Showing posts with label commercial. Show all posts
Showing posts with label commercial. Show all posts

Monday, January 23, 2023

Register O'Donnell Reports on 2022 Annual Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O'Donnell reported that Norfolk County recordings for 2022 indicate a shifting real estate market, where the year started off strong and ended with significant drops in mortgage activity and average property sale price as compared to 2021.

 

In 2022, there were 130,051 documents recorded at the Norfolk County Registry of Deeds, a 33% decrease from 2021.

 

"The real estate market is feeling the effects of inflation and steadily rising interest rates, which is limiting how much money customers can save," said Register O'Donnell. "The total number of documents is much lower in 2022 than it was in 2021, but the change from month to month is less pronounced. The number of recorded deeds, which is one measure of document volume, shows a drop in real estate sales from the previous year."

 

Average Annual Sale Price Commercial-Residential
Average Annual Sale Price Commercial-Residential

The number of deeds for 2022, which reflect real estate sales and transfers, both commercial and residential, was 17,398—a decrease of 17% from 2021.

 

Sale prices for 2022 appear to have increased slightly compared to 2021. The average sale price for all of Norfolk County, both commercial and residential, this year was $1,173,256, a 10% increase from 2021. However, the total dollar volume of commercial and residential sales is down, decreasing 10% from one year ago.

 

"With the average sales price showing increases for the year as a whole and the total volume of sales decreasing, indicates that in 2022 there were fewer homes being sold, but at a higher price," said Register O'Donnell.

 

Total Number of Deeds Recorded in 2022 for Norfolk County
Total Number of Deeds Recorded in 2022 for Norfolk County

According to numbers from the Consumer Financial Protection Bureau, the median interest rate of a 30-year fixed-rate conventional loan started at 4.14% in January 2022 and grew to 6.61% by December 2022, a more than 63% increase.

 

"The increasing cost of living and rising interest rates that the country is currently experiencing have an effect on the local real estate market," noted O'Donnell. "With interest rates more than double what there were at the start of 2022, consumers appear to be less inclined to borrow, and the decline in average sales prices suggests sellers are lowering pricing to compensate,"

 

Overall lending activity showed a continued downward trend. A total of 23,265 mortgages were recorded at the Registry in 2022, 50% fewer than a year earlier.

 

"This year, month to month, the registry figures show significant increases in the number of pending foreclosures, with as many as 40 in one month," said O'Donnell.

 

Total Numbers of Foreclosure Deeds & Notices to Foreclose
Total Numbers of Foreclosure Deeds & Notices to Foreclose

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In 2022, there were 68 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in 2021 there were 52 recorded. However, in 2022, there were 308 notices to foreclose, the first step in the foreclosure process, significantly more than the 141 recorded in December of 2021.

 

"The substantial increase in the number of notices to foreclose is troubling. This suggests that more of our neighbors may have financial difficulties in the future," said O'Donnell. "We have seen this number more than double this year and will continue to monitor these figures in 2023."

 

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs (617-479-8181 x376) and NeighborWorks Housing Solutions (508-587-0950) to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General's Consumer Advocacy and Response Division (CARD) at 617-727-8400.

 

"If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance," said Register O'Donnell.

 

Register O'Donnell concluded, "Inflation in the US has been increasing since mid-2021, and it hit a 40-year high exceeding 8% in September 2022. The Federal Reserve raised interest rates many times in 2022 in an effort to slow the rise in inflation. As a result, borrowing money now costs more. This year, mortgage rates have doubled, which has led some buyers to pause their home searches, and, on average, fewer offers are being made to sellers."

To learn more about these and other Registry of Deeds events and initiatives, "like" us on Facebook at facebook.com/norfolkdeeds. Follow us on Twitter and Instagram at @norfolkdeeds.

The Norfolk County Registry of Deeds, located at 649 High St., Dedham, is the principal office for real property in Norfolk County. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities, and others with a need for secure, accurate, and accessible land record information. All land record research information can be found on the Registry's website, www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center at (781) 461-6101 or email us at registerodonnell@norfolkdeeds.org.

 

MMA: "Franklin develops Commercial Driver Licensing training program for employees"

"Following changes to federal training requirements for Commercial Driver’s Licenses, the Franklin Department of Public Works has received federal approval of an internal training program, designed to bring in qualified hires while saving money for employees who need a CDL license.

The CDL training changes, which took effect last February, require applicants to receive training by an approved trainer prior to taking the CDL test — and the cost for the training can be as much as $10,000. Prior to the changes, and for the last 15 years, the town was able to train employees in-house, according to Public Works Director Brutus Cantoreggi.

“It’s very hard to find CDL drivers, so I would hire folks without the license and train them in house,” Cantoreggi said. “It brought in a lot of folks who had permits. … But with the regulation change, we couldn’t find people already licensed for these jobs.”
Continue reading the article at the Mass Municipal Assoc page ->

The Franklin Department of Public Works provides internal Commercial Drivers License training for employees. (Photo courtesy town of Franklin)
The Franklin Department of Public Works provides internal Commercial Drivers License training for employees. (Photo courtesy town of Franklin)


Saturday, October 29, 2022

Finance Committee hears of the assessment process which accounts for about 60% of the Town of Franklin revenue (audio)

FM #867 = This is the Franklin Matters radio show, number 867 in the series. 


This session of the radio show shares the Finance Committee meeting held on Wednesday, Oct 26, 2022. 


The meeting was conducted in a hybrid format: 6 members of the Finance Committee were in the Council Chambers along with some of the public, 1 member was remote along with some members the public via conference bridge, all to adhere to the ‘social distancing’ requirements of this pandemic period. 


The primary discussion was with Kevin Doyle, Assessor and Chris Feeley, Chair of the Board of assessors as the assessment process was covered at a high level. How are residential homes assessed? How are commercial/industrial properties assessed? 


Interesting fact, the assessment process produces about 60% of the Town of Franklin revenue.


The meeting recording runs about seventy minutes, so let’s listen to the Finance Committee meeting Oct 26, 2022.


Audio file ->  https://franklin-ma-matters.captivate.fm/episode/fm-867-franklin-ma-finance-cmte-mtg-10-26-22


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Meeting agenda document ->   https://www.franklinma.gov/sites/g/files/vyhlif6896/f/agendas/10-26-22_finance_committee_meeting.pdf

 

My notes ->   https://drive.google.com/file/d/1qvpZtcz3JE529S9wN1tkJJ3FB9w92B8N/view?usp=sharing


Link to Finance Committee => https://www.franklinma.gov/finance-committee 


YouTube recording =>  https://youtu.be/OaibaQ9dOBk 



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I hope you enjoy!

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Finance Committee hears of the assessment process which accounts for about 60% of the Town of Franklin revenue (audio)
Finance Committee hears of the assessment process which accounts for about 60% of the Town of Franklin revenue (audio)

Saturday, May 8, 2021

Economic Development Subcommittee Meeting - May 12

Economic Development Subcommittee Meeting

Wednesday, May 12, 2021 - 5:30 PM

Agenda:
1. Restaurant Revitalization Fund Discussion
2. Downtown Parking Commercial & C1 Zoning Draft Bylaw Amendment
3. Housing Production Plan Draft

Please find the agenda and links for the upcoming Economic Development Subcommittee Meeting posted here https://www.franklinma.gov/sites/g/files/vyhlif6896/f/agendas/edc_agenda_for_may_12.pdf

Economic Development Subcommittee Meeting - May 12
Economic Development Subcommittee Meeting - May 12

Sunday, December 13, 2020

Re-imagining post COVID-19: "Midtown Is Reeling. Should Its Offices Become Apartments?"

From the New York Times, an article of interest for Franklin:
"The pandemic is pummeling New York City’s commercial real estate industry, one of its main economic engines, threatening the future of the nation’s largest business districts as well as the city’s finances.

The damage caused by the emptying of office towers and the permanent closure of many stores is far more significant than many experts had predicted early in the crisis.

The powerful real estate industry is so concerned that the shifts in workplace culture caused by the outbreak will become long-lasting that it is promoting a striking proposal: to turn more than one million square feet of Manhattan office space into housing."

Continue reading the article online (subscription may be required)

Wednesday, November 20, 2019

Franklin Economic Development Survey - your chance to provide input

The Town of Franklin, in conjunction with the Metropolitan Area Planning Council (MAPC) are conducting a community survey regarding economic development in our town. 

Please click on this link to access the survey form:
https://forms.gle/6SJpXeWPvg2H37A96 

This survey will be available until December 13

There are hard copies available in the Town Administrator's office if needed. Thank you in advance for your input, ideas and feedback!

Franklin Economic Development Survey - Provide your input!
Franklin Economic Development Survey - Provide your input!

Sunday, November 3, 2019

Franklin Economic Development Survey - Provide your input!

The Town of Franklin, in conjunction with the Metropolitan Area Planning Council (MAPC) are conducting a community survey regarding economic development in our town. 

Please click on this link to access the survey form:
https://forms.gle/6SJpXeWPvg2H37A96 

This survey will be available until December 13

There are hard copies available in the Town Administrator's office if needed. Thank you in advance for your input, ideas and feedback!

Franklin Economic Development Survey - Provide your input!
Franklin Economic Development Survey - Provide your input!

Thursday, October 19, 2017

In the News: Candidates Night - 40B and commercial industrial comment highlights

From the Milford Daily News, articles of interest for Franklin:

"Candidates for the upcoming town election gathered in the Town Hall on Tuesday evening to discuss hot topics in town and plea their cases for a seat in town government. 
Candidates for Town Council mostly discussed development . Here are a few highlights:"

Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20171018/franklin-town-council-candidates-discuss-development

Thompson Press building on Dean Ave - future site of 200+ condos
Thompson Press building on Dean Ave - future site of 200+ condos

Saturday, June 24, 2017

"commercial urban agriculture is a newer trend"

With an Agricultural Commission underway, a thriving Community Gardens, and several farms in the area Franklin is maintaining a link to farming. And apparently, we are not alone!

From the Milford Daily News, articles of interest for Franklin:

"Long the domain of rural areas, commercial farming operations are now starting to take root in urban neighborhoods. 
“Demand has been really strong for this,” said Rose Arruda, urban agriculture coordinator for the Massachusetts Department of Agricultural Resources, which has awarded approximately $1.5 million in urban farming grants over the past five years. 
Perched up on rooftops, packed into greenhouses or spread across vacant lots, urban farmers grow a variety of crops to sell to customers in their communities."
Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20170623/farming-takes-root-in-city

Franklin's Community Gardens is located at the King St Memorial Fields

Saturday, April 5, 2014

TOWN OF FRANKLIN RULES AND REGULATIONS (APPLIES TO ALL TOWN PROPERTY) Effective as of April 15, 2009

The book sale prohibition is explained in item #13 in the following list:

To ensure safety, fairness and for mutual protection of all patrons of the Town’s Facilities, the Town of Franklin maintains certain operating rules and regulations. The following rules and regulations have been developed to be in the best interests of the Town, its residents and the public who use the facilities. These rules and regulations are designed to assist the public in understanding their responsibilities and to ensure a safe environment for all persons using Town facilities. The rules and regulations are, as follows: 
1. Persons shall not enter or be upon town property under the influence of alcohol or illegal drugs. Persons shall not consume or possess any alcohol, illegal drugs, or marijuana on Town property. 
2. Persons shall not use any tobacco product within any municipal building or upon the property on which any municipal building is located, except in designated areas. 
3. Persons shall not possess, use, or store any explosive, incendiary device or weapon on Town property. 
4. Persons shall not present a false or altered identification that may be required as part of using a facility. No person shall defraud the Town in any manner. 
5. Persons shall not assault, threaten, harass or abuse any employee or a member of the public, either physically or verbally. 
6. Persons shall not engage in any form of disruptive conduct while on Town property. 
7. Persons shall not use skateboards or operate dirt bikes, ATV’s, motorized bicycles, motorized scooters or other motorized vehicles on Town property. This prohibition shall not apply to a person who, as a result of a handicap or disability, requires the use of a motorized wheelchair or similar equipment. 
8. Persons shall comply with all posted safety rules and regulations.

9. Persons shall not misuse, abuse, damage or tamper with the property of the Town or property of any employee or member of the public. 
10. Persons shall not use Town property or enter Town offices without first obtaining proper authorization, except during normal business hours or when the property or offices are open to the general public. No person shall enter or remain in a Town building or facility outside of regular business hours without authority or permission to do so. No person shall enter or remain in any portion of a Town building or facility to which the general public does not have regular access without authority or permission to do so. 
11. No animals (except those needed by the physically handicapped are allowed within Town buildings. All persons with an animal on Town property must properly remove and dispose of any animal feces. 
12. The Town assumes no responsibility for lost, stolen or damaged personal property. 
13. No solicitation or sales of goods or services is permitted on Town property, except those fundraising activities that directly support the Town's facilities or programs. 
14. No person shall enter or remain in a Town building or facility unless properly clothed and shod: street clothes and footwear are required at all times; no bathing suits are allowed. 
15. No person shall enter or remain in a Town building or facility who emits an offensive odor because of poor personal hygiene. 
16. No person shall use any Town building or facility other than for its intended, authorized or permitted purpose or use. 
17. Persons shall promptly report all accidents or incidents which result in either personal injury or damage to the property of the Town, an employee, or member of the public, regardless of who is responsible for the damage 
18. Persons shall immediately report defective equipment or unsafe conditions of any equipment or facilities that may endanger anyone to the Town employee in charge of the facility or to the Town Administrator. 
Persons that fail to follow the rules and regulations of the Town or other rules or regulations established by each Department may be subject to a fine and/or loss of privilege to use the Town facilities. Depending on the severity of the offense or the frequency of other offenses the Town may initiate legal action.


This document can be found on the Franklin website here
http://town.franklin.ma.us/Pages/FranklinMA_Admin/Municipal%20Facilities%20Use/randrfor%20muniuse.pdf

Franklin Municipal Building (and yes, I'll need to update the photo to show no snow)
Franklin Municipal Building (and yes, I'll need to update the photo to show no snow)

Monday, December 21, 2009

Franklin's TJ Maxx to close

A reliable source amongst the Franklin Matters community passed along word that employees of the TJ Maxx store in Franklin were notified that the store will be closing Jan 16th.

With stores in Plainville, Milford, South Attleboro, Framingham and Natick currently on the map, Franklin will lose the convenience of having a location in town. Plainville, the newest store, likely would pick up some of the Franklin traffic.

If you have information to add to this story, please let me know.