bostonbubble.com

[Hard Rain]

Today's Boston Globe real estate section contains an article written by Robert Preer a globe "correspondent" examining the new home market. On the front page he lists in bullet points "What to expect:" , point four claims that "higher end and second homes are still holding strong". To back this claim he quotes one Daniel Buckley of Bayswater Development of New Seabury. From Mr Buckley :

"At the New Seabury golf course community on Cape Cod, where new single-family home prices range from $1 million to $2.5 million, construction is proceeding at a brisk pace, said Daniel Buckley, project manager for Bayswater Development at New Seabury.

Buckley said construction is underway on a 28-home single-family subdivision at New Seabury, as well as a 25-condominium project.

He said the buyers are attracted to the golf courses and the beaches, and tend not to have credit problems.

"We're fortunate. We're in this bubble down here," Buckley said."



Construction of these properties may be brisk but what about sales? Let's take a look. According to Zip Realty there are eight of Mr Buckley's high end homes for sale. Some have been on the market for over 700 days and all show almost no "relative interest". Checking the Registry of Deeds I found no sales, not one. Another disappointing spin piece by the globe....
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[admin]

Good eye. Here's the article, for the benefit of others:

http://www.boston.com/lifestyle/house/articles/2008/02/24/developing_new_options/

- admin