Banker & Tradesman, February 13, 2017

Page 1

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2016 ANNUAL PROPERTY TRANSFERS DIRECTORY Call 617.896.5388 or email datasolutions@thewarrengroup.com Est ab li s h e d 1 8 7 2

the

www.bankerandtradesman.com

WEEK OF MONDAY, FEBRUARY 13, 2017

financial

services

and

real

estate

weekly

for

massachusetts

A Publication of The Warren Group COMMERCIAL INTERESTS 2017 OUTLOOK

THE WHITE-HOT MARKET HAS A DARK SIDE Homebuying Process Is Longer, More Expensive And Riskier

Greater Boston’s Red Hot Real Estate Market Spring Market 2015 Vs. 2016 Essex County

Number of Sales

Median Price

BY JIM MORRISON | BANKER & TRADESMAN STAFF

T

he white-hot Greater Boston real estate market is generating a lot of heat, and a lot of money, but it’s not making everyone feel all warm and fuzzy. If 2015 was a strong year, 2016 was a very strong year for Massachusetts real estate – and 2017 looks even better. Realtor.com chief economist Jonathan Smoke predicts prices and the number of sales will both increase just over 6 percent in 2017. That growth is expected to depend on rising, but still historically low, mortgage interest rates. Mike Fratantoni, chief economist and vice president of research for the Mortgage Bankers Association, expects mortgage interest rates to remain relatively low throughout 2017.

Homebuyers Hit Hardest

Gary Dwyer, broker/owner of Buyers Agents of Boston, said it’s harder to get an accepted offer for his clients now than it has been at any time since he started his company in 2005. Continued on Page 9

Norfolk County March

14.99%

3.80%

April

16.02%

2.01%

May

15.00%

10.97%

June

5.74%

4.13%

Plymouth County

Number of Sales

Median Price

2.08%

March

38.75%

1.20%

April

29.41%

6.13%

April

48.21%

5.84%

May

8.66%

11.12%

May

19.96%

.31%

June

6.04%

9.42%

June

20.35%

1.16%

Plymouth County

Number of Sales

Median Price

-0.71%

March

38.75%

1.20%

27.45%

6.59%

April

48.21%

5.84%

May

18.23%

2.45%

May

19.96%

.31%

June

5.83%

9.32%

June

20.35%

1.16%

March

18.75%

April

Median Price

BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

W

orkplace safety watchdog OSHA has long been the federal agency that businesspeople have loved to gripe about, especially in the construction business. But love it or hate it, it’s hard to argue that the inspectors of the Occupational Health and Safety Administration don’t play a vital role at a time when thousands of people still die SCOTT VAN VOORHIS every year across the country in workplace accidents, more than a few of them on construction job sites. The Boston drain company at the center of the tragic trench collapse last year in the Back Bay in which two workers drowned had been in OSHA’s crosshairs for some time, to name one example. Dozens of people die on the job each year in Massachusetts.

Median Price

34.98%

Number of Sales

Industry Recognizes Need For Safety Watchdog

Continued on Page 12 Number of Sales

March

Middlesex County

A World Without OSHA

Source: The Warren Group

CONTENTS Commercial & Industrial ������������������������������������������ 3

In Person ������������������������������������������������������������������ 7

Banking & Lending ������������������������������������������������ 11

Points ����������������������������������������������������������������������� 4

Residential Real Estate Outlook 2017 ���������������������� 8

Classified Sections ������������������������������������������������� 13

By The Numbers ������������������������������������������������������� 6

Residential ������������������������������������������������������������ 10

Records Section ������������������������������������������������������ B1

FRIENDS AND FAMILY NETWORK

The Color Of Money CRE Industry Moves Beyond Its Comfort Level BY STEVE ADAMS BANKER & TRADESMAN STAFF

This article is the first of a two-part series exploring attempts to improve opportunities for women and minorities in the local commercial real estate industry.

R

acial diversity remains elusive in local commercial real estate circles, despite Boston’s 21st-century DNA as a majority-minority city. Industry gatherings remain a sea of dark suits and white faces, in contrast to the composition of the life science industry playing a big part in the region’s economic boom. That the real estate industry remains a predominantly white male preserve in 2017 is the result of decades of neglect, executives and diversity advocates agree, and a tendency to fall back on tight-knit social networks to fill job openings. “That’s our Achilles heel,” said Taidgh McClory, a partner at CBRE/New England and one of a handful of top-level minority execuContinued on Page 3


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