Boston Common - Niche Media - A side of Boston that's anything but common.
Issue link: http://www.ifoldsflip.com/i/94515
PHOTOGRAPHY BY JOEL BENJAMIN POWER BROKERS Ballantyne's Four Ponds property, set on 18.7 acres in Dorset, Vermont, is selling for $3.95 million. Real estate gurus George C. Ballantyne and Doug Foregger step outside of Boston to find the best second homes. second life SHOULD YOU GO NORTH OR SOUTH? BY BROOKE FOSTER F WHEN IT COMES TO VACATION HOMES, alling in love with a place is similar to falling in love with a person. This makes buying a second home in a glorious vacation spot as exciting and nerve-racking as a marriage proposal; you're making things official. We asked Doug Foregger, cofounder and CEO of Country Village Rentals & Real Estate, who rents and sells property in St. Barth's, the Bahamas, Nantucket, and Stowe, Vermont; and George C. Ballantyne, senior vice president of Gibson Sotheby's International Realty, to tell us what's a safer buy: a house in the mountains or in the Caribbean. BOSTON COMMON: Where are the hot locations for Bostonians to purchase a second home? Doug Foregger: St. Barth's is the ultimate protected place. I've been going to the Caribbean for 30 years, and I can tell you that there's nowhere safer. It's also beautiful and laid-back—not snooty at all. Stowe, Vermont, is the Aspen of the East, and if you buy on the south side of the mountain, you're only three hours from Boston. George C. Ballantyne: The next market may be Turks and Caicos. There's still room to grow and appreciate there. Stratton is very popular, and the houses there are similar to Nantucket—they hold their value. BC: Where can you get a better buy—the Caribbean or the mountains? DF: You can buy a much nicer house in Stowe than you can in St. Barth's for the dollar. Still, the rental market isn't as vibrant in Stowe as it is in St. Barth's. In Stowe, $1 million will buy you a really nice updated ski house, but on St. Barth's, you're not going to get much, maybe a two-bedroom condo or a 134 BOSTONCOMMON-MAGAZINE.COM Foregger's Villa on the Marigot Hillside in St. Barth's, listed for $6.75 million. freestanding house that needs a gut renovation. For Bostonians, it makes sense to rent in St. Barth's, buy in Stowe. GCB: You might get more use out of a mountain property, since you can use it all four sea- sons. Getting on a plane is not the same as deciding at 2 PM on a Friday that you're going to head to your mountain house. BC: What should people consider when choosing a location for a second home? GCB: Spend a season going to multiple locations. Make weekend trips. Stay at inns. Talk to people, and ask yourself, Is it a community you might ultimately move to as your primary residence, maybe when you retire? BC: What in particular should one consider when buying property in the Caribbean? DF: It's critical to understand how your island responds to hurricanes. Also, look into building codes where you're buying; the codes on St. Barth's are more stringent, so there was less damage after a recent hurricane than on other islands. Also, crime—some islands are more dangerous than others. BC: How can you guarantee that a second home will give solid returns? DF: I tell my clients to buy a "vacation great" property, meaning a home that other people would want to vacation in. Some people will buy the least expensive thing they can find because they love it, but when they go to resell it—or rent it—they've limited their pool of interested buyers. GCB: Look at a market that has gone through several real estate ups and downs to see where it came out at the end. You want to buy in an area that always rebounds, like Nantucket or Stowe. They continue to get stronger and stronger. Doug Foregger, Country Village Rentals & Real Estate, Nantucket, 508- 221-5527; countryvillagere.com. George C. Ballantyne, Gibson Sotheby's International Realty, 277 Dartmouth St., 617-899-7045; gibsonsothebysrealty.com BC