In a ruling that will impact the real estate market in Massachusetts, the Massachusetts Supreme Judicial Court ruled that banks must show and hold clear title to a property in order to foreclose. The ruling was based upon a 2009 Land Court case where the bank did not show clear title. The bank appealed the Land Court Decision to the SJC looking for reversal.
The entire story can be read at: http://www.boston.com/business/articles/2011/01/08/high_court_ruling_could_affect_way_foreclosures_are_conducted/?p1=News_links
Bank Lending may pick up in 2011.
The Wall Street Journal reported on Dec 30 that some big US banks are starting to do more business lending. According to the article, Moody's Analytics estimates that commercial and industrial lending grew in the 4th quarter of 2010 0.2%. This was the first reported increase in 2 years. Moody's expects that the lending will rise 3% over the next year.
City Council Considering Zoning Changes
The Malden City Council is looking at creating a new overlay zoning district for the downtown area. The proposal would impact the old Super Fitness/Mal's Supermarket site on Jackson Street, between Exchange and Centre Streets. A major stumbling block is whether or not to have mixed use or just residential in new development.
Several years ago, Malden residents spoke out during the Malden Visionary Project, and what they wanted to see downtown. The proposed development does not fit into the final outcome and plans of the Visionary Program, nor does it fit within the City of Malden's Master Plan.
A group called the Citizens Association for the Responsible Development of Malden (CARDMalden) is pushing for implementation of a mixed use development on this site, while the developer, Combined Properties wants only residential.
A Planning Board hearing is scheduled for Wednesday, January 12, 2011. Check the City of Malden website at http://www.cityofmalden.org/.
Malden by the Numbers:
Single Family Listings: 58 Average List Price: $309,064 Average Market Time: 128.47
Condominium Listings: 43 Average List Price: $209,983 Average Market Time: 151.72 Average List Price per Square Foot: $190Multi-Family Listings: 50 Average List Price: $378,588 Average Market Time: 143.20
Please call me if you are looking to buy, sell, or just have a real estate related question anserwed. I can be reached at 617-755-0195, or by email at phweston@comcast.net.
Paul Weston
Kelmark Associates
www.liveinmalden.com
