The statistical evidence shows the real estate market on Martha’s Vineyard remains in a hole, but the anecdotal evidence suggests it might at last be beginning to climb out.

Figures for the period up to the start of August this year show sales numbers and prices both down sharply compared with the same period in 2007 — which was itself a bad year for real estate.

Globe Staff / June 24, 2008

The spring housing market is shaping up as one of Massachusetts’ slowest ever.

Home sales fell steeply in May, completing a three-month run of declines during the prime selling season for real estate. The number of single-family home sales that closed last month, 3,739, was the least for that month since the real estate downturn in 1990, according to Warren Group, the Boston real estate publishing firm that released its monthly housing report yesterday.

Continued sales declines also knocked house prices down further: The January-May price decline – 8.6 percent – was the biggest since Warren Group began collecting the data in 1987.

“The market is still generally pretty terrible,” said Alan Pasnik, Warren Group’s data analyst.

Things are bad for sellers, that is, who are having to lower prices if they want any chance of making a deal in this slow market. However, with each decline in prices, the market becomes more appealing for prospective buyers who find that properties in more desirable neighborhoods or closer to urban centers or mass transit are becoming more affordable.

But the May sales figures confirmed many analysts’ fears that a recovery in the housing market may be years away. A study yesterday by Harvard University’s Joint Center for Housing Studies said the number of distressed properties on the US market caused by foreclosures of homes financed by high-risk subprime mortgages has created a downturn that is “the worst in a generation.”

“A recovery is not anywhere near in sight,” said Eric Belsky, the Joint Center’s executive director.

Pasnik said he did not expect to see a firming of prices until at least 2010. “We may be two years away from increasing prices, maybe more. It’s hard to predict.”

Last month, Warren’s data showed prices declined 7.8 percent versus May 2007. The Massachusetts Association of Realtors reported similar results for those transactions that involved brokers: The median single-family price fell 9.2 percent, to $322,500, and sales declined 10.1 percent.

Gary Rogers, an agent with Re/Max First Realty Inc. in Waltham, saw steep declines in prices last month, as owners who want to sell realize how much they have to cut prices.

“People who were unrealistic have either dropped their prices so it sells, or they pull it off the market,” Rogers said.

Condominiums have, to some extent, resisted steep price drops. Sales of condos plunged 29.6 percent statewide and 25 percent in the Boston-area in May, but the median price was virtually flat compared with a year ago.

“They’ll get their decline, too. It has to happen,” Pasnik said.

Meanwhile, communities closer to Boston continued to suffer less than outlying areas. The median price for single-family homes within the Route 495 belt dropped just 3.2 percent over the past year, to $460,000, while condo prices in the metropolitan area were unchanged at $360,000, the Greater Boston Association of Realtors said yesterday.

One explanation may be rising gasoline prices prompting more buyers to look for homes closer to their jobs or near mass transit.

John Dulczewski, executive director of the Greater Boston group, said there are other signs the market is poised to do better. One indicator is the smaller number of properties available for sale, meaning there is less excess inventory hanging over the market. He said it would take just 6.3 months to sell off the existing supply of unsold homes in the metropolitan area, compared with the 10 months of supply weighing down the statewide market.

The small Boston-area inventory “is reflective of the overall economy. The job market is stronger and there’s a large pool of buyers . . . who have confidence in the local market,” he said.

But other numbers suggest some weakness in the metropolitan market. There were 190 fewer pending sales awaiting final action in May than there were a year ago.

Farther out, in Northeastern Massachusetts the market is tough. Trisha Collins McCarthy, president of the Newburyport Association of Realtors, said it is extremely difficult to close a sale.

There are 419 active listings in the six towns in her association, but only 56 properties were under agreement as of last Friday – about 13 percent of the total. “They’re struggling,” she said.

McCarthy, who has been an agent since 1991, said it’s difficult for her to see a turnaround in the near future.

Some of her clients are trying to sell their homes so they can downsize and cut their housing costs.

“It’s busy, but nothing is easy,” she said. “You don’t know you’re at the end until you start going up.”

Kimberly Blanton can be reached at blanton@globe.com.

Vineyard Haven condo close to town, beaches and shopping!  A Martha’s Vineyard dream.Two bedrooms, full bath, large kitchen with dining area and a cathedral ceiling living room.  Hardwood floors.  If you have more energy and ideas than money, this is a great buy!  Please contact Susie Wallo at RE/MAX on island for additional information.  508.696.3704   susiewallo@remax.net

“RE/MAX real estate” ranks No. 2 among real estate search terms on the Internet, according to a recent study by Hitwise, an online competitive intelligence service.

Hitwise, a subsidiary of Experian, has been collecting and analyzing data directly from Internet Service Providers (ISPs) since 1997.

The terms were ranked by volume of searches that successfully drove traffic to Web sites in the Hitwise Business and Finance – Real Estate category for the four weeks ending Jan. 26, based on U.S. Internet usage.

Hitwise Real Estate Search Term Rankings 
1. realtor.com – 1.7 percent
2. remax – .81 percent
3. homes for sale – .43 percent
4. apartments – .40 percent
5. real estate – .39 percent
6. century 21 – .38 percent
7. apartments for rent – .36 percent
8. zillow – .35 percent
9. zillow.com – .33 percent
10. coldwell banker – .29 percent

In addition, Hitwise confirmed that remax.com was No. 4 among the most popular real estate sites in January.

Hitwise Most Visited Real Estate Web Site Rankings
1. realtor.com – 9.08 percent
2. HomeGain – 2.44 percent
3. Yahoo Real Estate – 2.25 percent
4. RE/MAX real estate – 2.21 percent
5. Rent.com – 2.19 percent
6. Zillow – 2.06 percent
7. Apartments.com – 2 percent
8. Move.com – 1.91 percent
9. ZipRealty – 1.86 percent
10. U.S. Department of Housing and Urban Development – 1.42 percent

As shown on remax-newengland.com

Despite a fourth-quarter rally, Island real estate transactions in 2007 declined 8.6 per cent, although median home sale prices increased 3.5 per cent from 2006.

Overall, fourth-quarter sales activity was the year’s strongest. But a three per cent increase in sales also included a seven per cent decline in median sales price.

The real estate business up-Island was much stronger in 2007 than down-Island towns, both in terms of sales and median home values. High-end property sales on the Island masked declines of up to 30 per cent in Oak Bluffs and Vineyard Haven.

“I think the decline is in lower price ranges Islandwide, not just in down-Island towns,” said Sharon Purdy, owner of Sandpiper Realty in Edgartown. “That’s going to continue until there is some resolution between unyielding sellers and buyers with inflated expectations.”

She said buyers need to understand

that many prospective sellers don’t need to sell.

The 2007 median Island home price rose to $702,000 compared with $694,000 in 2006.

On the Vineyard, 324 residences sold in 2007 compared with 341 homes in 2006.

Fifty seven land sales took place on the Island last year, compared with 65 in the prior year. The median land price increased 22 per cent to $535,000 compared with $438,000 in 2006.

Across the Island, the median days on market for home sales rose 4.6 per cent from 237 to 248 days.

The fourth-quarter surge had realtors hopping. Patti Kendall, owner of Kendall and Kendall Real Estate in Vineyard Haven, said “I was pleasantly surprised. I worked more over this holiday season than I ever have in the past. We closed three properties between November and the New Year and put two more properties under contract in the past month.”

The Martha’s Vineyard Land Bank results mirrored the real estate market last year. The land bank showed a calendar year decline of seven per cent in revenues, according to executive director James Lengyel.

Mr. Lengyel also agrees with Island realtors who anticipate 2008 and 2009 will be much of the same.

“We believe in the eight-year real estate cycle and see the real estate business soft into 2009 and then we’ll see some stabilization,” he said, adding that the land bank is projecting a two percent decline in cash flow in 2008. The land bank receives two per cent transfer fee on most real estate transactions.

Ms. Purdy agrees with that time line. “I don’t think we’re at end of the cycle and election years are typically not kind to the real estate business. I don’t anticipate much change in 2008 and 2009 will see the market begin to turn, unless there is an unusual event.”

“This is a sorting time for buyers, sellers and for real estate professionals. The only bad thing about this is the outrageous subprime debacle,” she said, alluding to predatory mortgage lending across the nation to borrowers who couldn’t afford their loan payments.

By community, Edgartown home sales increased more than 14 per cent to 120, compared with 105, and its 15 land sales topped 13 land sales in 2006. Edgartown median home value rose $99,000, a 13.3 per cent increase to $862,000 from $747,000 in 2006.

Chilmark’s median home value rose more than $1 million to $2,849,000 compared with $1,814,000 a year earlier on sales of 23 homes compared with 20 in 2006.

Oak Bluffs fared worst among Island towns, as home sales slipped 29 per cent from 2006 and median value declined 9.8 per cent to $535,000 from $593,000.

Vineyard Haven home sales slumped 18 per cent to 64 from 78 in 2006. The median home transaction price dropped 7.4 per cent to $547,000 from 591,000 a year earlier.

Aquinnah median home price rose 13.4 per cent to $1,333,000 from $1,175,000 in 2006. Sales were unchanged at five in each year.

What makes selling a home more stressful? Selling it in the middle of winter.  The lawn is brown, the weather is usually bad and, unlike the longer days of summer, you have less time to show it off during daylight hours.But not everyone has the luxury of waiting until the traditional spring or summer home buying season to plant that “for sale” sign, and while it’s true that in most areas you’ll probably have fewer buyers during the winter, you will have less competition from other sellers.That makes staging — the concept of showing your house at its best — even more important.

Be prepared to put a little effort into it. “It’s more difficult to make something look really appealing this time of year,” says Ron Phipps, broker with Phipps Realty in Warwick, R.I.

If you do it right, you can really make your house stand out.

1. Keep snow and ice at bay. The top tip from Realtors: If the buyer can’t get in easily, the house won’t sell. That means keeping walkways and driveways free of the frozen stuff. Just like trimming the lawn in the summer, you want to make the home look like it’s been maintained. If you’re away frequently or live in an area that’s subject to bad weather, it can pay to hire a service to regularly salts or shovels the driveway and sidewalks.

2. Warm it up. If you’re showing during the winter, think “warm, cozy and homey,” says Ken Libby, owner of Stowe Realty in Stowe, Vt., and a regional vice president of the National Association of Realtors.Before a buyer comes through, adjust the thermostat to a warmer temperature to make it welcoming. “Sellers like to turn the temperature down because of heat costs,” says David Ledebuhr, president and owner of Musselman Realty in East Lansing, Mich., and a regional vice president of the National Association of Realtors. “But buyers who come in and aren’t comfortable won’t stay long.”If you have a gas fireplace, turning it on right before the tour can give the house “a little ambience,” says Libby.With a wood-burning fireplace, you’ve got to be a little more careful. If the house is vacant, don’t chance it. If you’re still living there and will be there during the tour, it can be a nice touch. Many times, sellers leave right before the agent and prospective buyers arrive. In that case, adjust the heat to a comfortable temperature and have the hearth set for a fire. Buyers feel the warmth and see the potential, and you don’t have to worry about safety concerns.

3. Take advantage of natural light. “Encourage showing during the high-daylight hours,” says Ledebuhr. At this time of year, “if you show after work, you’re totally in the dark.”Make the most of the light you do have. Have the curtains and blinds cleaned and open them as wide as possible during daytime showings. Clean all the lamps and built-in fixtures, and replace the bulbs with the highest wattage that they will safely accommodate. Before you show the house, turn on all the lights.

4. Get the windows washed. “Buyers act on the first impression,” says Ledebuhr. Windows are one thing that many sellers don’t even consider. In winter that strong southern light can reveal grime and make it look like the home hasn’t been well-maintained.

5. Play music softly in the background. To create a little atmosphere, tune the radio to the local classical station. Turn it down so that you just hear it quietly in the background. ”It’s soothing,” says Libby, who finds that soft classical music tends to have the most appeal to buyers. ”I think people tend to stay around a little longer and look a little longer.”

6. Make it comfortable and cozy. Set the scene and help the buyers see themselves living happily in this house. Consider things such as putting a warm throw on the sofa or folding back the thick comforter on the bed. Tap into “the simple things this time of year that make you feel like you’re home,” says Phipps.

7. Emphasize winter positives. Is your home on a bus route or some other vital service that means it’s plowed or de-iced regularly in bad weather? Be sure to mention that to the buyers.

8. Set up timers. You want your home to look warm and welcoming whenever prospective buyers drive past. But you’re not home all the time, so put indoor and outdoor lights on timers, says Phipps. Look at the outside lighting around the door. Is there enough illumination to make it inviting? If not, either get the fixtures changed or have new ones added.

9. Make it festive. Even if you’re not actually going to be present, greet your buyers as if they were going to be guests at a party, says Phipps. Set up the dinner table with the good china and silver. Have a plate of cookies for your guests, some warm cider or even chilled bottles of water. “First impressions are so powerful,” says Phipps. “If it looks like you’re expecting me and greeting me as company, that’s a powerful impact.”

10. Give the home a nice aroma. The No. 1 favorite? “Chocolate chip cookies,” says Libby. “Just about everybody likes that smell.”Other popular scents: cinnamon rolls, freshly baked bread, apple pie, apple cider or anything with vanilla, cinnamon or yeast. “But don’t overdo it, either,” says Ledebuhr. Scented candles in every room or those plug-in air fresheners can leave buyers wondering what you’re trying to mask.Watch the bad smells, too. Pet smells, smoke and musty odors can cling to curtains and carpets. Ask your real estate agent or a friend to give it a sniff test. Then clean the house, air it out and replace drapes, carpets or rugs before you show it.

11. Protect your investment. Some sellers (or their agents) will ask buyers to either remove shoes or slip on paper “booties” over their footwear before touring the house. Many buyers like that, says Phipps. It indicates a “pride of ownership and meticulousness that resonates with buyers,” he says. 

12. Use the season to your advantage. While the holidays are over (and the Christmas and Hanukkah stuff should come down), you can still use winter wreaths and dried arrangements around the door to give interest. “Anything seasonally appropriate is fun,” says Phipps.In the winter, with the leaves off the trees, you might also have a nice view that isn’t as apparent in the spring and summer months. It’s a great time to sell waterfront properties, says Phipps. “You can see the views better this time of year.”

13. Consider the area. In some parts of the country, such as ski areas or warmer regions where the snow birds flock, winter weather can actually be a selling point. “We’re right in the middle of our selling season,” says Libby. “It’s not always spring and summer.”

The real estate market is picking up!  Please visit our website for new listing and price changes.  We update the information daily so be sure to stay on top.

 Enjoy the cold and Happy New Year!

1. Angel Tree

Angel Tree is a ministry of Prison Fellowship, delivering love in the form of Christmas gifts and a message of hope to children of prisoners. Angel Tree Christmas connects the parents in prison with their children through the delivery of Christmas gifts by local church volunteers who purchase and deliver these gifts and the gospel to children. Often times the local church will host a Christmas party for the children, their caretakers and family.

2. Operation Christmas Child

Operation Christmas Child invites you to pack a shoe box with small toys, school supplies, other gifts, and a personal note to introduce a hurting child to God’s love. The small gifts of love and messages of hope through Jesus Christ are delivered to needy children overseas.

3. Make a Wish Foundation

Make this holiday season special by helping a child’s dream come true. Make a Wish’s unique holiday donation options will help grant the wishes of children with life-threatening medical conditions.

4. Toys for Tots

Donate a new toy or give a donation to help make Christmas a little brighter for a needy child in your community.

5. My Two Front Teeth

My Two Front Teeth offers a personalized online gift-giving experience to aid underprivileged children. These children are selected through community organizations and allowed to individually pick their one holiday wish. The child’s wish profile is entered into the online database where donors then choose an online sponsorship.

Distinctive. Elegant. Luxurious.     homes.

The RE/MAX Collection offers properties uniquely suited to your tastes and lifestyle.

You can view exceptional properties for sale around the world. Elegant waterfront estates, pristine mountain retreats and gorgeous golf course manors are all just a few clicks away. With offices in more than 60 countries, RE/MAX Associates can find your dream property anywhere in the world.

RE/MAX agents comprise more than half of all Certified Luxury Home Marketing Specialists (CLHMS) industry wide. CLHMS agents receive specialized training in meeting the needs of distinguished clientele. They are experts in handling elite properties. When working with a RE/MAX Collection Associate, you are working with one of the most qualified luxury home specialists in the business.

Please contact one of our agents for additional information, or if you’d like to list your personal property as a RE/MAX Collection.

It is a policy of RE/MAX on island to keep property owners informed of real estate activity in their area.  Despite all the negative publicity about a declining market, we are experiencing a resurgence of buyers.  If you have ever considered selling, please call for a no cost, no obligation market analysis. 

508.696.3704  /  remax.on.island@verizon.net  

Thanks for the time and check back later for more!

 -admin

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This beautiful Vineyard Haven home has classic front and rear staircases, maple and antique wide pine flooring, and large rooms throughout with lots of natural sunlight. Only one block away from downtown Vineyard Haven so get the morning papers to read in your bright glassed sunroom. Tinker away in your basement workshop or nurse your green thumb in the hot box (greenhouse) area. Separate studio (300+ sq. ft) is perfect for your home business or bunkhouse.

Please click HistoricWilliamSt  for additional info.

“Fever Pitch,” a film by the Farrelly brothers, was shown at the Vineyard’s own “Field of Dreams” baseball field on Wednesday, August 1. Just before the showing, a 50-foot tethered hot air REMAX balloon provided rides for over 300 people!  What a thrill!  This event was a fund-raiser to finish construction of the “Field of Dreams” baseball field.  Thanks to all who came out to support a great cause, Vineyard Baseball raised over $4,000!  All proceeds went into the construction and purchase of dugouts, bleachers, and other necessities for the field.

Launched in August 2006, Operation RE/MAX matches members of the military community interested in real estate careers with volunteer RE/MAX brokers, who have made a commitment to coach, train and mentor the new hires. In less than a year, Operation RE/MAX has earned the cooperation of over 500 military installations and enlisted the support of more than 950 RE/MAX brokers.

RE/MAX International is the only real estate company to make the Top 10 list and is accompanied by other high-profile organizations like The Home Depot, Wachovia, Lockheed Martin and Starbucks. In order to make the top ten, companies were required to produce $1 billion in revenue per year and have specific programs in place to hire military spouses.

“The listing confirms that spouses of our U.S. Armed Forces are valuable, talented, employable and essential to the corporate workforce,” the magazine said in introducing this year’s honorees.

As a result of the success of Operation RE/MAX, the real estate franchisor was also honored with the Office of the Secretary of Defense Exceptional Public Service Award in May of this year. In a special Pentagon ceremony, Co-Founder and Vice Chairman of the Board, Gail Liniger accepted the award, which is one of the highest given to civilians.

Liniger also took the occasion to announce that RE/MAX was joining the Defense Department sponsored initiative, America Supports You, which informs members of the armed forces about resources available through community based organizations.

In addition to Operation RE/MAX, the company proudly supports military service members and their families through the following programs:

• The Sentinels of Freedom Scholarship Foundation, a community based organization that offers severely wounded veterans four year “life-scholarships,” providing assistance with housing, transportation, education, job training and employment during a transition period back to civilian life.
• The RE/MAX Tour for the Troops generates increased awareness and support for two foundations with missions to support wounded troops: The Fisher House and Sentinels of Freedom. Originally, the Hummer, CNN Warrior One, was embedded with the U.S. Marines during the invasion of Iraq before it was overhauled and auctioned off to benefit wounded veterans.
• The 2007 Military Long Drive Championship, a nationwide golf competition, that seeks to find “the longest driving military golfer on the planet.” In cooperation with the U.S. Army Family and Morale, Welfare and Recreation Command, preliminary competitions will be held at 25 military installations. Finals will be held in Mesquite, NV at the same time as the RE/MAX World Long Drive Championship.

Anyone involved with the U.S. Armed Forces can obtain further information about Operation RE/MAX by visiting www.military.com/spouses or www.operationremax.com. Specific inquiries can also be directed to (800) 826-7720 or operationremax@remax.net.

article courtesy of remax.com

Enjoy panoramic views of the Atlantic, South Beach, and Katama Plain from this contemporary Martha’s Vineyard property. Exciting vacation beach house design lends itself to indoor and outdoor entertainment. Third floor master suite offers a secluded retreat when you want a quiet escape.

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The figures also point to a growing polarization of a market in which higher end properties continue to sell well, while sales at the less expensive end are stalling. The greater part of land bank revenues in 2006 came from sales worth more than $2 million.

Land bank income for 2006 was just under $11.7 million, compared with just under $12.6 million in 2005, a decrease of 7.7 per cent. The number of transactions on which fees were levied also fell, by 5.3 per cent, and the average revenue per transaction was down 2.2 per cent.

The surprise is that revenues held up so well. Real estate industry figures for the first three quarters of the year show sales down nearly 30 per cent, and a decline of almost six per cent in the median price paid, to around $690,000.

But land bank receipts were propped up by the sales of more expensive properties. Seventy per cent of the conservation organization’s income came from sales of over $1 million.

This compares with about 59 per cent last year, and an average over the five years before that of 51 per cent.

And the comparisons were even more stark for properties which sold for $2 million plus. Fifty-five per cent of total revenue in 2006 came from sales in this price bracket, a 13 per cent jump on 2005 (42 per cent of revenues). The average revenue for the five years from 2000 to 2004 was 35 per cent.

Thanks to the higher-end sales, the land bank finished the year safely within its budget projections. Executive director James Lengyel said the organization had budgeted for a 15 per cent decline in revenues in 2006 after the record year of 2005.

The projections, he said, “were based on a general belief that the market was changing, and secondly just the land bank’s internal constitution which says always to be more conservative than necessary, so you can only be happily surprised.

“Things are unpredictable; they happen in clumps. You have cash flow analyses that are very conservative so that when clumps arise, you can afford them. A decline of only about seven per cent means we can continue with our plans.”

Land bank revenue comes from a two per cent fee charged on most Vineyard real estate transactions, making it a good indicator of the state of the property market on the Island. Revenues are used to buy and manage land for conservation, preservation and public use.
By MIKE SECCOMBE

Originally published in The Vineyard Gazette
edition of Friday, January 5, 2007

The group decision came two weeks ago, some four months after the Massachusetts House of Representatives defeated an earlier version of the bill by a vote of 91-64. Approved in concept by Vineyard voters in spring 2005, the housing bank bill this summer sparked debate in both chambers of the state legislature, where opponents called the initiative an unfair impediment on home ownership.

Vineyard Haven resident Abbe Burt, who worked as a full-time administrative assistant for the ad-hoc housing bank coalition two years ago, said the group was committed to seeing their vision through.

“We strongly believe that the Vineyard housing situation only worsens annually,” Ms. Burt said this week. “And so we feel it is vitally important to secure stable, long-term funding for community housing.”

Coalition members waited until after the state election last month before deciding how to proceed. They have since met with state Sen. Robert O’Leary and spoken with Rep. T. Eric Turkington, both of whom agreed to refile the special legislation in mid-January along with a parallel initiative on Nantucket.

Modeled after the Island land banks, the housing bill would generate funds for affordable housing projects by taxing Island real estate sellers one per cent of their transaction price. The first $750,000 of the purchase price would be exempt on the Vineyard, and the first $2 million would be exempt on Nantucket.

Senator O’Leary and Representative Turkington maintained from the start that the transfer tax faced an uphill battle on Beacon Hill, where earlier this year it saw heavy lobbying opposition from the Massachusetts Association of Realtors. But both lawmakers said this week that Democratic gains, a new governor, and familiarity with the bill from the last legislative session could help its chances. Senator O’Leary noted that 15 house votes would swing the bill toward approval.

“We came close, very close,” said Senator O’Leary, who shepherded a 23-14 passage of the housing bank bill in the state senate before it reached the house last summer. “It is something I believe can happen,” he added.

“We’ve been through this once, so we know what all the questions are,” Representative Turkington said this week. “Now we need to come up with the answers.”

The ad-hoc housing group at this point is leaning away from the political advice of Senator O’Leary, who recommended that they bring the housing bank question back before town meeting voters this spring. The senator said the 2005 nonbinding ballot initiative was recent enough to proceed with at the state house, but said frankly that another round of Island approvals would help its chances. He said a strong showing of community support would be a powerful response to critics in the state legislature.

“What’s important here – what needs to be understood – is that it must be an effort by the community,” Senator O’Leary said. “To the extent we can emphasize that, we strengthen our argument.”

Representative Turkington warned that housing bank advocates should not focus all of their efforts on Beacon Hill because, if passed by the legislature, the proposal would still require another vote of approval from each Vineyard town. Islandwide the housing bank concept received 58 per cent approval in its spring 2005 ballot initiative, but the level of support varied from town to town, and passed in Edgartown by only 26 votes.

The housing bank bill also has the official endorsement of only one Vineyard public organization – the Martha’s Vineyard Commission, which itself recommended last fall that the ad-hoc group seek votes of support from Island town boards. Housing bank advocates on Nantucket have endorsements from a number of government, business and community groups, including selectmen, the Nantucket Planning & Economic Development Commission, the Nantucket Association of Real Estate Brokers and the Nantucket Builders’ Association.

Nantucket voters at a special town meeting in October also approved the housing bank concept as a home rule petition.

Ms. Burt this week said the Vineyard housing bank coalition is confident of its support on the Island.

“After the 2005 vote, we feel we have a mandate to carry this as far as we can,” Ms. Burt said. “The vote wasn’t overwhelming, but we do think we have strong public support that will only grow and increase.”

Ms. Burt said the Island Affordable Housing Fund, a nonprofit housing organization in Vineyard Haven, has again pledged to provide lobbying money for the housing bank initiative, though it does not intend to spend as much as it did in the last legislative session. Prior to the house vote this summer, the housing group spent roughly $120,000 on lobbying and consulting fees for the bill. The year before, the group spent more than $85,000 in a six-month campaign leading up to the spring 2005 town meeting and ballot votes. That year, aside from the nonbinding housing bank question, four Vineyard towns also adopted the Community Preservation Act – which raises funds for affordable housing, open space and historic preservation through a property tax surcharge and matching state funds.

Advocates admitted that the money spent on both campaigns could have gone toward actual housing projects, but argued the expenditures were justified because they would create millions of dollars a year in stable funding for affordable housing.

Their projections for such funding, however, now appear to be in question.

When advocates said the Community Preservation Act would bring in about $2.5 million each year for affordable housing, they assumed that 75 per cent of collected funds would go toward affordable housing, and that the state would fully match the local contributions for five to ten years.

The Island Affordable Housing Fund this week sent a letter to town community preservation committees expressing surprise and concern that town officials are looking to spend a majority of preservation funds on non-housing projects. Meanwhile, the Massachusetts Department of Revenue recently announced that next fiscal year may be the last time the state matches 100 per cent of the local community preservation contributions.

State community preservation funds are drying up because more Massachusetts towns have enrolled in the program (voters in nine more communities approved the Community Preservation Act in the state election last month, bringing the total of enrolled municipalities to 118 – or about one-third of the commonwealth), and also because of an overall decline in the statewide real estate market. The commonwealth collects its community preservation funds from transaction fees at registry of deeds, where the total number of transactions in recent months has dropped steadily.

The stagnant real estate market on the Vineyard will also affect projections on the housing bank legislation, which advocates said would bring in more than $2 million per year of Island housing. That estimate was based on 2005 Martha’s Vineyard Land Bank revenues, which have also dropped precipitously. Through the first five months of the current fiscal year, land bank revenues are down roughly 30 per cent.

Ms. Burt this week said a cooling real estate market was not a cause for concern.

“These things go in cycles,” she said. “I’m sure those numbers will pick up again next year.”
By IAN FEIN

Originally published in The Vineyard Gazette
edition of Friday, December 1, 2006

Figures for the first quarter of this year showed the total inventory of residential property up more than 40 per cent over the same period a year ago.

The median sale price also continued a decline which began last year. For the March quarter this year it was $688,750, compared with $705,000 in the same quarter last year and $702,000 at the end of last year.

According to the numbers provided by the real estate listing service Link, there were 549 properties on the market, compared with 391 for the first quarter of 2006. The number of unsold properties has risen rapidly over several years. At the same time in 2004, there were 242, or fewer than half as many unsold houses, and in 2005, 314.

The trend also is evident in inventories of land. In 2004, there were 59 parcels, in 2005, 73, in 2006, 97, and in March of this year, 115.

Further adding to the gloomy picture, foreclosure notices are sharply up and there is evidence that the slowdown is affecting other sectors of the Island economy, including construction and even the ferry service.

Eleanor Wilson, owner of Link, said while the real estate market was generally flat, it was not uniformly so.

“I’d call it an hourglass sales pattern,” she said. “The stuff at the bottom end of the market is selling, the stuff at the high, high end is selling, but anything in the middle is being squeezed and is not selling.

“And that’s where the bulk of where the inventory sits. It’s not your once-in-a-lifetime, unique property and its not your starter home. You see a lot of sales above $2 million and you see a lot below $600,000.”

The result, she said, is that people are being forced to lower prices. “In fairly large leaps and bonds on specific properties,” she said, adding:

“A price drop of $100,000 is not unheard of. “It seems that the people who are keeping their places at a price they could have got a few years ago, are not moving them.”

The rate of foreclosures has risen as the market has fallen.

Figures from the Dukes County Registry of Deeds show that from the start of the year until May 21, there had been 17 orders of notice of foreclosure. For the same period last year there were 13 and for the previous year just seven.

“They don’t all go all the way to foreclosures,” said Jessica Burnham of the registry office, noting that sometimes people work things out with the bank.

Of the 17 notices so far this year, five have gone on to foreclosure.

“I’ve been here seven years,” Ms. Burnham said. “The first few years we maybe saw three or four notices of foreclosure. It seems like the last year or two, every week we get more orders of notice.”

Building starts underscore the downturn. Tisbury building inspector Kenneth A Barwick said building permit applications are not only down, but show a change in the type of construction.

The number of building starts in Tisbury was 82 for the first four months of this year, compared with 90 last year.

“The permit numbers may be down slightly, but the value is very high end, both in terms of residential and commercial construction,” Mr. Barwick said.

“Instead of doing a lot of medium, affordable-sized buildings, we are dealing with much bigger, more expensive buildings,” he said, adding:

“The single family homes that I’m working on are typically now second or third homes rather than primary residences. And in terms of size they are far beyond the scope of the standard traditional, 1,400 or 1,500 square-foot Cape Cod style home.”

Figures from other towns also show a flat building market. In Edgartown, there have been 36 housing starts this year, compared with 35 last year. But nine of those are part of an affordable housing project.

Other smaller construction projects, like additions, alterations and sheds also have declined.

The net effect of real estate slump on the total economy is hard to quantify, but one further indicator of the impact can be found in traffic statistics from the Steamship Authority.

They show that for the first four months of the year, the number of trucks, particularly small trucks such as those used by contractors fell sharply.

For trucks less than 20 feet long, traffic volumes were 14.6 per cent below those for the same period last year.

By MIKE SECCOMBE

Originally published in The Vineyard Gazette
edition of Friday, May 25, 2007

(Denver, Colo., May 4, 2007) – Today, Under Secretary of Defense for Personnel and Readiness, David S.C. Chu, presented Gail Liniger, RE/MAX Co-Founder and Vice Chair of the Board, with the prestigious “Office of the Secretary of Defense Exceptional Public Service Award” during a ceremony held at the Pentagon in Washington, DC. After receiving the award, Liniger announced that RE/MAX will officially join the America Supports You team, a Department of Defense program that highlights and recognizes citizens’ support for members of the U.S. Armed Services and their families. With today’s announcement, RE/MAX joined 35 other corporate supporters on the America Supports You team.

The “Office of the Secretary of Defense Exceptional Public Service Award” was established to recognize non-career Federal employees, private citizens and foreign nationals for their contribution, assistance or support of activities for the U.S. Armed Services.

“Having reliable and secure employment opportunities for members of our military community is one of the most important ways of making military careers attractive,” said Chu. “Programs like Operation RE/MAX play an instrumental role in helping our nation support its military members and their families by helping them meet their education and career goals.”

RE/MAX was chosen to receive the distinguished award for is commitment to service members through several of its unique military support programs. One such program, Operation RE/MAX, was launched in August 2006 to help military spouses, career military retirees and injured soldiers find new career opportunities within the real estate industry. In just one year, thousands of inquiries have been received through Operation RE/MAX. Over 500 military installations and 1,000 RE/MAX offices around the country currently participate in the program.

“RE/MAX recognizes the skills and diversity of members of the military community, and we’re happy to offer them career options that fit their unique lifestyles, which often include frequent relocations,” said Liniger. “We’re proud to welcome these high-quality employees to the RE/MAX family and thank them for their service and dedication to our country.”

Operation RE/MAX matches members of the military community interested in real estate careers with participating RE/MAX offices that have made a commitment to coach, train and mentor the new hires. Military family members learn about Operation RE/MAX through their base Career Opportunity Centers and during special military career fairs.

“The achievements and dedication of RE/MAX through Operation RE/MAX and other military support programs are an inspiration to all of us and represent the highest traditions of public service,” said Allison Barber, Deputy Assistant Secretary of Defense for Public Affairs. “We are thrilled to have RE/MAX join the America Supports You team, and we are grateful for their commitment to our military men and women, and their families.”

In addition to Operation RE/MAX, the company supports military members and their families through the following programs:

• The Sentinels of Freedom Scholarship Foundation, which offers severely wounded veterans four year “scholarships,” providing assistance with housing, transportation, education, job training and employment.
• The World Long Drive Championship, a golf tournament that airs each Christmas Day on ESPN. In a new twist for 2007, active and retired military personnel will be included in the competition to compete for the title of “The Longest Driving Military Golfer on the Planet.” In cooperation with the U.S. Army Family and Morale, Welfare and Recreation Command, preliminary competitions will be held at 25 military installations.
• The “CNN Warrior One” RE/MAX Tour for the Troops generates increased awareness and support for two foundations with missions to support wounded troops: America Supports You homefront organization Fisher House and Sentinels of Freedom. Originally, the Hummer CNN Warrior One was embedded with the U.S. Marines during the invasion of Iraq.

# # #

About America Supports You
America Supports You is an ongoing nationwide program that helps showcase American’s support for the men and women of the Armed Forces and their families. Since its launch in November of 2004 by the Department of Defense, the America Supports You program has welcomed over 225 grassroots organizations and more than 25 corporate sponsors to its team. Many America Supports You team members support the troops through letter writing, care packages, helping the wounded when they return home, assisting military families, sending an e-mail or kind gesture. To learn more about how you can support military personnel please visit www.americasupportsyou.mil.

Article Courtesy of REMAX.com

In a tight housing market, remember that you are competing with all of the other homes for sale in your neighborhood. The key to success is to make your home and the deal itself more attractive than what the competition is offering without giving away too much.

If you find yourself having to sell into a slow market, here are some tips to help you make your home more attractive and sweeten the deal to generate more interest in your home:

- Price it to the market, don’t be greedy. Most sellers tend to set the price too high, thinking their home is worth more than it really is. Check the sales prices of comparable homes that recently sold the asking prices of comparable homes that are currently for sale in your neighborhood.
- Obtain an appraisal in advance, so you know what the house is officially worth (based on the appraiser’s professional opinion).
- Use a seasoned Realtor, a veteran who has already experienced price wars in the housing market. According to the National Association of Realtors, a home sells on average for 16 percent more when the seller uses as certified Realtor.
- Have your home professionally inspected before showing it. Get everything repaired so lookers won’t have an excuse not to buy.
- Have your home professionally staged. A professional stager can transform an empty or overly cluttered house into a warm and welcoming home.
- Don’t move out before it sells, or if you have to move out, make sure you leave the home staged, so it looks lived-in. Vacant houses feel more like uninhabited caves than homes.
- Be willing to pay closing costs for the purchaser, up to 6%. A slow market is usually that way due to a slow economy. Buyers are strapped for cash and may need you to help in some way with the financing.
- Give your Realtor copies of all improvements to the home and any guarantees for anything like a new roof, furnace, or hot water tank.
- Make sure your Realtor is marketing your home on at least eight Internet sites, including Craig’s List and Backpage.
- Realtor commissions are negotiable. Consider offering a higher commission to your Realtor as an added incentive.
- Keep your home in ready-to-show condition at all times. Do not require a 24-hour notice.
- Focus on curb appeal and making a good first impression. You do not get a second chance to make a good first impression.
- Be open to negotiating on things like leaving furniture or appliances behind.
- Although you may be tempted to take the first offer that comes along, be careful. Not all offers are created equal.

Here are some warning signs to watch out for:

- Someone tells you to take your house off the market for a period of time, and in exchange, the person will pay you more than the asking price later. This is usually a sign that the person plans on using your home as part of a mortgage fraud scheme in which he obtains a loan for more than the house is worth, pays you a little more than what you were asking, and pockets the excess proceeds.
- A cash back at closing deal in which the person offers you more than the home is worth if you agree to kick back the extra money at closing.
- The buyer is not pre-approved for a mortgage loan. This person can tie up your home, preventing you from considering better offers.
- The person is offering no or very little Earnest Money Deposit. The lower the EMD, the more likely the deal will fall through.
- The prospective buyers make the purchase agreement contingent upon their home selling, and for that to happen, several other transactions must occur first. This is known as the domino effect, and you should avoid it, if possible.

You can successfully sell a home into a declining market and even profit from the sale, if you set realistic goals and work a little harder at it than your competitors. Just remember to work hard, stick to it, and avoid some of the common pitfalls described in this article.

Ralph R. Roberts, official spokesperson for Guthy-Renker Home and author of Flipping Houses For Dummies (John Wiley & Sons), can be contacted at 586.751.0000, or by e-mail at RalphRoberts@RalphRoberts.com.

To learn more about Ralph, investing in real estate, and protecting yourself against real estate and mortgage fraud, visit www.AboutRalph.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

information courtesy of RISMedia

Sales associates and offices affiliated with RE/MAX International donated $11.3 million to the Children’s Miracle Network in 2006, marking the third straight year the real estate franchise organization had increased its annual giving by $1 million or more, the company announced.

Since RE/MAX became the official real estate sponsor of the Children’s Miracle Network in 1992, its affiliates have raised more than $75 million for the charitable cause.

Founded in 1983 and headquartered in Salt Lake City, the Children’s Miracle Network raises funds for about 170 hospitals in North America. Last year those hospitals provided services to over 17 million children.

Affiliates of RE/MAX raise funds for Children’s Miracle Network in different ways. Some agents participate in the Miracle Home Program, through which they donate money to the organization for every real estate transaction closed. Many offices hold fund-raising events, including golf tournaments and auctions. Offices in the RE/MAX system who have 100% agent participation are designated Miracle Offices.

“The partnership between RE/MAX and the Children’s Miracle Network has been mutually gratifying,” said Carolynn Bond, director of Community Affairs for RE/MAX International. “It offers the opportunity for our sale associates to help a great cause and to connect it to their business and their clients. It’s a great way to give back to the communities our associates serve, because all Children’s Miracle Network dollars go to the Children’s Miracle Network hospitals serving the community where the funds were raised.”

RE/MAX has about 120,000 sales associates worldwide, working out of offices in more than 65 countries.For further information about the partnership between RE/MAX International and the Children’s Miracle Network, visit www.remax.com.

NAR’s annual Investment and Vacation Home Buyers Survey shows vacation-home sales rose 4.7% to a record 1.07 million in 2006 from 1.02 million in 2005, while investment-home sales fell sharply, down 28.9% to 1.65 million in 2006 from a record 2.32 million in 2005. By contrast, primary residence sales fell 4.1% to 4.82 million in 2006 from 5.02 million in 2005.

Twenty-two percent of all homes purchased last year were for investment, down from a 28% market share in 2005, while another 14 percent were vacation homes, up from a 12% share in 2005.

David Lereah, NAR’s chief economist, noted the drop in investment homes was much greater than the decline in primary residence sales. “We expected the drop in investment sales because speculators left the market in 2006, which caused investment sales to fall much faster than the primary market, but the rise in vacation-home sales is based on strong demographic and lifestyle factors, with only modest interest in renting their properties to others,” Lereah said.

The typical vacation-home buyer in 2006 was 44 years old, had a median household income of $102,200, and purchased a property that was a median of 215 miles from their primary residence; 42% of vacation homes were closer than 100 miles and 32% were 500 miles or further.

“The demographics favor vacation-home sales because large numbers of consumers are in the prime buying ages, and buyers want recreational property for personal use — investment is a secondary consideration,” Lereah said.

Last year, in the 2005 second home buyer survey, NAR noted that there were 36.0 million people aged 50 to 59 in the United States, and the median age of vacation-home buyer was 52. However, Lereah said a larger group of people aged 40 to 49 in 2005 would be driving the market in the coming decade. “We see this happening now with 44.7 million people in their 40s, and the median age of vacation buyers has dropped close to the historical average, which is about 47.”

In listing the reasons for purchasing a vacation home, 79% of buyers wanted to use the home for vacation or as a family retreat; 34% to diversify investments; 28% to use as a primary residence in the future; 25% for the tax benefits; 22% for use by a family member, friend or relative; 21% because they had extra money to spend and 18% to rent to others.

In terms of location, 29% of vacation homes were purchased in rural areas, 24% in resorts, 22% in a suburb and 10% in an urban area or central city. Sixty-seven percent were detached single-family homes, 21% condos, 8% townhouses or rowhouses, and 4% other.

One-quarter of vacation homes were purchased in the Northeast, 13%in the Midwest, 38% in the South and 25% in the West.

Investment-home buyers last year were a median age of 39, earned an income of $90,250, and bought a home that was fairly close to their primary residence — a median of 22 miles.

When asked about the most important reasons for their purchase of an investment home, 46% said to provide rental income; 43% to diversify investments; 23% for tax benefits; 18% to use for vacations or as a family retreat; 15% because they had extra money to spend; 13% for use by a family member, friend or relative; and 12% to use as a primary residence in the future.

Thirty-seven percent of investment homes are in a suburb, 22% a rural area, 18% urban or central city, and 7% in a resort area. Sixty-three percent are detached single-family homes, 26% condos, 6% townhouses or rowhouses, and 5% other.

Twenty-four percent of investment properties were purchased in the Northeast, 17% in the Midwest, 39% in the South and 20% in the West.

Twenty-five percent of vacation-home buyers paid cash for their property, as did 32% of investment buyers. An unusually high number of respondents in this survey report purchasing new homes: 44% of vacation-home buyers and 36% of investment-home buyers.

The median price of a vacation home in 2006 was $200,000, down 2.0% from $204,100 in 2005. The typical investment property cost $150,000 last year, down 18.3% from $183,500 in 2005.

“The drop in investment prices comes as no surprise, but for vacation-home prices to edge down in a record market is a bit puzzling,” Lereah said. “It may result from a large dumping of inventory on the market by speculators, especially in the condo sector, with long-term, second-home buyers taking advantage of the glut and buying at negotiated discounts. This underscores that housing should always be viewed as a long-term investment, providing solid returns over time.”

“Anecdotally, part of the drop in the median investment price results from investors shifting away from pricier markets like Florida, Nevada and Arizona, and into affordable locations in New Mexico, Idaho, Utah, Georgia, Tennessee and the Carolinas,” Lereah said.

Vacation-home buyers plan to keep their property for a median of 10 years; 38%, the largest share of respondents, plan to keep their vacation home for 11 years or more. Investment buyers plan to hold their property for a median of five years, with 33% planning to keep for six years or more. Even with the cautions on speculative investment, 12% of investment buyers plan to sell in one year or less, although some may be adding value by renovating.

Most second-home buyers are married couples, including 78% of vacation-home buyers and 68% of investment buyers. Single men purchased 11% of vacation homes and 17% of investment property; all other household categories are in the single digits.

Caucasians accounted for 78% of all second homes purchased in 2006, both for vacation homes and investment properties. African Americans purchased 8% of vacation-homes and 10% of investment properties, Asians accounted for 6% of vacation-home purchases and 7% of investment properties, and Hispanics bought 9% of vacation properties and 8% of investment homes.

Sixty percent of vacation-home buyers and 54% of investment buyers purchased through a real estate agent or broker, but 20% of vacation buyers and 17% of investment buyers purchased directly from an owner they knew. Those latter transactions may contribute to a somewhat lower median price because open-market transactions historically obtain higher prices than do closed sales.

Eight in 10 second home buyers considered it a good time to invest in real estate, compared with 57% of primary residence buyers. A surprising 55% of vacation-home buyers and 66% of investment buyers said they were likely to purchase another property within two years.

“Second homes are really something of a misnomer because a fair number of respondents buy multiple properties,” Lereah said. Eighty-six percent of vacation buyers purchased one vacation home, 12% purchased two homes and 2% purchased three or more vacation properties.

Sixty-three percent of investment buyers purchased one investment property, 23% bought two properties, 9% bought three investment homes, 2% purchased four properties and 2% bought five or more investment homes.

An earlier survey, The 2006 National Association of Realtors(R) Profile of Second-Homeowners, described what current owners most desired in a vacation home. Two-thirds want to be close to an ocean, river or lake; 39% close to recreational or sporting activities; 38% close to vacation or resort areas; and 31% close to mountains or other natural attractions.

Leisure activities of interest to vacation-homeowners included beach, lake or water sports, 57%; boating, 38%; hunting or fishing, 32%; golf, 21%; biking, hiking or horseback riding, 20%; ski or winter recreation, 17%; and tennis, 9%.

NAR’s 2006 Investment and Vacation Home Buyers Survey, conducted in April 2007, includes answers from 1,412 respondents, reflecting 1,729 homes purchased in 2006. Of these, 1,106 were primary residences and the remainder were vacation and investment purchases. The survey controlled for age and income, based on information from the larger 2006 National Association of Realtors Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.

For more information, visit http://www.Realtor.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

First impressions are usually the ones that last.  There are many things you can do to ensure that potential buyers leave your home with a good lasting impression.

Exterior 

A home that is clean and looks well-maintained has good “curb appeal”.  Potential buyers are enticed to see the interior.  The following are strategies for enhancing the exterior of your home.

• Clear away any litter between the street and your front door.
• Trim back any shrubs that protrude into the walkway or that cover windows.
• Replace any cracked or broken window glass.
• Oil any squeaky door hinges.
• Pick up any clutter in the yard, particularly scattered toys.
• Paint front door in a color that complements the exterior of the house. 

Interior 

Most buyers are looking for homes that are clean and well-maintained. have a “ready to move into” look.  The following are strategies for preparing the interior of your home for sale:

• Thoroughly clean all rooms.
• Painting is often the easiest way to freshen up scuffed, fingerprint-laden walls.  Choose neutral colors that appeal to most people.
• Check to make sure that all exterior doors are easy to operate and lock properly.
• People like house that are bright.  Dark areas can be lightened by using brighter lightbulbs.
• Create an unobstructed “walking path” through your home.  Buyers shouldn’t have to maneuver around too much furniture.  It may mean putting some of your furniture in storage.
• Remove many of your personal items such as photographs and knick-knacks.  Buyers like to envision themselves in your space.  This is easier to do when they are working with a “clean slate”.

These strategies were taken from the “First American Title Insurance Company Brokers Advantage Division” publication entitled “Make a Great First Impression:  Successful Strategies for Selling Your Home”

 www.clickyourheels.com

What does it cost as a buyer to use an agent?
The compensation that a sales agent receives typically comes from the seller’s proceeds. In other words, there is no cost for a buyer to use an agent in a traditional agent/buyer relationship. In a buyer agency agreement, there may be some cost to the buyer, but even these agreements are usually worded so that the agent is compensated from the seller.

Can my agent give me information regarding properties from other companies?
Yes, if that other company is a member of Multiple Listing Service (MLS). For Sale By Owner (FSBO) properties are not listed in MLS so an agent likely would not be able to provide information regarding them. However, with a buyer agency agreement, your agent may be able to help you purchase a FSB.

What type of information will my agent need from me?
An agent will need any type of information regarding the property you are looking for that is important to you. For example, number of bedrooms, garage size, price, location and number of bathrooms are common criteria. Other considerations include the school district, type of home and room sizes.

How can I find out about new properties?
Your agent should be able to accommodate your particular situation whether it is via e-mail or telephone. Clients with e-mail capability can receive automatic updates from the MLS system as soon as new listings are entered.

What if I am unhappy and want to switch agents?
Let the first agent know that you are unhappy and the reasons why. See if you can work out the issues with them. If not, tell the agent you no longer want to work with them and find another agent.

Summary
When purchasing real estate, a sales agent can be an invaluable resource if you remember your responsibilities:

1. Work with just one agent
2. Make sure you tell your agent everything
3. Always tell other agents you are already working with an agent
4. Consider your agent your advocate

information from REMAX of New england

http://www.youtube.com/watch?v=UW6HQ8kLjYQ

http://www.youtube.com/watch?v=o7bzigaKqhw

(please click on charts to enlarge, and click once more to zoom)