In a real estate transaction, there’s always some level of negotiation. If you’re the seller, you face haggling not only with prospective buyers, but also with the person you’re working with to seal the deal: your real estate agent.

Thanks to a federal lawsuit that was recently settled, the way real estate commissions work will change in July 2024 (pending court approval). If you’re looking to save some money, here’s what you need to know about how commissions work, and how to agree on a rate that both you and your agent can feel good about.

How real estate commission works, and who pays for it

A generation ago, real estate commission rates were typically around 6% of a home’s sale price. But the average real estate commission rate has gone down in recent years to just under 5% of a home’s sale price, according to Real Trends, a real estate research and consulting firm, and to Anywhere Real Estate, the parent of Century 21, Coldwell Banker and other brokerage brands.

Under the current system, the fee is typically paid by the seller at closing, and it’s customarily split down the middle between the seller’s agent and the buyer’s agent. (So, for a 5% commission, each agent would earn 2.5%.) On a $400,000 transaction, which is around the median sale price nationwide, the 5% fee amounts to $20,000.

Agents and brokerages can offer a variety of commission structures, though, with some marketing flat fees or other incentives. So there may be opportunity to negotiate the rate if you’re looking to save on the cost of selling your home.

“There are agents and brokerages that reduce, discount or coupon their services,” says Kevin Van Eck, an executive with @properties, a brokerage in Chicago. “Each agent, along with their brokerage, can determine where they set commissions based on the value and success created.”

Can you negotiate Realtor fees?

Often, yes, there is room for bargaining. And as of July, there may be even more room. As a result of a lawsuit involving the National Association of Realtors (NAR) and several major brokerages, new commission rules will take effect that month that will mean sellers no longer have to cover the cost of the buyer’s agent’s fee, which may lead to more aggressive price competition among buyer’s-side agents. In addition, listing agents will no longer be permitted to state the buyer’s agent commission in the MLS (multiple listing service), as has been common practice.

Your success at negotiating often depends on an individual agent’s circumstances, says Dave Liniger, chairman and co-founder of RE/MAX Real Estate. “Some agents are dead-set,” he says. “Other agents need the business so bad they’ll readily negotiate.”

As you prepare to list your home for sale, you may want to meet with a few listing agents to find the right one for the job. Ask each agent about their commission rate and what exactly you’ll be getting for that price. Consider not only how the agent plans to market your home, but also their skill in pricing it, experience, resources and track record.

“It’s OK for a seller to ask about the commission, but the best time is after talking with the agent and understanding their experience, how they will create exposure for the home and the value they bring to the table,” says Van Eck.

Liniger suggests that sellers invite three to five listing agents to their homes to make their pitches. The competing proposals will let you see how much agents charge, and give you leverage to bargain for a better deal. “You don’t get if you don’t ask,” he says.

You might also consider weighing what you learn from full-service agents against the services of a discount broker. Just keep in mind that the discounter’s offerings may be limited compared to those of a traditional agent.

How to negotiate real estate commissions

Once you understand exactly what you’re paying for, you will be in a better position to ask for a discount. Here are some tips:

• If you’re able to offer the agent more than one listing opportunity, that might be a compelling argument for a reduced commission. “If [you’re] a real estate investor who is looking to offload several properties, I would definitely talk about the commission,” says Dana Bull, an agent with Compass in the Boston area. Most agents welcome repeat business, she says.
• If you don’t have another listing opportunity of your own to offer, try leveraging your ability recommend the agent to others in your neighborhood or network. This might be especially impactful if you know they are looking to build their business. “I can’t just slash my commission, but I might be willing to give a slight discount if the client offered some sort of other strategy to get more business after the sale,” Bull says.
• If you have a home in a sought-after area, or a buyer already interested, or an unusually high sale price, your agent may not need to do as much to earn their fee. If neither party can foresee the need for additional services — “if an agent is coming in to basically just do some hand-holding, keeping the transaction on schedule and assisting with paperwork,” Bull says — that might be another good reason to propose a slightly lower rate.
• If you plan to buy a new home while selling your current one, use that in your favor. Liniger says an agent who can represent you on both the sale and the subsequent purchase will likely be willing to cut their fee.

You may be considering skipping the commission conversation entirely and selling your home yourself. If so, be aware: While an experienced house flipper might be skilled enough to list a home without an agent, for most homeowners, the for-sale-by-owner route can be more challenging, more costly and more time-consuming in the long run.

Bottom line

In any negotiation, both parties must be willing to give and take. Negotiating your agent’s commission can work in your favor, but an agent can walk away if they don’t necessarily need your business. Keep in mind, too, that it can make sense for sellers to pay more for additional services instead of negotiating the commission down, Bull says. These might include higher-end marketing, home staging or additional mailers, for instance. And if you’re not in a rush, consider waiting until after the July rule change to see how things shake out. Ultimately, it’s important to find an agent you can speak with openly about cost, and who you trust to do the best job to sell your home.

(Visit Bankrate online at bankrate.com.)

©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.

“I just wanted the house to feel vibrant,” says LeFevere, founder of branding agency Obedient. She wanted “a representation of our lives and the places we’ve explored and the memories we’ve made.”

The philosophy behind maximalism decor is “more is more,” according to Jean Whitehead, a senior lecturer on interior design at Falmouth University in county Cornwall, England. Bold colors, textures and unique pieces define this style, elements of which Vogue magazine says are “in” as design trends for 2024.

Going maximalist in your home can seem daunting and expensive — but it doesn’t have to be, say those who favor a bold aesthetic. Here’s how to achieve a maximalist look on a budget.

Shop at thrift and vintage stores

“One of the more economical ways to explore maximalism is through vintage and antique things that are available at thrift stores and estate sales,” says Daniel Mathis, who runs the Instagram account Not A Minimalist with over 70,000 followers.

Mathis’s home in Oklahoma City showcases his maximalist style, including many pieces purchased second-hand. To get a good bargain, Mathis suggests waiting until the last day of an estate sale when prices are typically reduced.

Alex Ammar, a certified financial planner and owner of Paradox Financial based outside Orlando, Florida, recommends setting a budget and decorating in stages.

“You might have different budgets for different tiers of interior decorating,” Ammar says. Second-hand and discount stores are great for decor and accent pieces, while you may spend more on distinct furniture, like a sofa.

Make it yourself

Maximalism can mean applying your own creativity to a space. Be bold with reinventing old furniture or items you have around the house. When Mathis fell in love with the Southwest design of a rug, he used the fabric to upholster an armchair in his sitting room.

For a simpler project, you can individually frame travel photos or children’s artwork and hang them together to create a gallery wall above a couch or along a hallway.

Finding ways to reimagine pieces already in your home adds a layer of individuality to the decor while saving you money. Look through your home for items that could use a boost, and browse art and home supply stores for ideas and tools you may need to revive them.

Consider meaningful pieces

Including noteworthy pieces in your decor is a way to create a one-of-a-kind space —- and it doesn’t have to be pricey. Keep an eye out for items that stand out to you, and be flexible, which can mean building up a collection over time or making minor alterations to a piece.

Mathis started collecting rare Ozark Roadside Tourist pottery about seven years ago. He currently has 150 pieces of the multi-colored, marbleized pottery.

“That’s maximalism for me,” says Mathis. “It’s about lots of color, lots of patterns … but I tried to do it in a very intentional and curated way.”

He purchased his first vase for $50; now, similar Ozark Roadside Tourist vases can sell for nearly $1,000.

LeFevere says her favorite piece in her home is an antique pie cabinet with mesh screens that she painted pastel green to match her kitchen.

“I’m not cooking any pie in my life,” LeFevere says, but the piece is “just really cool.”

Find your own style

LeFevere and Mathis both highlight the importance of knowing what you like while staying open to designs that surprise you. LeFevere visits sites like Pinterest to find styles or decor she likes and saves the images to a Google doc.

Similarly, Mathis built his personal style by clipping photos from decor magazines. He says the fun in maximalist design is the process of discovery.

By knowing what you like, you’ll be able to assemble pieces to fill your space, whether you find them in a thrift store, create them yourself or invest in a special piece.

]]> 4630221 2024-03-30T00:30:10+00:00 2024-03-29T20:18:25+00:00 https://www.bostonherald.com/2024/03/29/honey-we-kept-the-kids-a-challenging-housing-market-keeps-gen-z-adults-at-home-longer/ Sat, 30 Mar 2024 00:50:37 +0000 https://www.bostonherald.com/?p=4646126&preview=true&preview_id=4646126 A recent study from the Pew Research Center reveals less than half (45%) of adults aged 18 to 34 considered themselves financially independent from their parents. A quick scan of the current economy helps explain why.

Nearly a third of young adults in the 18 to 34-year-old demographic currently live with at least one parent. The percentage is even higher for 18 to 24-year-olds — 57% still live at home. The “sink or swim at 18” mentality of earlier generations has largely been replaced by a new economic reality.

“Young adults are reaching some key milestones such as marriage and parenthood later in life, even as they exceed their parents’ generation in educational attainment, employment, and wages,” Pew researchers wrote in their analysis.

While a social stigma remains concerning adult children who “fail to launch” into independence, parents and their Gen Z children are finding ways to adapt to a new family dynamic. In many ways, the shared living arrangement has proven mutually beneficial.

Adult Children Earn Their Keep

It’s a common misconception. Adult children who still live at home actively take advantage of rent-free housing, free utilities, and minimal household responsibilities.

In reality, Pew researchers discovered that 72% of young adults contribute financially to the household in at least one way. 65% report helping with grocery or utility bills, while 46% assist with rent or mortgage expenses. 64% of stay-at-home adult children say the arrangement significantly benefited their personal financial health.

Parents Discover Benefits of Delayed Empty-Nesting

While parents from previous generations often looked forward to the day their last child left one family home to start a new one, late Gen X and millennial parents are more relaxed about emptying the nest. Many have a frame of reference regarding the economic challenges of young adulthood and the struggle to find a job in today’s market. These parents are often more empathetic to their adult children who face difficult times.

45% of parents describe the living arrangements with their adult children as a positive step in the relationship, while an additional 29% said it was at least “somewhat positive.” Both parents and adult children need to make sacrifices to accommodate each other, but the overall family dynamic was still solid and functional.

The Parental Checkbook Is Still Out

Even if an adult child no longer lives under the family roof, many parents still feel the need to provide financial support whenever possible. 59% of parents in the Pew survey say they helped out an adult child in the previous year, while 44% of adult children acknowledge receiving such help.

68% of those beneficiaries were 18 to 24 years old, which is unsurprising. However, 30% of adult children between 30 and 34 also received financial assistance from at least one parent.

The survey broke down these parental financial contributions even further. 28% of the money went to household expenses, while 25% helped pay for cellphone bills and streaming service subscriptions. 17% of this financial assistance was applied to rent, 15% was earmarked for medical expenses, and 11% went towards educational costs.

While only 15% of parents consider these financial contributions as negative, 27% view them as positive, and 55% felt the impact was nominal. Parents with lower or fixed incomes were likelier to report some negative effect on their finances, with 36% admitting the loans affected their financial health “at least some.”

Some Adult Children Change the Financial Polarity

Although the financial relationship between aging parents and their stay-at-home adult children is often portrayed as flowing in one direction, the new cohabitation model is slightly different. 33% of adult children surveyed claim they helped their parents financially in the previous year, while 14% of parents acknowledge receiving such assistance. 38% of parents say their children contributed towards a special circumstance, while 31% say they received payment towards recurring expenses or both.

“Young adults with lower incomes (43%) are more likely than those with middle (28%) or upper incomes (19%) to say they helped their parents financially. Similarly, parents with lower incomes are the most likely to say they received financial help from their young adult children (29%), compared with 9% of those with middle incomes and 2% of parents with upper incomes,” according to the Pew report.

The positive news for aging parents and their young adult children is that the appeal of independent living is still a powerful motivation for younger generations. The nest may not empty out as planned, but the additional family time should still be mutually beneficial.

This article was produced by Media Decision and syndicated by Wealth of Geeks.

A 2023 report from investment firm Vanguard estimates that about a quarter of Americans age 60 and over could move to a cheaper housing market and use the equity in their homes to upsize their retirement savings — making retirement more secure and enjoyable.

Those with home prices near the national median could have cleared about $99,000 in equity, on average, in 2019 (the year the data was gathered). Homeowners in top-priced markets could have cleared an impressive $346,000, on average.

“We’re at a peak of where housing prices have been, ever, in history,” says Matthew Gottshall, a certified financial planner in Westlake, Ohio. “It’s been more and more common for people to weigh the option of, ‘Do I downsize? Do I take the equity that’s grown in my house?’”

Here are the steps to take as you consider the option.

Assess the market

Selling (and potentially downsizing) your home and pocketing the equity is a good strategy in a market where you can make it work. This is easier in pricier housing areas, when you may be able to trade your high-value home for a smaller place in a more affordable market. Vanguard’s analysis noted that relocators in California, for instance, were more successful at clearing equity in their homes than those in lower-priced markets like New Mexico and Texas.

Selling property also isn’t a slam-dunk task. “Just because you want $800,000 for your home, the market may not care,” says Andrew Herzog, a CFP in Plano, Texas. “You may be in the mood to move, but if nobody wants to buy your place in the first place, you’ve got nothing.”

Additionally, you have to make sure you can afford to buy a replacement home that you like. Check home prices in your desired location before putting the “For Sale” sign out.

“My parents — the price of their house has gone up fairly substantially, but everything they want to sell and move into has increased even faster,” Gottshall says.

Research the costs

Make sure you understand property taxes and the basic costs of living in your desired locale, as well as the costs for selling your home. (Hint: The real estate agent commission is generally about 5.5%, although that may change after the recent legal settlement by the National Association of Realtors.) Also, if you’re picking up a mortgage on the new home, there will be closing costs, and rates are probably higher than they were when you last purchased property. All these numbers could chip away at your net sale profit.

“We’re at a place where 30-year mortgages are at 6.5% to 7%,” Gottshall says. “It could very well mean your monthly payment on a much lower-priced house is almost equivalent to the home that you’re in right now.”

In an area with a very low cost of living, do some digging to make sure you understand what to expect from the municipality. Are the streets and sidewalks maintained? How is garbage collected? Is the fire department responsive?

“I had one client who had a beautiful home on the Mississippi Gulf Coast,” says Ralph Bender, a CFP in Temecula, California. “I said, ‘Wow, you must like it, you basically pay no taxes down there,’ and he said ‘Yes, but you get no services either.’”

Weigh the current price of upkeep

Keeping your house could mean maintaining a big yard, replacing an old roof and managing a second-story primary bedroom into your later years. Selling gives you a chance to downsize your responsibilities and look for something that makes it easier to age in place.

“You have people with these four- and five-bedroom houses that no longer have kids staying with them,” Gottshall says. Moving to a home with less to clean and fewer stairs can make it easier to stay in your home long term.

Think about family

You don’t necessarily have to move closer to loved ones — but it’s helpful. Bender recalls a client who moved with his wife to South Carolina because they liked to golf. When the client died, his wife moved back to California because she didn’t know anyone in the area.

“There’s got to be a support network for the family,” Bender says. A community, he says, encourages social participation and contributes to overall longevity.

Test-drive the location

If you’re buying in a new city, visit in every season to ensure you like the area year-round, even in the snow or blazing sun. Vacation there if you can.

“Every area has its negatives,” Bender says. “You have to find out what they are before you move there and be prepared to deal with them.”

Hazel Secco, a CFP in Hoboken, New Jersey, remembers clients who moved from New Jersey to North Carolina and found that the lifestyle wasn’t what they expected. “I think they were visualizing and thinking about the difference theoretically, but I don’t think they fully grasped the implications,” Secco says. “They had to come back after selling the North Carolina [house], so it just ended up costing so much more.”

This article was written by NerdWallet and was originally published by The Associated Press.

The article Selling Your Home Could Boost Your Nest Egg — But Is It Worth It? originally appeared on NerdWallet.

The joint effort between the city and a group trying to bring a professional women’s soccer team to the stadium scored points in court Friday, with Justice Sarah Ellis declining a request from a group of residents and advocates for the project to be halted.

Ellis tossed out motions from The Emerald Necklace Conservancy, a nonprofit park advocacy group, and 21 city residents for a temporary restraining order, preliminary injunction, and lis pendens, measures they desired to prevent additional steps from being taken in the massive $100-million undertaking.

Boston Unity Soccer Partners, an all-female ownership group, won an expansion bid last September to become the 15th team in the National Women’s Soccer League. The team is slated to take the pitch at the long-neglected venue at Franklin Park in 2026.

Gary Ronan, an attorney representing the city, highlighted during a hearing on the case earlier this month how a preliminary injunction had the potential to derail the project entirely. He called the dispute an “attack” on the effort, one that inaccurately painted what the public-private partnership with BUSP intends to accomplish.

“Plaintiffs assert irreparable harm will ensue absent a preliminary injunction because the demolition and renovation of White Stadium,” Ellis wrote in her decision, “and any lease and/or license agreements contracted between the City and BUSP, will negatively change the nature of White Stadium, limit the public’s enjoyment, and have an immediate detrimental impact on the neighborhoods abutting Franklin Park.”

“I am not persuaded,” the justice added.

Louis Elisa, one of the plaintiffs and a member of the Garrison Trotter Neighborhood Association, compared Ellis’ decision to the 1857 Dred Scott case which upheld slavery in United States territories and denied the legality of black citizenship in America.

“I view the failure of the court to take the concerns of possible harm and displacement which would occur as being similar to the Dred Scott decision wherein our rights as black citizens are not worthy of serious consideration or respect,” Elisa said in a statement. “Nothing has changed in Boston.”

Renovations at the dilapidated park and stadium — where half of the grandstands were burned out from a fire decades ago— would triple the number of hours the stadium could be used, 90% of which would be dedicated to Boston Public School student-athletes and the community, project proponents have said.

Boston Unity is slated to contribute $50 million, with the city matching that investment.

“I’m thrilled to see the court’s clear ruling that this frivolous lawsuit from the Emerald Necklace Conservancy must not block our ongoing community engagement to deliver a generational investment in White Stadium and Franklin Park,” Mayor Michelle Wu said in a statement Friday evening.

“For decades, Boston student-athletes and community members have watched plans for revitalizing this historic facility come and go without tangible progress,” she added. “Now, for the first time since the stadium’s opening, the City has a committed partnership to invest in and sustain the improvements that our students, park lovers, and neighbors deserve.”

In their lawsuit, hearing and supplemental responses, the plaintiffs challenged the constitutionality of the stadium’s proposed redevelopment because they believe the effort “privatizes public land.”

They also emphasized how the stadium would be reserved exclusively for the new professional women’s soccer team for 20 weekend days from April to November, roughly 77% of Saturdays during the warmer months. That could displace BPS football games from being played at the venue, they argued.

In filing the lawsuit, the plaintiffs were “asking the city to slow down and respect the public process,”  Emerald Necklace Conservancy president Karen Mauney-Brodek said on a press call last month.

“We support the renovation of White Stadium and Franklin Park, but we do not support the required involvement of a professional sports team that would displace the local community for the next 30 years while privatizing and profiting from this public resource,” Mauney-Brodek said. “This major redevelopment is being fast-tracked without adequate community input or proper environmental review.”

Ronan fought back during the March 6 hearing, saying Boston Unity will be limited to no more than 20 games a year and 20 practices and the team’s practice schedule will be worked around BPS students and athletics which he called “first priority.”

An assessment of the facility conducted last year found that the stadium needed to be improved and expanded, with suggestions including a bigger staff office, modernized press box, improved locker rooms and an eight-lane track.

BUSP expects its endeavor will have a wide range of economic benefits on the greater community. Construction would generate more than 500 jobs, and the workers would be employed onsite for two years. About 300 permanent jobs would then be created once the stadium is renovated, according to the proposal.

In her decision Friday, Ellis called the overall effort “a clear benefit to BPS and the residents of Boston.”

A survey released earlier this month by the Franklin Park Coalition, a community-based, park advocacy organization, showed that 56% of the more than 700 respondents supported the project. About 20% of park users said they’re “against it.”

The project has been under review by various public agencies and community stakeholders including the Boston Planning & Development Agency, Landmarks Commission, Parks Commission, among other entities.

Early site work is projected to begin in April and construction next January.

“We invite the Emerald Necklace Conservancy to participate with us and welcome the opportunity to collaborate,” BUSP said in a statement Friday evening. “We are proud to be a part of the project that honors the legacy of White Stadium so that it will continue to serve as a point of pride for generations to come.”

Thankfully, this is also the ideal time to firm up your summer plans and you can start by forwarding your mail to 66 Seabury Point Road in Duxbury. You’ll be sitting pretty on 1.5 acres of coastal paradise where the expansive Nantucket-style residence offers sweet views and endless opportunities for outdoor recreation.

Step inside the 4-bedroom, 2.5-bathroom sanctuary and you’re greeted by more than 3,900 square feet of meticulously designed living space. From almost every room, you’ll take in views of Kingston and Cape Cod Bays, so there’s an “aaaahhh” moment wherever you turn. You’ll find a first-floor bedroom, as well as three guest bedrooms on the second level, and a finished lower level.

Indulge in direct access to the bay with private beach access and a 75-foot dock. Whether you’re boating, paddle boarding, swimming, fishing, or digging up clams, there’s something for every water enthusiast to enjoy.

Outside, the allure of coastal living continues with an inviting hot tub, large deck, and brick patio perfect for grilling and entertaining guests. Challenge friends and family to a match on your private tennis court, or simply unwind and soak in the tranquility of your surroundings.

On the market for $4,900,000, the sale of the home is represented by Jeffrey Marcus of Sotheby’s International Realty – Cape Cod, Osterville Brokerage, 508-776-0068.

Home Showcase:

Address: 66 Seabury Point Road, Duxbury, Massachusetts, 02332

Bedrooms: 4

List Price: $4,900,000

Square feet: 3,951

Price per square foot: $

Annual taxes: $31,671 in 2024.

Location: Right on the water with a private beach.

Built in: 1971

The Appraisal:

Pros:

Waterside location

Amenities

Cons:

May want some decorative updates

That’s the setup to 265 Sea View Avenue, a spectacular cedar-shingled estate with — the address should have made this abundantly clear — uninterrupted views of Nantucket Sound. What you do with it is up to you, of course, but we’d recommend setting up on the expansive covered back porch with a pitcher of your favorite summertime beverage and letting time melt into the horizon.

Just under an acre of land is at your disposal, with a flat seaside yard to host your backyard shindigs from Memorial Day to Labor Day — or as long as the weather allows. In between hamburger bites, take the steps down to the water’s edge for a dip.

Inside, because you’ll have to go inside eventually, the home’s footprint flows as if by magic between rooms. Oversized picture windows and wide entryways allow for entertaining with ease, where guests and loved ones can mix and mingle and float from room to room with water views as their constant companion.

Practically speaking, the home boasts more than 4,000 square feet and seven bedrooms, so there’s truly room for everyone. While you’re likely to enjoy your meals al fresco on one of the home’s decks, there’s ample space in the eat-in kitchen, formal dining room, and extra nooks and crannies throughout.

The sale of the property, on the market for $9,000,000, is represented by Jack Cotton Jr. of Sotheby’s International Realty – Cape Cod, Osterville Brokerage, 508-776-0009.

The Pink House, as it’s called by locals and tourists, served as a popular subject in photography and paintings, especially at sunset, but its end is in sight, according to a plan issued by the U.S. Fish & Wildlife Service on Thursday.

“The property has become an attractive nuisance, requiring frequent law enforcement patrols and repairs due to vandalism. Maintenance staff time and funds are increasingly required to maintain structural stability and safety,” the agency said in its decision.

“The house has a permanently flooded basement, is within an active flood zone, and flooding has become more severe in recent months and years,” it added. “Removing the house is therefore in the best interest of public safety, taxpayer money, and the environmental health of the area.”

Though there’s strong community interest in preserving the structure that has fallen decrepit over the decades, doing so is a challenge. The nearly century-old home is owned by the federal government and is located in the Parker River National Wildlife Refuge, essentially locking the property from being sold.

Fish & Wildlife had teamed up with a nonprofit solely dedicated to the home, Support the Pink House Inc., to explore a land swap agreement since 2015, but efforts have failed to materialize. The agency’s intention to remove the house could be the final blow in a years-long fight, but advocates have vowed to continue their push to save the beloved landmark.

“In the past few months, we have brought them as many as 17 options that seemed to fit their criteria, several of which were seriously considered, but all ended up being rejected,” Support the Pink House said about its efforts in a statement on its website Thursday afternoon.

“As long as the Pink House is still standing, we’re still standing strong!,” the group added.

In its release highlighting its decision, Fish & Wildlife stated, “Despite an exhaustive search — including extensive outreach and media coverage since release of the draft EA nearly five months ago, and an additional 2-month extension — no viable exchange parcels were located.”

The development comes after the Daily News of Newburyport reported Wednesday that an official from Fish & Wildlife said he was reviewing a land swap proposal from Support the Pink House for an undisclosed property in Massachusetts and no decision had been made.

“I’m personally extremely disappointed, heartbroken, and I feel misled because in less than 24 hours, once again, the situation has changed,” nonprofit board member Sandy Tilton told the Herald Thursday evening. “We intend to continue to work toward a positive outcome because we represent the community, we represent the people.”

Removing the house, close to Plum Island, could help restore wildlife habitat and open a portion of the property to the public, Fish & Wildlife said in its release.

Federal officials also said the house is filled with “materials harmful to human health,” including asbestos, and the property is prone to routine flooding, already twice this year, a frequency that they anticipate to only grow further.

An assessment found that it’d take at least $50,000 to $90,000 to “abate contaminants, remove the structure, fill the foundation, and restore the habitat,” according to Fish & Wildlife.

Going forward, Fish & Wildlife is set to list the house at public auction for relocation or salvage, with the goal for the community to “continue drawing inspiration from it at another site or in another form.”

The feds are also looking to install benches and educational panels for public use at the restored site.

“I want to thank our community partners who worked so hard as we exhausted every option to find a solution to this complex issue,” Refuge Manager Matt Hillman said in a statement. “While we regret not reaching an outcome that satisfies all, we’re confident the decision aligns with our mission to protect and restore high-quality wildlife habitat and provide meaningful educational opportunities.”

The Norfolk County town of Wrentham – known for the popular Wrentham Village Premium Outlets – is pushing back against a state-mandated plan that at least 50 acres near its downtown be zoned for multifamily housing.

Select Board members sent a letter to Gov. Maura Healey late last month, urging her to lessen the burden as it believes the law “will lead to the destruction of the small-town New England charm we’ve come to love.”

On Tuesday, the board got down to the nitty-gritty of the law with Caroline “Chris” Kluchman, acting director of the state’s Division of Community Services. Kluchman tried to ease concerns by emphasizing that the law only requires zoning for multifamily housing and not the actual production of units.

“Adding a small amount of multifamily zoning should not change the character of your community just as adding the Outlets maybe did not change the character of your community,” Kluchman said.

It is a benefit to your community, I hope, for cash revenue purposes,” she added, “but I think the small amount of multifamily housing can be done in a way that will not disrupt the wonderful character of your town.”

The outlets account for 40% of Wrentham’s jobs and 25% of its businesses, and the 170-store shopping center chips in almost 10% of the town’s property tax revenue, according to its latest master plan, issued in 2022.

But the outlets are not entirely positive for Wrentham, a town of roughly 12,000 residents, Select Board member James Anderson told Kluchman.

“When you say that the mall does not change the character of our town, I can guarantee you it has,” he said. “Between the traffic and crime that’s increased, it has changed the rural character of the nice town of Wrentham. I respectfully disagree.”

The dispute, also being seen in a handful of other communities, comes as Attorney General Andrea Campbell and the town of Milton are set to go before the Supreme Judicial Court in the fall.

Campbell in February filed a lawsuit against Milton after residents voted down the MBTA Communities Act, also triggering a loss of $140,800 in state funding.

Wrentham has to zone at least 50 acres near its downtown for multi-family housing, with 15 units per acre and a minimum of 750 units in total.

The town is considered an “adjacent community,” meaning it doesn’t have a transit stop itself but abuts municipalities that do – Franklin, Foxboro and Norfolk. The designation requires housing stocks be increased by at least 10%

Added up, the state-mandated zoning plan could lead to a population increase of 13% in a town that officials say lacks municipal sewage and has an inadequate water supply, the Board of Selectmen wrote in its letter to Healey.

The state Executive Office of Housing and Livable Communities has rebuked the notion that there’d be such a drastic population increase under the law, adding some of the zoning districts could be placed in areas where there’s already existing housing.

“Schools won’t necessarily be a one-time impact, it will be slow,” Kluchman said. “Most fiscal analysis that looks at multifamily housing is revenue positive for communities … more excise tax, more personal property tax, more real estate tax.”

“We write to urge the Federal Open Market Committee (FOMC) to seriously consider the harmful economic consequences of maintaining excessively high interest rates for an unnecessarily long period of time,” the congressional Progressive Caucus wrote in a letter to Fed Chair Jerome Powell. “While we understand that you have indicated that the March FOMC meeting will not see the federal funds rate reduced, we ask that you develop a prompt timeline for future rate reductions.”

Powell is expected to announces the council’s decision to raise, cut or maintain interest rates at 2 p.m. Wednesday. Though inflation has returned near to the central bank’s 2% target, Powell has indicated the council is unlikely to reach the “level of confidence” in sustained target inflation to announce rate cuts at the upcoming March meeting.

The central bank is expected to maintain the federal funds rate within the 5.25% to 5.5% range in Wednesday’s announcement, keeping lending rates high for many prospective homebuyers and consumers. However, economists have speculated rate cuts could arrive as soon as the June meeting.

The letter, signed by Massachusetts lawmakers Rep. Ayanna Pressley and Sen. Elizabeth Warren, said “today’s excessively contractionary monetary policy needlessly worsens housing market imbalances and the unaffordability of home ownership, creates risks for banking stability, and could threaten the achievements of strong employment and wage growth and its attendant reductions in economic and racial inequalities.”

Warren also argued the high rates are “holding back clean energy projects across our country that will create new clean jobs and cut electricity costs,” in a post on X, formerly Twitter, on Tuesday.

“It’s time for the Fed to cut interest rates,” the senator wrote.

In Massachusetts, interest rates have played a role in the continued spiking home prices, with the cost of a single family home climbing 10% for February 2024 to a median price of $548,250.

“Housing affordability is the number one issue I’m hearing about from my constituents,” Pressley said, addressing Powell during a House Financial Services Committee hearing in early March. “Families in my district and throughout this country need relief now. I truly hope the Fed listens to them and cut interest rates.”

Vincent Reinhart, chief economist at Dreyfus-Mellon and a former Fed economist, notes that the Fed typically cuts rates quickly as the economy deteriorates in an often-futile effort to prevent a recession.

But this time, the economy is still healthy. The Fed is considering rate cuts only because inflation has steadily fallen from a peak of 9.1% in June 2022. As a result, it is approaching rate cuts the way it usually does rate hikes: Slowly and methodically, while trying to divine the economy’s direction from often-conflicting data.

“The Fed is driving events, not events driving the Fed,” Reinhart said. “That’s why this task is different than others.”

— Herald wire services contributed

A landmark legal settlement between home sellers and the real estate industry could cause a shakeup in the way homes are bought and sold, beginning this summer.

The National Association of Realtors announced Friday that it had agreed to pay $418 million to settle more than a dozen antitrust lawsuits that accused NAR of imposing rules that inflated real estate commissions. NAR admitted to no wrongdoing, according to the news release.

Under the settlement’s terms, negotiations between buyers and sellers might become gnarlier. Home sellers would pay smaller commissions, allowing them to keep more of the proceeds from sales. And buyers, not sellers, would decide how much buyer’s agents are paid.

The settlement would mark a significant change for buyers, sellers and real estate agents. It’s uncertain how real estate markets will make the transition between now and mid-July, when the settlement is due to go into effect.

What the lawsuits are about

The settlement stems from a federal class-action antitrust lawsuit, Burnett v. National Association of Realtors et al., filed in Kansas City, Missouri. Last October, a jury sided with the plaintiffs, agreeing that NAR and large brokerages conspired to inflate commissions paid by sellers.

NAR is a trade association with more than 1.5 million members working in the real estate industry. The association said the revised rules would affect anyone who uses a multiple listing service — a database of properties for sale in a geographic area — regardless of whether they are licensed Realtors, which is the designation for real estate agents who are members of NAR.

The lawsuits challenge NAR’s cooperative compensation rule, which requires seller’s agents to make “blanket unilateral offers of compensation” to buyer’s agents. To list a home on an MLS, the seller must make this “blanket unilateral” offer to pay buyer’s agents, who influence which houses their clients consider.

Plaintiffs contend that the cooperative compensation rule extorts sellers into paying inflated commissions to buyer’s agents. “Home sellers have been compelled to set a high buyer broker commission to induce buyer brokers to show their homes to the buyer brokers’ clients,” according to the plaintiffs in a lawsuit in Chicago — Moehrl v. National Association of Realtors et al.

Buyers would set their agents’ pay

With the elimination of cooperative compensation, sellers would no longer have to specify the size of the commission they’ll pay buyer’s agents. In fact, sellers would be banned under the new agreement from setting commissions for buyer’s agents in MLS listings.

Instead, it would be up to buyers to set their own agents’ pay. Some buyer’s agents might charge flat fees, or an hourly rate, or they might charge a fee for each time they accompany a buyer to a showing. Those business models would exemplify the innovation in the industry that the Department of Justice wants to encourage, according to a filing in yet another court case — Nosalek v. MLS Property Information Network et al, in Boston.

Negotiations would be more complex

Some observers worry that the new rule would make it even more difficult for buyers who are short on cash.

“If home buyers have to pay their buyers agent outside of settlement, it will increase their financial burden,” said Victoria Ray Henderson via email. Henderson works exclusively as a buyer’s agent and owns HomeBuyer Brokerage, operating in Washington, D.C., and its suburbs in Maryland and Virginia. Settlement is another term for a real estate closing.

Buyers wouldn’t necessarily have to pay their agents out of pocket. The new rule would allow buyers to ask sellers to pay the buyer’s agents at closing. This means that agent compensation might become part of the negotiation.

“Hopefully they’d negotiate the buyer agent compensation and then that would just be included in the mortgage loan,” says Stephen Brobeck, senior fellow for the Consumer Federation of America.

What it means for buyers and sellers this spring

Sometime between now and when the settlement goes into effect in July, buyer’s agents might start asking buyers to sign contracts that spell out how much the agents will be paid and at what point in the process. Over the same period, home sellers should consult their listing agents to make sure they’re complying with the new rules. This settlement would likely apply to real estate agents whether or not they are members of NAR.

The article What the Big Realtors Settlement Means for Home Buyers and Sellers originally appeared on NerdWallet.

A harbinger of that is the report today by The Warren Group, which shows the cost of a single-family home climbed 10% in February in the Bay State, with a new median price of $548,250.

“February was another record-setting month for median single-family home prices as sales activity
was flat on a year-over-year basis,” said Cassidy Norton of The Warren Group. “A lack of inventory is the biggest factor driving these trends, and with fewer and fewer homes hitting the market, we can fully expect to see more recording-setting prices paired with a low sales volume in the coming months.”

The report lists 2,042 single-family homes sold in Massachusetts during February. That’s flat year-over-year — or up 0.1% with 4,434 home sold in 2023 vs 4,438 this past February, the report states.

The median condo price increased 6.5% on a year-over-year basis to $490,000.

Condo sales also increased 5.8% when compared to last February, with 1,017 sales vs 1,076 closings this winter, the report adds.

“Although condo sales increased 5.8% in February on a year-over-year basis, activity is still
nowhere near what we saw even two or three years ago,” Norton said. “Record high prices and
high-interest rates are likely a big factor in the long-term decline in activity, and prospective
buyers shouldn’t expect much relief in the near future.”

The Fed is meeting this week, and all eyes are on the benchmark interest rate but don’t bet on any immediate relief.

Fed Chair Jerome Powell and his fellow Fed officials are expected to play it safe and keep rates frozen, according to multiple reports.

The Fed’s benchmark rate stands at about 5.4%, the highest level in 23 years, after a series of 11 rate hikes that were intended to curb the worst inflation in four decades but have also made borrowing much more expensive for consumers and businesses, the Associated Press reports.

Mortgage rates are hovering near 7.2% for a 30-year fixed rate, with other similar rates being promoted for slightly less. “Upper” 6% rates are also in play as of Monday, with Business Insider stating “hotter-than-expected economic data has helped push them back up.”

As for Greater Boston, the housing picture is even more costly.

The Warren Group report states the median price of a single-family home has soared 11.9% year-over-year in February from $620,000 to $693,750. That’s for the 139 towns located within Interstate 495. Condo prices are also up 5.7%.

There’s not much movement in Boston, where single-family home sales — though very rare — climb past $1 million, statistics show. The same holds true for Cambridge, Arlington, Dover, Belmont, Brookline, Concord, Edgartown, Hingham, Lexington, Lincoln, Needham, Wellesley, Weston, and Westwood.

Backers say the measure would address the city’s affordable housing “crisis,” but the idea is not sitting too well with residents. Some engaged in a shouting match with city councilors during a meeting last week.

Eighteen cities and towns across the Bay State are already waiting for action from the state Legislature on their own “real estate transfer fee” proposals, a concept aimed at spurring affordable housing production.

Medford could become the next municipality to join the group after the City Council requested a subcommittee to develop a home rule petition on the measure.

The city, of more than 60,000 residents, needs to build 671 more affordable housing units to meet a state requirement that at least 10% of its housing stock be affordable, said Matt Leming, a councilor behind the push.

Leming highlighted how the tax wouldn’t likely affect older residents and “average homeowners” as it would target “high-end real estate deals.” That generated boos and sighs from residents in attendance.

“We need more revenue streams in order to build up any sort of corpus of money that can be dedicated to affordable housing,” Leming said. “Residents are being priced out of the city, and we need to more actively engage in that.”

Nearby cities and towns that have passed legislation seeking to enact a real estate transfer fee include Arlington, Brookline, Cambridge, Boston, Concord and Somerville.

Boston Mayor Michelle Wu is trying to impose a 2% tax on real estate sales that exceed $2 million, with the seller incurring the fee and proceeds payable to the city.

Officials would then deposit the money into a neighborhood housing trust, for the purpose of furthering housing acquisition, affordability, creation and preservation, and senior-homeowner and low-income-renter stability.

Medford City Councilor George Scarpelli, calling the council’s exploration of a transfer fee “offensive,” said the city has dug itself in its hole by stopping multiple affordable housing projects under Mayor Breanna Lungo-Koehn’s administration.

Scarpelli added how his father worked “very hard” to build a two-family home on Paris Street that is now worth $1.2 million. “Why should a penny of those people’s hard-earned money go to any tax?” he said.

“These renters that live in these condos that are being moved out, we understand that,” Scarpelli said, “But unfortunately, that’s what happens when things prosper. This is what happens when you live near Boston.”

Gov. Maura Healey wants to add a real estate transaction fee of 0.5% to 2% on the portion of a property sale over $1 million, or the county median home sale price, with the revenue generated from the fee directed to affordable housing development.

The governor’s request is part of a $4 billion bond bill her administration released last October. The fee, projected to affect fewer than 14% of all residential sales, would be paid by the seller of real property.

If approved, a city or town’s housing board or legislative body could adopt the fee by a majority vote.

The Greater Boston Real Estate Board has shot back against Healey’s proposal, testifying last fall that “the real estate market is highly sensitive to economic downturns and is an unstable source of revenue.”

Tensions rose at the Medford City Council meeting when Councilor Emily Lazzaro highlighted how the cost-of-living in the region has increased the number of guests needing services at the Malden Warming Center, a seasonal homeless shelter where she works as an assistant director.

Residents started talking over Lazzaro, and President Isaac “Zac” Bears told them to “just show basic decency.”

Lazzaro became choked up while talking about how the city needs to find “diverse streams” for affordable housing, with one resident telling her to “be descript.” The councilor, in her first term, shouted at the crowd, “Sorry, you guys have been so horrible tonight. You’ve been so offensive to me. … I’m doing my best here to try to help poor people. I don’t understand.”

A shouting match ensued before Lazzaro left the meeting for a break, a resident yelling at her: “It comes with the territory. If you can’t take the heat, get out of here.”

An argument could be made, what with the home’s proximity to just about every amenity you can think of. You’ve got your parks and recreation at Fresh Pond and Danehy Park, food shopping at Whole Foods and Trader Joe’s, an easy commute to Route 2, Storrow Drive, and multiple T stops nearby. For an evening stroll, you’re also steps from Huron Avenue and Brattle Street for a picturesque setting. The best part? The home is tucked into a one-way street away from the hustle and bustle.

But let’s focus on this brand-new showpiece, a gleaming five-bedroom contemporary that’s rich in architectural detail and offers up an interesting departure from the neighborhood’s endemic duplexes. While the home is strikingly modern from the outside and LEED Gold certified to boot, it offers many moments of warmth inside. The inclusion of elements like wood and stone — pale honey-colored floors, richly toned paneling in the kitchen, fireplace inlays — add texture and contrasts. And the light? It streams, pours, floods, and trickles in through walls of windows and an airy layout that circles a sculptural glass-and-wood staircase.

There are five bedrooms and 4.5 luxurious baths (there’s close to 4,200 square feet to fill) but the primary suite on the third level is something out of a design magazine. Imagine a bright retreat with a seating area, a resort-like bath with a soaker tub with deck views, as well as three separate decks overlooking the neighborhood’s budding treetops.

In the backyard, manicured landscaping and a Zen-like patio offers space to entertain and unwind.

Open house hours are Saturday, March 16, from noon to 1:30 p.m.

On the market for $4,950,000, the sale of the home is represented by Carol Kelly and Shannah Hall Franckum of The Carol Kelly Team with Compass, 617-835-5008.

Home Showcase:

Address: 80 Alpine Street, Cambridge, MA 02138

Bedrooms: 5

List Price: $4,950,000

Square feet: 4,176

Price per square foot: $1,245

Annual taxes: $10,203.60 in 2024.

Location: Close to amenities and parks.

Built in: 2023

The Appraisal:

Pros:

All the bells and whistles

Great location

Cons:

Smaller yard space (but abundant deck space)

This is the first application to receive a greenlight from the Boston Planning & Development Agency under a pilot program aimed at converting vacant office space into residential use, primarily in and around downtown.

Work is slated to commence at the 1878 brick-and-sandstone mercantile building this spring. The developer, Boston Pinnacle Properties, will be converting underutilized office space into 15 apartments — 10 studios and 5 one-bedrooms — across five floors above Mediterranean Grill Boston and Dave’s Instant Shoe Repair at 281 Franklin St., in the Financial District.

“We are very excited about this program and what this building represents,” property owner Adam Burns told the BPDA board before receiving unanimous approval Thursday. “We do have a largely historic building here so we are doing our best not to touch of the exterior and doing so in respect of the architectural significance of the facade.”

Three of the units would be income restricted, meeting a key requirement in the program that at least 17% of units match what officials consider “inclusionary zoning.”

The total scope of the work is expected to cost nearly $1.6 million, attorney George Morancy wrote in the application, adding the project is “fully compliant with the requirements of the Boston Zoning Code.”

In total, the BPDA has received four applications since October that would create 170 housing units by converting eight high vacancy Class B and C office buildings, according to officials. Candidates range from small local property owners to larger real estate brokers and developers, they said.

The largest project seeks 98 residential units out of three interconnected office buildings on Devonshire and Washington streets. The two others are calling for 24 units at 2 and 5 Longfellow Place and 33 units at 1 and 10 Emerson Place.

Applicants must meet inclusionary zoning requirements, green energy standards and start construction by October 2025. Applications are open until June.

“I am just so excited for this,” BPDA Board Chairwoman Priscilla Rojas told Burns. “This is just a really great pilot so thanks for answering this call for action.”

The initiative, a key priority of the Wu administration, will offer a 75%, 29-year tax abatement to building owners who jump on the chance to convert. The discount is intended to offset the high cost associated with converting office space, which is designed and engineered differently, to residential uses.

Post-pandemic vacancies downtown are running about 20%, according to a study released in the fall of 2022, and the tax break “could provide a strong incentive to encourage conversion,” officials have said.

Projects will be facilitated by a public-private partnership between the city, the BPDA and the project proponent and would result in a Payment in Lieu of Taxes (PILOT) agreement for the property going ahead.

“This is very interesting. This is new to us and to the Boston area. We want to see you succeed and hope other people think about this as an alternative,” BPDA board member Raheem Shepard told Burns.

Built in 2024, the gleaming custom home’s exterior is a marriage of traditional lines and contemporary design. The property sits at the end of a long driveway on a whopping 8.4 acres abutting a thicket of trees, in a private enclave of just a few similarly high-end homes. Enter through the dramatic double front door — or the door to the neatly organized mudroom — or park in the giant three-car garage and settle in.

In a home with three floors and more than 6,200 square feet, you’re bound to find more than a few highlights, but one of the standouts is the kitchen and living space that open to the home’s expansive patio. Paneled, professional-grade appliances, an oversized eat-in island, and a view that extends to the living room’s sleek fireplace feature prioritizes eating and gathering as a family, plus plenty of room to invite a gaggle of friends.

Five bedrooms, all on the second floor, each have their own en-suite bath, but naturally, it’s the primary suite that shines with a custom walk-in closet, a spa bath with a freestanding soaking tub, and a sweet balcony overlooking the treeline.

In the morning, take the elevator down to the home’s lower-level gym for your workout, which is where you’ll also find a roomy den, movie theater, and storage space.

The town center’s eateries, Beverly Yacht Club, and golfing at the Kittansett Club are all just minutes away.

The sale of the home, on the market for $3,000,000, is represented by Jane Migdol and Nancy Moore with the Migdol Moore Team at Gibson Sotheby’s International Realty.

The Salisbury Beach Citizens for Change neighborhood group raised roughly $565,000 that brought them 14,000 tons of sand over several weeks. The project finished just three days before strong winds and coastal flooding clobbered the popular North Shore beach town.

Tom Saab, the group’s president, is pressing Gov. Maura Healey and the state Department of Conservation and Recreation to provide $375,000 in immediate funding that would allow the group to redo parts of the dunes that washed away.

“All of these property owners are on this meeting call right now wanting to hear what can we do immediately to help the situation,” Saab said during a Wednesday meeting with neighbors and local and state officials. That’s what we can do – we can do that right now.”

Roughly 150 homeowners covered the “entire sand expense” in the full-scale effort that wrapped up just last Wednesday after the town received an emergency certification and beach access permit from DCR.

That paved the way for residents to replace sand on destroyed dunes around their beachfront properties which sustained damage during an early January storm.

“I’m sure (DCR Commissioner) Brian Arrigo can make an extra effort to find these funds for us after what we just did collectively, as property owners of Salisbury Beach,” Saab said.

The issues at Salisbury Beach are not self-contained nor new, with other coastal towns and cities experiencing an increasing number of damaging events in recent months and years.

State Senate Minority Leader Bruce Tarr, whose district includes Salisbury, called the beach an important natural resource for residents across the Bay State, not just for those who live along the beachfront.

Tarr and several members of Salisbury Beach Citizens for Change said they believe the restoration project “did its job” even with the destruction it sustained Sunday. Water levels reached a staggering 12.34 feet, according to the National Weather Service.

“It dissipated wave energy and it did prevent a lot of damage from happening,” Tarr told the Herald Wednesday evening. “But like most of the sand you put on a beach in this situation, it is sacrificial. Some of it was lost, some of it was redistributed to other places.”

A DCR spokeswoman told the Herald that the agency has closed two access points at the beach following the recent rainstorms. Staffers are also meeting with community representatives and town officials on a regular basis to monitor conditions.

Not all Salisbury residents are fully onboard with looking at strengthening dunes as a solution.

“We’re not coming up with the right answer. I feel like we’re being held in the dark about something or there’s more to the puzzle,” resident Larry Kady said. “The sand is not the only answer.”

Tarr is seeking a larger $1.5 million replenishment project that the state would pay for, elevating the dunes and resculpting them with a “more gradual slope” so they can be more resilient, he said.

The senator said he is “cautiously optimistic” about the immediate steps ahead, saying residents and local and elected officials have done all they can, and it’s up to the state to provide funding.

“It’s difficult because the state’s resources are not unlimited,” Tarr said, “and we are facing a situation of declining revenue collections and increased demand for a whole host of things that demand our attention. We have to make the case, I think we are making the case, and now it’s up to the folks that control the purse strings to respond.”

Time is of the essence, as one of the state permits obtained earlier this winter is still valid but will be expiring by the end of April, Saab said. And not much long after that, people from all over will be flocking to the beach to cool off from the summer heat.

“The citizens who are on the dunes themselves should not be the ones paying for the fight,” Salisbury Selectman Mike Colburn said. “The state of Massachusetts has a legal obligation and a moral obligation to start getting sand on this beach now.”

The Associated Press contributed to this report

Council President Ben Ewen-Campen and Councilor Willie Burnley, Jr., are set to bring forth a resolution highlighting the framework of their proposal to the rest of the council on Thursday. They say they already have support from city administrators and advocates.

“This is about reducing traffic congestion, lowering costs, and meeting climate goals,” Ewen-Campen said Monday in a post on X.

In 2019, the council approved a zoning law that set a maximum number of new parking spaces built in its transit-accessible neighborhoods. The new proposal looks to apply that regulation to “certain large commercial developments” in other parts of the city while doing away with so-called “parking minimums.”

“The elimination of parking minimums in Somerville’s transit-oriented development areas has resulted in a remarkable 62% decrease in the number of parking spaces being built compared to what was previously mandated,” part of the resolution states.

Requiring “large commercial developments” to provide at least a minimum number of parking spaces, Ewen-Campen and Burnley, Jr. say, leads to “increased traffic congestion,” hampers residents’ quality of life, and impedes the city’s climate goals.

In a statement to the Herald on Tuesday, the city said Mayor Katjana Ballantyne believes the proposal “merits serious consideration” as it aligns with Somerville’s transition to cleaner modes of transportation and promotes affordable housing.

The request has caught some pushback in the community after Ewen-Campen posted a document of the resolution on social media Monday.

“Removing spaces causes more congestion with people looking for parking,” someone commented on X. “It also hurts business because many people can not navigate public (transit), and will go elsewhere if they can not park. It will bring more Uber traffic too.”

The city told the Herald that “the administration recognizes many residents currently rely on access to parking.”

“With this in mind, the City is committed to dedicating resources to employing curb use and other strategies that make the best use of limited parking resources,” a spokesperson said, “rather than mandating the creation of new parking.”

Rough 30% of parking spaces in new apartment buildings across Greater Boston are unused, according to undisclosed studies that Ewen-Campen and Burnley, Jr., cited in the resolution.

Cambridge in October 2022 became the first city or town in Massachusetts to eliminate all minimum parking space requirements from a zoning code. In Boston, Mayor Michelle Wu signed an amendment earlier that year eliminating parking minimums for affordable housing developments.”

The resolution order in Somerville highlights how “the creation of even a single parking space costs, on average, $50,000 with significantly higher costs in dense metropolitan areas.”

“It is often said that zoning is the most powerful tool that municipalities have in the fight for housing affordability,” Burnley Jr. said in a post on Instagram. “By eliminating parking minimums like Cambridge did years ago, we hope to spur further affordable housing development.”

In the last quarter of 2023, home sales were few and far between as high prices, high rates, low inventory and seasonal factors all combined to make the housing market a bit of a ghost town. Would-be first-time buyers no doubt felt the desolation.

Homes were listed at nearly five times the potential first-time buyer income in the fourth quarter, on average across the country. Prices fell slightly from the previous quarter, as is common in the final months of the year. Bucking seasonal trends, inventory rose 9% from the third to the fourth quarter, reaching a level not seen since late 2020. But mortgage rates peaked in late October, hitting about 7.8% for the 30-year fixed, an over-two-decade high, before trending downward through the holidays.

First-time buyers have to contend with unique challenges no matter the market. They are generally earlier in life and career than repeat buyers, and they lack the wealth associated with equity that existing homeowners can draw upon.

In 2024, rates have already begun to come down and are expected to reach 6% by the end of the year. While this will provide some relief in the costs of ownership, the year is unlikely to bring much in the way of lower prices or meaningfully higher inventory.

Seasonably slightly lower prices in fourth quarter

Home prices typically come down slightly as the weather cools, and inflation-adjusted list prices were 4% lower across the nation in the fourth quarter. List prices matter because they likely play a significant role in would-be home buyers’ decisions to get serious about home shopping.

One of the most affordable metro areas, Pittsburgh, had homes listed at 2.9 times first-time buyer income. It’s the only metro area where the metric came in below an old rule of thumb — that homes listed at three times your income are likely to be affordable. Other affordable metros include Cleveland and Detroit, where homes were listed at 3.3 times first-time buyer income; and St. Louis and Buffalo, New York (3.5).

At the other end of the spectrum, homes in Los Angeles were listed at 12.8 times would-be first-time buyer income. Other costly metros include San Diego (10), Miami (8.4), San Jose, California (8.1), and New York City (7.6).

First-time buyer guidance: Prices are unlikely to come down meaningfully in the coming months; they generally rise as we move into the second quarter. Steady yourself for the reality of the high prices you’ll face in the market where you hope to buy. A local real estate agent can provide intel beyond the list prices you see in real estate apps on your phone. They can tell you whether homes in your area are selling for over list price and how many offers they’re getting, on average.

Mortgage rates peaked

Affordability depends on more than list prices, and rates impacted even the most affordable markets. With interest on a 30-year fixed mortgage averaging 7.3% in the fourth quarter, the monthly principal and interest payment on a median-priced home would be about $2,290, assuming a 20% down payment. By contrast, if rates were a percentage point or so lower — where projections show them going by the end of 2024 — that monthly payment would be nearly $300 less.

The costlier the home, the more these higher rates matter. For example, payments on a median-priced home in Cleveland would be nearly $160 less at 6% than 7.3%, while payments in San Jose, where typical home prices exceed $1 million, would be about $920 lower under that more favorable interest rate.

First-time buyer guidance: Rates are projected to decrease modestly throughout 2024. To qualify for the lowest rates, you’ll want to keep your credit in tiptop shape. This should be a long-term goal as well — if rates decrease after you’ve purchased, having solid credit can help your chances of refinancing your mortgage to take advantage of those lower interest costs.

Fourth-quarter inventory continued (slowly) recovering

The number of homes available for sale has been paltry for several years now, falling to fewer than 400,000 across the country in 2022, compared with more than a million in late 2019. And while listings are generally at a low point in the fourth and first quarters of the year, there were more homes on the market in the last quarter of 2023 than in Q3. In fact, inventory rose 9%, to a level not seen since late 2020.

Across the most populous metros, inventory rose nearly across the board, spiking highest in Tampa, Florida (+34%), Phoenix (+30%), Louisville, Kentucky, and Miami (both +25%).

First-time buyer guidance: Though inventory is beginning to rise and we’ll likely see more homes hit the market as the weather warms and rates continue to fall, there is still a serious shortage. This means competition will be fierce for the listings that are available. Go into the housing market with a game plan — a detailed shopping list, of sorts. You’ll likely have to sacrifice some of the items on your wish list, but knowing which you’re willing to compromise on beforehand can make those compromises less hand-wringy.

The analysis methodology is available in the original article, published at NerdWallet.

The article Q4 Data: Home Buyers Chilled by High Prices and Rates originally appeared on NerdWallet.

For borrowers in a still-hot housing market, getting approved for a mortgage can be a challenge. Mortgage rates have soared from pandemic-era lows, home values are near record highs and home price appreciation is outpacing wage growth.

All of that means there’s no guarantee a lender will approve your mortgage application. Here’s a look at how lenders decide to extend credit, and some common obstacles borrowers face.

How does mortgage underwriting work?

Mortgage underwriting is the process of verifying and analyzing the financial information you provide your lender — all with the goal of giving you an answer of yes, no or maybe. As part of the application, you produce bank statements, W-2s and other tax documents, recent pay stubs and any additional documentation the lender requires or requests.

Dispense with any stereotypes about the old days of lending or the movie It’s A Wonderful Life, when a banker determined your creditworthiness by the firmness of your handshake and the crispness of your shirt. In most cases, a loan officer or mortgage broker will collect your information and submit it to an underwriting software system — Desktop Underwriter for a loan that will be sold to Fannie Mae, Loan Product Advisor for Freddie Mac.

These systems don’t allow for much in the way of human judgment — the software determines whether you’re either approved, rejected or asked for additional information. Such automated underwriting, as it’s officially called, is the norm nowadays — part of the reforms to the mortgage financing world developed after the 2007-09 mortgage meltdown and subsequent financial crisis. “Prior to the crisis, there was more leeway,” says Bill Banfield, chief risk officer at Rocket Mortgage. “Now, most of that subjectivity is gone.”

There are many reasons — income, or property type, or something else — that the automated underwriting process might flag your application. And if it does, there’s little the human loan officers can do about it.

Keep in mind: The main thing the lender decides is your mortgage’s interest rate. And of course, how much to charge you in fees.

Reasons a mortgage loan is denied

“There’s a thousand potential questions Fannie [or Freddie] could return,” says David Aach, chief operating officer at Blue Sage Solutions, a mortgage technology firm. “That’s the nightmare of the underwriting process.” Here are some of the more common reasons you might not get approved for a mortgage.

1. You have credit issues

Your credit score is the single most important factor in determining your mortgage rate — and whether you get approved at all. Generally, the best deals go to borrowers with credit scores of 740 or above, and ones in the “good” range — 670 to 739 — are the most desirable.

Still, you can qualify for some types of mortgages with much lower scores. For instance, VA loans generally are available to borrowers with scores of 620 or above, white FHA loans go to those with scores as low as 580.

Before applying for a mortgage, check your credit score and credit report and dispute any errors. If your credit score is low, work on boosting it before you apply (for example, you could ask a card company to increase your credit line, which automatically lowers your credit utilization ratio). If you have a qualifying credit score, make sure you don’t do anything during the mortgage process to cause it to drop, like miss a payment or max out a credit card, or apply for some other big new loan.

If you don’t have a credit score at all, some lenders do have alternative credit scoring methods, such as analyzing your bank deposits. In fact, last year Fannie Mae updated Desktop Underwriter to take into account a loan applicant’s financial and investment accounts, as an alternative to an absent credit score or incomplete credit history.

2. You have an income shortfall

Your debt-to-income (DTI) ratio — the portion of your gross (pre-tax) monthly income spent on repaying regular obligations — signals to lenders whether you’re in a position to take on an additional, major debt. If your DTI is too high, you may be rejected for a mortgage. Most lenders require a DTI of less than 43%, with 50% the max.

Aim for your obligations comprising about one-third of your income: A DTI around 36% is the ideal, qualifying you for better loan terms. If you owe a lot in student loans, car loans or credit card balances, work on bringing those balances down before applying for a mortgage.

Also give a thought to the type of loan: The longer its term, the more affordable its monthly payments. So opting for a 30-year mortgage might boost your chances, even though you’ll pay more in interest over its lifespan, compared to shorter-term loans.

On the income side, issues often emerge when the mortgage applicant is self-employed. In the first place, the software is geared to good old W-2s — that wage-and-tax-statement from an employer — and gets uneasy when an income stream is irregular, even if your earnings are high.

Also, business owners often maximize write-offs and expenses when doing their taxes — but that common practice flummoxes the underwriting models.“Self-employed people know what they make, but they don’t know what an underwriter is looking for,” says Tom Hutchens, executive vice president at Angel Oak, a lender specializing in non-QM loans (mortgages outside the conventional criteria). “They might be fully approved, but then an underwriter looks at the tax returns” and sees that “$10,000 a month might become $5,000 a month in income.” The lower amount upsets the software, which then dings the applicant.

3. The loan-to-value ratio (LTV) is too high

Lenders also look at how much of a mortgage you want, vis-à-vis the value of the home you’re buying — something called the loan-to-value ratio (LTV). The bigger your down payment, the less you borrow, and the lower your LTV. For instance, if you’re buying a $400,000 house with a down payment of $80,000, your LTV is a comfortable 80%. (While there’s no single perfect percentage, lenders usually like to see it around this amount — for conventional loans, anyway.) But if you’re putting down $20,000, the LTV is up to 95%.

The higher your LTV, the more likelihood that your loan will be flagged for follow-up questions, or rejected altogether. If you feel you need help lowering your LTV, look into down payment assistance — every state has these programs, especially for first-time buyers — to increase the amount of cash you can bring to the deal.

4. You’re trying to finance an out-of-favor property

Not all homes are created equal, as far as lenders are concerned. The traditional, detached single-family residence still rules, and alternatives can confound.

Condos are one particularly tough type of home to finance. In response to the June 2021 collapse of an oceanfront tower near Miami, Fannie and Freddie rolled out new rules covering condo loans: The giant mortgage market-makers have decided not to finance some buildings that have low reserves, need repairs, or are facing lawsuits. Critics say the stricter reviews are causing condo sales to fall apart, even in buildings with no structural issues.

Manufactured homes also can be challenging to finance. And if appraisers or inspectors find a structural flaw or other issue with the home itself, that also can slow the approval, or even kill it.

5. Something recently changed in your financial life

The lending process prizes financial stability and predictability(remember what we said about income, above). And while the job market was still going strong as of early 2024, many Americans have changed positions, either by choice or by necessity. Unfortunately, a recent job change or period of unemployment can throw a wrench in your approval. A short employment history or interruption in earnings sends warning signals to the software.

Unusual activity in your bank account can be another issue. Underwriters are skittish about large, unusual deposits, which might mean you borrowed money for your down payment. If you got money from relatives to help you buy a house, make sure to submit a gift letter as part of your application.

How to get a mortgage after your application is denied

Take heart: If you are denied a mortgage, all is not lost. There are workarounds to many of these issues.

If you have a unique income situation, such as owning a business with unsteady cash flow, you might apply for a non-QM mortgage. These loans come with more flexible credit criteria and income requirements than conventional loans, making them ideal for those who don’t fit the standard borrower box.

If your credit score or LTV was the problem, you can also consider loans through the Federal Housing Administration (FHA) and Veterans Administration (VA). Their terms are more generous, geared toward borrowers with lower credit scores or little cash for down payments.

Manual underwriting

The vast majority of conforming loans — those eligible to be bought by Fannie and Freddie — are decided via automatic underwriting. It’s fast, cheap and takes bias out of the process. But some loans still are reviewed by a human. Lenders often do manual underwriting when an application would likely be denied through an automated system, or if the borrower has some unusual circumstances but is otherwise qualified.

Certain types of mortgages, like jumbo loans and non-QM loans, are more likely to be manually underwritten. But you can request it for any mortgage, if you believe your particular situation will not be fully understood by the ‘bot. Be prepared to supply additional paperwork — financial statements reaching farther back, for example — and for a longer process. Bear in mind that, even with a manual underwriter, your loan still has to conform to specific requirements.

Bottom line

The mortgage application process can be full of surprises — with a key one being that an automated underwriting system often decides your approval or denial. The key reasons for rejection often involve credit score issues, income shortfalls, high loan-to-value ratios, property type, or recent changes in your financial situation. But the ‘bot doesn’t necessarily have to have the last word. Find out why your application was denied, and then seek remedies: explore alternatives to conventional conforming loans, or request manual underwriting (a review by a human underwriter). Any of these may provide a pathway to homeownership.

(Visit Bankrate online at bankrate.com.)

©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.

Crafted in 2021, the property is almost brand-new and turnkey for its new owners. All you have to do is step inside through bespoke glass doors into a scene-stealing two-story foyer and make yourself at home. A staircase adorned with custom glass railings sets the tone for the airy, bright, and sleek interior about to unfold. Illuminated by expansive Pella windows, the foyer bathes in natural light, creating an inviting ambiance throughout the home.

Designed for culinary enthusiasts, the chef’s kitchen is a masterpiece, featuring top-tier Sub-Zero, Miele, and Wolf appliances, complemented by custom cabinetry, a trophy case-like wine room, and a walk-in pantry. The main level is thoughtfully laid out, comprising formal living and dining areas with floor-to-ceiling and oversized picture windows, a junior primary suite, and two convenient half bathrooms.

Ascend to the upper level to discover a primary suite with a fireplaced sitting area and swoon-worthy walk-in closet in addition to four guest bedrooms, each with en-suite bathrooms and walk-in closets.

Outside, the meticulously landscaped grounds provide a peaceful backdrop for outdoor gatherings, with a spacious deck offering ample space for entertaining friends and family amidst the natural beauty (and quiet) of the surroundings.

On the market for $8,995,000, the sale of the home is represented by The Sarkis Team with Douglas Elliman, 781-603-8702.

Home Showcase:

Address: 100 Cottage Street, Brookline, MA 02445

Bedrooms: 6

List Price: $8,995,000

Square feet: 9,380

Price per square foot: $959

Annual taxes: $76,695 in 2024.

Location: Private enclave near Sargent’s Pond.

Built in: 2021

The Appraisal:

Pros:

Meticulous interior

Privacy

Cons:

Brookline taxes

One look at the endemic red brick, ornate ironwork, and black shutters rising from Beacon Hill’s cobbled streets and it makes perfect sense. This address is quintessential Boston, just around the corner from the rare air of Louisburg Square.

The painstakingly renovated Greek Revival townhouse exudes timeless elegance sprinkled with modern luxury. Boasting five levels of refined living space with five bedrooms and five full and two half-baths, every detail of this home has been meticulously crafted to perfection.

Upon entering, guests are greeted by a grand foyer that sets the tone for the luxurious living and entertaining experience that awaits. The main level features an expansive double-parlor formal living and dining rooms, adorned with floor-to-ceiling windows that beam with natural light. Above and all around, rich moulding, columns, and ceiling medallions add character. The heart of the home lies in the state-of-the-art eat-in kitchen, equipped with top-of-the-line appliances and enormous picture windows.

Ascend to the second floor, entirely dedicated to a sumptuous primary bedroom suite, complete with its own sitting room and a two-tiered private deck where you can enjoy serene moments in the middle of the city.

Additional bedrooms and baths await on the top floor, while the lower-level houses a media room, wet bar, and an elegant home office with access to a garden patio blooming with green ivy adorning its walls.

P.S. The sale of the home includes a garage space with electric vehicle charging.

The sale of the home, on the market for $7,225,000, is represented by Lili Banani with Coldwell Banker Realty – Boston, 617-407-0402.

Local and state officials on Thursday gathered at 140 Clarendon St., a property previously owned by YW Boston – the former YWCA – for an overdue celebration of what a developer described as Back Bay’s “most significant” affordable housing project the neighborhood “has ever seen.”

All 210 units – 111 serving formerly homeless people and the rest for residents with a federal voucher for subsidized housing – have been occupied since the end of last year, and officials said the completed project is just the beginning of a pattern that looks to make the affluent neighborhood more affordable.

“This project demonstrated what is possible even in the most prosperous neighborhood in this most prosperous city,” said Bruce PerceIay, chairman and founder of Mount Vernon Company. “It should be an example of what can be done, and this should not be the first of its kind but it should be the beginning of the realization that projects like this in this neighborhood are possible.”

Percelay’s real estate firm, known for quality apartment homes, commercial properties and luxury vacation rentals, teamed up with city-based developer Beacon Communities to purchase the building for roughly $51 million early in the pandemic.

The opportunity came after an initial buyer looked to convert the building into a high-end hotel but pulled out, paving the way for Beacon to drop $40 million to convert a portion of the building into studio and one-bedroom apartments.

Residents must earn below $51,950, or 50% of the median-area income for a single person, and for those transitioning out of homelessness, the income limit is $31,150 – criteria under the federal Section 8 housing program.

Units come with onsite health and wellness programs, case management, food assistance, and fitness and computer programming, said Darcey Jameson, Beacon’s vice president of development.

YW Boston ran a 66-room hotel and more than 100 subsidized rentals at the location, and after the nonprofit sold the building, tenants remained on site during construction of 111 units dedicated to residents transitioning out of homelessness.

The Pine Street Inn provides case managers and other services to that group.

Pine Street Inn – New England’s largest homeless services provider – is on the cusp of 1,000 affordable housing units across Boston, a feat that officials believe they’ll reach this spring.

“We work hard on housing,” Pine Street President and Executive Director Lyndia Downie said, “and we often get people saying ‘Why don’t you do housing in the Back Bay?’ Well, we’re now going to say ‘We are doing housing in the Back Bay.’

Housing Secretary Ed Augustus attended Thursday’s celebration and highlighted how the Back Bay project underscores the importance of all communities across the Bay State chipping in to provide affordable housing.

Some municipalities – Milton, Wrentham, among others – are showing hesitancy in complying with the MBTA Communities Act which requires cities and towns to zone for affordable housing near transit stations.

“There’s a lot of conversations going on right now about different communities’ responsibilities around zoning and production of housing,” Augustus said. “It is everybody’s responsibility – every community, every neighborhood. We are in this together.”

All dressed up in the quintessential cedar shingle but built in 2015, the beach property is not only pristine, it also features high-end architectural touches and interior design flourishes we don’t often see in your typical vacation home. On that note, we’d gladly live here year-round and let the gas fireplace in the living space keep us toasty.

The story’s in the details at 349 Phillips Road, and they elevate the home from nice to “wow” via decorative moulding, wide planks on the engineered wood floor, and expertly crafted Lewis & Weldon built-ins (they also did the kitchen cabinetry.) An open-concept kitchen, living, and dining area is ideally suited for what the home is meant for — togetherness.

While each nook is lovely on its own, we’d be remiss to not fawn over the kitchen and butler pantry that were designed with the amateur home chef in mind, as well as with their hungry guests. For bonus hangout space, there’s also a family room, front porch, and ample decking facing the water to while the afternoon away over a grill.

Additionally, the home features two primary suites, one on each floor, and 3.5 luxe baths so there’s no jostling over a post-beach shower.

On the market for $2,995,000, the sale of the home is represented by Tori Harrison of Sotheby’s International Realty – Cape Cod, Sandwich Brokerage, 508-455-7288.

Home Showcase:

Address: 349 Phillips Road, Sandwich, Massachusetts, 02563

Bedrooms: 2

List Price: $2,995,000

Square feet: 3,879

Price per square foot: $772

Annual taxes: $26,541 in 2024.

Location: .

Built in: 2015

The Appraisal:

Pros:

Sagamore Beach paradise

Spectacular finishes

Cons:

Not fenced (we’re being picky here)

Whether the law results in more housing hinges on individual communities themselves approving units, according to the Executive Office of Housing and Livable Communities.

“We certainly hope the housing will follow,” the official with the department said, speaking on background. “If the zoning isn’t there, there’s no opportunity to develop more multi-family housing in a lot of these communities. What we’re doing is saying we need to have the opportunity.”

The Wrentham Board of Selectmen sent a letter to Gov. Maura Healey earlier this week, seeking support as it looks to comply with the controversial law that has led to a loss of state funding in Milton.

Under the law, Wrentham, a Norfolk County town known for a popular shopping center, has to zone at least 50 acres near its downtown for multi-family housing, with 15 units per acre and a capacity of 750 units.

When added up, the state-mandated zoning plan could lead to a population increase of 13% in a town that officials say lacks municipal sewage and has an inadequate water supply, the Board of Selectmen wrote in its letter to Healey.

“This would cause the largest one-time increase in population in our town’s history,” the letter states.

Work is being done to address Wrentham’s housing shortage, a situation rattling most cities and towns across Massachusetts, the letter states. Those efforts should carry more weight than the MBTA Communities Act, the board argued.

The board is requesting Healey assist the town in accessing a waiver or modifications to the requirements.

“Wrentham has a plan and is doing its part,” the letter states, “but the MBTA Housing Requirement ignores this effort and dictates changes that do not align with the goals of our residents and will lead to the destruction of the small-town New England charm we’ve come to love.”

But the state housing office spokesperson rebuked the notion that there’d be such a drastic population increase under the law in Wrentham, adding some of the zoning districts could be placed in areas where there’s already existing housing.

“It’s not like ‘Next year, full buildout of every possible development in town,’” the spokesperson said. “There’s a lot of variation here. The idea of a one-time increase of 13%, that’s not going to happen.”

Wrentham, with a population of roughly 12,000, is considered an “adjacent community,” meaning it doesn’t have a transit station within town or within half a mile of its border. But neighboring towns – Franklin, Foxboro and Norfolk – have commuter rail stops.

Being an “adjacent community” forces municipalities to place a “multi-family district” in an area with “reasonable access to a transit station based on existing street patterns, pedestrian connections, and bicycle lanes.” They are also required to increase their multi-family unit capacities by at least 10%

Wrentham selectmen are looking for the state to lower that requirement – the least significant classification is “adjacent small towns” in which a 5% increase in units is mandated.

Milton – a “rapid transit community” facing a 25% increase requirement – set off fireworks as residents overturned compliance with the MBTA Communities Act at referendum on Valentine’s Day. That led to the loss of roughly $140,000 in state funding and Attorney General Andrea Campbell suing the town on Tuesday.

Wrentham has until the end of the year to adopt zoning under the law which would come from approval at Town Meeting either in the spring or fall.

Select Board Vice Chairman Chris Gallo argued that while officials are aware there’s a need for more housing in town, he doesn’t believe the law would ultimately lead to more affordable living options.

“I believe this, as it stands right now, is an unfunded mandate that lacks genuine interest and collaboration,” Gallo said, “but it is very full of threats about losing grants and potential lawsuits. I don’t think that’s the right approach.”

If you also like dedicated parking, extra storage, and plentiful outdoor space, Somerville real estate can pose a challenge. Unless you’re checking out Unit 2 at 17 Moore Street in which case, you get to have it all.

The two-bedroom, 1.5-bath condo occupies a primo location moments from Davis Square, Tufts University, highways, and just about every craveable cuisine under the sun.

Gut renovated just 10 years ago, Unit 2 boasts all kinds of awesome-to-have extras of much pricier condos. Think: two private decks, a private patio area, bonus basement storage, and off-street parking so you never have to dodge street cleaning.

We also love that the condo is split between two levels — an open-concept main level that joins living, dining, and kitchen spaces, and sleeping quarters upstairs.

On the main level, hardwood floors, lots of windows, and private deck access help you greet the morning with sun on your face and a cup of coffee overlooking the quiet, one-way street. The second-level bedrooms boast a skylight in one and a glass door to the rear deck in the other for maximum natural light.

Open house hours are Saturday and Sunday, March 2 and 3, from 12:30 p.m. to 2:30 p.m.

The sale of the condo, on the market for $849,000, is represented by Paul Campano with Keller Williams Realty Boston Northwest, 617-304-3686.

Residents earlier this month voted against a plan that would have increased the town’s housing stock by more than 2,450 multi-family units, or 25%, near transit stations under the MBTA Communities Act.

Some Planning Board members argue that being classified as an “adjacent community” rather than a “rapid transit community” makes more sense as it bridges the gap between residents who want the 25% increase and those who want no more housing whatsoever.

An “adjacent community” classification requires a 10% increase in year-round housing units. But based on past communication to town officials, the state is unlikely to settle for the compromise if such a request is made.

About 54% of the roughly 9,500 ballots cast during the Valentine’s Day referendum were against compliance with the MBTA Communities Act.

The law requires 177 cities and towns across the region to allow at least one zoning district “of reasonable size,” in which multi-family housing is permitted “as of right,” generally half a mile near a transit station.

Milton is the only municipality not to comply, according to the state housing office.

The Planning Board held its initial discussion on charting a path forward on Thursday, a day after town officials learned they’d start to lose some state funding due to the overturning.

Planning Board Chairwoman Meredith Hall said a “strong message” she heard from the vote was that the “town feels like it’s been unfairly classified and designated for zoning for 25%.”

Hall suggested working towards a 10% increase, a plan that should be presented at Town Meeting either in May or October. She said she doesn’t believe the failed referendum means the board needs to restart from the ground up.

“I believe strongly … we can move toward compliance and can move towards improving affordability, sustainability, and ultimately achieve a really great plan that I think all of our residents can hopefully come together and support.”

Residents initially approved a plan at Town Meeting in December after a long series of public hearings and debate between community members.

That plan would have matched the 25% rapid transit requirement, giving officials the ability to construct more than 2,450 multi-family units across a handful of neighborhoods in town. It also “would have been in interim compliance with the law,” state Housing Secretary Ed Augustus wrote in a letter to Town Administrator Nicholas Milano.

But a group dubbed ‘Milton Neighbors for Responsible Zoning’ garnered 3,000 signatures on a petition requesting the zoning article be brought in front of voters as a ballot question, prompting the referendum.

Augustus outlined in his letter to Milano how the town is no longer eligible for a $140,800 grant award it received late last month for seawall and access improvements at Milton Landing.

In addition, the town won’t be eligible to receive a variety of grants aimed at supporting and accelerating housing production from the Executive Office of Housing and Livable Communities.

Select Board Chairman Michael Zullas, who has called the loss of state funding “unconscionable,” wrote a letter to the state housing office last September, seeking clarification on the “rapid transit community” designation.

Zullas argued that though the Mattapan Trolley Line runs through town, that doesn’t automatically make Milton a rapid transit community. He pointed out how the line is a “unicorn” since it doesn’t have stops along the MBTA Red Line, Green Line, Orange Line, or Blue Line.

Caroline “Chris” Kluchman, acting director of the Division of Community Services, responded a month later highlighting how Milton does fit the criteria for a rapid transit community. The Mattapan Trolley Line is a branch of the Red Line, running every 6 to 7 minutes at peak hours, she said.

Milton also has roughly 404 acres of developable land in station areas,  far surpassing the “at least 50 acres” to fit as a rapid transit community, Kluchman added.

Planning Board member Sean Fahy concurred with Hall that the board should be looking to create a plan that would provide for a 10% increase in housing rather than 25%, and it would be “realistic” to present it in October.

“I believe an “adjacent community” status is what we should have been designated,” Fahy said. “In a town that is as fractured as it is, I see the two extremes being the extreme of zero and the extreme of 25. I’m not of the mindset that we should do nothing.”

Within Belmont’s Presidential neighborhood, you’ll find a stately brick Colonial at 11 Adams Street, meticulously landscaped, with tons of curb appeal and perhaps best of all, renovated and ready to move into.

The 1929 floor plan was opened up — and brightened up — for easy flow between living, kitchen, and dining spaces, while cleverly maintaining distinct spaces for each room. The living room is flooded with natural light via oversized paned windows and sets of French doors that lead to the patio and yard, with warmth and character delivered via built-ins, moulding, and a large fireplace.

Kitchens can make or break an otherwise fantastic home, and this one was designed to be both worthy of a Nancy Meyers movie and highly functional. You’ll find neat custom cabinetry, a massive marble-topped, eat-in island, a Viking range, two sinks, and a handy home office nook.

In addition to four bedrooms including a primary with custom closet and a marble bath with jetted tub, the home includes a finished lower level with a family room, mirrored gym, and a mud room.

On the market for $3,095,000, the sale of the home is represented by Terry McCarthy with Coldwell Banker Realty, 617-435-2001.

Home Showcase:

Address: 11 Adams Street, Belmont, MA 02478

Bedrooms: 4

List Price: $3,095,000

Square feet: 4,590

Price per square foot: $674

Annual taxes: $23,707 in 2024.

Location: Close to Fresh Pond and schools.

Built in: 1929

The Appraisal:

Pros:

Excellent location

Sparkling renovation

Cons:

Belmont taxes

Tucked into the serene enclave of Lochstead, a small residential community that boasts about 3,100 feet of waterfront on Coonamessett Pond, the three-bedroom contemporary is also minutes away from Falmouth center and Mashpee Commons for shopping and dining. Coonamessett Pond provides the community with a swimming beach, as well as two areas to launch kayaks and small boats for when you’re not chasing salt and sand on the 10 nearby beaches.

The home enjoys a resort-like setting itself (we’re talking sparkling in-ground pool) and the meticulously updated residence promises a mix of modern sensibility and open, coastal warmth.

At the heart of the home, a crisp kitchen in gleaming white quartz counters and backsplash is equipped with luxe JennAir double ovens, a Sub-Zero refrigerator, and a 36-inch induction oven. Custom cabinetry extends into the dining room, flanking a charming window seat and creating a seamless flow for entertaining.

Speaking of which, hosting is a breeze in the open living space. To warm up, fire up the gas fireplace on chilly nights. To cool down, open up the sliders to your Gunite heated pool and outdoor kitchen.

Retreat to the sumptuous main bedroom suite, offering hardwood floors, glass sliders to a deck with an electric awning, and a luxuriously renovated primary bath with a soaking tub. Additional bedrooms provide versatility, with one serving as a well-appointed office space and the other featuring a convenient Murphy bed system for overnight guests.

The sale of the home, on the market for $998,000, is represented by Annie Hart Cool Team of Sotheby’s International Realty – Cape Cod – Falmouth Brokerage, 508-868-0664.

Chairman Michael Zullas, speaking for himself, not the board, told the Herald he believes the town “should fight” back against Gov. Maura Healey’s administration to retrieve current funding reductions and prevent future withholdings.

“I find this action by the Healey-Driscoll Administration to be precipitous, punitive, wholly unnecessary, and contrary to their stated goal of working constructively with municipalities,” Zullas said in a text message. “As Chair of the Select Board, I will do everything I can to fight this and any future grant withholding. It is unconscionable to me that the state would harm our town by withholding funding.”

Zullas’ comments came hours after state Housing Secretary Ed August informed Town Administrator Nicholas Milano that Milton is no longer eligible for a $140,800 grant award it received late last month for seawall and access improvements at Milton Landing.

In addition, the town won’t be eligible to receive MassWorks and HousingWorks grants, programs focused on supporting and accelerating housing production. Milton will also be at a “competitive disadvantage for the 13 discretionary grant programs offered by the Executive Office of Housing and Livable Communities,” Augustus wrote.

“Milton’s current non-compliant status means the town will begin losing out on significant grant funding from the state, effective immediately,” Augustus wrote to Milano in a letter released to reporters on Wednesday.

This all comes after residents voted last week not to comply with the MBTA Communities Act, which requires 177 cities and towns across Greater Boston to allow at least one zoning district “of reasonable size,” in which multi-family housing is permitted “as of right,” generally half a mile near a transit station.

Milton is the only municipality not to comply.

Augustus and Attorney General Andrea Campbell outlined in separate letters to town officials last month how Milton’s eligibility for a “wide variety of state funding” would be impacted if voters rejected compliance with the state law which would also trigger legal repercussions.

Milano also warned the Select Board what was at stake ahead of last week’s referendum in which 54% of the roughly 9,500 ballots cast were against compliance. He highlighted how the town over the past several years has secured “$1.7 million in grant funding that comes through discretionary and competitive grant programs funding projects such as safer streets, school improvements, and a new website.”

Zullas told the Herald he believes the town “should explore all options” in how it could fight back against the state.

“It is time for us to come together as a town to find a workable solution to the MBTA Communities Act,” he said, “and the state’s actions today only serve to sow further division. It is against the spirit of collaboration that the state has pledged. It might even be against the law.

Residents initially approved a plan at Town Meeting in December after a long series of public hearings and debate between community members.

That plan would have paved the way for construction of more than 2,400 housing units across a handful of neighborhoods in town. But a group dubbed ‘Milton Neighbors for Responsible Zoning’ garnered 3,000 signatures on a petition requesting the zoning article be brought in front of voters as a ballot question, prompting last week’s vote.

It also “would have been in interim compliance with the law,” Augustus wrote in his letter Wednesday.  Healey’s administration provided $80,000 worth of community planning grants for technical assistance to help the town comply with the zoning bylaw, he added.

The state Legislature passed the MBTA Communities Act in January 2021, with the Senate adopting the law unanimously and the House favoring it with 143-4 approval. Then Gov. Charlie Baker subsequently signed the act into law.

“The law is clear – compliance with the MBTA Communities Law is mandatory,” Augustus wrote. “If we do not all come together to build more housing, we will not be able to overcome our affordability crisis. We need every community to do their part.”