Malden Reads, Bike to the Sea and the Spring Market!

Spring is right around the corner. The photo above was taken a few years back in my yard of the crocouses that come up every year. Malden in the spring is a colorful place, and I cannot wait to see what is in store for this year.

In the mean time, things keep moving along and there are plenty of things to do. I had the opportunity to attend last night's screening of the movie "The Soloist", starring Robert Downing Jr. and Jamie Foxx, at the Senior Center in downtown Malden. The showing was done in conjunction with the Malden Reads program being put on by the Malden Public Library.

After the showing, a discussion was moderated by MATV Executive Director Ron Cox, focusing how the movie compared to the book version.

I happen to run into my neighbor, Clay Lawson, who is a member of Bike to the Sea. Clay informed me of a couple of updates to the project. First, the City of Everett is moving ahead with it's section of the trail. We may see construction of that section begin soon.

Bike to the Sea is enlisting the a company that specializes in removing old railways, including rails and railroad ties. This will help reduce costs. In the Malden section, the City approved about $1.5 Million in funding from the new local sales tax to be used for design and construction of the path.

Clay also mentioned that he is involved with dealing with the many street crossings that the path will take, most notebly at Centre Street/Route 60 behind the High School, the Broadway/Route 99 crossing, and the Linden Square crossings. These intersections will represent a challenges, due to the high volume of auto traffic .

Now, back to Real Estate!

The real estate market is showing signs of improvement. The National Association of Realtors
reported that the time properties are spending between going under agreement and finally sold is shortening. This is an encouraging sign, in wake of the financial crisis over the last few years. Still lending does remain tight, and we recommend getting pre-approved before looking for a new home.

Malden by the Numbers:

Single Family Listings: 56 Average List Price: $294,820 Average Market Time: 157.98

Condominium Listings: 53 Average List Price: $206,476 Average Market Time: 139.17 Average List Price per Square Foot: $204

Multi-Family Listings: 49 Average List Price: $370,790 Average Market Time: 174.76

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

Mass Supreme Judicial Court rules against lenders on foreclosures

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 4^th 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: $190

Multi-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

Holiday Food Drive and much more

News around town:
This week's photo shows sunset over the West End of Malden on Sunday, December 5, 2010.


Malden High's football came away victorious against Medford in 123rd match up on Thanksgiving Day game. Malden beat Medford by a score of 29-0. Congratulations to the team and coaches.

As we said in a previous post, The All Seasons Table restaurant was expanding it's space in downtown Malden, and it looks like they are open for business. Check them out when you have a chance.

Bread of Life Food Drive-1 year membership with MATV with donation

Malden Access Television is offering a 1 year membership for people who donate 5 items on non-perishable food. Donations should be brought down to the MATV offices and studios at 145 Pleasant Street in Malden.

Donations can be left at MATV up till December 20, 2010.

Market Commentary:

September 2010
Single Family Homes: 80; Average List Price: $298, 190; Average Market Time: 125 days
Condominium Listings: 76; Average List Price: $215,648; Average Market Time: 107 days; Average List Price per Square Foot: $201
Multi-Family Listings: 63; Average List Price: $390,873; Average Market Time: 108 days


December 6, 2010
Single Family Listings: 67; Average List Price: $291,448; Average Market Time: 132 days
Condominium Listings: 58; Average List Price: $224,701; Average Market Time: 125 days; Average List Price per Square Foot: $197
Multi-Family Listings: 50; Average List Price: $381,196; Average Market Time: 135 days

The Malden Market is already in the Holiday/Winter slowdown. The comparison between Sept and Dec shows fewer listings at lower average list prices for single and multi family homes. There was a slight uptick in the average list price of condos, which is somewhat attributed to the new units coming on the market on Eastern Ave., across from the old Davidson Chevrolet dealership.

As for days on market, all three categories show an increase in the # of days on market. The
Please call me at 617-755-0195 if you are thinking about selling, buying or renting.

Paul Weston

Kelmark Associates

http://www.liveinmalden.com/

Malden in the Fall and Foreclosures

Malden is a great place to be in the fall. The city offers great colors throughout the city. The photo above was taken up at Forestdale Cemetary a few years ago. The cemetery offers a unique glimpse into Malden's past, with a number of Malden residents who have contributed in some way to community and country.

This year has been no exception, and most likely due to the very dry summer, the colors have been even more vibrant.

The real estate market has not settled back into a growth mode yet. The number of foreclosure deeds filed with the Southern Middlesex County Registry of deeds has increased slightly on a year to date number over last. This time last year, Malden saw 92 foreclosures. This year, there are been 109 foreclosures, an increase of 18.4%.

There were a total of 105 foreclosures in Malden last year, so we are already surpassed last year's total. How high 2010 will be will depend on a number of factors , including the overall growht of the economy

As for the current market itself, the average days on market for a single family home is 116 days, for condos it is 124 days, and for multi families it is 122 days.

The numbers of days on market is not surprising for condos, since Malden has seen an uptick in the number of foreclosures in this segment of the market.

Please call me if you have any questions, or are interested in a free consulation.

Have a great week!

Paul Weston
Tel: 617-755-0195
http://www.liveinmalden.com/

What not to do with your old home, and some changes in the Downtown restaurant scene.

This has been ticking me off for some time now, and wanted to share with you what I would consider a bad move in terms of maintaining and caring for your home.






Vinyl siding can be a benefit to home, however there are some downside to putting it on an older home, especially one built before 1900.

The property at 15 Cedar Street in Malden is, according to the City Of Malden's website, ..."was built by Thomas Odorne, one of Malden's early captains of industry. He and his brother opened a nail rolling and cutting mill in 1804, at the beginning of Malden's thriving factory era."




In order to put up the vinyl siding, the owner decided to chop away at the exterior detailing above the windows(in picture above) and along the top of the second floor(picture to left), destroying the character and more importantly the value of the home itself.



As promised from my last post, I wanted to briefly talk about the many restaurants in the city. One of the newest places to open up is District 7, located on Pleasant Street, across from My Honey Fitz. Check them out at http://district7pub.com/, as well as some of the reviews at

http://www.yelp.com/biz/district-7-malden

In addition, All Seasons Table is expanding and looks like the addition will be open soon. Let us know if you hear anything.

As for the real estate markets, Bank of America and several other large lenders have halted foreclosures to take a closer look at the many problems and issues that have arisen. We are going to refrain from commenting on some of the stories we've been reading about.

As always, if you are looking to sell, buy, rent(landlord and tenants), please do not hesitate to call me directly at 617-755-0195.

Paul Weston
Kelmark Associates

http://www.liveinmalden.com/

Welcome!!!

Hi All,

As we end September and move into October, a number of events has happened over the last few week that are worth mentioning. On Sept 23rd, Malden Access Television(http://www.matv.org/) had it's annual meeting. It was a great success! A number of local restaurants donated some of the dishes to feed our members. We also had MATV members come up with their own creations. The climax of the evening was the election to fill a seat on the Board of Directors. We are pleased to welcome DJ Nomadik to the Board. A big thank you to Richard Amirault , who is stepping down after 2 terms, for all his work.

In addition, the Harvest Moon festival took place at Fellsmere Pond. Many thanks to the Chinese Cultural Connection and the Oak Grove Improvement Association for a great job!

Properties are still selling in Malden, and there are buying opprtunities. On the market in Malden are:


Single Family Homes: 80 listings; Ave. List Price: $298, 190 Ave Days on Market: 125
Condos: 76 listings, Ave. List Price:$215, 648 ($201 per sq ft); Ave. Days on Market: 107
Multis: 63 listings; Ave. List Price Ave.: $390,873; Ave. Days on Market: 108


Interest rates remain below 5%. This is a great time to buy or refinance an existing mortgage.


Please visit my website at http://www.liveinmalden.com/. I can be reached at 617-755-0195, if you are interested in selling or purchasing a home in the Malden area.

Paul Weston
Kelmark Associates



Next Week: Malden Restaurants