Kingston, MA

Via Shaunna Gately ~ After nearly 30 years of offering Mexican cuisine to hungry diners in Quincy, the owners of La Paloma are expanding with a second location on Route 3A in Kingston, MA.

More than 300 people received free food at a grand opening celebration on Aug. 10 at the Kingston restaurant. Owners Stephen Dwyer of Plymouth and Michael Walsh of Halifax said they were exhausted but thrilled with the turnout.

In fewer than four months, the restaurateurs transformed a former Italian restaurant into a cozy Latin-inspired restaurant complete with Spanish arches and Mexican flair.

Kathleen Walsh of Pembroke and Sara Feragen of Brockton were commissioned to paint Mexican-themed murals on the walls and ceiling.

“It was a lot of fun,” said Kathleen Walsh, who is Michael Walsh’s sister-in-law. “I don’t usually put my work out there. It was a good challenge for me.”

Entrees range in price from $7 to $16. In addition to fajitas and quesadillas, the menu offers weekly steak, chicken and fish specials – as well as more than a dozen kinds of margaritas.

The 3,000-square-foot Kingston location can comfortably seat up to 85 people at a time, making it slightly larger than the Quincy location. The new location has more than a dozen large booths and a bar that can seat up to 15 people.

“We’re looking for the bar to be a much busier bar than the Quincy location,” Dwyer said. “(But) we close at 10 o’clock, so we’re not looking for a late-night drinking crowd.”

Christo Canenquez, who has served customers at La Paloma in Quincy as its head chef for more than 25 years, is planning to stay at the Kingston location for the first few months to train the kitchen staff and preserve the consistency of flavors and recipes that has kept customers coming back year after year in Quincy.

Menu items ranging from the salsa to the pinto beans are made from fresh produce. The recipes are made from scratch. The restaurant markets its own salsa to several local grocery stores and manufactures its recipe for nearly 200 restaurants. La Paloma also does catering.

Michael Walsh said that because of the excellent profit margins on Mexican food, he and Dwyer decided to develop a franchise model. While they have spoken with several interested investors, they haven’t yet secured any financing to open a franchising business.

Both Michael Walsh and Dwyer would consider opening more locations in the future, but they are taking some time to catch their breath from working on their latest project and to give the Kingston location some time to establish its name.

Mortgage Rate Forecast for August 23, 2010 - Improving, or...?

Here are some of the events affecting mortgage rates today:

What Mortgage Backed Securities (MBS) Are Doing Today:

• The price of the FNMA 30-Year 4.0% MBS coupon opened at 102.50 this morning - the same as Friday's close.
  
  
• At 9:30 AM, the 4.0% MBS coupon was trading at 102.53 - up 1/32 from its opening.

Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and so do mortgage rates. I expect that mortgage rates will be about the same in price this morning as compared to Friday.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.0% coupon over the past 30 days from 7-24-2010 to 8-23-2010:

Economic Reports, News, and Events Affecting Mortgage Rates Today:

• There are no economic reports scheduled for release today.

Trend in Mortgage Rates:

The chart below shows the trend in mortgage rates over the past 3 years:

Mortgage Rate Forecast:

Mortgage rates are at their historic lows. They haven't been this low since the early 1950s. These low mortgage rates may be with us for some time - or they may not. Usually, mortgage rates go up during the summer months during the peak home buying season, then go down as the fall and winter seasons approach. But these are not "normal times." It's possible that mortgage rates will continue to slowly fall. However, as the last couple of days have shown, they could turn at any time.

If you're thinking about refinancing your mortgage and if these low mortgage rates make sense to you, then take advantage of them while you can. If you're happy with the mortgage rate being offered to you today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. It's better to have locked when you should have floated than it is to float when you should have locked.

Are you in need of a mortgage to purchase a home? Or want to refinance an existing mortgage into a lower permanent fixed rate? Or want to take cash out of the equity of your home? Or consolidate debt and reduce the monthly bills? Then be sure to request a mortgage rate quote today!

The Trend in Home Sales in Kingston MA - Improving, or...?

Home prices in Kingston on average are rising! Home prices have risen 5.8% since July of 2009.

The current average listing price of homes for sale in Kingston MA is $400,825, down 4.4% from a month ago. Compare this to the current median sales price of $282,357 - where half of sales are above this amount and half below it.

Prices of 2 bedroom homes are down from year ago levels while prices of 3 and 4 bedroom homes are up. Prices of 2 bedroom homes are down 26.0% while prices of 3 bedroom homes are up 7.8% and 4 bedroom homes are up 9.6% from year ago levels. Below is a chart of the trend of median prices of homes for sale in Kingston MA over the past 5 years through July 2010:

Kingston Recently Sold Homes

Although cyclical, the number of sales for all homes have been fairly flat over the past 5 years:

Kingston Recently Sold Homes

So what does all this mean? Well, if you're looking for a 2 bedroom home in Kingston, you can probably find a bargain. Still, lowball offers won't cut it in a market like this.

However, if you're looking for a 3 or 4 bedroom home in Kingston, you better not mess around too much. While sales are overall are relatively flat, prices of these homes are climbing. Sellers aren't in control of the market either, so both buyers & sellers should be reasonable when negotiating.

You can still buy a home with no money down with a VA Loan or with a USDA Rural Development Home Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. With a MassHousing loan, you can purchase a home with as little as 3.0% down. When you're ready to buy a home, find out how much house you can afford to buy in Kingston or in the surrounding area.

Be sure to contact me, Lew Corcoran, toll free at 1-800-984-3341, when you're looking to get pre-approved for a purchase of your next home in Kingston or in the surrounding area. Otherwise you may end up frustrated, disappointed and, unfortunately, perhaps misled.

Trend in Home Sales in Kingston MA Through May 2010

According to Trulia.com, sales prices of homes in Kingston have decreased 12.7% over the past year through May 2010. The current average listing price of homes for sale in Kingston MA is $490,648, while the current median sales price is $275,000.

The median sales price is the price at which one half of the homes sold above that amount, and one half of the homes sold below that amount. Below is a chart of the trend of median prices of homes for sale in Kingston MA over the past year through May 2010:

Kingston Recently Sold Homes

Below is a chart of the trend in home sales in Kingston MA over the past year through May 2010:

Kingston Recently Sold Homes

If you're looking to buy a home or condo in Kingston MA or in the surrounding area, then search the MLS.

Mortgage Rate Forecast for June 14, 2010

Here are some of the events affecting mortgage rates today:

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 102.53 this morning - the same as Friday's close.
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 102.28 - down 8/32 from its opening.

Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage rates. I expect that mortgage rates will be up to 0.25 points worse in price this morning as compared to Friday.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 5-15-2010 to 6-14-2010:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• There are no economic reports scheduled for release today.

Trend in Mortgage Rates:

The chart below shows the trend in mortgage rates over the past year:

Mortgage Rate Lock Advice:

Mortgage rates are again off their lows of the year. On Friday, the price of the FNMA 30-Year 4.5% Coupon closed at 102.53, 50 basis points lower than it's all-time high of 103.03. After the open this morning, the MBS coupon fell in price, and is now down 75 basis points from the all-time high. As a comparison, what that means is this: if a 30 year fixed mortgage rate was 4.75% with a 0.5 point on Friday, and if price of the MBS 4.5% coupon were to go as high as 103.03, then the best the 30 year fixed mortgage rate would be is 4.75% with no points today.

While it's still possible that mortgage rates could go even lower with the ongoing economic crisis in Europe, it won't be by much as fears of debt defaults in Europe are lessening. So, I would not risk the chance waiting for it.

If I was closing within the next 5 - 7 days, I would lock in the rate.

If you are closing in more than 7 days, send me an email to get my rate lock advice.

Be sure to check out today's mortgage rates.