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The Best Investment on Earth
By: Tom Skahen, Partner, PrimeTime Communities, LLC
"The Best Investment on Earth is Earth" per Louis Glickman, a well know real estate investor. From a long term perspective this will never change. Sure values and sales have gone down significantly over the last few years, however it has created new opportunities for home buyers, developers, and builders to invest in the future. In Massachusetts, prices are stabilizing, sales are increasing, and supply is diminishing. The trends we're starting to see in 2012 make real estate "The Best Investment on Earth" whether you're a home buyer, developer, or builder.
We're seeing strength across the board in existing sales numbers throughout Massachusetts. The first half of 2012 is over and the Massachusetts residential market is recovering nicely. When we compared the first two quarters of 2011 to 2012 this is what we found:
- Single family sales up from 15,850 to 17,490 or 10.35%
- Single family average prices relatively flat from $379,369 to $367,474
- Single family days on market down from 133 to 131
- Condominium sales up from 6,636 to 7,066 or 14.16%
- Condominium average prices up from $358,181 to $367,377
- Condominium days on market down from 131 to 116
The news gets even better:
- Single family pending (or under agreement) up from 3,986 homes in 2011 to 5,267 homes in 2012
- Condominium pending (or under agreement) up from 1,636 units in 2011 to 2,216 units in 2012
For the 23 new construction communities we represent, we're seeing similar trends in most markets with developers experiencing increased sales and price stability. The continued pending sales is a sign that this is a real and sustainable recovery that is expected throughout 2012.
View Market Conditions Report
PrimeTime can provide a Market Conditions and Competitive Analysis Report on your development. Reports include single family and condo conditions and a competitive analysis including; sales fill rates, square footage analysis, and pricing recommendations.
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Introducing Three New Communities
Hemlock Estates
Thirty One unique single family homes make up the community of Hemlock Estates located in Northbridge, MA. Ranging in size from 1,632 to 2,200 square feet, each home will be customized to the buyers' specifications. An optional geo-thermal heating system helps create a smaller carbon footprint.
Marston Estates and Pine Knolls
Ranch and townhouse style homes make up the 59 unit Marston Heights condominium complex. Located in Northbridge, MA the 1,400-1,500 square foot homes have custom cabinetry and granite. Every home has a fireplace and garage.
Located right down the street from Marston Heights, Pine Knoll is an active adult community comprised of 21 homes. Homeowners live maintenance free in 1,437 sq. ft ranch style or 1,987 sq. ft townhouse style homes complete with custom cabinetry, hardwood flooring, fireplace, and garage.
The developer of all three Northbridge communities is J&F Marinella Development Corporation.
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We've Been Busy...
Leased out!
PrimeTime was pleased to lease out all homes in Portsmouth, NH's newly developed The Residences at Portwalk. Hired to pre-lease units and maximize market rents, PrimeTime leased almost 50 percent of the 36 unit building before occupancy, achieved Portsmouth rental rates 5 percent above the market value, and quickly occupied this great asset for our client, Cathartes Private Investments. Jeff Johnston, Principal at Cathartes Private Investments noted, "PrimeTime Communities, LLC developed a unique pre-marketing and rental program for our Portwalk high end luxury rentals. This included a strong internet presence and a professional on-site rental sales team that resulted in faster than expected absorption period."
Sold out!
PrimeTime is pleased to have sold out another community for Mennino Construction. Heritage Woods is 40 active adult high end homes located in Lynnfield, MA. Another successful "Concept to Community" approach completed.
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PrimeTime Land
In addition to our marketing and sales lifestyle brands:
- PrimeTime 55 Plus
- PrimeTime Family
- PrimeTime Urban, and
- PrimeTime Niche
we're proud to introduce PrimeTime Land.
As a real estate advisory, marketing, and sales company we are always coming across permitted residential opportunities. Look for several Exclusive Offerings for land and permits throughout New England over the next few months. Like us on FaceBook for all breaking announcement and news.
Please call Tom Skahen at 978-952-6495 if you have opportunites to discuss or would like to learn about existing land and permit opportunities. |
