Mark Madden | The Madden Team

In an effort to be knowledgeable of our current market, I weekly pull the market statistics in Watertown, Belmont, Arlington, Newton, Waltham, Brighton and Allston. Below are the market statistics in Belmont, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Belmont, MA market statistics weekly on Tuesdays.

There has been a slight decrease in inventory "across the board," which is a good thing for sellers in each category. Less competition means there is a more likely chance one will receive closer to the listing price. That requires, however, that the listing price be realistic from the start! It is incredible to see these statistics and notice some of the underlying problems with our real estate market.

First, let me show you what is right about our real estate market. Single family homes sales have appreciated by $30,409 year-to-date over last year. For a "down" market, that is a substantial appreciation. The amazing part is that even though the appreciation increased by $1,018 since last week the average listing price has decreased by $12,937 in the same time period. Just because a category is appreciating slightly does not mean it needs to increase its listing prices. Agents should be studying these market statistics in order to understand that market and give realistic expectations to sellers and buyers alike.

On to the what is wrong with our real estate market. Condominiums and multi-family homes have depreciated by -$107,290 and -$$22,761 respectively. However, between last week and this week both have shown increases in their listing prices. Condominium homes' listing prices have risen by $14,038, while Multi-Family homes' listing prices have risen by $20,288.

With fewer sales year-to-date and an ever expanding depreciation, sellers should be listing their home for what the market is telling them it is worth and not over-inflating the listing price.

If you are interested in learning more about buying opportunities in Belmont or you are interested in a FREE market analysis for your Belmont home, please email me at mark.madden@commonmoves.com

If you are interested in learning about more Market Statistics or would like to be emailed more indepth statistics on a weekly basis for a particular town, please email me at mark.madden@commonmoves.com

Please click here to visit the Know Your Market Archives.

The advantages of putting your home on the market during this time of year can oftentimes outweigh the disadvantages. During the holidays, sellers will not see as much traffic from people who are "just looking". Buyers that are looking tend to be more serious, and they have more time to shop together which is an advantage over other times of the year. Sellers may get dismayed easily, as a result of the slower traffic; however, they should keep in mind that it's the quality of buyers versus the quantity. In addition, while families with children often prefer to wait until summer to move in order to avoid relocating during the school year, the break between semesters is a convenient time for moving as well. For both buyers and sellers, an advantage to holiday real estate transactions is that real estate agents, as well as lenders, home inspectors, appraisers and title companies have more time to spend with clients than at busier times of the year.

Homes that are decorated for the holidays can move buyers to look past any flaws in the home and imagine themselves living in the house. An important tip for sellers is to be tasteful in holiday decorations, as there is the potential for alienating buyers with overwhelming accessories.

The important thing to remember when you are contemplating whether to sell your home is your motivation. If you need to move, regardless of the time of year, it's always a good time to put your home on the market!

The following are tips to make the most of the holiday season when marketing your home:

1. November and December buyers are usually serious
2. Job transferees use the holiday to house hunt because January is the biggest transfer month
3. Investors usually want to close escrow by year-end for tax purposes
4. Nearly half of homebuyers don't have children living at home; there's no need to wait for school to let out
5. Remodeling, decorating, appliance installation and other services are more available and at less of a premium
6. Lenders aren't as busy and can process home loans faster
7. Homes show well when decorated for the holidays
8. Showings will be fewer and less intrusive, but more likely to be fruitful with motivated, qualified buyers
9. There is less competition with fewer homes on the market
10. Interest rates are low, giving buyers more spending power

Coming Soon: Smart Homes Boston and Century 21 Commonwealth's Holiday Marketing Plan for You!

In an effort to be knowledgebale of our current market, I weekly pull the market statistics in Watertown, Belmont, Arlington, Newton, Waltham, Brighton and Allston. Below are the market statistics in Watertown, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Watertown, MA market statistics weekly on Mondays.

This week we saw an increase in the condominium market's active volume rising from 71 last week to 78 this week. However, both condominium homes and multi-family homes have had an increase in listing price. Single family homes were the only category to drop in average list price, while increasing inventory by 1 home. The average list price is down from $547,411 last week to $518,445 this week which is a substantial and much needed drop.

All housing categories has a slight increase to their number of sales year-to-date. Single family homes have now cut their depreciation by more than half from last week. Last week, year-to-date, the single family home depreciation was at $29,087 and now the depreciation has decreased to $12,341.

If you are interested in learning about more Market Statistics or would like to be emailed these statistics on a weekly basis for a particular town, please email me at mark.madden@commonmoves.com

Please click here to visit the Know Your Market Archives.

In an effort to be knowledgeable of our current market, I weekly pull the market statistics in Watertown, Belmont, Arlington, Newton, Waltham, and Brighton. Below are the market statistics in Waltham, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Waltham, MA market statistics weekly on Thursdays.

There have not been drastic changes to the Waltham, MA real estate market since last week, but there are some points that I want to make after reviewing the difference between this week's statistics and last week's statistics.

First, there has been a decrease in the active single family homes market by 12 homes. That is a very large decrease and it has been seen changing the entire makeup of the single family market statistics. The average list price for a single family homes in Waltham is now $510,970, which is down $49,932 since last week. This means that active homes are priced closer to market value, which is great for buyers. Also, since last week there have been 9 single family home sales in Waltham, MA. This means that there is still activity, especially in the single family home category.

There has been a funny occurrence in the condominium and multi-family homes markets, because the average list price on these homes has risen since last week. These two categories have large depreciation year-to-date but still sellers insist on having overpriced listings. It is important, for listing agents, to set realistic expectations for these sellers by presenting these market statistics and educating everyone to the current market conditions.

If you are interested in learning about more Market Statistics or would like to be emailed these statistics on a weekly basis for a particular town, please email me at mark.madden@commonmoves.com

Please click here to visit the Know Your Market Archives.

Overview

The Riverbank Lofts is a complex of 56 condominiums in Watertown. The Riverbank Lofts are located at 290 Pleasant Street in Watertown, MA. The condominiums were constructed in 2006 in a building originally built as an office building and then converted into condominiums. Every unit comes with 2 deed parking spaces.

Units & Pricing

The units are all 1 bedroom or studio sized and range in size from around 621 square feet to 1,333 square feet. The units on the first floor have patios, while the back side of the building overlooks The Charles River. The original units came with washer and dryer included in the units, but resale units will obviously have the choice of keeping the washer and dryer if so desired. All units have 1 bathroom.

The monthly condominium fee ranges from the low $200's per month to the high $300's per month depending on size of the unit. The condo fee includes: Heat, Master Insurance, Elevator, Snow Removal, Refuse Removal.

Sales History

The number of sales over the last three years in MLS transactions has ranged from 4 year-to-date in 2008 to 32 in 2006.

• 2006 - Average Sales Price: $333,475 (10 units sold) with an Average Market Time of 24 days
• 2007 - Average Sales Price: $332,966 (32 units sold) with an Average Market Time of 93 days
• 2008 - Average Sales Price: $351,125 (4 units sold) with an Average Market Time of 495 days

Currently there are 4 condominium for sale at The Riverbank Lofts with an average list price of $324,975. For more information on the current listings or to be notified of any new listings at The Riverbank Lofts please email me at mark@smarthomesboston.com or call me directly at 617.448.9481.

Area

The Riverbank Lofts are located along the Charles River Bike Path, which leads all the way into Boston. It also has great access to the Mass Pike, Route 20 and more. With close access to Watertown Square's shops and restaurants this is a great commuter location.

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