From our President

Vibrant hub of academia, the Massachusetts city of Cambridge is luring non-students who want quality of life and urban chic. By Rebecca Knight

Consider it the ultimate college town. Not only is Cambridge, Massachusetts, home to both Harvard University and the Massachusetts Institute of Technology (MIT), two of the US's premier academic institutions, it also neighbors the city of Boston, with dozens of other universities in its surrounding area.

But while pockets of Cambridge are undeniably collegiate - the city of 100,000-plus has more than its fair share of vintage stores, kitschy shops and ethnic restaurants - it has a sophistication that makes it much more than a university town.

Of course the delights of Cambridge come at a price. Its biggest drawback might a limited stock of single-family homes, which makes buying one extra-ordinarily expensive. "Any area that's deemed desirable is going to be expensive," says Bill Luther of Channing Real Estate, who has lived and owned in Cambridge for more than 25 years. "Wherever you find great schools, a safe, convenient environment and a culturally interesting place, you're going to find price. That's Cambridge."

This summer the average cost of a house was just over $1 million. While that figure is down slightly from the same period last year, when the figure was closer to $1.1 million, it's still double the prices in other Boston suburbs such as Medford, Somerville and Watertown, according to figures from the Multiple Listing Service. Condominiums are less expensive but still not cheap, selling at an average of $755,054 this summer, compared with $861,128 over the same period last year. Industry data predict that overall property values will rise by 5 per cent this year, following double-digit annual gains in the early 2000s and a three per cent dip in 2006.

"Even in the face of a national slowdown, Cambridge is seeing an upward pressure," says Luther.

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What's your opinion? We'd love to hear your comments on the state of the real estate market in Cambridge.

Two Single-Family Homes New to Market

The first is a classic 1826 brick rowhouse in East Cambridge with 2 bedrooms, 2-baths and parking. This historically sensitive renovation is listed at $629,000. The second property is a Victorian in Mid-Cambridge set on a very generous lot. At $699,000, this promissing property is priced to sell.

Nineteen Condos New to Market
These properties are in the East Cambridge, North Cambridge, Inman Square, Central Square, Kendall Square, Huron Village, Radcliffe, Fresh Pond, Porter Square, Mid-Cambridge, Cambridgeport and Agassiz neighborhoods. They range in price from $284,900 for a meticulously maintained 1-bedroom with parking in a contemporary building with a courtyard and association pool in East Cambridge to $1,050,000 for a 3-bedroom, 2.5-bath townhouse renovated by an award winning firm and located in architecturally rich Avon Hill.

Two Multi-Families New to Market
The first is a 7-unit compound in Cambridgeport for $1,800,000. The offering consists of a 3-family plus a a 2-family on an adjoining lot. The other is a three-family in Riverside on the periphery of Harvard Square. It's priced at $1,250,000. One of these properties is already under agreement!

Twenty-Three properties went under agreement.

Five Single-Families New to Market!
These homes are located in the East Cambridge, North Cambridge, Mid-Cambridge and Harvard Square neighborhoods. They range in price from $414,900 for a 2-bedroom, 1.5-bath renovated rowhouse in East Cambridge to $2,000,000 for a 7-bedroom Second Empire Victorian of architectural significance on Dana Hill in Mid-Cambridge.

Eighteen Condominiums New to Market!
These condos are located in the Mid-Cambridge, East Cambridge, Harvard Square, North Cambridge, Cambridgeport, Porter Square, and West Cambridge neighborhoods. They range in price from $239,000 for a move-in-ready 2-room studio in English Tudor Revival brick courtyard building on Dana Hill in Mid-Cambridge to $1,070,000 for a Mid-Cambridge free-standing Late Victorian rich in period detail with 5 bedrooms, 2 studies, library, 4 baths and 2 parking spaces.

One Multi-Family New to Market!
This property is a rare Philadelphia style two-family (2BRs/3BRs) in Huron Village. It's been recently renovated and is priced at $950,000.

Twelve Properties Went Under Agreement!

Six Single-Family Homes New to Market!
These homes are located in the North Cambridge, Inman Square, East Cambridge, Harvard Square, Huron Village and Radcliffe neighborhoods. They range in price from #319,000 for a 1-bedroom antique cottage in North Cambridge to $1,350,000 for a fully renovated 5-bedroom, 3.5-bath 4-level Colonial Revival with parking in the Racliffe neighborhood. Three of these homes are already under agreement!

Twenty-Two Condominiums New to Market!
These condos are located in the Riverside, Mid-Cambridge, Davis Square, Agassiz, West Cambridge, North Cambridge, Inman Square, East Cambridge, Huron Village, and Cambridgeport neighborhoods. They range from $229,000 for a garden-level 900-square-foot-plus diamond in the rough in need of TLC with parking and huge yard in Riverside to $919,000 for a 3-bedroom, 3-bath architecturally sculpted, luxury condo with two-decks and parking in Huron Village. One of these units is already under agreement!

Three Multi-Family Properties New to Market!
The first is a 2-family (2BR/2BR) with a large yard and much original charm in West Cambridge for $675,000. The second is a three-family (1BR/2BR/2BR) Mansard Victorian in Riverside and is a great opportunity for condo conversion and/or renovation. It's priced at $947,000. The third property is a well-maintained 6-family (1BR each) in near Kendall and Lechmere Squares for $1,300,000.

Nine properties went under agreement this week!

Three Single Family Homes New to Market
The first is a tastefully renovated 2-bedroom, 2-bath condo alternative in North cambridge. It comes with a parking space and a large yard. The asking price is $439,000. The second is an updated 6-room, 2-bedroom, 1-bath attached single near Kendall Square and is priced at $449,000. The third is an antique 2-bedroom with a great deal of potential on a popular East Cambridge street and is priced at $459,000.

Seven Condominiums New to Market
These units are located in Mid-Cambridge, Kendall Square, Kirkland Village, Lechmere Point, Huron Village, Inman Square and West Cambridge neighborhoods. They range from $189,000 for a large studio with balcony and garage space in a Mid-Cambridge co-op building to $749,000 for a two-level 3-bedroom, 2.5-bath condo in Huron Village.

One Multi-Family New to Market
This is a solid four-family (all 2-beds) with back porches in East Cambridge. The exterior is well-kept. The interiors need updating. The asking price is $799,000.

Eighteen properties went under agreement!