Yes, I know the economy is in a state of flux, but buyers are clever and are recognizing the rare opportunity this situation brings. People who never thought they’d be able to manage a home on Cape Cod are discovering they can now. Market inventories are high, interest rates are good for those with good credit, and prices are at or below assessed value, in many instances.
Currently this Dixon Duo has four properties scheduled to close between late October and early November. In each case, the selling price is ten to eighteen percent below the assessed value of the property. These buyers know that, when times are better the value of their investment will increase, and in the meantime, they will be enjoying their new purchase. Some will profit from renting during the high season and yet have the luxury of escaping from the “madding crowd” the rest of the year.
Recently a couple from the UK came into the office and announced that they had traveled extensively but never visited a place where the people were so charming and the place so beautiful that they really wanted to own a home there… until now. There is something very special about our lovely corner of the world, but it’s always nice to have others discover that too. This couple from Scotland found a home that they are so enchanted with they took a detour on a flight over to Nantucket, so they could photograph the house from the air. You can just imagine how delighted they were when they came upon its picture in a book of Chatham’s history.
Now, you may say, “It’s easy for Europeans to purchase American property because the Euro and the pound are in better shape than our dollar.” That may be so, but historically real estate rebounds from a down economy, and in the meantime, it’s quite literally a solid investment, not a fragile piece of paper. There’s quite a flurry of activity here this fall, and the majority of the buyers are American. For most of Middle America, the bulk of their wealth is in their real estate. When they go to sell, if they have owned it for several years, they usually realize a nice profit. Here on Cape Cod, I guess you could say buyers are “mixing business with pleasure.”
By Elaine Dixon