Marblehead Investment Properties
Marblehead, Massachusetts, is a unique coastal town that features bed and breakfasts, fishing, and sailing opportunities for vacationers. The town really is fairly unique; not only do you get some of the beautiful vistas that are common to the Massachusetts shoreline, but you also have easy access to Boston, which is only about 16 miles away by car. This town is very suburban and has a population of 20,493.
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The town has a fairly strong housing market due to its proximity to Boston, and as the city grows, it's easy to expect a steady amount of growth in the coastal town as well.
Residential and Commercial Investment Properties
When you're working with a Massachusetts coastal town, it's important to remember that many of these have properties and neighborhoods with higher-than-normal vacancy rates. This is primarily due to the fact that many properties are designed to take advantage of the need for the vacationing crowd, and as a result, some properties go unused throughout the other parts of the year. This town doesn't have as high levels of vacancy as towns on Cape Cod, but still, it's important to take vacancies in towns like this with a grain of salt, especially considering the cash flow that a vacation property can provide.
Additionally, one class of commercial property shines in towns like this: hotels and resorts. Since this town has upswings of boaters and vacationers in the summer, owning a property of this type can really provide some optimal cash flow. While this can be somewhat risky in other towns, these properties really can shine in vacation-friendly locations like this one. Additionally, when it comes to management, it's advantageous to lease out properties like this to management companies since they know the ins and outs of hotel operation and can navigate regulations in the hospitality industry. It also makes this type of property fairly simple for the investor.
Residential properties in a town like this one can also provide a significant return on investment. Some vacationers like to solidify their vacation plans by owning a summer home, which presents unique opportunities for savvy investors. Purchasing properties here and upgrading them can force the appreciation rate of the property, and you can then sell the property at a much higher list price. Summer vacationers desire luxury, and providing this for them is a great way to make some quick money.
Real Estate Market Overview and Neighborhoods
This town has four neighborhoods of note. Each of these neighborhoods has at least a single side that rests on the water.
- Beacon Street – This part of the town rests at the northernmost part of town and has the highest vacancy rates. Both owners and renters occupy this neighborhood, so there are opportunities for investors to purchase both single-family and multi-unit properties. This neighborhood is also rich with historic houses that have construction dates that predate the start of the 20th century.
- Clifton – Clifton is a neighborhood that is relatively settled; there are fewer vacation properties in this part of town, and as a result, the vacancy rate is only about 4.9 percent. This neighborhood only has one side on the water. Median home values here are around $681,770, and the majority of residences are owner-occupied.
- Town Center – While single-family homes are popular around the town center, there are still also more than a few small apartment buildings and condos in this area of town. Home values are fairly expensive here, and you can expect to spend about $840,219 at the median level for a home.
- West Town Landing – This neighborhood rests in the middle of town and has two ends that rest on the water. Real estate prices are cheaper here; the median real estate price is about $586,420. Many of the multi-unit properties here are relatively small.
Choosing the Right Investment Property
When you're looking to invest in a seaside town like this, it's a good idea to really get to know the available options before you make a decision. It's not easy to know exactly what a town has to offer when it comes to home markets, but a good brokerage can provide you with the information you need. Boston City Properties has thorough listings of the properties in the area, so contact us at 617-247-1933 so that we can help you find your optimal investment.
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