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Pre-foreclosures on Cape Cod (Yarmouth, MA)

On May 6, 2008, I did some research on pre-foreclosures in Cape Cod towns.  Only 1.3% of the 140,000(+-) homes on the Cape were at the stage of pre-foreclosure.   Less than half of the homes on Cape Cod are actually second homes, and commercial properties are not included in the 1900.  Most homes on the cape are owner occupied, contrary to popular opinion. Some areas within Cape Cod towns do have more than 50% vacation home or investment status, but for the most part, the Cape has a year-round economy.

Yarmouth is in the Mid-Cape area of Cape Cod.  It is bounded by Barnstable and Dennis.  Many of the properties in Yarmouth are second homes (35%+-).  Yarmouth is one of the few towns on Cape Cod that has beaches on both Nantucket Sound and on Cape Cod Bay.  This area of the Cape is one that is often depicted in postcards.  Because of its high second home percentage, Yarmouth has almost 3% of its homes in pre-foreclosure as of May 6, 2008.

Here are the breakdowns for Yarmouth villages that I have found.  Keep in mind these are PRE-foreclosures (as of 5/6/08) and some will not go to complete foreclosure. 

Yarmouth
   Yarmouth Port      44
   West Yarmouth   172
   South Yarmouth  132

Tomorrow:  Provincetown (P-town)
Other Towns:  Sandwich
                    Mashpee
                    Falmouth
                    Barnstable

Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / capegroup@capegroup.com
508-274-5613  Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup  Skype: heath.coker

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Comments

Heath,

Great info. I have a friend that has a rental property in South Yarmouth. Her daughter lived there for a few years and I went up all time. We were up in Barnstable in November and heard about your real estate market and all the foreclosure. I wish you luck for a better real estate market soon.

Posted by Marcie Purcell, Realtor, Bucks & Montgomery Co PA (Better Homes and Garden Real Estate Cassidon Realty) almost 12 years ago

The market is stabilized for a few months.  The Attorney General "froze" foreclosure actions on May 1, 2008 for 90 days.  Fall should be interesting.

Posted by Associate Broker Falmouth MA Cape Cod Heath Coker, Heath Coker Robert Paul Properties Falmouth MA (http://www.CapeGroup.com & http://www.REindex.com) almost 12 years ago
The bulk of the homes are owned by South Africans however there are a great deal of Germans loacetd along Camps bay and the coast.Cape Town is one of the most desirable areas in Africa and as a result many are willing to invest there.The people that live on the mountain tend to be new money and more recent occupants to Cape Town. The older money is in places like Bishops court etc.The bulk of the wealth comes from successful business people.
Posted by Jaqueline almost 8 years ago

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