Blog contributions are provided exclusively from Luxury Real Estate members throughout the world.
Courtesy of Nick Pratt, Slater Anderson, and Keith Ross, Project Managers in LandVest’s Real Estate Consulting Group, specializing in in all aspects of land transactions
When the housing bubble burst and credit markets tightened most land developers retreated to the sidelines or closed up shop. This created opportunities for public agencies and land trusts to acquire land for conservation purposes. Supply and demand dynamics for land conservation versus land development are often countercyclical. When demand for developable land is strong, land values are high and it is difficult – and more expensive – for conservation buyers to compete. When development pressure is soft – as it has been for the last three years in many locations in the US – land values are lower and there is less competition from developers. As a result, public agencies and non-profits have emerged as some of the most active buyers of land today, largely because of access to public funding approved in previous years and an increase in private philanthropy that supports the conservation of natural resources.
Landowners currently have a unique opportunity to maximize the value of their property and to see their land protected in perpetuity. This can be done through an outright sale of the land or through the sale of conservation easements or agricultural preservation restrictions to conservation groups, public agencies or municipalities. New funding sources have been established to encourage these conservation acquisitions. For example, the Commonwealth of Massachusetts has created a funding program for Landscape level projects with multiple projects exceeding 500 acres or more. The program will pay half the cost of the acquisition plus a portion of eligible expenses. In addition, the Commonwealth has established a tax credit for gifts and bargain sales up to $50,000 per transaction.
LandVest has represented multiple landowners in the planning and sale of land for conservation. When LandVest is engaged conservation buyers know that they have a singular opportunity to get a deal done before the property is sold for other purposes. With land conservation deals appearing to be at an all-time high, landowners can benefit from experienced advisors who know how to negotiate on their behalf and facilitate these kinds of transactions. Recent LandVest projects include:
• 24 acres in Weymouth, Massachusetts: Representing the largest undeveloped tract of land left in the town, with sweeping views to Boston and the North Shore. Elected officials unanimously voted for the acquisition of the property which was purchased for full market value, $1,850,000, in August 2011. From start to finish the acquisition process took less than 4 months.
• 228 acres in Ipswich, MA: The Trust for Public Land working in coalition with the town , the state and Essex County Greenbelt, purchased a Conservation Easement and Agricultural Preservation Restriction for $5,100,000 on one of the largest privately owned agricultural estates off Argilla Road. – April 2011
• 80+ acres in Rowley, MA Representing a critical inholding within the 8,000+ acre Great Marsh on Boston’s North Shore. The Massachusetts Audubon Society was the buyer. Price: $2,370,00083+ acres in Sherborn, MA purchased by the Sherborn Rural Land Foundation for conservation. Price : $1,500,000 – June 2011
• 115+/- acres in Narragansett, RI: Purchased by The Nature Conservancy and US Fish and Wildlife Service. Installment purchase occurring in 2011 and 2012.
• LandVest provided consulting services to a major forest landowner in northern California to design and market a CR over forestlands in excess of 8,200 acres with a market value of more than $8.4 million. Funding will be from a combination of public funds and private philanthropy. – Dec 2010
• LandVest provided advisory services to a landowner in Sandisfield, MA, who made a gift of a CR over 1,238 acres of forest and farmland valued in excess of $1.2 million to the New England Forestry Foundation, the third largest CR gift in Mass history and the largest in more than 35 years. – Dec. 2010
• A conservation restriction on 155 acres of religious order lands in Petersham, MA purchased by a partnership between the Town and the East Quabbin Land Trust for $400,000 was facilitated by LandVest using a combination of public funding and private philanthropy. – June 2010
Courtesy of Lanse Robb of LandVest
Highest residential appreciation in Boston area, year to date, is in Manchester-by-the-Sea as cited in the recent Boston Globe survey. Contributing factors could be the new $55,000,000 Manchester-Essex Regional High School, the incredible beaches and ocean access, the commuter rail access to Boston’s North Station and Route 128…all this and just a 90 minute drive to ski country.
For more information North Shore Real Estate for sale, contact Lanse Robb (lrobb@landvest.com) at LandVest in Boston, MA.
CNBC.com used LuxuryRealEstate.com as a resource for a recent story featuring a slideshow of ‘Famous Family Estates for Sale’. Members featured included: Lion & Davis of South Burlington, Vermont, Hammond Residential Real Estate in Boston, Massachusetts, Pamela Cromey Real Estate in Tuxedo Park, New York, Mason Morse Real Estate in Aspen, Colorado, and Joyce Rey of Coldwell Banker Previews International in Beverly Hills, California. All but one of the companies mentioned are members of our network.
(Pictured: Governor Chittenden Homestead)
Courtesy of Mark Lipplot, Senior Vice President of Hammond Residential
Single-Family House Sales
September, 2010 was the first month of the year when closed single-family sales over $1 million did NOT exceed the year before. Of concern is the fact that similar declines also occurred in October and December. Last month 127 single-family homes conveyed in Eastern Massachusetts (excluding the Cape and Islands and towns west of Worcester County) priced over $1 million and this was 8 fewer than the same month last year -- a 6% decline. The good news, however, is that December 2010 was well ahead of the same month in 2008 (74 sales) and 2007 (76 sales). The market for million dollar houses is still in recovery, but we remain very far off the peak levels of a few years ago.
On a year-to-date basis for the year 2010, 212 more single-family houses have sold over $1 million than the same twelve months of 2009, for an increase of 20.3%. Last year, the market absorbed 1,042 million dollar houses between January and December; the comparable number in 2010 is 1,254.
As sellers contemplate putting their luxury homes on the market this year in anticipation of the spring market, they need to be aware of the imbalance between supply and demand (much more supply than demand) and the skittishness of potential buyers at the high end of the market.
The $2,000,000 to $2,999,999 price segment is also recovering, but it is a much more thinly-traded market than many homeowners realize. Sales in this price band account for only 167 of 1,254 million dollar plus properties conveyed. This is under 14% of the entire million dollar market!
On a year-to-date basis, 44 more single-family houses have sold between $2,000,000 and $2,999,999 than the same twelve months of 2009, for an increase of almost 36%.
For all of MLS PIN (including Cape Cod and the Islands and Western Massachusetts), 1,331 single-family houses sold in 2010. While 104 towns are represented in the 1,331 closed sales, the data are skewed towards the more popular communities. The top 5 towns (Wellesley, Newton, Brookline, Lexington, and Boston) account for 38% of the closed million dollar sales. As has been true all year, there is a heavy concentration of sales in this price range in the towns with the closest proximity to the City of Boston. It is interesting to note that Needham is the only one of the top 11 towns for million dollar sales in which Hammond does not have an office.
Some other statistics for this market segment:
-- The average price for a single-family sold over $1 million in 2010 was $1,586,357
-- The average house in this price range had 11 rooms and approximately 5 bedrooms
-- On average, these houses sold at 93.23% of their original listing price -- underscoring yet again the importance of accurate pricing in today's market. Listings priced too far over market value are not selling.
Condominium Sales
For all of MLS PIN (including Cape Cod and the Islands and Western Massachusetts), 449 condominium units sold in 2010.
16 cities and towns are represented in the 449 closed sales, but Boston alone accounts for 78.17% of the closed million dollar condo sales.
Some other statistics for this market segment:
-- The average price for a condo sold over $1 million in calendar 2010 was $1,774,903. (Interestingly, this is higher than the average sales price for a single-family home in the same time period: $1,586,357.)
-- The average condo in this price range had 6 rooms and approximately 3 bedrooms
-- On average, these condos sold at 95.04% of their original listing price. Price it correctly and it will sell; overprice a unit and it will languish on the market.
To view Hammond Residential's Million Dollar Condo Sales History, click here.
To view Hammond Residential's Million Dollar Single Family Home Sales History by town, click here.
To view Hammond Residential's Million Dollar Single Family Home Sales History by month, click here:
Submitted by Mark H. Lippolt, Senior Vice President of Operations, Hammond Residential Real Estate.
The attached report shows closed single-family home sales in Massachusetts priced over $1 million, sorted by number of closed sales in each town, in descending order.
While 99 towns are represented in the 1,195 closed sales, the data are skewed towards the more popular communities. The top 5 towns (Wellesley, Newton, Brookline, Lexington, and Boston) account for 38% of the closed million dollar sales. As has been true all year, there is a heavy concentration of sales in this price range in the towns with the closest proximity to the City of Boston. It is interesting to note that Needham is the only one of the top 11 towns for million dollar sales in which Hammond does not have an office.
Some other statistics for this market segment:
-- The average price for a single-family sold over $1 million in the first 11 months of 2010 was $1,581,741
-- The average house in this price range had 11 rooms and approximately 5 bedrooms
-- On average, these houses sold at 93.27% of their original listing price -- underscoring yet again the importance of accurate pricing in today's market.
Listings priced too far over market value are not selling.
At an annual awards dinner, the Greater Boston Assoc. of Realtors' (GBAR) honored several Boston-area Realtors for their service in the industry.
John Ranco, a broker for Hammond Residential Real Estate in Boston's Back Bay was named the GBAR 2010 Realtor of the Year.
Ranco has been a member of GBAR for the past decade, according to a statement. The award honors members for their volunteerism and industry work over the past 18 months in three specific areas: participation and service to the Realtor organization on the local, state and national levels; community involvement, including volunteerism in community service projects and membership and support of civic and charitable organizations; and outstanding business and real estate industry accomplishments.
"Over the past decade, John has distinguished himself as one of the most knowledgeable, fair and hard-working members of our association and has led by example in connecting Realtors with the communities they serve," said John Dulczewski, GBAR executive director.
Ranco is the immediate past president of GBAR. Currently, he is the chairman of the nominating committee and sits on the board of directors for GBAR, the Greater Boston Real Estate Board (GBREB), and the Massachusetts Assoc. of Realtors, according to a statement.
Laurie Cadigan, broker and owner of Barrett and Co. in Concord, was presented with the Andrew F. Hickey distinguished service award.
The Andrew F. Hickey distinguished service award is presented annually to one local Realtor for his or her lengthy and dedicated service to GBAR and the GBREB, according to a statement.
"Laurie is a natural-born leader who has enthusiastically supported the mission and goals of the Realtor organization and Greater Boston Real Estate Board for more than a dozen years," said GBAR Executive Director John Dulczewski. "She has earned the respect of her peers for her honesty, optimism and activist nature, as well a unique ability to build consensus on association governance matters and industry issues of political sensitivity."
Cadigan became a member of GBAR more than 20 years ago. She is a former two term president of GBAR and previously served as clerk of GBREB in 2008, according to a statement.
Bill Dermody, sales manager for Coldwell Banker Residential Brokerage on Chapel St. in Needham, has won the GBAR 2010 good neighbor award.
The good neighbor award is modeled closely after that given by the National Assoc. of Realtors and recognizes real estate professionals for their community activism, according to a statement. Recipients of the award have made an extraordinary commitment to improving the quality of life in their communities through volunteer work.
"It was a great honor just to be nominated as Realtor of the Year," said Dermody. "I never expected to receive another award. It was like the icing on the cake. I was in total shock and disbelief."
Dermody has been a GBAR member since 1995 and is a long time member of the Needham Exchange Club, according to a statement. He has volunteered hundreds of hours of his personal time to work on local civic projects and community groups.
Nik Ligris of Ligris + Assoc. in Brookline, was awarded with the first ever GBAR affiliate member of the year award.
The affiliate member of the year award was created to acknowledge the involvement of industry product and service providers for their active participation in GBAR programs and activities, and for their general support of the association, its mission and the Realtor membership, according to a statement.
Ligris has been a consistent presence at GBAR events since 2008. He serves as a member of the GBAR business development committee and has made a sincere effort to engage with GBAR members and to promote the value of affiliate memberships to other industry vendors, according to a statement.
Bruce Klemer, manager of the Century 21 Commonwealth office in Framingham, was presented with the first ever Realtor spirit award.
The Realtor spirit award was created to acknowledge individuals who make a difference in the lives of their colleagues, clients and customers, according to a statement. They have strong professional ethics, a cooperative spirit and a willingness to share personal knowledge, industry experience and personal time to help others succeed in their careers.
"I have always felt that Realtors should try to give back to their community and the organizations that help further their careers," said Klemer. "I feel that GBAR has always helped me and I'm glad to be a part of the work they do. Being part of a professional organization and always striving to improve and help others is what it is all about for me."
Klemer has been a member of GBAR since 1985, according to a statement. He is the current chairman of the GBAR professional standards committee, and held this title in 1997 and 2009 as well.
Courtesy of Mark Lippolt of Hammond Residential Real Estate
BOSTON, MA (March 9, 2010) As part of its on-going Hammond Performing Arts Series, Hammond Residential Real Estate is sponsoring a free concert featuring the Alianza String Quartet on Sunday afternoon, March 28 at 3:00 p.m. at the Sanford Calderwood Pavilion at the Boston Center for the Arts in Boston’s South End. Works by Mozart, Beethoven, and Wolf will be performed.
Sarita Kwok (violin), Lauren Basney (violin), Stephanie Fong (viola), and Alexandre Lecarme (cello) comprise the award-winning Alianza String Quartet. The Alianza String Quartet was officially formed in 2004 at Yale University’s School of Music. From 2006 to 2008 they were in residence as postgraduate associates of the Yale School of Music and were closely mentored by the Tokyo String Quartet.
I
n addition to their appearances in Japan and throughout Europe, the quartet have performed throughout the east coast and Midwest at venues such as Carnegie Hall’s Weill and Zankel recital halls, Merkin Concert Hall and Juilliard’s Paul Recital Hall in New York City, Yale University’s Sprague Memorial Hall and British Art Center, University of Notre Dame’s DeBartolo Performing Arts Center, and the Missouri Theatre Center for the Arts in Columbia
Of their 2007 Carnegie Hall debut, The New York Times’ Bernard Holland said: “The matching of talent makes or breaks a new string quartet, and the young Alianza players seem on an equal level. They have evidently worked scrupulously on blending and balance, and as befits their time of life, they boil over with an edge-of-the-seat eagerness …”
The Hammond Performing Arts Series, sponsored by Hammond Residential Real Estate, was started in 1994 to provide performance opportunities for deserving, talented music artists in the early stages of their careers. David Stenberg, manager of Hammond Residential’s Boston offices said: “The series is based on Hammond’s belief that we should enrich the cultural life of the communities in which we do business.”
Admission is free, but a reservation is required. Please call 617-587-4622 to reserve a seat.
To learn more, please visit www.hammondre.com.
By Meghan Barry
If you have ever visited the LuxuryRealEstate.com Headquarters in Seattle, near the historic Pike Place Market, you may have been to the rooftop deck on top of our building. A popular spot for staff gatherings and summertime lunches, this deck boasts expansive views of Puget Sound and Downtown Seattle. What a perfect place to view Fourth of July fireworks!
In-city living often has its limitation with access to the outdoors. However, on LuxuryRealEstate.com there seems to be ample opportunities to purchase a home with the convenience of a metropolitan location, yet with a ground-floor garden, multilevel terraces, or rooftop decks.
This is an appealing option on New York City, listed by Stribling & Associates, Ltd., in the heart of Chelsea’s gallery district. Looks like the perfect place for a hip Fourth of July barbecue.
www.luxuryrealestate.com/749432
Or this one in Boston, listed by Hammond Residential GMAC Real Estate. You can almost hear the fireworks… and the drum beating of Minutemen.
www.luxuryrealestate.com/869190
A 2005 Recipient of The Carolopolis Award for New Construction, this home has maintained that quintessential Charleston style, with a modern updates. What a stunning view! It’s listed by Disher, Hamrick & Myers.
www.luxuryrealestate.com/610485
Editor’s Note:
Meghan Barry is the Executive Vice President of LuxuryRealEstate.com. She works closely with CEO/Publisher John Brian Losh to organize a variety of Luxury Real Estate programs, events and services. Each of the brokers who represent the properties in this blog entry is a member of the Board of Regents, the governing body of LuxuryRealEstate.com. There are plenty of ways to enjoy the Fourth of July, and hopefully you’ll have a great holiday.
By Meghan Barry
Someone has to be the one to mention that today is Valentine’s Day, right?
I noticed this article, simply entitled Happy Valentine’s Day, on Boston.com (I am a Seattle transplant… one of the many).
The National Association of REALTORS® suggests "If you can’t fly to Paris, France this Valentine’s Day, take your sweetheart to Paris, Texas" in a press release, entitled Explore American Towns Sharing Names With the World’s Most Romantic Cities.
Paris, Texas (average home price $84,000); Rome, Georgia (average home price $95,000); Seville, Ohio (average home price $122,000); Venice, California (average home price is a bit higher, $1.3 million… it’s California after all).
There may not be much luxury real estate in these versions of Paris, Rome and Seville, but think of the investment possibilities!
Editor’s Note:
Meghan Barry is the Executive Vice President of LuxuryRealEstate.com. She works closely with CEO John Brian Losh to organize a variety of Luxury Real Estate programs, events and services. What’s in a name, anyway? It might be even more unique an experience to seek luxurious opportunities in little-known areas than looking in the obvious spots. You might even fall in love with these smaller versions of great European cities. Happy Valentine’s Day, indeed.
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