The Sodano Report
August 2011
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Deal of The Month
Listing price is $189,900 but owner will accept $150,000 with conditions: cash, 30 day close, "as-is" Call Darlene for details @978-423-6630!
Business owners take note! Rare 4 unit mixed use property in Res C zoning. Perfect for those with a need for a combined residence and home office. This property consists of 2 buildings on the same deed. The front building is a beautiful turn of the century Victorian with 2 residential units. The back carriage house has approximately 700sf of office space on the first floor, with a contemporary 2 bedroom - 2 bath residence occupying the 2nd and 3rd floors, & a 2 car garage on the lower level.
Year Built - 1920
Sq Footage - 5,169
Bedrooms - 6
Bathrooms - 4/1
Parking - 4+ Garage
Lot Size 17,971 sqft
Listing provided courtesy of: Kurt Thompson of Prudential Prime Properties
darlene@SodanoRealEstate.comSodano Real Estate
TOWNSEND REAL ESTATE NEWS
Townsend Single Family Sales Data
| Month/Year | Ave. SP | Ave. DOM | # Units Sold | # Currently for Sale |
| Jul-11 | 235,538 | 310 | 8 | 70 |
| Jun-11 | 243,600 | 51 | 5 | 66 |
| Jul-10 | 229,000 | 281 | 4 | 86 |
Average sale prices are up with twice as many units have sold as compared to July 2010. If we keep a pace of 7-8 sold per month with our current inventory of 70 homes on the market, we could be in a “normal” market. A 6-8 month supply of homes is considered normal with less being a Seller’s market and more being a Buyer’s market.
While any improvement is encouraging, it’s too early to brag. The 8 homes sold in July is the highest in any month since last June when everyone was trying to close on time to qualify for the 1st time home Buyers tax credit.
How does Townsend compare at $235,538? The Massachusetts Average Sale price is $412,283 and North Central MA region is $239,595.
TOWNSEND COMMUNITY NEWS
The Devens Regional Household Hazardous Products Collection Center is now open on the 1st Wednesday and following Saturday on the months Mar-Dec.- Located on 9 Cook St. (rear) Proof of Townsend residency required. Visit them online www.DevensHHW.com for more info.
Band Concerts on the Common are scheduled through August on Thursdays starting at 7:30pm. Each week a different Townsend organization sponsors and hosts the lawn party. In addition to the Military Band performance there are various activities and events; ie. Childrens games, bouncy houses, baked goods and grilled hamburgers.
The Townsend Public Library has a summer reading program for adults. Sign up at www.readsinma.org t log books read for a chance to win gift certificates donated from local businesses.
The North Middlesex Regional School District starts it's 2011-2012 school year on August 31st.
NATIONAL NEWS
If Congressional intent is to encourage sound lending behaviors that support a housing recovery, attract private capital and reduce future defaults without punishing responsible borrowers and lenders, then they need to redefine the definition of a Qualified Residential Mortgage (QRM).
The proposed QRM, in addition to stringent debt-to-income ratios and rigid credit standards will require a minimum of 20% down payment. Lenders of non-QRM mortgages, assuming banks would offer them, would assuredly pass on this increased risk to Buyers by way of significantly higher mortage interest rates and fees. Unfortunately this would penalize many highly qualified, low risk borrows or deter them from buying all together.
Recent data shows it would take the typical American family 16 years to save for a 20% downpayment. The low forclosure and default rates of FHA and VA loans also suggest that safe lending practices with solid underwriting and documentation guidelines are key, rather than higher downpayments.