GNAR News – 4/7/11


FOR Mapquest visit:

5 Pond Street, Newburyport—8/3/2.5 bath/ Victorian — $625,000 – At State and Pond
Kellie Gentile, William Raveis, 617-529-5475

3 Park Street, Newburyport—9/4/3 — $695,900 – near Washington Street
Dolores Person, William Raveis, 978-660-0967

25 Ship Street, Newburyport—6/3/2.5, $539,900 – Water St to Ship on Right @corner of Beck
Craig Holt, RE/MAX On the River, 508-633-6366

8 Spring Street, Newburyport—6/3/2.5 – $459,900 – @ Federal Street
Kevin Fruh, Keller Williams, 978-500-7409 

233 High Street, Newburyport—9/4/2.5 — $879,900
Tracy Moussseau, Stone Ridge Properties, 508-269-7739

5 Dove Street, Newburyport—6/3/1 — $410,000 – Dove is one way from Monroe onto Merrimac   
Cindy Johnson Wootan, RE/MAX On The River, 978-852-8590

10 Chain Bridge Dr, NBPT—6 /3 /2 ½ — $589,000 – Moseley or Spofford St. to Chain Bridge Dr. enter Circle
George Reardon, CBRB, 978-360-5638

31 Collins Street, Amesbury—8/3/1 — $329,900- Crossroads Elm Street & Collins Street
Tom Tormey, RE/MAX On The River, 978-689-5759

17 Chester Street, Amesbury, Multi, $310,000, – Powow Street
Ann Olmstead, RE/MAX on the River, 978 621 3579

22 Tallowood Lane, Amesbury—10/4/2½ — $434,900 – Closest cross St  Lancewood
Mike Mullins, Stone Ridge Properties, 978 992-4265

46 School St,. Merrimac—7/3/1.5 w/3 story barn — $312,888 – Rt. 110, left @ center
Ann Marie Salmon, RE/MAX on the River, 978-852-7481

 603 Alyssa Drive, Groveland—8/3/2.5 — $349,000  -Rt 113, left to Rt 97, right to Whitestone Village on Rt 97, right to #603
Ann Topic, Heritage Realty, 978-223-0591

29 Stonebridge Drive, Groveland, MA—10/4/3.5 — $719,000
Ron April, RE/MAX On The River, 978-265-2522

LUNCH WILL BE SERVED @ 108 Jackman St., Georgetown—9/3/3 — $549,000 – just past the Byfield Parish Church
Nancy Purcell, Stone Ridge Properties, 978 502 6441


Lt. Governor to Announce New Investment in Newburyport Waterfront
 NEWBURYPORT – Lieutenant Governor Timothy P. Murray will announce a significant state investment in the Newburyport waterfront at an event being held Thursday afternoon.  Murray will join State Representative Michael A. Costello, State Senator Steven A. Baddour and Newburyport Mayor Donna D. Holaday at the event.
The Black Cow Restaurant
54 Rear Merrimac Street
Newburyport, MA
Thursday, April 7th at 4:15 p.m.
Light refreshments will be served beginning at 4 p.m.
“This investment by the state will allow Newburyport to upgrade critical city infrastructure, preserve public access to the waterfront for the long term and promote new economic development,” Costello said. “I want to thank Lt. Governor Murray for his leadership and vision in this respect. Under his guidance, the state has become a true partner of Newburyport in preserving and enhancing the waterfront.”
For further information contact Representative Costello’s Office: 617-722-2220

NEW from MLSPIN !   Quick Reference Guide
For your convenience, an easy to follow Rules and Regulations Quick Reference Guide is now available on MLS under the Rules and Regulations section of their corporate website. This guide will provides an overview of some of the more common rules you may come in contact with as a customer of MLS PIN.  A great tool for new agents and seasoned veterans alike.

 AUCTION – April 14, 2011
John McInnis Auctioneers will be auctioning off a recently renovated waterfront home located at 8 Nancy Street, Plum Island, Newburyport, MA on Thursday, April 14th at 2:00 p.m.   This year-round home features 1,152 +/- sq. feet with 3 bedrooms and 2 full baths, Fireplace, Fully Screened Lower Deck, Rooftop Deck, Granite Counter Tops, Marble Bathrooms and Hardwood Floors.  Located on a quite dead-end street within footsteps to the beach!  To see more on this property and details on commission visit

 Reminder:  FHA Increasing Monthly Premium – 4/18/11 forward
FHA published a mortgagee letter increasing the annual premium by .25% effective for all case numbers assigned on or After April 18, 2011. This is the third such increase in a year. FHA argues it was necessary to restore their financial reserves (which remain under the required 2%).   NAR opposes the increase which will cost the average buyer an additional $30 per month. Existing borrowers are not impacted. The upfront MIP will remain unchanged at 1.0 percent.
FHA mortgagee letter

Effective with case numbers assigned on or after Monday, April 18, the Annual Mortgage Insurance Premium (paid monthly) for FHA loans will increase – based on amortization terms and LTV.

Amortization terms Loan-to-Value (LTV) Annual MIP for case numbers assigned
prior to April 18
Annual MIP for case numbers assigned on or after April 18
Greater than 15 years Less than or equal to 95% 85 bps 110 bps of the loan amount
Greater than 95% 90 bps 115 bps of the loan amount
Less than or equal to 15 years Less than or equal to 90% 0 bps 25 bps of the loan amount
Greater than 90% 25 bps 50 bps of the loan amount

The increase impacts FHA loan transactions (including Renovation) excluding the following:

  • Home Equity Conversion Mortgage (“HECM” or Reverse Mortgage) on Reverse LIS
  • HUD 184 (Native American Lending) on LIS

Case numbers may not be ordered without a valid subject property address. Regardless of when the case number is requested, there is no guarantee that FHA will assign case numbers before the April 18 deadline.  Based on the new MIP amounts, Principal, Interest, Taxes and Insurance (PITI) may increase, potentially impacting HERA\HOEPA disclosure requirements. The increase could change decision results and if payments were originally calculated at the lower MIP amount, borrowers may no longer qualify for the loan amount requested.  Even in cases where they do still qualify, this could negatively impact loyalty scores if customers are not aware until late in the process.

Thank you to affiliate member, Lance Adie of Wells Fargo Home Mortgage, for contributing to this timely article and the National Association of REALTORS.

MAR Report Posted: 05 Apr 2011 06:59 AM PDT
Big jump in Mass. pending sales from February to March

Today we released pending sales numbers for March 2011 and the number of single-family homes put under agreement had the biggest month-to-month jump since we’ve been tracking this data. Condos had its second largest month-to-month jump. On an annual basis, pending sales for both single-family and condos were down compared to the year before.

We were hearing from Realtors(R) across the state that activity had started to improve toward the end of February and that improvement continued in March. When comparing March on an annual basis, it is important to remember that buyers in March 2010 were taking advantage of the home buyer tax credit.

Link to full March 2011 Pending Sales Release

Here are the highlights:

  • Single-family pending home sales were down 16.33% compared to March 2010
  • Single-family month-to-month pending home sales were up 40% from Feb. 2011
  • Condo pending home sales were down 22% compared to March 2010
  • Condo pending month-to-month home sales were up 45.4% from March 2011

Newbury Council on Aging – Discount registration before 4/15/11
The Friends of the Newbury Council on Aging is holding their second annual fund raising golf tournament at the Ipswich Country Club on Monday, June 13.  Continental breakfast at 7:00 AM with a shotgun start at 7:30 AM.  There will also be a networking lunch buffet at 12:30 with a silent auction.

The Newbury Council on Aging needs funds to keep its doors open for the seniors in the community.  They provide transportation, programs, and insurance advice for its members.  The group is looking for foursomes, sponsors, and donations for the silent auction.  They are also looking for volunteers to assist with the event that morning.

For the non-golfing set, you may attend the networking luncheon for $25.  For golfers, there is a $40 discount on foursomes that register and pay by April 15.  After April 15, the cost per player is $160.

Note:  The Board of Directors of the Friends of the COA is also in the midst of a membership drive.  Please contact Debra Kennedy, Affiliate Member, New York Life Insurance Company (978) 270-8993 cell for information on golf or supporting this organization through membership.

Newbury Council on Aging
63 Hanover Street
Newbury, MA  01951
(978) 462-8114


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