Sep
2
The Sporting Life and Brookline Real Estate
By LandVest
 

LandVest This blog entry is brought to you by Terrence Maitland (tmaitland@landvest.com) who has been assisting buyers and sellers of Brookline, MA Real Estate for over 20 years.  Terry has found homes for buyers that were not yet for sale, and has achieved a portfolio of record sales in Brookline and Boston environs.

For the Sports Minded, Brookline Real Estate Offers a lot More than Good Schools and an Easy Commute.  

The Town of Brookline, Massachusetts, is well known as the location of The Country Club, the celebrated golf course that has been the scene of many a dramatic golfing event since its founding in 1893.  Even the absence of a proper name for the club carries a certain royal air; it is after all The Country Club, suggesting, perhaps with a certain royal haughtiness, that there are no rivals for its claim to golfing fame.  In 1913 a 20-year-old former club caddie named Francis Ouimet stunned the world of golf by winning the U.S Open in a dramatic playoff against two seasoned players.  The Ouimet victory stirred the American imagination and sparked a phenomenal growth in the game and in the construction of courses.  More recently The Country Club was host for the 1988 U.S. Open and the Ryder Cup, contested in 1999, that featured an electrifying deciding match between the teams from the United States and Europe. 

But The Country Club is not Brookline’s only claim to sporting fame.  It so happens that Brookline is home to sporting royalty, as many of the executives who own or operate the region’s professional franchises have chosen to make Brookline their home.  Among the baseball executives who have chosen a short commute to Fenway Park are principal Red Sox owner John Henry, Red Sox President Larry Lucchino and General Manager Theo Epstein.  Epstein didn’t have far to move when he bought a house in Brookline about a mile from Fenway Park.   Other team owners who call Brookline home include Robert Kraft, owner of the New England Patriots, who has hosted some elaborate ring-distribution parties at his Chestnut Hill estate following the team’s three Super Bowl victories.  Patriots President Jonathan Kraft lives a few blocks away, also in the Chestnut Hill section of Brookline.

For those who would aspire to the sporting life but aren’t about to buy a team or play a professional sport, LandVest has several real estate offerings with sporting opportunities for the new owners. 

Brookline Real Estate for Sale

Classic Brookline Estate, 333 Lee Street in Brookline

A magnificent listing, Classic Brookline Estate,  currently for sale at 333 Lee Street, Brookline, includes a phenomenal indoor pool and exercise complex that is accessible above-ground or via an underground gallery.  The pool is regulation size (with 75-foot lanes) that is ideal for exercise, and training for swimming or triathlons.  The adjacent exercise room offers a host of equipment, and the complex has a steam room and sauna for use after exercise.  A house that LandVest recently sold in the Fisher Hill section of Brookline also boasted an elaborate sports complex with an indoor swimming pool and an indoor basketball court, not to mention an outdoor basketball court.  For those who wouldn’t mind a project, LandVest has a current listing The Hood Estate, at 395 Warren Street, Brookline, that includes an indoor badminton court that, frankly, doesn’t get a lot of use these days.  But it’s an imposing building, one that might be adapted as in indoor sports court or gymnasium.

The Hood Estate, 395 Warren Street in Brookline includes an indoor badminton court which may be adaptable to other indoor court sports or gymnasium

In fact the indoor sports court is shaping up as one of the next “must-have” amenities on some of the larger estates.  LandVest is aware of one such complex under construction at a private residence in Brookline at this moment, and it will boast a pool, exercise area and basketball court.  Another buyer is searching for a parcel of land in order to build a house and sports court that is already designed by a top architect.   So the sports court is coming soon to the estate area, giving the owners an opportunity at the sporting life.

For More information on Brookline Real Estate contact Terry Maitland tmaitland@landvest.com or visit Brookline Real Estate for Sale

For more information on Terry Maitland visit: Terrence Maitland’s Bio Page

 
Aug
31
Top Towns to View Fall Foliage & LandVest’s Accompanying Real Estate Picks
By LandVest
 
Walpole, New Hampshire, Rated #11 for Fall Foliage

Walpole, New Hampshire, Rated #11 for Fall Foliage (Rice Mountain view)

In preparation for the fall season, Yankee Magazine named the top 25 towns in the Northeast for viewing fall foliage.  Tourism professionals and Yankee Magazine journalists nominated the towns for consideration and then rated each of them according to scenery, vistas, scenic drives, color intensity, orchards, parks, tourism amenities, along with shops, hotels, and restaurants.  The Northeast is a desirable place to own real estate, whether it be a primary residence or vacation home.  The foliage is a desirable attribute of the area and is not to be missed.

(more…)

 
Jul
30
Wings Neck, Cape Cod Real Estate For Sale –Public Open House at 169 South Road, Pocasset / Bourne, MA
By LandVest
 

Seldom are there properties available on the oft-sought and highly desirable area of Wings Neck,  the quintessential Cape Cod summer community in Pocasset, MA.   This particularly rare offering of an original large waterfront “Cottage” within the Wings Neck Trust, consists of 5.06± acres and 366± feet of waterfront on Buzzard’s Bay.

Cape Cod Real Estate for Sale

Wings Neck Waterfront For Sale

The turn-of-the-century Shingle-style residence has spacious common rooms with handsome architectural details and spectacular southerly water views. There is 9,326± square feet of living space with 12 bedrooms (nine with expansive water views) as well as a two-story carriage house.

Located within the Wings Neck Trust area of Pocasset on Cape Cod, MA

Trust amenities include two association beaches, association tennis and dock, sailing club, and extensive conservation land.  Interested real estate buyers are invited to attend the

Open House 12:00 – 3:00 on Sunday, August, 1st, 2010

or by appointment by contacting:

Stewart Young
617-357-8930 or emailing syoung@landvest.com

Wings Neck is a 400-acre peninsula, (view Google map) which extends into Buzzards Bay at the western entrance to the Cape Cod Canal. A section of Wings Neck is privately held by the Wings Neck Trust and only accessible to Wings Neck Trust Members.  The Wings Neck Trust was formed in 1902 as a means for  acquiring approximately 350 acres of land on Wings Neck.  Most of the land was later sold to individual homeowners, and approximately 70 acres were retained by the Trust in “Conservation Restriction.”  The Trust later added amenities such as tennis courts and a sailing club as a perk to those who belong to the Wings Neck Trust Association.  Also on Wings Neck is the Wing’s Neck Light Cape-Cod style lighthouse which was built in 1849.

The Wings Neck Waterfront property is approximately 60 miles from Boston, and 240 miles from New York.

To view more information on currently available Wings Neck Real Estate for sale visit: LandVest Wings Neck Real Estate for Sale

Wings Neck Real Estate for Sale: Wings Neck Waterfront, 169 South Road, Pocasset, Cape Cod, MA

Waterfront Real Estate on Wings Neck in Pocasset on Cape Cod

Wings Neck Waterfront Cape Cod, MA

Or

Wings Neck Real Estate for Sale: Wings Neck Contemporary, Pocasset, MA

Wings Neck Contemporary, Pocasset on Cape Cod, MA

View additional Cape Cod, MA Real Estate listings

View Waterfront Real Estate in Massachusetts

If you are interested in learning more about waterfront real estate on Cape Cod, or are interested in buying or selling properties on Cape Cod, contact LandVest Real Estate Broker, Stewart Young syoung@landvest.com

 
Jul
29
Camp Trevallyn, a classic Adirondack Great Camp located in Paul Smiths NY featured in The New York Times
By LandVest
 

Camp Trevallyn, located in the Adirondacks in Paul Smiths, New York and currently for sale, was featured in Today’s New York Times in the Luxury Waterfront Real Estate section.

Adirondack Great Camp on Upper St. Regis Lake for sale

Classic Adirondack Great Camp on Upper St. Regis Lake for Sale

Camp Trevallyn, located in the upper St. Regis area of the Adirondacks is a quintessential Adirondack Great Camp, and is now being offered for sale for the first time since the 1920′s.   This exceptional real estate offering, consists of over 11 acres of varied terrain in a very private setting with 2,500 feet of shoreline on Upper Saint Regis Lake. The camp (with 2 fully functioning camps,  is surrounded by towering mature White and Red Pine trees with walkways connecting the buildings, boathouses, tennis court and guest dock. The property enjoys southern exposure and distant mountain views.  While modern ammenities have been added, what made this area attractive to New York and Boston socialites of the late 1800′s and early 1900′s survives today.  Pristine beatuy, traditional outdoor recreation; water sports, boating, fishing, hiking, tennis and skiing.  A perfect family retreat or corporate get-away.

One of many tranquil gathering areas within a classic Adirondack setting

The camp was built by a man named Barney in the early 1900’s and has been held in one continuous ownership since John B. Trevor bought the property in 1930 from the well-known Adirondack builder, Ben Muncil. In rebuilding the camp, Mr. Trevor used local architects Feustman and later, Frank J. Forster, who was responsible for the way the camp looks today.

Camp Trevallyn Boat House on Upper St. Regis Lake in the Adirondacks

Camp Trevallyn is located in Paul Smiths, NY on Upper Saint Regis Lake.  The lake  is located in the famous “Tri Lakes Area” of the Adirondack Mountains in the town of Brighton near the Village of Paul Smiths. (see Google map) Surrounded by Adirondack forever-wild wilderness, Upper Saint Regis Lake, along with Lower St. Regis and Spitfire Lakes, became famous in the late 19thcentury as a summer playground and retreat. These lakes are the site of many grand old summer “cottages” and Great Camps, including Marjorie Merriweather Post’s Camp Topridge. The lake is part of the original ‘seven carries’ canoe route from Paul Smith’s Hotel to the Saranac Inn. It is also the original home of “Idem-class” racing sailboats, originally built in 1900, the oldest class of actively racing one-design boats.

Camp Trevallyn Adirondack Great Camp

Camp Trevallyn Adirondack Great Camp is one of the areas oldest surviving great camps

Camp Trevallyn is accessible via Heron Lane (#18) off of Route 30 (4.5 miles from the Lake Clear Junction) as well as by water from the private dock at Upper Saint Regis communal private docks. The property is within 10 miles of the Lake Clear airport / Adirondack Regional Airport.

For more information on Camp Trevallyn, contact Vinny McClelland by phone,  518-576-2297 or via email: vmcclelland@landvest.com

For additional Adirondack properties such as Hamilton Lake or Camp Pot Luck, or Adirondack family compounds, Adirondack Great Camps, Adirondack corporate retreats, for sale click link: Adirondack real estate for sale

For additional extraordinary real estate located in the most desirable areas of New England visit www.landvest.com

 
Jul
20
Seapuit, The Transformation of the Second Oldest Golf Links In The US Into Some Of Cape Cod’s Best Real Estate
By LandVest
 

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 the Metro West area of Boston and Cape Cod.

Seapuit Club in Osterville has become the site of some of Cape Cod's best real estate

Seapuit Club is now the site of some of Cape Cod's best real estate

The Seapuit Club, located in Osterville, Massachusetts, on Cape Cod operated from 1896 to 1942 and is reputed to have been the second oldest golf links in the United States. The property consisted of about 1,000 acres in Osterville and Marstons Mills. The golf course was 3001 yards long with 9 holes rated as a par 36. In 1926 the daily greens fee was $1.50, raised to $2.50 on the weekends. A seasonal membership cost $35.

1926 Seapuit Golf Membership Rates

The Seapuit Club Inn provided lodging and fine dining from 1898 to 1925. The Golf Club House at the ninth green provided registration and men’s and women’s lockers and at the third green Bernard Hinckley operated an oyster bar that also served martinis, maybe even during prohibition.

The "Head House" located on the 9th Green

Supporting operations included Seapuit Bay Farm that housed horses, cows, and chickens. There were several cranberry bogs that were harvested into the 1950s. The Seapuit Nursery operated as a commercial nursery up to 1985.

The transformation of Seapuit occurred in the early 1970s when the Davis family engaged LandVest to develop a master plan for residential development of the property. The plan was not a conventional subdivision. Careful inventories of the landscape were followed by the identification of key sites that would feature the bogs, marshes, woods, fields, and especially the water and inland vistas that made the property so unique. LandVest’s marketing campaign was also carefully planned and orchestrated with a slow release to the market over several decades. In the end, by 1990, about 50 lots were sold leaving extensive land in conservation.

Today Seapuit maintains a special sense of place. One of the most special properties in the neighborhood is located at 250 Smoke Valley Road in Osterville, MA and is listed by Stewart Young of LandVest is now under agreement.  This waterfront retreat offers complete privacy, a pastoral setting with views toward Prince Cove and conservation land, and a deep-water dock with three floats. The Cape Cod-style residence provides three bedrooms and there is also an exceptional waterfront boathouse with one bedroom and a waterside deck.

Ostervile Waterfront Retreat - Former site of Seapuit Golf Club

For additional information on the Seapuit Club, click the link to a recent article in Cape Cod Life:

Remembering Osterville’s Seapuit Golf Club

For more information on Cape Cod Real Estate contact Stewart Young via email syoung@landvest.com

To view exceptional Cape Cod Real Estate for Sale, visit LandVest.com or click Cape Cod Real Estate

 
Jul
3
Lanse Robb of LandVest – North Shore, MA Brokers Record $9.2 Million Sale
By LandVest
 
Record Real Estate Sale (Highest Residential Real Estate Sale in 2010 in MA)  Marks a Recent Run of High End Activity on Boston MA’s North Shore.
The Wyck Estate in Manchester, MA

LandVest Real Estate Broker Lanse Robb, brokers sale of the Wyck Estate, in Manchester-by-the-Sea, MA

The highest residential real estate transaction in Massachusetts in 2010 was brokered by LandVest – North Shore, MA Real Estate Broker Lanse Robb, with the recent sale of the magnificent Wyck Estate, a 7.8-acre oceanfront estate located in Manchester-by-the-Sea, MA for $9.2 million.  The carriage house of the Wyck estate was sold separately by Robb earlier this spring for $2.225 million, making the combined sale for the entire property $11.450 million.  According to MLSPIN.com, there has been only one other sale above the $5 million mark in Massachusetts this year which took place in Barnstable.

The Wyck Estate is the centerpiece in a series of high-end real estate sales brokered by Lanse Robb, including 357 Hale Street in Beverly, MA and 35 Proctor Street in Manchester-by-the-Sea.  In all three sales the buyers were procured directly by Robb.   Recently dubbed “the Rolls Royce” of North Shore Brokers by North Shore Magazine,

Lanse Robb featured in North Shore Magazine

The Real Deal - Lanse Robb featured in North Shore Magazine

Robb already has surpassed the $25.08 million mark in sales of high-end properties in 2010, with an average sale price of $3.5 million.  Included in those transactions are the highest residential real estate sales in Manchester-by-the-Sea, Beverly, and Hamilton Massachusetts.

Boston’s North Shore has long been a desireable location for those intersested in buying exceptional waterfront real estate, and equestrian properties and many of its town’s make Boston Magazine’s Best Place To Live list.  Manchester-by-the-Sea where the Wyck Estate is located was voted as the Gold Standard.   “The North Shore of Boston boasts an amazing concentration of extraordinary properties, and the Wyck Estate has long been considered the jewel in the crown,”  said Robb.  It was recently chosen by the Week Magazine as one of the best properties on the market with a slate roof, and has been written up by the Wall Street Journal and Robb Report as an extraordinary property.      “Despite the economic malaise, we have achieved a series of high-end sales, setting town, county and state records.  Wise sellers understand that the inflated prices of the market’s height are behind us, yet they can still count on us to sell their properties at prices that are setting records in today’s marketplace.  In our current climate, high-end buyers are looking for spectacular homes that offer value and investment.  It is a measured marketplace, one where value trumps pure luxury.”
The Wyck Estate, a replica French Chateau located on Manchester’s desirable Smith’s Point, was built circa 1900 using the finest imported materials and craftsmanship.  The home’s exterior consists of Tapestry brick imported from France and carved Indiana limestone; twenty-eight stone carvers were brought to the site to ensure absolute authenticity.  The opulently detailed interior includes a formal entranceway, carved of Caen stone from France, a magnificent dining room paneled in extremely rare Circassian walnut from Russia, and floors of green Conamora marble from Ireland.  The result of this magnificent effort is an antique treasure as stunning as any to be found in France.
LandVest invested heavily in marketing to ensure the property was well exposed to a wide audience of affluent buyers and invested significant time in ensuring everyone within the LandVest network, and Christies Great Estates affiliates (LandVest is a New England affiliate of Christies Great Estates which allows the property to be exposed internationally through the world wide network of Christies Great Estates as well as exposure thoughout the extended network of Christies -the leading global art business/auction house) and the North Shore brokerage community was aware this North Shore signature listing was for sale.

Lanse Robb has been a broker for more than 22 years on Boston’s North Shore.  Lanse Robb is known by some in the North Shore as a rain maker, combining keen market insight, tenacity and a unrelenting commitment to delivering the highest service and value to his clients.  He can be reached at lrobb@landvest.com.

View Boston’s North Shore Residential Real Estate for Sale

View Extraordinary Real Estate for Sale in Massachusetts

View New England Waterfront Properties for Sale (Oceanfront)

View New England Waterfront Properties for Sale (freshwater)

View New England Equestrian Properties for Sale

 
Jun
22
Terry Sortwell of LandVest closes $2,250,000 sale on Islesboro, first 2 million+ sale since May 2008
By LandVest
 

The high-end Islesboro Maine real estate market  has been much like many other secondary home markets—quiet. It took an exceptional 22±-acre saltwater farm on Seal Harbor with 2,670± feet of shorefront, a deepwater dock and a savvy buyer to get things moving again. “The property offered a few key characteristics that buyers in this market are seeking: lots of privacy, a significant land component, and a protected deepwater dock—and it was well priced,” says Terry Sortwell of LandVest. The Islesboro real estate market hasn’t had a sale over $2 million since May 2008 (which was also a LandVest sale), but we are beginning to see sales of waterfront real estate pick up, particularly among properties with these desirable elements. It’s too early to say with any certainty that the market is rebounding, but we are pleased to see this kind of activity in Islesboro real estate and among waterfront properties along the central Maine coast.   For more information about the Longmeadow Farm sale, or for more information about buying or selling Mid-Coast Maine Real Estate contact Terry Sortwell by email tsortwell@landvest.com.

If you are interested in Saltwater farms in Maine, you may be interested in the Moxie Farm in Friendship, Maine

 
Jun
15
Best Places To Find Extraordinary Coastal Maine Real Estate: Harpswell, Maine
By LandVest
 

Landvest This entry is brought to you by William Davisson(wdavisson@landvest.com) and John Saint-Amour (jsaintamour@landvest.com) who have been assisting and advising buyers and sellers of fine homes throughout the Greater Portland Area and some of the most desirable areas of Coastal Maine.  

Harpswell Sound, offering some of Maine's best real estate for sale

Harpswell Maine, offering some of Maine's best real estate for sale

Historic Harpswell, Maine defines life on the Maine waterfront. Idyllic working waterfront and summer communities, rocky shorelines, beaches, marshes and woodlands, frame rolling fields and guard quiet coves. Home to generations of fishing and lobstering families, Harpswell communities have proven to be resilient and independent. 

First inhabited by the native Abenaki peoples, Harpswell was named after an English town in 1758. Celebrating more than 250 years as a town, Harpswell is a picture of austere architecture of 18th century New England. Soaring spires over simple clapboard churches, grange halls, sea captains homes, and village cottages reflect the functional and tasteful early Colonial, Greek Revival and Federalist vernacular. 

A series of peninsulas, from Harpswell Neck to the village of Cundys Harbor, present breathtaking views of Casco Bay and the islands of Maine. Harpswell boasts 216 miles of oceanfront, believed to be the most of any town in America. Great Island, Orr’s and Bailey Island form the nucleus for the some forty-seven islands, public and private, in the Town of Harpswell. Eagle Island, the retreat of Artic explorer Admiral Robert E. Peary, and Jewell Island, the popular camping, hiking and waterfront destination, are important to the archipelago. 

Summer communities and private compounds, formed during the late 19th century, continue to draw generations of returning families. Artists, plein air painters and photographers, in residence, and during summer, are inspired by the natural wonders of Maine. Shoreline birding, hiking along the Cliff Trail, the Long Reach Preserve Trail, lands maintained by the Harpswell Heritage Land Trust, present magnificent views of Quahog Bay, Middle Bay, woodland and ocean environs. 

Deepwater access, world class sailing venues, low property taxes and the amenities of mid-coast Maine, continues to attract a growing community of entrepreneurs, retirees, and young families. Music, theatre, award-winning restaurants, artisan bakeries and merchant offerings in Brunswick, nearby Freeport and Portland enhance the quality of life. 

LandVest, the recognized leader for Maine real estate, waterfront homes and estates throughout New England, offers three exceptional properties in Harpswell. Long Reach 

Long Reach, Maine Waterfront Real Estate for Sale

Long Reach is located on a private peninsula with 1,500± feet of frontage, and is currently for sale.

signs a truly unique setting on a private peninsula with 1,500± feet of frontage on both Harpswell Sound and the protected anchorage of Lombos Hole.  An association dock provides access to boating activities and to the Atlantic Ocean.  The property’s 3± acres encompass beautifully landscaped grounds, perennial gardens, mature trees and wonderful views of the water.  The three-story shingled residence features 4,000± square feet of elegant living space, ideal for entertaining, with numerous porches and terraces to enjoy sunset views over the water. High Head Farm

Maine Real Estate for Sale: High Head Farm

High Head Farm enjoys 242 feet of Maine waterfront with west and south ocean views over Harpswell Sound and is currently for sale

is a beautifully renovated, three-level refined Cape, featuring south and west ocean views over Harpswell Sound and frontage on Mill Cove. Commanding the promontory on 4.6± acres of the original High Head Peninsula farmstead, two parcels are included allowing a house and guesthouse on each. The original sheep barn, mature gardens of herbs and perennials and an orchard above Mill Cove set the scene. Seal Watch

Harpswell Maine, real estate for sale

Seal Watch located in Harpswell, Maine, offers deeded deepwater access to Harpswell Sound and is currently for sale

has been redesigned and renovated by noted architect Todd Worthley. Precious privacy is found in this light-infused, fourteen-room residence. Features include a first floor master suite with private sunspace, a seaside guest suite, mahogany decks, remarkable interior finishes and conveniences, and immediate access to the waterfront. Seal Watch and High Head Farm offer deeded deepwater access to Harpswell Sound and the Atlantic Ocean through the neighborhood High Head Yacht Club, with deepwater dock, moorings and clubhouse steps from the respective properties. These exceptional waterfront positions on High Head Peninsula are located eight miles from Brunswick, the biggest town in Maine. 

During summer months, visitors and locals enjoy seaside wharf and dockside dining, or a picnic along Mackerel Cove. The active waterfront at Cook’s Lobster Pound on Bailey Island, The Dolphin Chowder House & Marina, Holbrook’s Store and Lobster Wharf in Cundys Harbor, establish lifetime memories of Maine. 

Harpswell, including the real estate represented by LandVest, is a convenient eight miles to historic Brunswick, the acclaimed programs of exclusive Bowdoin College, and thirty-five miles to the cultural, business and transportation amenities of Greater Portland, and 125 miles± to Boston.

View Harpswell, Maine Real Estate for Sale

View Maine Oceanfront Real Estate for Sale

View Maine Fresh Water Real Estate for Sale

For more information on Maine Real Estate

Contact William Davisson: wdavisson@landvest.com

Contact John Saint-Amour: jsaintamour@landvest.com

 
May
21
Best Places to Live 2010
By LandVest
 

LandVest Boston Magazine recently published their “Best Places to Live 2010” list, covering neighborhoods around Boston, North Shore, South Shore, Downtown, Inland South, Inland North, and MetroWest. Utilizing data collected from the Massachusetts Association of Realtors, residents, town clerks, and recreation departments, they picked the best cities and towns in the state of Massachusetts to call home, designating them a “gold standard,” “best value” or “opportunity knocks.” 

LandVest specializes in assisting those interested in buying and selling real estate in the most desirable markets throughout New England and specifically in the markets listed below that have been recognized as being a top place to live. 

Downtown Boston
Gold Standard: Brookline
Brookline residents enjoy a lovely neighborhood feel with all the amenities of a larger city.  With highly regarded public and private schools, several libraries, museums, and golf clubs, it truly is a “Gold Standard.”  Located in Brookline is also The Country Club, one of the (more…)

 
May
13
Could Record Fine Art Sales Indicate Good News For High-End Real Estate?
By LandVest
 

LandVest This week’s blog entry is brought to you by Terry Boyle (Tboyle@landvest.com). Terry has worked extensively with buyers and sellers of unique and rare real estate holdings throughout the New England region and beyond, with a current concentration on the Boston Massachusetts South Shore and South Coast/Buzzards Bay markets.

Picasso painting "Nude, Green Leaves, Bust” sold for $106.5 million

Picasso painting "Nude, Green Leaves, Bust” sold for $106.5 million at Christies Auction

As widely reported, the Picasso painting “Nude, Green Leaves, Bust” sold for $106.5 million last week, setting the record for the highest sale price of a single painting ever. As much of a splash as the sale made in and of itself, there was almost as much news generated on what the sale could tell us about the overall health of the economy and what the future holds. At LandVest, we used the record breaking art sale as a jumping off point to examine whether portions of our residential inventory could be considered in an asset class like a Picasso, and what that comparison could tell us in attempting to predict sales volume in the high end residential market in the coming months.

Jasper Johns American Flag sells for 28.6 million

The initial question centers on what the current growing appetite for “hard assets” by investors means to the generational estate quality residential real estate market. According to Investopedia.com a “hard asset” is typically defined as “A tangible and physical item or object of worth that is owned by an individual or a corporation.”  Or, better yet: “a hard asset is the opposite of an intangible item such as goodwill or a patent”. Hard assets are typically thought to be more desirable at times when there are fears of increasing economic inflation. The classic hard asset examples are precious gems, valuable art (see Mr. Picasso), in ground assets (mines, refineries, etc), and to some degree real estate – commercial, or any real estate that has easily verifiable value to virtually all market participants.

"Buy land, they aren’t making it anymore” - Mark Twain

"Buy land, they aren’t making it anymore” - Mark Twain

For example, a beachfront property with great privacy and a lovely home is intrinsically valuable, if simply because the home has value as shelter (at a minimum), and the land, the beach, etc. has value because it is very difficult (if not impossible, in some cases) to reproduce. As the oft quoted Mark Twain opined: “buy land, they aren’t making it anymore”.

This is particularly true when the “land” has a component to it that the market regards as very rare (oceanfront, large size, privacy, views, etc).

Clearly, this value in the “LandVest” portion of the residential market varies over time, but unlike parts of the equity markets that in recent months collapsed completely (General Motors, etc. ), the LandVest portion of the high end residential home market has seen a continued pace of record sales.

LandVest Second Home Record Sales Map 3.25.10

LandVest Second Home Record Sales Map Q1 2010

As the above regional map displays, the “record sale” market (the highest residential sale price paid in a particular town) in second home market locations (urban market towns excluded) has seen activity through many broader market fluctuations. Most recently, record sale activity continued throughout  2007, 2008, 2009, and 2010, when other sectors of the economy were crashing in value, or experiencing extreme volatility, or locked up by the inability to secure credit. Has there been some value erosion in the above referenced markets? Yes, clearly. We have seen a dip in prices in our markets (as detailed elsewhere in this blog) of anywhere from 10-35% overall, depending on the asset and location, but the somewhat startling observation from the above data is that sales activity of these type of properties did not dry up completely or crash when other parts of the real estate market were declining rapidly, or in some cases virtually stopped. The conclusion would appear to be that if a property is truly perceived to have a rare enough component, it will retain value (at varying degrees), and will trade even when overall market conditions are poor.

So can the high end second residential home market be included in the “hard asset” discussion? Can a buyer of the hard asset class be motivated by some of the same motivations and requirements whether that purchase is a piece of art, a piece of gold, or a piece of rare real estate? It would appear that judging by history it can.

Bootjack Ranch, in Pagosa Springs, CO sells for 46.5 Million

Bootjack Ranch, in Pagosa Springs, CO sells for 46.5 Million - Reportedly the highest price paid for a single-home/estate in the US in 2010

Codman Point, Record Sale for Wareham, MA

Jerry Heller and Terry Boyle's 2009 sale sets record as the highest reported price paid for single-home/estate in Wareham, MA

For more information about rare real estate finds in and around coastal Massachussetts, contact Terry Boyle (Tboyle@landvest.com).

Visit www.landvest.com or Click Here to Search LandVest listings for Rare Real Estate Finds