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JEP REALTY GROUP's Blog

By Jose E Perez | Broker in Braintree, MA
  • Sell before the Casinos come to your town!!

    Posted Under: General Area in Everett, Market Conditions in Everett, Home Selling in Everett  |  July 3, 2013 9:54 PM  |  240 views  |  No comments

    Homeowners in the path of a new casino could take a hit on the value of their homes, a new report contends.

    A study commissioned by the Realtor Association of Pioneer Valley estimates that homeowners in Springfield, West Springfield and Palmer could see their real estate values drop as much as 2.3 percent, or more than $3,000 in some cases, if a casino opens in their hometowns, The Republican in Springfield reports.

    Gambling developers are pushing competing proposals in all three communities as they compete for the single Western Massachusetts casino license to be awarded by state officials.

    Using the same numbers, the impact of casino development potentially could be even greater for homeowners in Greater Boston.

    After all, while the median price in Springfield is a relatively modest $122,500, it is double, triple or quadruple that in many of the Boston area towns and cities in the shadow of various casino proposals.

    In Milford, where Foxwoods wants to build a casino, a similar hit to home values would mean a loss of nearly $5,000 in Milford, where the median home price is $239,000, The Warren Group reports.

    Surrounding communities like Hopkinton and Holliston, which have been adamantly opposed, could see an ever steeper hit.

    Given the median price of a home in Hopkinton is over a half a million now, a 2.3 percent drop could mean $11,000 or more in lost value for homeowners in town.

    That would wipe out any recent gains and then some, with the median home price in Hopkinton having risen 1.6 percent over the past year.

    Holliston homeowners, where the median price is $364,000, could see a $7,000 plus hit as well.

    Makes sense in theory, I guess, but I wonder if it matches the reality on the ground.

    So far, the prospect of casino gambling coming to town has had the opposite effect in the string of lunch bucket neighborhoods and cities on the north side of Boston.

    Rival proposals for casinos by Steve Wynn in Everett and Suffolk Downs in East Bostonhave sparked a surge in speculative real estate buying and helped drive up home prices.

    The difference is there is a growing shortage of homes and condos for sale in the Boston area, with a potential influx of casino workers likely to put upward pressure on both prices and rents.

    And there's also reason to question the gloomy Springfield predictions as well.

    As it stands right now, the prospect that a casino might get built in downtown 
    Springfield is not exactly sending home prices plunging there.

    Instead, home prices in Springfield are on the rise again, having jumped more than 20 percent over the past year, to $122,500, according to The Warren Group.

    What's your take? Will casinos devastate home value or does it really depend on the town or city in question and local real estate market conditions?

    www.JEPREALTY.com

  • What does $350,000 buy you in Braintree,Mass

    Posted Under: General Area in Braintree, Home Buying in Braintree, In My Neighborhood in Braintree  |  May 22, 2013 7:18 PM  |  231 views  |  No comments

    What does $350,000 buy you in Braintree? Over the last 4 months the average price for a single family home in Braintree has been $344,000. Below you will find 5 houses or condos that are available now and priced at $350,000 or less.

    61 Somerville Ave - 3 bedroom one bath - 1139 square feet - Cape, Move in Ready - $319,900

    19 Oak Street East - 3 bedroom 2 bath Colonial - 1400 square feet - $339,900.

    51 Dobson Rd - 4 bedroom 1 bath - 1600 square feet - $349,900

    181 Jefferson St - 3 bedroom 1 bath - Cape - 1500 square feet right on the 2nd hole of Braintree golf course. - $349,900

    501 Commerce Drive BLG2 - 2 bedroom 2 bath - condo -1275 square feet.

     

    For further info on the above 5 homes or any other Braintree area real estate question. Search www.JEPREALTY.com or email jeprealtygroup@gmail.com

  • BOSTON area Real Estate - THE ONE FUND

    Posted Under: General Area in Boston, Home Buying in Boston, Home Selling in Boston  |  April 18, 2013 8:27 PM  |  242 views  |  1 comment

    After thinking about what i can do to help those people who's life were affected on Marathon Monday. I have decided that one any new deal going forward until October 1st,2013
    JEP Realty will
     donate 10% of its commissions/co broke deals that come through JEP Realty to THE ONE FUND, a fund established by the state that intends to help all the victims.

    If you thinking of buying or selling a home around the area call JEP Realty today, experience friendly service and 10% of the proceeds will be going to helping make those families life a little better and comfortable.

    781-258-7513
    Jose E Perez
  • Low inventory in Massachusetts /Boston market!!

    Posted Under: General Area in Braintree, Home Buying in Braintree, Home Selling in Braintree  |  April 15, 2013 7:53 PM  |  262 views  |  No comments

    Low inventory causes Mass. home sales to slip, the Warren Group says

    Single-family home sales in Massachusetts fell in February, reversing 13 straight months of rising sales volume, said the Warren Group, adding that low inventory and strong comparisons were factors in the decline.
    A total of 2,246 homes sold statewide in February, a 5 percent decrease from the same month a year ago. Meanwhile, the median price for a single-family home increased more than 12 percent last month to $275,000, the Warren Group said in a monthly report on the Bay State market that was released this morning.
    “Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “Even so, I’m still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up.”
    Warren added: “With such low inventory, we’re seeing bidding wars - homes selling above the asking price. As prices rise, more sellers will begin to list their property, which in turn pumps up sales volume.”
    There were 925 condo sales in February, up nearly 1.4 percent, said the Warren Group, a Boston firm that tracks real estate activity.
    The median price for condos in February rose more than 6 percent to $245,000.
    Separately, the Massachusetts Association of Realtors issued its own monthly report on the local housing market today. The association uses a slightly different method than the Warren Group does to track residential real estate activity.
    According to the association, “a lack of inventory” pushed the number of closed home sales down in February after 19 months of year-to-year increases.
    In Massachusetts, there were 2,168 detached single-family homes sold in February 2013, a decline of 5 percent.
    The median selling price for single-family home in February was $278,000, up 8.9 percent, the association said.
    “Demand has outpaced supply with plenty of motivated buyers, but not enough homes for sale to meet the need,” association president Kimberly Allard-Moccia said in a statement. “If inventory continues to go down, there is a good chance we will see sales decline as well, which is not what the market needs.”
    At the end of February, the inventory of single-family homes listed for sale in Massachusetts was 18,820, down about 28 percent from the same time in February 2012. That was the biggest drop since the association started charting year-to-year comparisons in January 2004.

    boston.com


    JEP Realty Group
  • 3 Hottest Town in Mass!!

    Posted Under: General Area in Boston, Home Buying in Boston, Home Selling in Boston  |  February 16, 2013 7:58 AM  |  273 views  |  No comments

    3 Hottest Towns in Massachusetts!!

    Hottest Towns in Massachusetts
    Home buyers in 2012 wanted convenience, amenities, and a lot of home for their money. We looked at home sales numbers for 2012 and compared them to 2011 to find the 3 towns that had the largest increases in both the number of home sales and average home sale prices.

    How we picked the 3 hottest towns in Massachusetts:

    For our criteria the town or city had to show double digit increases in both the number of home sales and the average home prices and have at least 100 homes sales per year. We then cross referenced our housing report numbers with data provided by MLS Property Information Network* (MLSPIN).
    The results for the hottest towns in Massachusetts are Westwood, Falmouth, and Gloucester.

    What made these towns so attractive to home buyers in 2012?
    These towns have homes that have good school systems, offer plenty of things to do, outdoor recreation, easy commutes, and overall quality of life.

    1. Westwood

    Westwood is located just 12 miles southwest of Boston, is close to Route 95, and has two commuter rail lines into Boston, making it a convenient commute to the city. Westwood also has many recreational areas and facilities, including numerous conservation areas, playgrounds, ball fields and an indoor pool facility. Westwood is known for its superb schools. In fact, Westwood ranked 13th in Boston Magazine’s Best Schools list for 2012. There are numerous Community sponsored events for the town’s residents including a very active Recreation Department. Westwood was also recently named one of the best places to live 2012 by Boston.com.
    There were 174 homes sold in Westwood this year compared to 114 in 2011, an increase of 52%. The average price for a home in Westwood is $717,401, an increase of 18%.
    The estimated monthly mortgage payment for a home in Westwood is $2,859.

    2. Falmouth

    Falmouth is located in the southwestern part of Cape Cod. It is an hour and a half from both Boston and Providence, Rhode Island, and has ferry service to the Islands. Falmouth residents enjoy boutique shopping on Main Street, 68 miles of coastline, casual dining spots, and plenty of recreational activities. Every summer Falmouth hosts the Woods Hole Film Festival as well as the Falmouth Road Race, which draws an international field of Olympic and recreational runners who run the scenic 7-mile seaside course. Falmouth has 7 schools including Falmouth High School, Teaticket Elementary School and Lawrence Middle School.
    There were 381 homes sold in Falmouth this year compared to 227 in 2011, an increase of 68%. The average price for a home in Falmouth is $494,760, an increase of 13.8%.
    The estimated monthly mortgage payment for a home in Falmouth is $1,972.

    3. Gloucester

    Gloucester has rich history, gorgeous beaches, and delicious seafood. There’s plenty to do in Gloucester including fishing, exploring its rich history, and boutique shopping. Ravenswood Park on route 127 has 10 miles of trails and over 600 acres where visitors can picnic, bird watch, walk, cross-country ski, and enjoy the outdoors. Gloucester is best known as one of the top places in the world for whale watching. Gloucester has 2 stops on the Newburyport/Rockport commuter rail and is about a 45 minute drive to Boston. The Gloucester Public School District serves more than 3,400 students. Students can attend Gloucester high school, O’Maley middle school, or one of 5 elementary schools.
    There were 286 homes sold in Gloucester in 2012, a 13.9% increase over 2011. The average price for a home in Gloucester in 2012 is $449,057, a 15.9% increase over 2011.
    The estimated monthly mortgage payment for a home in Gloucester is $1,709.
    These numbers indicate home prices have finally stabilized and in some cases are returning to peak levels.
    For instance, in 2005, the average price for a home in Westwood peaked at $761,996, and now the average price for 2012 is just 5% below peak. In Falmouth for 2012 average home prices are now just 5% below what they were in 2007. In 2009 prices in Gloucester reached their lowest levels, at around $361,626. But every year since 2009 prices have increased and now average home prices in Gloucester are the highest they’ve been since 2005.

    Written by John McGeough & Anthony Lamacchia,


  • Good deals in todays market.

    Posted Under: Home Buying in Brockton, Home Selling in Brockton, Foreclosure in Brockton  |  April 5, 2011 7:41 AM  |  396 views  |  No comments

    One question that many realtor get by buyers is, if you see a good deal let me know about it.
    In todays market their are alot of good deals but many of these deals tend to go to cash investor not too the buyers that need to get a loan out in order to buy.

    Over the last few weeks i have found several good deals in the Brockton area that many buyers could get financing on without a problem.

    3 bdr home - 1000 square feet located near the Abington line in brockton - bankowned - $120,000

    2 bdr 2 bth - 1000 square feet - fairway oaks condo - short sale - $94,000

    Looking for a good deal give me a call or email me.

    soldbyjose@yahoo.com
 
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