Worcester Business Journal

www.wbjournal.com • Worcester Business Journal • 2 020 Economic Forecast 23 LISTINGS WILL INCLUDE: • Top residential brokers/groups • Top residential agencies • Top commercial firms WBJ has been covering real estate and development stories as one of our core industries for years, and real estate is currently the most popular category when core readers search our website by industry. In this issue we'll be reporting on marketplace trends in the commercial and residential sectors and looking at key players in the industry. WHO IS LEADING THE WAY IN THE HOT CENTRAL MASS. REAL ESTATE MARKET? Worcester Business Journal WBJ Call your representative or associate publisher Mark Murray for more information today. 508-755-8004 x 227 or mmurray@wbjournal.com Issue date: Jan. 20, 2020 Ad deadline: Jan. 9, 2020 In our January 20th issue, the Worcester Business Journal will run its first-ever list of the top Real Estate brokers and firms who are the top sellers in Central MA. If you're a leading broker or your firm provides services to the region's Real Estate marketplace you won't want to miss having your message in this special focus section. W Bruce Mathieu Senior Vice President Business Development Officer 978.353.1331 Intelligent BUSINESS Solutions Start here! Info: ICCreditUnion.org or businessbanking@iccreditunion.com Federally Insured by NCUA Like, Friend or Follow Us LOANS - Whether you're looking for a Commercial Real Estate Loan, Term Loan or a Business Line of Credit, IC can help you move forward . • Audubon Plantation Ridge on Plantation Street is advertising one- and two-bedroom units from $1,840 to $2,090. • On the less expensive side is 22 & 26 Vernon Street Apartments which are offering studios and one-bed- rooms from $895 to $1,150. Paul O'Rourke, the broker-owner of The O'Rourke Group Real Estate Professionals in Worcester, said inves- tors priced out of Boston are flocking to Central Massachusetts where homes are less than half the price. "The market has really shifted as a result of these out-of-town buyers," O'Rourke said. "I've sold 15 multi-fam- ily homes this year, and nearly every one of them had multiple offers; and most of them sold for well over asking price." Since the first of the year, 50% of the 365 Worcester multi-family homes list- ed on the Shrewsbury-based MLS Property Information Network fetched more than the asking price. The rest were sold at asking, below, or at auction with no predetermined price. O'Rourke said many of the sales are from cash buyers who are not from Central Massachusetts and routinely waive inspections. "Rather than pay $1 million and up for a multi in Boston, they come to Worcester where prices are much lower," he said. The shift began over the last two years, he said, as prices in Greater Boston skyrocketed. He said the minor league baseball Red Sox's deal to move from Pawtucket, R.I. to the Canal District got the attention of out-of- towners. "Four years ago, multi-family home in the Kelley Square location, not far from the stadium site, sat on the mar- ket for up to six months," he said. "Now, those same multis are selling for up to $400,000 with no problem. It's incredible. Tom Rhealt, standing in front of a triple decker in Worcester P H O T O / W B J F I L E

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