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LEASED 1740 Turnpike 102 Superior Rate Mortgage

January 27, 2021 by Randy Tibbetts

Tibbetts Real Estate Group has leased 5700 square feet of commercial office/retail space to Superior Rate Mortgage of New England. Matt Rassetta of Superior Rate Mortgage moved his growing mortgage business into the space over the first few weeks of January.  Superior Rate previously was located in the Willows office complex on Rt 114. Their business has been steadily growing and expanding with the historically low interest rates.

The space located in the previously well known “Girl Scout Building” was completely renovated and remodeled over the past 24 months. The exterior remains much the same with the timeless brick facade but the interior has been reworked into a modern and upscaled work space. There is currently one smaller space still available consisting of approximately 1700 square feet.

Filed Under: Real Estate Tagged With: Leased, Rt 114 North Andover, turnpike st

National Market Update

January 7, 2021 by Randy Tibbetts

NATIONAL MARKET UPDATE

November Pending Home Sales came in 16.4% higher than a year ago, the highest November on record. But the index of contracts signed on existing homes did slip a bit for the month due to tight inventories.

An online real estate data base reports year-over-year sales from September to November were up 6.8% for lower priced homes, up 14.8% for mid-priced homes, and up a whopping 60.7% for luxury homes.

Andover MA luxury homes

For 2021, experts see more home sales, driven by three tailwinds: low mortgage rates; demand from millennials, the largest demographic group in history; and more inventory, as home building grows and sellers come back to the market.

REVIEW OF LAST WEEK

YEAR ENDS AT ALL-TIME HIGHS… 2020 ended with the S&P 500 up 16.3% and the Dow up 7.3% for the year, each at record highs. Though not setting a record, the Nasdaq was up 43.6% on the year, its best performance since 2009!

The stock market is a leading indicator of where the economy is going, and investors are telling us things are looking up. President Trump’s signing of the $900 billion stimulus bill helped boost the mood.

North Andover MA multi family

Initial jobless claims came in below the prior week, while continuing claims fell to their lowest level since March, but we still have a long way to go. Forecasts call for economic growth to slow in Q1, then recover.

The week ended with the Dow UP 1.3%, to 30,606; the S&P 500 UP 1.4%, to 3,756; and the Nasdaq UP 0.7% to 12,888.

Bonds overall finished the final week of the year modestly higher, with the UMBS 3.0% up .10, to $104.77. In Freddie Mac’s latest Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate barely rose from last week’s record low. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

Filed Under: Real Estate

North Andover home prices are up

November 11, 2020 by Randy Tibbetts

 

North Andover home prices are up despite the Covid Pandemic. Year to year data shows an increase of average sales prices of 13%. People leaving the city along with lifestyle and work changes have fueled the home buying frenzy in the burbs.

What buyers are looking for: Fresh air, backyards, home offices (for two adults), a homeschooling area, space for pets, home gyms — plus proximity to beaches, lakes, parks and bike paths.

North Andover home prices are up

The number of listings in North Andover compared to 2019, maybe to be expected, was down 13%. The higher demand and less inventory made the year over year climb into the double digits.

Will the trend continue?

Stay tuned.

 

Filed Under: North Andover Listings, Real Estate, Real Estate News Tagged With: Bullish real estate market, Listing prices are up, North Andover homes, Pandemic prices

MA homebuying boom not slowing down

November 10, 2020 by Randy Tibbetts

MA homebuying boom

The post-lockdown home buying boom isn’t slowing down. The National Association of Realtors listing site reports homes sold faster in October than September for the first time in 9 years as low interest rates drove pent-up buyer demand.

Forbes magazine reports housing is in a “full-fledged boom.” Last quarter saw $1.1 trillion in mortgages issued, the most in 14 years, while in September, the number of people buying new homes hit a 14-year high!

In addition, residential construction spending went up 2.8% in September, to a level 10.1% higher than a year ago. These new homes should soon begin to relieve the inventory shortage many markets are experiencing.
Reported by Forbes: Home prices have been climbing steadily over the past few months, and industry players are projecting they are likely to peak in some markets this fall, causing a tempering of the market driven by a decline in supply and a prolonged economic recovery.
.

“A big part of what’s driving home sales right now — everyone is
home and people want more space”

 

Low mortgage Rates and new work norms

There’s a gold rush in real estate across the U.S., driven by record-low mortgage rates and the dawning realization that for many of us, our homes are going to be the only place we work and play for the foreseeable future.

What buyers are looking for: Fresh air, backyards, home offices (for two adults), a homeschooling area, space for pets, home gyms — plus proximity to beaches, lakes, parks and bike paths.

The exodus to the burbs and more rural areas will have a profound affect on urban living as the affect will be felt both in the residential and commercial office space market.

More to come.

 

Filed Under: Real Estate, Real Estate News Tagged With: Average prices up, Bull market, Listing prices up, Pandemic boom

Force Majeure and How Does it Work?

July 27, 2020 by Randy Tibbetts

When an unexpected event interrupts business as usual, it is common to question whether or not that event will excuse parties from performing their contractual obligations. Many legal contracts, including real estate leases, attempt to address this issue with a “Force Majeure” clause, which outlines how these unexpected events are handled.

Given the sudden impact of the Covid-19 Pandemic, many commercial real estate professionals are trying to determine if it qualifies as a Force Majeure event. The answer to this question has significant financial consequences for landlords, small businesses, and insurance companies worldwide. In this article we will discuss force majeure in depth, and also review possible relief options.

What is Force Majeure?

Force Majeure is a Latin word meaning superior force. Within the context of a legal contract, a “Force Majeure” clause frees one or both parties from liability or obligation when an extraordinary event, such as war, strike, crime, or “Act of God” prevents one or more parties from fulfilling their obligations under the contract.

If such an event were to occur during the contractual term and a party invokes the Force Majeure clause as justification for their non-performance, there is a legal test to determine if their claim is valid.

Determining Force Majeure

Determining the validity of a Force Majeure claim can be difficult and subject to interpretation. When doing so, there are a series of general questions that a court or arbitrator may consider:

1. Was the event within the contemplation of the parties at the time the contract was made?

Often, the specific language of a Force Majeure clause lists a series of events that may excuse a party from performance under the terms of the contract. This can be seen in the sample clause below:

“Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, acts of war, terrorist acts, inability to obtain services, labor, or materials or reasonable substitutes therefore, governmental actions, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the party obligated to perform (collectively, a “Force Majeure”), shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, if this Lease specifies a time period for performance of an obligation of either party, that time period shall be extended by the period of any delay in such party’s performance caused by a Force Majeure.”

This is a clause from a commercial lease and, in plain language, it states that the tenant is excused from paying their rent in the case of “…strikes, lockouts, acts of God, etc.” and that they will continue to be excused for as long as the event lasts. So, the first criteria looks to see if the event is specifically described in the lease as a Force Majeure. Otherwise, it may not qualify or may be subject to interpretation under a broad description like “act of God.”

2. Is/was the event beyond the reasonable control of the affected party?

The next question seeks to determine if the event was beyond the control of the affected party. In their white paper on Force Majeure, the law firm DLA Piper states that “the phrase circumstances beyond the control of the person concerned” has not been subject to detailed examination by the courts. Instead, they assume that the phrase is given its everyday meaning.

They go on to state that “the phrase has been judicially held to refer to occurrences where neither the person concerned, nor any person acting on their behalf to do the act or take the step, could prevent.” So, when attempting to invoke the Force Majeure clause, this will be a major consideration.

3. Is/was the Affected Party’s ability to perform its obligations prevented by the event?

When determining the validity of a Force Majeure claim, a court or arbitrator will likely examine whether not the specific event impeded the affected party’s ability to perform under the contract.

For example, if an electronics manufacturer is unable to produce and sell their products as result of a labor strike, and thus can’t pay their rent, a reasonable argument may be made that their ability to perform under the lease was impacted by the event.

But, if the manufacturer failed to place an order with a key supplier and doesn’t have the raw materials to produce their product and tried to claim a Force Majeure, their argument isn’t nearly as strong.

4. Could the event have been reasonably foreseen by both parties?

Any court or arbitrator may study whether the claimed Force Majeure event could have been reasonably foreseen by both parties to the contract.

For example, if a company plans an outdoor music festival, but has to cancel at the last minute due to severe weather, it could be argued that this is an event that could have (and should have) been foreseen by both parties. As such, it may not be considered a Force Majeure event.

On the other hand, if the same concert is canceled due to an earthquake or labor strike, these events may not have been foreseen and may have a stronger argument as a Force Majeure event.

5. Did the affected party take all reasonable precautions to avoid the event or mitigate its consequences?

Finally, a court or arbitrator may look to see if the contracted parties took reasonable precautions to avoid or mitigate the event.

Using the same concert example above, it could be argued that the concert organizer should have taken steps to avoid the bad weather or had a contingency plan in place. If they didn’t, it could disqualify their Force Majeure claim.

If an event or circumstance is indeed declared to be a Force Majeure, there are two options for relief.

Force Majeure Relief Options

Contractual relief from a Force Majeure event typically takes one of two forms:

Temporary suspension of performance requirements under the contract, which lasts for as long as the duration of the event. For example, if there is a strike, the contractual obligations could be suspended for the duration of the strike and resume once it is resolved.
Cancellation of the contract. If the Force Majeure has an uncertain duration or the contract was for a one-time event, like a conference or festival, it could be canceled.
While these are common forms of relief, they may not be the only ones. The exact forms are outlined in the terms of each specific contract and may vary from one to another. As such, the Force Majeure section of a contract should be reviewed in detail.

Does Covid-19 Qualify As a Force Majeure Event?

As usual, the answer to this question will depend on the specific contract in question as well as the surrounding context. The devil is always in the details and contractual terms vary from one agreement to the next. Those questioning whether or not they are bound to certain contracts should: (1) read the terms of the contract to determine if some version of a pandemic is included in the Force Majeure contract language; and (2) consult a qualified real estate attorney for further legal advice.

Disclaimer: This article is for educational purposes only and is not to be construed as legal advice. A qualified real estate attorney should be consulted in the event of any questions or uncertainty.

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Filed Under: commercial, Real Estate Tagged With: commercial contracts, commercial leases, pandemic docs

Wallpaper is it making a comeback?

March 16, 2020 by Randy Tibbetts

Wallpaper has been around for thousands of years in one form or another, with wallpaper-like wall coverings being used in China in 200 B.C. Modern style wallpaper with repeating patterns on continuous sheets was created by Jean-Michel Papillion in 1675, and it has remained a popular option ever since. With that said, wallpaper hasn’t been consistently loved since its invention; like most home décor trends, its popularity has waxed and waned over the years.

In the past couple of years, it’s been looking like wallpaper is poised for a comeback. As more and more homeowners turn to wallpaper as an element in their home decoration plans, new trends are starting to emerge. Does that mean that wallpaper is really making a return? It certainly looks that way, and modern wallpaper is definitely leaving its own mark on interior design.

Wallpaper Textures

Textured wallpapers are nothing new, but there are several newer wallpapers that take texture to an extreme that would make older wallpapers clutch their pearls. Embossed designs, brick or wood textures, faux bamboo and even delightfully smooth and satiny wallpapers are changing what people think of when they consider what wallpaper feels like. Not only does textured wallpaper give your walls a novel tactile sensation, but some textures can even change the way the wallpaper looks by creating a 3D effect.

Image result for wallpaper textured

Gradients

Most people think of wallpaper as having a more or less consistent repeating pattern. This doesn’t have to be the case, however. Many modern wallpaper designs incorporate gradients that let the colors on your walls change from floor to ceiling. Sometimes this effect can be subtle, but other wallpapers incorporate transitions between bold colors that really stand out. These can be a great way to accent specific colors in your décor or help direct attention to key pieces of furniture.

Bold Prints

In the past, wallpaper has run the gamut from subtle coloration to full-on tackiness. Some manufacturers are now inching as close to the latter as possible without crossing the line, offering up some bold prints that really capture the eye. Complex florals, colorful graphics and even wallpapers that create volumetric effects might seem like they’re too much, but in the right room they can really bring the décor to life.

Metallics

Wallpaper that incorporates metallic tones isn’t new, but some modern wallpaper is taking it a step further. Instead of simply using metallic tones as accents or working with flat metallics, modern wallpapers use metallic coloring along with texture and design to create effects like brushed steel, metal plating and other metal-like designs. This can let you capture the look and to an extent even the feel of metal without the substantial cost and hassle that can be involved with installing actual metal plating on your walls.

Image result for wallpaper metalic

Combining Wallpaper Styles

One trend that’s really coming to the forefront with modern wallpaper is combining different wallpaper styles within the same room to really make the room stand out. Similar effects were created in the past using paint and wallpaper, but the modern trend uses contrasting wallpaper styles to better incorporate the textures and other features of wallpaper within the room. This can profoundly change both the look and feel of the room, transforming it from just a basic living space into an experience that really has to be seen to be believed. Even if you don’t take things quite that far, you can use this same technique to help match that couch that never really seems to go with anything.

Don’t Call It a Comeback

While wallpaper may have been less popular for a while, it never really went away. If you’re ready to embrace some of the modern wallpaper trends that are emerging in interior design,

Image result for wallpaper classic

Filed Under: Real Estate Tagged With: before and after, fabulous or fail, interior design, new trends in design, trendy or not, wallpaper trends

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617.233.2103 randy.tibbetts@tibbettsrealestate.com

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Randy Tibbetts is a real estate broker providing clients with professional residential & commercial real estate services in Massachusetts.

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Randy Tibbetts has been building relationships for 25 years while providing professional real estate services for clients who are searching for residential and commercial real estate in Massachusetts.

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North Andover MA 01845
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