Chatham Real Estate, Orleans Real Estate, and Harwich Cape Cod Real Estate

2008-06-16T05:10:00.001-05:00

With Summer on Cape Cod slowly making it's self at home, I thought I would share this. Turn off all background noise and distractions and play. enjoy...

REPORT OF BARNSTABLE COUNTY REAL ESTATE ACTIVITY FOR THE MONTH OF APRIL 2008

2008-05-23T05:07:00.026-05:00

While Barnstable County Register of Deeds, John F. Meade, reports that the volume of real estate sales in April 2008 was down 5.4% from April 2007 volume and the total value of sales was down 13.3% from the previous year, and the median individual property sale value was down 7.4% from the previous year, Chatham continues to stand out from the rest of Cape Cod and the nation. The 1st quarter of this year shows the number of properties sold in all of Chatham increased by only one sale (47 during the 1st quarter of 2007 to 48 during the 1st quarter of 2008). A modest increase, but an increase none the less...

The value of properties sold in Chatham (including all Chatham villages) increased from $34.7M in the 1st quarter of 2007 to $51.7M during the 1st quarter of 2008. Where do you read that there has been a 49% percent increase in dollar volue of real estate sales? It doesn't stop there. The average sale price of a property sold in Chatham increased nearly $300,000 from $738,400 in the 1st quarter of 2007 to $1,077,100 in the 1st quarter of 2008, a 46% increase.

The 1st quarter (2008) brought the median price for a property sold in Chatham from $605,000 in the first quarter of 2007 to $687,500. What does all this mean? There is not all bad news in real estate! Chatham... always a wise choice.

Chatham Cape Cod

Bedrooms: 5 Baths: 3 Full 1 Half

Wonderful Saltbox on an acre of land
in Sears Point.
OPEN HOUSE:
Sunday, May 25, 2008
2 PM to 4 PM
Chatham Home for sale
$1,525,000
REDUCED

To Preserve Home Equity Help Your Neighbor

2008-04-15T16:05:00.003-05:00

The following is an article from the Wall Street Journal. I am including it here only because in these times of uncertainty, one thing we can all do is look out for one another.

"With falling house prices in the news every day, many homeowners are asking: What's the best way to preserve my home's equity?

Unfortunately, unless you can quietly buy your neighbor's house before it becomes a short sale, or convince vulture capitalists to purchase all the foreclosures in your neighborhood, there's little you can do to protect property against today's main drags on home prices.

But you're not powerless in this crisis. Just as it's important to keep up personal appearances when you're feeling depressed, it's also vital to keep your house looking spiffy in an economic downturn. It may seem like throwing good money after bad to keep the house repaired and the yard groomed when home prices in your area are sinking. But it's actually a wise business decision, since a sparkling house has an uplifting impact on buyers, appraisers and real estate agents.

While this isn't the time to install unnecessary, expensive upgrades like a hot tub or home theater, you definitely should tackle any maintenance issues that may have been deferred, like overgrown shrubs, leaky roofs or dented siding. Focus on curb appeal, and get professional assistance if the job is too big to do yourself.

But don't just care for your home; care for the community. If you know that someone on your block is in financial trouble, consider getting the neighbors together and lending a helping hand, perhaps by mowing the yard or helping with minor painting and repairs. If your neighbor's place has already gone back to the lender, find out who owns it and make sure that the company keeps on top of maintenance. If it doesn't (lenders are becoming overwhelmed by foreclosures in some places, and some yards are getting scraggly), perhaps you could still make a pass with the lawn mower or plant some flowers in the yard -- with the lender's permission, of course.

I know it seems bizarre: Why help the people who are the most responsible for blighting the neighborhood and bringing down home values? The answer is that communities are only as attractive as their ugliest properties -- so it is in everyone's self-interest to pretty them up."

reprinted from The Wall Street Journal, April 10, 2008 12:53 p.m.

Bans Persist on Solar Panels and Wind Energy

2008-04-02T13:02:00.014-05:00

THIS IS ACCEPTABLE

THIS IS NOT ACCEPTABLE

Dennis Massachusetts Board of Selectmen, in their infinite wisdom, have banned windmills from any location in town except the worse possible spot as asscessed by the U.S. Coast Guard Wind Energy Site Survey of Cape Cod, the town landfill. This ban was conveniently done just prior to the Town of Dennis Alternative Energy Advisory Committee's town survey for possible sites. And of course, the site survey of the land fill failed. Not only did it fail, but if it did pass, the town would side with any objection from abbutters that the windmills were "unsightly". Meanwhile home heating oil is $3.89 a gallon, natural gas is expected to rise 40%, and Cape Cod has nearly the highest rate for electricity in the nation. If a homeowner wanted to install solar panels on their home and lives in the "Historical District" they are most likely out of luck. That person can't even paint their home without approval. Meanwhile...

Neighborhood covenants that ban solar panels are a “growing concern and trend,” says Monique Hanis, a spokeswoman for the Solar Energy Industries Association.

A half-dozen states, including Arizona, New Jersey and Florida, have passed measures that prevent community associations from banning solar panels.

"Solar access" laws have met with opposition from community associations, which generally reject solar panels because they are unattractive. Associations object to outside interference with their ability to make decisions affecting neighborhood peace and property values.

"We, as a policy, want to make sure that associations are able to dictate how they are running their communities, which is why people join associations, so they have that kind of insurance [about] how things are going to be operating," said Paul Hanscom, executive director of the Community Associations Institute of Minnesota.

Source: Minneapolis Star-Tribune (03/26/2008)

Chatham Easter Egg Hunt 2008

2008-03-22T16:42:00.007-05:00

The 1st Annual John C. Ricotta & Associates Easter Egg Hunt Was a HUGE Success!!
Thank you all for coming and Everyone that lent a hand to pull it all together. It was so much fun. Nearly 3000 eggs, the Easter Bunny, so many smiling faces!

Thank you all! Happy Easter Everyone. See you next year!

ON THE CAPE REAL ESTATE NEWS

2008-03-20T18:26:00.004-05:00

Real estate prices continued to drop in February, but Barnstable County Register of Deeds, John F. Meade, reports that the volume of real estate sales in February 2008 was up 12.6% from February 2007 volume and the total value of sales was up 17.6% from the previous year.

The trends of the Nation don't neccessarily reflect the market on the Cape. Yes, our gas prices are out of sight, our food prices are out of sight as well, but Real Estate purchases on Cape Cod are still a wise investment for those who can afford it.

It isn't easy to live here or afford a home to live in. But it can be done. I work two full time jobs. One as a REALTOR and one as a web developer. I also teach classes at Cape Cod Community College. It isn't easy, but for those of us willing to make sacrifices to live where everyone wants to come and forget their troubles back home or get closer to family, it is worth it. I work and meet with wonderful people everyday who know the value of life here on the Cape. It truly is another world.

Chatham Easter Egg Hunt

2008-03-20T18:24:00.001-05:00

1st Annual John C. Ricotta & Associates Easter Egg Hunt
Please join us for our Neighborhood Easter Egg Hunt!! OVER 1,400 eggs will be hidden
Saturday, March, 22, 2008 At 11:00 a.m. Kendrick Harvest Way!
Click Here for Event Poster

OPEN HOUSES in CHATHAM, CAPE COD

2008-03-06T07:32:00.006-05:00

Spring is nearly here! Daffodils are popping through...Spring on Cape Cod...promising to be one of the most beautiful in years!

Cape Cod Real Estate Updates: Please join me for a day filled with open houses this coming weekend, March 8th & 9th. The first is a new home in Chatham's Kendrick Village built by Eastward Companies . This home's back yard offers a delightful Cape Cod setting as it overlooks a working Cranberry Bog. Home is just a short stroll to Chatham's quaint seaside village. Exceptional craftsmanship in this 3 bedroom 2 1/2 bath farmhouse. Bonus room over the garage and loft on the second floor for all your extra company. Over 3,000 s.f. of living space with expert attention paid to every detail! The second new Chatham home for sale is Nearly Complete! Eastward Companies presents another exquisite work in progress. This Kendrick Village development overlooks a working cranberry bog and is only a short stroll to Chatham's quaint seaside village. Please call us for a detailed explanation of all this home will offer. When completed there will be over 3,000 square feet of living space with expert attention paid to every little detail. 3 bedrooms, 3.5 bathrooms and a bonus room over the garage.

Property prices down, sales volume up, buyers are making their move

Real estate prices continued to drop in February, but Barnstable County Register of Deeds, John F. Meade, reports that the volume of real estate sales in February 2008 was up 12.6% from February 2007 volume and the total value of sales was up 17.6% from the previous year. The median individual property sale value was down 3.3% from the previous year. There was a 1.2% decrease in the volume of mortgage activity from February 2007 levels.

Year to Date:
Volume of Sales is up 0.5%;
Total Value of Sales is up 25.7%;
Individual Sales Value is down 7.1%;
Mortgage Volume is down 17.6%.

Register Meade reports that there were 410 deeds recorded at the Barnstable Registry of Deeds in February 2008 with stated sales values above $50,000.00 representing a stated value of $201,343,729.00 in county-wide real estate sales. Based on all property sales valued above $50,000.00, the median sale price of property in Barnstable County in January was $327,500.00.

There were 1,470 mortgages recorded with values above $50,000.00 in Jan uary with a total value of $512,279,287.00. The median mortgage amount, commercial, residential or other, was $250,000.00.

By way of comparison, in February 2007, there were 364 deeds recorded at the Barnstable Registry of Deeds with stated sales values above $50,000.00 representing a stated value of $171,231,276.00 in county-wide real estate sales.

Click here to check for updates to Cape Cod Real Estate.

REPORT OF BARNSTABLE COUNTY REAL ESTATE ACTIVITY FOR THE MONTH OF JANUARY 2008

2008-02-12T22:41:00.000-05:00

VOLUME, VALUE DIP!
Barnstable County Register of Deeds, John F. Meade, reports that the volume of real estate sales in Jan uary 2008 was down 9.7% from Jan uary 2007 volume and the total value of sales was up 32.5% from the previous year. The median individual property sale value was down 7.7% from the previous year. There was a 31.7% increase in the volume of mortgage activity from January 2007 levels.

Register Meade reports that there were 392 deeds recorded at the Barnstable Registry of Deeds in Jan uary 2008 with stated sales values above $50,000.00 representing a stated value of $267,843,468.00 in county-wide real estate sales.

Based on all property sales valued above $50,000.00, the median sale price of property in Barnstable County in Jan uary was $323,000.00.

There were 1,190 mortgages recorded with values above $50,000.00 in Jan uary with a total value of $575,409,014.00. The median mortgage amount, commercial, residential or other, was $235,200.00.

By way of comparison, in Jan uary 2007, there were 434 deeds recorded at the Barnstable Registry of Deeds in Jan uary 2007 with stated sales values above $50,000.00 representing a stated value of $202,142,877.00 in county-wide real estate sales.

Based on all property sales valued above $50,000.00, the median sale price of property in Barnstable County in Jan uary was $350,000.00. There were 1,742 mortgages recorded with values above $50,000.00 in Jan uary with a total value of $529,490,678.00. The median mortgage amount, commercial, residential or other, was $230,000.00.

REAL ESTATE ACTIVITY THROUGH JANUARY 2008 AS COMPARED TO THE SAME PERIOD IN 2007.
2008 sales volume: 3922007 sales volume: 434
2008 total sales value: $267,843,468.002007 total sales value: $202,142,877.00
2008 median sales price: $323,000.002007 median sales price: $350,000.00
2008 mortgage volume: 1,1902007 mortgage volume: 1,742
2008 total mortgage value: $575,409,014.002007 total mortgage value: $529,490,678.00
2008 median mortgage amount: $235,200.002007 median mortgage amount: $230,000.00

Special Announcement

2008-01-14T20:30:00.001-05:00

It is my great pleasure to inform you that I have been asked to join Chatham Cape Cod's Luxury Real Estate Company, John C. Ricotta & Associates. Based in Chatham, Cape Cod, MA, John C. Ricotta & Associates, Inc. is a boutique real estate firm focused on premier waterfront properties throughout Cape Cod. We specialize in the sale and seasonal rental of salt waterfront and water view real estate in Chatham, Orleans, Mid & Lower Cape Cod. John C. Ricotta & Associates guarantees you a superior experience through our team approach, drawing on the extensive experience and specific in-depth market knowledge of all of our Realtors.

New to the Chatham market is almost an acre of land in a sought after North Chatham location with seasonal bog views and a distant glimmer of Pleasant Bay. Currently there is a 4 bedroom, 2 bathroom home on the land set on almost an acre of land in an area of exquisite homes. The house needs TLC and the landscape needs grooming, but there is huge potential for the property! The house could be renovated or the buyer could demolish and start anew. The seller is motivated and offers are encouraged.

No One Should Be Left Out in The Cold

2007-12-11T17:22:00.000-05:00

Maybe our American Oil companies should take a cue from Venezuela. They were asked to help others and contribute but they ALL Refused. Billions upon billions of profit made from the hardship of many Americans trying to stay warm or drive to work to make a living...Exxon, Mobil, Shell Should all be Ashamed. ...The following article is reprinted for those that did not see it yet.

In collaboration with Joe Kennedy’s Citizens Energy Corp., Venezuelan-controlled Citgo will provide 120 million gallons of heating oil to more than 235,000 poor American households in 23 states this winter, Citgo President Alejandro Granado promised at a midday press conference. That will cost Citgo more than $100 million.

Nationwide, about 8.1 million American households use about 5.1 billion gallons of heating oil each year, according to the most recent Department of Energy figures. Most of those homes are in the Northeast.

Kennedy, chairman of Citizens Energy, said every other major oil company in the U.S. and every other OPEC country rebuffed Citizens Energy.

“The only country and the only company that responded was the Venezuelans,” he said.

Given Chavez’s fierce anti-American rhetoric, the Citgo program is viewed by some as a public relations stunt.

Kennedy did not shy away from the controversial connection Monday.

“I think our government gets, you know, their little panties in a knot much more than most Americans do about Hugo Chavez,” he told reporters afterward, saying it was possible to get along with the leader of the modern “Bolivarian revolution.”

Thirty-three thousand Bay State households will benefit from the program, according to U.S. Rep. William Delahunt.

“Keep the oil coming. Keep it coming,” Delahunt told a crowd of Citgo workers, media members and Venezuelan Ambassador Bernardo Alvarez.

Because oil prices are up 80 percent in less than a year and fuel-assistance programs have decreased, more poor families will have trouble paying for heating oil this winter, Kennedy said. He said only 16 percent of the eligible families get fuel assistance.

With the price of oil hovering around $100 a barrel, many low-income people have to cut their spending on other essentials in order to keep their homes warm, Kennedy said.

“You are literally keeping people alive through the efforts that you make, and we are deeply, deeply appreciative,” he told Granado.

Ray Walser, the Heritage Foundation’s Latin America senior policy analyst, said the Citgo program is mostly “a publicity gimmick.”

“I don’t think it does any great harm,” Walser said. “It’s simply an effort to garner support to blunt what Chavez says is the negative image he faces here in the U.S.”

In an e-mail, America First National Committee Chairman Jon Hill wrote that if the political benefit to Chavez is a concern, “we should be even more concerned about the elements of our foreign policy which unfortunately give charismatic socialists like Chavez the political ammunition and traction that he needs at home, as well as in his anti-American diplomacy abroad.”

But a number of local residents interviewed yesterday said they cared more about deal’s impact than they did about the geopolitics behind the deal.

One of them, Lawrence Williamson of Weymouth, said: “If it helps the people of this country and Joe can make a deal, why not?”

Families interested in receiving a one-time delivery of 100 gallons of heating oil this winter can call 1-877-JOE-4-OIL or visit www.citizensenergy.com.

Patriot Ledger reporter Don Conkey contributed to this story.

A Small Step We Can All Take

2007-11-24T08:22:00.001-05:00

End World Hunger. Sounds Easy. It may be. Please, if you have a spare 10 minutes a day, Please visit www.FreeRice.org and play to end this insidious epidemic of world neglect.

FreeRice has two goals:

1. Provide English vocabulary to everyone for free.
2. Help end world hunger by providing rice to hungry people for free.
3. This is made possible by the sponsors who advertise on this site.

Whether you are CEO of a large corporation or a street child in a poor country, improving your vocabulary can improve your life. It is a great investment in yourself.

Perhaps even greater is the investment your donated rice makes in hungry human beings, enabling them to function and be productive. Somewhere in the world, a person is eating rice that you helped provide. Thank you.

Aftermath of Tropical Storm Noel

2007-11-08T15:47:00.000-05:00

Not to be outdone, this storm moved through quickly yet delivered a big blow (excuse the pun) to Cape Cod. The Winds gusted to over 70 MPH and downed trees from Dennis to Chatham and out to the outer Cape. I lost 2 very old oak trees that just seemed to bend with ease. They just snapped in two. These same trees withstood Hurricane Bob, the No Name storm, and the powerful winter of 2005.

foreclosures...

2007-09-22T02:14:00.000-05:00

Hello everybody. I hope I don't shoot myself in the foot when I say this, but who's to blame for all the foreclosures and tough economic times...It seems everybody is blaming the public and the buyers...Let's not forget, everyone needs a home...a roof over their heads...a place where they can come home from a long day at work and say it was all worth it...and they are the working people...one job...two jobs...

Let's not forget...the ones lending the money really don't care if you can pay back...they make a profit either way...whether you pay up every month or find that even though you are working 2 jobs and still can't make ends meet and let the mortgage payment slide because you have to put food on the table....

Let's not forget that banks have wanted to enter the Real Estate business of selling Real Estate. The National Association of Realtors has been fighting it. To quote another blog...

"Folks, the vast majority of market share goes to a few big chains. You've heard the names. You know who they are. One belongs to one of the world's biggest financial corporations. Four of them, that most people think of as being competitors, are nothing more than different brands owned by the same company. On that scale, independents like the one I work for - thousands of brokerages nationwide, some of them in multiple locations - account for a grand total of about fifteen percent of market share, last I checked. The big national chains get the rest. They're just as corporate as the lenders, and they're anxious to protect their turf from the one group of potential competitors who have some kind of understanding of the business and otherwise low barriers to entry."

Whose interests are being served?

Mixed month for the Cape real estate market

2007-09-06T01:07:00.000-05:00

Property value, median price and foreclosures all rise on Cape

Cape Cod Online/Cape Cod Times
September 06, 2007
--------------------------------------------------------------------------------

In a mixed month for the Cape real estate market, property value, sales volume, median price and foreclosures were all up in August, according to data from the Barnstable County Registry of Deeds.

Nonetheless, Register of Deeds John Meade said, "August was a pretty good month given what we've been looking at for the last six."

The registry, which tracks commercial and residential transactions valued at more than $50,000, recorded 591 deeds in August, an increase of more than 20 percent over activity in the same month last year.

These numbers include increased activity in the $500,000 to $900,000 price range, which Meade said could be a hopeful sign.

"I don't want to put too much stock in one month's worth of transactions, but what that's an indicator of is that that price end of the market is not completely stalled out," he said.

Overall this year, the registry has recorded 4,359 sales, an increase of 2.1 percent as compared with the same period in 2006.

The median sale price last month was the highest yet this year at $355,000, meaning that half the transactions were valued above that number and half below. This price is up from the August 2006 median of $350,000.

Median sales value has increased for each of the past four months from a low of $325,000 in May.

This pattern, Meade said, might encourage hesitant buyers to venture into the real estate market.

"If we can see another month or two of this going forward, people can start feeling better about the market," he said. "There's a lot of people still waiting to jump in."

To date in 2007, the median sale price is $342,500, a decrease of 7.4 percent when compared with the same period last year, when the median sale value was $370,000.

The total value of all transactions in the county in August was up nearly 80 percent — to $423.4 million — though that number is inflated by the sale of four Tedeschi shopping centers, Meade said.

Early last month, Tedeschi Realty Corp. sold the Skaket Corners Shopping Center in Orleans; Star Market plazas in Harwich and Hyannis; and the Stop & Shop Plaza off Route 6A in Sandwich. Those properties were sold as part of a $377 million deal for 25 shopping centers owned by Tedeschi across southern New England.

For the year, however, the total sales volume in Barnstable County is still off about 6 percent when compared with the same period in 2006.

Foreclosures saw the sharpest increase.

The 31 foreclosures completed on the Cape in August bring the total for the year to 169 — more than triple the total through the first eight months of 2006.

Real Estate For sale and Open Houses on Cape Cod

Cape Cod Real estate sales volume dips in July

2007-09-02T22:57:00.000-05:00

Cape Cod Real estate sales volume dips in July

GateHouse News Service
Thu Aug 09, 2007, 12:43 PM EDT

--------------------------------------------------------------------------------

Orleans -
Barnstable County Register of Deeds John F. Meade said the volume of real estate sales in July 2007 was down 1.5 percent from July 2006 volume and the total value of sales was down 9.5 percent from the previous year. The median individual property sale value was down 5.3 percent from the previous year. There was a 17.1 percent decrease in the volume of mortgage activity from July 2006 levels.
Year to date: Volume of sales is down 0.3 percent; total value of sales is down 15 percent; individual sales value is down 8.4 percent; mortgage volume is down 10.8 percent.

Meade said there were 518 deeds recorded at the Barnstable Registry of Deeds in July 2007 with stated sales values above $50,000, representing a stated value of $240,902,130 in county-wide real estate sales.

Based on all property sales value above $50,000, the median sale price of property in Barnstable County in July was $345,500.

There were 1,457 mortgages recorded with values above $50,000 in July with a total of $417,239,157. The median mortgage amount, commercial, residential or other, was $204,120.

For comparison, there were 526 deeds recorded at the Barnstable Registry of Deeds in July 2006 with stated values above $50,000, representing a stated value of $266,175,690 in county-wide real estate sales. Based on all property sales valued above $50,000, the median sale price of property in Barnstable County in July was $365,000.

There were 1,693 mortgages recorded with values above $50,000 in July with a total value of $467,607,846. The median mortgage amount, commercial, residential or other was $210,000.

Real Estate Open Houses on Cape Cod

Fixed Rate Mortgage Down Slightly

2007-08-04T05:35:00.000-05:00

Lower Treasury Yields Push Rates Down Slightly

Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 6.68 percent with an average 0.3 point for the week ending August 2, 2007, down from last week when it averaged 6.69. Last year at this time, the 30-year FRM averaged 6.63 percent.

The 15-year FRM this week averaged 6.32 percent with an average 0.3 point, down from last week when it averaged 6.37 percent. A year ago, the 15-year FRM averaged 6.27 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.29 percent this week, with an average 0.5 point, down from last week when it averaged 6.30 percent. A year ago, the 5-year ARM averaged 6.27 percent.

One-year Treasury-indexed ARMs averaged 5.59 percent this week with an average 0.5 point, down from last week when it averaged 5.69 percent. At this time last year, the 1-year ARM averaged 5.69 percent.
Thursday, August 02, 2007 - Freddie Mac

Real Estate Open Houses on Cape Cod

Attention For Sale By Owners on Cape Cod

2007-07-30T14:40:00.001-05:00

Attention For Sale By Owners

If you are trying to sell your home on Cape Cod yourself, and would like to advertise your FSBO listing on my Website www.OnTheCapeRealEstate.com, click here to contact me. Advertise your home for sale to nearly 2,000 monthly visitors interested in buying a home on Cape Cod today.

View My Website Traffic

Are You a "For Sale By Owner" on Cape Cod?

2007-07-30T14:33:00.000-05:00

Real Estate Open Houses on Cape Cod

Newspapers Lose Battle for Real Estate Ads

Real estate advertising will become less prevalent in newspapers as it shifts to the Web, where online home buyers are actively searching for properties, analysts say.

Currently about 15 to 20 percent of real estate advertising is online, but Mike Simonton, media industry analyst for Fitch Ratings credit analysis service, says it is poised to go higher for a number of reasons.

Suzy Antal, director of marketing for Prudential Real Estate Affiliates, a unit of Prudential Financial Inc., said many Prudential practitioners have been pulling back on advertising during the current downturn, but as they return, they're shifting ad budgets to their own Web sites, creating blogs, and taking different approaches beyond newspapers.

"Is newspaper a high priority? No," Antal says. "I don't believe my buyers and sellers are going to be in that market."

Tim Fagan, president the real estate portion of Classified Ventures, which manages website for 125 newspapers, says it plans to "significantly increase" its investment in Homescape, a real estate-related Web site that provides home listings, but he declined to provide specific numbers.

It's wrong to assume that online advertising is cheaper than buying space in the paper, says Blanche Evans, editor of Realty Times, a online real estate news service. After all, online users expect extensive color photographs, lengthy descriptions, and even video tours —and all of those features can add up for a real estate practitioner.

Source: The Associated Press, Seth Sutel (07/27/2007)

Click here to check for updates to Cape Cod Real Estate.

Announcing the Winners of the Massachusetts Association of Realtors Website Design Contest

2007-07-14T03:43:00.000-05:00

OnTheCapeRealEstate.com Honored by Massachusetts Association of Realtors

The Massachusetts Association of REALTORS® created a website design contest to foster healthy competition among members and enhance the way they think about marketing themselves on the Internet. This year’s contest was a resounding success with 120 entries from across the state. Three winning sites were chosen from each of the two categories. In addition to the winners, 7 Honorable Mention sites were chosen from each category. Look for the complete write-up on the contest and the winners in the September/October issue of Bay State REALTOR® Magazine. The winning websites will also be honored at the annual Professional Awards Reception on October 10, 2007.

I am honored to be recognized by the Massachusetts Association of Realtors as having my Cape Cod Real Estate website chosen as a winner in the individual Realtor category. Congratulations to all the winners and entrants. I believe it is our responsibility as REALTORS to harness this powerful marketing tool. Please visit the Massachussetts Association of Realtors website to view all the winners.

I thank the judges of this contest in recognizing my hard work. I also thank my fellow REALTORS of The Real Estate Company. We work together as a team as well as a family. Lastly I must thank Trisha Daly-Karlson, owner of The Real Estate Company.

Below is just a snippet of what the judges had to say...

OnTheCapeRealEstate.com
Company: The Real Estate Company

A wealth of resources are available for buyers and sellers through Raymond Hall’s website, OnTheCapeRealEstate.com. His site includes local information on Cape Cod events, community organizations and provides plenty of background for prospective buyers, while positioning Raymond as an expert on the local market. A real estate blog, linked from the site, provides an outlet for commentary and perspective on the market and related topics.

Click here to check for updates to Cape Cod Real Estate.

HGTV VISITS HARWICH!

2007-07-05T20:56:00.000-05:00

Real Estate Open Houses on Cape Cod

HGTV VISITS HARWICH!

Chosen to be featured on HGTV's National Open House,this historic home in Harwich, built in 1780, will inspire your antique home restoration project.

May Single-Family Home Prices Remain Strong Despite Drop in Sales Volume

The Massachusetts Association of REALTORS® (MAR) reported today that sales of single-family homes was down 7.5 percent compared to the same time last year. However, despite the drop in sales volume, prices continue to remain strong and inventory continues to go down from year ago levels. The number of condominium sales remains virtually unchanged from the same time last year with prices going up, inventory decreasing, and supply at its lowest levels since August 2005.

“While tighter lending standards and reduced mortgage options for some prospective buyers this year may have had an impact on the market, stable prices and declining supply indicate there is still a steady demand,” said MAR President Doug Azarian, broker/owner of Century21 Dream Homes in Falmouth. “In fact, May is the fifth straight month that residential supply levels have gone down. We can speculate that demand will continue to go up during the second half of the year.”

There were 3,884 detached single-family homes sold this May, a 7.5 percent decrease from the 4,200 homes sold the same time last year. On a month-to-month basis there was an increase of 16.7 percent compared 3,328 homes sold in April 2007.

The median selling price of a single-family home this May was $355,000, a slight 0.7 percent increase compared to $352,700 in May 2006. Compared to April of 2007, median selling prices were up 2.9 percent.

The condominium market is strong, with a 0.2 percent increase in the number of units sold compared to the same time last year (2,169 units sold in 2006 to 2,173 units sold in 2007). On a month-to-month basis, sales volume was up 24 percent compared to 1,753 units sold in April 2007.

Median selling prices of condominiums went up 1.4 percent in May 2007 compared to the same time last year ($286,000 in 2006 to $290,000 in 2007). Compared to April 2007, the median selling price went up 5.6 percent from $274,650.

The inventory of residential properties (detached single-family homes and condos) on the market as of May 30, 2007 decreased 21% percent compared to the same time last year (from 68,574 listings in 2006 to 53,913 listings in 2007). At the current sales pace, this represents approximately 8.9 months of supply, a decrease from 10.8 months of supply in May 2006. On a month-to-month basis, the average months of supply edged down from 10 months in April 2007.

The inventory of single-family homes fell 20% from May 2006 levels (46,019 listings in 2006 to 36,875 listings in 2007) which translates into 9.5 months of supply in May 2007. This is down from 11 months of supply the same time last year and down from 10.3 months of supply in April 2007.

The condominium market experienced an even greater drop, as inventory fell 24 percent from 22,555 listings in 2006 to 17,056 listings in 2007. This translates into 7.8 months of supply, a decrease from 10.4 months in May 2006. In fact, this is the lowest level since August 2005 when supply was at 6.3 months. It is considered a balanced market when there is between 7.5 and 8.5 months of available housing supply.

Detached single-family homes stayed on the market an average of 139 days in May 2007 compared to an average of 121 days in May 2006, while condos stayed on the market an average of 134 days compared to 120 days in May 2006.

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LEGAL NEWS

2007-06-17T12:48:00.000-05:00

Real Estate Open Houses on Cape Cod

Be Careful Where You Put that Deposit

If you are a landlord of residential property, you want to be careful where you place the security deposits that you may receive from your tenants. Mass. Gen. Laws. Ch. 186, § 15B, among other things, requires that “[a]ny security deposit received by [a] lessor shall be held in a separate, interest-bearing account in a bank, located within the commonwealth under such terms as will place such deposit beyond the claim of creditors of the lessor . . . .”.

Recently, in Taylor v. Burke, the Appeals Court found that a security deposit that was physically deposited in a Citizens Bank located in New Hampshire was in violation of the statute. Although Citizens Bank has branches here in Massachusetts, the Appeals Court found that making the initial deposit at a New Hampshire branch, did not qualify as a bank “located with the commonwealth,” as it interpreted the statute to require that both the bank and the account be located within the Commonwealth of Massachusetts.

Reviewing the decision it appears clear that the courts are trying to sort out this technicality. If a landlord wishes to avoid any question with regard to the legality of the location of the security deposit as it relates to security deposit compliance law, they should open the account in a bank branch located in Massachusetts and deposit all funds at this same branch. MAR will monitor this case as it has been remanded to a lower court for further proceedings.

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A Warning to Those Who Use 1031 Exchanges

2007-05-30T15:30:00.000-05:00

Real Estate Open Houses on Cape Cod Updates:
Please join me for a day filled with open houses this coming weekend, Saturday, June 2nd. The first, from 10 AM to 1 PM, is a home for sale in Dennis Port just 4 homes from Swan River. This home has been tastefully updated and offers instant access to summer fun!. This might be an ideal First Time Home Buyer property. You can get 97%, 100% to 105% financing with full documentation loan. These rates start as low as 5.375% Fixed for 30 years, if you qualify according to income limits. The second, from 2 PM to 4 PM, is a classic Cape Cod antique home for sale in move in condition. Imagine, a home built in 1780 that is rich with history that only requires new owners to claim this classic showpeice.

A Warning to Those Who Use 1031 Exchanges

Investors using 1031 exchanges to defer capital-gains taxes on an investment property they have sold can run into trouble if the Internal Revenue Service-required qualified intermediary, known as a QI, has financial trouble.

IRS regulations say that investors can’t touch the money from the sale of an investment property and must use a QI to manage the money while their search for a “like kind” property to invest in. The IRS doesn’t place restrictions on where the money is invested.

In the past year, at least two independent QIs have allegedly misappropriated client funds. In one case, businessman Donald McGhan is accused of operating a Ponzi scheme with money in his care — he lost more than $95 million of customer proceeds. The 1031 Tax Group has filed for bankruptcy protection after its principals lost $151 million through bad investments and loans.

The Federation of Exchange Accommodators, the qualified intermediaries' industry-trade group, says it has been working with states and the federal government to enhance oversight of the industry.

Source: The Wall Street Journal, Peter Lattman and Kemba Dunham (05/26/07)

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Bill Would Boost Home-Loan Limits for Veterans

2007-05-18T01:30:00.000-05:00

Think Spring!

Don't let the rain get you down...Spring on Cape Cod...Still one of the most beautiful in years!

Real Estate Open Houses on Cape Cod Updates:
Please join me for a day filled with open houses this coming weekend, Saturday, May 19th. The first is a home for sale in Dennis Port just 4 homes from Swan River. This home has been tastefully updated and offers instant access to summer fun!. This might be an ideal First Time Home Buyer property. You can get 97%, 100% to 105% financing with full documentation loan. These rates start as low as 5.375% Fixed for 30 years, if you qualify according to income limits. The second is a classic Cape Cod antique home for sale in move in condition. Imagine, a home built in 1780 that is rich with history that only requires new owners to claim this classic showpeice.

The Real Estate Company Supports the Troops

The Real Estate Company is proud to announce a new program for returning military personnel that have served in Iraq or Afganistan since September 11, 2001. The program will be for Cape Cod Veterans who are residents and will be purchasing their first home in the area we service. They can receive a donation from The Real Estate Company up to $8,000 at the time of closing. The Real Estate Company has offices in four Lower Cape Cod towns serving Yarmouth to Provincetown. It has been family owned and operated since 1981. Cape Cod Real Estate and Homeownership Program for Veterans

Bill Would Boost Home-Loan Limits for Veterans

New legislation introduced in Congress Wednesday would expand opportunities for U.S. veterans to purchase, build, repair, or improve a home by increasing their access to low-interest loans through the VA Home Loan Guaranty program.

The NATIONAL ASSOCIATION OF REALTORS® is endorsing the legislation, named the 21st Century G.I. Bill of Rights Act, which was brought forth by Sen. Hillary Rodham Clinton (D-N.Y.) and Rep. Patrick Murphy (D-Pa.).

“As the leading advocates for homeownership and affordable housing, REALTORS® have long supported policies that make housing more accessible and affordable for America’s veterans,” said NAR President Pat V. Combs, who joined Clinton and others at Wednesday’s announcement. “We strongly support efforts to improve housing benefits for all veterans, no matter where they live.”

Under the 21st Century G.I. Bill of Rights Act, veterans will be exempt from paying loan fees and will be able to access to low-interest VA loans for homes valued up to $625,000. The current program caps loans at $417,000.

The bill will guarantee eligibility to all service members — Active Duty, National Guard and Reserves — who have served since September 11, 2001.

“The G.I. Bill has helped millions of soldiers transition successfully to civilian life,” Sen. Clinton said. “Now it is time to update and modernize the G.I. Bill for the 21st century to meet the needs of today’s soldiers, veterans, and their families — from education to housing and microloans to start small businesses.”

She said this legislation is the “right way to invest in the future of our service members and reward the service they have given to our country.”

— REALTOR® Magazine Online

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Do You Know What Your Buyers Want?

2007-05-14T11:17:00.000-05:00

Spring has Sprung!

Climbing Roses are starting to climb, tulips are at full height...Spring on Cape Cod...one of the most beautiful in years!

Cape Cod Real Estate Updates:
Please join me for a day filled with open houses this coming weekend, Saturday, May 19th. The first is a home for sale in Dennis Port just 4 homes from Swan River. This home has been tastefully updated and offers instant access to summer fun!. This might be an ideal First Time Home Buyer property. You can get 97%, 100% to 105% financing with full documentation loan. These rates start as low as 5.375% Fixed for 30 years, if you qualify according to income limits. The second is a classic Cape Cod antique home for sale in move in condition. Imagine, a home built in 1780 that is rich with history that only requires new owners to claim this classic showpeice.

Do You Know What Buyers Want?

“Bigger isn’t better” is the message architects say they’re getting from consumers.

“Households are putting less focus on the amount of space in their homes and more on how that space is being used,” concludes the American Institute of Architects in its most recent quarterly Home Design Trends Survey.

“Rising home energy costs and concerns over affordability are resulting in a decrease in extra interior spaces that add to heating and cooling expenses,” observes AIA Chief Economist Kermit Baker. More than one-quarter of residential architects report that home sizes are decreasing. Slowing, too, is demand for volume created by higher ceilings, with only 31 percent of those surveyed reporting demand for higher ceilings compared with 47 percent in 2006 and 51 percent in 2005.

Flexible Designs

Compared with previous generations, Baker says “home owners are looking to use their homes differently and therefore are looking for different layouts.” Driving these changes are growing demands for accessibility: wider hallways, fewer steps, and homes with a single floor design. Almost three-quarters of architects, 74 percent, report increasing demand for accessibility.

Also high on consumer wish lists are rooms that can serve multiple needs of a household. More than two-thirds, 67 percent, of architects report increasing demand for multifunctional space, and 56 percent point to a growing trend toward more open space layouts.

Outdoor Living Still in Demand

Although lots are growing smaller, outdoor living continues to be strong, with two-thirds of architects noting this is a trend. Also in demand are spaces to help merge indoor and outdoor living.

Updated landscaping and outdoor amenities — such as fireplaces, gazebos, courtyards, swimming pools, and tennis courts — continue to become more desirable for consumers. There’s also strong demand for fences, walls, and outbuildings, such as barns, sheds, storage facilities, according to AIA.

— By Camilla McLaughlin for REALTOR® Magazine Online