Uncategorized | Landvest Blog

Sep

The Sporting Life and Brookline Real Estate
By 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.

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

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Aug

Middlesex County, MA Real Estate Market Watch First Half, 2000-2010
By LandVest

High-End Real Estate Market Watch, First Half, 2000-2010 – Middlesex County, Massachusetts

Monument Street Estate is one of many LandVest Listings in Middlesex County

Middlesex County has a long history of being an attractive place to buy real estate in Massachussets. Its close proximity to Boston combined with a variety of real estate offerings make it no surprise that it contains one of the wealthiest towns in the United States (Weston, MA) and that it is within the top 50 most populous counties. Middlesex county includes the towns of Belmont, Cambridge, Carlisle, Concord, Lincoln, Newton, Winchester and the aforementioned Weston.

Active Listings and Sales, $2,000,000+, First Half, 2000-2010
In Middlesex County, Massachusetts, in the first half of 2010 the inventory of high-end listings grew to nearly record levels (183 listings vs. a peak of 192 in 2009). First half high-end sales peaked in 2005 (60 sales) and 2007 (61 sales). The past three years have seen considerably less activity in the first half: 47 sales in 2008, 27 sales in 2009, and 40 sales in 2010. The uptick seen in the first quarter seems to be sustained in the first half, although slightly behind 2008. A recent flurry of activity at LandVest suggests that this improvement is real. Towns with high-end sales in the first half of 2010 are Belmont, Cambridge, Concord, Lexington, Lincoln, Newton, Wayland, Weston, and Winchester.

Highest and Average Sale, $2,000,000+, First Half, 2000-2010
First half sale prices peaked in 2004-2007 at the $6,000,000 to $7,000,000 level with an anomalous $10,000,000 sale in 2008 in Weston. In 2010, the top sale in the first half was $6,500,000 in Chestnut Hill (Newton). Average first half sales prices are generally more stable in the range of $2,600,000 to $2,900,000 over the past ten years. In the first half of 2010 the average sale price was $2,761,349.

Days on Market, Sales, $2,000,000+, First Half, 2000-2010
Days on market for first half high-end sales have varied dramatically over the past 10 years. In the first quarter of 2010, properties that did sell sold quickly, while in the second quarter days on market have increased. Average days on market for the first half were 216 vs. 258 in 2009 and 186 in 2008. Despite the continued uncertainty in the market, special properties expertly presented and well priced are selling.

Sales by Town, $2,000,000+, First Half, 2000-2010
Nine of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first half of 2010. Over the period 2000-2010 Weston is the leader with 126 sales followed by Newton (102), Cambridge (71), Concord (47), and Lexington (34). On a population-adjusted basis, Weston is also the leader by a 4-fold margin followed by Concord and Lincoln tied for second place and Winchester in third place.

The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, 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.

For additional information about LandVest’s real estate consulting, appraisal, and brokerage services, please contact:
Robert R. Borden III, President
Ten Post Office Square | Boston, MA 02109 | rborden@landvest.com | 617-357-8992

This Winchester Lakefront property in Middlesex County is available for sale.

For information about selling or buying real estate in Middlesex County, please contact Stewart Young at syoung@landvest.com or 617-357-8930

View Boston Area Select Sales

To view available real estate in Middlesex County, visit www.landvest.com or click Boston area real estate for sale

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Aug

Cape Cod Real Estate Market Watch, First Half, 2000-2010
By LandVest

High-End Real Estate Market Watch, First Half, 2000-2010 – Cape Cod, Massachusetts

Wings Neck Waterfront, one of two, LandVest listed, Pocasset homes for sale

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 (which includes the Wings Neck area of Pocasset), Sandwich, Falmouth, and Mashpee. Mid Cape towns include Barnstable (which includes the village of Centerville) , Dennis, and Yarmouth. Lower Cape towns include Harwich, Brewster, Chatham, and Orleans. Outer Cape towns include Eastham, Wellfleet, Truro, and Provincetown.

Active Cape Cod Real Estate Listings, $2,000,000+, First Half of 2000-2010
On Cape Cod, Massachusetts, in the first half of 2010 the inventory of high-end listings grew to historic levels (248 listings vs. 210 at the same point in 2009). First half high-end sales almost doubled compared to last year (24 sales vs. 17 at the same point in 2009). The peak for first half sales was 44 sales in 2006. 2009 sales were the lowest since 2002. It is interesting to note that the first quarter 2010 performance was lagging 2009 (5 sales vs. 8 in 2009), but a surge in the second quarter resulted in an additional 19 sales vs. 9 in the second quarter of 2009. LandVest is seeing a burst of energy across its markets in the second quarter of 2010 and we are cautiously optimistic that the reminder of the year will see increasing activity in the high-end market.

Highest and Median Sale, $2,000,000+, First Half, 2000-2010
First half sale prices peaked in 2006 with a sale in Osterville at $12.5 million that remains the record sale for Cape Cod. In 2010 the top sale to date was $5.8 million for a property in Centerville that was on the market for an astounding 2,180 days starting at $9,800,000. The next two highest sales were $5 million in Chatham and $4.4 million in Osterville. The median value for high end sales in the first half of 2010 was $2.8 million matching the previous record in the first half of 2006.

Days on Market, $2,000,000, First Half 2000-2010
Days on market for high-end properties sold during the first half of 2010 grew substantially to 589 days compared to 226 days for the first half of 2009. This increase seems skewed by the sale of the property in Centerville, although there were several other properties selling after 3 years on the market. In the past three years, the average days on market for sales in the first half of the year ranged from 226 to 264 days.

Sales by Town, $2,000,000, First Half, 2000-2010
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. This year the market seems to be contracting. Cape Cod towns with high-end sales in the first half of 2010 include the leader, Barnstable, (with 7 of the 12 sales in the village of Osterville), followed by Chatham (7), Harwich (2), Falmouth (2), and Orleans (1). In 2006 at the first half peak, 13 of the 15 Cape Cod towns had high-end sales.

The Playhouse is a 6.2-acre estate in Centerville, MA and is available 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:
Robert R. Borden III, President rborden@landvest.com or 617-723-1800

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Aug

NAUTILUS ISLAND, A PRIVATE ISLAND AT THE ENTRANCE TO CASTINE HARBOR IN MAINE IS FOR SALE, AND IS TODAY’S PICK FOR BEST PLACE TO LIVE
By LandVest

This 37±-acre, entire island offering with over one mile of rocky coastline is steeped in history, full of modern appeal, and saturated in Maine flavor.

37-acre Nautilus Island in Brooksville Maine

Amenities abound from accommodations to recreation. Beginning with the traditional Maine coast water provisions of lobster, clams, mussels and oysters to the islands new organic gardens and hardy vineyard, this island is sure to tantalize both gourmand and back-to-basics tastes.
The 6-bedroom main residence is complete with an infinity pool, heated spa and stone piazza entertaining area

Located on the islands highest point, the completely renovated c1882, 6-bedroom main home offers spectacular sail-laden, ocean views and is rich in architectural detail including a grand staircase, tiled fireplace, and built-in corner cabinets.

View of Sailboat from the Nautilus Island Veranda

The piazza on the Island’s main house takes full advantage of panoramic Penobscot Bay views including Islesboro and Camden Hills.

The main home is flanked by a stone piazza, infinity pool and entertaining area to one side and a putting green and serenity perennial gardens to the other. Just down the path is a tennis court that overlooks the Castine Harbor.

View from Organic gardens of century old farmhouse

View of the century old Farmhouse from the organic gardens

View from Organic Gardens of Nautilus Island Guest Cottage

Newly relocated and renovated harborside guest cottage

The newly renovated and charming guest cottages are steps from the boathouse bar which is equipped with a 22- foot granite bar, a kitchen area, and stone fireplace.

The converted boathouse bar on Nautilus Island

The Nautilus Island Boat House Bar

The 2-story barn sits sturdily at the head of the vineyard and currently serves as a rustic game room, work-out area, workshop and storage area. The sugar shack adds further use to the aesthetically pleasing island maple trees by converting its sap into what some refer to as liquid gold. A pier, moorings, most furnishings, ground equipment, and a 23′ boat complete this exceptional offering.

View from Vineyard of Nautilus Island Barn

The sugar shack on Nautilus Island in Castine Harbor

The Nautilus Island Sugar Shack

Steeped in History… In 1779 Nautilus Island, strategically located at the mouth of Castine Harbor as it meets Penobscot Bay, became entrenched in the twenty-two day, British-American military engagement now known as the Penobscot Bay Expedition. Four years after his famed midnight ride, Paul Revere served as commander of a fleet of ships that took sail from Boston with a mission to secure land surrounding the Penobscot River. Revere was responsible for taking Nautilus Island from the British during an evening raid; however this was one of few victories in the ill-fated expedition. The British later took the coastal area including what is now Castine and kept the area in hand until the war’s end.   Prior to this entry into American history, Nautilus shows evidence of having been home to the Penobscot Indians. The island remained under the protection of one family for over 130 years and has recently undergone a four year renovation project.
The quintessentially quaint, Coastal Maine town of Castine serves as port and offers year-round cultural events. Dennett’s Wharf   (home of Castine’s best lobster roll) is the gateway to Nautilus Island. Castine is also home to the Maine Maritime Academy educational facility and their State of Maine exploratory ship.   Castine, Maine is approximately 460miles from New York City, 250 miles from Boston and 330 to Montreal and 40 to Bangor International Airport .

Lasting Memories… The stone fireplace in the boathouse bar begs for a story telling gathering after a day of ocean fun, or perhaps, a quiet respite after a frenzied stint on the mainland. Here, with cocktail in hand, book in the other, Castine Harbor views ablaze in sunset reflections, water lapping at the pilings below, distant buoys gently clanging, the dinner call of seagulls circling the island, a relaxed breath of fire-warmed salty air soothes the soul and cures the ails of off-island harried life.

Sunset on Nautilus Island

For more information on Nautilus Island, or for more information about buying or selling Maine Real Estate please visit the Nautilus Island website or contact John Saint-Amour jsaintamour@landvest.com
Click to view more Maine Island Real Estate for Sale
Click to view more Maine Waterfront Real Estate for Sale

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Aug

Midcoast Maine Real Estate Market Shows Improvement
By LandVest

MIDCOAST MAINE REAL ESTATE ANALYSIS, JANUARY – JUNE 2010

This entry is brought to you by Terry Sortwell (tsortwell@landvest.com) and Shannon Thompson (sthompson@landvest.com), who assist and advise real estate buyers of fine homes and estates throughout mid-coast Maine.

The midcoast Maine real estate market in the first half of 2010 has improved over 2009. An analysis of MLS data of coastal and island communities from Boothbay real estate to the Blue Hill Peninsula real estate reveals there have been 16 sales of residential properties priced above $1,000,000 in the first half of this year. There were 8 sales in this range in the first half of 2009 (and 10 sales in the second half). In comparison, in 2006 there were 47 sales above $1,000,000. On the heels of the European financial crisis amid renewed concerns and confusion about the global economic recovery, the real estate market remains illiquid and unpredictable. Demand is still down, inventory of current listings is growing, and days on market are increasing. Generally speaking, buyers are purchasing properties when they find something with the exactly the special attributes they’re seeking, and they are extremely sensitive about pricing. Properties with a significant land component and lots of privacy, priced competitively for today’s market, are those that are getting the most attention and ultimately selling. Our four most recent midcoast maine real estate sales, in July, June and May, are all examples of this trend, offering 16, 21, 34, and 160 acres of land, respectively. Our sense of optimism about the long-term picture for coastal Maine real estate remains as strong as ever. While luxury real estate markets in other parts of the country are severely affected by bank-owned properties driving prices down, ours is not. We continue to believe the next couple of years will be a period of transition, with the market slowly stabilizing, as more buyers and sellers reach agreement and sign contracts. With every sale, buyers and sellers alike have a little more data on which to base decisions, and that knowledge helps fuels the confidence needed to keep things moving forward toward a more balanced market.

For more information on buying or selling real estate in the Camden, Maine area contact Terry Sortwell at tsortwell@landvest.com

Camden Maine Real Estate for Sale

Coastal Maine Real Estate for Sale

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Jul

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

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Jun

Best Places To Find Extraordinary Coastal Maine Real Estate: Harpswell, Maine
By 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 18^th 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 19^th 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

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

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May

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

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 - 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

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May

Lighthouse Point chosen as one of the TOP 25 Oceanfront Homes
By LandVest

LandVest is pleased that Lighthouse Point has been recognized as one of the top 25 best oceanfront homes by Ocean Home Magazine.

For Sale, Lighthouse Point, Deer Isle, Maine

Set atop rocky pink granite just 75 feet from the deep water of the Penobscot Bay, this property offers spectacular ocean views and deserves placement as one of the best oceanfront homes on the market. The architecture of Lighthouse Point is extremely unique and is clearly a showpiece of engineering complexities. Its 5-story lighthouse with (more…)

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May

Lincoln, Massachusetts – A History of Country Estates and Conservation
By LandVest

Just 12 miles from Boston, Lincoln, Massachusetts is a town steeped in history and culture and has a rich heritage in agriculture and land preservation. Lincoln has over 51 miles of conservation trails, 1617+ acres (more…)

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