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 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 nineteenth century architecture, substantial farmland and two highly-regarded boarding schools: Groton School and Lawrence Academy.

Active Listings and Sales, $2,000,000+, Q1-Q3, 2000-2011

In Middlesex County, Massachusetts, in the first three quarters of 2011 the inventory of high-end listings shrank from record levels in the previous quarter (154 vs. 193 listings at the end of June) and compared to the same time last year (182 listings at the end of September 2010).   The first quarter of 2011 had experienced a dramatic decrease in high-end listings down to nearly record lows of 130 so the second quarter was particularly active in terms of new listings coming on the market and the reduction in the number of listings in the third quarter is even more striking.

High-end sales through September are slightly higher than last year (63 vs. 57 in 2010), but significantly behind the average of 74 sales over the past 12 years.  Peak high-end sales for the first three quarters occurred in 2007 with 105 sales.  The first quarter of 2011 started off more strongly than 2010 and several record sales created an optimistic buzz in the brokerage community. The second quarter did not keep up this accelerated pace and, while the third quarter of 2011 was stronger than last year, at the end of September the number of sales is off approximately 40% from the peak. On the positive side, while off from the peak, the high-end market in Middlesex County appears to have stablilzed at a reasonable level compared to historic levels of inventory and sales.

Highest And Average Sale, $2,000,000+, Q1-Q3, 2000-2011

Sale prices for the first two quarters peaked in 2005 to 2007 at the $6,000,000 to $7,000,000 level with an anomalous $10,000,000 sale in 2008. In 2011, the top sale to date was a record $15,600,000 in Weston. There was another nearly record sale in Weston at $8,350,000.  Average sale prices have been generally more stable in the range of $2,700,000 to $2,900,000 over the past 10 years. In the first three quarters of 2011 the average sale price was $2,870,048.

Days On Market, Sales, $2,000,000+, Q1-Q3, 2000-2011

Days on market for high-end sales in the first three quarters have varied considerably over the past 12 years. Average days on market through September of 2011 were 183 vs. 180 in 2010, 240 in 2009 and 173 in 2008. The average days on market for the first three quarters over the period 2000-2011 was 178. Despite the continued uncertainty in the market, special properties expertly presented and well priced are selling, but it can take time, although not much longer than in years past. Buyers continue to demand value and are leery of projects. Land sales have been mixed with developers being particularly risk averse.

Sales By Town, $2,000,000+, Q1-Q3, 2000-2011

Ten of the 54 cities and towns in Middlesex County, Massachusetts had high-end sales in the first three quarters of 2011. Newton was the leader with 18 sales followed by Weston (12), Cambridge (10), Belmont (6), Lexington (6), Winchester (4), Concord (2), Lincoln (2), Sherborn (2), and Sudbury (1). For sales in the first three quarters over the period 2000-2011, the leaders are Weston (219), Newton (201), Cambridge (138), Concord (99), Lexington (56), and Lincoln (37). On a population-adjusted basis, Weston remains the sales leader followed by Concord and Lincoln.

Stonegate Farm in Wayland, MA is currently for sale

Wayland Pastorale in Wayland, MA
was a record sale

Riverwalk in Lincoln, MA was a record sale

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.

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 Three Quarters, 2000-2011

On Cape Cod, Massachusetts, the inventory of high-end listings in the first three quarters of 2011 shrank 14% from 271 listings at the end of June to 233 listings at the end of September. 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 unusual trend 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 declined from 38 in the first three quarters of 2010 to 33 in 2011.  The peak level of sales for this time of year was 60 sales in the first three quarters of 2006.  Third quarter performance has been flat for the past four years with 13 sales in the third quarter of 2011 and a peak of 23 sales in the third quarter of 2007.  The very high-end inventory is also shrinking, but remains large by historical standards.  There are 29 listings over $5 million and 8 over $10 million with 6 sales over $5 million and 1 sale over $10 million in the first three quarters of 2011.  Overall, the Cape Cod market continues to under perform, but anecdotal information from leading Cape Cod brokers and LandVest’s own recent experience suggests that there is a modest, but noticeable increase in buyer inquiries and showings. Across New England LandVest brokers continued to report an upsurge in activity in our markets and sporadic signature sales throughout the summer and early fall.

Highest and Median Sale, $2,000,000+, First Three Quarters, 2000-2011

In the third quarter of 2011 the very high-end on Cape Cod came alive with three 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.  There were two additional top sales in Osterville in the third quarter.  861 Seaview Avenue for $5,265,000 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 the first three quarters of 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.  In the first three quarters of 2011, there were 33 sales above $2.0 million.  Of these sales 20 of 33 were between $2 and $3 million and 25 of 33 were below $4 million.

Days on Market, Sales, $2,000,000+, First Three Quarters, 2000-2011

Days on market for high-end properties sold during the first three quarters of 2011 increased to 559 days compared to 533 days in the first half of the year and compared to the record of 589 days for the first half of 2010.  For 2000-2009, the average days on market for sales in the first half of the year ranged from 90 to 226 days, generally increasing over time with a significant jump in 2010.

Sales by Town, $2,000,000+, First Three Quarters, 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 the first half of 2010, however, there was a substantial contraction in the market with only 5 towns recording high-end sales. In the first half of 2011, the market had broadened again with an additional 4 towns recording single high-end sales and in the third quarter another 2 towns recorded high-end sales. Cape Cod towns with high-end sales in the first three quarters of 2011 include Barnstable (all Osterville) (11), Chatham (8), Orleans (4), Falmouth (2), Harwich Port (2), Brewster (1), Dennis (1), Mashpee (1), Provincetown (1), and Truro (1).

Mill Farm Waterfront Compound
in Yarmouthport, MA is currently for sale

Wychmere Waterfront Estate
in Harwich Port, 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

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.

This entry is brought to you by Terry Sortwell and Shannon Thompson, who assist and advise real estate owners and buyers of fine homes and estates throughout Midcoast Maine.

We at LandVest
have seen increased activity this year,
with a number of encouraging sales. The statistics—and other characteristics of the
market—suggest that values and sales activity
are in a holding pattern at the bottom. Statistics from the Multiple Listing Service (MLS) show that
in the coastal towns from Boothbay to Blue Hill there have been twenty sales of properties priced
over a million so far this year, with one sale pending. Of these, seven are LandVest listings.
Statewide, there have been 119 sales and 12 sales are pending. This is consistent with the number of
sales in 2010 (27 in the midcoast region, 140 statewide.)

Indian Head, Northeast Harbor, Story Litchfield's LandVest listing, was the highest recorded residential sale in the state of Maine

Statewide at the very top of the market, above $3 million, there have
been nine sales statewide, and four sales are pending. Of these thirteen sales, eight were LandVest
listings, and four of the five sales above $4 million were LandVest listings. There were twelve
sales above $3 million in 2010.

A recent white paper by Edward
Chancellor from the global investment management firm GMO examined the stages of the real estate
cycle. Typically the peak is characterized by high valuations, high levels of private sector credit
growth, new forms of lending, high levels of construction, speculative purchasing, and rising
interest rates. A credit crunch and defaults on existing property loans generally signal the turn,
and then the market begins the long, slow slide into “the trough,” where the market tends to linger
due to the lack of liquidity in real estate. We are clearly in this trough, which is characterized
by low valuations, lower leverage, low housing turnover, pent-up demographic demand, and continuing
pessimism toward real estate. Since markets tend to move more slowly on a decline or when moving
laterally, they usually spend several years in the trough.

The Real Estate Cycle in Five Stages, source: GMO

The real estate market is moving through its paces, and there are
reasons for optimism, especially on the coast of Maine. On average, it has taken real estate markets
five years to hit the trough after a bubble, and it’s been five years since housing prices peaked.
And Chancellor believes there are other indications that the worst is over: valuations are
reasonable. Mortgages are available, and at lower rates than we’ve seen in decades. Supply remains
elevated relative to demand, but sales have fallen to an extent that if demand recovers to normal
levels, excess supply would disappear—and in some markets, be replaced by a shortage.

Caldwell Island, a record sale for Muscongus Bay, by Terry Sortwell, regional manager and principal with LandVest in Camden, Maine

Here in Maine, as in elsewhere in the country, buyers are holding back.
The vacation home market has many defining characteristics, and these days perhaps none is more
definitive than the fact that no one has to buy a second- or third- home. So the majority of buyers
are still waiting, and while they wait, demand builds, which bodes well for the future. Chancellor
believes, and we agree wholeheartedly, that the long-term fundamentals of the real estate market are
sound. When the economy recovers and unemployment declines, home prices and construction will both
pick up, and a real estate boom will follow. The new buyer, who is younger (ages 30-50) and more
mobile, is increasingly attracted to Maine,
its quality of life, and the relatively reasonable real estate values to be found here. We’re seeing
more and more buyers from this growing demographic, many with young children, deciding that it’s
time to fulfill their dream of a vacation home here.

Though we’re
in the trough, we’re not without hope, nor without sales activity. We can say with some confidence
that the stalemate between buyers and sellers that we’ve been talking about for the last couple of
years has broken. There have been enough sales of waterfront and other exceptional properties
to allow buyers, sellers, appraisers, and brokers to draw educated conclusions about valuation. With these sales we’re starting to have enough hard data to
begin to gauge real value in the current market. When sales offer more concrete rationale for
pricing, they also generate more confidence among buyers to move forward.

Lilyhaven, Isleboro, sold by Terry Sortwell and William Davisson

While we are beginning to have a better grasp on valuation and pricing,
it’s very difficult to predict what’s going to sell or in what period of time. At the top of the
market, most properties are experiencing slight decreases in value, though the very best among them
are holding value well. The sale (by our Northeast Harbor broker Story Litchfield) of a property on
Somes Sound for $12.25 million was the highest residential sale
ever in the state of Maine. In our own area, our February sale of Caldwell Island in St. George for $4.7 million is another
example of an exceptional property holding its value well, as is the sale of a property on Deep Cove inn Port Clyde for $1.9 million, and the sale of land parcels on
North Haven for $1.7 million. A property on Bremen Long Island that sold in early October for
$635,000 was one of several that attracted multiple offers.

Another peculiarity of this market has been dramatic bursts of activity in
very small markets. Islesboro, for instance, only had one sale over a million in 2006 and 2007. Then
in the three years between 2008 and 2011, sales activity jumped, with eight sales in this range.
There have been two sales this year. Similarly, the market on North Haven was dead quiet for years,
with only three sales above a million in the five years leading up to 2011. This summer and fall
there were six sales.

It remains to be seen whether these flurries
are isolated bubbles of activity or something of greater significance—pointing, perhaps, to renewed
confidence in Maine real estate. We certainly hope it’s the latter and
have many reasons to believe so.

Joanne Patton has generously offered her home and 27 acres on Asbury Street to the town of Hamilton.  Town officials discussed a plan that would include new playing fields, potential river access and possible housing opportunities.  Available open space for community use in our North Shore towns is becoming a big issue as the need for certain types of housing and recreation playing fields for baseball, soccer and lacrosse is increasing.  Local sports programs currently rely on the Pingree School, Gordon College and the town fields to meet their needs. Joanne Patton was married to Maj. Gen. George Patton who died in 2004 and daughter-in-law to the the famed WWII General George S. Patton. 

Hamilton is known for its equestrian estates and includes many historic homes and beautiful pastoral landscapes.  In 2011, Boston Magazine named the Hamilton-Wenham Regional School District the ninth best public school district in the state.  In fact, the school’s athletic teams are called the Generals after General George S. Patton.

Hamilton/Wenham was named one of the “Best Places to Live” in 2010 by Boston Magazine, and is also ranked #1 as the safest city to live in for families with young children by Sperling’s “Best Places”.  Only 23 miles from Boston and an easy commute via commuter rail to Boston’s South station, Hamilton remains a popular choice to live. 

For available Hamilton, MA real estate for sale and nearby North Shore towns, contact Lanse Robb (lrobb@landvest.com) or visit the Lanse Robb website . 

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

Aquila Farm Equestrian Estate with its large post
and rail fenced pastures in Hamilton, MA

6 Black Brook Road is an equestrian's dream
situated on more than 10 acres in Hamilton, MA

With 3,375± acres of well-stocked timberlands and two pristine lakes, Hamilton Lake represents a rare opportunity in the heart of the Adirondack Park

In the Adirondack High Peaks, The Uplands is a significant Adirondack Great Camp with 26± acres, several buildings, numerous bedrooms, a heated pool and the site of many happy family and friend gatherings.

The Week magazine’s latest “Best Real Estate on the Market” feature was Adirondack Retreats.  Vincent “Vinny” McClelland of LandVest – Keene Valley NY, had two of the five featured high-end listings (see article).

With his  background in land use planning, environmental analysis, site planning and project development, Vinny McClelland has been a valuable resource to owners and buyers of significant properties in the Adirondacks.  If you are interested in buying or selling Adirondack real estate, you can reach Vinny at vmcclelland@landvest.com.  Click for here for additional contact info and click on the property name beneath the photos for more property details.

Northbrook Lodge

58 North Brook Rd, Paul Smiths, NY   12970

$3,800,000

REF #: NY0212 – Under Agreement

______________________________

The Uplands

35 Thorne Way, Keen Valley, NY   12943

1,950,000

REF:  NY0279

______________________________

Mays Pond

Judson Road, Long Lake, NY   13331

$1,500,000

REF#:  NY0287

______________________________

Pinewood

1745 Nys Route 73 Keene Valley, NY   12943

$975,000

REF#:   NY0275

____________________

Bark Eater Inn

124 Alstead Hill Rd, Keene Valley NY   12942

$795,000

REF#: NY0217

______________________________

The news that Cambridge based Vertex Pharmaceuticals will be relocating to Fan Pier in Boston was greeted with predictable applause from city of Boston officials and commercial real estate professionals in the South Boston/Downtown area, but there were cheers from the South Shore as well. Vertex Spokesman Zachry Barber reports that the agreed upon lease term is for 15 years and will include an average annual rent of $72.5 million. The two buildings to be built will total 1.1 million square feet, and will be the new home of thousands of workers. Vertex’s new addresses will be at 50 Northern Ave. and 11 Fan Pier Boulevard.

This new location is ideally situated to take advantage of the commuter transit options from the South Shore communities of Hingham, Cohasset, Scituate, Marshfield, and Duxbury. While commuters to Cambridge are more often traveling from the Metro West markets, workers heading to and from Fan Pier and the Financial District have more typically opted for the South Shore communities and the commute by boat or train.

This waterfront Cape-style home in Duxbury is only 33 miles south of Boston with easy access by highway, commuter rail or ferry.

The MBTA boat commute offers convenient hourly travel from Quincy, Hull, and Hingham right to Rowes Wharf or Long Wharf. For commuters, there is also the recently completed Greenbush rail line connecting South Station to Scituate. The walk from Fan Pier to Rowes Wharf or South Station is an easy 5-10 minutes. Real estate experts are expecting to see some commuting patterns change as the Fan Pier location becomes more of hub of employment.

About 20 miles southeast of Boston, this Nantucket Shingle-style home is an easy commute by car, bus, ferry or the commuter train.

Terry Boyle, who works the high end real estate market on the South Shore for LandVest, points to the commuter boat as being a huge attraction for either relocation buyers or families leaving the city. “I have had two or three buyers in the last 12 months, who have fallen in love with the boat commute, the great schools, and the beaches. It’s great to hear they are that happy with the decision.”

For those interested in seeing the expanding inventory of homes and land available on the South Shore, please visit landvest.com

Indian Portage in Moultonborough

Indian Portage, a spectacular waterfron compound in Moultonborough, NH will be featured on tonight’s Chronicle, Main Streets and Back Roads: Plymouth, NH.  Chronicle is on Boston’s Channel 5 WCVB.  Tune In!

Click for more information on Indian Portage

Chronicle is a newsmagazine show produced at two Hearst Television-owned New England television stations, WCVB-TV Ch. 5 in Boston and WMUR-TV Ch. 9 in Manchester, New Hampshire. It airs weeknights at 7:30 PM on both stations, offering an informative lifestyle, cultural, and news-related magazine format, most often covering a single topic per broadcast.

http://www.thebostonchannel.com/chronicle/29797624/detail.html

For more info on Indian Portage:

http://indianportage.landvest.com/