Can I just say...the snow is killing me.  I can tell the real estate market is ready to explode but the snow week after week is really making it hard to get things rolling.  Even with the big snow storm this week, the number of homes/condos that went under agreement in Newton and Needham shot up this week.  Also, a sure sign of spring is when homes come on the market and they are under agreement within the week.  There were several examples of that this week so I'm starting a new segment of my weekly blog called the Bob Barker Price is Right Homes of the Week.  First, the town-by-town breakdown.

Newton => 14 New home / condo listings, 21 under agreement, 217 on the market.  The snow reduced the number of new listings that came on the market this week but the number that went under agreeement was the highest number in 8 weeks.  The number of homes on the market dipped this week but I expect this coming week, assuming we don't get another snow storm, will be a good week for new home / condo listings and as a result the inventory will resume its upward trend.

Listing of the week => 45 Hunnewell Ave, $1,195,000.  This is a wonderful street of victorian homes on big lots close to Newton Corner.  I can picture the wealthy business owners living on this street in 1900 taking their horse drawn carriages to work every morning.  For $1.2m, you get 5 bedrooms, 4.5 baths, and all the character and charm you can handle.  Screen porch, claw foot tub, stain glass windows, window seats, ornate woodwork, marble front fireplace, period light fixtures, you will enjoy entertaining in this home.  For the commuters in the crowd, you leave your driveway and you can get to Boston's financial district in 14 minutes.  Central Square in Cambridge is just 10 minutes away.

Needham => 6 New home / condo listings, 11 under agreement, 105 on the market.  With 11 homes / condos under agreement this week, that was the best week since October 8th.  The snow limited the number of new listings but they will come as soon as Mother Nature gives us a break.

Listing of the week => 57 Whiting Way, $1,119,000.  This home was built in 2005 and sold at the time for $1,105,000.  It will be very interesting to see how well it has held its value.  It has a walk up 3rd floor through the 2nd floor study but it and the basement are unfinished.  It has 3000 square feet on two floors.  The neighborhood is loaded with kids so make sure to budget adequately for halloween.

Wellesley => 5 New home / condo listings, 5 under agreement, 135 on the market.  It was a quiet week for Wellesley.  All three measures bumped along as they have been for the past 5-6 weeks.  

Listing of the week => 316 Walnut St, $1,275,000.  Located across the street from Warren Park and its playground, this 1925 Poets Corner colonial sits on almost 1/2 acre of land.  While I could do without the stripes on the front, inside there is a ton of character and some really nice spaces.  The kitchen renovation is right out of a magazine, there are tons of built-ins, butler's pantry, finished basement, and outdoor room all help to make this a home you will find to be very comfortable.

NEW THIS WEEK:  The Bob Barker Homes of the Week (think Price is Right).  These homes all went under agreement within their first week on the market.  Every spring, there are plenty of examples of homes where the sellers price their home to sell and the buyers respond.  I'll help you keep track of these occurances so you can watch as the spring market heats up.  The Bob Barker Homes this week are:

2 days - 8 Maple Terrace, Needham, $549k.  This one went under agreement before the first showings.  It sold sight unseen.
7 days - 176 Parker St, Newton, $589k
4 days - 31 Selwyn Rd, Newton, $517k
4 days - 53 Amherst Rd, Newton, $699k
7 days - 31 Devonshire Rd, Newton, $1,149,000.  This was my Newton listing of the week last week. 
3 days - 250 Hammond Pond Pkwy, Unit 607N, $270k

If you would like to see one of the homes described above or any other homes, give me a call on my cell at 781-929-2453.  If you are considering selling your home, give me a call and I would be glad to meet with you to discuss the process and what your home is worth in today's market.

Please pass the word along to your friends.  I would welcome the opportunity to offer you or them my concierge real estate service.

Regards,

Bill Paulson, Prudential Advantage Real Estate, 781-929-2453, Bill@BillPaulson.com

PS> At the bottom of this page you can click on Subscribe and my market updates will show up in your email box each week.

The Globe reported today, out of Washington, that new home sales dropped to the lowest point in 47 years.  As we know, Newton, Needham, and Wellesley are not representative of the rest of the country.  So, as your local realtor I thought I would dish out some local data.  Below are graphs I put together showing the past 7 years.  These numbers include both single family homes and condos.  Take these numbers with a grain of salt because they don't include sales direct from builders to buyers and they do include some rehab projects that were listed with the date of the renovation.  In any case, these numbers do provide a trend which can be reviewed. 

Newton => The average dollar per sale of a new construction home/condo has remained fairly even at $1.1m.  The number of new construction homes/condos sold has been steadily declining over the past 7 years from a high of 90 in 2004 to last year's 43.

Needham => Both the number of new construction homes/condos sold (around 60) and the average dollar value of those homes/condos (around $1.1m) has remained pretty steady over the past 7 years. 

Wellesley => Wellesley's numbers have been a little more interesting.  There is less condo activity in Wellesley for one thing.  Looking at the average dollar per sale of a new construction home/condo, it was pretty steady around $1.6m until 2007 when it jumped up dramatically only to take on a downward trend starting in 2009.  From 2006 through 2009, the number of new construction homes went down each year.  Finally, in 2010, the number sold went back up.

In summary, going by number of new construction homes/condos sold, 2010 was an up year for Needham and Wellesley, and a down for Newton.  Going by the average sale price, it was an up year for Newton and a down year for Needham and Wellesley. 

Please pass this along to your friends.  If anyone you know is looking to move, I would be more than happy to provide them with my concierge real estate services.  Pass their info on to me and I'll give them a call.

Thanks!

Bill Paulson, Prudential Advantage Real Estate, 781-929-2453, Bill@BillPaulson.com, http://Blog.BillPaulson.com

Since January 1st, the home / condo sellers have definitely been returning to the market.  The trend for new home / condo listings in Newton looks like a rocket launch.  To a lesser degree, the under agreement home / condo listings have been going up as well but the difference between the two has made for three straight weeks of rising real estate inventories in all three towns.  Here's the town by town scoop:

Newton => 27 New listings, 15 Under Agreement, 220 on the market.  Newton was definitely the hottest real estate market of the three towns this week.  Even though Newton is three times the size, its trends are strong and clear.  Even with the nasty weather, the spring market has gotten off the ground.  The last time Newton saw this many new home / condo listings was mid-October.  The home / condo under agreement numbers are just ok but if the new listings continue, those numbers will follow.  It is my belief that the nasty weather impacts buyer activity more than it does seller activity.

Listing of the week => Update on last week's listing of the week: 52 Baker Place was one of several Newton homes to sell within its first week.  Hopefully that is a sign that the buyers and sellers are coming together on value expectations.  This week, 115 Adeline Rd for $899k, and 9 Burdean Rd for $639k both sold in under 5 days showing they were priced right.  Of the new listings still remaining, 31 Devonshire Rd, $1,149,000 is a winner in Waban with 6/10 of an acre, some really nice living spaces, and a finished basement.  This tudor is only 3 bedrooms but it is located in a great spot a short distance from the Waban T stop and its shops.

Needham => 8 New listings, 2 Under Agreement, 106 on the market.  You have to go back to Nov 5th to see this many new Needham home / condo listings.  The home / condo under agreement numbers are consistent with what they have been for the past month or so but that will be changing.  One interesting note is that Needham has gone two weeks in a row without a realtor caravan.  I expect that will change this week with the new listings.

Listing of the week => 68 Bridle Trail Rd, $1,675,000.  This magnificent home is located in the nicest area of Needham.  At this price, it is giving the knock down new construction homes a run for their money.  Located on an acre of land in a neighborhood with all similar homes, this is a gem.  High end features aplenty in this one which is definitely worth considering if this is your price range.  For those at a more modest price point, 34 Hemlock at $775k is worth a look.  This home is located in a very convenient location close to its schools and town.  It has a nice farmer's porch and a huge master along with some nice character features showing off its 1916 roots. 

Wellesley => 2 New listings, 6 Under Agreement, 133 on the market.  Wellesley bucked the trend showing a decrease in new listings this week vs last week.  Further bucking the trend, Wellesley had its best home / condo under agreement week in a month in a half. 

Listing of the week => Update on last week's listing of the week:  As predicted, 14 Rutgers Rd at $1,225,000 was priced right as it sold in its first week.  41 Audubon Rd, $950k is the best of two new listings this week.  Audubon is a wonderful street with interesting topographic contours and classic New England homes.  This one floor living home is perfect for the empty nesters looking to downsize from that big Wellesley home that raised the family for so many years.

If you would like to see one of these homes or any other homes, give me a call right away at 781-929-2453.  If you are considering selling your home, give me a call and I would be glad to meet with you to discuss the process and what your home is worth in today's market.

Please pass the word along to your friends.  I would welcome the opportunity to offer you or them my concierge level realtor service.

Regards,

Bill Paulson, Prudential Advantage Real Estate, 781-929-2453, Bill@BillPaulson.com

PS> At the bottom of this page you can click on Subscribe and my market updates will show up in your email box.

This post evaluates the new construction projects in Needham that have sold over the past 6 months.  In particular, the new homes that started out as homes that got knocked down.  Looking at the 13 Needham homes, the sales prices ranged from $1,125,000 to $1,920,000 ($1.39m average) and 3440 square feet to 8147 square feet (5100 feet average).  

I did some research and found the sale price of each home that was knocked down which ranged from $375k to $870k ($565k average).  The builders were able to gross between $612,000 and $1,300,000 when you subtract the knock down price from the sale price of the new construction.  When you divide those gross numbers by the square footage for each, the gross $ per square foot ranged from $128 per square foot to $195 per square foot ($163 average).  The five highest gross $/foot were in the grouping of the smallest seven homes.  The larger homes had the smallest gross $ per square foot.  Of course location plays a role and needs to be considered when evaluating any individual property.

So, you are interested in building your own 4000 square foot new construction home in Needham?  While you can probably do better if you are driving the process, lets assume you are going to allow $163 per square foot for the builder, here is some rough guidance based on this study:

Budget:  $1.1m, Knockdown budget:  $446k

Budget:  $1.2m, Knockdown budget:  $546k

Budget:  $1.3m, Knockdown budget:  $646k

Budget:  $1.4m, Knockdown budget:  $746k

If you are considering a new home, give me a call and we can discuss these numbers in more detail.  I would be happy to help you locate a property for your future home and be your advocate during the construction process to make sure you get the best end product.

As always, please pass this along if you know someone who might find it interesting.

Bill Paulson, Prudential Advantage Real Estate, 781-929-2453, Bill@BillPaulson.com

Nothing like almost 2 feet of snow to distract the real estate buyers.  This week the buyers have been busy shoveling out at home instead of running around looking for their future home.  Driving around town, that trend may stick with us through this weekend but we'll see.  I will tell you that open houses last weekend were jammed with buyers so they are ready to move once mother nature gets out of the way.  Meanwhile, even with the snow, the sellers continued to list new homes / condos this week so the inventories in all three towns went up meaning additional choices for those buyers.  Here's the town by town scoop:

Newton => 17 New home / condo listings, 6 homes / condos under agreement, 205 on the market.  While the six homes / condos that went under agreement is nothing to write home about, the seventeen new listings is the highest number since late October. 

New listing of the week => 171 Highland Ave, $2m.  This grand victorian from 1895 is located in a prime spot convenient to the mass pike for all you Boston or Cambridge based financial services and life sciences workers.  It is also close to Newton North High School and the village of Newtonville with all its shops.  From the grand 22 x 17 dining room with gorgeous woodwork to the spacious updated kitchen to the 13 total rooms on three floors, this home is ready for your family to move right in.  You will be proud to host parties in your home with its great living spaces filled with character.  Honorable mention => 52 Baker Place, $585k.  With two homes on this street valued at over $1m including one that sold recently at $1.4m, this could be a knock down opportunity for one of the area's builders.  Here's hoping the result isn't just a cookie cutter new construction home.

Needham => 6 New home / condo listings, 2 homes / condos under agreement, 101 on the market.  Needham matched last week's new home / condo listing total with six but mother nature got in the way of seeing an under agreement result from last week's new listings.

New listing of the week => 19 and 23 West St, $700k.  This is certainly the most interesting new listing of the week.  The family is selling both of these homes together.  Located right on the parade route and a nine iron from Starbucks, Trader Joes, and the Heights train station, these homes are certainly convenient.  An investor could fix them up and rent them.  A developer could knock them down and maybe build a grand single home on a combined lot that would be over 1/3 acre.  A family with an in-law could buy the two and have the in-law living next door.  The listing certainly provides options.

Wellesley => 7 New home / condo listings, 4 homes / condos under agreement, 129 on the market.  Four weeks in a row now Wellesley has seen an increase in new home / condo listings (0, 2, 5, 7).  Can they keep it up this week?

New listing of the week => 14 Rutgers Rd, $1.225m.  My family used to live down the street from this home.  Around the corner from Bates Elementary School, this home is in a great location, has a large property (.46 acre), and has been wonderfully expanded and updated.  The kitchen renovation included a big island, nice cabinets, and an eating area that is surrounded by windows looking out on the back yard that bring in a ton of light.  The master provides a welcome retreat at the end of the day with its high ceilings, lots of windows, and custom closets.

If you would like to see one of these homes or any other home for that matter, please give me a call right away at 781-929-2453.  That is my cell phone and it is always on.  Experience my concierge buyer service first hand.  You will be glad you did.  If you are looking to sell, call me today and I'll tell you about my custom web sites including their password protected areas where we communicate about showings and all the steps required to close.

Please do suggest my postings to your friends.  The more the merrier!

Bill Paulson, Prudential Advantage Real Estate, Bill@BillPaulson.com, 781-929-2453

After a 15 week downward trend in home and condo inventory in Newton, Needham, and Wellesley, the number of homes on the market finally went in the up direction this week in all three towns.  The number of new home / condo listings and home / condo listings going under agreement wasn't exactly impressive but we'll take it.  Anecdotally, I can tell you that calls on my listing from potential buyers has jumped this week so I expect we will see many more homes going under agreement next week.  Here's the town-by-town scoop:

Newton => 7 New home / condo listings, 9 under agreement, 201 on the market

New listing of the week => 206 Windsor Rd, $3.2m.  This beautifully restored and maintained 1880 victorian has 5497 square feet of wonderful bright spaces on four floors.  When you visit this home you will feel the character that comes with a home of its age while you are impressed with the work they have done to bring it up to today's living standards.  Located in Waban overlooking Brae Burn Country Club's 11th hole, this home is walking distance to the Waban T stop and one of my favorite restaurants, Kouzina (if you haven't tried it, just go, you won't be sorry!). 

Needham => 6 New home / condo listings, 2 under agreement, 99 on the market

New listing of the week => 1508 Great Plain Ave, $1,089,726.03.  This is at least the most interesting new listing this week.  This new construction home has Newman Elementary School and its playground in its back yard and Great Plain Ave in its front yard.  Located anywhere else, this home would sell in the $1.3m range.  The ground slopes away quite a bit so you get nice light on your lower level but your driveway will be a challenge in the winter.  The lot is over 1/3 acre but it is a skinny rectange so you don't have much space side to side.  It has a ton of living space on four floors.  I'm pretty sure the 3 cents is negotiable... :-)

Wellesley => 5 New home / condo listings, 5 under agreement, 126 on the market

New listing of the week => 74 Oak St, $1.425m.  This new construction is located on over 1/3 acre with 3819 square feet on two floors.  The living space makes it modest in size based on recent trends of new construction but this size and the reasonable price point is going to be attractive to some young family looking to get into Wellesley.  It does have 5 bedrooms and 3.5 baths and the lower level represents expansion potential.  The outdoor room overlooking the big back yard and its play space is a nice touch.

If you would like to see one of these homes, I would be glad to help.  Give me a call any time on my cell phone - 781-929-2453.

Always available with my concierge real estate services for you and your friends.  Specializing in the Newton, Needham, and Wellesley markets.

Bill Paulson

Prudential Advantage Real Estate, 781-929-2453, bill@billpaulson.com.

With 2010 now in the books, we can reflect on how the real estate market did in Newton, Needham, and Wellesley.  Completing the monthly tracking I have been doing this year, we see that Newton and Needham sold more homes / condos at a higher average sales price in 2010 vs 2009.  Wellesley also sold more homes / condos this year but the average sales price was down.

It breaks down as follows:

Newton => 777 sold vs 751 last year (+3.5%), $743k average vs $724k average last year (+2.6%)

Needham => 346 sold vs 311 last year (+11.3%), $768k average vs $740k average last year (+3.8%)

Wellesley => 328 sold vs 296 last year (+10.8%), $1068k average vs $1094k average last year (-2.4%)

Want to know how this relates to your home?  Give me a call or send me an email.  I would be happy to meet with you and review your specific situation.

Bill Paulson

Prudential Advantage Real Estate, 781-929-2453, bill@billpaulson.com

So, "what has happened to the value of my home" you ask?

The year end papers were full of general information about the real estate market.  It is nearly impossible to interpret that information as it relates to the homes in Newton, Needham, and Wellesley simply because our real estate market is among the best in the state and doesn't follow any average that can be calculated on a state wide basis.  So...I did some digging as it relates to Needham.  Looking at all the homes that sold in 2010 that were 1500-3000 square feet, by all accounts the average homes in Needham, and found the following:

1.  First I had to eliminate those homes that ended up getting knocked down or those that were clearly renovated because their value shot up dramatically.

2.  Then I chose the homes that sold in 2010 and also earlier in the 2000's.  That left me with 50 homes. 

3.  Of those 50 homes, 33 of them saw their value increase from the first time to the second time in the 2000s.  Most of the 17 homes that lost value were sold in 2005 and then again in 2010.

4.  Homes that sold in 2005 and again in 2010 saw the smallest increase on average at 1%.  Homes that sold in 2000 and again in 2010 saw the biggest increase on average at 31%.  The averages for other years were:

     - 2000 => 2010    31% increase

     - 2001 => 2010    29% increase

     - 2002 => 2010    11% increase

     - 2003 => 2010    6% increase

     - 2004 => 2010    3% increase

     - 2005 => 2010    1% increase

     - 2006 => 2010    2% increase

     - 2007 => 2010    8% increase

     - 2008 => 2010    2% increase

     - 2009 => 2010    12% increase

So, this is the best I could do at answering the question, "what about my home" without visiting your home and reviewing it specifically.  By the way, I would be happy to do that.  If you are wondering what has happened to the value of your home, give me a call and I will work up an estimate for you for free!

Feel free to share this with your friends!

If you found this information interesting but you live in Newton or Wellesley and would like me to do a similar analysis, send me an email at bill@billpaulson.com. 

Bill Paulson

Prudential Advantage Real Estate, 781-929-2453, bill@billpaulson.com

Through the last two weeks of 2010, Newton, Needham, and Wellesley real estate continued the trend of very few new home / condo listings plus some homes / condos going under agreement equals a declining inventory in all three towns.  The on market trend looks like one of the intermediate slopes at your favorite New England ski resort.  I would expect that over the next two to three weeks, we will see these trends reverse as the holidays get further in the rear view mirror.  The spring market can actually get started any time now depending on the weather.  Warmer weather with no snow means an earlier spring market.

Since the activity was so limited these last two weeks, I'm going to let you review these trend charts on your own.  No New Listing of the Week this week but I'm going to work on some year end analyses so be waiting for those over the next day or two.

I'M READY TO HELP - Please give me a call right away if you are considering a move.  I would welcome the opportunity to meet with you and offer my advice on timing, what you can afford, what your home is worth, and how the process works.  You will love my concierge level of service throughout the process.  Also, I would really appreciate it if you would recommend me to your friends.  If you like, just recommend they start to follow my weekly stats for now.  Hopefully that will be enough to encourage them to call me when it is time for them to move.

Here's wishing you a healthy and prosperous 2011!

Bill Paulson

Prudential Advantage Real Estate, 781-929-2453, bill@billpaulson.com