Boston’s North Shore Real Estate

Boston’s North Shore High-End Residential Real Estate Hit Record Sales

Boston, MA – Feb. 8, 2008 — While the resonant refrain of the mass media is of a real estate market in turmoil and distress, some high-end markets saw unprecedented activity in 2007. One such market is that of Boston’s North Shore.

In comparison, 2007 was a better year for luxury real estate in the North Shore than in 2006. The lower tier of the high-end market slowed down only slightly whereas the $4 million plus segment of the market had grown twofold. According to Multiple Listing Service (MLS), in 2006 six listings were sold for $4 million or more but in 2007 that number more than doubled to 15.

“2007 represented a record year for high-end residential sales on the North Shore. The perception of a down market brings out buyers for grade A properties,” explains Lanse Robb, principal at LandVest and the highest producing broker for residential real estate sales in 2007 in Essex County, Massachusetts.

According to sales data from the MLS and Banker and Tradesman, Robb achieved a 2007 sales total of $32,300,000. Robb’s average sales price was $3,318,750, closely aligned with his average listing price of $3,507,500.

Among the high-end residential sales on the North Shore to Robb’s credit were:

• An ocean-front estate in Manchester, MA which sold for $8,000,000
• A record sale in Gloucester, MA of a water-front property for $4,500,000
• A record sale in Ipswich, MA of 100 acres, two adjoining lots for $3,000,000

With record sales in 2007 for the high-end market, it is time to look toward 2008. “Activity should continue through 2008. The key to success in 2008 will be the ability to manage both seller’s and buyer’s expectations,” says Robb.

MLS is a database which allows real estate brokers representing sellers to share listings, information and statistics regarding properties for which they have a listing contract. To share listings brokers must be members of MLS and the National Association of Realtors.

Banker and Tradesman is the leading publication on banking and real estate in New England.

LandVest, Inc., (www.landvest.com) was founded in 1968 to provide a broad array of services to owners of significant real property assets. With offices throughout the Northeast, including professionals in real estate sales, land planning, forestry services, advertising, business and finance, LandVest has become the premiere advisor and problem solver for owners of unique properties.