“One of the maxims you hear from real estate brokers is that you should buy the least expensive house on the most expensive street,” says Timothy Warren, CEO of the Warren Group, a Boston-based real estate tracking firm that provided us with median prices for 2005 and 2009 (2005 was considered the market peak in Massachusetts; since then, the median single-family home price has shrunk by 20 percent statewide). “If you take that to the town level, look for the most expensive town you can afford.”
Greater Boston, Warren says, has held its value better than some other parts of the country because space is limited, so the area didn’t experience an unsustainable building boom, and because of the kinds of industries the region has attracted, from hospitals to universities to high tech. Nonetheless, within Greater Boston there are clear winners and losers. For example, our top spot, Wenham, experienced a 5 percent
increase in median single-family home prices from 2005 to 2009; meanwhile, Chelsea plunged 48 percent and Brockton dropped 40 percent, to name just two.
In several of the communities on our list, condo prices in particular saw a spike in the past few years. Usually, that’s because the community got a new development or two -- often for people 55 and older -- which increased the number of condominiums sold. But that doesn’t mean the numbers don’t tell an accurate story. “The condo market in general in all of Massachusetts was especially hard hit by this downturn,” Warren says. “In that kind of environment, if certain towns are able to have an increase in the number of condos sold and an increase in the median price, then that says something positive about people’s reactions to that community.”
Here and on the following pages, our list features 10 top spots in Greater Boston, plus two on the Cape and islands.
Change since market peak in 2005: +5%
Median condo price in 2009: $599,000
Change since market peak in 2005: +87%
Population: 4,788
Residential tax rate: $15.56 per $1,000 of assessed value
With its winding roads, rambling stone walls, tranquil lakes, and acres of woodlands, sleepy Wenham can still be considered rural, but it’s got a sophisticated edge. The town boasts a strong sense of history, a high level of education among residents, a median household income almost double that of the state as a whole, and a penchant for sports like polo and golf. It has a generally small inventory of single-family homes -- only 20 sold last year -- that appeal to parents with kids, and two new condo developments that sold briskly to empty nesters. Though the commute to downtown Boston is about 45 minutes, residents feel it’s worth it for the small-town feel. “People are very connected and caring,” says Sarah Johnson, the town finance director. “They watch out for each other.”
Change since market peak in 2005: +6%
Median condo price in 2009: $316,650
Change since market peak in 2005: -2%
Population: 38,074
Residential tax rate: $11.88
Once known as a place for renters, especially students, Jamaica Plain’s owner-occupancy rate has gone up in recent years as prices have risen for its intricate -- and often huge -- Victorians. The neighborhood has much that is appealing, with a lot of diversity, dozens of ethnic eateries, easy access to downtown, and green space galore, such as Jamaica Pond, the Arnold Arboretum, and Forest Hills Cemetery. And there’s something in every price range: “A low-income first-time buyer can get a three-bedroom right now in the old JP high school for $170,000,” says Karen McCormack, a realtor with McCormack & Scanlan Real Estate in Jamaica Plain. “And there’s another condo on the market for $1.65 million -- a 3,900-square-foot three-bedroom across from the pond.” Single-family homes, too, run the gamut, but there are plenty under $600,000. A small price to pay for an area with so much going for it.
Change since market peak in 2005: +2%
Median condo price in 2009: $408,000
Change since market peak in 2005: -3%
Population: 105,596
Residential tax rate: $7.72
“It’s so accessible to everything,” says Lisa J. Drapkin, a realtor with Coldwell Banker in Cambridge. “I can walk to everything I need and still be able to jump on the Pike if I need to go farther out.” Timothy Warren of the Warren Group also cites Cambridge’s walkability when extolling his hometown, adding that the city’s diversity is another draw. “A lot of people appreciate that their kids are not growing up in a homogeneous suburban neighborhood,” he says. The diversity extends to the restaurants, which run from frugal falafel stands to more elegant -- and pricey -- options like Harvest and UpStairs on the Square. And with Harvard at one end of Mass. Ave. and MIT at the other, Cambridge’s intellectual cred is not open to question. “I love the cultural stuff that’s available to us,” says Drapkin, “and the political climate. People in Cambridge are very engaged, and everyone’s got an opinion about something.”
Change since market peak in 2005: -3%
Median condo price in 2009: $360,000
Change since market peak in 2005: +9%
Population: 21,090
Residential tax rate: $11.51
With a cost of living almost 72 percent higher than the national average, Winchester is at the high end of the financial spectrum, but many might be surprised to learn that, as of this writing, a three-bedroom condo could be had for $269,000, and 11 single-families under $600,000 were on the market. The town’s popularity stems in part from its location less than 10 miles from downtown Boston, its two commuter-rail stops, and its great MCAS scores, but also from its friendly atmosphere. “People just really love that sense of community,” says Susan Russo, sales manager at Century 21 Commonwealth in Winchester. “It’s an Ozzie and Harriet, Leave It to Beaver kind of life.” In addition to several parks and the Middlesex Fells Reservation, there are town-sponsored events throughout the year, book clubs, fund-raising soirees, and educational activities for children. Homes are often older, the lots are typically large, and inventory can be low. “People tend to stay even after their kids grow up and move on,” Russo says.
Change since market peak in 2005: -10%
Median condo price in 2009: $349,900
Change since market peak in 2005: +75%
Population: 5,738
Residential tax rate: $12.50
As in Wenham, Rowley’s jump in condo prices can be attributed mainly to a couple of new 55-and-over developments -- one of which was 90 percent sold in just 14 months, according to realtor Kerry Nicolls of RE/Max Prestige in Pelham, New Hampshire, who handled the 23-unit project. She says the condos were priced right but also notes that Rowley is close to New Hampshire, Maine, and Boston and is not overbuilt. “People get to know their neighbors.” A daily commute to Boston might be challenging, at just under an hour with no traffic, but there’s good access to major highways. Parker River National Wildlife Refuge is just 20 minutes away. The town’s students have good MCAS scores. Its open space includes horse farms, trails, conservation land, salt marshes, and, crucially, large lot sizes for the area’s housing stock, which generally runs in the $300,000 to $800,000 range. “Rowley,” says Nicolls, “is a farm community, a horse community, a true bedroom community.”
Change since market peak in 2005: -12%
Median condo price in 2009: $452,200
Change since market peak in 2005: +45%
Population: 11,412
Residential tax rate: $12.84
“Lynnfield is a very picturesque New England town,” says Richard Tisei, a broker and owner of Northrup Associates Realtors in Lynnfield (as well as a Republican candidate for lieutenant governor). “But location is what makes it stand out.” With great MCAS scores and access to main roads and numbered highways -- 1, 93, 95, 114, and 128 -- Lynnfield is typically the next rung on the ladder of homeownership for buyers from Revere, Everett, Malden, and other communities closer to Boston. Though there is a town common with a 1700s meetinghouse, and antique homes and farmhouses are scattered about, most of the properties are newer, thanks in part to a building boom that started in the late 1950s and continued through the ’70s. A lot of subdivisions were created and filled with Capes, Colonials, and ranches. In recent years, higher-priced housing has been built, so single-family prices now start in the $300,000 range and go up to about $2 million.
Change since market peak in 2005: -9%
Median condo price in 2009: $310,000
Change since market peak in 2005: +29%
Population: 31,880
Residential tax rate: $11.67
Though single-family home prices declined since the peak of the market, the town’s real estate picture is looking brighter, says John Prescott, a vice president with Century 21 Commonwealth in Wellesley and a Natick resident. “I’ve been in the business 16 years,” he says, “and inventory is at close to the lowest numbers I’ve ever seen.” Low inventory, of course, drives up prices. According to the Warren Group, the median price declined by only about half a percentage point between 2008 and 2009, and sales in December 2009 were 50 percent higher than in December 2008. “Natick is the first affordable town when you head west out of the city,” Prescott says. “And we’re surrounded by Weston, Wellesley, Dover, Sherborn, and Wayland” -- all considerably pricier communities. Natick students have good MCAS scores, and the town has something for everyone, from miles of walking trails to the upscale Natick Collection shopping mall (which also features condos) to a quaint downtown filled with stately brick commercial buildings. “We do have high-end housing,” says Prescott, “but the average house is $450,000, $500,000. It’s still a lot of money, but it’s more affordable than a lot of similar towns with similar amenities.”
Top spots to live: High-priced-homes edition
Median single-family home price in 2009: $1,958,000
Change since market peak in 2005: +45%
Median condo price in 2009: $510,000
Change since market peak in 2005: -2%
Population: 79,731
Residential tax rate: $11.88
People don’t think of downtown Boston as having many single-family homes, but according to Tracy Campion, owner of the Boston real estate firm Campion and Company, more have been cropping up in the past few years as developers are taking multifamily town houses back to their stately roots. “They’re scattered throughout these neighborhoods,” she says, “and they range from $800,000 to $20 million.” Condos, of course, can be more affordable, with many two-bedrooms in the Back Bay going for less than $600,000. Newer condo buildings, in particular -- Bryant Back Bay, the Clarendon, the W, and others -- appeal to those looking for a hassle-free lifestyle. “You get garage parking, one-level living, elevators, doormen,” Campion says of these buildings, noting that they’re all within walking distance of attractions like Newbury Street, the Theatre District, and the Charles River. If you can afford it, what’s not to love?
Change since market peak in 2005: +1%
Median condo price in 2009: $665,000
Change since market peak in 2005: +9%
Population: 11,711
Residential tax rate: $11.10
Weston is nothing if not tony, with an average income for single and joint IRS filers of $531,374 in 2005, the highest in the state by a wide margin (Beacon Hill’s is second highest, at $429,103). So it’s no surprise the majority of Weston’s housing stock is priced at more than $1 million. What’s the draw? High test scores, low crime, and sophisticated neighbors in a small-town setting. With just a handful of businesses in the town center, says Gail Bogle, senior vice president at Hammond Residential in Wellesley and Weston, “when you go downtown you’re going to run into somebody you know.” Many of Weston’s homes are older, and there’s plenty of space devoted to preservation, with more than 60 miles of hiking and riding trails, the Weston Reservoir, and acres of parks and forests. And both the Mass. Pike and 95/128 run along Weston’s outskirts. “It’s rare to have such a rural town so close to a major metropolitan city,” says Bogle.
Change since market peak in 2005: +4%
Median condo price in 2009: $451,000
Change since market peak in 2005: -3%
Population: 54,896
Residential tax rate: $10.97
“In Brookline,” says realtor Chobee Hoy of the town’s Chobee Hoy Associates Real Estate, “you have a variety of lifestyles. Some parts seem more suburban, and others are quite urban. And that solves the needs of almost everyone.” She’s got a point. Brookline offers historic districts and high-rises, mom-and-pop boutiques and chains like Pier 1 and Trader Joe’s, temples and churches of all denominations, verdant parkland and an artsy deco-style theater. There are also a few things that will appeal to all: excellent town services, easily accessible public transportation, proximity to downtown Boston, and restaurants for every taste and budget. Plus, the public schools are top-notch. Brookline has held its value, Hoy says, “because of what the citizens here value and how they prioritize what they want. They volunteer for a lot of things; they’re usually very intellectual and civic-minded.”
Top spots to live: Cape and Islands edition
Change since market peak in 2005: +4%
(No sales figures for condos)
Population: 2,638
Residential tax rate: $4.46
A quiet life is what you’ll get if you move to West Tisbury. Located in south-central Martha’s Vineyard, on the other side of the airport from bustling (in relative terms) Vineyard Haven, Oak Bluffs, and Edgartown, West Tisbury is an alcohol-free zone that’s all about farmland, with an agricultural fair every summer, roadside farm stands, and a 36-year-old farmers’ market. It has a Green Acres-tiny town center, with a little Congregational church, a country store, and a town hall. “If you blink your eyes, you’re through the town,” says Renee Ortiz, co-owner of Martha’s Vineyard Seacoast Properties in Edgartown. Much of the housing stock is newer, but still in keeping with the island’s understated grace. Seclusion is valued here, with many homes tucked away along winding dirt roads that lead to the water.
Change since market peak in 2005: -11%
Median condo price in 2009: $291,250
Change since market peak in 2005: +83%
Population: 5,438
Residential tax rate: $5.51
Water, water everywhere could be the town motto for Eastham, a place for nature lovers if ever there was one. Steps from the 43,000-acre Cape Cod National Seashore and at one of the narrowest parts of the Cape, Eastham has “a million bay beaches,” says Donna Gemborys, a realtor with Kinlin Grover in Orleans, along with Atlantic Ocean views, hiking, biking, windsurfing, and beachcombing. Among the attractions are breathtaking Fort Hill, where you can sit and watch the sun set and the moon rise, an old windmill, and the red-and-white Nauset Light. Houses are a mix of historic and newer, with condo prices driven up since 2007 by Brackett Landing, a 40-unit development where buyers can take advantage of that small-town feel. “I met more friends in three months [in Eastham] than in 11 years in Brewster,” says Gemborys. “You just feel at home.”
Elizabeth Gehrman Boston Globe March 14, 2010
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