999
This custom-built, spacious, Mid-Century Modern home has it all! Beautifully renovated, AAA location on a quiet cul-de-sac off the best street in town. Open floor plan is ideal for entertaining. Flooded w/ natural light. Cathedral ceilings in Living Room. High-end bath renos. “Magazine worthy” kitchen you’ll never want to leave- there’s plenty of room for family & guests to gather & keep you company! Direct access from the kitchen to a bluestone patio w/ seasonal lake views. Tons of closets. Freshly painted. New/ refinished REAL hardwood floors. 4 Beds, 2.5 Baths on Main Level. Beautifully finished lower level has the 5th bathroom, full bath & a bonus living space (game or media room).

BatteryWharfUse

4 Battery Wharf #4608, Waterfront- $1,285,000
Experience this stunning waterfront penthouse condominium at the Battery Wharf Residences. This luxury 1 bedroom home features an open living/dining area and private deck that extends the length of the home, views of the Boston harbor, 1.5 baths including a master bedroom with en-suite bath. Battery Wharf provides a full service lifestyle. Amenities available to the residents include hotel services, 24-hour concierge, on-site fitness room, Exhale Spa, valet parking and Water taxi to the airport and other locations available on the property.

Pickney

72 Pinckney Street Unit 1, Beacon Hill- $1,250,000
Quintessential Beacon Hill parlor triplex two bedroom home with two and a half baths and over 1500 square feet. Beautiful living room with fireplace, high ceilings, and pretty moldings. Bright and sunny eat in kitchen with a skylight over a lovely built in banquet. Gorgeous master bedroom with a luxurious en-suite bath featuring radiant heat floors. The second bedroom is spacious with wonderful closet space and is located right off a cozy den. This lovely home also features central air conditioning and dedicated extra storage space. The building has elegant common areas and is all owner occupied as well.

PeakhamUSE

20 Peakham Road, Sudbury- $1,100,000 
Prestigious estate located in Historic area of Sudbury near Longfellow’s Wayside Inn. Superb condition and set back in a neighborhood of 5 homes on a private drive. Open two-story foyer with turned staircase, wainscot, gleaming hardwoods and an entertainer open floor plan. Large eat-in kitchen boasts timeless custom cherry cabinetry, granite, 3 ovens, Subzero and island. Spacious family room with fireplace, vaulted ceiling, skylights and slider to deck. Office with French doors, dual closets and built-in bookcases. Lavish master suite with sitting room, hardwoods, generous master bath and 3 walk-in closets. Extensive mahogany deck overlooking level back yard and garden with mature plantings and potting shed.

ShorelineUse

23 Shoreline Drive, Foxboro- $799,000
Million Dollar Water Views are Beckoning! This lovely entertaining home has 4,057 SF of living space on main levels and over 1500 SF in the finished lower level. Located in Reservoir Estates this 15 Room, 4 Bedroom, 3 full and 1 half bath Colonial boasts 2 fireplaces, 2 car garage and sits on an acre of land. Much laughter, fun and relaxation will be enjoyed with family and friends in the in-ground pool, Jacuzzi or share a drink on one of the three back decks or patio as you gaze upon the water. New roof, newly painted exterior, new irrigation system, hot water tank, pool patio, expanded driveway and shed. Remodeled kitchen and walk out basement.

Oakview Terrace USE

37 Oakview Terrace #2, Jamaica Plain- $775,000
Stunning and sunny three bedroom, two bathroom home in the heart of Jamaica Plain! Brand new renovation with a fantastic floor plan. Gorgeous gourmet kitchen with spacious island, stainless steel appliances and Carrera marble counter tops which is open to the wonderful sun-filled living room/dining room, perfect for entertaining. Front sunroom/study overlooking the lovely Oakview cul-de-sac is a fantastic place to relax. The large master bedroom has an en-suite master bathroom as well as access to an oversized rear deck , two other well proportioned bedrooms with spacious closets. Highlights of this property include brand new stacked laundry in-unit, central air conditioning and gleaming hardwood floors throughout.

Call 844.667.6663 or visit our website: Gibson Sotheby’s International Realty for more information.

Four Gibson Sotheby’s International Realty Agents Named to Boston’s Top 20 for February 2015

Boston's Top 20

The month of February has been outstanding for us here at Gibson Sotheby’s International Realty. We are proud to announce that four of Boston’s Top 20 agents for February are our very own.

A special congratulations to William Montero who was named the #1 real estate agent in Boston for the month. Will is one of the most respected and accomplished agents in Boston luxury real estate who recently closed on the sale of 130 Commonwealth Ave located on one of Back Bay’s toniest residential streets.

Not far behind is Richard O’Connor who was ranked 2nd overall in Boston for the month of February. Rich has nearly 30 years of experience in residential real estate sales, specializing in the Back Bay, Beacon Hill, South End, and Charlestown neighborhoods.

Ranked 7th overall is our very own George Ballentyne. Having over 30 years of experience, George serves the Greater Boston Area as a highly respected expert in pricing, marketing, and negotiating high-end properties.

The fourth member of our team ranked 11th in Boston’s Top 20 for the month of February is Lois Kunian. As a successful Back Bay broker, Lois understands the value of a sophisticated international brand in the luxury market.

We sincerely congratulate Will, Rich, George, and Lois on this extraordinary achievement. This year has been off to an outstanding start here at Gibson Sotheby’s International Realty and we are proud to have such an extraordinary team.

Source: Boston’s Top 20

Real Estate News: Gibson Sotheby’s International Realty is ranked the #1 Boston based firm in RISMedia’s Top 500 Power Brokers for 2014

RisMediaGibson Sotheby’s International Realty is proud to announce that we have been ranked as the #1 Boston based firm in RISMedia’s Top 500 Power Brokers for 2014. We have ranked in the Top 5 Brokerages in all of Massachusetts as well as within the Top 200 in the nation.

The results of RISMedia’s 2015 Power Broker Survey* reveal the kind of steady success pattern that makes for a prosperous longevity. “The firms represented are the nation’s most elite brokerage firms serving literally millions of consumers with their real estate needs,” said John Featherston, RISMedia President and CEO.

This year’s top 1,000 survey respondents report a collective 3,203,736 transactions resulting in an impressive $972,888,910,471 in sales volume for 2014—a more than $76 billion increase over 2013. And 2015, while not without obstacle, is expected to be an even stronger year for most.

“This is an amazing feat given the size of our company and its agent base” said Larry Rideout, CEO of Gibson Sotheby’s International Realty.

According to the 2015 Power Broker Report market dynamics are converging to make for an optimistic take on 2015. Overall the market is steadily adjusting on an upward trend. Lack of inventory is leading to a new-construction windfall for many areas which we see firsthand as we are amidst one of Boston’s largest building booms. Also a surge of sales is expected in most markets across the country as home buying has become less expensive than renting.

Executive editor of RISMedia, Maria Patterson, reported that Power Brokers are taking back control of the market. Since the housing crash these brokers have learned that success comes from within, not without and that market forces are both unpredictable and constant. Fueled by this positive outlook for real estate, many Power Brokers are once again poised for growth- smart, controlled growth.

View RISMedia’s 27th Annual Power Broker Report here.

*RISMedia’s 27th Annual Power Broker Report & Survey is based on the top 1,000 respondents to a survey distributed via email and available online at rismedia.com. The survey ranks residential real estate brokerage firms according to closed transaction numbers and closed sales volume for the year 2014. The Top 500 list in this section is ranked by sales volume. To see firms ranked by transaction, please reference the full Power Broker Report, coming soon at rismedia.com. All sales and transaction data is submitted directly by brokerage firms and verified by the firm’s financial executives, outside accounting firms and/or corporate franchise headquarters

Source: RISMedia

Boston Real Estate Market Taken by Storm as Top-Producer Michael Carucci Joins Forces with Billion Dollar Firm, Gibson Sotheby’s International Realty

Michael CarucciGibson Sotheby’s International Realty is pleased to announce that Group Boston Real Estate’s Michael Carucci has joined the company as Executive Vice President.

Michael is consistently ranked in the top one percent in real estate sales volume for the Greater Boston area. He was ranked 8th for Boston sales in 2014, and is currently listed as 3rd in sales with nearly $25 million for the first quarter of 2015. Michael also was ranked in the top 20 among all agents in Massachusetts sales last year with more than $70 million.

Michael has served three terms on the Board of Directors for the Greater Boston Real Estate Board and is an upstanding member of the National Association of Realtors (NAR) and the Massachusetts Association of Realtors (MAR).

“Michael and I have known each other for many years and we saw a great opportunity to combine his real estate expertise with the world-renowned Sotheby’s International Realty brand here in Boston,” said Gibson Sotheby’s International Realty CEO/ Founder Larry Rideout.

Michael’s client list includes the Boston Red Sox, Taurus Investments, Fidelity Investments, Bain & Company, Winn Development, The Mt. Vernon Companies, The Boston Celtics, Massachusetts General Hospital, Centremark Properties, The Boston Bruins, Beth Israel Hospital, and Area9. A recognized expert in Boston’s residential and commercial real estate market, he has been quoted in The Boston Globe, The Boston Herald, Boston Business Journal, and Banker & Tradesman. Michael is also a contributing editor for Boston Common Magazine.

“I’m thrilled to become a part of the Gibson Sotheby’s International Realty team,” Carucci said. “They have best-in-class management and an unmatched reputation in Boston and in the international community. I’m looking forward to the industry-leading results we can accomplish together.”

As we join forces with Michael here at Gibson Sotheby’s International Realty, we would like to welcome him and look forward to furthering his success as a top-producer in Boston.

Sotheby’s International Realty News: Brand expands in Charlottesville, Virginia

VirginiaThe presence of the Sotheby’s brand is growing at a miraculous rate worldwide. Once again Sotheby’s International Realty Affiliates LLC has announced that our newest affiliate in Charlottesville, Virigina is now operating as Frank Hardy Sotheby’s International Realty.

The firm was established in 1977 and is owned by Frank Hardy. Out of their two offices and with their 22 affiliated agents the Charlottesville, Piedmont, Albermarle County, Orange County, Chesapeake Bay and the Shenandoah Valley markets will now  experience the white glove services that the Sotheby’s brand has to offer.

“Since its inception in 1977, Frank Hardy Inc. has developed a reputation for specializing in high-end farms and estates,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “During that time, the firm has served its clientele with dedicated support and specialized market knowledge.”

According to Hardy, the affiliation offers his firm a broader reach among potential clients worldwide. “We have always worked with an international client base, and we believe that with the support of this brand we can expand on that,” he said. “We have spent nearly 40 years developing a deep understanding of our unique market, which offers a vibrant university community mixed with outdoor country living. It is with this understanding and love of our hometown that we serve our clients.”

Here at Gibson Sotheby’s International Realty we would like to congratulate Frank Hardy, his team, and of course the Sotheby’s brand for this significant occasion. As time goes on, 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 over 16,500 dedicated, experienced real estate sales associates within roughly 760 offices in 60 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.

More information: Sotheby’s International Realty

News from our CEO, Larry Rideout

Gibson Sotheby’s International Realty Companywide Meeting
Larry Rideout, CEO

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Marketing Director, Mike Zarella

Twice a year we hold companywide meetings bringing together in one place our staff and agents from all eight of our different offices (the most recent was held last week). These meetings are a reminder that we truly are a family here at Gibson Sotheby’s International Realty.

Our team of roughly 170 agents cover a wide range of areas from the inner city to the suburbs. As Steve Jobs once said, “Innovation distinguishes between a leader and a follower.” This quote is applicable to our agents as they continue to lead the market in spite of the inevitable obstacles they encounter.

This meeting gave us the opportunity to include a few guest presenters including Robert Byrne, Vice President of Sotheby’s Affiliates Services North East, Jessica Prince from Dalton and Finegold, and the Partners and Managing Broker from our largest affiliate to the North, Four Seasons Sotheby’s International Realty.

Pam Perkins Partner and Vice President of Four Seasons Sotheby’s International Realty told us of their recent merger and expansion. They now have 23 offices covering New Hampshire and Vermont. Our relocation department works closely with Four Season Sotheby’s International Realty as many of our clients look to relocate in or out of the city.

Robert Byrne informed us that Sotheby’s International Realty represented a total of 87,000 transactions in 2014. We then proudly went over our own numbers from 2014 which were remarkable. Despite the treacherous winter, we closed on average 20 transactions per week equalling over 1100 transactions for the year. A total of 593 listings were sold with an average sale price of $892,828 breaking down to 11.4 listings sold per week. Incredible numbers by an incredible team!

We are looking forward to another great year in 2015 as we are growing once again! We have just finished our office space and will be opening in Cambridge, Massachusetts this April. As long as there is a Sotheby’s option, why would you choose anyone else?

Boston Real Estate News: Buyer Demand Strong for the Month of February

DSC_0049The Massachusetts Association of REALTORS® (MAR) and the Greater Boston Association of REALTORS® (GBAR) reported on home sales in February both demonstrating that inventory was extremely short supplied for the month. Record snowfall kept a significant number of sellers out of the market.

According to MAR single-family home sales in Massachusetts as a whole were down less than one percent compared to February of last year. A shortage of homes for sale caused an increase of single-family prices. In the condominium market sales were down while prices were up less than one and a half percent.

“Being down less than one percent from last year is positive because we continued to be plagued by low inventory,” said 2015 MAR President Corinne Fitzgerald. “Because February was fraught with so many storms, sellers have been holding off putting their homes on the market. This should translate into a very active spring, which will be good for the economy and the real estate community as a whole.”

In Boston buyer demand remained historically strong in February as low mortgage rates, less stringent credit standards, and gains in both the labor and stock markets spurred activity during the early winter and holiday period, according to the data issued by GBAR.

Sales of detached single-family homes rose 5 percent on an annual basis from 520 homes closed last February to 546 in February 2015. That’s the second highest February sales total in Boston for the past eight years (equaling sales volume for Feb. 2013) and tenth best on record. Additionally, it was the eighth busiest February on record for condominium sales, even though the number of closings slipped a modest 1.8 percent over the past 12 months from 450 in February 2014 to 442 this February.

“Up until the first blizzard in late January, we were enjoying a busier than normal winter season,” noted GBAR President David McCarthy. “Certainly, the snow and ice made it more difficult to list and show property, but the buyers still kept coming out. It’s the lack of listings more than the weather that was the most frustrating and bigger roadblock to sales during February,” he stated.

Both single-family and condominium inventories fell in the Boston market for the month of February putting upward pressure on prices. Because the weather caused many sellers to withhold their property consumers are confident and eager to buy according to David McCarthy. This pent up demand is sure to cause a surge of sales this spring market as owners are better able to ready their homes for sale.

Source: MAR, GBAR

Sotheby’s International Realty News: Brand opens in Brazil

BrazilYet again the Sotheby’s International Realty brand is broadening its reach to encompass more offices and clients having a strong presence across all corners of the globe.  Just this week, Sotheby’s International Realty Affiliates LLC announced that Imobiliaria Bossa Nova in Brazil has joined our extraordinary network.

Led by owners Luciano Amado as president and Marcello Romero as vice president the firm will now operate as Bossa Nova Sotheby’s International Realty. Located at Alameda Gabriel Monteiro da Silva 2027, Pinheiros, São Paulo, Bossa Nova Sotheby’s International Realty solely represents the Sotheby’s brand throughout Brazil expanding the reach of white glove services.

According to Romero, the new affiliation with the Sotheby’s International Realty brand represents the opportunity for them to expand and grow. “The support of this brand will allow us to supply our team with new technologies, training and market intelligence, combined with an extraordinary inventory in São Paulo, Rio de Janeiro and top beach and countryside locations,” said Amado. “Thanks to this affiliation, we now have direct access to a global market through the Sotheby’s International Realty brand’s 760 offices worldwide.”

“São Paulo and Rio de Janeiro are exciting markets that encompass extraordinary properties in a broadly diverse destination, and they provide a highly influential source of avid real estate buyers,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “We are pleased to welcome Luciano, Marcello and their team to our global network.”

Here at Gibson Sotheby’s International Realty we would like to congratulate Luciano Amado, Marcello Romero, their team, and of course the Sotheby’s brand for this significant occasion. As time goes on, our network continues to grow and the lengths to which we can see our influence is becoming increasingly broader and more impressive. The Sotheby’s International Realty network currently has more than 16,500 sales associates located in approximately 760 offices in 60 countries and territories worldwide.

Other notable brand openings as of late include:

More information: Sotheby’s International Realty