Banker & Tradesman: Oct. 23, 2023

Page 1

ORDER TODAY AND SAVE

MONTHLY TRANSFER DIRECTORY REPORTS

Call 617.896.5388 or email datasolutions@thewarrengroup.com

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

PAGE 6

County close-up: Essex Spotlight: Methuen

GOSSIP REPORT

PAGE 11

When seen from the street, the third home in this week’s Gossip Report appears to all the world like a typically staid, stuffy historic house. But step inside or through the backyard gate and you suddenly find yourself in chic surroundings full of sharp lines and ample natural light.

WEEK OF MONDAY, OCTOBER 23, 2023

RESIDENTIAL REAL ESTATE BY THE NUMBERS

To break out of its housing problems, Massachusetts leaders need to call out NIMBYism for what it is: a pox on our economy and society.

COMMERCIAL INTERESTS

1 million KBW analysts think commission lawsuits could cut Realtor ranks by 1 million. See page 10. Source: KBW

4 Four Essex County towns have a median single-family sale price over $1 million. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

2010 Last month saw the fewest number of single-family sales since 2010. See Week on the Web on page 2. Source: The Warren Group’s Statistics Module

$450,000

2.7 percent The statewide median single-family sale price rose 2.7 percent last month. See Week on the Web on page 2. Source: The Warren Group’s Statistics Module

28 percent Single-family sales have fallen 28 percent across Essex County this year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

8.7 percent The statewide median condo sale price rose 8.7 percent last month. See Week on the Web on page 2. Source: The Warren Group’s Statistics Module

$570,000 The year-to-date statewide median single-family sale price. 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 and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

GOVERNOR,

USE YOUR BULLY PULPIT

Healey’s Big Housing Bill Skips Most Aggressive Changes BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

G

ov. Maura Healey rolled out her longawaited housing plan last week, and, as she had signaled, it was big. The $4.1 billion housing bond bill proposed by the governor is more than double the last bond bill passed under the Baker administration in 2018. It includes hundreds of millions of

dollars in tax incentives and sweeteners to spur construction of tens of thousands of new homes and apartments, and a hefty $1.6 billion to repair crumbling public housing units. But while money helps, money alone won’t solve the housing crisis. It is in the red tape, often on the local level and at times on the state level as well, where some of most daunting obstacles to building more housing can be found. Suburbs from the Boston area to Seattle have used restrictive zoning codes, septic regulations, health codes – you name it – to block new apartment and

condominium buildings and smaller, more reasonably priced single-family houses and townhomes. Local officials, in turn, cite the same litany of reasons as they block new housing from getting built, from often-overblown concerns that school costs will go up to increased traffic and even higher police and fire budgets. Healey’s plan takes another important step in reforming zoning, allowing granny flats – accessory dwelling units in the current jargon – to be more easily built on single-family lots in all cities and towns across the state. Continued on Page 3

D E B AT I N G D E N S I T Y

T E C H T R A N S F O R M AT I O N

How Housing Proposal Could Change Newton Villages

Video-Enabled ATMs Seen as Freeing Tellers for Other Duties

The Shape of Things to Come? By Steve Adams | Banker & Tradesman Staff

Commercial Real Estate PAGE 7

Banks Turn to ITMs to Evolve Branches By Nika Cataldo | Banker & Tradesman Staff

Banking & Lending PAGE 9

iStock illustration

The median single-family sale price in Lawrence See By the Numbers on page 6. Source: The Warren Group’s Statistics Module


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.