Rockland, MA Real Estate
This picturesque Massachusetts town is located in Plymouth County. It is home to about 17,500 residents. The town's rocky geography, which is also the basis for its name, historically made it well-suited for industrial and commercial activities. Therefore, its man-made landscape is comprised largely of industrial buildings and warehouses. These numerous buildings, which once served the town's manufacturing needs, are seeing a renewed popularity among companies looking for well-sized, strategically located, and affordable space near Boston. With a distance of just over 20 miles and a 25-30 minute commute by car and public transit into the city, Rockland is an attractive place to live for those who work in the city.
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Single-Family Homes for Sale
Rockland is a largely residential area, where the majority of people (71.8 percent) own their own homes. Of that amount, about 55 percent of the market is made up of single-family homes. With an average increase of 11 percent in median home value between 2017 and 2018, the single-family market is going strong. Predictions call for another 4.2 percent increase in average home value through 2019. As of 2018, the median home value here is $318,500. Home values were at the lowest point in 2012, when the average home was just $218,000. The resurgence of the economy brought back confidence in the housing market, and home values started to increase after that time. The average home value was $223,000 in 2013, and it climbed to about $250,000 in 2014. The average home value in 2015 was higher still at $267,000 in 2015, and it reached $283,000 in 2016. The median home value in 2017 was $315,000. A large number of homes on the town's market are priced between $240,000 and $360,000. There are also a number of homes priced between $360,000 and $480,000. Few homes (less than five percent) are listed at a price of $60,000 or less. Around four percent are priced between $60,000 and $120,000. The smallest category is homes priced at $1.2 million or more. This group accounts for less than one percent of the town's single-family market.
In this town, two-bedroom and three-bedroom homes are the most common. About 39 percent of homes in the town are three-bedroom houses, and about 33 percent are two-bedroom. About 13 percent of homes have four bedrooms. Just over 11 percent have one bedroom, while less than two percent have five bedrooms or more. Spacious homes are one of the main appeals for people looking to live in this town. A four-bedroom home with two bathrooms, for instance, can have upwards of 2,000 SF of space. Prices range from about $220,000 to over $469,000 for a home of this dimension. A five-bedroom home with two bathrooms costs about $389,000, which is $221 per SF.
Median home values are based on a number of factors, including a home's location, its neighborhood, nearby amenities, renovations or updates, and its age. Foreclosure rates also have a significant impact on average home values. At the end of 2017, the town had a 2.2 percent rate of homeowners who are delinquent on mortgage payments. This is slightly higher than the national average, which is just below two percent. The number of homes with negative equity was just below seven percent, which is lower than the national average of 10.4 percent. Home foreclosure rates in this town are about 14 percent of homes foreclosed for every 1,000 homes as of early 2018, which is higher than the national average of 1.6 percent. Home foreclosure rates were at their highest in August 2011, when they reached a peak of 17.89 percent. In contrast, home foreclosure rates dropped to about 1.25 percent in 2015, which is the lowest rate in recent history.
Townhouses/Condos for Sale
Another option for homeowners is a townhouse or a condo. The advantage of getting a condo is that they are usually easier to maintain than a single-family home, and they are slightly less expensive. They also usually provide shared amenities for residents, such as a pool, playground, fitness center, and common areas. In this town, about 7.5 percent of homeowners own townhouses. Many condos in this town are located in former residential buildings that have been converted into multi-resident structures. This translates to picturesque condos in quaint residential neighborhoods.
Townhouses here have an average value of $281,100, which applies to buildings of all bedroom counts. Home price is influenced by a number of elements, including bedroom count and the age of the building. Condos with added features like fireplaces and patios often cost more. The home value forecast calls for a three percent increase in condos' median value through 2019. Two-bedroom and three-bedroom condos are the most common, and they are available through both traditional buyer-seller sales and through foreclosure auctions. For a two-bedroom home with three bathrooms, the average price is $439,900. This amounts to a price of about $234 per SF. An estimated mortgage payment for a condo of this size is $1,733 per month. For a three-bedroom condo with two bathrooms, an average listing price is about $264,900, which is $219 per SF. The estimated monthly mortgage amount is $1,045 per month. In addition to condos on the regular market, the foreclosure market contains condos too. Prices can be quite good for a condo that is being sold due to foreclosure. For instance, a two-bedroom, one-bathroom condo may be available for a price of $154,000 after being foreclosed. Purchasing a foreclosed condo can be a nice way to save money and get a good deal on a nice place to live, provided there are no financial or legal concerns with the property.
Along with the fee for purchasing a property, many condos have an added monthly fee called a homeowner's association fee. In Massachusetts, the average monthly homeowner's association fee is between $200 and $400. However, this rate changes based on factors like the building's amenities. A premier luxury building, for instance, usually has a higher monthly homeowner's association fee than an older building. The fee pays for upkeep and maintenance of the the building, as well as shared common areas. Landscaping, exterior painting, trash removal, and plowing are some common homeowner's association fees. Along with the standard monthly payment, homeowner's association fees may increase to cover the cost of sudden unforeseen expenses like roof repairs, the addition or repair of an elevator, new windows, and other structural renovations. Homeowner's associations may also regulate the type of amenities and personal improvements owners may make to their personal units. For example, there may be requirements for interior and exterior paint colors, permissible decorations, and even the type of furniture permitted in outdoor areas. The homeowner's association fee may also vary based on whether condos are located in standalone buildings or are part of a larger condo development. Condo developments may offer more shared amenities, including access to transit stations.
Apartments
In this town, about 28 percent of people choose to rent property rather than directly own it. About 15 percent of apartments in this town are in small apartment buildings, and 16 percent are in apartment complexes. In the first quarter of 2018, the average monthly rental rate for an apartment in this town is $1,507 per month, which is lower than the average monthly rental rate in the Boston metro area, which was approximately $2,405 in January, 2018. The average monthly apartment rental price nationwide is $1,446 as of 2018. Up to 2016, the cost of renting an apartment in this town rose steadily since 2011, which had the lowest monthly rental rates in recent history. In 2014, the lowest average monthly rate for an apartment rental was $1,455. It cost about $1,570 to rent an apartment in 2012, and that rate increased to a little over $1,600 per month in 2013. The average monthly rate for an apartment was about $1,750 in 2014. In 2015, the highest monthly rental rate was about $1,850. The highest monthly rental price for all apartment sizes peaked at just over $1,900 in 2016. Throughout the year, apartments of all sizes rented for an average price of around $1,630 in 2017.
Just as apartments have an average monthly rental rate across all sizes, there are average prices based on the apartment's size, too. A one-bedroom apartment rents for approximately $1,280 per month, while the asking rental rate rises to $1,557 for a two-bedroom apartment. The largest decrease in average monthly rental rate was for two-bedroom apartments, which rent for nine percent less in 2018 than they did in 2017. Across all types of apartments, the average size is 838 SF. One-bedroom apartments have an average size of just over 660 SF. That number increases to an average of 876 SF for a two-bedroom apartment. Most apartments in town (57 percent) rent out for a monthly price between $1,500 and $2,000. The second highest number of apartments (38 percent) are priced between $1,000 and $1,500 each month. The least expensive apartments, which ask between $700 and $1,000 per month, only account for about five percent of all apartment rentals in town. Since May of 2017, average monthly apartment prices have declined most drastically for one-bedroom apartments. In May, 2017, they reached a peak of a $1,505/MO average asking price. The average monthly rental rate also declines for two-bedroom apartments over that time. A two-bedroom apartment rented for an average of $1,645 in May, 2017. As of March, 2018, the average monthly rental price for a two-bedroom apartment was $1,555. For apartments of all bedroom counts, the average monthly rental price went from $1,620 in May, 2017, to $1,507 in March of 2018.
The price of apartment rentals is considerably lower in this town than it is in Boston, where the average rental rate is $3,016 for all apartment sizes. A studio costs about $2,318 in Boston to rent monthly. That number jumps to about $2,800 for a one-bedroom apartment, just over $3,410 for a two-bedroom space, and about $4,130 for a three-bedroom unit. The average apartment size in Boston is 815 SF. Average rental rates and apartment sizes also vary by neighborhood.
The Commercial Sector
With its historic strength in the warehousing and industrial sectors, it is perhaps not surprising that the commercial market in this town is still doing quite well. A diverse portfolio of properties, which includes general retail space, offices, industrial buildings, mixed-use facilities, high-bay buildings, and warehouses ensures that many different business types are accommodated. Price points are good too, which is another major incentive for businesses looking to move into town. Few new commercial buildings are being constructed, as businesses are finding it more convenient and cost-efficient to move into existing structures that just need minor updating to suit their needs. With proximity to Route 3, I-95, and I-93, companies of all disciplines enjoy quick access to Boston and a prime location near major trade and transportation routes.
In the retail sector, both small businesses and larger chain stores are accommodated with the diverse retail property landscape. A combination of individual retail spaces in buildings close to the town's center and space in larger store and retail centers further away from the heart of town welcome many different types of business activities. Some sites are set up for specific retail uses, such as restaurants, cafes, and bars. Others are suitable for flexible use, and they can be adapted to meet various needs. The average lease price for a general retail space is around $1.75 per month. However, rates can be as high as $9.60 per month for a space in a highly visible luxury building. An average price of $1.75 per month equates to about $21 per SF each year. Progressing to a slightly higher price of $2.25 for a monthly lease rate, the price per SF increases to $27 per year. For industrial space, the average lease rate per month is about $0.54 per SF, or $6.50 per SF each year. Lease prices for a newer, more modern and well-equipped building can fetch a higher asking price of closer to $1.50 per SF a month, which equals a cost of about $18 per SF each year. Some buildings are also offered for sale, which is an attractive option for companies wanting to expand in the future. This arrangement is also ideal for businesses with multiple functions, such as companies with both a corporate and manufacturing or shipping component. For businesses that need only office space, such as law firms, banks, and medical offices, renting an office suite is a sound option. Fortunately, there are many office buildings along the Route 3 corridor, which gives companies access to high volumes of vehicle transportation and even public transportation. A mix of multi-story office buildings and shopping plazas makes the Route 3 corridor a popular destination for both residents and visitors. Many office buildings along Route 3 have been renovated to be equipped with the latest luxury amenities. There are also more new buildings in this area, which have been built in the past 20-30 years or so to accommodate the influx of corporations in the Greater Boston area. Along with buildings, there are some parcels of land for sale that can be developed for a variety of commercial uses. This is especially true in areas around the town's major shopping plazas, where there are a number of small parcels of land that are available for future development.
Rockland Condo Developments
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