Tag: Cape Cod sales

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analytics

Provincetown – Two $1M Plus Sales In February

 

The blizzards howling, the wind chill is below zero – but that didn’t stop two gorgeous $1M + homes from closing in early February. The pictures below certainly help take the chill away!

20 Bayberry Avenue is a very nicely sited single family home in the far West End.  It has 3 bedrooms and 4 1/2 baths with 2,750 square feet. It sold for $1.175M with an asking price of $1.225M.

 

20 B 1

 

 

 

 

 

 

 

MLS COPY: Privately located in Provincetown’s West End, this exquisitely maintained Contemporary Cape was fully renovated in 2005/6. There are 3 BRs and 4.5 BAs on three well planned floors. The entry level has a spectacular foyer, home office and 3 BR’s, each w/ custom marble BA’s, glass enclosed showers and master has a soaking tub. The upper level reveals a stunning great room with vaulted ceilings, mahogany and glass deck, large windows, fireplace with floor to ceiling travertine marble, 1/2 bath, pantry and a chef’s kitchen equipped with a Sub Zero refrigerator, 2 Bosch dishwashers, Thermador cooktop and wall ovens. The lower level media room is wired for surround sound, has a full bath, wet bar, wine fridge, laundry and sliders to a blue stone patio w/grill. Interior just painted. Lovely landscaped yard. Owner occupied, never rented.

 

20 b 4

20 B 3

20 B 2

20 b 5

 

 

 

 

 

 

 

3 Harbour Drive is a beautiful bay front home with 3 bedrooms and 4 1/.2 baths and 3,363 square feet. It sold for $1.5M with an asking price of $1.595M.

 

Harbour 1

 

 

 

 

 

 

 

MLS COPY: Gorgeous Home with spectacular bay views. Constructed with both aesthetics and safety in mind. One of a few homes whose frame meets latest hurricane building codes. Master suite and extra large deck. Main level is open floor plan with five sliding glass doors and a beautiful deck which runs full length of house. Washer and dryer and fabulous gas fireplace on main floor. Lower level sitting/TV area, wet bar and two enormous bedrooms, each with 12 foot ceilings, en-suite bathroom and sliders to patio. Lower level radiant tile floor with underlying water resistant foundation. Widow’s walk.Two car garage with studio,1/2 bath and deck. Large cedar shed. Deeded beach rights to seemingly endless sand bar at low tide. Title V septic for 5 bedrooms room for expansion.

 

harbour 5

harbour 3

harbour 2

harnour4

 

 

 

 

 

 

View all properties available on Beachfront-Realty.com.

Categories
trends

January Sales Steady – Cape Cod Times

 January performance in line with previous year despite blizzard

 Two men walk along the middle of Jones Road in Falmouth during the Jan. 27 blizzard. Despite the weather's effects, property sales on the Cape were solid in January, the Barnstable County Registry of Deeds reported Friday. Ron Schloerb/Cape Cod Times

 

Two men walk along the middle of Jones Road in Falmouth during the Jan. 27 blizzard. Despite the weather’s effects, property sales on the Cape were solid in January, the Barnstable County Registry of Deeds reported Friday. Ron Schloerb/Cape Cod Times

By Bryan Lantz
[email protected]
BARNSTABLE – The Cape’s real estate sales for January may have gotten partially buried in snow, but the market’s performance remained solid.
The Barnstable County Registry of Deeds reported Friday that sales volume last month was nearly identical to January 2014. The median price last month was down slightly less than a percentage point. Register of Deeds John F. Meade said those results came in a month when harsh winter weather limited activity to close sales.”The last two weeks are typically the busiest time of the month,” Meade said. “The snowpocalypse didn’t help much.”When a blizzard struck in the last week of the month, weather forced the registry to close on Jan. 27 and 28. “On Thursday (Jan. 29), we were open, but really no one was coming out to close transactions,” Meade said.
For the month, the registry recorded 396 deeds of property valued at more than $50,000, one fewer than in January 2013. The median price receded from January 2014’s $328,000 to $325,000 last month, the registry reported. The beginning of the year is typically the slowest time for property sales, Meade said. “January and February are the quietest months,” he said. “But we did have a strong December.”
Though weather may have prevented closings late in the month, both residential and commercial agents said the market has been robust. “It’s like an April market in the middle of a snowstorm,” said Tom Hester, principal of Tom Hester Real Estate in Dennis. “The phone’s been ringing a lot this winter.” Hester said low interest rates have provided a strong incentive for buyers to finance home sales. And he said both interest in both first and second homes has been strong this winter
Meade also said that interest rates were bringing more activity to the registry. Mortgage activity was up almost 2 percent, he said, as rates have reached multi-year lows.
On the commercial real estate front, John Ciluzzi, president of Premier Commercial in Hyannis, described conditions as “bullish.””The first quarter of 2015 has proved to be pretty good,” he said. “We’ve seen strong sales and leasing in January. There’s been a lot of interest, which we gauge as actual offers and money placed into escrow. When you get conditions like this, it’s why I say I’m bullish about the market.”
While the registry covers sales, Ciluzzi pointed out that another key part of the Cape’s commercial landscape also has been performing well: leasing. “That’s really the origination of new businesses,” he said. “Right now, we see a lot of leases in the office, retail and medical sectors.
And a look at a broader time span shows the real estate market continuing to improve, Meade said. “Six months to a year gives a better tell about where things are going,” he said. “And that looks like we’re on pace for continuing slight improvement.
The registry also reported that January was the 10th consecutive month with a median Cape sales price above $300,000.
Categories
analytics general info

$500K to $800K Condos In Provincetown – The Most Popular Price Range.

$500,000 to $800,000 – the most popular “price point” in Provincetown.

40 of the 127 condos sold so far this year had sales prices  between $500K and $800K –  1/3 of all condo sales. This is 42% more than last years 28 sales.

Within this price range the average sale price was $600K for a 1,030 square foot two bedroom two bathroom condo with an average price per square foot of $583. In 2013 the average sales price was $588K with an average of 1,124 square feet for an average price per square foot average of $523.

Below are six favorites.

45 Commercial St. #8, 2/2, 555 sf sold $520K
45 Commercial St. #8, 2b/2b, 555 sf sold $520K
8 Wareham St # B, 2/2, 1,004 sf, sold $575K
8 Wareham St # B, 2b/2b, 1,004 sf, sold $575K
6 Cook St #3, 2/2, 915 sf, sold $615K
6 Cook St #3, 2b/2b 915 sf, sold $615K

 

 

 

 

 

 

11 Georges Path # B, 2/2, 1,150 sf, $615K
11 Georges Pth #B, 2b/2b, 1,150 sf, sold $615K
67 Commercial St #3, 1/1, 475 sf. sold $695K.
67 Commercial St #3, 1b/1b, 475 sf. sold $695K.
4 Bradford St #2, 2/2, 1,100 sf, sold $780K.
4 Bradford St #2, 2b/2b, 1,100 sf, sold $780K.

 

 

 

 

 

 

 

 

 

There are 28 condos available for sale in this market segment with an average asking price of $635K or $587 per square foot. Below are six of favorites.

 

83 Bradford St #3, 2/2, 926 sf, asking $539K
83 Bradford St #3, 2b/2b, 926 sf, $539K
143 R Bradford St EXT. 1+/2, 975 sf, asking $559K.
143R Bradford EXT. 1b/2b, 975 sf, $559K.
606 Commercial St #3, 3/1, 1,307 sf, asking $599K.
606 Commercial St #3, 3b/1b, 1,307 sf, $599K.

 

 

 

 

 

 

 

67 Commercial St #1, 2/3, 821 sf, asking $729K.
67 Commercial St #1, 2b/3b, 821 sf, $729K.
55 W Vine St #B, 2/3, 1,174 sf, asking $759K.
55 W Vine St #B, 2b/3b, 1,174 sf, $759K
19 Tremont St #32/3, 1,146 sf, asking $799K.
19 Tremont St #3, 2b/3b, 1,146 sf, $799K.

 

 

 

 

 

 

 

 

There are currently 10 pending sales in this range with an average asking price of $663K or $586 per square foot.  9 of the 10 are in the West End. Three favorites are shown below.

 

23 Winthrop St #2B, 2/2, 807 sf, asking $599K.
23 Winthrop St #2B, 2/2, 807 sf,  $599K.
62 Franklin St #4, 3/1, 960 sf, asking $694K
62 Franklin St #4, 3/1, 960 sf,  $694K
5 School St # 2, 2b/3b, 960 sf, asking $799K
5 School St # 2, 2b/3b, 960 sf,  $799K

 

 

 

 

 

 

 

This week several more condos have gone under agreement in this price range. Perhaps a sign of a strong winter market to come. BRRRR!

 

Categories
general info

Four Reasons To Buy Before Winter

 

A great post below from the KCM crew.

 

4 Reasons to Buy Before Winter

by  on September 8, 2014 in For Buyers

4 Reasons to Buy Before Winter | Keeping Current Matters
It’s that time of year, the seasons are changing and with them bring thoughts of the upcoming holidays, family get togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don’t have to look much farther to find four great reasons to consider buying a home now, instead of waiting.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released recently projects appreciation in home values over the next five years to be between 11.2% (most pessimistic) and 27.8% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a recent paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Categories
general info

Summer Sizzle

 

Good post from Scott.

 

More Sellers Make Summer Sizzle

Posted by Scott Van Voorhis

Plymouth_Harbor.JPG
Summer is typically a sleepy time for the real estate market, but not this year.

“For sale” signs are popping up across Greater Boston and other parts of the state, with a significant uptick in homes hitting the market, says Peter Ruffini, president of the Massachusetts Association of Realtors.

That, in turn, is likely to mean good news for home buyers stressed over rising prices, Ruffini says.

Certain communities, like Plymouth, seen above, are particularly seeing a pick-up in listings.

Several dozen additional homes have hit the market in Plymouth this summer, providing a significant boost to the market, notes Ruffini, a regional vice president at Jack Conway & Co. in Hanover.

That’s significant given the coastal town is often a bellwether for the South Shore real estate market, he says.

“The good news is that there are fewer (sellers) sitting on the sidelines than there were earlier this year,” Ruffini says.

Overall, June saw 8,418 homes hit the market across the state, a 13 percent jump over the same period in 2013, MAR numbers show.

More listings, in turn, could also take some of the pressure off buyers, who are too often faced with bidding wars given the long-standing shortage of homes on the market, he says.

And while the median home price in Massachusetts hasn’t quite caught up to where it was during the housing bubble years in the mid-2000s, Ruffini is OK with that.

“In my view the market recovery is more about sustainability and affordability,” Ruffini says. “It has to be a sustainable market.”

Cheers to that.

Categories
general info

Best Time To Buy Vacation Homes

“Best timing” differs in all locales but the late summer and fall market is the busiest time on the Cape to buy or sell a home. Good post by Julie from Boston.com  below.
IMG_1256
By Julie Xie
Boston.com Staff

Sun dresses and beach towels are on sale at the mall. So are vacation homes on the market.

Turns out, September and October are great months to go vacation home hunting in New England because prices are dropping. It makes sense — sellers want to get properties off their hands because they don’t want to maintain them through the winter.

Doug Reece, who works as a realtor for Martha’s Vineyard at RE/MAX, recently worked with a seller who dropped the price of his house from $900,000 to $699,000.

“As a buyer, you’ve got to be ready to hop in the car and get here on short notice when those things happen. Or else someone else will,” he said.

While it’s hard to put exact numbers on it, Kevin Austin, from Cape Cod Oceanview Realty, said people tend to drop their prices around 5 percent just to get people to come look at the house and stimulate some activity.

“If people feel they can get a house for cheaper, they’ll usually wait until September and October to see if the price will drop,” said Austin, who specializes in the Orleans area of Cape Cod.

The trend is expected to continue until the end of the calendar year. By the time January and February roll around, many sellers figure that if they’ve already held a property for that long, they might as well hold on to it for another season.

Early spring is another busy season for New England vacation homes, as buyers want to close on a property and use it for the summer.

Nationally, the best times to buy vacation home differ by region and climate, but in general there has been a 30-percent surge in vacation homes in 2013, according to the National Association of Realtors.

And Lawrence Yun, NAR chief economist, expects this upward swing to continue in 2014. A nearing-retirement baby boomer population and an improving stock market are likely to give rise in vacation home purchases.

Bottom line: Act fast and get yourself to the Cape.

 

 

Categories
general info

Dream House Listing Of The Week – Provincetown

9 Creek Round Hill Road is a 6,100 square foot 4 bedroom 4 bath home perched above the Moors on Creek Round Hill Road. It is being marketed for $3.150M.

 

creek 4

 

 

 

 

 

 

 

MLS COPY: Breathtaking views, impeccable grounds & a care-free resort-like atmosphere captures the essence of this newly renovated Provincetown contemporary with a mid-century flair. This 6000+ SF home offers a rare retreat w/state of the art amenities. The 45 foot living, dining and gourmet kitchen area is dramatic with a wall of windows looking out to the gorgeous views of Cape Cod Bay, Wood End Light & the ocean. Everything is brand new: systems, windows, roof, exterior cedar shingles, landscaping, irrigation, security, pool, decking, generator & more. The master suite & guest suites upstairs take full advantage of the views, & both have decks & en-suite baths. An additional guest suite on the garden level enjoys its own entrance and living area. Plenty of recreation space, with a game room, screening room, and stunning salt water heated pool.

 

Creek 1

Creek 3

creek 2

creek 5

 

 

 

 

 

 

Certainly the jewel of Creek Round Hill Road, this home has been renovated beautifully and provides the best in Provincetown living.

Categories
general info

5 Things To Know About Housing In 2014

A long but very interesting post from Housing Wire – from a national perspective – and while many of the fundamental issues do not directly reflect our local market performance…it is important to know as we  navigate our own real estate markets.

 

5 things to know about housing for the rest of 2014

See what housing insiders are saying

The future of housing for 2014 looks a lot different  than it did at the start of the year.

Either fundamentals have changed, or the evidence is getting so overwhelming that neither the most hopeful naiveté or calculating spin can cover it.

That’s not to say there aren’t bright spots, but marking the danger spots on the map is a lot more important than marking X on the buried treasure.

So here are five things to know about housing and where it’s going for the rest of 2014.

1) Luxury Sales Fly as Home Sales for the Rest Crash and Burn

Home sales among the 1%  look like they will beat last year’s numbers, and that’s about the only real bright spot in housing on the horizon, and the only thing looking positive for the rest of 2014.

Sales of the priciest 1% of homes are up 21.1% so far this year, according to Redfin. This follows a gain of 35.7% in 2013. Meanwhile, on the other side of the bridge, home sales in the remaining 99% of the market have fallen 7.6% in 2014.

It’s not that interest rates are usurious by any stretch. This is despite mortgage rates having dropped to their lowest level in more than six months. The 30-year, fixed-rate mortgage averaged 4.14% for the week ended May 22.

BlackRock CEO Laurence Fink said Tuesday that the housing market is “structurally more unsound ” than prior to the financial crisis due to its reliance on the government-sponsored enterprises of Fannie Mae and Freddie Mac.

“There are haves and have-nots, and the haves are the ones out buying,” Redfin CEO Glenn Kelman said.

2) Real Estate Investment Highly Uncertain

Concerns still linger over the state of residential investment, which contracted in both the fourth quarter of 2013 and the first quarter of 2014, as well as prices being driven up by investors rather than homeowners, and the growing affordability gap for buyers. The weak labor market means that the recovery is tenuous. Weak job growth and wage stagnation remain challenges for both housing and for the economy in general.

Federal Reserve Bank of Cleveland researchers Edward Knotek II and Saeed Zaman say there are three primary factors behind the recent slowdown in residential investment: the increase in mortgage rates since early 2013; the unusually cold winter; and a modest tightening of lending standards in the residential mortgage market.

The weather reason doesn’t really fly. As CoreLogic’s (CLGX) reported, past severe winters that have affected housing starts negatively were followed by a rebound after temperatures began to rise again. This analysis indicates there should be a rebound again this spring, but it will not be sufficient to counteract the current weakness in the market, which can’t be blamed on the weather.

Knotek and Zaman say the resumption of more normal weather and ongoing improvements in labor markets and the broader economy should allow for a rebound in residential investment. However, the researchers also note that the experiences of the past year highlight the strong interest rate sensitivity of the housing sector.

3) Investor Price Increases Push Housing Out of Reach

Home prices in the United States are just 12.8% off the 2006 peak, according to the comprehensive March home price index report from Black Knight Financial Services.

April home price data from S&P/Case-Shiller released on Tuesday, found slight increases for the month. The 10-city and 20-city composites recorded miniscule rises for March 2014, increasing .8% and .9% month-over-month.

Separately, the Federal Housing Finance Agency House Price Index found that prices continued to trend higher in the first quarter, and increased for the eleventh consecutive quarter, rising 1.3% in the first three months of 2014.

Housing affordability is being skewed by cash investors (increasingly) and institutional buyers (less so than last year) which are still accounting for almost half of all home sales. Until there is affordability, there cannot be a rise in first-time buyer participation. Which brings us to the next point.

4) Millennials Want to Buy but Can’t

DoubleLine Capital founder Jeffrey Gundlach said he is concerned that would-be young buyers are shunning mortgages even though all the evidence shows they want to buy rather than rent. So far, returning homebuyers havedominated the scene in 2014 because too many first-timers are dealing with mounting debt.

“The deferral of marriage has such a staggering impact on real estate and I just don’t think people focus on it,” said real estate investor Sam Zell, 72, whose Chicago-based Equity Residential is the largest U.S. apartment landlord. “I don’t think the multifamily market has ever had a better set of future demographics.”

Zell said he expects the Homeownership rate to drop as low as 55% from the current 35-year low, as more people delay marriage.

So what’s the good news? Now might be a good time to invest in apartments.

5) Mortgage Originations Fizzle

Mortgage originations are at their lowest level in 14 years and everyone is expecting that will only get worse as mortgage rates creep up.

Chris Flanagan, MBS/ABS strategist for BofA Merrill Lynch, said mortgage activity is going to underperform in 2014.

“We were expecting $1 trillion in gross issuance for the year (at the start of 2014.) We’re at about $200 billion now,” Flanagan said. “So we’re on track for $750 billion for the year, which is less than expected.”

He said credit remains a headwind for buyers.

“We came into this year knowing credit would be tight,” Flanagan said. “We hear anecdotal evidence that credit is loosening, but (when you consider mitigating factors to the anecdotal evidence) the end result is credit is still very, very tight.”

Flanagan said that while the FHA has lowered its threshold for FICO scores by 15 points, it hasn’t translated into increased mortgage originations.

It’s happening across the board. Bank of America (BAC) reported that its first-quarter mortgage originations fell 65% year-on-year in its earnings report. Wells Fargo (WFC) reported record net income of $5.9 billion, up 14%, or $1.05 per diluted common share, for first-quarter 2014, where as JPMorgan Chase (JPM) recorded a first-quarter 2014 net income of $5.3 billion, a drop from $6.5 billion in the first quarter of 2013.

Lawrence Yun, National Association of Realtors’ chief economist, noted in the most recent existing-home sales report from NAR, “Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point. Annual home sales, however, due to a sluggish first quarter, will likely be lower than last year.”

The housing market has improved since the financial crisis, but it’s not clear how strong that improvement is, given that so much of it is supported by intense government subsidies, protection and backstops.

Even Federal Reserve Chair Janet Yellen concedes that housing is no longer helping – it is hurting the economy.

“One cautionary note, though, is that readings on housing activity – a sector that has been recovering since 2011 – have remained disappointing so far this year and will bear watching,” she said. “Another risk – domestic in origin – is that the recent flattening out in housing activity could prove more protracted than currently expected rather than resuming its earlier pace of recovery.”

Further complicating matters is the conflict between regulatory pressures at cross-purposes – a push for an affordable housing mandate versus regulatory standards for debt-to-income ratios, QM mandates and so on.

That’s where things stand as the market crosses the halfway point on the calendar year.

Anthony Sanders, distinguished professor of real estate finance at George Mason University, sums up the problem by taking a step back from the details.

“True, credit is tighter than during the housing bubble, but average FICO scores on closed loans has been dropping,” Sanders says.“But the problem remains a slow recovery for the middle class in terms of employment and income. Of course, The Fed could speed up tapering and allow rates to rise (cutting off cheap funding sources to investors). As it stands, house prices are rising while affordability for the middle class is shrinking.”

Categories
general info

Listing Of The Week

82 Commercial Street is one of the finest examples a classic Cape Cod Home. It is a 7 bedroom, 4 bath stunner with 3,294 square feet and is being marketed for $2.945M.

 

82 C front

 

 

 

 

 

 

 

MLS COPY: Offered on the public market for the first time since it was built in 1820, this showplace has only had 3 families own it in the past 100 years. This classic Cape Cod home, with its sweeping lawn & white picket fence, is an iconic property in Provincetown’s West End, one of a very few that boast this square footage on almost a 1/4 acre of land, in the heart of the historic district. The house has been impeccably restored to its original grandeur, and all of its core infrastructure has been brought up to date. The home is expansive, w/ 7 bedrooms, pine floors, period wainscoting and trim, formal living and dining rooms each with wood burning FPs, and a classic sunroom that offers views of Long Point Light. Underground utilities, irrigation, new HVAC, wiring, sewer connection, security, generator, ext siding & cedar roof w/in recent years.

82 C full

82 C lr

82 C bedroom

82 C den

 

 

 

 

 

A property like this rarely becomes available, as those who have been looking at property in the West End know.  This property is a perfect example of why Provincetown is such a beautiful and beloved town.

Categories
general info

Boston Values Rise Fastest Since 1987

Good Globe article.

Boston home values rise at fastest since 1987

By Chris Reidy

| GLOBE STAFF

Home values in Greater Boston rose 2.9 percent from March to April, the greatest monthly gain for the area since 1987, according to new S&P/Case-Shiller Home Price Indices data issued Tuesday.

The S&P/Case-Shiller Home Price Indices tracks repeat home sales. Other surveys, such as those issued by the Warren Group and the Massachusetts Association of Realtors, look at much wider segments of the market, and they often report data on a year-to-year comparison basis.

The S&P/Case-Shiller Home Price Indices looks at data for 20 metropolitan areas around the country, including Atlanta, Boston, Chicago, Los Angeles, and New York.

“Nineteen of the 20 cities saw lower annual gains in April than in March,” the S&P/Case-Shiller Home Price Indices said in its press release. “California (Los Angeles, San Diego, and San Francisco) saw their returns worsen by approximately three percentage points. Boston was the only city to see its annual rate improve.”

Boston’s annual rate went from 8.3 percent in March to 9 percent in April, the release said.

In a statement, David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said: “Near term economic factors favor further gains in housing: mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015, and the labor market is improving. However, housing is not back to normal: prices are being supported by cash sales, low inventories, and declining foreclosure and REO (real estate owned) sales. First time home buyers are not back in force, and qualifying for a mortgage remains challenging. The question is whether housing will bounce back before the Fed begins to tighten sometime next year.”

Chris Reidy can be reached at [email protected].