Boston residents may want to invest in Cape Cod property while costs remain low
Real estate in Boston is relatively stable compared to other metro areas in the United States. However, many Bostonians may look to purchase a second property in the Bay State, now that prices across much of Cape Cod have become more manageable.
In Massachusetts, the number of single-family homes put under agreement in August 2012 was up 27.87 percent year-over-year, according to the Boston Globe. Similarly, the numbers of condos put under agreement during August was up 30.73 from the same time last year.
The latest research shows that more people are willing to invest in property in the Bay State, and a portion of those home closings may actually be attributed to current residents purchasing vacation homes in some of Massachusetts' more scenic communities.
For example, The Boston Globe recently ran a story on new developments in the Cape housing market. The source reports that Judy Watkins, a local resident, monitored the local market on the Cape heavily to find a retirement property worth investing in. Watkins ended up buying a two-bedroom, three-bath ranch in East Falmouth for $185,000.
"This is absolutely, definitely the time to buy, for sure," Watkins said to the news source.
In the height of the real estate boom of the early 2000s, Cape homes were often out of reach for many middle-income buyers. Certain communities saw record value upticks, which shut the door on a large number of people, and the skyrocketing prices made the Cape look like an upscale and unattainable place of residency for many.
However, the economic and housing recessions left their mark on this portion of the country, and some of the towns now offer more affordable prices to prospective buyers. Currently, the median price for a single-family home in Barnstable County is down to $320,000, from a high of $390,000 at the market peak, the Warren Group reports.
While the Cape may be a few miles down the road from Greater Boston, many of the Hub's residents enjoy the benefits the beach community has to offer. In fact, Boston residents often vacate the city streets on weekends in the summer to enjoy some much-needed sun and relaxation far away from the Financial District and stress of the Back Bay.