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Brian C
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 Posted: Fri Oct 31, 2008 12:45 pm GMT Post subject: Luxury home sales slow as market woes continue |
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From the Boston Business Journal
| Quote: | Before Wall Street collapsed, buyers were coming to Garth Rose’s Cohasset home with builders in tow. Not only were they considering buying the property, which is listed at $8.4 million, they were making renovation plans.
That ended more than two weeks ago.
Rose said there has not been a single showing of the house he and his brothers inherited. The decision to sell the manse was not taken lightly. The 7,900-square-foot home on 2.1 acres has been in the family since 1927 and was passed down from Rose’s mother.
No offers have been made on the seven bedroom, six bathroom home which has been on the market since April, said Rose.
“Am I ecstatic? No. Am I worried about the market conditions and is that going to freeze up a pool of our buyers? Of course I’m worried about that,” he said.
The bubble has burst on the ultra high-end residential housing market, which up until recently was insulated from the downturn that dampened sales of single-family homes across Massachusetts.
According to the latest data from the MLS Property Information Network Inc., sales of $1 million-plus properties for the first nine months of this year declined 23.3 percent on a year-over-year basis.
Real estate brokers said they are still getting foot traffic for multimillion-dollar listings despite the fact that sales volume for single-family homes for the month of August — the last month data was available — was the lowest in 16 years, according to the Boston-based The Warren Group.
Single-family home sales declined 14.6 percent in August to 4,376 from 5,127 last year, according to the Warren Group.
The median sale price for a single-family home in August was $323,000, down 9 percent from the $355,000 median sale price last August, the Warren Group said.
“Buyers are showing an excess of caution, like everyone. So the buyers have been slow to act,” said Terrence Maitland, a real estate agent with LandVest Inc.
To spur potential buyers to make offers, sellers of mansions like the one Maitland is listing at 201 Newton St. in Weston are dropping prices. The home was put on the market in March for $8.7 million.
The price for the secluded 9,600-square-foot compound, which sits on 14.5 acres, is now $7.9 million — a 9 percent price cut.
Maitland said he has fielded offers from developers who are interested in the property, which abuts acres of conservation land and the Weston reservoir.
Maitland has anther listing in Weston at 100 Summer St. which is being offered for $4.2 million. The property has been on the market since July and the seller has yet to receive a bid. Maitland said buyers “come, they like, but they don’t act.”
Kevin Keating, vice president of GKR Residential in Milton, agrees.
He’s listing what he said is a “charming” four-bedroom house at 165 Hinckley Road in Milton for $969,000. The price on the home was reduced about 40 days ago from $999,000. Keating said buyers have taken a wait-and-see attitude.
Keating said he received an offer on the home but it didn’t have a “9” in front of it. The price will likely have to be reduced at least one more time, he said.
“They’re watching them but they’re not coming out and looking at them,” said Keating of potential bidders.
Sellers such as Rose, who in addition to selling his mother’s former house is also listing his own 10,000-square-foot Framingham home, understand their homes are unique and attract a certain type of buyer.
Rose conceded his Framingham property is “a lot of house” and expects it will take 12 months to a year-and-a-half to sell.
The Framingham property, called Grove Crest Farm, sits on 11 acres of protected land and comes with a three-stall horse barn.
While he refuses to budge on the price for the Cohasset home, Rose is reevaluating the $2.9 million listing price on the Framingham property. He’s had two offers since the property went on the market in April, but both were lower than what he wanted.
“We need to practice patience,” he said. “You have to come into this and say ‘It’s a high-end property.’ ” |
Words cant express how I feel about this article so I won't go crazy. But.....
Who's going to buy a $2.9 Million property in Framingham??!!
In the article, one realtor is trying to sell a Milton property for $969k, they received one offer in the 800's but they declined it. He stated that the property needed ONE more price cut, well the day this article came out, the property was cut down to $899k. Zillow and Eppraisal has this property valued around $775k. |
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admin
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| Posted: Fri Oct 31, 2008 12:56 pm GMT Post subject: |
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