Historic New England Peninsula Up For Sale
Luxist reader Chris led me to a Boston Globe story on a prime piece of Massachusetts land for sale. Codman Point is a private waterfront compound located at the head of Buzzards Bay. It is on the market for the first time in 137 years. Back in 1872 the Codman family bought the 25-acre peninsula for just $800. They are making quite a return on their investment since it is now listed for $7.7 million.
The property has four homes, a deepwater dock, tennis court and boathouse. When the Codman family bought in 1872 the peninsula had a small hotel that provided shelter to fishermen. Two of the houses were designed at the turn of the 20th century by architect Guy Lowell. The Point House has eight bedrooms and faces the ocean but has no heat because it was to be used as a summer home. The other Lowell house is the Bungalow, another unheated home which features a wraparound porch.
The peninsula includes five beaches and in the past the extended Codman clan would spend entire summers there. But times have changed, the family is spread out and most people don't summer like that anymore. While the property could remain intact as private compound it is more likely that it will be bought by someone who could divide it into seven or eight different lots which is a bit of a shame. Having grown up on Cape Cod, I know just how little relatively unspoiled land remains in southeastern Massachusetts.
Reader Comments (Page 1 of 1)
HAYWOOD Mar 11th 2009 9:57PM
This is a steal.
If this lasts a week I will be shocked... but it will also show if the wealthy still have any wealth.
C.S. Mar 12th 2009 1:57PM
I feel compelled to point out that turning $800 into $7.7 million over 136 years translates into a little less than a 7% annual return. Nice investment, but not really a completely unexpected result.
C.S. Mar 12th 2009 1:58PM
Oh . . . and its a beautiful place.
Spectacular Bid Mar 12th 2009 5:28PM
Not too get technical but in regards to the investment return on the property you'd also have to account for the cost paid for property taxes, insurance plus construction and upkeep of the homes and other structures. All of those costs should easily back off another 1M+ from the ultimate ROI.
It is a lovely piece of property with some very pleasing architecture. A true oasis that can be visited without having to board a Citation X. I doubt it will get gobbled up as fast as some suspect as developers are not flush with deep pockets to make such speculative moves.
Hopefully another family will acquire it and thus it will return again to being a private off the public radar compound.
dawn Mar 12th 2009 6:53PM
unspoiled? where on cape cod is there land left that is unspoiled? you haven't been here in a while, unless you drive out to brewster area(s) where there is some unspoiled land left. cape cod is getting more and more built up; MV is even worse.