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High End Housing Sales Are Making A Surprise Comeback

High-End Housing Sales Are Making a Surprising Comeback

Published: Thursday, 1 Apr 2010 | 11:38 AM ET

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Anyone looking for a rebound in the housing market might want to look up—up in price that is. Sales of high end housing are returning with a near vengeance after two years of double digit declines.

“We’re seeing a revival in the high-end housing market,” says Lawrence Yun, chief economist at the National Association of Realtors (NAR). “It was so depressed, particularly last year, but it’s really improved. There’s much greater sales activity on upper end homes now.”

While the rest of the housing market is still in the doldrums, high-end housing is one of the few bright spots in what many predict will be a dismal spring season.

In February this year, sales for homes priced at $1 million or more increased 38 percent nationwide from a year ago, according to the NAR. The Northeast is up 49 percent alone, while the West is up nearly 35 percent.

What’s creating the high end ‘boom’ is a trifecta of lower interest rates, bank lending and consumer confidence.

“Rates are down for jumbo loans,” says David Adamo, ceo of Luxury Mortgage, a mortgage banking firm based in Stamford, Connecticut. “Banks are seeing benefits in making these types of loans and are doing more re-financing now. I also think more people feel confident in the economy at the higher incomes.”

Rates for jumbo loans—loans for mortgages that exceed $417,000—have shown a major decline in recent weeks.

A 30 year fixed jumbo is currently at 5.58 percent for a million dollar loan, while last year at this time it was almost 7 percent. Unlike conventional rates which are tied to treasurys, jumbo rates are a specialty product with rates set primarily by lenders.

“Banks are doing jumbo loans now at lower rates because they see it as a secure way to make a profit these days,” says Bob Walters, chief economist at QuickenLoans.com. “Jumbo rates are always higher than conventional loans, but banks feel like they can have the lower rates now and still make money from those in the jumbo loan market as more home buyers take loans.”

While banks are lending more these days, that hasn’t stopped them from being extra cautious over who gets their money. Much like conventional loans, lenders want buyers to give a full bottom line when it comes to personal finances.

“Underwriting (assessing a buyer’s eligibility for a loan) is still very tough,” says Steve Habetz, president of Threshold Mortgage, a lending firm in Westport, Connecticut. “I had one buyer, who had enough money for a large downpayment, go through the loan process and he had to justify why his dividends were down one year while his investments were up. He got the loan but he had to go through hoops to get it.”

“Jobs are on the line for these underwriters,” adds Mary Cassidy, a licensed associate broker at Bronxville Ley Real Estate in Westchester County, New York. “I had one bank officer tell me that if everything wasn’t just perfect on the loan application, someone could lose their job.”

While interest rates for the bigger loans are falling, consumer confidence seems to be rising for those in the higher income brackets. It disappeared as the economy slumped—at least when it came to housing.

“People are not as uptight as they were a year ago,” says Habetz. “It seems as if they are more comfortable in thinking the high end housing market is not collapsing. Home values have stabilized and it’s been a matter of following the leader. One person sees others buy or sell and they join in. That’s been happening.”

And as Wall Street tickers move higher, so too do the number of potential buyers. “Sure, with bonuses and stocks going up lately, that’s helped the upper housing market especially where I am,” says Cassidy. “However, we’re also seeing non-Wall Street types coming in as well.”

However good the sales numbers may be, there are signs that high-end housing is not completely out of the woods yet.

Conventional rates are already making slight upticks as the Fed discontinued its mortgage backed securities buyback program—which helped keep rates lower. Banks could  raise rates for jumbo loans if they feel the market weakens and housing prices decline even more.

“There’s improvement for sure but you still have to have a lot of money for a down payment to get a loan and it’s not clear that prices have reached bottom,” says Quicken’s Walters. “Interest rate increases could slow things down. We probably need more time to tell if high end housing is really back.”

More time is needed to say if any part of the housing market is really in a recovery. Sales for homes worth $500,000 or less are still in flux across the country as struggles grow over increasing foreclosures from job losses—and a slower but continuing fall in housing prices.

But for those who contend a high end housing rebound is here, expectations are that the upside will work its way down.

“I think the impact of high end housing will be broader for the whole economy and help at all levels,” says Luxury Mortgage’s Adamo. “Banks will benefit because they’ll be seeing more cash and putting it to use and they’ll be making more loans. Home buyers will need products and services so they’ll be spending money. Call it trickle down, if you will, but I see it happening.”

April 1, 2010   Posted in: Uncategorized  No Comments

Massachusetts Home Sales and Prices Rise in January: Mass. Real Estate Market On the Rise

An article in today’s Boston Globe details the dramatic surge of both Massachusetts home sales and prices this January from those of January 2009. (read full article at the bottom of this post)  The volume of home sales in Massachusetts rose 11.8 % and median home prices in Massachusetts climbed 9.6% from the same time last year.  This new evidence proves that the Massachusetts housing market is on the rise which, in turn,  means that home prices are going to continue to climb.   With home prices still at an all-time  low and historically low mortgage rates about to climb one thing becomes abundantly clear:  NOW is the time to buy.  

 If you have been waiting to build your dream home until the market bottoms out than your wait is over!  The rise has begun and their will never be a better time to build the home that, until now, has only existed in your mind. 

Here at The Preserve At Keeney Pond in Norfolk, MA we specialize in making your dream home a reality.   This 100 acre, high-end residential subdivison is being built in some of the most magnificant settings in the region.  Come and walk through all of our over 35 lots still available for custom building.  Handpick the lot of your choice and let us guide you through the exciting process of custom building a new, luxury home in one of the best high-end residential developments in New England.  Call us today (781-769-9990) to set up an appointment or visit our website by clicking on the link below.  If you can dream it, we can build it!

Visit The Preserve At Keeney Pond

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Median prices for single-family homes rose 9.6 percent in January to $285,000 compared with the same month a year before, the second increase in two months, according to the Warren Group, a Boston company that tracks the housing market.

February 24, 2010   Posted in: Uncategorized  No Comments

The 10 Must-Have Features in Today’s New Homes

Living in an economic climate unlike any of us have ever seen before in our lifetime, home buyers are beginning to change their minds on what truly needs to be included in the “new home of their dreams”.   Yahoo.com has an interesting article (attached at the bottom of this post)  posted on their website today that illustrates how home buyers are turning away from the more lavish extras like home theaters and whirlpools and gravitating more towards homes with large open kitchen to family room layouts, outdoor living areas etc. that harvest a more family-friendly atmosphere.

The Preserve at Keeney Pond is a new, luxury home subdivision that can accomodate any unique preference a home buyer might have.  In fact, ALL of our available custom home lots and future home plans can accomodate ALL of the “10 Must-Have Features” that Yahoo.com references in their article.  Take a tour of our future home plans by clicking on the link below.

Tour Future Home Plans

 

The 10 Must-Have Features in Today’s New Homes

by Steve Kerch
Thursday, February 4, 2010provided by

The kitchen is still king .

LAS VEGAS — Americans want smaller houses and they are willing to strip some of yesterday’s most popular rooms — such as home theaters — from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show here this week.

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“This is a traumatic time in this country and the future isn’t something we’re 100% sure about now either. What’s left? The answer for most home buyers is authenticity,” said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill.

Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed ‘green’ from the outset,” she said. The key for home builders is “finding the balance between what buyers want and the price point.”

For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with clawfoot tubs and small spaces such as wine grottos are design features that will resonate today, she said.

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“What we’re hearing is ‘harvest’ as a home theme — the feeling of Thanksgiving. It’s all about family togetherness — casual living, entertaining and flexible spaces,” Lavender said.

Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home-buyer preferences, said there are 10 “must” features in new homes.

1. Large Kitchens, With an Island

“If you’re going to spend design dollars, spend them where people want them — spend them in the kitchen,” McCune said. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others “they are on the bubble,” Cardis said.

2. Energy-Efficient Appliances, High-Efficiency Insulation and High Window Efficiency

Among the “green” features touted in homes, these are the ones buyers value most, he said. While large windows had been a major draw, energy concerns are giving customers pause on those, he said. The use of recycled or synthetic materials is only borderline desirable.

3. Home Office/Study

People would much rather have this space rather than, say, a formal dining room. “People are feeling like they can dine out again and so the dining room has become tradable,” Cardis said. And the home theater may also be headed for the scrap heap, a casualty of the “shift from boom to correction,” Cardis said.

4. Main-Floor Master Suite

This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general, he said. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.

5. Outdoor Living Room

The popularity of outdoor spaces continues to grow, even in Canada, Cardis said. And the idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.

6. Ceiling Fans

7. Master Suite Soaker Tubs

Whirlpools are still desirable for many home buyers, Cardis said, but “they clearly went down a notch,” in the latest survey. Oversize showers with seating areas are also moving up in popularity.

8. Stone and Brick Exteriors

Stucco and vinyl don’t make the cut.

9. Community Landscaping, With Walking Paths and Playgrounds

Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.

10. Two-Car Garages

A given at all levels; three-car garages, in which the third bay is more often then not used for additional storage and not automobiles, is desirable in the move-up and custom categories, Cardis said.

February 5, 2010   Posted in: Uncategorized  No Comments

The Boston Globe Writes About Norfolk, MA Being Ranked As One of the Most Family-Friendly Places to Live in the US

The rest of the country is starting to realize what Norfolk, MA residents have known for years: this town is one of the best places to live in the entire United States!  On the heels of Investopedia.com’s ranking of Norfolk, MA as the 6th ”Most Family-Friendly Place to Live in the United States”, The Boston Globe published an article in last weekend’s Globe West section illuminating the accomplishment even further. (read the full article at the bottom of this post)

Nestled in this hidden jewel of a town is a 100 acre subdivision that is setting the standard for excellence in residential development: The Preserve At Keeney Pond.   The Preserve features 48 lots (all at least 1 acre) carved into some of Massachusetts most breathtaking landscapes.  The new, luxury homes that already fill phase 1 of this high-end neighborhood offer the highest levels of design and craftsmanship.   With over 35 lots still available for custom building, mortgage rates at all-time lows and the housing market starting to rebound,  now is the perfect time to start building the new, luxury home  that you have always dreamed of. Click on the link below to see what I am talking about !

Visit The Preserve At Keeney Pond 

 

Tiny town attracts a lofty status

No one was more surprised than the people who live in Norfolk to hear that Investopedia, a website operated by the Forbes Digital media company, named the community of 10,600 as one of the top places in the nation to raise a family.

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But their shock was not because Norfolk doesn’t deserve such an honor, residents stressed. It was that the world has finally discovered the town that now ranks up there with Honolulu; Madison, Wis.; Peachtree City, Ga.; Farmington, Utah; Overland Park, Kan.; and Burlington, Vt., which came in first.

Norfolk came in sixth, gaining praise for its high student-teacher ratio and its low violent-crime index. There was no mention that it hosts two state prisons and an abandoned state hospital.

Investopedia editors described Norfolk, with the smallest population on its list of seven “family-friendly’’ cities, as “a rural suburb just 21 miles outside of Boston.

“At 1.38 times the national average, the cost of living is a tad on the pricey side,’’ the brief report said, “but Norfolk was recently recognized as one of Forbes magazine’s ‘Best for the Buck’ school districts.’’

It turns out the 2007 Forbes article was referring to all of the school districts encompassed by Norfolk County, but the Town Meeting moderator, Dan Winslow, said he thinks Norfolk deserves the accolade.

“The town’s greatest strength is the people who live in it,’’ he said. “There is a real sense of civic engagement and neighborhood pride.’’

Winslow has increased participation at Town Meeting in recent years by offering such incentives as free spaghetti suppers and Red Sox ticket raffles for those who attend the meeting’s second night.

“Norfolk is such a slice of Americana,’’ said the town administrator, Jack Hathaway, who moved here from Needham years ago. “It’s a little, small farming community, just an out-of-the-way place.’’

Some residents do want progress, like a supermarket, Hathaway said. “But we’ve kind of avoided it by luck,’’ he said. “It’s nice that we’ve retained our quaintness.’’

For years, Stop & Shop talked about opening a store in downtown Norfolk, but put its plans on hold when the economy started to slide. But there are markets in other towns 10 minutes away.

Still, changes are a reality for Norfolk just like everywhere else.

There is a Walgreens pharmacy under construction in the center of town, and Town Hall and the Norfolk Public Library have been renovated in recent years.

On Tuesday, residents approved a property-tax increase to help fund a $37 million project to replace the Freeman-Centennial School. But they rejected tax increases for a new public safety building and road repairs.

Yet, not everyone is so effusive about the town’s attributes.

“I do not agree with the education part of it in any way, shape, or form,’’ said resident Mark Perry, who has three young children in the school system. Students in prekindergarten through Grade 6 attend Freeman-Centennial or the H. Olive Day School in town, while middle and high school students are in the King Philip Regional district with Plainville and Wrentham. “We have teachers in the middle school that put union contracts before their students, and middle school classrooms sitting empty because we can not afford to pay the teachers to staff the classrooms.’’

Rachel Bremilst, a self-professed “townie,’’ said it was a much better when she was growing up. It was more rural, she said, with fewer “McMansions.’’

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“For the last 20 years, people move in and change what they don’t like about Norfolk,’’ Bremilst said. “Maybe change it to be more like the town they left.’’

Taxes have gone up, she said, and the street lights set up around the redesigned Town Hall and a pair of roundabouts in Norfolk Center are bright enough “to land a 747,’’ she said.

But others rattled off town amenities as justification for the website’s accolade.

Connie Martin Kearins, who has children ages 13 and 15, loves having easy access to the commuter train, as well as Mass Audubon’s Stony Brook Wildlife Sanctuary and the new library’s programs for all ages.

“Its easy to live here,’’ she said. “My husband kids me that I live in a bubble, never straying far from Norfolk because everything I need is within 10 minutes of my house.’’

Jennifer DeSanti came upon the town three years ago and loves the location: 15 minutes from Gillette Stadium and Interstate 95; 10 minutes from Interstate 495; 40 minutes from Boston; and an hour and 15 minutes from Cape Cod. And, she said, “You can get anywhere in town and never hit traffic.’’

Several residents cited the exchanges on town blogs that can turn into heated bickering, although DeSanti added, “isn’t that true of all close communities? We just care a lot.’’

“So many people have strong feelings about what Norfolk should be, that creates tension sometimes when those visions don’t line up,’’ said Selectman Rob Garrity. “But out of that tension comes, I believe, good decisions that result in the town we’ve built.’’

Garrity praised the King Philip Regional district, saying the high school offers academic success as well as winning sports teams, and a championship marching band.

Animal Control Officer Hilary Cohen said she wouldn’t live anywhere else. “This is one of the last few towns where I don’t worry about my son riding his bike into town to get an ice cream with his friends,’’ she said. “And I don’t fear taking dogs for walks late at night.’’

Michael Beirne, the father of children ages 9, 7, and 6, moved to Norfolk two years ago, and said one reason the Investopedia listing is warranted is the town’s sense of place.

“Before we close our eyes at night,’’ he said, “my wife and I will look at each other and say how lucky we are that we moved to Norfolk.’’

December 18, 2009   Posted in: Uncategorized  No Comments

Home Prices Rise For Second Straight Quarter: Now is the Time to Custom Build!

According to Freddie Mac, US home prices have risen for the second straight quarter (read the article from CNBC.com at the bottom of this post).  This news should act as a call to action for anyone waiting for the perfect time to custom build their new, dream home. 

This rise in home prices for the second straight quarter indicates that we have already reached the “bottom” of the housing market.  Now, the market will continue to correct itself with the rise of home prices and sales of existing homes.  We will never again see home prices and mortgage rates this low.  This means that the timing could not be anymore perfect to start building the custom home of your dreams.

Here at The Preserve At Keeney Pond in Norfolk, MA we specialize in making your dream home a reality.   This 100 acre, high-end residential subdivison is being built in some of the most magnificant settings in the region.  Come and walk through all of our over 35 lots still available for custom building.  Handpick the lot of your choice and let us guide you through the exciting process of custom building a new, luxury home in one of the best high-end residential developments in New England.  Call us today (781-769-9990) to set up an appointment or visit our website by clicking on the link below.  If you can dream it, we can build it!

Visit The Preserve At Keeney Pond

By: CNBC.com     12/8/09

 Freddie Mac said Tuesday that its Conventional Mortgage Home Price Index (CMHPI) registered a 0.9 percent quarterly gain during the third quarter 2009 for the U.S. That follows an upward revised 2.0 percent pickup in the second quarter and marking the second consecutive quarter of price increase.

 

 

The increases of the past two quarters erased about two-fifths of the declines registered during the final quarter of 2008 and the first quarter of 2009; over the year ending with the third quarter of 2009, U.S. home sales prices were down 3.9 percent in the CMHPI Purchase-Only Series.

“The home-price gains of the past two quarters reflect improving existing home sales over that period. Sales volume was up 15 percent between the first and third quarters of this year,” said Frank Nothaft, Freddie Mac vice president and chief economist.

December 9, 2009   Posted in: Uncategorized  No Comments

The Long and Short-Term Benefits of Homes with All Brick Exteriors

When building a new, high-end, luxury home development you want each residence to be distinguished in its own right.  Here at the Preserve at Keeney Pond we have 48 lots (all at least 1 acre and over 30 of them still available for custom home building) spread methodically throughout 100 acres of some of  the region’s finest landscapes.  

As we carefully choose each new, luxury home plan we think: how can this next one distinguish itself from the other unique, exclusive homes in the neighborhood while still blending seamlessly into the majestic feel of the development.  One of the ways we answer this question is by building some of our new, luxury homes with all brick exteriors.  Besides the stately, rich look that comes with an all brick exterior home there are many other long and short-term benefits.  These benfits range from saving energy to saving time and money on maintenance to adding to the homes appreciated value. (read more on this from the article at the bottom of this post)

We just completed a new, luxury home here at The Preserve at Keeney Pond that offers a complete brick and stucco exterior: 6 Keeney Pond Road.  This new, luxury home sits atop one of the highest points of this high-end, residential development.  The stately elegance that the all antique brick exterior gives to the home is something you really need to see for yourself.  Click on the link below to tour one the true gems of The Preserve at Keeney Pond, or call us today (781-769-9990) to set up an appointment to come see it first hand!

Tour 6 Keeney Pond Road

 

Following article courtesy of:  The Brick Institute of America

 

A brick home is beauty you can bank on. That’s because, unlike any other material, brick combines universal appeal with important economic benefits.

Brick instantly communicates those qualities that are most desirable in a home – permanence, warmth, and substance. Even from a distance, brick adds to a home’s impact and distinction. Brick assures that, at first glance, visitors will consider the home more prestigious, more impressive. Real estate agents refer to this all important first impression as “curb appeal,” and no material contributes more to a home’s curb appeal than brick. This intangible, immediate response to a brick exterior – even when brick is used only on the front of the house – is not only flattering. It means enhanced resale value through the years.

Why do people react so positively to brick? Perhaps the answer lies in the inviting texture of brick or its obvious strength. Perhaps the answer is that brick is a natural, modular material, or that people can easily relate to its human scale. Whatever the reason, brick has elicited an almost instinctive, positive response in people for generations. And the end is nowhere in sight. The limitless variety and versatility of brick inspires new approaches and fresh ideas for architectural design daily. So whether you’re more at home with traditional styling or the most innovative contemporary design, brick can make a unique contribution to your home’s beauty.

Fortunately, brick is as economical as it is attractive. It costs only slightly more to build with brick than it does to build with other materials. And these initial costs, stretched out over the years of your home mortgage, are far outweighed by the ongoing savings and high appreciation only a brick home offers.

Brick Adds 6 Percent to a Home’s Appreciated Value

Even if the home you are buying or building now is the home of your dreams, it is also a major investment. To assure the largest return on your investment, you’ll want to consider your home’s potential for appreciation and maximize its resale value.

According to Marshall and Swift’s Residential Cost Handbook, a reference used by real estate appraisers, the appreciation of a brick home is on the average 6 percent greater than that of an identical home with a vinyl, wood siding, cedar, or aluminum exterior.

Real estate markets may fluctuate, but brick home always retain and increase their value at a higher rate than homes with other exteriors.

Brick Saves Money on Energy, Maintenance, and Insurance

Brick is one of the original energy conservation tools. Simply because of its mass, it prevents temperature extremes on the outside of your home from affecting the temperature on the inside of your home. This process is sometimes called “thermal lag,” and it translates into greater year-round comfort and energy savings for homeowners. You’ll need to use your air conditioning less in summer, and your heat less in winter. That’s good news for the environment and your fuel bill.

Savings add up even faster when your consider brick’s other unique qualities.

Brick is practically maintenance-free. Sit back and enjoy your home, no repainting or restraining required. In fact, the cost difference between building a brick home and a home covered in siding roughly equals the cost of a single repainting. You make up the difference, first time out. And you’re fee to spend your weekends on good times – instead of on a ladder.

Yet that’s not the only saving you can expect with brick. While homes covered in other materials can corrode, rot, split, warp, dent, or crack through the years, brick does not. It actually improves with time, no matter how strong the wind or severe the weather.

Brick also provides the ultimate peace of mind that comes with superior fire resistance. It is made of fired clay, so it serves as a barrier to fire as no other exterior material can. Insurance companies know how effective brick is: fire insurance rates on brick homes are generally lower than on other homes.

Brick is pest resistant too, so you don’t have to worry about damage to your home or reliance on chemicals. And because of its mass, brick naturally insulates your home from outside sounds. It muffles noise from cars passing by, planes overhead, or townhouse neighbors, increasing the comfort and pleasure of your home.

The Best Looking Material is Also the Most Practical

The exterior of your home is one place you don’t want to compromise. And with brick, it’s one place you don’t need to compromise. You get the look you want – affordable from the start, economical through the years, and most profitable when you sell your home.

November 30, 2009   Posted in: Uncategorized  No Comments

Norfolk, MA #6 on the list of “Most Family-Friendly Places to Live” in the United States

As the several families already living at The Preserve at Keeney Pond will confirm, Norfolk, MA is an incredible place to raise a family.  Now, along with cities such as Honolulu, HI, Madison, WI and Burlington, VT, Norfolk, MA has been listed as one of the most family friendly places to live in all of the United States.

Many factors come into play when someone is thinking of buying a new, high-end luxury home like the ones you will find at The Preserve At Keeney Pond.  Potential homebuyers not only want to make sure that the crafstmanship and quality of the home is impeccable, but also that they are moving into a community that offers a high quality of  life.   

The town of Norfolk is commited to its residents.  This is why we chose to build such an expansive, new construction development here.  We strive to offer our customers the best in every aspect of the custom home building and home buying process.  We wanted to place this exclusive residential community in a town that shared our same ideals.  We found this in the town of Norfolk, MA. 

 

By: Tisa Silver (Investopedia.com) November 17,2009

America is full of family-friendly cities, but in choosing a place to raise kids, parents (or soon-to-be parents) tend to seek out places with low unemployment, low crime rate and good educational opportunities. Based on these criteria, let’s take a look at seven of top American cities for raising a family. (Find out three simple questions you should consider when weighing this decision, in Retirement Living: Renting Vs. Home Ownership.)

The list contains a diverse group of cities, with populations ranging from 10,000-375,000, and landscapes ranging from tropical to mountainous. What they all share is relatively low crime rates (presented as a fraction of the national average) and unemployment, as well as relatively low student-to-teacher ratios and high educational spending per pupil.  

1. Burlington, Vermont
   Population: 39,000
   Cost of living index: 1.1
   Student-teacher ratio: 12:1Violent crime index: 0.6
   Burlington is located between the Green and Adirondack Mountains on the eastern shore of Lake Champlain. The city is home to the University of Vermont and has approximately 39,000 residents.Burlington is located in the largest and most diverse school district in Vermont where, on average, each teacher has a master’s degree and 15 years of experience. According to the Vermont Department of Education, the student-to-teacher ratio in the state is approximately 11.3 students per teacher. According to a 2001 Census survey, the state spends more than $13,000 per student each year – well above the U.S. national average of $9,666.

   Unemployment in Burlington is also well below the national average, and crime figures, for both violent and property crime, are low too. The cost of living in Burlington is about 13% higher than the national average.

2. Peachtree City, Georgia
   Population: 34,500
   Cost of living index: 1.04
   Student-teacher ratio: 14:1
   Violent crime index: 0.12This city has the lowest crime index of the cities on our list. Violent crime and property crime within the city are 0.12- and 0.22-times the national average, respectively. This small Southern city with a population of under 35,000 also has relatively low unemployment, and although per-student spending is slightly below the national average, Peachtree City students outperform the national average in reading and math by 13.4% and 32.7% respectively, according to Money Magazine. There are about 14 students per teacher in Peachtree City.
3. Madison, Wisconsin
   Population: 229,000
   Cost of living index: 0.935
   Student-teacher ratio: 13:1
   Violent crime index: 0.6In 2006, Money Magazine ranked Madison, Wisconsin, as one of the best places to live. With approximately 228,800 residents, the city was dropped from the list in 2007, when the magazine imposed a limit on population. Madison was also named the “best place for education.” The city is home to the University of Wisconsin and the state spends about $10,000 per pupil – slightly above the national average. The student-to-teacher ratio is about 13:1. For a larger city, it’s also pretty safe: personal crime risk ranks about 40% below the national average.
4. Honolulu, Hawaii
   Population: 375,500
   Cost of living index: 1.8
   Student-teacher ratio: 18:1
   Violent crime index: 0.48Who wouldn’t want to live in Hawaii? Well, aside from its beautiful tropical scenery, Honolulu offers a better-than-average school system and an unemployment rate that’s about half the national average. Unfortunately, island living is pricey, and Honolulu’s cost of living is about 1.8 times the national average. Population-wise, it’s also is the largest city on our list with 375,000 residents. Depending on what you’re looking for, the mild weather and tropical island setting could make that higher cost of living worthwhile.
5. Farmington, Utah
   Population: 14,000
   Cost of living index: 0.87
   Student-teacher ratio: 23:1
   Violent crime index: 0.08Located about 16 miles north of Salt Lake City, Farmington is home to Utah’s largest family amusement park, Lagoon. Farmington’s population has nearly tripled since 1980, but the city has held on to its relatively low cost of living index, 0.87-times the national average, and an extra low crime index of 0.08.
6. Norfolk, Massachusetts
   Population: 10,600
   Cost of living index: 1.38
   Student-teacher ratio: 14:1
   Violent crime index: 0.05Norfolk, Massachusetts has the smallest population on our list, but this rural suburb is just 21 miles outside of Boston. At 1.38 times the national average, the cost of living is a tad on the pricey side, but Norfolk was recently recognized as one of Forbes Magazine‘s “Best for the Buck” school districts. 

November 24, 2009   Posted in: Uncategorized  No Comments

Forbes.com ranks Norfolk, MA #4 in the country for “Best School Districts For the Buck”

There is a myriad of reasons to want to live in Norfolk, Massachusetts.  It is a quintessential New England town that offers all of the amenities of a bigger city without losing any of its rural charm.  Norfolk, MA is situated perfectly between Boston, MA and Providence, RI so that each city is less than an hour drive from your doorstep.  Norfolk has its own commuter rail station in the center of town, is just a few miles from two major highways (95 and 495), and is in close proximity to several brand new shopping centers. 

 

Norfolk, MA is also a terrific community to raise a family in.  The town is committed to providing a safe, clean, and healthy environment to its residents with the best schools possible.  Thanks to this dedication, in 2007 Forbes Magazine recognized Norfolk, MA as the 4^th Best School District For the Buck!  Parents that are fortunate enough to call Norfolk home rest easy knowing that their kids are flourishing in a town dedicated to making sure that they have every opportunity to do so.  (Read the article and see the full list at the bottom of this post)

 

Nestled in this classic New England town is a 100 acre, 48 lot residential subdivision filled the finest high-end, luxury homes in the region.  The Preserve at Keeney Pond sets the standard for excellence in residential development.  The first of four phases of the development is almost complete, but there are still dozens of lots available for custom building.  Call us today at 781-769-9990 to set up an appointment to walk some of these incredible lots that might some day hold your dream home.

By: Christina Settimi (Forbes.com) 7/5/07

More spending doesn’t necessarily buy you better schools. With property taxes rising across the country, we took a look at per-pupil spending in public schools and weighed it against student performance–college entrance exam scores (SAT or ACT, depending on which is more common in the state), exam participation rates and graduation rates.

Winners in this rating system are counties whose schools deliver high performance at low cost. The losers spend a lot of money and have little to show for it.

Marin County, Calif., provides the best bang for the buck. In 2004 Marin spent an average of $9,356 ($6,579 adjusted for the cost of living relative to other metro areas in the U.S.) per pupil, among the lowest education expenditures in the country. But in return Marin delivered results above the national average: 96.8% of its seniors graduated, and 60.4% of them took the SAT college entrance exam and scored a mean 1133 (out of 1600). The others in the top five are Collin, Texas; Hamilton, Ind.; Norfolk, Mass.; and Montgomery, Md.

On the opposite end of the spectrum, Alexandria City, Va., which sits just six miles outside of our nation’s capital, spent $13,730 ($11,404 adjusted) per pupil, but its high schools registered only a 73% graduation rate, with 65.0% of the seniors participating in the SAT for a mean score of 963. According to John Porter, assistant superintendent, Administrative Services and Public Relations for the Alexandria City Public Schools, their graduation rate is reflective of a large number of foreign-born students who may take longer than the traditional four years to graduate. He also noted that their performance measures are rising, along with their expenditures. Per-pupil spending in Alexandria City is now over $18,000. Others on the bottom of the list include Glynn, Ga.; Washington, D.C.; Ulster, N.Y.; and Beaufort, S.C.

Using research provided by the Tax Foundation, a nonpartisan tax research group based in Washington, D.C., Forbes began with a list of the 775 counties in the country with populations greater than 65,000 that had the highest average property taxes. From this list we isolated the 97 counties where more than 50% of per-pupil spending contributions comes from property taxes. ( Click Here For Full Rankings)

Since it costs more to educate a student in New York than Alabama, we adjusted expenditures for each metropolitan area based on Economy.com’s national cost of living average. We then chose to compare spending to the only performance measures that can be used to compare students equally across the country. With a nod toward recognizing the importance of education, performance was weighted twice against cost. Performance and cost numbers are county averages; individual school districts within a county can vary greatly.

Just getting the raw data is no small task; in many counties you have to call dozens of high schools one at a time to find out how many kids drop out, how many take the SATs and how they do on the exams. Since no standard method to calculate a graduation rate is enforced nationally, and the college entrance exam boards will only release data below a state level directly to the schools, not the public, we were left to trust county, district and school officials to honestly and accurately report their results.

During this process it was interesting to hear about the amount of effort and the number of creative ways that schools take to report the best possible results. For instance, high school guidance counselors can encourage poor-performing students to take the ACT exam over the SAT exam, so that their SAT score remains high. Graduation rates can be calculated based on the number of seniors still enrolled in school on the date of graduation, compared with looking at a cohort that began freshman year four years earlier or even looking at the number of seniors enrolled at the beginning of the year. If only as much effort went into improving performance as it did into fixing performance measures.

The caveats to our methodology notwithstanding, our study shows that there are big differences in the quality of education relative to spending among counties and is further proof that money is not the only–or perhaps even the most important–factor when it comes to the quality of education.

November 24, 2009   Posted in: Uncategorized  One Comment

U.S. existing home sales pace highest in 2-1/2 yrs

It’s time to buy!  Each week more information comes out that proves that there has never been a better time to buy a new home.  Read the article below from today’s Yahoo.com for more information on how the housing market continues to gain strength in several different ways.

 If you are in the market for a brand new, luxury home in  the most scenic, 100 acre residential subdivisions in the region than you must visit us here in Norfolk, MA at The Preserve at Keeney Pond.  Click on the link below to tour the Preserve at Keeney Pond’s current new home for sale. 

WASHINGTON (Reuters) – Sales of previously owned U.S. homes rose in October at a faster-than-expected pace to the highest in more than 2-1/2 years as buyers rushed to take advantage of a popular tax credit, a survey showed on Monday.

The National Association of Realtors said sales surged a record 10.1 percent month-over-month to an annual rate of 6.10 million units, the highest since February 2007, from a downwardly revised 5.54 million-unit pace in September.

Analysts polled by Reuters had expected October sales to jump to a 5.70 million-unit pace from the previously reported 5.57 million units in September. Compared to October last year, home sales were up by a record 23.5 percent.

U.S. stock indexes extended gains on the data, while Treasury debt prices were little changed.

“Many buyers have been rushing to beat the deadline for first-time buyer credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” said Lawrence Yun, NAR’s chief economist.

Distressed transactions accounted for 30 percent of sales last month and continued to weigh on house prices. First-time buyers made up a third of sales in October.

The national median home price fell 7.1 percent from October last year, the smallest decline in over a year, to $173,100. Homes in foreclosure typically sell for 15 to 20 percent less than traditional homes.

“Existing home sales have already bottomed. Home prices are almost there. We are seeing a less of a decline in house values,” said Yun.

The housing market is slowly mending after a three-year decline, which contributed to tipping the U.S. economy into its worst recession in seven decades. Housing construction contributed to economic growth in the third quarter for the first time since 2005.

Recovery is being supported by the $8,000 tax credit for first-time buyers, low mortgage rates and falling house prices. The government this month extended the incentive into next year and added a $6,500 credit for home owners buying a new residence. It had been due to expire on November 30.

“The tax benefits going into the housing market are working, and that’s a relief,” said William Larkin, portfolio manager at Cabot Money Management in Boston. “Everything is about housing and jobs right now.”

The improvement in October sales was broad-based, with sales of single-family homes, the biggest segment of the market, rising 9.7 percent to an annual rate of 5.33 million units, while condominium and co-ops increased 13.2 percent to a 770,000-unit rate.

Sales were up in all four regions of the country. Prices rose 1.1 percent in the Midwest, which didn’t see the same boom as the rest of the country, while declining in the other three. The rise in the Midwest was the first price increase in any region since November 2008.

Analysts are cautiously hoping a sustained housing market recovery will help to improve the psychology of households, which has been shaken by rising unemployment.

While the economy resumed growing in the July-September period after four quarters of decline, sluggish consumer spending is seen slowing the momentum.

The inventory of existing homes for sale in October fell 3.7 percent to 3.57 million units from the previous month, NAR said. At October’s sales pace, that represented a supply of 7.0 months, the lowest in 2-1/2 years, from September’s revised 8.0 months.

November 23, 2009   Posted in: Uncategorized  One Comment

National Association of Realtors Expect Home Sales And Prices To Rise in 2010

 SAN DIEGO — Home prices are expected to grow modestly next year and sales will keep rising as the housing market continues to recover from the worst downturn since the Great Depression, the National Association of Realtors said Friday.

Home resales are projected to total 5.7 million next year, up from an estimated 5 million this year. Prices will climb about 4 percent after a projected decline of 13 percent this year, according to Lawrence Yun, chief economist for the trade association.

“Going into 2010, I anticipate that prices will also begin stabilizing or begin to modestly improve,” Yun told the audience at the association’s annual conference and expo in San Diego.

That should help ease buyers’ anxiety. “I don’t think the fear factor will be at play in 2010,” Yun said.

The housing market’s rebound has been aided by an aggressive federal intervention to lower mortgage rates and bring more buyers into the market. Home resales rose in September to the highest level in more than two years, something Yun said shows buyers are eager to get back into the market.

A federal tax credit of up to $8,000 for first-time homebuyers has helped stoke sales this year. The incentive was set to expire at the end of this month, but the NAR and other housing groups successfully lobbied to get the credit extended.

Now buyers can claim the credit if they sign a contract by April 30 and close the deal by the end of June. Lawmakers also expanded the program to include a $6,500 credit for existing homeowners who have lived in their current residence for at least five years.

First-time buyers accounted for a record 47 percent of home sales this year, up from 41 percent last year, the trade group said.

That surge helped drive traffic for real estate agents like Jan McGill of Omaha, Neb., and the extension makes her more optimistic about business next year.

“I’ve got to be positive,” McGill said.

Yun estimated around 2 million people took advantage of the tax credit this year and projects it will continue to lift the market.

November 16, 2009   Posted in: Uncategorized  No Comments

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