Housing slide is ending nationally, and locally our spring market is HOT. We are seeing many multiple-bid situations for well priced homes. Buyers are beginning to understand that we are at a generational low in both prices and interest rates and they are snapping up the best housing opportunities.
Housing Ends Slide but Faces a Long Bottom
Nearly six years after home prices started falling, more U.S. housing markets appear to be nearing a new phase: a prolonged bottom.
Hitting a bottom, of course, isn't the same as a full-fledged recovery, which is still years off for many housing markets—as well as for millions of people who purchased homes or took cash out during the bubble.
The good news is that housing construction and home sales appear to have hit a floor. Home builders cut back heavily in the past four years and began construction on just 434,000 single-family homes last year, the lowest level on record. Research firm Zelman & Associates estimates builders will start construction on 540,000 homes this year, a 24% increase.
New-home sales during the first quarter posted double-digit gains from the previous-year period. A rebound here is likely simply because "we've starved the market for new-home construction," said Ivy Zelman, the firm's chief executive.
Plans to replace several miles of underground electrical transmission lines in downtown Salem are on hold, at least for now. Concerns about the effect on the downtown area have been voiced and apparently listened to. Eventually the lines must be replaced, though, as they are old and perhaps not as efficient for guaranteeing the city reliable and safe electrical service.
Marblehead Traffic Light Survey
If you have an opinion about a busy intersection in Marblehead needing a traffic light, they want your opinion! It's not often you get asked your opinion on things like this, but if you want a vote, click here to view the interactive map of where you might want the town to install a new traffic light.
Cape Ann Farmer's Market to Open June 1st
The Cape Ann Farmer's Market is opening for the season on Thursday, June 1st 3:00 - 6:30 at Stage Fort Park. If you haven't been to Cape Ann Farmer's Market in Gloucester yet, come join us every Thursday 3:00-6:30 rain or shine. The market provides consumers with fresh and nutrient food, music, local artists, educational booths, children's activities, cooking demonstrations and much more.....read on
Danvers' Liberty Tree Mall to Open a Lucky 7 Arcade
On Tuesday, selectmen unanimously granted approval of an application by Lucky 7 for 41 coin-operated amusement devices.
The plan is to open in the same wing as the Registry of Motor Vehicles branch office.
http://www.salemnews.com/local/x733698786/Liberty-Tree-Mall-to-get-Lucky-7-Arcade
Gloucester Businesses Gorton's and Bomco Expand
As city counts empty industrial spaces, two Gloucester businesses are expanding. Both Gorton's and metal-forming company Bomco are in the process of plans to build out their facilities. Their plans are going forward despite a tough industrial economy spotlighted in part by a 10.2 percent local employment rate. Click here to read more information on what their plans are for the City of Gloucester.
Beverly to Host FIRST Styrofoam Recycling Collection Day
The city began to collect plastic as well, but not Styrofoam — however that is about the change.
This will be the first ever one-day collection of Styrofoam during the city’s electronic waste collection on Saturday, May 5.
http://www.wickedlocal.com/beverly/news/x1780479024/A-non-toxic-end-for-plastic-Beverly-to-host-first-Styrofoam-recycling-day#axzz1stuRQzAj
Apartment Vacancy Rate 4.9%, Lowest Since 2001 & Rents Are Rising: Multi-Family Market is Hot!
National Apartment vacancy rate fall below 5% to 4.9%, the lowest level since 2001 while rents rise!
It's no surprise that the multi-family market is HOT!
The strong performance of the apartment sector has yet to show signs of letting up;national vacancies fell by 30 basis points in the first quarter to 4.9%, a level last observed more than ten years ago, back in 2001. This is only the third time in Reis's 31+ years of history that national vacancies have fallen below 5%.
National asking and effective rent growth remained healthy, with effective rents increasing at its fastest pace since end-2007.Asking rents grew by 0.5% and effective rents increased by 0.9% in the first quarter. Reis expects effective rent growth to accelerate even more as vacancies tighten within the 4% band; with availability so scarce, landlords have little incentive to offer concessions, and the gap between asking and effective rent levels is narrowing very quickly.
http://bit.ly/IisGMe
March Residential Sales are UP in MA and UP in Our Local Markets of Essex, Middlesex, Norfolk Counties
March Residential Sales (single families and condos) were up from both a year ago and from February in:
MA, and our local markets of Essex, Middlesex, Norfolk Counties.
March 2011 vs March 2012
MA Up 15%, Essex County Up 22%, Middlesex County Up 10%, Norfolk County Up 14%
Feb 2012 vs March 2012
MA Up 33%, Essex County Up 13%, Middlesex County Up 33%, Norfolk County Up 29%
Power Cables Under Downtown Salem?
Plans to install transmission cables by National Grid under the harbor have been rejected and downtown residents and businesses are apprehensive about plans to shift the project underground. The project calls for installation of cables from the area of Canal Street to a substation by the power plant. For more information click here....