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Amid uncertainty elsewhere, Cape Cod luxury real estate market takes off

Amid uncertainty elsewhere, Cape Cod luxury real estate market takes off

Boston Globea day ago
The wild ride in stock and bond markets over the past few months may have wealthy investors thinking of more stable places to put their money -- like real estate, said Paul Grover, co-founder and principal broker of Berkshire Hathaway HomeServices Robert Paul Properties in Osterville.
Sales of homes above $2 million jumped 35 percent in approximately the first five months of the year compared to the same period year ago, to 99 from 73 in 2024.
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The gyrating financial markets, Grover said, 'put people in the frame of mind that luxury real estate or real estate on Cape Cod was probably a very solid place to be invested.'
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The luxury market has also proven resistant to two factors weighing on the broader real estate market: high interest rates and high prices.
Most luxury buyers can pay cash, so the prospects of higher monthly mortgage payments have less of an impact on luxury sales. And because the buyers are, well, rich, price is less of an object.
'If you just think about the profile of a buyer at that price point of a home, they're generally pretty insulated from some of the things that impact the majority of the public,' said Betsy Hanson, CEO of the Cape Cod and Islands Association of Realtors.
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The East Falmouth property with a recent accepted offer at 2 Bridge Street.
Sotheby's International Realty
The biggest share of buyers live driving distance from the Cape, Grover said. Most are from Massachusetts, generally living in Boston or its suburbs. Another sizable portion comes from Connecticut or New York. Historically, buyers from Philadelphia and Cleveland also have been well represented in certain enclaves of the Cape.
But recently, Grover said, an increasing number of affluent homebuyers come far away, such as Texans looking to escape the extreme summer
heat and Californians seeking property in a place less prone to wildfires.
'Even at the top end of our market, our prices look really appealing to them, and they're used to a higher price point,' he said of buyers coming from especially pricey markets, such as southern California.
Luxury prices tend to start in the $2 million to $5 million range, depending on location, Grover said. Last June, he
Luxury properties on the Cape tend to be vacation homes, not primary residences, that don't see much use beyond July and August. Most are walking distance from a town center or a beach, if not waterfront.
$2,845,000 property in Falmouth at 33 Wood Neck Rd.
Sotheby's International Realty
Cape Cod luxury home prices tend to increase gradually, Grover said, but the COVID-19 pandemic caused prices across the local real estate market to skyrocket, with some doubling in value. Median sale prices for single-family homes
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'People wondered, would these new prices hold?' Grover said. 'And in fact, they have.'
The Cape has been fairly insulated compared to other US real estate markets. For example, median single-family home sale prices dropped about 3 percent in Austin, Texas in April and about 4 percent in Tampa-St. Petersburg, Fla. compared to a year earlier, according to local real estate data.
The median single-family home price on the Cape rose slightly in April, to about $798,000 from $795,000 a year earlier, according to the Cape Cod Realtors association.
Unlike these other markets, where building boomed in recent years, the housing supply on the Cape remains tight while demand stays strong.
'Some other areas of the country might be seeing that there are some market corrections happening,' Hanson said, 'and we aren't necessarily seeing that bear out here.'
Stella Tannenbaum can be reached at
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My new friend is nice and reminds me greatly of another friend, so much so that I start to miss her, so after dinner, I call said friend and ask, 'Are you currently doing anything; can I come over?', to which she replies with, 'Of course!' I am extremely grateful for the people in my life. $35.02 7 p.m. — I meet up with my friend and we yap and yap and yap for about three hours straight. We catch up on life, spill some tea, discuss baby things (she recently gave birth), and share excitement over an upcoming concert that we are going to see. It's a wonderful night, and I'm glad I'm able to see her. 11 p.m. — Drive through In-N-Out on the way home to grab my brother and me some burgers and animal-style fries (you can never go wrong with animal-style fries). I make it home and instantly knock out after eating. $26.30 Daily Total: $92.84 Day Seven: Sunday 12 p.m. — Sundays are fundays. I get up and buy seven breakfast tacos for myself, P., my friend W., and W.'s sister. Overall, to feed four people with $28 is a steal in this economy. I visit W. first thing in the afternoon and stay with her and her sister just chatting for hours on end. It may seem like I do this a lot, and I would say that I have started to go out more, but I'm making a big effort to keep in touch with my friends, especially since two of my friends moved away to NYC last year. Sometimes, I just feel a little lonely, and other times, it feels like my life is full of social interactions; it's a balance that I'm learning to make. $28.04 4 p.m. — After we chat for a while, I head home. I have a bit of down time before our dinner plans, so I'm scrolling on the gram when I come across Kurtis Conner's comedy tour. I buy front-row seats to the show for P. and me. A splurge for sure, but we don't get to go to shows often, so I feel that it's pretty worth it. $185.82 5 p.m. — P. and I meet up with some friends for dim sum. He pays for the bill and everyone zelles him for their portion. Everyone is disappointed with how the dim sum tastes, so we decide to grab another bite. We go to a pizza parlor that stays open a little later. We get pizza, root beer, and wings. It's a wonderful time filled with chatter. 11 p.m. — We don't get home until late, but it's well worth it. Afterwards, I sleep off my week of activities. Daily Total: $213.86 The Breakdown Conclusion 'It was fun to track my spending during this diary! It also helped that I had recorded daily vlogs, so I could easily remember how certain days went. I have a tendency to forget what I do on a day-to-day basis — this happens because the day seems to go by so fast! There's so much to do and so much that I am learning, whether it be about work or social life. I think it's the antidepressants talking, but when I look back on my week, I feel a sense of contentment like I really did enjoy my time. I'm figuring out how to strike a balance between work and life as I navigate working full time again. 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My Porch Pumpkins business started as a hobby. Now, it makes 6 figures, we're franchising, and I'm coaching entrepreneurs.
My Porch Pumpkins business started as a hobby. Now, it makes 6 figures, we're franchising, and I'm coaching entrepreneurs.

Business Insider

time2 hours ago

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My Porch Pumpkins business started as a hobby. Now, it makes 6 figures, we're franchising, and I'm coaching entrepreneurs.

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