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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
PAGE 6
County close-up: Essex Spotlight: North Andover
A new fund managed by Massachusetts Housing Investment Corp., led by Moddie Turay, will offer financing to preserve private but moderately-priced housing.
IN PERSON
PAGE 8
WEEK OF MONDAY, JANUARY 20, 2025
RESIDENTIAL REAL ESTATE BY THE NUMBERS
A triple-decker at 16 Church St. in Dorchester (left) blends in with the surrounding neighborhood building stock.
THE RULE OF THREE
7.04 percent The current average interest rate on a 30-year home loan. See Sam Minton’s story on page 3. Source: Freddie Mac
$980.26 The lowest price per square foot in this week’s Gossip Report. See page 7. Source: The Warren Group
Triple-Deckers Affordability Don’t Mix
75 percent The share of American home mortgages with an interest rate below 5 percent in July. See Sam Minton’s story on page 3. Source: ICE
AND
1,100 The number of homes per square mile in North Andover. See the Town Spotlight in By the Numbers on page 6. Source: Census Bureau
3
$11.26 The residential mil rate in North Andover. See the Town Spotlight in By the Numbers on page 6. Source: Mass. Department of Revenue
$4,527.64 The highest price per square foot in this week’s Gossip Report. See page 7. Source: The Warren Group
$875,000 The median single-family sale price in North Andover. See By the Numbers on page 7. Source: The Warren Group’s Statistics Module
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
City Design Competition Highlights Cost Challenges BY STEVE ADAMS BANKER & TRADESMAN STAFF
T
riple-decker construction may have a place in spurring housing production, but recent experiments in Boston and Somerville indicate only market-rate projects are financially feasible. Somerville has seen an uptick in building permits for three-family dwellings in the past year after eliminating an
income-restricted requirement. The city now allows three-family construction in the vast majority of its residential areas. “It allows a historical structure to be built and allows it to continue to exist,” said Ward 1 City Councilor Matt McLaughlin, who represents East Somerville. “This is something pretty small for Somerville, but if every city and town in the state did this, it would go a long way to addressing the housing crisis.” In late 2023, Somerville updated zoning to allow three-family structures including triple-deckers to be built as-of right in its Neighborhood Residential 2 zoning district, which includes side
streets. It also removed a requirement that one of the three units in such projects be income-restricted. Since then, the city has received 12 applications for new construction of detached or semi-detached three-family dwellings, according to data provided by the Somerville Inspectional Services Department. Another 11 applications were submitted for conversions from two- to three-family dwellings. The elimination of the special permit requirement for three-family buildings has provided more certainty to developers to pursue projects, McLaughlin said. Continued on Page 10
Photo by Steve Adams | Banker & Tradesman Staff
This week’s Gossip Report includes three units in Boston luxury highrises. See page 7. Source: The Warren Group
2025 OUTLOOK
COMMERCIAL INTERESTS
Less Competition Among Mortgage Lenders Expected
A Toxic Reputation, Too Much Compliance in Name Only Demands Rethink
By Sam Minton | Banker & Tradesman Staff
By Scott Van Voorhis | Banker & Tradesman Columnist
Loan Rates May Stay High, but Mass. State Needs New MBTA Mortgage Lenders Are Optimistic Communities Strategy
Banking & Lending PAGE 3
Opinion PAGE 4