Vibrant hub of academia

Consider it the ultimate college town. Not only is Cambridge, Massachusetts, home to both Harvard University and the Massachusetts Institute of Technology (MIT), two of the US’s premier academic institutions, it also neighbours the city of Boston, with dozens of other universities in its surrounding area.

But while pockets of Cambridge are undeniably collegiate – the city of 100,000-plus has more than its fair share of vintage stores, kitschy shops and ethnic restaurants – it has a sophistication that makes it much more than a university town.

“You can feel a change in the air when the students leave for summer break and the resurgence when they return in the fall,” says Charles Cherney, himself a Harvard graduate, who now works for Hammond Real Estate. “The cachet and magnetic attraction people have to Cambridge [has] a lot to do with the universities’ power and presence ... There is also a vitality to the streets, a pulse to the place.”

Whether you’re looking for a leafy enclave or a funky night spot, dive bars or gourmet eateries, Cambridge has something to fit the bill. Its balance between the tranquillity of small-town America and bustling city sensibility is why it’s such an appealing place to live, according to Brian Larsen, a twentysomething scientist, who moved to the town from Montana with his wife last May. “We decided on Cambridge because it’s quieter, smaller and easier to deal with than Boston but at the same time you still feel like you’re in the thick of things,” he says.

Larsen, who bought a newly refurbished two-bedroom condominium in Inman Square, says he feels confident about his investment too. “Everything is way too expensive in this city [but] the price isn’t going to tank,” he says. “Harvard and MIT are two places that people want to live near and that is always going to be the case.”

Architecturally, Cambridge has everything from the grand Victorian mansions on Brattle Street to the Federalist brownstones in Harvard Square to modern and even postmodern complexes sprouting up in East Cambridge.

Politically, however, the city is less diverse, known for its leftist traditions, and is sometimes even referred to as the “People’s Republic of Cambridge”.

“There’s a strong liberal political bent to most people. In this town it takes courage to be a Republican,” says Fred Meyer, owner of University Real Estate for 44 years and a member of the Republican City Committee. “I joke that we meet in a phone box.”

Meyer, who audits one class a year and attends regular seminars at Harvard, says most of his buyers are “university-oriented”. “They’re either affiliated with the colleges in some way or they work in an industry – like biotech or high-tech or medicine – that wouldn’t be here without the universities. Of course, there are some people without a direct university connection who ride the subway each day into the financial district [since] it’s only about a 20-minute commute.”

While the median age of residents is a mere 30 years old, the city has increasingly become a retirement destination. Aside from its cultural amenities, it is a walkable city, its neighbourhoods are accessible via Boston’s underground system, known locally as the “T” and many residents get by without a car. “I’m seeing a lot of people come in from the suburbs; they’ve raised their kids and now they want to be where the action is,” Meyer says. “If you have that sort of orientation, it’s a wonderful place to live, with so many cultural events. I’d be bored to death in Florida.”

Cambridge does not compare favourably to southern retirement destinations when it comes to weather; like the rest of the north-eastern US, it endures a long, cold winter. But Meyer denies it’s a problem. “The change of seasons is exhilarating. In January I remind myself that in six months it’s going to be hot and sunny outside.”

Of course the delights of Cambridge come at a price. Its biggest drawback might be a limited stock of single-family homes, which makes buying one extra­ordinarily expensive. “Any area that’s deemed desirable is going to be expensive,” says Bill Luther of Channing Real Estate, who has lived and owned in Cambridge for more than 25 years. “Wherever you find great schools, a safe, convenient environment and a culturally interesting place, you’re going to find price. That’s Cambridge.”

This summer the average cost of a house was just over $1m. While that figure is down slightly from the same period last year, when the figure was closer to $1.1m, it’s still double the prices in other Boston suburbs such as Medford, Somerville and Watertown, according to figures from Multiple Listing Service. Condominiums are less expensive but still not cheap, selling at an average of $755,054 this summer, compared with $861,128 over the same period last year. Industry data predict that overall property values will rise by 5 per cent this year, following double-digit annual gains in the early 2000s and a three per cent dip in 2006.

“Even in the face of a national slowdown, Cambridge is seeing an upward pressure,” says Luther.

Cherney adds: “Average sale prices [have] been very high for a very long time [and] it’s extremely challenging to find a property at a bargain. It’s possible to find [something] in an emergent neighbourhood [but] it takes a determined and patient buyer willing to renovate and put in improvements. Virtually all neighbourhoods have been discovered.”

Beth York, a Coldwell Banker agent who deals mostly with homebuyers looking in the $400,000-$600,000 range and with parents of Harvard and MIT students wanting to buy “kiddie condos” for their children to live in while at college, agrees that “it is still possible to get a good deal” in Cambridge. “If you’re shopping strictly on price, you might have to compromise by buying a place on a busy through-way or one that’s further from the T but in general you can get a lot more space than, say, in the Back Bay of Boston. Lately we’ve had a lot of sellers pricing their properties just under their market value, so they create a multiple bid situation.”

Shaped like a bow-tie, with Harvard at the knot, the Cambridge market is most expensive near the centre. Up-and-coming neighbourhoods – Cherney points to the area between Inman and Kendall squares – are toward the east. “The whole area is in being transformed with condominium complexes being built from the ground up,” he says.

These buildings tend to lack old-fashioned Cambridge features, such as wood floors, mouldings and high ceilings, but certain buyers are won over with concierge services, in-house gyms and garage parking. “It’s inevit­able that when a developer has an opportunity to go big with lots of units and offer sweeping views of Boston they’re going to do it – but it’s a different kind of Cambridge experience,” says Cherney.

Regardless of the type of home, estate agents insist Cambridge is a good investment. “The impact of the universities is huge in this respect,” York says. “When people are thinking about Cambridge, they are well aware that if they wanted to hang on to the property, they could always rent it out to a Harvard professor or an MIT student. Harvard and MIT are two establishments that aren’t going anywhere.”

Local agents

Beth York, tel: +1 617-312 5424; www.jaimeandbeth.com
Hammond Real Estate, tel: +1 617-497 4400; www.charlescherney.com
Channing Real Estate, tel: +1 617-864 5400; www.channing-realestate.com
University Real Estate, tel: +1 617-876 1200; www.homesnearharvard.com