HousingWire released a new report ranking in which cities have the most competition for conventional mortgage borrowers. Of the 50 cities ranked, Boston is the second most competitive for loan officers. HousingWire used the Herfindahl-Hirschman Index to measure the cities’ competitive markets. The HHI uses a zero to 1,000 scale where lower numbers have greater competition for lenders and higher numbers have less. Boston had an HHI score of 171 and the market share for the top ten lenders was at 37 percent.
In other Boston real estate news:
- Housing Choice chose Beverly to serve as one of the 67 Housing Choice Communities around the state. The Boston Globe reported that Beverly will receive capital grants for housing and economic development. Beverly and the other cities were chosen based on their practices on housing production. Beverly was also one of the 15 communities awarded the $30,000 Planning for Housing Production Technical Assistance grant.
- The Boston Society of Architects elected a new treasurer. Daniel P. Perruzzi, principal and senior partner at Margulies Perruzzi Architects, joined the BSA Board of Directors. According to the Boston Real Estate Times, Perruzzi has been involved with BSA since 1984 as a chairman and board member. Perruzzi also serves on the ArchitectureBoston editorial board. Perruzzi will continue to expand the BSA and the architectural profession and create an inclusive environment.
- Cornerstone Realty Capital is bringing a new 12 unit mixed-use condominium building to Boston’s Jamaica Plain area. Rebusiness Online reported the company received a $6.5 million construction loan for the building. The building is set to be completed in 2019 with three retail and nine residential units. Each residential unit will feature in-unit washers and dryers, hardwood floors, stainless steel appliances and a private balcony.
- Brian Perry of Gibson Sotheby’s International Realty broke his record for South End’s highest condominium sale in 2018. Perry sold the last of the Baptist Church renovated residences on Concord Street. The townhouses kept the Baptist Church structure and transformed the space into model style homes. According to Luxury Real Estate, he sold the last of six townhomes for about $5.1 million.