Made famous by the Kennedy family, who had a large compound in Hyannis Port overlooking the Nantucket Sound, Cape Cod and the surrounding islands of Nantucket and Martha’s Vineyard in Massachusetts are still popular holiday resorts today. While Greater Boston’s luxury market has seen prices increase over the past year with high-end condos hitting a record of $1,380 per square foot, Cape Cod has still not fully recovered from the global downturn in 2008, making it a good time to consider an investment. MORE: Why Boston Is Becoming a World-Class Real Estate Market Jack Cotton, a broker at Sotheby's International Realty, said: “The recovery from the global slowdown has been uneven in Cape Cod luxury real estate and what is a little frustrating is it lags behind the recovery that Boston real estate has enjoyed. For that reason, it is a great time to invest in Cape Cod since values are still compelling.” Chuck Leigh, a broker at Truro Real Estate, added that the situation has reversed from before the crisis when a severe lack of homes for sale pushed up prices. Today, there is a lot on the market and until it starts to seriously thin out “prices aren’t going to do much,” he said. Leigh said there was one exception: Provincetown, which has been hot for a while because there are a lot of condos there. Who Is Buying in Cape Cod and the Islands? According to Annie Blatz, a realtor at Kinlin Grover Real Estate and president of the Massachusetts Association of Realtors, most Cape buyers are from the U.S.–and in particular from Massachusetts, Connecticut, New York and New Jersey. “Many of them are second home buyers–and they typically seek a property located an easy day’s drive from their primary residence. And in the luxury price range they are not generally investors–they want to use their Cape home and enjoy the Cape lifestyle for part of their year. They frequently pay cash for their homes,” she said. MORE: $1 Million Can Get You a Lot of Home in Belize Cotton added that buyers are getting younger and most of his customers, but not all, are from the financial services industry in the greater Boston area, who are drawn to the Cape as they want to be as close as possible to the water. Where to Buy On the Upper Cape, where there are a lot of permanent residents as well as holidaymakers, New Seabury in Mashpee is a popular holiday destination. Further down in the Mid Cape is the large town of Barnstable, home to Hyannis Port, an affluent beachside area, and the quaint village of Osterville on the Nantucket Sound. The former is best known as home to the Kennedy compound and was where John F. Kennedy spent his summers when he was President. On the Outer Cape, meanwhile, lies Truro, a more rural town, and Provincetown, famous for its gay and lesbian population and artists’ colony. MORE: Why Ibiza Is a Good Second-Home Investment “There is no one town on the Cape that attracts the greatest percentage of luxury buyers. But certainly most of the homes are waterfront or waterview – mostly saltwater, but some freshwater sites as well since we have a large number of beautiful freshwater ponds on the Cape,” said Blatz. “And certainly some towns have a higher average price than others–in 2015 Chatham had the highest overall average sale price with the village of Osterville close behind.” Then there are the islands off the coast of Cape Cod. On the more glitzy side is 87-square-mile island of Martha’s Vineyard, where many A-listers including Meg Ryan have homes. It is also the chosen holiday destination for many presidents. Bill Clinton stayed at the home of Boston businessman Dick Friedman several times when he was in office, while President Obama and his family have also vacationed here. The neighboring island of Nantucket, which is 26 miles off the coast of mainland Cape Cod and famous for its cobblestone streets, also has its fair share of famous owners including former Secretary of State John F. Kerry and Google executive chairman Eric Schmidt. Rental yields are attractive in both these place as it’s not just presidents and actors who come here. Droves of tourists arrive on both islands during the summer months. What’s on the Market
Barnstable
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Price: $10 million Bedrooms: 5 Bathrooms: 8.5 This huge home has breathtaking views of East Bay and Nantucket Sound and is only a short stroll to the iconic village of Osterville. It is also perfect for those who enjoy entertaining, with an infinity pool and spa, a billiards room and a theater. View full listing
Mashpee
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Price: $2.2 million Bedrooms: 4 Bathrooms: 6 Located in the village of New Seabury, where New England Patriots’ owner Robert Kraft already has a home, this home has views of both the dunes and championship golf courses. View full listing
Provincetown
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Price: $3.4 million Bedrooms: 3 Bathrooms: 3 This contemporary home designed by award-winning architects Gisue and Mojgan Hariri sits at the tip of Provincetown. It is located high on a dune to take advantage of the panoramic views of the beautiful salt marsh and Cape Cod Bay. View full listing
West Yarmouth
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Price: $12 million Bedrooms: 5 Bathrooms: 5 Situated on 3.82-acres in the gated community of Great Island, this magnificent seaside residence has panoramic ocean views and access to tennis courts, golf course and a private beach club. View full listing More From Mansion Global:
