Blog :: 2019

October Sees 13 Million-Dollar Home Sales on Seacoast

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Seacoastonline, Posted Nov 14, 2019 at 6:41 PM

PORTSMOUTH -- For the second time in three months a record monthly high-end sales volume of million-dollar homes was in the Seacoast Board of Realtors 13 sample Seacoast towns.

The towns are Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.

Thirteen sales topped the million-dollar mark in October, breaking the old record of 12 set in August. The transactions included two sales more than $2.2 million, both on the ocean, one in Seabrook, the other in Rye. Those closings pushed the monthly median sale price to $510,000, highest since May and the fourth time this year that median prices have exceeded $500,000.

For the first 10 months of 2019 total sales are up 3.2% as is the median sale price of $480,000, a 3.2% improvement from last year.

Still, it was the slowest month since April for single family sales, which fell 7. 8% from last month and 20.1% from last year. Condominium sales, conversely, pretty much stayed the course, with monthly volume exceeding September totals by three, but trailing last year by three.

Condo sales for the year are off 5.7% but the median sale price is up 4.2% at $333,000.

Available inventory has become an issue again with inventory off 9.9% from last year at 318 units, lowest since May.

“Despite declining single-family sales, our real estate market continues to be a solid performer,” said Kathy Ahlin, president of the Seacoast Board of Realtors. “Nothing says ‘consumer confidence’ more than record high-end sales.”

NAR Just Made a Ruling that Consumers Should Understand

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Consumers of real estate services may not know their options. 

Click here to read a recent article in Inman, an industry trade publication. 

The article states a recent ruling made by the National Association of Realtors, our governing body, whose mission is to assist its members in "becoming more profitable and successful."  The ruling is known as the Clear Cooperation Policy, which will require listing brokers to submit a listing to the multiple listing service within one business day of marketing a property to the public.

Public marketing includes, but is not limited to, flyers displayed in windows yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public. 

How will this change the way we do business? It shouldn't change things drastically. Right now, if a seller doesn't want their property listed in the MLS that is their choice and the Realtor must abide. However if this is the seller's decision, under the new rule the listing cannot be marketed to the public if it's not marketed in MLS. The best example I can think of is the "Coming Soon" sign. So, if you want to put a "Coming Soon" sign out that is fine, but the listing must now be in MLS within one business day of the sign going in the yard. 

Why? NAR board members took the position that if the property is not in MLS but being marketed in other ways then the listing agent may not be meeting their fiduciary responsibility to their client because, for example: what if the sign is in the yard and an offer comes in. And the seller accepts the offer. But the property was not fully vetted by the public. How can the listing agent assure the seller that this offer was the highest and best terms? Only with maximum exposure can they be sure. 

The opposing position is, what if a client wants privacy and therefore wishes to not list in MLS. This is fine. And it's also fine to market within a firm, an exclusive, if this is what the seller wants and understands it's not a public offering. But in this case it can't be marketed to the public, in the ways described above, without being marketed in MLS. 

The privacy concern seems a non-issue since there are public deeds, tax records, Google Maps, etc. and the MLS will not provide any additional information about the owner and location than what's already deemed public. 

As a consumer, you need to know what your options are and what your broker intends to do as a Fiduciary. Not to mention there is the option of the broker NOT being a Fiduciary.

Want to know more? Ask us!

RE/Max Rising Tide Welcomes Anthony Sillitta and AMG Property Management

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RE/MAX RISING TIDE AFFILIATES WITH PROPERTY MANAGEMENT GROU AMG

It’s my pleasure to introduce Asset Management Group (AMG) as a partner company to the Madden Group-Re/Max Rising Tide.  

Overseen and managed by Anthony Sillitta,  Anthony and AMG bring a personalized approach to investment property management.  AMG specializes in managing multi-unit properties for property owners who enjoy having the extra source of revenue but who do not wish to manage the day-to-day details of the landlord/tenant relationship.

Anthony comes to us with over 15 years of experience as a Real Estate professional in the Seacoast area. 

Before joining Madden | Re/Max Rising Tide Anthony obtained his Principal Broker’s License and operated his own brokerage in Dover NH.  Over the years Anthony has enjoyed working with buyers and sellers and has managed a number of investment properties in the Portsmouth, Dover, and Durham markets.

Anthony’s approach is to meet with the property owner to discuss their needs and over goals for their property.  From that discussion Anthony will create a personalized letter outlining the areas that AMG can help to achieve those goals.

A free service Anthony will offer during your initial conversation is a quick review of your current lease.  Many landlords are not aware of some basic State and Federal regulation that if not properly addressed in the lease can present an immediate legal issue for the property owner.

If you’d like to sit and meet with Anthony please feel free to call his personal phone at (603) 557-0537 or send an email to asillitta@gmail.com

AMG’s mission is to minimize the areas of property ownership that are not enjoyable to the landlord and to assist in navigating the difficulties of investment property management.

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Anthony Sillitta, Licensed Broker and President of AMG

 

 

 

Who Doesn't Love a Before and After...

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In the winter of 1917, or perhaps 1916, an inn located at 26 Newmarket Road in Durham, NH, was carefully, and with great skill and patience, taken off it’s foundation and hauled by horse and buggy across the frozen field to the left, or south, of the property. Then, later in 1917, a new structure was built, home to Ohio natives, the Taylor Family. It has changed hands only twice since the Taylor’s built it. That is, until our team member here at The Madden Group, Amber Roy, and her husband and parents purchased it last October from the Pilar Family, who had resided there since 1965.

 

Amber had fallen in love with the home as she’d drive by daily on her way to her kids’ daycare. To her, the house, which sat seemingly vacant, with overgrown shrubs shrouding it’s impressive full length farmer’s porch, seemed desperate to be revived. As Amber had been on the lookout for a couple of years for an older home to renovate and flip, one day her fascination with 26 Newmarket Road won out. She searched town records for the owners, wrote them a nice letter about how she admired their home and wondered if they had plans to sell. Anita Pilar called her back and said that yes, they were, in fact, thinking about selling it. And the rest is history.

Amber and her family began an extensive renovation on November 1st. The house was strong and solid. Built to last. But in desperate need of updating. The plumbing and electrical systems got a full do-over, the decades old carpets were torn out and the original beech wood floors were restored, horse hair plaster was repaired and in some cases, where the damage was too much, was covered by fresh sheetrock, original doors were stripped of their paint and re-stained, every original window was reglazed, cedar shingles were replaced on the facade where the ancient rhododendrons, overgrown and suffocating, had wreaked havoc, allowing rot to take hold. And when the major systems of the house were addressed, Amber, who had been working on building a career as an interior designer, took to making careful design decisions to update the house, yet honor it's history. The kitchen was relocated to an adjacent room, allowing for a butler’s pantry and first floor laundry room, along with a spacious mudroom and powder room, to take the place of the original kitchen and tight entry way. An additional full bathroom was added, to accommodate the needs and desires of modern families, the original bathroom got a full gut job and expansion, including a walk-in closet and huge custom walk-in shower, and the third floor was finished, creating additional living space. She chose timeless and classic finishes, like 1 inch white and black hexagon tiles on the new master bathroom floor, subway tiles, cross bar faucet handles, classic and impressive light fixtures, and more. There are custom touches throughout, like the two bathroom vanities that were created out of antique drawers. There are also a few small modern touches throughout the house, to create a little balance between then, and now.

The home, which sits in the heart of Durham’s Historic District, now boasts 5 bedrooms, 2 1/2 bathrooms, master en suite, an office/craft/reading room, detached two car garage, just under an acre of land(bordered on the south by a large beautiful field of conservation land- yes, the same one the horses and buggies moved the original house over in the icy winter of 1917!), established, and new, landscaping, including what is rumored to be the oldest lilac tree in Durham, and over 3600 square feet of living space.

This house is special. It’s not your average flip. The history is enough to make someone curious- the entire property is still surrounded by granite hitching posts, which date back to when there was an inn on the property- quite literally meant for guests to hitch their horses to when they needed to stay for the night. And there’s the quirky bit of Russian written on the stone basement wall that translates to, “Excuse me for interrupting your interesting conversation, but the soup is getting cold.” There is much to see at this beautiful old home that has been so lovingly restored. The thoughtful choices and impactful, yet, classic design showcase Amber’s ability to create interiors that are truly beautiful and unique.

On Friday, July 12 from 4 to 7pm, Amber is hosting a Broker Open House and is celebrating the launch of her new business, Amber Dawn Interiors. She has collaborated with Ethan Allen and Coastal Furniture to stage the home, and other local businesses are providing contributions as well. Agents and Brokers: If you have buyers looking in and around Durham, or even if you’re just curious, come enjoy food provided by Oak House restaurant in Newmarket, complimentary wine and champagne, swag bags from Ethan Allen to the first 50 guests, plus multiple giveaways, including a bottle of Moet and Chandon, an Oak House gift card, beautiful  succulent terrariums by Living Arrangements of York, Maine, and more!

FOYER...Before

FOYER...After

LIVING ROOM...Before

LIVING ROOM..After

Thank you, Seascape Capital Management for providing this very useful information about 2019 taxes:

From Seascape: 

January 10, 2019

The 2019 tax-filing season is approaching.  In an effort to help smooth the process and keep important numbers at your fingertips throughout the year, we are happy to share a card containing key financial data for 2019.  

Please click here to access the card.
 
We find that these numbers are helpful for a variety of calculations involving Social Security, healthcare costs, and retirement plan funding, to name a few.  

We hope that you will find this resource as useful as we do! Please feel free to share it with others.  If you would like a physical copy of the card, please respond to this email or call the office at 603-964-4480.

As always, give us a call if you have any questions about these numbers or require more detailed tax information.
 
-The Seascape Team

www.seascape-capital.com