LandVest Corporate Headquarters: Ten Post Office Square, Boston, MA 02109     Phone:(617) 723-1800
 
Mar
30
Woodstock Area Real Estate Follows New England’s Record Year
By LandVest
 

Woodstock Area Real Estate
Follows New England’s Record Year

LandVest led a pivotal year in 2011 for New England and Woodstock, Vermont sales. With the record sale of Indian Head in Northeast Harbor, ME priced at $15,500,000, the record sale of Bessboro Farm in Westport, NY priced at $5,680,000, and Round Pond in Chilmark, Martha’s Vineyard priced at $18,000,000, we are seeing signs of stabilization in the high end of the real estate market throughout the region, and prices are near the range seen in 2001-2002.

Beautifully finished brick Federal Cape with 3 bedrooms, attached garage and one-bedroom apartment

In the Woodstock market, a positive trend is developing and bench market sales between $2 and $4 million have established better footing for buyers and sellers. We are beginning to see expectations come into line with realistic pricing. The 2011 sale of Lull Brook Farm by Ruth Kennedy Sudduth and Story Jenks in Hartland offered at $3,950,000 was a record sale. LandVest continues to lead the market in New England and Vermont for sales over $3 million.

From 2008 to 2009 there was one sale over $2 million, and then in 2010 there were three sales:


These sellers put their properties on the market prior to the 2008 market meltdown at prices that reflected the highs of 05/06, and were slow to make adjustments to the current market conditions. The average discount from original list price to sale price was a whopping 26% and took an average of 3 years to sell. LandVest, along with a few high-end appraisers, felt that in late 2009 that the average discount from 05/06 was about 25% (higher in ski resorts and lower elsewhere).

Then in 2011 there were 4 sales with three above $3m:

Gracious Gentleman's Farm on 90± acres of handsomely landscaped property with two ponds and six-stall barn, indoor and outdoor arenas and split rail paddocks

Classic Vermont horse farm with c1800 chimney Cape and New England bank barn cited on 121 acres of rolling Vermont farmland overlooking the stream fed swimming pond

Craggle Ridge Farm, West Windsor, VT

Average discounts from original list to sale price (for non-distressed properties) decreased to 17%, and took an average of about 1 month to sell. There was an add-on sale in early 2012 to LandVest’s Reeves Road (Lull Brook Farm) sale for additional land, bringing the total sale price over $4 million.

Peak prices of 05/06 are still a ways off, and there is a fundamental paradigm shift in the buyer profile. Second homes buyers continue to dominate the high-end market, but the retiree buyer is being replaced with a younger buyer still in the midst of their career (mostly financial) looking for a country life with amenities similar to their primary residence. The age gap between buyers and sellers has widened, and the great recession has changed buyers’ priorities and expectation of value.

Buyers also continue to be cautious and reluctant to be the high bidder when there is no competition. The only way to make a compelling argument is to have a price that creates competition.  Relative value in the greater regional market (Vermont-New Hampshire-Western MA) is the key, not relative value to what they can buy in Long Island, Greenwich or Dallas.   Success requires clear-eyed realism with superior preparation and presentation.

View from High Meadow, Uphill Farm offers utmost privacy yet is within 3 miles of Woodstock village

There is room for more growth and the $2m to $4m is lacking good inventory particularly in the gentlemen’s farm category with 100 acres or more. LandVest also sees a gap in inventory for the $4m to $8m based on the quality buyers that have come through Uphill Farm in the last year, and historic sales in this price range. Other than the Lull Brook sale, there has not been a sale over $4m since 2009 (see chart below).

For more information on Vermont and Woodstock real estate, please contact Story Jenks. Click here to see Woodstock area Real Estate.

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Mar
26
Landowners Meet Financial Objectives through LandVest Orchestrated Conservation Sales
By LandVest
 

LandVest Orchestrates Conservation Sales To Help Clients Reach Their Financial Objectives

With today’s market for land still weak, landowners who have significant forest or farm land as a part of their primary or second homes may find it difficult to sell their property and recover their investment. Selling development rights on undeveloped forest or farmland through public and/or private conservation groups allows owners to combine that income with the fee sale of the restricted property to reach their financial goals.

Clients’ lands are typically acquired as a part of an inheritance or purchase or assembled over time to ensure privacy and/or protect the views. One effective strategy is to do a baseline feasibility assessment to determine if there are ecological assets of local, regional or more widespread significance on the land, such as unique habitats, part of a targeted effort by conservation organizations to protect water quality, wildlife corridors or unique habitat, prime forest or farm land soils, or recreational trails. Once identified and evaluated for the particular property, LandVest develops the appropriate partnerships with non-profit conservation groups and both public and private sources of funding to purchase either a conservation easement or the fee interest in the property. In this manner, the combination of income and/or significant donation values brought in by these conservation sales can allow the client’s property to be re-priced in the market at a lower price point, making it more attractive – and, indeed, more sellable – to a larger group of potential buyers .

A recent example of this process is Baldwin Hill Farm in Egremont, MA, which has been on the market for nearly 18 months at an asking price of $5.9 million. Baldwin Hill Farm is located at the peak of one of the most spectacular views in the southern Berkshires, and is identified as a conservation priority in the region. With LandVest’s assistance, the third generation owners of the 267 acre farm will sell a permanent Agricultural Preservation Restriction (APR) over 179 acres of prime farmland on the property in the spring of 2012. As a result the price for the 267 acre property, now encumbered by the APR on 179 acres but including the Main house B&B and barns on an unrestricted 11 acre parcel, 81 acres of unrestricted land along Marsh Pond, , and a 3000 sqft contemporary three-bedroom home has been lowered to $2.9 million. Instead of the sellers waiting longer for a single buyer to purchase the property at full price, the development rights have been monetized and the property has been protected in perpetuity. This, in turn, allows the asking price for the entire property to be reduced to a point that makes it much more marketable to a broader pool of buyers. Interest in the property has significantly increased as a result of the price revision with two parties now considering making offers.

LandVest Real Estate Consulting works with landowners, both public and private, assisting in the analysis development of land use plans to support landowners financial as well and their conservation goals. Recent examples of this work can be found on the LandVest website. For more information or to discuss the meeting in greater detail contact David Rosen at drosen@landvest.com or Keith Ross at kross@landvest.com.

Click for more information regarding LandVest’s Conservation and Real Estate Consulting Services.

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Mar
21
Middlesex County, MA Real Estate News: High-End Market Watch, Year End, 2000-2011
By LandVest
 

Middlesex County, Massachusetts is the most populous county in New England and is located west and northwest of Boston. It contains some of the wealthier towns in Massachusetts and was recently ranked 10th in the country in terms of the number of millionaires. It includes urban, suburban and rural areas reaching from urban Cambridge, home to Harvard University and the Massachusetts Institute of Technology, to the New Hampshire border.  Within Route 95/128, towns with high-end real estate include Belmont with its attractive historic Belmont Hill section; Lexington of Revolutionary War fame; Newton, particularly the Chestnut Hill area and home to Boston College; and Winchester with wonderful vistas across the Mystic Lakes.  Between Route 95/128 and Route 495, along the Route 2 and Route 20 corridors, Carlisle, Concord, Lincoln, Sudbury, Wayland and Weston are small historic towns that have maintained a sense of their rural past. Sherborn is an anomaly linked more to the neighboring equestrian towns of Dover and Medfield in Norfolk County.  Outside Route 495, Groton is notable for its early 19th century architecture, substantial farmland, and two highly-regarded boarding schools: Groton School and Lawrence Academy.

Active Listings and Sales, $2,000,000+, Year End , 2000-2011

In Middlesex County, Massachusetts, in the fourth quarter of 2011 the inventory of high-end listings shrank to the lowest levels since 2004. At the end of 2011 there were 87 listings compared to 114 at the end of 2010 and 154 at the end of the third quarter of 2011. The record for year-end inventory was 133 listings in 2005. While it is customary to see a reduction in the number of listings in the winter months, we believe that the cause of this exceptional decrease is price changes resulting in properties dropping below our high-end definition of $2,000,000. In 2011 there were 77 sales, down slightly from 2010 and 39% below the peak in 2007. The number of high-end sales peaked in 2006 (121 sales) and 2007 (126 sales). The past four years have seen considerably less activity: 98 sales in 2008, 60 sales in 2009, and 81 sales in 2010. The first quarter of 2011 was hot following on strong performance in the last quarter of 2010 with 23 sales compared to 14 in 2010. The second and third quarters were relatively strong and ahead of 2010 but ran out of steam in the fourth quarter. Towns with high-end sales in 2011 were Belmont, Cambridge, Concord, Lexington, Lincoln, Newton, Sherborn, Sudbury, Weston, and Winchester.

Highest And Average Sale, $2,000,000+, Year End, 2000-2011

In 2011, the top sale in Middlesex County was a record $15,600,000 in Weston followed by another nearly record sale of $8,350,000 also in Weston. The two highest sales in the past twelve years were $13,301,027 in Chestnut Hill in 2006 and $10,000,000 in Weston (excluding private sales). Average year-end sale prices have been generally stable in the range of $2,600,000 to $2,900,000 over the past twelve years. Of the 77 high-end sales in 2011, 56 or 76% were between $2,000,000 and $3,000,000 and the average sale price was $2,871,886. Only 5% of high-end sales are above $4,000,000.

Days On Market, Sales, $2,000,000+, Year End, 2000-2011

Days on market for high-end sales improved during 2011. Average days on market were 197 at the first and second quarters, 183 at the third quarter, and 176 at year end. In comparison, year end days on market were 187 in 2009 and 236 in 2009.  LandVest’smarkets are experiencing palpable improvements in volume and significant record sales. As always special properties expertly presented reaching out to a broad market with a strong value proposition are well received by the market.  Sales By Town, $2,000,000+, Year End, 2000-2011.

Sales by Town, $2,000,000+, Year End, 2000-2011

Ten of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in 2010. Over the period 2000-2011, Weston is the leader with 262 sales followed by Newton (246), Cambridge (180), and Concord (121). On a population-adjusted basis, Weston is also the leader by a 3-fold margin followed by Concord and Lincoln.

Click for more information about Middlesex County Real Estate for sale.

This post was brought to you by Stewart Young (syoung@landvest.com). Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront summer estate on Stage Harbor in Chatham, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on Cape Cod, and the Metro West area of Boston. View Stewart’s current Real Estate listings.

The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.

For additional information about LandVest’s real estate consulting, appraisal and brokerage services, please contact Ruth Kennedy Sudduth.

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Mar
21
Cape Cod MA Real Estate News: High-End Market Watch, Year End, 2000-2011
By LandVest
 

Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It features miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. Outdoor activities include world class yachting, coastal and deep-sea fishing, numerous public and private golf courses, and a wide variety of other informal summer sports. The Cape is just 75 miles from international air service at Logan Airport in Boston, Massachusetts and T.F. Green Airport in Providence, Rhode Island. Executive jet services are available at the Hyannis airport and there are several other smaller airports.

Cape Cod is divided into four regions: Upper Cape, Mid Cape, Lower Cape, and Outer Cape, each including several towns and villages and each with their own unique charms. Upper Cape towns include Bourne, Sandwich, Falmouth, and Mashpee. Mid Cape towns include Barnstable, Dennis, and Yarmouth. Lower Cape towns include Harwich, Brewster, Chatham, and Orleans. Outer Cape towns include Eastham, Wellfleet, Truro, and Provincetown.

For additional information on Cape Cod, check out: http://www.capecodonline.com

Active Listings and Sales, $2,000,000+, Year End, 2000-2011

On Cape Cod, Massachusetts, the inventory of high-end listings shrank 30% from a record high of 271 listings at the end of June to 191 listings at the end of 2011. Typically the listing inventory grows through the first three quarters and then declines in the fourth quarter as sales are closed and properties are taken off the market. This unusually strong contraction is likely a combination of properties being repriced below our high-end cut-off of $2,000,000 as well as sellers taking properties off the market. High-end sales lagged throughout 2011 compared to 2010, which had shown significant improvement compared to 2009. At year end 2011 there were 50 sales compared to 55 at year end 2010 and 41 sales in 2009, the lowest since 2002. The peak level of sales at year end was 88 in 2007.

Overall, the Cape Cod market continues to underperform compared to the peak years of the real estate bubble, but better than performance before 2003. Anecdotal information from leading Cape Cod brokers and LandVest’s own recent experience suggests that there was a modest, but noticeable increase in buyer inquiries during the fourth quarter of 2010. Across New England LandVest brokers continued to report an upsurge in activity in our markets and sporadic signature sales throughout the fall and winter. The bad news is sales are down compared to recent highs. The good news is that sales are as good or better than longer term historical trends and bloated inventories seem to be settling out.

Highest and Median Sale, $2,000,000+, Year End, 2000-2011

In 2011 the very high-end on Cape Cod came alive with twelve sales above $5 million. The top sale was $11.6 million for an 11,500 square foot residence with waterfront in the Seapuit neighborhood of Osterville, approaching the all-time record of $12,500,000. There were two additional top sales in Osterville in 2011: 120 North Bay Road for $6,200,000 and 395 Eel River Road for $6,500,000. In Chatham, 74 Sears Point Road sold for $6,500,000.

The median value for high-end sales in 2011 was $2.8 million, about on par with median sale prices over the past decade. The high-end market on Cape Cod is predominately in the $2-$3 million range. During 2011, there were 50 sales above $2.0 million. Of these sales 29 of 50 (58%) were between $2 and $3 million and 39 of 50 (78%) were below $4 million. There were 5 sales above $6,000,000.

Days on Market, Sales, $2,000,000+, Year End, 2000-2011

Days on market for high-end properties sold during 2011 increased slightly to a record level of 473 days compared to 461 days in 2010. For 2000-2010, the average days on market ranged from 90 to 461 days, generally increasing over time with a significant jump in 2010. Hopefully the decreasing inventory and stable or growing demand will result in improving turnover in 2012.

Sales by Town, $2,000,000+, Year End, 2000-2011

Starting around 2002 the high-end market on Cape Cod broadened as the perennial top markets were perceived as being too expensive and as buyers bid up the prices of special properties in other towns. By 2006, 13 of the 15 towns on Cape Cod were recording sales above $2 million. In 2010 and the first half of 2011, however, there was a substantial contraction in the market with only 5 towns recording high-end sales. In the second half of 2011, the market broadened again with an additional 8 towns recording single high-end sales. Cape Cod towns with high-end sales in 2011 include Chatham (17 sales and the leader for the second time, last in 2009), Barnstable (14, all Osterville except Marstons Mills, 1), Orleans (5), Falmouth (3), Dennis (2), Harwich Port (2), Bourne (1), Brewster (1), Eastham (1), Mashpee (1), Provincetown (1), Sandwich (1), and Truro (1).

Calves Pasture Waterfront in Barnstable, MA is currently for sale

Cohasset Waterfront Estate in Cohasset, MA is currently for sale

Fairview Waterfront Compound in Woods Hole, MA is currently for sale

Viking Point in Orleans, MA is currrently for sale

Wychmere Waterfront Estate in Harwich Port, MA is currently for sale

 

View Cape Cod Area Select Sales.

To view available real estate on Cape Cod visit www.landvest.com or click Cape Cod Real Estate for Sale.

For information about buying or selling real estate on Cape Cod, please contact Stewart Young at syoung@landvest.com or 617-357-8930

For additional information about LandVest’s real estate consulting, appraisal, and brokerage services, please contact: Ruth Kennedy Sudduth.

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Mar
20
LandVest 2012 North Shore Inland Sales Increase
By LandVest
 

LandVest 2012 Pending Sales Set Strong Positive Tone for North Shore Equestrian Real Estate

North Shore of Boston sees significant large acreage, farms, and equestrian property sales and pending sales in 2012. Five significant equestrian properties have recently sold or are under agreement with list prices totaling over $15,000,000.

Of these, the most significant property is the LandVest listing of the 188± acre Meredith Farm in Topsfield with an asking price of $6,900,000. The estate, a 9.000± square foot mansion with barns, riding ring, farm house, 50± acres of open fields and paddocks, and building lot is under agreement. Also in Topsfield, Copper Beech Farm, an 80± acre classic horse farm listed by LandVest for $2,950,000 is due to close this month.

In Hamilton, three properties are under agreement or have sold this year and they include two horse farms off Highland Avenue. The first is an unlisted property on 20± acres which was sourced for a LandVest buyer; the property was offered at $3,000,000 and is due to close at the end of March. The other, an 11± acre estate with a 7,000± square foot main house, 8-stall stable and grooms quarters, sand ring, and paddocks sold for $2,950,000 on March 1, 2012. The third equestrian estate, located off Bay Road in Hamilton, is a c1936 brick, colonial on 20± acres, currently under agreement and listed at $1,895,000.

The LandVest listing of Aquila Farm off Bay Road, Hamilton is available with its 8,000± square foot main house, guest house, several barns with a total of 19 stalls, many acres of paddocks and pastures, pool, formal gardens, greenhouses, and ponds. The property is located on the Essex County Trail system and offers subdivision potential, currently listed at $4,950,000.

617 Highland Avenue in Hamilton is situated on 4 acres and features a renovated 6,000+ square foot Colonial with tennis/basketball court, gunite pool, bluestone patio, & pool cabana. The home features 9′ ceilings on the main floor, a gourmet kitchen, master with fireplace & his/her dressing rooms & new master bath. The lower level offers theatre, game room, exercise room, half bath & audio throughout. Direct access to Essex County Trail system.

Buyers continue to focus on unique high-end property holdings in premiere locations as pricing and interest rates remain attractive.

For more information on these properties or other Boston North Shore real estate, contact Lanse Robb or visit the Lanse Robb website .

Click here to view more North Shore Real Estate for Sale.

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Mar
14
Maine Waterfront Real Estate Values Are On The Rise
By LandVest
 

Maine Waterfront Real Estate – Wall Street Experts Barron’s
and Grant’s Interest Rate Observer Agree It’s Time to Buy

Barron’s and Jim Grant have both called named coastal Maine Waterfront Real estate a top real estate opportunity.  With the recession in real estate bottoming out, and transactions coming through at levels reflective of 2001, experts agree that Maine real estate offers values not seen for a decade or more.

The recent Barron’s article  “20 Best Places For Second Homes“, stated that the “luxury second-home market is now firming up again” and with a rapidly closing window for bargains.  Grant’s Interest Rate Observer featured Maine as a great opportunity for buyers of choice vacation homes, “In Wall Street argot, Maine would be considered the Pink Sheets market.”  Indeed, like the OTC equity market, Maine offers opportunities for astute investors.  What puts Maine waterfront real estate at the top of the list?  Value and Quality of life.

Barron’s recommends Castine, Maine as a Top 20 Second Home location along with such glittering locales as Aspen, Scottsdale, Jackson Hole and Pebble Beach.  Why the focus on quiet, historic Castine?  Barrons calls Castine “a low-key Yankee playground of celebrated writers, rich with undiscovered gems”.

Three such gems offered by LandVest are Coverly Farm – a classic Maine Saltwater farm with sweeping lawns down to the water, a breezy and open main house, additional guest cottage and lovely gardens.

Main residence of Coverly Farm in Castine ME sits on 40± private acres overlooking fields and stone walls

Nautilus Island has all the magic of a private island, a beautifully restored century old seaside estate, pool, terraces, boathouse, tennis court, vineyard, pine woods, rocky shores and two guest houses.

Aerial view of Nautilus Island in Brooksville, ME

The Morey-Pierce House, an historic, architectural landmark at the entrance to Castine Harbor, is an exquisitely renovated Victorian residence with spectacular views of the water and islands of Penobscot Bay.

Morey-Pierce House - covered entrance porch overlooking Castine

Castine’s particular charm derives from its location at the end of a peninsula projecting into beautiful Penobscot Bay.  One of the oldest settlements in North America, Castine has been continuously occupied since the early 1600’s.  Situated on an island-like peninsula on the eastern shore of Penobscot Bay, the village’s strategic location has been the site of trading posts, missions, military forts and permanent settlements of England, Holland, France and colonial America.  By the end of the 19th century, the town was again rediscovered with the arrival of steamships filled with summer tourists, or “rusticators ” to the locals.  Ample, shingled summer “cottages” sprung up along the shore complementing the stately Georgian and Federal homes that line Castine’s streets.  With the establishment of the Maine Maritime Academy in 1942, the town became a vibrant year-round community.  Today, shops, galleries and restaurants enliven the village.  The Castine Golf Club and the Castine Yacht Club welcome summer residents and visitors to this picturesque destination.  Described in Barron’s as “a step out of time” Castine continues its connection to the ocean as a way of life.

An active cultural life combined with natural beauty has long attracted writers and artists, Barron’s notes that “The late novelist Mary McCarthy and her career-diplomat husband once mixed in town with Washington insiders, literati and showbiz sorts. Today a similar set includes Sex and the City writer and producer, Jenny Bicks.”

Artfully restored and expanded, this historic landmark enjoys spectacular Penobscot Bay views

Sited on ~2.6 acres of beautiful grounds with 324' of waterfront, 2 decks and deep water mooring.

Barron’s featured LandVest’s listing, the Morey-Pierce House , a proud 19th century landmark at the harbor entrance  offered by John Saint-Amour and Terry Sortwell.

For more information about buying or selling distinctive real estate in Coastal Maine, contact one of our Maine Real Estate Brokers.

Camden, Maine Area Real Estate Broker

Portland, Maine Area Real Estate Broker

Northeast Harbor, Area Real Estate Broker

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