Vermont Buzz

Lang McLaughry Spera Unveils a Powerful New Website that Integrates MLS, Local Information and Expertise, and Features Advanced Searching and Mapping Technologies

Burlington, Vermont and Palo Alto, Calif. – Lang McLaughry Spera (LMSRE), the leading real-estate firm in Northern New Hampshire and Vermont, today announced the launch of their new technologically-advanced website that delivers the consumer-friendly interface of national sites, along with integrated MLS listing information and a plethora of local information with the unique ability to query and customize data.  The new website (www.LMSRE.com) is based on a technology platform developed by Terabitz that places the power back in the hands of brokers nationwide so they can more effectively engage with their local customers throughout the entire real-estate process.

The new LMSRE website features some of the most advanced user interface and search technologies available on the Internet.  The site features a single, comprehensive source for all current property listings and also integrates unlimited local neighborhood information, market research, schools, restaurants, crime statistics, service providers, financial tools and much more.  Users can conveniently search for this information either textually or using a map.  Further, users can view this information on a dashboard or map and can customize, store, share, and dynamically sort and map this data.

“Since most real-estate searches begin on the Internet, we knew we needed an advanced website with the best user experience, lots of local information and one that reflected our market leading expertise.  Consumers want to know that they are dealing with local experts and are getting access to all the listings in a timely fashion, not just partial data as found on many national sites,” said Staige Davis, CEO of Lang McLaughry Spera.  “Terabitz provided the technology platform that enabled us to meet our needs and start more effectively engaging with our local customers from the start of their real-estate search to long after the sale.”

Lang McLaughry Spera Targets Their Local Markets
Real-estate has always been a local market, yet national sites have garnered lots of attention because brokers have lacked the technology platform needed to compete with them technologically. The LMSRE website is the most technically advanced website in the real-estate industry that has been customized exclusively for the local Vermont and New Hampshire real-estate markets.  Thus, whether a consumer is looking for places of interest in Northern New England or access to local service providers such as landscapers or cleaning companies, they can go to LMSRE.com for all their needs.

“While national sites such as Zillow and Trulia provide great user experiences and useful information, it’s only the local broker that has access to updated MLS feeds and local expertise,” said Ashfaq Munshi, Founder and CEO of Terabitz.  “Thus, it makes sense for the local broker, such as LMSRE, to offer a leading-edge consumer experience while integrating up-to-date and accurate data along with their local market expertise.   The Terabitz marketing platform is the perfect vehicle to do just that.”

About Lang McLaughry Spera
Lang McLaughry Spera serves homebuyers and sellers throughout Vermont and Northern New Hampshire.  Founded by three of New England’s oldest and most respected real estate firms—Lang Associates, McLaughry Real Estate and Pall Spera Company—Lang McLaughry Spera provides a wealth of history, deeply-rooted community involvement and local market expertise.  Comprised of 13 offices, a 200-member sales and support team and more than 2,000 units in combined sales for 2006, Lang McLaughry Spera is the largest real estate brokerage company in Vermont and Northern New Hampshire and the third-largest independent in all of New England. For more information, please visit their website, www.LMSRE.com

About Terabitz
Terabitz delivers the industry’s only complete marketing platform that enables brokers and real-estate agents to provide consumers with a leading edge web experience offering limitless amounts of data along with up-to-date MLS listings and broker specific local market knowledge. Terabitz is the power behind leading broker websites across the nation. For more information, please contact us at partners@terabitz.com.

Roulette Economy of 2007 Nearing End

“2007 has been a year of challenge; 2008 will be a year of opportunity for serious buyers and for REALTORS®,” NAR Chief Economist Lawrence Yun told a packed house at the NAR Conference in Las Vegas, NV on Tuesday, November 13.

What Yun characterized as “the roulette economy” of 2007, fueled by subprime greed and then buyers’ fear, is almost over. With a favorable economy, pent-up home demand, and Wall Street “fessing up to its losses and cleaning up its underwriting,” 2008 will be a healthy market for serious buyers, he said.

Home prices nationally have declined by some 1.5 percent in 2007, which is "no big deal" after years of rapid appreciation, said Yun. In addition, he noted, there are still many markets such as Utah, North Carolina, and Tennessee that are appreciating and may even be undervalued.

Remind Clients That Markets Are Local

“REALTORS® have to educate their clients that all markets are local and that problems in a few areas aren’t meaningful," he said. "A national picture of the real estate market is just about as valuable as giving a national high temperature for the day."

Yun also noted that while the credit crunch slowed deals in 2007, much of the pain is being felt in the subprime area, while other mortgage sectors are stabilizing. Subprime constitutes only about 10 percent of mortgage loans, but accounts for some 40 percent of current foreclosures. Going forward, proposed federal legislation that would increase FHA loan limits should help moderate-income buyers, said Yun.

Yun expects GDP growth of 2.8 percent and job growth of 1.1 percent in 2008. Inflation should also remain under 3 percent, and interest rates should rise only slightly, he predicts. “For buyers who are into home ownership for the long term, housing still remains the best investment,” he concluded.

Get Ready for the New Generation

Following Yun’s presentation, former NAR economist John Tuccillo gave attendees a preview of what the next real estate market would look like. When recovery comes, said Tuccillo, most clients will be Gen X and Gen Y. These younger buyers don’t want relationship selling; instead they want the best bottom line deal you can find and the one-stop shopping to make the deal faster so they can get on with their lives.

Other big buyers in the next decade will be retiring boomers, who will want homes in 24-hour cities and college towns. “Real estate practitioners have traditionally worked with first-time buyers. Think of these people as last-time buyers,” he quipped.

It’s hard to predict when any local market will begin to improve, but there are three indicators, said Tuccillo. First would be a drop in new listings, indicating sellers are withdrawing from the market. Second, days on market will fall. And third, the gap between listing price and sales price will narrow.

Taken from the Northwestern Board of REALTORS November 2007 Newsletter

Now is a Great Time to Buy

Interest rates are still low. High end sales (over $1 million) are ahead of prior years.
Foreclosures for both New Hampshire and Vermont are very low (Vermont was 50th
of the 50 states!). Subprime lending is uncommon in our markets as well.

The lesson in all of this is that all markets are local. Both New Hampshire and Vermont
have economic challenges yet we are not in the same category as Nevada or Florida
where speculative purchasing was rampant.

Energy bill threatens jobs and economy

I, too, stand with the numerous businesses in support of the governor’s veto on H.520, not because I am in any way opposed to efficiency programs or the many positive elements of this bill that would help Vermont to address global climate change. My opposition stems from a concern for the adverse effect this proposal may have on Vermont’s business reputation and the fact that our legislators are reneging on a prior promise to Entergy/Vermont Yankee. If the bill were allowed to become law, it would only add substance to the contention that our business climate is unpredictable and hostile. The hastily crafted funding scheme sets a poor precedent.

Legislators have cited the profitability of Yankee’s parent company, Entergy, as another excuse to levy this tax. They have decried the amount of property taxes that Entergy pays, yet this is an agreement that was negotiated by this very body in a previous legislative session. Singling out Entergy to foot the bill sends out a negative signal to the many other profitable national firms here in Vermont. Is this a proper encouragement for employers while we are trying to attract good jobs to our state and losing our young people to states with more opportunities and lower costs of living? An unpredictable business climate coupled with higher electricity costs could significantly affect any company’s decisions to expand or relocate and invest in Vermont.

This legislative action may also have a negative impact on the state’s ability to negotiate future contracts with Hydro-Québec as well, or any other potential power generator that might consider Vermont as a place to do business.

I fully support efforts to increase efficiency measures, but there are better ways to go about achieving such goals. Vermont’s economy should not be undermined with such legislative action, nor should the integrity of this great state be devalued. Vermonters expect it and should not accept anything less.
The Legislature’s attack, on nuclear power seems antithetical to their concern with global climate change. If the goal is to truly address global warming, why then would they support a legislative initiative to target and penalize a large-scale, clean and affordable source of power within Vermont that can provide reliable electricity without significant fossil emissions; one that provides more than 600 highly technical jobs and currently contributes more than $200 million a year in economic benefit to Vermont? The connection between funding this initiative and having Entergy foot the bill is truly only a political convenience. It’s not fair, it’s not smart, and it’s not right.

I support the governor’s use of his veto pen.

Staige Davis
CEO of Lang McLaughry Spera
Former chairman, Vermont Business Roundtable

Letter to Editor: Burlington Free Press

Dear Editor:

It is clear Vermont needs strong leadership if we are to achieve an energy portfolio that provides clean, reliable and affordable power.

It was surprising to read our Senate President Pro Tem Shumlin's piece in the Free Press on May 3 ("My Turn: Tackling climate change requires

courage"). Refusing to acknowledge that nuclear power could play any part in our economic and environmental futures may be politically correct but it ignores the reality of our situation. Given the urgency of global warming which Senator Shumlin truly recognizes, nuclear power does seem to bridge an environmental and economic progress gap without pumping tens of thousands of tons of toxins into the atmosphere. I freely admit that the waste storage issue has not been solved, but there is currently no better option if our society is to be competitive and progress in a global market.

Renewable energy sources like wind, hydro and solar clearly need to be incorporated immediately into our energy mix and efficiency measures must be embraced. None of these can provide the constant supply of electricity that we will need in the interim. Top down regulatory reform that will streamline the process for renewables should be a priority for our legislators. Just imagine how long it would take get a permit in Vermont for any of these options on a scale that is efficient and cost effective.

Leadership must emerge that is willing to support reform measures and not discount our need for continuing reliable supplies including hydro and nuclear.

It is also wrong and unfair to pin the funding for the efficiency expansion on Vermont Yankee. Instead of taxing Vermont Yankee $37 million, we need to be talking about renewing our contracts with Hydro Quebec and re-licensing Vermont Yankee or Vermont will be at a huge disadvantage economically and environmentally. Not facing these issues will leave us no choice but to purchase coal, oil, gas or wood fueled energy which may exacerbate pollution and global warming at a cost that is unpalatable for business and residence customers alike.

Sincerely,

Staige Davis
Member and former Chair of the Vermont Business Roundtable.

VT Education Property Tax Adjustment

VT Education Property Tax Adjustments – Act 185

The Vermont Legislature has changed the way in which State of Vermont Education Property Tax Adjustments are paid. In the past, the Vermont Tax Department paid the rebate/ prebate amounts directly to the individual property owner who was entitled to the tax adjustment. Beginning in 2007, the property tax adjustment will be paid directly to the municipality as a credit toward the homestead amount. Source:  VREIN (VT Real Estate Information Network)

LANG MCLAUGHRY SPERA

 

 

 

 

 

 

 

 

Three Top Firms Merge to Form Largest Independent Real Estate Company in Vermont and Northern New Hampshire.

With 12 Offices and $600 Million in Sales, Lang McLaughry Spera Becomes One of New England's Leading Firms

January 31, 2007, South Burlington, VT--Three of New England's oldest and most respected real estate firms- Lang Associates, McLaughry Real Estate and Pall Spera Company- today announced they have merged to form the largest real estate company in Vermont and northern New Hampshire, and the third-largest independent in all of New England.

The new firm, Lang McLaughry Spera, serves homebuyers and sellers in the two-state geographic area encompassing the Upper Connecticut River Valley, the Central Vermont and Stowe areas and Northwestern Vermont including the Champlain Valley.

With 12 offices, a 200-member sales and support team and more than $600 million in combined sales, Lang McLaughry Spera immediately establishes itself as one of the leading real estate companies in the Northeast.

"I can't begin to describe how excited I am at this merger, and what it will mean in terms of benefits to clients when it comes to buying or selling their properties," said Staige Davis, owner of Lang Associates and chief executive officer of the new firm.

"This is truly a unique merger which brings together three highly regarded companies from separate, non-competing markets.  Joining forces creates a tremendous opportunity to expand our presence from local players into a formidable regional firm.  For our customers, it means increased exposure on a regional and national level, additional services, greater marketing support and increased exposure of their properties. We're proud to not only retain the names of each of the firms, but also the past history, connections and local market expertise as well."

The merger has substantial benefits for the company's sales associates as well, Davis said.  "By working for one company in distinct, non-competing markets, our associates will benefit from a true esprit de corps, comprehensive training and educational materials, and enhanced purchasing power through combined ads, marketing programs, referrals and other media resources.  Our sales associates are now part of the largest independent real estate brokerage firm in northern New England." Davis said yard signs reflecting the company's new logo for the local offices are currently being produced and will be in place in February.

Buff McLaughry, owner of McLaughry Real Estate, will serve as chief operating officer, while Pall Spera, owner of Pall Spera Company, will serve as president of the luxury brand.

The merger brings together the talents, resources, experience and deeply-rooted community involvement of three of the area's longest-operating independent firms.  McLaughry Real Estate was founded in 1959, and Lang Associates and Pall Spera Company were both founded in 1969.

Steve Murray, publisher of real estate industry research firm, Real Trends, called the merger "unique from a number of perspectives.  Here you have three extremely successful, independent firms from three distinct markets coming together under one organizational roof to create a significant regional presence.  That in itself is remarkable. Next, when was the last time you've heard of such a merger of this magnitude that resulted in zero job reductions and no shuffling of management?"

"This merger portends very good things for homebuyers and sellers throughout northern New England" Murray added.  "As just one benefit to buyers and sellers, Lang McLaughry Spera will market properties which are offered in the multiple listing services statewide, rather than locally, in both Vermont and New Hampshire."

In New Hampshire, the new company's offices are located in Hanover, West Lebanon and Grantham.  In Vermont, offices are located in Fairlee, Middlebury, Morrisville, Norwich, South Burlington, St. Albans, Stowe, StoweVillage and Woodstock.

About Lang McLaughry Spera

Lang McLaughry Spera is Vermont and Northern New Hampshire's largest real estate company with 12 offices and more than $600 million in sales in 2006. According to Real Trends, an industry research firm, the company is the third-largest independent real estate firm in all of New England. With corporate offices based in So. Burlington, Lang McLaughry Spera continues affiliations with Leading Real Estate Companies of the World, Luxury Portfolio, the Board of Regents, Who's Who in Luxury Real Estate and other leading industry organizations. For additional information, visit www.LMSRE.com. Additional information can be found at: www.langrealestate.com, www.mclaughry.com and www.pallspera.com.  This month, the company distributed its winter edition of the Lang Lion & Davis Portfolio, a four-color magazine of New Hampshire's and Vermont's finest homes.

2006 3rd Highest Sales Year!

WASHINGTON, January 25, 2007 -  Report from NAR

Existing-home sales eased but prices stabilized as inventories tightened in December, while 2006 was the third-highest sales year on record, according to the National Association of Realtors®.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – eased 0.8 percent to a seasonally adjusted annual rate1 of 6.22 million units in December from a level of 6.27 million in November.  Sales were 7.9 percent lower than a 6.75 million-unit pace in December 2005.

There were 6,480,000 existing-home sales in all of 2006, down 8.4 percent from a record 7,075,000 in 2005.  The second highest total was 6,779,000 in 2004; NAR began tracking home sales in 1968.

- National Association of Realtors

What is Inclusionary Zoning?

Inclusionary zoning is a land-use concept in which local ordinances require builders to include a certain amount of housing for low- and moderate-income households. In contrast, exclusionary zoning is a technique that effectively drives up the cost of housing, excluding lower-income households from the community. Exclusionary zoning practices have been under attack in communities around the country for decades, most notably in New Jersey, where the historic MountLaureldecisions have led the way in promoting inclusionary zoning techniques and creating affordable housing.

A book, “Field Guide to Inclusionary Zoning” by Frederik Heller includes background information on inclusionary zoning, case studies on what works & what doesn't, considerations in developing inclusionary zoning ordinances, and information on the Mount Laurel doctrine.

- from the National Association of Realtors

Home Improvement Spending

According to the Joint Centerfor Housing Studies at Harvard, Americans spent $168.7 billion on home improvements and repairs in 2006, 1.5 percent more than in 2005.

At the same time the Joint Center came out with its data, the National Association of Homebuilders' survey of remodelers found that kitchen and bathrooms remain the top remodeling jobs, and master bedroom suites and great rooms are the two most popular home additions. The remodelers were surveyed during the first three quarters of last year.

The bulk of the demand for remodeling jobs continued to come from the baby boom generation, according to the NAHB research, which was conducted in conjunction with the quarterly surveying used to produce the NAHB's Remodeling Market Index. However, work requests from 30- to 40-year-old members of Generation X are on the rise, and they are turning out to be bigger spenders than the generation preceding them, the NAHB data show.

Rising energy prices last year appeared to have little impact on the demand for jobs related to improving residential energy efficiency, and a majority of remodelers were involved in making modifications for aging-in-place, although they said that most consumers aren't familiar with the concept. My feeling is that the NAHB should hold a contest to come up with a better description than aging in place, which better describes how I feel when a late train makes me miss the start of an important meeting.

In the first quarter of last year, when remodelers were asked about their most common jobs during 2005, 75 percent reported being hired to remodel kitchens, 67 percent remodeled bathrooms, 57 percent added rooms, 44 percent provided whole house remodeling and 40 percent replaced doors and windows.

This article was taken from the Realty Times - January 25, 2007. "Home Improvement Spending Up Marginally" by Al Heavens