LandVest Corporate Headquarters: Ten Post Office Square, Boston, MA 02109     Phone:(617) 723-1800
 
May
14
Brunswick, Maine – One of the Best Small Towns in America
By LandVest
 

Smithsonian Magazine Ranks Brunswick
as One of the “Best Small Towns in America”

Brunswick & Harpswell are neighboring towns in Cumberland County along the Casco Bay in the Gulf of Maine. Scenic and historic they also have a thriving arts and cultural scene inspired by their coastal charm.  Accolades for this area have been featured in the Wall Street Journal, Money Magazine, Where to Retire Magazine and MSN’s House & Home. Most recently, based on a search of cultural assets in towns with populations under 25,000, the Smithsonian Magazine recognized Brunswick, Maine as one of the best small towns in America.

LandVest, the recognized leader for Maine real estate, waterfront homes and estates throughout New England, offers three exceptional properties in Harpswell, just 8 miles from Brunswick:

Click here to read Smithsonian’s article about Brunswick.

For more information on Maine Real Estate for sale in the Portland, Maine and surrounding area contact William Davisson at wdavisson@landvest.com or click for William Davisson’s contact information.

PrintFriendly
 
May
12
It’s Spring, Time for a Tour of Vermont Farms for Sale
By LandVest
 

Spring is a lovely time to explore real estate for sale along the quiet roads of Vermont. Driving up from Connecticut or New York, the two closest farms we have for sale in the Upper Valley near Woodstock, Vermont, are “North Mowing” and “Stonebridge Farm“.

North Mowing combines Vermont vernacular with artistic style in its 230± private hilltop acres

North Mowing is located a short hop off I-91 in Springfield, Vermont. This is a soulful property – probably because it has been owned by many generations of artists. It has what you would expect in a great Vermont property – the long private drive, the huge hilltop location with mountain views, the perfectly restored classic farm buildings, guest house and refined interior finishes. What makes it really special is the artistic sensibility of the place, each view comes  from  a sophisticated  painterly  eye. The original farmstead  was a centerpiece of the distinguished Connecticut Valley artist community that included August Saint-Gaudens in the last 19th century.

Horace Brown, a well-regarded landscape artist and pillar of the Vermont State Senate, engaged Ellen Biddle Shipman, the designer of the Saint-Gaudens landscapes, to design a series of dry stone terraced gardens to connect the buildings with the landscape. This artistic community was very tuned into “sense of place” and Shipman integrated a classically-trained aesthetic into the Vermont vernacular farmstead. The current owners, themselves landscape design professionals, have combined the historic and timeless feel of the place.  With the outdoor terraces, open floor plans and plenty of sleeping quarters, North Mowing is warm and inviting for friends and family.

Stonebridge Farm is a peaceful country retreat minutes from Dartmouth College, theatre and restaurants

Just up I-91 in Norwich, Vermont, across the river from Dartmouth College and the lively community of Hanover, New Hampshire, is Stonebridge Farm. This is a more intimately scaled property, with a comfortable feel, but similarly clean-lined and carefully updated. Here the farmhouse and giant bank barn sit in a dell next to a swimming pond, with valley views across to the New Hampshire mountains. It is the perfect bucolic farm setting in a quiet rural neighborhood with shared trails through conserved land, minutes from Hanover, the theatre, restaurants and shops. It can be intimate for a couple or absorb a crowd of kids running rampant between the converted barn that serves as a pool and game house to the stone diving rock into the pond. If horses are part of the mix, the outdoor arena has the best views on the property, and the equestrian amenities, barn and turnouts are beautifully practical.

Check back with the LandVest blog, as we go to our next stops on the tour, farms for sale in Woodstock, Vermont

LandVestThis blog was brought to you by Jon Weber and Story Jenks of LandVest’s Woodstock, Vermont office, and by Ruth Kennedy Sudduth, Director of LandVest’s Residential Brokerage Division. For more information on wonderful Vermont real estate, equestrian properties, farms and Woodstock, Vermont homes for sale, please contact any one of us.

PrintFriendly
 
May
9
Thinking about Buying a Vacation Home? Wall Street Journal says “BUY NOW”
By LandVest
 

In "Vacation Homes Beckon" the Wall Street Journal suggests now is the time to purchase vacation homes such as The Grace Estate in Islesboro, Maine

There was an encouraging article in this weekend’s Wall Street Journal (“Vacation Homes Beckon”) about improving market conditions in specific high-end locations. The article suggests that buyers considering a purchase in the next five years would do well to buy now. In certain places, the vacation home market is showing a) signs that a bottom has already been reached; b) indications that things are picking up; and c) great opportunity for long-term investment. According to National Association of Realtors statistics, sales of vacation properties declined sharply (56%) from 2006 to 2010, but increased 7% in 2011. Still, prices remain soft, and in some markets, prices are clearly still dropping. The article cautions that there are sharp geographical divides, and even pronounced dichotomies within markets. The old adage “all real estate is local” is certainly true.

The WSJ writes, "...the swankiest towns—such as Chatham and Wellfleet—are making a comeback. " suggesting it's a good time to invest in this pre-construction luxury townhouse located in Chatham, MA.

We’re encouraged by the positive press, every bit of which helps stimulate buyers’ confidence, and by the statistics indicating that markets like southeastern Georgia and Cape Cod are making a comeback. Some of the specific factors fueling this recovery vary from region to region, but the one thing that rings true in all of them is that buyers are responding to prices that are too appealing to pass by. Among the markets that are “heating up” or “slowly strengthening,” prices have dropped an average of 30% off their peak, with some markets seeing drops as high as 50% and more. In markets where the “forecast is flat,” such as Scottsdale, Arizona, prices are 56% off their peak.

Click here for full article.

PrintFriendly
 
May
2
MA Real Estate News, Middlesex County: High-End Market Watch, First Quarter, 2012
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 farm land, and two highly-regarded boarding schools: Groton School and Lawrence Academy.

Active Listings and Sales, $2,000,000+, First Quarter, 2012

In Middlesex County, Massachusetts, in the first quarter  of 2012 the inventory of high-end listings grew slightly compared to last year at this time (136 vs. 130 listings in Q1 2011 and a peak of 174 in Q1 2006).  First quarter high-end sales contracted substantially to 15 sales compared to nearly record levels in 2011 (23 sales) and compared to the peak in 2005 (24 sales) and 2007 (23 sales). The first quarter of 2011 started off more strongly than 2010 and several record sales set an optimistic tone. Unfortunately, the middle of the year lagged and fell behind in the last quarter of 2011 with 77 sales for the year vs. 81 for 2010.

Highest and Average Sale, $2,000,000+, First Quarter, 2012

First quarter sale prices peaked in 2005 to 2007 at the $6,000,000 to $7,000,000 level and there was an exceptional $15,600,000 sales in the first quater of 2011. In 2012, the top first quarter sale was LandVest’s sale of the Great Meadows estate in Concord for $5,264,699. Average first quarter sales prices have been generally more stable in the range of $2,400,000 to $2,900,000 over the past 10 years. In the first quarter of 2012 the average sale price was $2,928,195.

Days on Market, Sales, $2,000,000+, First Quarter, 2012

Days on market for first quarter high-end sales have varied dramatically over the past 10 years. Average days on market for Q1 2012 were 144 vs. 197 in 2011, 139 in 2010, and 308 in 2009. The average days on market for the first quarter over the period 2000-2012 is 184. Despite the continued uncertainty in the market, special properties expertly presented and well priced are selling.

Sales by Town, $2,000,000+, First Quarter, 2012

Seven of the 54 cities and towns in Middlesex County Massachusetts had high-end sales in the first quarter of 2012. Weston was the leader with 6 sales followed by Cambridge(3), Concord (2), Lexington (1), Newton (1), Wayland (1),and Winchester (1). For first quarter sales over the period2000-2012, the leaders are Newton (50), Weston (48), Cambridge (36), Concord (18),and Lexington (15).

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.

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

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 is collected from Multiple Listing Services and does 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.

PrintFriendly
 
May
2
MA Real Estate News, Cape Cod: High-End Market Watch, First Quarter, 2012
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 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. 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.

Active Listings and Sales, $2,000,000+, First Quarter, 2012

On Cape Cod, Massachusetts, the first quarter 2012 inventory of high-end listings grew as expected to 224 compared to 191 at year end 2011, but not as high as the record level of 235 listings in the first quarter 2011.  First quarter high-end sales increased significantly to 13 from 6 in the first quarter of 2011. The peak for first quarter sales was 23 sales in 2008.  Year end 2011 sales were down 10% from 2010, with exceptionally slow second and third quarters. LandVest brokers are reporting strong activity in their high-end market across New England and we are hopeful that this strong first quarter on Cape Cod will be followed by a strongspring and summer. We have the sense that buyers, who have been largely on the fence, are starting to realize that we are approaching a turning point in the market.

Highest and Median Sale, $2,000,000+, First Quarter, 2012

In the first quarter of 2012 the top sale on Cape Cod was LandVest’s sale of Mill Farm in Yarmouth Port for $6,000,000. This sale is a good example of changing buyer perceptions. In this case the buyer had been watching the property for several years and finally decided that it was time to act. The median value for high-end sales in the first quarter of 2012 was $2.4 million, the lowest level since 2004.

Days on Market, Sales, $2,000,000+, First Quarter, 2012

Days on market for high-end properties sold during the first quarter of 2012 were reduced somewhat to 536 from the record level of 577 in the first quarter of 2011. For 2000-2010, the average days on market for sales in the first quarters of the year ranged from 99 to 342 days. Given the large inventory of listings, it is likely that average days on market will remain high.

Sales by Town, $2,000,000, First Quarter, 2012

For the past few years the high-end market on Cape Cod has broadened as the perennial top markets have been perceived as being too expensive and as buyers have bid up the prices of special properties in other towns. While the volume in the first quarter of 2012 is small, the geographic spread continues to be broad. Nine of the fifteen Cape Cod towns had high-end sales in the first quarter of 2012 including Barnstable (Barnstable and Cotuit) (2), Chatham (2), Harwich (Harwich Port and West Harwich) (2), Mashpee (New Seabury and Popponesset) (2), Pocasset (1), North Falmouth (1), East Orleans (1), Truro (1), and Yarmouth Port (1).

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.

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

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 is collected from Multiple Listing Services and does 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.
PrintFriendly
 
Apr
19
LandVest Tracks High-End Real Estate Sales with Publication of Second Annual Index
By LandVest
 

LandVest, an exclusively high-end focused real estate firm based in New England, affiliated with Christie’s International Real Estate, announces the second annual publication of the LandVest Index. The LandVest Index tracks high-end $2,000,000 plus real estate sales in Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, and the Adirondack region of New York. For 2011, high-end sales across LandVest’s territories were stable compared to last year (2% reduction, 588 vs 598 sales).

2011 marked a year of stabilization in the luxury real estate market in New England. Sales have recovered from the extremely weak levels of 2009, but remain well below the boom year of 2007. Compared to the peak of 840 sales in 2007, sales in 2011 were down 30%; however, they have recovered substantially from a bottom of 442 sales in 2009. More detailed market reports including long-term trends in listings, sales, and average and top sales prices, and days on market are being developed and are currently available for Cape Cod (see Cape Cod Market Perspective) and Middlesex County, Massachusetts (see Middlesex, MA Real Estate Market Report).

Stewart Young, LandVest’s Regional Manager for Cape Cod, also active in the western suburbs of Boston, compiles the LandVest Index. According to Young, “ The market is in a much better place. In 2011, the inventory of active listings started to contract leaving a ratio of sales to listings more typical of pre-bubble years and suggesting a more balanced market for 2012”.

Ruth Kennedy Sudduth, LandVest’s Managing Director of Residential Brokerage, observed that the numbers mask a tremendous change in tone for the positive over the last year. “Sellers and buyers have both become far more realistic. Sellers know that the market is back to levels of a decade ago and buyers are seeing that as a tremendous opportunity to pick up landmark properties at superb values.” She noted a second trend, of well-heeled purchasers using debt to finance their purchases. “With interest rates at historic lows, and growing interest in real assets, buyers are borrowing to finance real estate purchases in order to hedge against potential inflation in the future.”

LandVest, founded in 1968, and headquartered in Boston, Massachusetts, is a leading brokerage firm for luxury real estate across New England. The firm provides advisory, brokerage, and timberland services.  Exclusive affiliate of Christie’s International Real Estate, LandVest enjoys global reach through their affiliation with the global fine art auction house and their private network of high end real estate associates. Recent major transactions include:

PrintFriendly
 
Apr
17
LandVest Announces Two New Beacon Hill Properties in Boston
By LandVest
 

LandVest is Pleased to Announce Two New Properties in Boston’s Beacon Hill Neighborhood

The properties are located on two of the most sought after streets on Beacon Hill:
Mt. Vernon Street and Chestnut Street. A single family and a condominium, each ready for your cosmetic renovation and customization.

Sun-filled town house on Chestnut Street in Boston’s Beacon Hill
was built in 1829 by Cornelius Coolidge.

For more information, contact Terrence Maitland

____________________

Penthouse condominium on Mt. Vernon Street in Beacon Hill
has an abundance of natural light and panoramic city views.

For more information, contact Mary-Elisabeth Jones

____________________


PrintFriendly
 
Apr
9
Rare Maine Real Estate: Menikoe Point, Falmouth Foreside, Maine
By LandVest
 

Menikoe Point: LandVest Announces
a Rare Maine Oceanfront Compound

Menikoe Point - a majestic and private oceanfront estate with
panoramic views over Casco Bay and the Atlantic Ocean

Menikoe Point, circa 1870-1900, is a majestic oceanfront compound sited on 10.00± acres with 2,400± feet along Casco Bay and the Atlantic Ocean.  The historic residence presents a waterfront oasis in a park-like setting of mature trees, flowering shrubs and formal gardens.  A separate two-bedroom guest house, deepwater dock, float and mooring is on offer.  The early gardens of Margaret Payson’s “Heron House” were designed by cousin Ellen Louise Payson, with the guest house and refinements to the residence by Architect John Calvin Stevens.  The residence offers elegant light-filled living spaces for gracious entertainment, spectacular ocean views, and a private cloister surrounded by nature’s beauty.

Loggia entry to great lawn

Seaside terrace and gardens

•The coveted Menikoe Point neighborhood is minutes from the Portland Country Club, the Portland Yacht Club, the cultural, business and transportation amenities of Portland.

• Falmouth Foreside is serviced by the Portland International Jetport and Boston’s Logan International is 115 miles by auto and rail.

Falmouth Foreside, settled in the 1600s and incorporated in 1718, is among Maine’s oldest maritime communities.  The Foreside is a neighborhood of established waterfront estates on Casco Bay and the Atlantic Ocean, many dating from the 19th century.

Historic Portland supports a dynamic arts community, including the Portland Museum of Art, symphony, ballet, theatre and popular entertainment venues.  Fine dining, artisan bakeries and merchant offerings enhance the quality of life for the residents.

LandVest brokered the transition to the current owner/stewards 25 years ago.  The estate enjoys beautiful restoration and attention.

For further information, or to visit this property, please contact William Davisson in the LandVest Portland office at 207-228-0170 or at wdavisson@landvest.com.

PrintFriendly
 
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.

PrintFriendly
 
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.

PrintFriendly