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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Plymouth Spotlight: Plymouth
IN PERSON
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As a longtime operator of agribusinesses, Paul Sellew recognized a need for better quality lettuce in New England. He turned to Bank of America for an $18 million loan to take advantage of that opportunity.
WEEK OF MONDAY, DECEMBER 16, 2019
RESIDENTIAL REAL ESTATE BY THE NUMBERS
$2 million Boston could tax home sales over $2 million. See Week on the Web on page 2. Source: Boston City Council
25,058 The number of homes in Plymouth. See the Town Spotlight in By the Numbers on page 6. Source: U.S. Census Bureau
COLLECTIVE ACTION
WHO PAYS TO BAIL OUT BOSTON?
106 years The Realtor Code of Ethics is 106 years old. See Anne Mecywor’s column on page 5. Source: National Association of Realtors
$4.1 million
Developers of properties such as 15 Necco in the Seaport District are coordinating plans for resilience strategies with the city of Boston, which is planning to build a 6-foothigh berm along the east side of Fort Point Channel.
Michael Kennedy’s former Cohasset mansion sold for $4.1 million. See the Gossip Report on page 9. Source: The Warren Group
The median single-family sale price has dropped 7.08 percent so far this year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
6.8 acres The largest property in this week’s Gossip Report. See page 9. Source: The Warren Group
357 357 homes have been sold so far this year in Wareham See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
10 NAR’s new C2EX program grades Realtors on 10 skills. See Anne Mecywor’s column on page 5. Source: National Association of Realtors
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module
Coastal Defense Funding Strategy Needed to Pay for $1B in Projects BY STEVE ADAMS BANKER & TRADESMAN STAFF
W
ith potential for massive property damage in Boston neighborhoods in the path of rising seas, the city is studying funding mechanisms to pick up the multi-billion-dollar tab in coming decades. A study commission next year is expected to recommend spreading the costs broadly among property owners in coastal neighborhoods, possibly through a district improvement financing mechanism. “The city is going to have to figure out
Up until recently, private developers have been reluctant to pay for resilience measures even on their own properties because many have investment timelines as short as seven years.
how to approach this, and what conditions require private property owners to pay,” said Bud Ris, a member of the Boston Green Ribbon Commision which is studying resilience funding models. Shore-based defenses such as elevating sea walls, building earthen berms and installing absorbent, planted shorelines could cost up to $1 billion in the Seaport District and South Boston alone, according to the Climate Ready Boston study, based upon a projected 40-inch rise in sea levels by 2070. Convincing private developers to pitch in for flood defenses beyond their property lines might not be a hard sell after recent years’ storms that have landed Boston’s climate vulnerability in the national headlines. Continued on Page 7
COMMERCIAL INTERESTS
M E R G I N G W E A LT H
Sky-High Prices Fuel a Progressive Backlash that Could Hurt
$122M Price Tag Shows Impact of Persistent Low Interest Rates
Real Estate Is in for a Rough Ride By Scott Van Voorhis | Banker & Tradesman Columnist
Cambridge-Wellesley Merger Opens Up Opportunities By Diane McLaughlin | Banker & Tradesman Staff
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Commercial Real Estate PAGE 3
Image courtesy of Elkus Manfredi Architects
-7.08 percent
Banking & Lending PAGE 9