OAK BLUFFS – In a recent announcement, CapeBuilt Companies unveiled its new Lagoon Ridge project.
Coming amid historic low housing inventory on the island, the endeavor seeks to introduce 25 new single-family homes, including four affordable townhouses, to the Oak Bluffs area over the next three years.
CapeBuilt has previously worked on housing communities in Dennis Port and Hyannis.
Spurred by the pandemic, home sales from the first quarter of 2020 through the first quarter of 2021 have increased by 64%, while inventory decreased by 62% year over that time, as per the Massachusetts Association of Realtors.
As prospective homeowners grapple with an increasingly scarce real estate environment on the Cape and Islands, Lagoon Ridge aims to provide a unique opportunity for interested buyers. The units are slated to be located in the downtown Oak Bluffs area.
The first phase will additionally create four affordable townhouses intended to bolster the islands workforce housing.
Rob Brennan, president of CapeBuilt, shared excitement in the organizations continued efforts.
To learn more about Lagoon Ridge, click here.
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