Blog :: 01-2012

Justice or A Joke? You Decide!

After wrongful foreclosure practices came to light in October 2010, attorneys general from all 50 states joined forces together with the federal government to punish five large financial institutions - Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial - for mortgage related misconduct, including "robo-signing" and failing to provide mortgage modifications to eligible homeowners.  It now appears that a $25 billion settlement is near, but whether it adequately punishes the offending lenders or lets them off the hook is a matter of considerable debate. The Wall Street Journal reports on Why a New Refinance Program Faces Long Odds - click to read.

While all of the details of the settlement have yet to be released, it appears the bulk of the money ($20 billion) would be used for principal reduction and refinancing programs for borrowers in danger of foreclosure, with the remaining $5 billion going to those directly affected by the foreclosure violations, with the wrongfully foreclosed homeowners receiving an average of $1,800. (Yes, folks, I said $1,800!)  Estimates are that the $20 billion would reduce the average mortgage balance of approximately 100,000 homeowners whose homes are under water by $20,000.  However, there are approximately 2.3 million homes in the foreclosure pipeline that are under water by an average of $60,000, so opponents of the settlement argue that the proposal isn't nearly punitive enough.  When you consider that taxpayers bailed out these same lenders to the tune of $600 billion, you can certainly understand their position.  But, we are in an election year, so President Obama clearly wants to announce a settlement to appeal to his supporters as a champion of consumers. The Wall Street Journal gives us answers to six questions on Obama's Mortgage Refinance Proposal - click here!

Assuming the federal government announces a settlement soon, the major question is whether all 50 attorneys general will approve the settlement, thereby effectively capping the liability that these five major lenders face from their deceptive lending and mortgage practices.  Massachusetts and California are two of the states threatening to refuse to accept the settlement.  For those many citizens that believe the federal government was responsible for the lack of oversight that led to the improper lending practices in the first place and then assisted those lenders with a bailout at the taxpayers' expense, the federal government is again letting the lenders off the hook with a settlement that will hardly impact them. And speaking of improper practices, click here to read about how JP Morgan embarrassed themselves when they wrongly foreclosed on 14 active military families.

Is it still business as usual between lenders and the federal government? That's a question each of us will have to decide for ourselves. Meanwhile the big banks are banking on spending less...click to read.

What's your take on the foreclosure crisis? Do you think Obama's refinance program could work? Discuss!

Legal Insider Content Contributed by Attorney Richard M. Kallman. Contact Atty. Kallman at 978-356-2934 rich@kallmanlaw.com.

Real Estate Transfers - Ipswich, MA - December 2011 & January 2012

Address #BR #BA List $ Sale $
Single Family
2 Cedarview Rd, Ipswich, MA 3 2 $199,900 $199,900
16 Pleasant St, Ipswich, MA 3 1.5 $299,000 $290,000
13 Putnam Rd, Ipswich, MA 4 1 $324,900 $305,000
15 Juniper St, Ipswich, MA 4 2.5 $339,900 $330,000
38 Farley Ave, Ipswich, MA 4 3 $349,000 $322,500
6 Alamo Rd, Ipswich, MA 3 1 $349,000 $330,000
213 High St, Ipswich, MA 3 2.5 $349,900 $354,900
7 Oakhurst Ave, Ipswich, MA 4 1.5 $349,900 $345,000
4 Cobblers Ln, Ipswich, MA 3 2.5 $439,900 $404,000
1 Cape Ann Cir, Ipswich, MA 4 3 $599,999 $600,000
2 Bowdoin Rd, Ipswich, MA 3 2 $775,000 $700,000
45 The Fairways, Ipswich, MA 4 4.5 $849,000 $824,000
178 Argilla Rd, Ipswich, MA 4 4.5 $1,900,000 $1,700,000
Condominium
16 Appleton Pk C1, Ipswich, MA 2 1 $89,000 $89,000
16 Appleton Pk E4, Ipswich, MA 2 1 $109,900 $105,000
12 Manning St #1, Ipswich, MA 1 1 $110,000 $102,000
500-204 Colonial Dr, Ipswich, MA 2 2 $139,000 $139,000
500-304 Colonial Dr., Ipswich, MA 2 2 $164,900 $160,000
400-67 Colonial Dr, Ipswich, MA 2 1.5 $194,900 $184,000
38 Kimball Ave #2, Ipswich, MA 2 1.5 $235,000 $220,000
7 Mayfair Ct, Ipswich, MA 3 2.5 $274,900 $266,000
401-29 Colonial Dr, Ipswich, MA 3 2.5 $292,000 $285,000
13 Blaisdell Terr, Ipswich, MA 3 1.5 $299,900 $283,000
17 Argilla Rd, Ipswich, MA 2 2.5 $319,000 $315,000
69 River Pt Dr #24, Ipswich, MA 2 2.5 $342,900 $342,900
51 River Pt Dr #31, Ipswich, MA 2 2.5 $369,900 $369,900
41 River Pt Dr #36, Ipswich, MA 3 2.5 $399,900 $399,900
12 Moray Ln #6, Ipswich, MA 2 2.5 $739,900 $744,900

 

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

Real Estate Transfers - Wenham, MA - December 2011 & January 2012

Address #BR #BA List $ Sale $
Single Family
53 Larch Row, Wenham, MA 2 1 $250,000 $162,500
15 Pleasant St, Wenham, MA 4 1 $314,000 $300,000
9 Bruce Ln, Wenham, MA 2 2 $315,000 $290,000
22R Cherry St, Wenham, MA 3 1.5 $349,900 $327,000
2 Conrad Cir, Wenham, MA 4 2 $389,000 $373,000
4 Woodside Ln, Wenham, MA 4 2.5 $495,000 $465,675
30 Cherry St, Wenham, MA 4 1.5 $589,000 $589,000
17 Pleasant St, Wenham, MA 4 3.5 $599,000 $575,000
Condominium
16 Wallis Dr, Wenham, MA 3 2.5 $685,000 $668,000

 

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

Real Estate Transfers - Danvers, MA - December 2011 & January 2012

Address #BR #BA List $ Sale $
Single Family
10 Cottage Ave, Danvers, MA 3 2 $218,100 $201,850
57 Park St, Danvers, MA 3 1 $259,000 $223,000
11 Sheffield Rd, Danvers, MA 4 1 $269,000 $240,000
10 Clark St, Danvers, MA 3 2 $279,900 $265,500
122 Locust St, Danvers, MA 3 1 $289,900 $262,500
9 Mello Parkway, Danvers, MA 3 1 $289,900 $275,000
3 Butler Ave, Danvers, MA 4 2 $294,900 $292,000
38 Chestnut St, Danvers, MA 3 1 $299,900 $287,000
15 Sheffield Rd, Danvers, MA 4 2 $309,000 $301,000
9 Cabot Rd, Danvers, MA 3 2 $332,500 $328,500
5 Bagley Ave, Danvers, MA 3 2 $339,999 $325,000
8 Brookside Ave., Danvers, MA 3 2 $349,000 $338,000
32 Carolyn Dr, Danvers, MA 3 2 $350,000 $340,000
9 Laurel St, Danvers, MA 3 1.5 $359,900 $355,000
78 Green St, Danvers, MA 3 2 $379,900 $370,000
15 Cedar Hill Dr, Danvers, MA 3 2.5 $384,900 $380,000
12 Brookwood Ln, Danvers, MA 3 1.5 $385,000 $380,000
7 Lobao Dr, Danvers, MA 4 2 $413,500 $413,500
74 Burley St, Danvers, MA 6 3.5 $419,000 $410,000
106 Bradstreet Ave, Danvers, MA 3 1.5 $469,900 $415,500
4 Thorpe Cir, Danvers, MA 5 3.5 $549,900 $525,000
11 Donegal Ln, Danvers, MA 5 3.5 $615,000 $595,000
13 Forest St, Danvers, MA 5 4.5 $639,000 $595,000
15 Winthrop St, Danvers, MA 4 2.5 $850,000 $700,000
Condominium
12 Water St #5, Danvers, MA 1 1 $10,000 $15,000
12 Central Ave #2, Danvers, MA 2 1 $92,000 $92,000
12 Central Ave #8 Danvers, MA 1 1 $99,900 $75,000
62 Purchase St, B1, Danvers, MA 2 1 $119,900 $123,000
35 Holten St., #3, Danvers, MA 2 1 $120,000 $112,000
194 Pine St, B5, Danvers, MA 2 1 $124,900 $123,600
147-16B Sylvan St, Danvers, MA 2 1.5 $195,000 $190,000
142 Village Post Rd, Danvers, MA 2 2.5 $279,000 $275,000
102 Village Post Rd, Danvers, MA 2 2.5 $284,500 $275,500
73 Liberty St. #3, Danvers, MA 2 2.5 $289,000 $270,000
38A Collins St, Danvers, MA 3 2.5 $299,000 $281,450
9A Alden St, Danvers, MA 4 2.5 $299,900 $299,900
100 Kirkbride #114, Danvers, MA 2 2 $379,000 $330,000
138 Holten St, Danvers, MA 2 2.5 $399,900 $399,900
Multi-Family
57-59 Elm St, Danvers, MA 2 Unit $300,000 $300,000
15 Beaver Park, Danvers, MA 2 Unit $364,000 $335,000
50 Conant St, Danvers, MA 3 Unit $449,900 $440,000

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

Real Estate Transfers - Rowley, MA - December 2011 & January 2012

Address #BR #BA List $ Sale $
Single Family
12 Haverhill St, Rowley, MA 2 1.5 $174,500 $169,500
81 Newbury Rd, Rowley, MA 2 1 $199,999 $210,000
124 Leslie Rd, Rowley, MA 3 2.5 $299,000 $270,000
137 Hillside St, Rowley, MA 4 2.5 $460,000 $439,000
10 Wilkes Rd, Rowley, MA 4 2.5 $574,900 $530,000
Land
0 Main St, Rowley, MA 2.85 Non-build $5,000 $3,700

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

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Real Estate Transfers - Essex, MA - December 2011 & January 2012

Address #BR #BA List $ Sale $
Single Family
22 Cogswell Rd, Essex, MA 3 1 $95,000 $90,000
26 Pond St, Essex, MA 4 1.5 $289,000 $242,000
2 Hill Rd, Essex, MA 3 1.5 $325,000 $290,000
30 Forest Ave, Essex, MA 3 2.5 $335,000 $319,000
5A Brook Pasture, Essex, MA 3 1.5 $374,900 $362,500
159 Main St, Essex, MA 2 1.5 $499,000 $479,000
9 Lufkin Pt Rd, Essex, MA 2 1 $619,000 $565,000
67R Pond St, Essex, MA 4 2.5 $849,000 $827,500
42 Spring St, Essex, MA 4 3.5 $899,000 $850,000
15 Turtleback, Essex, MA 4 3 $998,000 $960,000
Condominium
5 Brook Pasture U:A, Essex, 3 1.5 $374,900 $362,500
Land
69-9 Choate St Farm, Essex, MA 2.77A Res $279,000 $279,000
4-2 Lowland Farm Rd, Essex, MA 1.48A Res $339,000 $300,000

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

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Real Estate Transfers - Hamilton, MA - December 2011 & January 2012

Address #BR #BA List $ Sale $
Single Family
182 Lake Drive, Hamilton, MA 3 2 $127,710 $125,000
1 Sunset Ln, Hamilton, MA 2 1 $206,900 $230,000
58 Appleton, Hamilton, MA 3 2 $269,900 $269,900
2 Kennedy Rd, Hamilton, MA 3 1.5 $345,000 $330,000
11 Hatfield, Hamilton, MA 4 2.5 $539,900 $530,000

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

Real Estate Transfers - Topsfield, MA - December 2011 & January 2012

Address #BR #BA List $ Sale $
Single Family
15 Kinsman Ln, Topsfield, MA 3 2 $279,900 $275,000
70 Haverhill Rd, Topsfield, MA 3 2 $299,900 $295,000
34 Bare Hill Rd, Topsfield, MA 4 2.5 $479,000 $462,000
85 North St, Topsfield, MA 4 2.5 $570,000 $570,000
4 Heritage Ln, Topsfield, MA 4 3 $615,000 $592,500
Lot 24 Hickory Ln, Topsfield, MA 4 2.5 $699,900 $685,000
31 Perkins Row, Topsfield, MA 5 3.5 $810,000 $767,500
Condominium
17 Great Hill Dr, Topsfield, MA 2 2 $309,900 $297,500
44 Great Hill Dr, Topsfield, MA 2 2 $330,000 $315,000
3 English Commons, Topsfield, MA 2 2.5 $698,000 $716,690
14 English Commons, Topsfield, MA 2 2.5 $767,000 $757,697
31 English Commons, Topsfield, MA 2 2.5 $837,000 $880,553
38 English Commons, Topsfield, MA 2 2.5 $860,000 $879,337

 

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by MLS may not reflect all real estate activity in the market.

Who Has the Happiest Homeowners?

We do! The Boston Globe reported today, "The Northeast has the highest levels of home-ownership satisfaction in the country."  Click here to read the full story. It feels good, being a homeowner myself, to know I'm surrounded by the happy majority! Pride of ownership is contageous; the more the better!

The rental market is brisk, evidence that owning isn't for everyone so if you're on the fence, get the facts BEFORE you decide. Our advisors are equipped with the knowledge, experience and resources to point you in the direction that's right for you. Take advantage of our complimentary advisory services! Give us a call, send us an email or just come by. Our specialty is building community and helping folks make good choices. We are here to help YOU!

978-356-8922 info@windhillrealty.com 16 Market Street, Ipswich, MA office hours M-F 9-5, Sat 10-3

 

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Open the Door to Maximum Return on your $

Many of you have asked! This year's Cost Vs. Value Report for 2010-2011 has been published. We reported on this back in December of 2009 and the improvement with the biggest return in 2009 remains the biggest "bang for your buck"! And the winner is, entry door replacement! Although that project's cost vs. value is down from the previous year, at 102% cost recouped, it makes sense. If you are thinking of selling your home, the entry is every prospective buyer's first impression. You will need to do a little research to maximize your potential. Consulting with one of our advisors will also keep your costs in line with the current market.  It's a complimentary service we offer with no obligation!

Click here for the 5 projects that topped the list. Remodeling Magazine does a great job of breaking this down into regions across the country. Click here for their detailed list of midrange improvements (midrange=best return) for New England.

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