Banker & Tradesman: April 6, 2020

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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Berkshire Spotlight: Tyringham

Many members of the public don’t understand the role of architects and the value of their work, Natasha Espada said, so she’s pushing for the organization to expand its outreach to underserved communities. A former associate principal at Leers Weinzapfel Assoc., Espada founded her own firm, Needham-based Studio Enee, in 2013.

IN PERSON

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WEEK OF MONDAY, APRIL 6, 2020

RESIDENTIAL REAL ESTATE BY THE NUMBERS

11 percent New listings dropped 11 percent as the coronavirus hit. See James Sanna’s story on page 11. Source: MLS PIN

172 The number of single-family homes sold in Berkshire County through February. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

100 percent Real estate services have been declared fully ‘essential’ services during the pandemic. See Week on the Web on page 2. Source: The Baker administration

WAIT AND SEE

RENTERS HIT PAUSE AMID

PANDEMIC

$2.25 million The price of the most expensive, recent existing single-family sale in Berkshire County See By the Numbers on page 6. Source: The Warren Group

6,771 square feet The size of the largest property in this week’s Gossip Report. See page 9. Source: The Warren Group

Some Landlords Increase Incentives to Spur Leasing BY STEVE ADAMS BANKER & TRADESMAN STAFF

15 percent The growth in the median Berkshire County single-family sales price. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

17 percent The growth in the number of Berkshire County single-family sales. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module

M

ounting losses and economic anxiety are injecting uncertainty into the Boston area’s apartment-hunting scene, where landlords typically hold

a firm upper hand. Some lease deals are taking longer to execute as prospective tenants ask for opt-out clauses because of potential job losses, a

week after a record 148,000 Massachusetts residents suddenly filed for unemployment amid the escalating COVID-19 epidemic. “We’re getting more leads than ever, and then they get down to brass tacks,” said Demetrios Salpoglou, CEO of online rental platform Boston Pads. “More parents are getting involved, saying, ‘I want to look over the lease.’ The length of the transaction itself is slowing down.” Brookline-based City Realty is offering $200 gift cards as an incentive to sign new leases through April 15, with the payments dedicated to Allston Village businesses which have been reeling from bans on indoor dining and social distancing measures.

The Hamilton Co. of Allston, which owns approximately 5,800 apartments in Greater Boston, has seen an approximately 0.5 percent increase in vacancies over the past month, Co-CEO Jameson Brown said. “It’s definitely been a paradigm change, and we’ve been starting to do a lot of rentals sight unseen and through virtual tours,” Brown said. “It seems to be embraced by renters and brokers.” An increasing number of mom-and-pop landlords are offering additional $200 to $500 incentives to brokers on signed leases, on top of the standard broker fee equal to one month’s rent, said Dave Monheit,

COMMERCIAL INTERESTS

POWERING THROUGH

Future Cloudy, but Don’t Give in to Doom and Gloom

Creativity Helps Meet Crisis Challenges

By Scott Van Voorhis | Banker & Tradesman Columnist

By Diane McLaughlin | Banker & Tradesman Staff

Will Boston’s Building Frontline Employees Boom End? Wait and See Keep Banks Running

and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Continued on Page 7

Commercial Real Estate PAGE 3

Banking & Lending PAGE 9


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