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John McGeough Reveals the Most Expensive Towns in MA on Fox 25

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2008’s housing bust may have led to bleak times in the Commonwealth but home values are on the rise. And some of the locations are now considered the most expensive in Massachusetts, may even surprise you. Here with the inside scoop is John McGeough from Lamacchia Realty . Thank you for being here this morning.

Thanks for having me.

We were chit chatting in the interim here about what everybody’s talking about, what’s my home value, how are things looking for the future what is the status of the home market right now?

I’d say the market is continuing to do well, you always see a little bit of a summer pause which is what we’re going through now but we’re anticipating like we saw in the spring, a nice push into the fall market and we’re hoping it will start any week now or really any day now some of these towns that we’ll talk about have not had any reprieve they continue to stay very hot.

So there’s no, it’s not too late then to put your house on the market.

Definitely not. We’re going on the second best time to sell your home. There’s the spring, and there’s the fall. You can sell your home year round depending on what you’re looking to do but at the end of the day don’t think that the fall is a bad time. Right now were’ going to start to see some folks put their home on the market and the inventory will go up a little bit and hopefully buyers will gobble that up. Very interesting I wouldn’t have thought that. Let’s talk about some of the most expensive towns to live in. One of them will be familiar to people Weston. That’s right Weston tops our list, at 1.6 million dollars as far as average selling price.

1.6 million dollars to get into Weston.

Right now there are four homes on the market in Weston for 10 million dollars plus.

Wow And there was actually a sale this year that sold for 12 and a half million dollars 22,000 square foot, small little bungalow.

Are these a lot of houses that people are just bulldozing and then building a McMansion in its place?

I haven’t seen a ton of that in Weston, Weston is a little more restrictive with building, but many of these have been built in the past, say, 10 years, and there have been a couple in there that have been spec homes that might be selling for say 6-8 million dollars.

I know some towns on the Cape you have to build within your footprint and Nantucket is one of the islands where we’re also seeing it’s one of the most expensive, it’s 1.4 million for the average selling price.

What’s nice about Nantucket is the tax rate is extremely low,

What’s not nice about Nantucket!

Right everything is nice about it, but you go there, yes price points are higher, but you’re only paying $3.76 per thousand, you take Weston is 4 or 5 times that.

Let’s talk about another place that always is on the higher price list, Wellesley is another expensive place.

Another W town as we call it, Wellesley is when you talk about McMansion new construction, Wellesley definitely fits that criteria. Lots are being torn down, say an old ranch or Colonial, bulldozed, million plus, just for that, then they’re spending 2 million dollars in building a multimillion dollar house.

All of those towns still more expensive than Boston. Yes, actually Boston had a tremendous—we’ve talked about Boston, we’ve talked about the condo prices, but the average across Boston is 1.1 million coming in at number 4 on our list. And that continues to grow, and we want to see that continue to grow, not to price people out, but to push people more people out to the suburbs and we’ll have that lift that we’re looking for.

The condo market is so hot I heard about somebody that was going into open houses, and he kept getting frustrated because 5 or 6 of them people were walking in with cash blowing them right out of the water, that’s not the only place, Edgartown, Lincoln, Lexington, all places that continue to be the most expensive.

All within the top 10, Lexington is a great example, where things are flying off the shelves, doesn’t matter what time of year, tearing down small homes, putting up much larger homes and you’re talking about close to 200 home sales for the first 6 months, a big level in activity.

And of course Manchester-by-the-Sea, and Brookline both have average prices in the $900,000 range. Will we continue to see a strong housing market as we go into the fall and the winter?

We think so. Rates are incredibly low, I was just pricing out for a friend a 5 year ARM we’re talking about in the low 3s, so as long as rates stay low, there’s actually 2 homes worth noting, there’s one in Cohasset on for 45 million, and another one in Dartmouth for 25 million. Sadly I don’t have that kind of cash we’ll leave it there We’ll cut a deal for ya. Ok John McGeough thank you very much, we’ll be back.

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