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Real estate price declines overshooting fundamentals?

by Alexandra Zega

By Inman News

March 17, 2011

Home prices have fallen below fundamental values in more than half of U.S. states, overcorrecting from bubbles in some markets and dragged down by the recession in others.

That's the conclusion of analysts at mortgage insurer PMI Mortgage Insurance Co., who warn home prices during the next few years will vary "far more by location than usual."

PMI's monthly analysis of economic, housing and mortgage market conditions attempts to tackle the question, "Have house prices fallen by enough to be affordable again?" The answer to that question depends on where you live, PMI analysts said.

PMI looked at home prices relative to income at the state level, using 1995 as a baseline. Because of home-price declines during the bust, growth in per capita income has outstripped home prices in 35 states over that time frame. Home prices are trailing income growth by double-digit rates in 30 states, PMI said.

States that saw significant price appreciation during the boom but which have now seen prices overcorrect include Alabama, Georgia, Idaho, Illinois, Michigan, Missouri, Montana, Nevada, New Mexico and West Virginia, PMI said.

States that were largely immune to speculative bubbles but which have seen home prices dragged down below fundamentals by the recession include Arkansas, Kentucky, Kansas, Indiana, Iowa, Mississippi, Nebraska, Ohio, Oklahoma, South Dakota, Texas and Wyoming.

States where home prices still appear elevated relative to income include Alaska, California, Hawaii, Massachusetts, New Jersey, New Hampshire, New York, Oregon, South Carolina and Washington, D.C.

PMI's analysis showed prices have returned to historical norms relative to income in Arizona, Connecticut, Colorado, Delaware, Florida, Louisiana, Maine, Maryland, Minnesota, North Carolina, North Dakota, Tennessee, Pennsylvania, Rhode Island, Utah, Vermont, Virginia, Washington and Wisconsin.

There are many ways to measure affordability, but PMI chose to compare home prices to income because over time they should grow at similar rates.

In states where home prices have outstripped income growth, it's possible that those prices can be supported if there are space constraints that preclude building more homes in desirable areas, the report noted.

In other cases, prices will have to fall further to bring house prices and incomes back into line. Because incomes are expected to rise over time, future price drops may be less than suggested by PMI's analysis.

"House prices will likely fall in some areas in the near term, while rising in others as the recovery gains traction in different markets at different times," the report concluded. "Each area's recovery will depend on local supply and demand fundamentals such as economic growth, the amount of distressed sales, and household formations -- likely augmented by how far above, or below, prices vary from incomes."

The report forecasts that home sales will pick up in 2011, especially in the second half of the year, thanks to an expected rise in job growth, increasing numbers of households, and low mortgage rates.

PMI economists project existing sales will grow by 8.7 percent in 2011, to 5.36 million units, while sales of new homes will climb 19.9 percent to 385,000 units. Home prices are likely to continue a seasonal decline for a few months before edging upward as sales increase, the report said.

7 Worst Supermarket Rip-Offs

by Alexandra Zega

Walking into your average supermarket is a lot like being a contestant on “Jeopardy!” If you think hard, choose wisely, and give all the right answers, you can go home with a carload of cash and prizes. But make a few mistakes and you'll leave with an empty wallet—not to mention a lot of empty calories.

In fact, even the lowest-priced supermarket in your neighborhood is brimming with complete rip-offs—health foods that aren’t healthy, gourmet foods that aren’t gourmet, specialty items that just aren’t that special. Here are just some of the foods you're overpaying for, compliments of Eat This, Not That! Supermarket Survival Guide and Cook This, Not That!.
 
Organic Onions and Avocados
The Environmental Working Group, an organization that studies pesticide contamination, ranks onions and avocados as the most pesticide-free vegetable and fruit, respectively—even when grown conventionally. 

In fact, as a general rule, anything you have to peel before you eat (such as bananas or garlic, for example) is relatively low in pesticides. If you want to eat organic, splurge on produce with permeable or edible skin, such as peaches, lettuce, and apples.

Funyuns
Does a bag of Funyuns look like a bargain to you? At about $4, it holds 6.5 ounces of snackable corn inside. Now consider this: a large ear of corn will run you about a buck and weighs just over 5 ounces. So the Funyuns bag contains the food equivalent of 1¼ ears of corn. Do the math here: If an ear of corn costs a dollar, a bag of Funyuns should run no more than $1.25, and that's under the assumption that cheap fillers like sugar, corn starch, and soy flour haven't driven the cost down significantly (a very generous assumption, indeed). Part of the reason this bag contains so little actual food is that it contains massive amounts of air. The corn is puffed and the bag is puffed—so you’re buying mostly puffery. Even a regular bag of potato chips, which is by no means a bargain, contains more actual food than this. A bag of Ruffles is 10 grams, a bag of Doritos 17.

Swordfish
A pound of swordfish can cost more than $20. Why? Supply and demand: Because it’s scarce, it’s viewed as a luxury. But you should consider its high cost a blessing: It probably has saved your family from slow, steady infusions of poison. Due to abnormally high levels of mercury, the Monterey Bay Aquarium recommends that children and women (who could potentially become pregnant) cut swordfish from their diets entirely. A better seafood option: halibut. It has all the flavor, with 40 percent fewer calories, a much lower cost, and it’s one of the cleanest fish out there.

Gluten-Free Baked Goods
Gluten-free foods generally cost two to three times more as their gluten-containing counterparts, and unless you’re among the less than 1 percent of people with celiac disease, there’s no point in coughing up the extra dough. Gluten-free pastries and breads don’t necessarily have fewer calories or more nutrients than regular products. A 2006 study published in the American Journal of Gastroenterology followed a group of gluten-free dieters with celiac disease for 2 years and discovered that 81 percent of them actually gained weight.

5-Hour Energy
There’s a lot of hype in this bottle, but the only ingredient that provides any significant energy is caffeine, of which there are 135 grams in each bottle. That’s less than you’d find in a14-ounce cup of coffee (Dunkin’ Donuts 14-ounce medium has 164 grams of caffeine). Cost for a cup of coffee: A buck or two. Cost for 5-Hour Energy: Between $3 and $4.

Tenderloin Steak
This is consistently one of the most expensive cuts of beef, but all you're buying is a little bit of tenderness. In fact, tenderloin isn’t a particularly flavorful steak. So why does it cost so much? Because there aren’t many tenderloin steaks on a cow. Switch to top sirloin instead. It’s one of the leanest cuts on the cow, and it packs in far more rich, deep, beefy flavor. And depending where you’re buying, it might end up costing you about half as much. This saves you cash at the supermarket--and the steakhouse!

Anything with a Cartoon on the Box
You know there's trouble when food needs a mascot. A grinning cartoon character on the front of a box is a surefire sign of two things: 1) The box is filled with mostly cheap carbohydrates, and 2) Most of the money you spend on it will end up in the pockets of marketers. See the Golden Crisp box here? The mascot on the front is known as Sugar Bear, which explains why more than half the calories come from pure sugar. And what's that all around him? Advertisements. This box is like a big billboard stuffed full of junk that will make you flabby. You might as well just eat your money—at least that's sugar free.

(c) David Zinczenko with Matt Goulding

Stay in he Loop - Everything Newburyport

by Alexandra Zega

 

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what to do  events & shows

CJ Chenier & The Red Hot Louisiana Band
Friday, March 4 
8:00 - 11:00 PM

Celebrate Mardi Gras with Zydeco music and dancing. Tickets $15 in advance/ $20 day of show. A Cajun dinner is also available from 6:00 - 7:30pm for an additional $15, which includes a choice of chicken and sausage gumbo or vegetarian jambalaya plus red beans and rice, cornbread, beverage and pralines. 

Belleville Congregational Church   
300 High Street, Newburyport 
(978) 465-7734   www.bellevillechurch.org 


Mardi Gras at The Firehouse
Saturday, March 5
Party @ 6:30PM, Performance @ 8PM

What better way to celebrate the fun and fanfare of Mardi Gras than at a party hosted by the Firehouse? Featuring the sizzling sounds of Doreen's Jazz New Orleans you will discover why this groups's moniker is "The Show Stealers." 

Before the show, don your complimentary Mardi Gras beads and sample the delicious appetizers while you mingle with your friends in the upstairs lobby of the Firehouse. You'll feel like you are strolling on Bourbon Street as you watch the New Orleans Mardi Gras parades on the big-screen in the theater prior to the live performance of some of the best jazz musicians in the country.
The Firehouse Center for the Arts Market Square, Newburyport
978-462-7336   www.firehouse.org

Greater Newburyport Restaurant Week
Sunday - Thursday, March 20 - 24. 


Join us for this exciting five-night event when our very own local restaurants will offer special prix fixe menus that are not only delicious and diverse, but completely affordable! With menus priced at either $20 or $30, kick off SPRING with a great dining experience that won't break the bank!

Click here for a Restaurant and Menu listing

The BIG WIN Drawing is almost here!!
Thursday, March 24

The much anticipated Big Win Drawing is just a few weeks away, and a handful of lucky people are going to walk away with thousands in CASH! Get in on the action and purchase your ticket while you still can.   

And don't forget to join us at the BIG Win BIG Party! Great networking, music, delicious food, cash bar and of course the much anticipated raffle drawing! Thursday, March 24 @ 5:30 to 8:00 PM at Mission Oak Grill.

First Prize - $10,000 CASH!

CLICK HERE for details on where to purchase tickets, odds & prizes, and the night of the drawing!


Liz Frame and the Kickers
Saturday, March 26
8:00 - 11:00 PM

A little bit of country, a little bit of rock’n roll, and a whole lot Americana, join The Actors Studio of Newburyport in welcoming Liz Frame and The Kickers. Share the joy at a Rockin' Party in Mill #1 at The Tannery Marketplace featuring these local lady legends. Wear your dancing shoes!  Ticket Price: $18.00 Adults, $15.00 Seniors and Students. 

For reservations and more info, call 978-465-1229 or visit www.newburyportacting.org.


Blue Ocean Music Hall
With an enticing line-up of weekly shows, Blue Ocean Music Hall is the perfect venue to see top national acts in an intimate setting where most seats are within 50 feet of the stage. Offering affordable tickets, ocean views, food and a full bar, nearby parking, and an up-close and personal live music experience close-by without the hassle of traveling to larger city venues. 

Shake the winter blues with these great upcoming national acts:
Mar 5 • RAUL MALO with Seth Walker
Mar 10 • St. Pat’s Celebration with Tenor JOHN MCDERMOTT and Friends
Mar 12
• MARTIN SEXTON 
Mar 20
• PETER WOLF standing room only tickets remain!
Mar 26
• 92.5 The River presents AN EVENING WITH BEN, TOM & IAN OF GOMEZ with JULIANA HATFIELD & EVAN DANDO to benefit THE BLUE OCEAN SOCIETY FOR MARINE CONSERVATION Includes a silent auction and an optional meet and greet package!
April 1
• THE FOOLS in a special April Fool’s Day show!

Blue Ocean Music Hall   4 Oceanfront North, Salisbury Beach
978-462-5888  
www.BlueOceanHall.com


The Firehouse Center for the Arts

CELEBRATING 20 YEARS! As we begin a new season of music, dance, theater, film, and art, we invite you to be part of the magic at the Firehouse Center for the Arts.

Upcoming Shows:
Mar 3 • Riding Bikes with the Dutch
Mar 5 • Mardi Gras
Mar 8 • An Evening of Spirit
Mar 12 • Haiku, HipHop and Hotdogs
Mar 12 • Red Tail Hawk
Mar 13 • New England Light Opera
Mar 13 • Northshore Youth Symphony Orchestra
Mar 26 • Jimmy Tingle
Apr 3 • Hansel and Gretel
Apr 9 • EJ Ouellette & Crazy Maggy

The Firehouse Center for the Arts Market Square, Newburyport
978-462-7336   www.firehouse.org


for more events: click here


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what to do  activities

Newburyport Whale Watch

Now available: purchase our Pre-Season Special two-for-one whale watch vouchers!

It’s not too early to start thinking about the summer. Prime summer dates book up fast! Contact us today to plan your company outing or special event.  For more information and reservations, please call or visit our website below.

Newburyport Whale Watch  
54 Merrimac Street, Newburyport
978-499-0832   www.newburyportwhalewatch.com


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Bob Lobster

On the way to and from Plum Island. Open all year! Winter hours: Thursday thru Sunday, 9:30am to 7:30pm thru April. A traditional New England dine-in-the-rough serving delicious fried seafood, homemade chowders, lobster dinners, crab cakes, ice cream and more. Voted best lobster roll and best fish market! Situated along the Merrimack River, five minutes east of downtown Newburyport; credit cards accepted; children’s menu available; BYOB.

Bob Lobster 49 Plum Island Turnpike, Newbury (Plum Island)
978-465-7100   www.boblobster.com


Capri Seaside Italian Grille & Bar

March is National Sauce Month and Capri is Spreading the Red! ‘Like’ us on Facebook to participate in tomato- and Italian cuisine-themed trivia contests, and win great prizes, including Capri dollars. Visit us on Facebook to join the fun! Every Tuesday, kids eat free (one free kids’ meal per adult entrée). Wednesday’s is Pasta Night Your Way, just $10.99 (includes salad bar and fresh baked bread). Thursday’s feature half-price appetizers from 6pm-8pm followed by Trivia at 8pm. Dog friendly dining anyone? Well-behaved canines may join their owners in Capri's exclusive and separate dog-friendly dining room. Visit our website for more information!

Capri Seaside Italian Grille & Bar 3 Central Avenue & Driftway, Salisbury Beach
978-462-7543   www.capriseaside.com


David's Tavern on Brown Square

Located in the historic Garrison Inn boutique hotel, David’s Tavern serves creative cuisine in a casual atmosphere. Our dinner menu features fresh seafood, pastas, steaks, salads and pizzas. Enjoy live music at David’s Friday–Sunday with no cover charge. Our new $5 appetizer menu is offered nightly from 4-6:30 and includes our famous lobster cakes. Join us Wednesdays for Karaoke with Chaz Wright.

Our ever popular Kid’s Room is open Tuesday –Saturday for kids 18 mo. and older. Dinner nightly at 5 pm, $5 appetizers from 4-6:30 daily and Sunday brunch from 9-2.

David's Tavern  11 Brown Square, Newburyport 
978-462-8077  
www.davidstavern.com


Garrison Inn

For Private Celebrations. Tucked within the Garrison Inn lies a glamorous and graceful lounge seductively designed to host champagne receptions. Our luxurious residential ambiance offers the graciousness and warmth of a fine home, seamlessly blending richly appointed décor including Parisian antiques, hand-cut crystal chandeliers, silk draperies and plush velvet club chairs. Garrison Inn’s Champagne Soirée marries the sensual tradition of sipping champagne with the relaxed convenience of a self serve buffet, all regally presented with aristocratic ambiance; an experience embracing all of your senses. TEA NOIR is the perfect space for engagement parties, bridal showers, baby showers, Christenings, birthday parties, company events, and trunk shows. Let Tea Noir be your host for a wonderful social engagement in the heart of downtown Newburyport. Email us at TEANOIR@GarrisonInn.com for more information or call 978-499-8500.

Garrison Inn   11 Brown Square, Newburyport
978-499-8500  
www.garrisoninn.com


The Grog Restaurant

For 40 years, The Grog has been Newburyport’s place to meet and enjoy. As we continue to mark this anniversary, we maintain our tradition of presenting the best food, refreshment & entertainment.

Mardi Gras is a tradition at The Grog. Get your beads and enjoy some Cajun food and Louisiana craft beers from March 4 through Fat Tuesday, March 8.

Treat yourself to a special meal at The Grog for just $20 during Newburyport’s Restaurant Week, March 20-24. Make it a night and take in our Comedy Showcase on March 24 hosted by Robin Bornstein and featuring a line up of well-known local comics - Upstairs at 8pm ($7 cover).

The Grog Restaurant 13 Middle Street, Newburyport
978-465-8008   www.thegrog.com


Michael's Harborside 

Make way for all-you-can-eat Fish Tacos this March at Michael’s! Prepared with golden flounder, crispy, fresh veggies and topped with cilantro lime-aioli, get them for just $12 all day, every day! Served with tri-color tortilla chips and vine-ripe tomato salsa, pair this favorite with our new Beer Flight! Sample Ipswich Original Ale, Sea Dog Blueberry Ale, Sam Adams Seasonal, and Harpoon IPA served in four fun flight glasses. The perfect pairing at an unbeatable price makes March at Michael’s a month you don’t want to miss! 

Looking to host a dinner, buffet, or a cocktail celebration, while enjoying the breathtaking water view? Michael’s is the perfect place for any special gathering. For more information or to book an event, email Dannielle Ingraham or call 978-463-3301.

Michael's Harborside  One Tournament Wharf, Newburyport
978-462-7785  
www.michaelsharborside.com


Ristorante  Molise

Celebrating our Anniversary! Thank you so much to all our wonderful patrons, who have become our dear friends. We are celebrating 7 great years serving you and are looking forward to meeting many more neighbors here in the beautiful town of Amesbury. 

March Family Style Meal Deal. Enjoy a complimentary glass of wine! Dine like our Italian family - the more, the merrier! Served Tuesday, Wednesday, Thursday, Sunday. For March in Amesbury: Slow Braised Short Ribs, served over Risotto Milanese with a Port Barolo demi-glaze, homemade soup or salad, dessert choice of gelato or cannolis, $22. pp for parties of 2 or more. Regular menu also available. 

Pick up our Molise VIP Card for $10 Off a future visit!

Ristorante Molise  
1 Market Square, Amesbury 978-388-4844 and 464 Main Street, Wakefield 781-245-9169
www.ristorantemolise.com


Seaglass Restaurant at The Pavilion

Watch the dramatic sky and churning surf of the ocean in wintertime from the warm and cozy environment of Seaglass Restaurant at The Pavilion. Executive Chef Scott Brandolini and his culinary team prepare fresh, seasonally inspired fish, seafood, and steak specials daily along with a regular menu that features signatures dishes such as our Jumbo Maryland Lump Crabcake, Captain’s Platter, Rack of Lamb, Surf and Turf and more. Wednesday is $1 Raw Bar Night, while Thursday evening’s feature delectable small plates ($5 ea/4 for $15) cooked to order in the dining room complimented by hot live jazz from 6pm-9pm. On Sunday’s, treat the family to Brunch by the Sea featuring omelets made-to-order, carving stations, pasta and seafood entrees, breakfast selections and more. Adults $19.95. 6-12, $11.95. 5 and under, free. 

Seaglass Restaurant at Pavilion  4 Oceanfront North, Salisbury Beach
978-462-5800  
www.SeaglassOceanside.com


Ten Center Street Restaurant & Pub 

Come experience Newburyport’s only Sunday Jazz Brunch from 11am-3pm every Sunday! Our colorful “Create Your Own” Omelet Bar allows you to choose from a fine and fancy or simple and savory selection of fillings. Create your Ultimate Bloody Mary, enjoy $5 Mimosas, or have any of your favorites from our Dinner Menu. The brunch becomes a perfect ten when the smooth solo Jazz sounds arranged by Phil McGowan begin at noon! Also enjoy the Phil McGowan Jazz Quartet every Wednesday night from 7-10pm.

If you need a spot for that special celebration or gathering, book the cozy and intimate Garden Room. For more information or to book an event email Stacy Kelley or call 978-462-6652 ext. 16.

Ten Center Street Restaurant & Pub  10 Center Street, Newburyport
978-462-6652  
www.tencenterstreet.com


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Country Garden Inn & Spa

The Country Garden Inn and Spa of Rowley is pleased to welcome back Zuzana (Zuzie) Magganaris. She will assume the position of Manager. Zuzana has been the manager of an Inn in Brookline for the last 4 years. 

Stop by and say hello or visit our website! Guests can book online if they wish, and can also check out our seasonal specials. 

Country Garden Inn & Spa  
101 Main Street (Route 1A), Rowley
800-287-7773   
www.countrygardeninnandspa.com


Essex Street Inn

Stay at the Essex Street Inn in one our suites with a whirlpool tub and a fireplace! Enjoy a wonderful dinner just steps away from the Inn. We are located in the heart on downtown Newburyport with our beautiful waterfront, the finest shops in the area, and our rich historic heritage. The Essex Street Inn looks forward to seeing you!

Essex Street Inn 7 Essex Street, Newburyport
978-465-3148   www.essexstreetinn.com


Market Street Inn

It's not too late to book for summer! Think lobsters, steamers, boating, antiquing and now you're thinking of Newburyport - and the famous Market Street Inn and Greenleaf Inn!

Company coming? Call us! We offer Newburyport's widest array of visitor choices: charming B&B style rooms, fully furnished turnkey apartments for corporate travelers, and condos for vacationers or visiting families - and now ocean cottages! Family friendly and pets allowed in some units.

Call now for reservations.

Market Street Inn   22 Market Street, Newburyport
978-465-5816 
www.furnished-rentals.com
www.greenleaf innnewburyport.com


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where to shop retail & services

 

Gentry's Consignment Boutique

SPRING IS COMING!

Come see the fantastic savings resale offers! Sign-up for our monthly newsletter at our website below and receive a coupon for 25% off your first purchase. 

Gentry’s Consignment Boutique 
50 Water Street, at The Tannery, Newburyport
978-463-0040   www.gentrysconsignment.com


Life is good

Swing into Spring with Life is good! 
Our travel-inspired graphics have arrived just in time for the start of your own outdoor adventures. Whether you enjoy surfing, safari or simply sitting by a French café, always remember, there’s no place like roam! And be sure to join us on March 12th from 12:00pm-3:00pm for our Lucky St. Patrick’s Day Party featuring live music, festive refreshments and activities for all ages!

Life is good is open Monday through Saturdays from 10am-6pm and on Sundays from 12pm-6pm.

Life is good 8 State Street, Newburyport
978-463-2010  
www.lifeisgood.com


Spa Paradiso and Salon

Special 5th Anniversary Prices extended through March! $55 OFF 90-minute Couples Massage;  $55 OFF Spa Paradiso Classique Day Spa Services (5.5 hrs); $5 OFF ALL Hair, Skin & Nail Products!

$55 for: 

  • Éclat Beauté Facial including Fruit Mask

  • Focus Massage including Aromatherapy

  • Paradiso Manicure & Pedicure (when booked together)

  • Keratin Express Treatment (with cut)

These specials are for Tuesday-Friday and cannot be purchased as a gift card or combined with any other offers.

Spa Paradiso and Salon 18 Titcomb Street, Newburyport
978-462-5530  
www.spaparadisoandsalon.com


Walsingham Gallery

ON VIEW: “Changing Tides” March 3-April 1st, Geoffrey Smith, Ron Tinney, Jack Neubauer, Jim Karlovich.

In a state of constant flux - of changing tides and seasons; the New England coast revels in its dynamic beauty and is passionately portrayed in these new works. Our evolving collection is a balanced blend of the past, present and future and is created by living artists whose work reflect contemporary thoughts and imagery. Please inquire about our on-site art and design services and reserving the gallery for private showings and social functions.

Hours: Mon. 10-5pm, Tues. & Weds. by appointment, Thurs.-Sat. 10-6pm, Sun. 12-5pm

The Walsingham Gallery  47 Merrimac Street, Newburyport
978-499-4411   www.TheWalsinghamGallery.com

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Please note that all businesses featured in STAY in the LOOP are participants in an optional Marketing Program with The Greater Newburyport Chamber of Commerce. This newsletter does not reflect our full membership.

 

 
 

 

 

 

Displaying blog entries 1-3 of 3

The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.”