(BOSTON, MA) -- A reported rise in U.S. home sales has boosted hopes that the housing downturn is nearing its end and that the broader economy is moving toward recovery.
"There is no question that the market had slowed down, but generational asset properties, that are in the right location, that are priced right, have been trading," says Robert Borden, President of LandVest, a Boston-based luxury real estate firm. "There are plenty of individuals that are in a position to trade cash for unique and extraordinary properties and when they see what they want they move quickly. And now for the first time in decades, there are some extraordinary opportunities out there."
Terry Boyle, a project manager at LandVest, adds to Borden's statement. "The waterfront market on Buzzards Bay has literally turned in one day. We closed two big deals the same day this week."
One property was Codman Point which had been held in the same family for over 100 years. "It was a really rare asset." Boyle explains, "It had the "holy trinity" for waterfront property - sandy beach, remarkable privacy, and a deepwater dock. It traded for $5.5 million, a record sale."
The second was a property on the water in South Dartmouth with great views and a sandy beach. "Interestingly, both of these properties were purchased by buyers who had first indicated interest in Fall of 2008, but recently felt an uptick in competition and got off the sidelines and did what they needed to do to get the deal done." says Boyle.
Not only have properties in the Buzzards Bay area been selling but the market is continuing to drive motivated sellers and buyers of luxury real estate across New England.
Joyce Wallace, a project manager at LandVest in Vermont, has seen startlingly quick sales. "A property I recently listed is scheduled to close this month after being on the market for a mere two weeks." says Wallace. "The buyers negotiated briefly, resulting in a cash offer that will trade within 4% of the list price."
LandVest broker Stewart Young had a similar experience, this past week an offer was accepted and the listing closed within 24 hours.
LandVest has seen activity like this spike in the recent weeks with listings closing and being placed under agreement. In the past two weeks, approximately seven listings have gone under agreement, with more expected in coming weeks. In that same two week period, approximately five listings have closed.
With these recent home sales and pending sales reports, there is confidence that the market is beginning to come back.