SUBSCRIBE TODAY! VISIT WWW.TRYRERS.COM
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
PAGE 6
County close-up: Norfolk Spotlight: Medway
HOT PROPERTY
PAGE 7
Cresa hired Boston-based architects TRIA to provide interior architecture and corporate design services, creating an open and collaborative workspace that maximizes natural light and offers commanding Boston Harbor views.
WEEK OF MONDAY, SEPTEMBER 10, 2018
BANKING & FINANCE BY THE NUMBERS
COMMERCIAL INTERESTS
17% The percentage of people in Hampden County who live below the poverty line. See Bram Berkowitz’s story on page 8 for more. Source: Office of the Comptroller of the Currency
$65 million National Development’s mortgage from Santander for two properties in South Boston. See Week on the Web on page 2. Source: National Development
59% The percentage of Massachusetts students who graduated with an average of $31,319 in student debt in 2017. See Week on the Web for more on page 2. Source: LendEDU
$30 million The amount of capital that New Valley Bank & Trust hopes to raise. See Bram Berkowitz’s story on page 8. Source: New Valley Bank & Trust
120 The number of state-chartered banks in Massachusetts. See Bram Berkowitz’s story on page 8 for more. Source: Massachusetts Division of Banks
88% The percentage of active banking users accessing their savings accounts digitally. See Aite Group column for more on page 9. Source: Shawmut Design and Construction
$1,000 The amount Northern Bank is donating to nonprofit Heading Home Inc. as a part of its “Taking It to the House” campaign to fight homelessness. Source: Northern Bank
SALES SLOW AMID RELENTLESS PRICE INCREASES
July Stats Show Some Relief for Buyers; Sales Flat for the Year BY SCOTT VAN VOORHIS
MEDIAN SALE PRICES
BANKER & TRADESMAN STAFF
F
rom the Back Bay and South Boston to the commuter suburbs on Route 128 and I-495, home prices in the Boston area and across Massachusetts are smashing one record after another. But what goes up must come down, in-
Median Sale Price
Change from 2017 No. of Sales Change from 2017
MIDDLESEX COUNTY NORFOLK COUNTY
$555,500 $515,000
-1% -5%
6,605 3,849
9% 6%
SUFFOLK COUNTY
$549,000
-7%
826
12%
• All figures are for single-family home sales, year to date through July • Source: The Warren Group
cluding the seemingly invincible Greater Boston real estate market. Fears that a growing number of buyers were being priced out of the party were seemingly eased with the 6.8 percent increase in homes sales in July after months
of declines. Yet putting much stock in one month’s numbers – and a rather modest increase at that – is risky business. July’s numbers aside, home sales in Massachusetts were down or flat for the
Continued on Page 3
25% The percentage of Hampden County that is either unbanked or underbanked. See Bram Berkowitz’s story on page 8. Source: FDIC
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.
T H AT ’ S T H E T I C K E T
NEW DE NOVO
Potential Sale Offers In-Fill Development Opportunity
Proposal Went Before State Board of Bank Corporations
Battle Brews Over Boston Tow Lot By Steve Adams | Banker & Tradesman Columnist
Commercial Real Estate PAGE 7
Springfield De Novo Plans to be Bank for Small Business Owners By Bram Berkowitz | Banker & Tradesman Staff
Banking & Lending PAGE 8