Wellesley, Weston And Nantucket: Still Good Real Estate Bets Or Grossly Overpriced And Headed For A Tumble? What’s Your Take?
There have been few better investments in the past few years than real estate in some of the Bay State’s most exclusive suburbs and resorts.
After all, even as the rest of the country saw prices decline amid the worst downturn since the Great Depression, real estate values in tony towns like Wellesley and Weston and Newton and on Nantucket, the getaway spot for the nation’s corporate elite, just kept rising.
But, as I noted in my column for B&T this week, the downturn appears to be finally reaching even the elite communities, with median price declines in all three communities mentioned above, among others.
That means median sale prices falling below a million in some cases for the first time in years.
Still, some big questions remain. Is this the last act before the market hits bottom, the grand finale of sorts of the downturn?
Or are these price declines the start of a wrenching devaluation, one that could make it possible again to buy a decent home in Wellesley, say for $500,000 or $600,000?
Does it still make sense to shell out a million or more to buy a ranch in Weston or a Cape in Wellesley? Or were those prices crazy to begin with?
What’s your take?