Cambridge, "Our Fair City", continues to be resilient to the market downturn. After relatively mild declines starting in 2005, prices have recovered. With interest rates at historic lows, this is a great time to make a move.
Looking back over the year so far, the Cambridge/Somerville market has maintained its recovery with small price increases and a sales volume close to this period last year. This, in spite of negative national economic news, more restrictive lending practices, and the expiration of the Buyer Tax Credit last year. My experience and that of my colleagues is a frustration with the lack of properties to show our buyers. Buyers are ready to make offers and take advantage of the record low interest rates as evidenced by quick sales and some multiple offers when an attractive, fairly-priced property comes on the market.
We are fortunate for the energy that draws buyers to our area as a great place to live. Our local economy's foundation on Life Sciences, Education, and Health Care as well as planned developments in Kendall and Union Squares, the Green Line extension, revitalization of Assembly Square, and the restarting of development at North Point all contribute to a positive outlook.
If you are interested to see the price changes year by year since 2004 in Somerville or Cambridge, email me and I will send you my report.
ZIP Codes: 02138, 02139, 02149, 02141, 02143 Location Characteristics: Cambridge, best know for Harvard University and M.I.T. provides an exciting array of intellectual and cultural events with an international flavor. The housing stock has a wide range including small "workers cottages", condominiums or all sizes, multi-family homes, Victorian mansions, and luxury full-service buildings. Cambridge has a thriving industrial base, much of it as spin-offs frm M.I.T. and Harvard. Currently biotech and internet-related companies are most numerous. Cambridge was named the best walking city in America according to The American Podiatric Medical Association and Prevention Magazine in their April 2009 issue.
The Cambridge real estate market has been good to buyers and sellers for many decades. Our universities, biotech, and computer centers are world famous. People have been drawn to our cutural offerings, diversity, and ideal location on Boston's "left bank". Cambridge has fared better than neighboring towns in previous market adjustments.
Want to search the MLS for listings? Be sue to visit www.bobfilene-realestate.com where you can see all properties in MLS and find a wealth of information. Just a click away!
About Bob Filene:
Bob Filene, Certified Buyer Representative, e-PRO, Relocation Specialist, Coldwell Banker Residential, Number 1 Market Share in Cambridge and environs, 617-245-4091. Full representation for buyers and sellers. 30+ year resident of Cambridge, MA, graduated from Tufts University and M.I.T. 30+ years experience with purchasing, developing, managing, and marketing real estate. Bonus - I am a member of the American Society of Magicians.
Want to search the MLS for listings? Be sure to visit www.bobfilene-realestate.com where you can see all properties in the Multiple Listing Service that meet your needs,find your "Dream Home", and find a wealth of real estate information... all just a click away!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
