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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Essex Spotlight: Amesbury
Life science development has metamorphosed from a specialized niche into Greater Boston’s most dynamic commercial real estate sector. During his 22-year career, Adam Sichol has had a front-row seat on the industry’s expansion and played a hand in companies’ growth and relocations.
IN PERSON
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WEEK OF MONDAY, MAY 6, 2019
RESIDENTIAL REAL ESTATE BY THE NUMBERS
ACCOUNTING FOR LOSSES
$106,000 The family income required to afford the median Boston-area home. See Week on the Web on page 2. Source: Howmuch.net
550
CECL Expected to Have Little Impact on
Some mortgage lenders are soliciting applications with FICO scores in the mid500s. See Ken Harney’s column on page 4. Source: John Meussner, executive loan officer, Mason-McDuffie Mortgage Corp.
$441,000 The median home price in Saugus in the first quarter of 2019. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
Community Banks’ Reserves
3,993 square feet The size of the most expensive home in this week’s Gossip Report. See page 9. Source: The Warren Group
5 percent CoreLogic has predicted 5 percent growth in the national housing market in 2019. See Scott Van Voorhis’ column on page 10. Source: CoreLogic
$2.7 million The price of the most expensive home sold in Essex County in the first quarter of 2019. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
1,098 The number of homes sold in Essex County in the first quarter of 2019, down slightly year-over-year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
$2.61 million The price of a Boston condominium in this week’s Gossip Report. See page 9. Source: The Warren Group
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
Lack of Historical Losses, Stable Investment Landscape Are Key Factors in New England BY BRAM BERKOWITZ BANKER & TRADESMAN STAFF
S
ince the Financial Accounting Standards Board first instituted the new current expected credit loss rule in June 2016, the banking industry has been deeply concerned over the impact CECL would have on total
reserves and capital. And for some of the larger players, these concerns could prove true – JPMorgan Chase reported in February that it expects to see a $5 billion increase in its total reserves under CECL, representing a 35 percent jump from total reserves in 2018. But after first quarter earn-
ings community banks, especially those in the Northeast, are singing a different tune. Many expect their reserves under CECL will be the same, if not smaller, than under the current incurred model, even as some observers reckon the economy is closer to a downturn than at any other time in the current cycle. Continued on Page 9
THE JURY IS OUT
COMMERCIAL INTERESTS
Parking Lease Key to Office, Housing Project
Spring Surge a Sign Buyers No Longer Sweating Stock Market Troubles
By Steve Adams | Banker & Tradesman Staff
By Scott Van Voorhis | Banker & Tradesman Columnist
Cambridge Nears Verdict on Did Trump Save the Courthouse Redevelopment Real Estate Market?
Commercial Real Estate PAGE 7
Commercial Real Estate PAGE 10