Banker & Tradesman: May 2, 2022

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ANNIVERSARY BY THE NUMBERS

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R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E

County close-up: Franklin Spotlight: Rowe

IN PERSON

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Brooke Woodson prepares Black- and women-owned contractors to partner with Massachusetts’ largest construction firm, Boston-based Suffolk, building their technological, financial and legal skills to be able to take part in major projects.

WEEK OF MONDAY, MAY 2, 2022

RESIDENTIAL REAL ESTATE BY THE NUMBERS

44 percent Some of Barnstable’s villages saw home prices jump 44 percent during the pandemic. See Diane McLaughlin’s and James Sanna’s story on this page. Source: The Warren Group’s statistics module.

245 The number of homes in Rowe, Massachusetts. See the Town Spotlight in By the Numbers on page 6. Source: Census Bureau

12 The number of Cape Cod towns that have adopted modernized accessory dwelling unit zoning. See Diane McLaughlin’s and James Sanna’s story on this page. Source: Housing Assistance Corp.

The iconic Hyannis Harbor lighthouse. Changes allowing small apartments in many single-family zones on Cape Cod have created business opportunities for lenders and homebuilders.

SMALL BUT MIGHTY

CAN ADUs LIGHT THE WAY TO A BETTER

HOUSING MARKET?

$36 million The purchase price of the lead home in this weeks Gossip Report. See page 10. Source: The Warren Group

$1 million Homeowners can get loans of up to $1 million to build an accessory dwelling unit. See Diane McLaughlin’s and James Sanna’s story on this page. Source: Cape Cod 5

$269,000 The median home sale price in Franklin County so far this year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module.

$1,000 Rents for the lowest-end accessory dwelling units on Cape Cod start in the low $1,000s. See Diane McLaughlin’s and James Sanna’s story on this page. Source: CapeBuilt

Construction, Lending Opportunities Seen as Zoning Liberalized BY JAMES SANNA AND DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF

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fter two years of housing market chaos, could Cape Cod be at a tipping point pointing toward a future with more plentiful homes? Some residents hope so. And instead of big multifamily complexes bringing hundreds of units online, they’re looking to the hobbits of the

real estate world – accessory dwelling units, also called “ADUs” – to take down this giant problem with hundreds of little cuts all at once. Carved out of or built on the same plot as an ordinary single-family house, these smaller apartments are cheaper and faster to build than a typical apartment building, advocates say. They don’t run afoul of tight wastewater restrictions. And they let older homeowners give their children an affordable home or a not-insignificant passive income stream while they age in place. With another Cape Cod-based bank launching a product to help finance ADU construction, a prominent developer unveiling standard designs and a housing advocacy group standing up a suddenly popular service to help interested homeowners navigate the construction process, a critical

mass of resources could be coming online. “As education increases and awareness of availability of this product, I like to hope we’ll see a big increase in demand, mainly based on the fact that this should help homeowners with their own individual finances as well,” said Charlotte North, assistant vice president and residential mortgage sales manager at The Cooperative Bank of Cape Cod. “It’s great to help fix the [housing] need, but people are most often incented when there’s a benefit for them as well.”

High Barriers to New Homes

Cape Cod is unlike any housing market from an Economics 101 textbook. First, 37 percent of the homes don’t count toward housing the year-round population. Continued on Page 9

$668,000 The most expensive existing singlefamily home to sell in Franklin County in the first quarter. See By the Numbers on page 6. Source: The Warren Group

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

COMMERCIAL INTERESTS

R E N D E R I N G S V S. R E A L I T Y

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Commercial Real Estate PAGE 3

Commercial Real Estate PAGE 7


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