April, 2004

Dear Friends and Neighbors,

I'm celebrating my 18 th year in Cambridge area real estate sales, and with 15 previous years as a designer/builder/woodworker, that's 33 years working with Cambridge area housing!Oy veh!Has it really been that long?Thank you for contributing to my success!

Last year's 5 th Anniversary Benefit Concert for the Cambridge Housing Assistance Fund (CHAF) was a stunning success! We exceeded our goal, raising $160,000 to open doors for nearly 150 homeless and near-homeless families and individuals. Nnenna Freelon, a five-time Grammy nominee and Cambridge native gave a terrific show. In the five years that I've directed this event, CHAF has raised over $600,000 to assist nearly 550 households. There's more info at www.CHAFund.org.

The Kick Off Reception for (CHAF)'s 6 th Annual Benefit Concert for the Homeless is planned for April 20 th from 5:30 - 7:30 PM at the Royal Sonesta Hotel, 5 Cambridge Parkway in East Cambridge by the river. Let me know if you'd like to come! And, SAVE THE DATE: October 1 st for the benefit concert itself.

I'd like to introduce you to Valentine Place, where contemporary design meets the urban lifestyle! Valentine Place is an exciting new development of 19 attached homes, townhomes and lofts being built in Cambridgeport near MIT, Central Square and the river. Prices range from the $525k to the $830k. For more information, visit www.ValentinePlace.com, or call me!

The Cambridge area real estate market, as usual, is hard to predict. Last year's market was more stable, slower and balanced than in the recent seller's market heyday, and price appreciation was more or less flat. The entry level (under $550k) was strong, with first time buyers locking in historically low interest rates, the mid-range ($550k-$1 million) was slow to moderate, with fewer sales and increased days on market. The upper mid-range ($1-$1.5 million) was surprisingly active and the 'high end' ($1.5 million +) was slow, with some anecdotal evidence of price decline, although there's no data to support that.

Spring has sprung! The spring market is already very busy. Interest rates remain historically low, and often tick up in the late spring or summer. Now is a good time to buy! Increased confidence in the economy may lead to some appreciation this year. The entry level will remain strong with first time buyers taking advantage of those low rates. The mid-range will improve over last year and the 'high end' will continue to pick up. There is already some evidence that much of last year's 'excess' high-end inventory in Greater Boston has been absorbed, and days on market are decreasing. The last few months has seen several sales in the $2 million range and a $3.7 million house just sold in the first week! However, there are currently thirty-three homes for sale in Cambridge over $1 million, including several developer 'spec' homes with luxurious renovations.

If you are considering buying or selling , the time is now to start planning. Those low interest rates will not be around forever! I am always available if you would like an update on the value of your home, or if you would like a consultation on your real estate needs. We offer Buyer and Seller representation at Coldwell Banker Huron Ave., as well as mortgage, insurance, relocation and moving services.

I look forward to hearing from you, whether to simply catch up, or to assist you with real estate.

Sincerely,

David Pap

Work: 617-844-2756
Email Address: David.Pap@NEMoves.com
Cell: 617-594-1088
Website: www.DavidPap.com