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5 Best Towns For Investors Along The North Shore

By Elizabeth R. Elstien

The North Shore of Massachusetts is a mix of 14 wealthy and working-class communities, both along the coast and inland. From fishing villages to tourist beaches and expensive seaside houses, the North Shore is made up of a variety of places, people, and structures. Consequently, there are a range of sales prices in the area. Rents vary depending on town/area, size, amenities, special features, appliances and other factors. Whether investing in properties as long-term rentals or fix and flip, find out the five hottest towns for real estate investors along the North Shore and build your wealth.

1. Beverly

With a population of 38,200, this once heavy industrial town is now primarily a residential community that's big on its cultural and academic facilities. Average resident salary is $65,400. Property prices are increasing fast since the middle of 2013, but are still lower than the North Shore average sales price. There are nearly 140 properties on the market at this writing. The average condominium price is $286,600, single-family homes average $1,045,670 and the few multifamily homes average $429,000. The single-family home average is skewed by a few million-dollar sales, as the median sales price is closer to $550,000. There is a moderate amount of rentals ranging from $1,350 a month for single-family properties to apartments that can go up to $2,000 depending on size.

2. Swampscott

Swampscott is a small, quaint seaside town of Boston commuters and some summer visitors. It has a resident population of 13,650. Sales prices are erratically rising with condos going for an average sales price of $533,803, single-family homes for $978,292 and a few multifamily properties for $571,000. There are few rentals, but may be more in the summer months. A recent rental for a two-bedroom, one-bathroom home rented for $1,600 a month.

3. Gloucester

The working harbor of Gloucester boasts one of the top three fishing ports in the Northeast U.S, so its waterfronts are a protected asset. It's a mix of working class, old money and summer visitors, who increase the population about 30% in the summer. It's considered a painters' haven due to the natural light and the town is working to develop tourism. The more expensive homes definitely skew the average prices. Median prices paint a more representative picture of sales with condominiums at $375,000, single-family at $652,000 and multifamily at $398,000, but condos and multifamily properties are decreasing in price. Rentals can be as high as $3,500 for a four bedroom, 2.5 bathroom.

4. Wenham

This rural town with a historic character has 4,200 residents with salaries averaging $143,000. Views are of farms, lakes and woodlands and the streets are heavily lined with trees. Rentals are few, but a recent four bedroom, 2.5 bathroom home is going for $4,000 a month. At least one investor has turned a large home into condos listed for sale at $509,000 to $549,000.

5. Rockport

Rockport has a year-round population of 7,500 with an additional 13,000 people in the summertime. It's a tourist town located at the tip of Cape Ann with the Atlantic Ocean on three sides. Galleries and art studios abound. Sales prices have dropped from their five-year peak at the end of 2013. The average condominium sales price is $290,000, single-family is $657,000 and multifamily is $544,000. Rentals rates are often by the week for summer visitors, such as $1,800 a week for a four-bedroom, 1.5-bathroom cottage with linens. Apartments rent for $900 and up.

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8/6/2014

mike tierney

Hi....sorry but your figures are way off on medium prices.....check Beverly and swampscott again.....great towns though...

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About The Author

Elizabeth R. Elstien has worked in real estate for over 15 years as a real estate...

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