Posted by Gary on January 26, 2001 at 07:01:11:
I bought a second home on the Cape Dec. 1999 for 119k for 10% down. Reappraised recently to get rid of private mortgage insurance and it appraised at 175k. Market on cape has gone crazy but I think there are opportunities for fixups of some “tired” second homes (new baths, kitchens, paint, etc.) from older, out of state owners then flip to the baby boomers out of state who are looking for clean, well maintained vacation homes…I think there is still room for value increases on the cape because of the interest rates and the baby boomers nearing retirement with lots of money to spend. As you know, the major issue there is the septic and water table so try not to buy a home that is going to have an above ground septic system; they are quite unattractive! My rental income on the cape almost pays all my expenses so I got in the market at the right time.