Claudette's Blog

One of the best parts of life in Metrowest Massachusetts is that it is a mere 30 minute drive to some of the best cultural venues available. 

Last night, I attended the Boston Ballet's performance of Giselle.  It is currently playing at the grand and majestic Opera House in Boston's theater district. 

Set to Adolphe Adam's score, Giselle is the crowning achievement of the Romantic era of ballet.  The ballet had its world premiere in Paris on June 28, 1841 and has gone on to become one of the classics of all time. 

Set in the Rhineland in the Middle Ages, the story features is a naïve and impressionable peasant girl name Giselle who lives in the village.  Duke Albrecht, a nobleman, disguises himself as a peasant in order to sow a few wild oats before his impending royal marriage.  His flirtations with the peasant Giselle leads her to fall uncontrollably in love with him. 

Much like the story of Romeo and Juliet, this one results in the death of the heroin. However; in this tale, she arises to confront the painful situation that has caused her demise.  

Some of the most beautiful dancing in this ballet occurs in the second act as the Wilis, female spirits who were all jilted before their own wedding days, rise from their graves to seek justice on men by dancing them to their own early deaths.  The supernatural aspect of this act gives rise to some eerie albeit effective choreography and culminates in an emotional ending. 

Giselle opened on October 1 and will continue through to with its final performance on October 11. 

The Boston Ballet season runs until the end of the May 2010. 

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough    

This was my slogan when I first opened my buyer brokerage in 1992.  At that time, there were only a handful of buyer brokers in Massachusetts and the phrase generated some interest as to what buyer representation was actually about.  

In those days, I had a full-page ad in a couple of the homes magazines with my slogan across the top.  With the advent of the Internet, marketing methods have changed and my once beloved expression had fallen by the wayside. 

I have recently decided to reintroduce my old motto since I think it still aptly describes the need for a buyer broker to assist a person in one of the most important investments they will ever make. 

What exactly does a Buyer Broker do? 

I could recite a laundry list of items that you should expect from a good buyer broker - so, I will:

• Assist you in finding the best mortgage loan provider for your needs
• Prepare a thorough property value study of the property you are interested in
• Represent you on all kinds of properties, including for-sale-by-owners
• Promote and protect your interests at all times
• Advise you, the home buyer, on the quality of the home, even pointing out reasons not to buy
• Research the property's history, neighborhoods and abutting land
• Negotiate a price and terms that are favorable to you
• Seek out and provide inside information to enhance your bargaining capability
• Withhold private information about you and your financial situation

A buyer broker works for you.  As such, one is duty-bound to research and discover anything that may affect your home purchase.  

A buyer broker has a fiduciary responsibility, just as an attorney does.  Your private information must remain so and your position needs to be protected at all times.  This is part and parcel of home buyer advocacy. 

Finding the right home to suit your needs is an important part of the process but once the property has been located, there is much more ahead. Following the negotiation and acceptance of your offer, these further steps need to be attended to: 

• Recommend a thorough and reputable home inspector who will work for you
• Attend the home inspection
• Renegotiate for problems uncovered by the home inspection
• Recommend a good real estate attorney
• Work in conjunction with the attorney during the purchase and sale process
• Set up and conduct a final and thorough walk-through of the property
• Renegotiate if there is anything wrong with the property at the time of the walk-through
• Attend and monitor the closing

This is, and has to remain, an incomplete list of duties since unforeseen circumstances frequently arise at the last minute and it is your buyer broker's obligation to make sure that all loose ends are tied up to ensure that you have a successful and smooth closing. 

As a buyer broker, the goal is not to sell you a home, but rather to provide a valuable consultation service to help you search for, find and successfully procure the best home for your needs.   

So, if you are - Buying a Home - definitely - Don't Do it Alone! 

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough    

The FHA has backed nearly a quarter of all loans made this year and its loans have been the primary source of financing for borrowers who lack good credit or cannot afford to come up with large down payments.  However, its defaults have been climbing, raising fears that taxpayers may be forced to rescue the mortgage provider. 

With the collapse of the mortgage market in 2007, the FHA became one of the last sources of low down-payment mortgages allowing borrowers to put as little as 3.5% down on a home.  But, lawmakers are seeking to increase that amount to 5% with the introduction of a bill last week requiring larger down payments on FHA-backed loans. 

The agency is opposing this measure with its claim that it has been hugely responsible for helping to breathe life back into the housing market this year. 

At a Congressional hearing on Thursday, mortgage industry veteran Edward Pinto said in a prepared testimony, "It appears that the FHA is destined for a taxpayer bailout in the next 24 to 36 months."  This is due to an estimate that the agency faces losses of $70 billion on loans it has made which will leave short its current reserves by around $40 billion.  

The concern is also based on the fact that the default rate on FHA-back loans reached 8.1% in August and housing economist Thomas Lawler estimates that the agency is carrying approximately $66 billion in loans that are currently in default. 

However, FHA Commissioner, David H. Stevens disagreed with this analysis saying that, absent a catastrophic decline in home prices, "we will not need a bailout." 

Although the fund is at a historic low, Stevens said that there is an additional fund that the agency can turn to.  In total, the two funds were equal to $30.4 billion and he claimed that this would be adequate to cover future losses.  He also stressed that the reserves will rebound over the next two or three years as a result of the recovery in housing prices. 

Pinto disputed this and called the agency's predictions "overly optimistic" warning the panel that the FHA's increased rate of defaults and eroding reserves are a portend of disastrous consequences.  This based, primarily, on a comparison of Fannie Mae's loans of 2006, which he said had similar problems. 

FHA Commissioner, Stevens furthered his argument saying that the comparison to the Fannie Mae books of 2006 is flawed since those loans did not require borrowers to verify their income which is something that the FHA is now requiring of all borrowers. 

The FHA has played a key role this year by making credit more widely available to home buyers.  If this agency is forced to employ stricter guidelines by raising the down payment amount, it could do a lot of damage to the housing market recovery.

The question is - will the FHA be able to continue at its current pace without running the risk of becoming stretched too thin? 

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough    

Brandywine Village is a 64 lot development located just off of Skyline Drive in Franklin, Massachusetts.  This subdvision is located on more than 46 areas of land with lot sizes that vary from 1/3 acre to over an acre per home.  

Each home in this lovely Franklin development has 4 bedrooms and 2.5 baths and has approximately 2,550 square feet of living space.  Most have an oversized family room with a gas fireplace, kitchen with stainless steel appliances and granite counters, a dining room with hardwood floors and wainscoting and a private laundry room.  

The homes have been built along winding roadways to convey a true neighborhood feeling.  Each individual structure has been designed to reflect a New England character with the homes relating to each other in a pleasing way that ensure privacy while, at the same time, promoting a sense of neighborhood. 

Current owners have spoken about the many activities available in this community.  For children and families these events include block parties, bike parades and Halloween costume parties.  For adults, there is a book club, ladies night out, guys night out as well as an annual Christmas party.  

The town of Franklin is home to a number of fine elementary schools and Franklin Public Library has the distinction of being the first public library in America.  This ornate building, built in 1904, has granite and marble staircases, frescoed walls and houses some original books that were donated by Benjamin Franklin. 

Across from the library is Dean College with its Gothic architecture and a historic old gymnasium.  

In 2007, Franklin was named as one of the top ten towns to raise a family in by "Family Circle" Magazine. 

With prices starting at only $569,900, Brandywine Village offers affordable new construction with many amenities and a wonderful family atmosphere.  

There are currently several lots available for your finishing touches.  Please call me at 508-881-6230 for more information on this lovely development or any new construction in the Franklin area. 

View all properties currently for sale in Franklin. 

Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Your Massachusetts Buyer Broker Since 1992

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough    

Four senators are putting their muscle behind a new housing bill intended to prohibit lenders operating in the U.S. from foreclosing on home owners without first having discussed reasonable modification options with the borrowers. 

The bill, called the Preserving Homes and Communities Act is being sponsored by Rhode Island Senator Jack Reed, Illinois Senator Dick Durbin, Jeff Merkley of Oregon and Sheldon Whitehouse of Rhode Island.   

Under this bill, lenders will be forced to the negotiating table under the threat of stiff fines and other legal penalties.   

All lenders will be required to perform what the bill terms as a "net present value" test for all seriously delinquent borrowers.  The test would be a financial analysis weighing the benefits of a modification of loan terms against the benefits of foreclosure. 

For borrowers who do not fit into this program, the bill would create a multi-billion national fund for states to make loans or grants in order to prevent foreclosures. 

The senators' rationale behind the creation of this bill is that they are frustrated with the slow pace of current loan modification programs and feel that they are not keeping up with the record numbers of foreclosures this year. 

"Voluntary efforts to keep families in their homes have failed," said Durbin. "This bill will force lenders to modify qualified mortgages rather than letting them move quickly to foreclosure, which destroys households and neighborhoods." 

The act will also set up a mortgage payment assistance program to provide money to state housing agencies to assist people who have lost income and face the prospect of foreclosure. 

The most significant aspect of this bill would be to create "mandatory mediation" requirements forcing lenders to allow some mediation efforts between them and their borrowers before being able to file foreclosures against home owners. 

This proposal will, no doubt, be met with opposition by banking and mortgage lending groups.  It is, however, currently favored to be supported in the House. 

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough    

Going. Going - But not totally Gone.

The saga of the Nouvelle at Natick continued yesterday with the auctioning off of 55 of its remaining 178 luxury condos.

Nearly 400 people stood in the excitement-filled atmosphere in the Crowne Plaza Boston ballroom as buyers, each with a $10,000 certified check in hand, scooped up some incredible deals. 

The most expensive unit, a three-bedroom three-bath, 2,110-square-foot 12^th-floor unit sold for only $626,000 which was 37 percent of its original asking price of $1,684,900. 

Three others of the $1 million dollar-plus units also sold for an average of 37 percent of their asking price.

A one-bedroom, 922-square foot condo which had originally listed for $514,900, sold to a lucky bidder for $281,000.

Bankrupt owner General Growth Properties had previously hoped that its $170 million condo development adjacent to the Natick Collection Mall, with its top of the line finishes, world class sports club and designer rooftop garden would be a hit in the suburbs. 

However, prior to yesterday's auction, only 37 of the 215 units had been sold or were under agreement.  This was their situation, despite a great deal of hype which had initially surrounded the project. 

The original concept was for a pampered life in a protected and luxurious environment with close proximity to shopping and restaurants.  Promoters compared it to a downtown existence with the benefit of being in the suburbs.

There were a number of problems with this theory but two specifically glared out at me when I wrote my post last year cautioning against buying into this complex: 

• A life at the intersection of Speen Street and Route 9 is not something that can be compared to downtown Boston.  It is far from being an attractive area with the closest cultural venue being the General Cinema Movie Theatre. 
• The price tag for these units was much too high for the area.

Unfortunately, the buyers who purchased the 37 units at their original asking prices are left in an unenviable situation.  If they financed these units, they are or will soon be under water as property values at this complex plummet.

The Natick Nouvelle would appear to be the latest casualty of the recession, possibly combined with some poor planning and unrealistic expectations.

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough    

Related Posts:

Life at the Mall - Natick, Massachusetts

Life at the Mall, Part II  - Nouvelle at Natick, Massachusetts

When buying a new home in Massachusetts you need to be aware that, just because a home is new, it is not necessarily fault free.   

Not only can you greatly benefit from an inspection on your newly constructed home but it is something that you should insist on.  All new construction should be inspected to ensure that your home is being built with the quality that you are expecting it to be.  

Builders will often point to the fact that the town will be requiring a number of inspections at different stages of the construction process and certainly prior to an issue of a certificate of occupancy.  They may also cite these inspections as reasons why an independent inspection is unnecessary.  

While it is true that town inspections will be done, these inspectors focus primarily on code violations - not the quality of the contractor's work.  A professional home inspector will scrutinize the workmanship that is going into the construction and will uncover potential defects in the process. 

A relocation client of mine who was having a new home constructed initially disagreed with my advice to have an inspection done several weeks prior to the closing.  I finally won out and attended the home inspection in my client's absence.  This particular home had a finished basement that had been nearly completed.  

During the course of the inspection, it was discovered that there had been a substantial flood in the basement and all of the finish work had been submerged for a period of time.  Detecting the moisture, the inspector revealed the problem.  It appeared as though the builder was hoping that all would be dry by the time of the final walk-through.  

That may, in fact, have been the outcome if the inspection had not been done and could have resulted in a serious mold or rotting situation at a later time.  

As a result of the inspector's discovery, the builder was forced to rip out all of the finish work in the basement including the sheet rock and build it back from scratch.  And, my client was saved from a potentially bad outcome. 

This episode is one of many that make a solid case for the fact that a professional home inspection is a necessary part of any home purchase, including new construction.  It also demonstrates the need for a professional buyer broker to oversee the entire process.  If left to their own initiative, my clients would have certainly suffered some serious damage at some point in the future.  

Having a new home built is an exciting and rewarding undertaking.  Don't have the excitement ruined by not taking the property precautions.  Protect your investment with a professional home inspection.  It's the extra step that is worth taking.  

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough 

A million dollars doesn't buy what it used to.  In most markets it now buys much more. 

Buyers who have the capacity to buy into the luxury market are getting much more for their money these days. Foreclosures are up and home prices are down.  And, this has put pressure on builders and resellers of high priced homes. 

The recession has caused a significant decline in the sale of homes in this price range.  Sales of over $1 million homes have fallen by 50 percent from their peak of four years ago. 

Until recently, the difficulty with jumbo mortgage rates further impeded the ability to buy into this arena. Now that rates have eased somewhat, this may well be the best time in years to buy luxury real estate.  

The luxury enclave of Rancho Santa Fe in San Diego once catered to buyers like Bill Gates and Howard Hughes with equestrian trails and gold courses.  Their homes listed for close to $29.9 million.  Increased foreclosures and financially distressed home buyers have pushed prices down more than 30 percent, making this community available to buyers who never dreamed they could own here in the past. 

In the 20 largest U.S. metro areas, only 2,800 homes sold for more than $1 million in July. This was down by more than half from July 2005.  And, according to The National Association of Realtors, home sales, nationwide are down around 27 percent. 

Sellers of homes priced above $2 million have been cutting their prices by an average of 14 percent according to Trulia.com.  

Some homes in the million dollar price range in Metrowest Massachusetts have stayed on the market for well over a year.  Often sellers have decided to cancel their contracts and wait for a better time to sell.  But others who must move due to relocation or change of life situation are forced to take a reduced price for their home.  

This opens the door for anyone looking for a luxury property to get an excellent price on a resale.  

According to John Brian Losh, CEO of luxuryrealestate.com, luxury home buyers are currently getting about 20 percent "more house" than they did only two years ago.   

Home buyers looking at new construction in this price range will find builders who have become more flexible on pricing and concessions.  With sales struggling, developers are more willing to negotiate upgrades that would have previously been held to a premium. 

In some of the nicest developments in Metrowest Massachusetts, there are excellent deals to be had if you know where to look and how to negotiate.  

A beautiful home says that you have arrived - and now may be the best time to make that statement. 

Related Posts:

Massachusetts Home Market - Looking Better

Jumbo Loans are Back in Play for Massachusetts Home Buyers

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough 

In the center of Shrewsbury, Massachusetts lies some of the most beautiful land in town.  The development called Highland Hills is located just off of North and High Streets and consists of thirty-nine lots - each over a half acre. 

This exquisite development has been designed and constructed by Greenleaf Farms Development, a local builder in Shrewsbury who has been building quality homes for over thirty years.  Greenleaf has developed more than 20 residential neighborhoods and has built more than 300 homes in the area. 

The family-owned business is directed by President, June Tomaiolo, who is also the broker, owner of Tomaiolo Realty; Francis Tomaiolo, Project Manager and Builder and Matthew Tomaiolo, also a Project Manager and Builder. 

The Tomaiolo's take great pride in the high quality of the materials they use and the excellent craftsmanship that goes into each of their homes.  

With more than eleven different plans to choose from and the additional customization that goes into each building, the homes at Highland Hills are as individual as there are unique.   

Interviews with owners in this development have brought high praise for the builders for their flexibility, professionalism and their quality of workmanship. Owners here are also delighted with the neighborhood and the quality of life at Highland Hills. 

Recent resales have demonstrated that the value in Highland Hills is clearly being maintained with a sale in April at 33 Laurel Ridge $1,030,548 and a resale at 9 Laurel Ridge that is currently under agreement at a list price of $1,131,000. 

In an effort to provide an exceptional opportunity to more buyers, the developer is currently listing some special lots at entry prices.  You can become part of this beautiful community with prices starting at $679,900.  Additional homes are also available priced from $725,000 to $869,000. 

If you would like to explore this unique opportunity to live in one of the finest communities in Metrowest Massachusetts, please call me at 508-881-6230.  Let me show you how my experience with working with premium builders in this area can help you to navigate through the process of building your dream home.

 Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel -  800-392-1446, E-mail    

Your Massachusetts Buyer Broker Since 1992

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough     

The number of home sales in Massachusetts rose slightly in August while the rate of foreclosures fell sharply. 

In what some may say is a signal of this region's housing market recovery, sales of single-family homes rose two percent for the second consecutive month. 

"This is a modest increase in single-family homes sales, but the fact that sales have improved for two months straight after declining steadily for the first half of the year, is a hopeful sign," said Timothy Warren, CEO of The Warren Group whose company provided this data. 

Warren went on to say that the state's unemployment and mortgage delinquencies remain a challenge to a quick recovery. 

The other side of the coin remains in the still-sliding values of real estate in Massachusetts.  The median selling price for a single-family home dropped 6.2 percent to $302,625 in August from $332,500 during the same month last year. 

If we are comparing this to our market of four years ago - median homes prices are around 21 percent lower than they were then.  But, do we really want to go there? 

The foreclosure picture also improved last month with the number of foreclosures falling sharply.  The Warren Group reported that foreclosures declined 35 percent from a year ago.  At the same time, initial foreclosure proceedings soared by more than 150 percent in August.  This sudden surge in proceedings may have, in fact, been caused by a change in the state's law last May that forced lenders to delay initial proceedings, keeping the numbers artificially low for the past few months. 

The number of initial foreclosure proceedings does not tell the entire story since many foreclosures are resolved before the lender takes the property.  Some homeowners will pay what they owe, some will renegotiate with the bank and others may actually sell their homes.  Last year, out of 21,000 foreclosures that were initiated, only 12,000 were completed. 

State and federal governments have also put into motion a number of programs to help homeowners avoid foreclosure and HUD has said that it has plans right now to modify mortgage for around 500,000 home owners. 

Aside from today's number from The Warren Group, a recent report from Zillow.com indicated that home prices in the Greater Boston Area may be turning a corner.  While this is anything but full recovery, some signs are indicating that we may actually be heading in the right direction.  

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  Copyright 2009 - Claudette Millette, President, TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough