Monthly Archives: September 2006

Modest price corrections?

http://www.boston.com/business/ticker/2006/09/home_prices_sal.html

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AIDS2006 Youth Participant Map

http://www.douglasmccarroll.com/massachusetts_real_estate/?p=21

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Tracking properties “Priced below assessment”

Welcome Boston Globe readers and others who want to see where properties have sold recently for below assessed value.  Here are three quick links, but first a few key points:  we assume our readers know more about their local housing markets than we do, so we invite you to add your comments, post additional properties, or contribute to our wiki.  You can sign-up for updates via RSS or email (FeedBlitz).  If there is interest, we’ll host our next Bubble Hour this weekend at PodCamp Boston to share insights and record some.  We’d like to begin adding audio and video clips to the bubble maps below:

Boston Bubble Map
Cape Cod Bubble Map
RealEstateBubbleMap.com

In coming days, we’ll also explain how we started mapping sales below
assessed value, add approximately 100 more sales from August 2006, and
explain how clients can earn commission credits by adding properties, too.

Want to submit some "bubble comps" with your offer?  "Grab" what you need, and place them on your own map (we can explain how).  For more information or to record your thoughts for our Real Estate Bubble Audio Time Capsule, contact The Real Estate Cafe at RECafe@mac.com or 617-876-2117.

Posted in Bubble map, In the News, Mapping, Podcasts, Price trends, Real Estate Audio Time Capsule, Real Estate Bubble

Globe follow-up II

As you can see from the early experiment below, we’ve been mapping
homes selling for below assessed value in Newton since November 2005:
http://tinyurl.com/qpbsh

When we noticed that the same pattern was playing out in more than 25
of the most expensive cities and towns in Greater Boston,  we expanded
the map beyond Newton:
http://www.platial.com/realestatecafe/map/6343

We also decided to work with a mapping platform that enables anyone to
post comments, add properties to an existing map, or create their own
map.  Check out this map of Cambridge, MA where the myth is that sales
prices never decline because of the built-in demand from Harvard and
MIT:
http://www.platial.com/westsidebubble

You don’t need to be a Harvard & MIT grad to recognize a falling
market, so I hope other bubble bloggers begin to create their own
bubble maps to aggregate their collective wisdom and document falling
housing prices in their local markets.  If you do, please link it to
http://www.realestatebubblemap.com

Our hope is that a national network of bubble maps would help inform
and protect homebuyers from overpaying in overvalued markets.  That
lofty goals translates into creating an open source platform that
enable anyone to pick and choice "user-posted comps" to support offers
they submit well below sellers’ asking prices.  If it can work in
Massachusetts, it could be a model for other bubble bloggers and buyers
around the country.

Posted in Uncategorized

Update: new listings posted on Cape Cod

UPDATE:

If you look beyond median prices to individual transactions, major price corrections are already happening.   The Real Estate Cafe has already mapped nearly 400 sales below assessed value across 27 of the most expensive cities & towns in Greater Boston.  In coming days, we’ll post another 200 sales to our real estate bubble map including 50 in Greater Boston and another 150 from Southeastern Massachusetts, primarily on Cape Cod.  If you see evidence that prices are falling, please post them to the real estate bubble map or create your own.  If you’re one of our clients, we’ll reward you for each property (see "Tipping Policy" for more detail.)

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