The increasing values reflect a mantra in real estate thinking: All real estate is local. Some Massachusetts towns weathered the economic downturn better than others largely do to reputations for good school systems and proximity to Boston or other large cities, universities and employment, real estate specialists say. Other Massachusetts municipalities such as Brockton, Gardner, and Hyannis were hard hit by the subprime crisis and the economic downturn, with single-family median prices falling more than 40 percent since 2005, according to Warren data.
Purchasing homes in distressed areas can provide attractive bargains for buyers looking for a bigger house or a long-term investment. However, Timothy Warren, chief executive of Warren Group, said many smart homebuyers should consider the stability of a town when purchasing property now. “People tell you to buy the cheapest house on the best street you can afford,’’ he said. “The same thing holds true for towns.’’
Brookline - one of Boston’s immediate neighbors - held at $1.16 million during the first six months of the year, up 11 percent compared to the same time in 2005, according to Warren data. Chobee Hoy, head of Chobee Hoy Associates Real Estate Inc., attributed the town’s strength to good schools, public transportation, and a diverse community. She said many people from other countries contact her office interested in moving to Brookline, lured by its strong reputation.
“It is a combination of being so close to Boston and also the services,’’ she said. “The school system is first rate. We have public transportation all over the place.’’
