Monday, July 30, 2012
Water and Your Tenant
Owners of residential properties are allowed to install submeters for water and sewer usage in their rental units. This law was passed in 2005 and many homeowners are still under the misconception that they must provide water and sewer service and therefore bear the costs for such services. Not true, although there are caveats on how this submetering can be accomplished. A submeter can be installed (unless there is a separate meter already in place for just the individual dwelling unit) when the dwelling is being occupied for the first time; or the previous tenant vacated the dwelling voluntarily. You can not change during an existing tenancy. The owner must also install water conservation devices and must send a certificate of compliance to the local board of health. This certification must include a statement that the dwelling is eligible for the charging the tenant for water and sewer usage, that all the required devices for water conservation have been installed by a licensed plumber and that the water submeter (if needed) was installed by a licensed plumber. Further, the submeter or meter must service only the individual dwelling unit. The lease agreement must clearly state that the tenant will be responsible for paying these costs and state the method for billing and payment. Be careful - owners who do not follow the law may be liable under Consumer Protection Laws. So, if you own a rental property in an area where water and sewer use fees are high, you may consider this a worthwhile process to go through. It also encourages your tenants to be conservative in their water use, something we all benefit from. (Mass Law - An Act Authorizing Water Submetering In Residential Tenancies).
Monday, July 23, 2012
Your real estate market news.
Recent news on your real estate market.
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Thursday, July 5, 2012
Real Estate News on Martha's Vineyard - July 5th
17 new listings came on the market on the Island in the last 7 days (via LINKMV). The average price = $2,409,647 with a median price of $1,287,500
7 properties had price reductions in the last 7 days with an average days on the market of 140.
9 properties SOLD in the last 7 days with an average sale price of $1,050,778, a median price of $790,000 and average Days on Market of 275.
So, we can conclude that there is a lot of property for sale on the Island, prices continue to moderate and it's still taking a fairly long time for properties to sell.
The weather has been spectacular here - come for a visit! We handle rentals as well as sales.
17 new listings came on the market on the Island in the last 7 days (via LINKMV). The average price = $2,409,647 with a median price of $1,287,500
7 properties had price reductions in the last 7 days with an average days on the market of 140.
9 properties SOLD in the last 7 days with an average sale price of $1,050,778, a median price of $790,000 and average Days on Market of 275.
So, we can conclude that there is a lot of property for sale on the Island, prices continue to moderate and it's still taking a fairly long time for properties to sell.
The weather has been spectacular here - come for a visit! We handle rentals as well as sales.
Monday, June 18, 2012
Real estate news on Martha's Vineyard
Good Monday Martha's Vineyard! In real estate news, there are 28 new listings in the last 5 days with an average price of $1,034,704 and a median price of $975,000.
18 Properties had a price reduction.
5 Properties sold with an average price of $744,500 and a median price of $737,500. The average Days on Market was 193 days.
18 Properties had a price reduction.
5 Properties sold with an average price of $744,500 and a median price of $737,500. The average Days on Market was 193 days.
Thursday, June 14, 2012
Maybe my background would be boring! What you probably most want info on is the Island real estate market.
In the last 7 days 33 new listings came on the market with an average asking price of $1,563,613 and a median asking price of $839,000.
In the last 7 days 3 properties SOLD. The average sale price was $816,000 and the median sale price was $899,000.
The average Days on Market for the 3 SOLD properties was 203.
Stay tuned for the beginning of the story of our endeavor!
In the last 7 days 33 new listings came on the market with an average asking price of $1,563,613 and a median asking price of $839,000.
In the last 7 days 3 properties SOLD. The average sale price was $816,000 and the median sale price was $899,000.
The average Days on Market for the 3 SOLD properties was 203.
Stay tuned for the beginning of the story of our endeavor!
Monday, June 11, 2012
I went to see the movie "The Most Exotic Marigold Hotel" and Judi Dench's character wrote a blog about being in India - a very new environment. It gave me that idea that I should blog about my experiences in opening a real estate company. It might be useful information for some - entertaining for others and at times a bit frightening! So, where to begin. Perhaps a bit about my real estate background. It will explain why I was asked to open this real estate office. Stay tuned . . .
Tuesday, May 29, 2012
Good news on the real estate value front
Home Prices Show Strongest Gain in 6 Years: NAR
By: Mark Lieberman, Five Star Institute Economist 05/22/2012
Existing-home sales rose to 4.62 million (seasonally adjusted annualized rate) in April from a downwardly revised March rate of 4.47 million, the National Association of Realtors (NAR) reported Tuesday. Economists had forecast the April sales pace would be 4.66 million.
The median price of an existing home climbed 10.1 percent to $177,400 from $161,100 in April 2011, the strongest year-to-year gain since January 2006. The median price in April reached its highest level since July 2010 when it was $182,100.
The inventory of homes for sale in April rose to 2.54 million, the highest level since last November, bringing the months’ supply of homes on the market to 6.6.
The 10.0 percent yearly gain in the sales rate was the strongest since October when sales were up 14.0 percent year-over-year.
Distressed homes – foreclosures and short sales sold at deep discounts – accounted for 28 percent of April sales (17 percent were foreclosures and 11 percent were short sales), down from 29 percent in March and 37 percent in April 2011, the NAR said. Foreclosures sold for an average discount of 21 percent below market value in April (compared with an average discount of 19 percent in March), while short sales were discounted 14 percent in April compared with 16 percent in March.
The months’ supply of existing homes for sale remains well below the July 2010 cyclical peak of 12.4 which had been the highest level since 1982. Inventories as tracked by the NAR are 20.3 percent below their year ago level. However, anecdotal evidence suggests there is still a large “shadow” inventory of homes available for sale, especially bank-owned properties.
Regionally, existing-home sales rose in April in every region of the country led by a 5.1 percent month-to-month increase in the Northeast where sales were up19.2 percent over April 2011. Sales rose 4.4 percent over March in the West (a 7.3 percent year-year gain), 3.5 percent in the South (6.5 percent year-year) and 1.0 percent in the Midwest (14.4 percent year over year).
The median price of an existing home rose month-to-month and year-to-year in all four regions. At $256,600, the median price of an existing home reached its highest level since August 2010. The median price of an existing home in the South rose to $153,400, the highest level since July 2010 and the median price of an existing home in the West rose to $221,700, also the highest since July 2010.
The year-to-year price gain in the West, 15.9 percent, was the strongest since November 2005. The year-to-year price increase in the Northeast was the first since last June.
The median price of an existing home climbed 10.1 percent to $177,400 from $161,100 in April 2011, the strongest year-to-year gain since January 2006. The median price in April reached its highest level since July 2010 when it was $182,100.
The inventory of homes for sale in April rose to 2.54 million, the highest level since last November, bringing the months’ supply of homes on the market to 6.6.
The 10.0 percent yearly gain in the sales rate was the strongest since October when sales were up 14.0 percent year-over-year.
Distressed homes – foreclosures and short sales sold at deep discounts – accounted for 28 percent of April sales (17 percent were foreclosures and 11 percent were short sales), down from 29 percent in March and 37 percent in April 2011, the NAR said. Foreclosures sold for an average discount of 21 percent below market value in April (compared with an average discount of 19 percent in March), while short sales were discounted 14 percent in April compared with 16 percent in March.
The months’ supply of existing homes for sale remains well below the July 2010 cyclical peak of 12.4 which had been the highest level since 1982. Inventories as tracked by the NAR are 20.3 percent below their year ago level. However, anecdotal evidence suggests there is still a large “shadow” inventory of homes available for sale, especially bank-owned properties.
Regionally, existing-home sales rose in April in every region of the country led by a 5.1 percent month-to-month increase in the Northeast where sales were up19.2 percent over April 2011. Sales rose 4.4 percent over March in the West (a 7.3 percent year-year gain), 3.5 percent in the South (6.5 percent year-year) and 1.0 percent in the Midwest (14.4 percent year over year).
The median price of an existing home rose month-to-month and year-to-year in all four regions. At $256,600, the median price of an existing home reached its highest level since August 2010. The median price of an existing home in the South rose to $153,400, the highest level since July 2010 and the median price of an existing home in the West rose to $221,700, also the highest since July 2010.
The year-to-year price gain in the West, 15.9 percent, was the strongest since November 2005. The year-to-year price increase in the Northeast was the first since last June.
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