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Boston real estate news: I didn’t know that?

Boston Condos for Sale & Back Bay Condos 

Boston real estate news: I didn’t know that?

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House Buyers of America is expanding into the Greater Boston area opening in both Boston and Springfield. 

The company, which specializes in buying and renovating older homes and providing affordable housing, is looking to assist buyers and sellers as it continues its East Coast growth. The company “places equal focus on using its high-tech resources as well as providing high-touch customer care and communication — without charging commissions or fees,” according to a company press release. 

Boston is House Buyers of America’s fifth market expansion and comes as the Virginia-based company announces its second-quarter revenue growth. 

“The Boston expansion was the next natural direction in our growth trajectory,” said Nick Ron, CEO of House Buyers. “Our company’s market research shows that this is an ideal market for our business model, and we are now in a position to assist buyers and sellers in the area to achieve their real estate goals faster than ever.” 

The company, which saw a 119% increase in revenue from last year as well as a 68% increase in sales and 93% in gross profit, said its expansion “demonstrates the demand for its direct real estate model.”

“Despite the homebuying industry being sluggish due to higher mortgage interest rates and continued low inventory, we have experienced the opposite,” Ron said. “Our investment in Boston and Springfield and plans to expand into other major U.S. markets signifies the expanded demand we’re seeing across the board. Our state-of-the-art technology takes a direct route to buy homes faster than ever before in as-is condition to deliver new inventory to the market.”

Updated: Boston condos for sale website 2023

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More legal and financial problems for Rudolph Giuliani.

The IRS has placed a lien on a lakeside condominium in Palm Beach, Florida, owned by Giuliani, the former mayor of New York City and former lawyer for Donald J. Trump, the New York Times reported.

The lien was filed due to Giuliani’s outstanding income tax debt of approximately $550,000. This property is situated just three miles from Mar-a-Lago, the private club and residence of former President Trump.

Giuliani and his ex-wife attempted to sell the condominium for $3.3 million in 2019 but were unsuccessful in finding a buyer. 

Giuliani faces multiple legal battles and mounting legal expenses related to his efforts to support Trump’s bid to remain in office after the 2020 election. Among his legal challenges is a racketeering charge in Georgia for his role in that endeavor, as well as a defamation case brought against him by two election workers in the state.

Giuliani’s financial struggles became public knowledge when he listed his co-op at 45 East 66th Street for $6.5 million, Business Insider reported. The listing popped up on the market towards the end of July and comes with a complicated history, especially in recent years.

Updated: Boston Condo for Sale 2023

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Boston real estate news: I didn’t know that?

Boston real estate news: A strange and exciting anomaly surfaced in March housing data. The median price of a newly built home was slightly lower than the median price of an existing home sold that month. That hasn’t happened in more than 15 years. 

“Finally!” you might be thinking. “I can buy a brand-new, pristine Boston Seaport condo for less than an old Boston condo one!”

The national median price of a newly built, single-family home sold in March was $330,800, according to the U.S. Census. The national median price of an existing, single-family home sold in March was $334,500, according to the National Association of Realtors. But you aren’t likely to pay less for a new home than a used one – and that’s due in large part to the shortage of lower-priced homes on the market.

“On a per-square-foot basis, within comparable markets, a new home is still priced higher than an existing home,” said Robert Dietz, chief economist at the National Association of Homebuilders.  

National median prices mean that half the homes in the market sold for less, half for more. They are not repeat-sales indexes, like the much-watched S&P Case-Shiller home price index. A repeat-sales index measures the increase or decrease in the price of similar homes in similar places over time.

For example, the number of existing homes priced between $100,000 and $250,000 that sold in March was down 10% from a year ago, according to the NAR, simply because there are so few for sale. Demand is high. Meanwhile, the number of homes priced between $750,000 and $1 million that sold was up 82% from a year ago. Sales of million-dollar-plus homes were up a stunning 108%. That skews the median much much higher.

There is also a tight supply of lower-priced new homes. The reason is twofold. After the housing crash just over a decade ago, there were so many relatively new, low-end foreclosures for sale that when builders did start producing again, they focused on the move-up market. It is also harder to build cheap homes now because commodity and land prices are skyrocketing. New home prices at face value are still rising sharply.

First-time buyers, however, are an increasing share of the new construction market, 43% in February, according to the NAHB. That is higher than the 31% share in the existing home market. That is partially due to historically low mortgage rates and builders finally starting to get back a little bit into producing entry-level homes.

And it is pulling the median price for new homes lower.

How much you pay will also depend a great deal on where you live, according to Dietz’s analysis.

New construction is most active in the South, where home prices overall are cheaper, so that helps the national median skew lower.

Source: CNBC Real Estate

Boston Real Estate

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