March 2009

There are 4 blog entries for March 2009.

Mass. Foreclosures FallFrom Banker & Tradesman

Fewer Bay State properties were foreclosed on in February compared to the prior month and a year earlier, according to a new report from The Warren Group, publisher of Banker & Tradesman. But the number of foreclosures initiated by lenders has climbed for four consecutive months.

A total of 823 foreclosure deeds were recorded in February, a 4.3 percent decline from 860 foreclosure deeds in February 2008. February foreclosure deeds were also 16 percent lower than January when there were 980 deeds recorded. Still, foreclosure deeds jumped 8.6 percent during the first two months of 2009 to 1,803 from 1,660 a year earlier.

Lenders filed 2,295 petitions to foreclose in February, a 17 percent jump from 1,960 petitions in January.

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real estate agent

Hopefully I am your real estate broker! A client emailed me this picture and I thought it was pretty funny. I have spoken with several friends and colleagues in the business and like the rest of the economy, real estate has been slow. We certainly didn't start the first quarter of 2009 well, but the last 3-4 weeks have been extremely busy. The market typically picks up this time as we come into the spring market. The $8,000 first time home buyer credit helps also.

Yesterday I actually had a bidding war for a single family home in Quincy. My client ended up paying a few thousand dollars over asking price, but it was a great house that was priced below market value.

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Open House ReportI was out with a client yesterday to view open houses in South Boston. Fortunately this pic was not from any of the condos we visited. Some places were busy with several groups of people in the open house at the same time, while others were slow. I spoke to several agents that conducted open houses in other Boston neighborhoods, and they confirmed this. The weather was beautiful, but that can be a positive or negative thing. I do believe there is some pent up demand and that should bode well for the Boston housing market.

  My client and I were browsing 2 bedrooms priced from $300,000-$400,000. I noticed prices have come down a bit and you can certainly get a very nice 2 bedroom in South Boston for $350,000. If you desire certain amenities like…
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Manny Ramirez Ritz-Carlton Condo For SaleMy good friend Jason Weissman and partner Will Catlin had this condo listed for 364 days starting November 28, 2005 and finally expiring on January 1, 2007. It was listed at $6.9 Million and there were no price reductions. They received some great PR and possibly attained a few luxury buyer clients, but unfortunately they were unsuccessful selling the Ritz Penthouse.

Fast forward to the present day. As I was reading the Banker & Tradesman yesterday, I came across some interesting news. Manny decided to list that same condo for $8.5 million, but with another agency! Here's what I'm thinking. It's been over 2 years since the property was taken off the market. The US is currently facing the worst housing crisis in my short lifetime. It didn't sell at $6.9

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