National Association of Realtors talks down home prices (huh?!)

Cognitive dissonance: The guy who’s supposed to be the real estate industry’s biggest cheerleader is warning that home prices can’t keep rising at their current clip.

Yesterday the Case-Shiller S&P home price index notched a milestone — exceeding its July 2006 record.

Lawrence Yun, chief economist for the National Association of Realtors, says it can’t go on: “The continuing run-up in home prices above the pace of income growth is simply not sustainable. From the cyclical low point in home prices six years ago, a typical home price has increased by 48% while the average wage rate has grown by only 14%.”

Mr. Yun is also concerned about rising interest rates. A typical 30-year fixed mortgage goes for 4.66% now. That’s the highest since 2011, and way up from the most recent low at 3.78% nine months ago.

Meanwhile, CNBC reports that even while supply remains tight, demand might be weakening: Fewer potential buyers are asking for tours and making offers, according to a monthly survey by Redfin. “April was the first time in 27 months that we saw a year-over-year decline in the number of customers touring homes,” says Redfin chief economist Nela Richardson. Hmmm…

Seaport staple…say goodbye

It was here at the start … it weathered the storms (literally) .. but now we must say goodbye to Salvatore’s.

Why, you ask ask? Well, for a business to make it in the seaport, it needs to gross $200k/month just to cover rent apparently – $40k. You heard that right. Forty thousand dollars per month. Are the owners irrationally exuberant in this booming market? Perhaps … but, small price to pay to be in the center of the hub’s universe.

Painful? Sal’s wait staff thought so too as they were only given 18 days notice. Probably not the restaurant’s fault, though. We all know how these negotiations work.

Priced at that level, what venue can make it work? What might replace Sal’s? Another high end, boujie, over the top “it” spot? Can’t wait to go there and drop a car payment on dinner and drinks.

8F6940CA-B516-4D88-837D-A2899B4BB783

 

Things To Do Today in Boston for St. Patrick’s Day!

Whether you celebrate at your local pub or come Southie for the annual St. Patrick’s Day parade, there is plenty to do in Boston this weekend.

St. Patrick’s Day 5K Road Race

The first 600 participants to arrive at the annual 5k road race will receive a long-sleeved green race shirt designed by Celtic pink rock band Dropkick Murphys. Sponsored by the Boys and Girls Club, the race hosts 1,760 runners and starts on 230 W 6th Street in South Boston.

St. Patrick’s Day Parade

South Boston will be hosting the St. Patrick’s Day parade tomorrow, March 18. Spectators can look forward to colorful floats and Irish American live bands and leprechauns galore.

BEWARE OF SHORTENED PARADE ROUTE DUE TO BLIZZARD RESIDUE FROM THE WEEK.

St. Patrick’s Day Festival

This two-day festival hosted by Harpoon Brewery in South Boston is filled with Irish food, music and most of all, beer! There is a free shuttle from South Station to the brewery to make traveling easier for attendees.

Irish Film Festival

Irish cinema fans are in for a real treat! This 4-day festival includes short films, premieres, documentaries and more.

Irish Heritage Trail

The Irish Heritage Trail is a popular go-to on St. Patrick’s Day in Boston, which is considered the most Irish American city. The trail is filled with three-centuries worth of Irish contributions to the Americas and features statutes from Irish politicians and contributors to Boston today.

Dropkick Murphy’s Concert at House of Blues

Tickets are still available for the Celtic punk rock group at the House of Blues tonight. After months on tour, they are returning to Boston for another epic performance.

-Allen A Garzone II, Garzone Real Estate, Inc, Boston Real Estate Agent

NE Patriots’ Amendola Leave for Miami Dolphins

Farewell, Amendola!

Danny Amendola, Wide Receiver for the New England Patriots, did not renew his contract for the sixth season and is on his way to Miami with the Dolphins.

The deal with the Dolphins: a two-year, $12-million-dollar deal with $8.25 million guaranteed.

This is a significant boost from his $1.7 million NE Patriot salary for 2017.

Amendola is leaving after one of his best seasons with the Pats, with 61/86 completed passes, 659 yards and two touchdowns in the regular season.

A spot on the Miami Dolphins team opened up after slot receiver Jarvis Landry was traded to the Cleveland Browns.

Since his career start, this is Amendola’s fifth team, starting with the Dallas Cowboys, Philadelphia Eagles, St. Louis Rams and the NE Patriots.

-Allen A Garzone II, Garzone Real Estate, Inc, Boston Real Estate Agent

Apartments sales in Manhattan Fall to Lowest Since 2012

Apartment sales are the lowest since 2012 in Manhattan.The declining trend in city-wide sales by price and volume was revealed in January to be the lowest since February 2012.

The prices fell 15.5% to $1.8 million in January. Last year’s average was $2.2 million. Who’s to blame? The decline in new luxury condos in the area.

Apartments priced over $10 million have doubled since 2013, with the average price of a luxury condo being $2.8 million in January. only 61 units were sold in upper Manhattan in January due to it’s low activity.

 

-Allen A Garzone II, Garzone Real Estate, Inc, Boston Real Estate Agent

New Gondola May Solve South Boston Commute Woes

Although the “innovation campus” in South Boston is still under construction, investors and developers still think about how to get workers there when the building is open and running.

Although the Silver Line is minutes away, during rush hour it can get filled to capacity. Not to mention, rush hour traffic can make commuting a pain if driving to work, and inconvenient parking spaces are tough to deal with.

This is why developers are in talks to creating a Gondola route. The $100-million-dollar plan is routed to take commuters over Summer Street from South Station to Industrial Park. Phase II of the project would link South Boston to Industrial Park.

 

 

-Allen A Garzone II, Garzone Real Estate, Inc, Boston Real Estate Agent