Boston Common - Niche Media - A side of Boston that's anything but common.
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POWER BROKERS Seasoned Advice BOSTON'S TOP BROKERS DISCUSS WHAT TO EXPECT FROM OFF-SEASON REAL ESTATE. BY MICHAEL BLANDING I "Homes stay on the market longer during colder months, so buyers have more time to make decisions." 162 TOP: Agents Melanie Delman and Carmela Laurella are experts on second-home buying. ABOVE LEFT: Union Wharf Townhouse 25 is situated on Boston's waterfront. ABOVE RIGHT: 609 Beavertail in Jamestown, Rhode Island, has five bedrooms and panoramic ocean views. there when you stack two properties against each other. CL: My buyers love the Waterfront/North End neighborhood and the Back Bay because they have the ability to walk everywhere. If it is a second home, they also want some services so that they can lock the door and not worry again until they return. What are some things buyers should keep in mind to ensure they get the best value? CL: The best values are unique properties or homes that nobody can duplicate. Look for something unique and it could be priceless. MD: Having an experienced agent who specializes in the second home market will help you in being familiar with an area. It's important to focus on the trends so you know what will happen if you want to resell the property in the near future, in case you try it and find you don't like it. Melanie Delman, Lila Delman Real Estate International, 3 Memorial Blvd., Newport, RI, 401-8482101; liladelman.com. Carmela Laurella, CL Waterfront Properties, 113 Lewis Wharf, 617-624-9700; wpboston.com BC PHOTOGRAPHY BY DOMINIC PERRI (DELMAN AND LAURELLA); ELEVIN STUDIOS (UNION WHARF) t's the same logic as buying Christmas Cards in July—purchasing second homes in the "off-season" of winter has always been a surefire way of scoring a better deal. With the real estate market changing so rapidly, we spoke with second-home experts Carmela Laurella, president of CL Waterfront Properties in Boston, and Melanie Delman, president of Lila Delman Real Estate International based in Newport, Rhode Island, to get the skinny on current trends and new realities. What is the best time to buy a second home? Carmela Laurella: In the fall or winter. Homes tend to stay on the market longer during colder months, which means buyers have more time to view property and make decisions. Primary homebuyers focus on the spring and summer markets, which over the past year were very competitive. Rather than trying to outbid primary buyers, it makes more sense for secondary buyers to wait until the weather and the overall market cools a little in the fall and winter. Melanie Delman: The differential between "seasons" has blurred, and we are now seeing buyers looking for second homes throughout the year. During the summer months, there is a substantial increase in buyer traffic [for vacation homes], but we find that those buyers who make a special trip to see properties in the off-season tend to be more focused on a purchase. What are some issues when buying in the off-season? MD: Some [vacation] properties may be closed for the season, decreasing viewable inventory, and it may be difficult to schedule showings. But a lot of people do still come in on the weekends. The change in scenery may also require some imagination in regard to the view. CL: Many homes along the Boston waterfront have great outdoor space that allows owners to take in the beauty of the harbor. During the off-season months when the temperature drops, many prospective buyers have difficulty seeing how truly valuable it is to have access to outdoor space. This can work as an advantage to the discerning buyer who can look beyond the months when the outdoor space goes unused and envision how exceptional it will be during the warmer months. —CARMELA LAURELLA What are the hottest markets in the area for second homes? MD: Traditionally it's been the Cape and islands, and the Hamptons. We're seeing some new areas, such as Watch Hill, which has been hot with several significant sales in recent months. It has a similar feel to the Hamptons with miles of sandy beaches and an intact little village, but there's better value BOSTONCOMMON-MAGAZINE.COM 162_BC_HP_PowerBrokers_Holiday_13.indd 162 11/4/13 10:37 AM