Banker & Tradesman, Nov. 5, 2018

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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: Wenham

IN PERSON

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After turning Boston’s Fenway neighborhood into a new market for class A office space and luxury condominiums, Samuels & Assoc. is looking at other development frontiers in Boston. Leslie Cohen, the firm’s chief operating officer, led the 30-story Pierce Boston project that opened last winter overlooking Audubon Circle.

WEEK OF MONDAY, NOVEMBER 5, 2018

RESIDENTIAL REAL ESTATE BY THE NUMBERS

DEPOSIT WAR

UNDER DEPOSIT PRESSURE, SOME BANKS FAIL AND SOME THRIVE

16,000 square feet The No. 2 home in this week’s Gossip Report is 16,000 square feet of luxury on 5 acres in Southborough. See page 7 for more. Source: The Warren Group

4,875 Wenham’s population as of the last Census was 4,875. See By the Numbers on page 6 for more. Source: U.S. Census Bureau

$328,000 The median price of a condo in Massachusetts fell 3.8 percent to $328,000, the lowest price for September in three years. See Scott Van Voorhis’ column on this page for more. Source: The Warren Group’s Statistics Module

4.28 percent

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Salem Five Mortgage Co. took the third spot with 4.28 percent of the mortgage market share in Essex County. See By the Numbers on page 6 for more. Source: The Warren Group’s Mortgage Market Share Module

$670,000 The town of Rockport has seen the highest percentage increase in the median sale price of a single-family home yearover-year through September; the median sale price is now $670,000. Source: The Warren Group’s Statistics Module

Customer Service, New Products Are Ways to Stand Out

Raymond Interiors

BY BRAM BERKOWITZ

Raymond Interiors won a gold PRISM Award this year for Cottage 7, voted best single-family home under 2,000 square feet. See the rest of this year’s gold winners on page 8. Source: Boston Remodelers Association of Greater Boston

he battle over deposits has grown intense as interest rates continue to rise, especially in metro markets like Boston where the demand for loans is still robust. While everyone faces competition, some local banks have fared better than others.

$3.1 million A second condominium at 100 Belvidere St. in Boston sold this week, this one for $3.1 million. Last week a condo in the same building sold for $8.75 million. See the Gossip Report on page 8 for more. Source: The Warren Group’s Statistics Module

$1,000 per week Home prices in Sydney and Melbourne, Australia, are dropping at a blistering pace of $1,000 per week. See Scott Van Voorhis’ column on this page for more. Source: Deloitte

BANKER & TRADESMAN STAFF

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order to improve return performance for shareholders. Webster Bank, which has 33 branches in the Boston area, also said on its recent earnings call that it has fallen behind on its five-year, $500 million deposit goal in the Boston market. “A lot of our promotional pricing, to the extent we do it, is in the Boston market,” Glenn MacInnes, CFO of Webster’s parent company, said on a recent earnings call. “So that’s where we are seeing most of the pressure on higher costs.”

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COMMERCIAL INTERESTS

Home Prices Drop Nationwide and Across the Globe Boston Among Major Metro Areas with Price Deceleration By Scott Van Voorhis | Banker & Tradesman Columnist

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.

For instance, executives at Berkshire Bank said on their recent earnings call that the bank now has $700 million in deposits and $2 billion in loans in it’s Boston branches, which the bank has only had since 2017. “I think we’re actually exceeding our own expectations,” Berkshire CEO Michael Daly said on the call. At the same time, similar players have struggled. Boston Private recently announced significant layoffs in part because of its inability to grow loans and deposits, forcing the bank to resort to expense reductions in

Residential Real Estate PAGE 3

2018 PRISM AWARDS Special Section PAGE 8


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