Worcester Business Journal

10 Worcester Business Journal | August 20, 2018 | wbjournal.com Don't miss this opportunity to network with the Central Mass business community! To register or find out more about these events visit www.wbjournal.com/event Worcester Business Journal WBJ Our annual Health Care Forum is designed for business owners and executives, health-care providers, clinicians, human resource professionals, benefits specialists, and others interested in hearing first hand how the industry is evolving its services while prioritizing cost containment for its customers. OCTOBER 12, 2018 Beechwood Hotel, Worcester 7:30 - 10:30AM A special seminar for family businesses and owners of privately held enterprises. This session will focus on the critical steps that you can begin to take today to make any future transition a success. OCTOBER 25, 2018 Beechwood Hotel, Worcester 3:00 - 6:00PM Corporate Sponsors CENTRAL MASSACHUSETTS HealthCare FORUM A Worcester Business Journal Event CENTRAL MASSACHUSETTS HealthCare FORUM A Worcester Business Journal Event Corporate Sponsor BUILDING BU $ INESS VALUE WBJ A SPECIAL FORUM WBJ A SPECIAL FORUM BUILDING BU $ INESS VALUE Presenting Sponsor Make connections at one of our upcoming events! Presenting Sponsor Continued from previous page Housing costs are rising Housing prices in Worcester County continue to rise, with the latest report saying home sale prices rose 11 percent in June compared to last year. When polled online, WBJ readers overwhelming said their housing costs were significantly higher compared to a decade ago. F L AS H P O L L "It's not simply the high prices; it's also the high taxes." COMMENTS: What portion of your income goes to housing costs compared to a decade ago? "Mostly because my mortgage is paid off, but real estate tax and utilities are still very high." "Housing costs have increased slightly, but income has increased significantly." Significantly less 16% Significantly more 52% 6% October 2017. A more expensive market e price of the entire Massachusetts real estate market is rising, said Ber- man, the result of low supply and high demand. In June, the median sale price of a home hit an all-time high of $430,000. More modestly priced homes may be pushed into that luxury price range due to those trends, but Berman said there are still more luxury buyers. "Someone buying a house at $1.5 mil- lion is a different buyer than someone buying a house at $500,000," he said. Joseph, of Coldwell Banker, said she's already worked on selling three $1 mil- lion-plus homes in Worcester County this year and has been successful with two. e third is a $1.4-million listing in Paxton for a six-bed, eight-bathroom, 9,200-square-foot castle on seven acres in the rural community. Joseph is benefitting from people moving west from Greater Boston, where the low-supply, high-demand dy- namic is pushing prices into the luxury range even for average homes. e median price for a home in the Boston suburb of Weston was $1.5 million in June, according to real estate data firm e Warren Group, which is headquartered in Boston. In Newton, that price was just shy of $1.4 million. In Wellesley, that figure is just over $1.5 million. In all of those towns, the number of sales declined in June, indicating a lacking inventory. With supply so low, buyers are being forced to write offers that don't include typical homebuyer protections like home inspections, financing and other contingencies, Joseph said. So instead of competing with wealthy Boston-area executives for the slim pickings in the luxury real estate market of Greater Boston, those same people are looking to get more bang for their buck a little bit further away, Joseph said. All of her luxury home clients are relocating to the area for work in high-paying fields like medicine and research. "As people are forced out of the Boston market, they start to move west where the higher-level home is still less than they would need to pay in the Boston market," Joseph said. About the same 16% Slightly more 18% Slightly less W

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