Boston Real Estate News 5/17/2010 (Part I)

Celebrities Spotted in Boston! – When Alex Rodriguez was in town for the Yankees/Red Sox series last week, apparently he flew in, stayed, and “had an incredible time,” with none other than Cameron Diaz, who was in Boston earlier this year on a film shoot. People Magazine reports that the baseball star spent his time off in the rooftop suite of The Liberty Hotel with the movie star, not even leaving for meals. An eyewitness told People, “Instead, they shared lots of room service and had an incredible time together.” I smell a new powercouple…

Dow Jones Heirs’ Cohasset Estate For Sale – (The Associated Press) COHASSET, Mass. — The oceanside playground of the Barrons and Bancrofts, heirs to the Dow Jones and Wall Street Journal fortunes, is for sale. The 20,000-square-foot mansion with 45 rooms and 9.4 surrounding acres carries an asking price of $55 million. It includes a marina, a restaurant and the Cohasset Harbor Inn, about 20 miles south of Boston. Frank Sinatra, Bob Hope and other entertainers visited the estate — with its English-style pub in the basement and sweeping harbor views — when they played at the nearby South Shore Music Circus in the venue’s heyday. The mansion itself accounts for about half the $55 million asking price.

 

Price-Reduced Homes Surge in Post-Tax Credit Boston – A report released late last week by Trulia.com found that sellers have been chopping prices on homes like mad after the tax credit was no longer available. This should come as no big surprise, however, as sellers were probably jacking up home prices as aggressive buyers eager for the tax credit were bidding on homes in early April. The number of price-reduced homes on the market in Greater Boston has soared to 31 percent, up from 26 percent in April,” reports Scott Van Voorhis of boston.com’s real estate blog, BostonRealEstateNow, “That is nearly a 20 percent increase since the tax credit went kaput back on April 30th.” The report found that nationwide, homes that have dropped in price have increased 10% to 22% of the market. The report also ranks Boston with several other major metro areas, like Baltimore and Minneapolis, that have seen a major surge in price cuts in post-tax credit America.

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