Food for thought on the Cape (Cod) and Islands

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Services for Real Estate Pros with Martinelli Caputi & Associates, Ltd.
A friend of mine (native Cape Codder, now a New Jerseyite -- New Jerseyer?) emailed me in regard to the status of real estate on the famed Cape Cod (Massachusetts). He's thinking of moving back to the area and considering the fact that he lives in Jersey, I can't blame him!!! JUST KIDDING! (I know my Jersey friends are going to kill me for this one).



My initial thoughts on the subject started with the general notion that (as national trends indicate) prices have been dropping slightly. However, in some of the more sought-after places (See: most of the Cape and Islands), prices have remained steady or have even seen further appreciation (which is unheard of elsewhere).

On the flip side, this may be great news for property owners and investors but some folks (See: the elderly) cannot afford the rising property taxes associated with these property value increases. According to a great series that I heard on NPR, the split between the rich and the poor is quite eye-opening if you look hard enough. Here are some great links to these local NPR programs (I listen to the station whenever I’m cruising to a closing out that way):

CLICK HERE FOR THE LINK TO NPR

Just some food for thought. Let me know what you think about these reports... have you had similar experiences on the Cape? What are the trends in your area? As always, I am willing to help folks with their real estate needs throughout New England but my main focus is in Massachusetts and Rhode Island. :)

Any questions? Give me a call at 401.921.5114, extension 17.
Richard M. Bianculli Jr., Esq.
Supreme Title and Escrow, Inc.
171 Service Ave, Bldg 2, Suite 302A
Warwick, RI 02886
E-mail me at rbianculli@supremetitleri.com
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Rainer
5,776
Carolyn Galant
Coldwell Banker Residential - Madison, NJ
MBA - Coldwell Banker - New Jersey Real Estate

Jerseyan!!!

 

 

Oct 11, 2007 07:39 AM #1
Rainmaker
34,962
Barbara Mulcahy
Re/Max Integrity Advantage - Berkeley Heights, NJ
ABR, CRS - Your Berkeley Heights Real Estate Source
Hey Rich - watch with the Jersey humor :)  It's not that far to get to the Cape!!!
Oct 14, 2007 02:49 PM #2
Rainer
138,818
Paul Silver
Tiverton, RI
Rhode Island full service real estate firm

I believe it would be Jerseyan...

Nice to see some humor from an attorney...

Oct 15, 2007 08:30 AM #3
Rainer
29,076
Martinelli Caputi
Martinelli Caputi & Associates, Ltd. - Warwick, RI
& Associates, Ltd.
Paul, Barbara and Carolyn:  Thanks for the comments!  Jerseyan!  See that, you learn something new every day!!!  :)
Oct 16, 2007 10:11 AM #4
Rainer
3,081
Cathy Clark
Bourne, MA

I'll stay away from the New Jersey comments!  Love the Jersey shore.

I've posted some statistics from the Cape & Islands MLS through July on my own blog so won't be redundant here.  But your idea that things aren't so bad on the Cape is pretty much on target, depending on the town and price range, of course.  While I wouldn't say that we've been immune to the slowdown, homes are selling here and there is still a wide variety of price ranges.

Most of the Buyers I'm working with now are from outside MA and are looking for a summer home that will eventually be used in their retirement.  As the Boomers age, we are looking toward the future.  Other markets, of course, are having an impact.  Some have homes in Florida and want to move to the Cape.  Their house just isn't selling.  Florida's weather, taxes and insurance are taking their toll. 

Another factor, I believe, is that we just haven't seen the massive developments other areas have.  There's only so much buildable land here and larger developments are extremely rare. Approvals  are very hard to get.  One large parcel in my town was recently purchased by the local Conservation Commission. 

All in all, we haven't seen the significant declines, but there hasn't been much movement forward either.  Still, I'm glad I'm not in Florida, Arizona and some other places!

Oct 26, 2007 05:01 AM #5
Rainer
29,076
Martinelli Caputi
Martinelli Caputi & Associates, Ltd. - Warwick, RI
& Associates, Ltd.
Thanks for the info Cathy!  I'm glad to see that the Conservation Commission is doing their job!  I'm sure you agree that we need to protect the environmentally sensitive eccosystem of the Cape and Islands.  :)  With regard to the parcel that the Commission purchased, was it in a particular watershed area? 
Oct 26, 2007 06:00 AM #6
Rainer
3,081
Cathy Clark
Bourne, MA

Actually it was a commercial property (garden center) and a great village-type commercial location. There are two buildings which will be resold as small commercial/or multi-families but the rest will remain with the Conservation Commission as open space.  It will probably end up being about 8-9 acres after the two buildings are sold. 

The Conservation folks throughout the Cape work very hard at making sure that we don't overdevelop. 

Oct 29, 2007 01:49 AM #7
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