Harwich Investment Properties

Located on Cape Cod, Harwich is a town that is known as a vacation spot in the state. There are plenty of beaches to enjoy, harbors to explore, and there is even golfing resorts in the area. If you are looking for an investment in the area that will provide you with a lot of rental income, then this is a town to consider. The median value of homes in the area is about $426,000, which is about $277 per square foot. This price is lower than the average real estate price in both the Cape Cod area as well as Boston, which makes it a great place to invest.

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Residential and Commercial Investment Properties

Investing in property in this area, whether it is commercial or residential, will be affected by the fact that this area is only occupied for part of the year. This is a vacation town, which means that there is going to be a high population in the area during the summer, but in the winter months when there is snow on the ground, this town will feel quite empty. That being said, vacation properties still offer great investment opportunities. In fact, the homes have appreciated approximately 3.5 percent in the past year. If you are looking to invest, there are a few different types of properties to consider:

• Single-Family Homes – These are going to be the most plentiful type of investment in this town, but they are also only going to provide enough space for a single family. Fortunately, since this is a beach town, and families tend to need a lot of space when they travel together, you will be able to rent the property out without an issue. In fact, you will most likely have the entire summer booked before the weather gets warm enough to enjoy the beach.
• Multi-Family Homes – These are buildings that have more than one unit that you can rent out. This type of home includes apartments, duplexes, condos, and townhouses. All of these units are available in this town, but they are not as plentiful as single-family homes, which may make them more difficult to find. However, if you get a building with four units, you will be able to make much more rental income with this type of investment.
• Commercial Property – In this area, this is going to be mostly storefronts. Though many of the residents leave the area in the winter, stores will still be operating in the area. Typically, retail tenants will rent out a location for a period of five to 10 years, so you can secure rental income with this type of investment.

Real Estate Market Overview and Neighborhoods

This is a vacation town, so a lot of the property may be vacant during the offseason, but that doesn't mean that it is not going to be a good investment opportunity. In fact, when you rent out vacation property, you can often make more in a few months than you would with a long-term rental because the short-term tenants will be willing to pay more for the rental property, especially when it is close to the beach. That being said, many of the homes in the area are two- to three-bedroom single-family homes.

There are three neighborhoods to consider in the area, which are:

• Pleasant Lake – With a median real estate price of $430,000, this is one of the more expensive areas in the town to purchase property. In fact, it is more expensive than 81.5 percent of the neighborhoods in the country. In this area, many of the homes were built between 1970 and 1999; however, there are some older single-family homes and small apartment buildings in the area. Vacancy rates in this neighborhood fall at about 31 percent, but since this is a vacation spot for many, it is to be expected.
• North / West Harwich – This area of the town is mostly three- to four-bedroom, single-family homes and apartments. There are also quite a few commercial opportunities in this area, so before investing, decide which is best for your needs. This is especially important because the vacancy rates are nearly 50 percent here, which means that during the offseason, the community will be rather quiet.
• Town Center – The median price for real estate in this area is actually about $393,000. This is still a coastal part of town, but many of the homes here were built between 1940 and 1969. This is an area that is great to explore by walking near the harbor and checking out views of the ocean. However, this is still a seasonal area of the state, which means that the vacancy rate is quite high (nearly 55 percent).

Choosing the Right Investment Property

When you are looking for an investment opportunity in a seasonal area of the state, it can be difficult to determine which option is going to be the most beneficial to you. That being said, Boston City Properties is a real estate firm that is familiar with the area and the trends of the market. Call 617-247-1933 today so that we can help you make an informed decision that you can profit from.

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