Vibrant hub of academia, the Massachusetts city of Cambridge is luring non-students who want quality of life and urban chic. By Rebecca KnightConsider 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.
What's your opinion? We'd love to hear your comments on the state of the real estate market in Cambridge.