Boston Real Estate Market has been very hot since 94 at least.
One has to imagine that real estate will go down if there is a
serious recession. Now is not the time to buy, but if you bought
a home two years ago or before, you already have good appreciation.
However, the local economy is well diversified and housing is in
short supply. The big dig will continue for another 3 years at least
stabilizing the construction industry. In the near suburbs (Weston,
Concord, Sharon, Dover) lot size and lack of new building sites
maintains the price. In the city, Cambridge is stabilized by lack of
buildable lots, the presence of Harvard and MIT and growing hi-tech.
The surrounding communities, Somerville and Arlington have received
the overflow of people who can't afford Cambridge and houses have
appreciated very well there as well. I have noticed when driving through
Cambridge that the number of for sales signs has increased lately.
On Cape Cod, there has been a building boom which is is coming to an
end due to new restrictions imposed by the towns on construction, by
a 3% property surtax which the towns have imposed and are using to
buy up buildable lots, by the presence of National Seashore which
occupies more than half of the land (outer cape), a realization on
the part of baby boomers that the cape (upper, primarily) may be a possible
place to retire, by proximity to shoreline (a precious resource) and
attempts to diversify out of the tourist industry.
Rolatzi |
