Boston Common - Niche Media - A side of Boston that's anything but common.
Issue link: http://www.ifoldsflip.com/i/526269
photography by Mike travis (hughes) Sunshine for Rent HigH-end brokers are seeing more new englanders dip tHeir toes in tHe rental waters before buying a summer Home. by michael blanding After this year's brutal Boston winter, the phones of real estate agents were ringing off the hook anyplace within a Frisbee throw of a beach or a lake. Many high-end rentals—places going for $5,000 per week or more—were snapped up before the first crocus showed its petals. Sales, however, have been a different story. While city real estate has become a sellers' market, the same can't be said for summer homes, which makes this the perfect time to start looking—and renting before you buy. We talked to Joan Witter of Sotheby's International Realty, a realtor on Cape Cod for 21 years, and Robert Hughes of Berkshire Hathaway HomeServices Spencer- Hughes Real Estate, who has sold homes on Lake Winnipesaukee to Mitt Romney, among others, to get the lay of the rental landscape. What does the high-end rental market look like in your area? Joan Witter: The high-end rental market is on fire. This is the earliest we have ever sold out. The lack of inventory has played a big part in that. If anyone is looking to rent next year, they should start looking now. Robert Hughes: It's very, very busy. Demand tends to outweigh the supply. Still, we've seen more availability recently. With the new sharing economy, more owners are choosing to rent out their properties. What are the most desirable areas? JW: Anything waterfront. We're located in Osterville, and the pickings have been slim here. Anything that sleeps more than eight people also tends to go quickly—people want to have a family reunion. R H: On the other side of Lake Winnipesaukee, around Meredith and Laconia, there is more activity. Around Wolfeboro, it's more like On Golden Pond, so values tend to be a little higher. What are the advantages of renting before you buy? JW: I've suggested to clients that they rent first for a few summers to get an idea of an area, so they know whether they want to be in the village or on the waterfront. When they come to the Cape, they're buying a lifestyle. They have to figure out what's important to them—is it access to boating, is it fishing, is it golf? Do you want to be able to walk to dinner? R H: The biggest mistake people make is finding something online and falling in love with it. You can always fix or remodel a house, but it's important to pick the right area. The proximity to golf or shopping or tennis has a big impact on everybody. In light of the rental market, which candidates ultimately buy? R H: A lot of people who buy came up here as kids to go to summer camp, but we've had buyers from California and London. There is an airport on the other side of Lake Winnipesaukee where pretty much any business jet can land. JW: We are seeing younger families buying. It's all about quality of life. They work hard and they want to spend time with their families. Joan Witter, Sotheby's International Realty, 851 Main St., Osterville, 508-776-1971; bostoncapecod connection.com. Robert Hughes, Berkshire Hathaway HomeServices Spencer-Hughes Real Estate, 22 S. Main St., Wolfeboro, NH, 603-569- 6060; spencerhughes.com BC left: 110 Vineyard Road in Cotuit, represented by Joan Witter of Sotheby's International Realty. below: Robert Hughes and Joan Witter. HAUTE PROPERTY Brokers' Roundtable 112 bostoncommon-magazine.com