While many of you may have been swooshing down the slopes at area ski resorts or with toes in the sand at some warm and tropical locale, my family and I decided to bundle up and head to Iceland for the February school vacation. Truth be told, my wife and her life-long friend with a geology background, thought it would be an adventure to explore the ice caves and majestic landscape and nature of Iceland!
So, while our friends were packing bathing suits and tanning lotion, we packed our warmest socks, boots, and parkas. With promises of magical photo opportunities, glaciers, lava fields, ice caves, and of course the Northern Lights; Iceland here we come!
We arrived in Reykjavik after a 5 ½ hour flight to one of the coldest and windiest Februarys they have had in recent memory history … but we were ready to explore.
Our excursions preplanned, we set off to experience frazil crystals, the Bruarfoss waterfall and the volcanic lava and glacial ice tunnels of Raufarholshellir and Langjokull, but inclement weather forced us to stay in our contemporary rental home for two days and to explore the streets of Reykjavik.
As I walked the snowy, unplowed streets (they plow only once a week in Reykjavik), I wondered about this country’s real estate. Hey, I am a Realtor after all.
The colorful homes were a stark contrast to the otherwise gray landscape. These one or two-story homes with pitched roofs were often quite charming and painted in vibrant, beach-like colors, brightening the gloom of the dark days of winter. Many of the homes, churches and commercial buildings had a whimsical look and were made of either concrete or corrugated metal. There were no wood structures to be seen; there are no trees indigenous to Iceland!
The Vikings had razed the forests to build ships and then allowed their sheep to graze on the land preventing trees from growing, thus contributing to a lack of wood. Additionally, a massive fire in 1915 forced city officials in Reykjavík to order all houses be covered in fireproof materials to prevent future fires. Corrugated steel is strong, lightweight, and inexpensive with excellent insulation properties. OK makes sense …
But the Realtor in me wasn’t through understanding the real estate market in Iceland, over a $25 hamburger, I learned that with a boom in tourism, home prices in Iceland had jumped by more than 16% in 2017 but had started to see a flattening in early 2018. The average home price in Reykjavik is between 40 million to 60 million krona (between $363,000 and $450,000) at a cost of $370.77 per square foot. Compared to the YTD cost of $354 per square feet in Westford, Acton, Littleton, and Chelmsford.
On our last night, as we reflected on the trip, with a 50 mile an hour wind impacting our flight home, we knew how close we were to the North Pole. I think Santa wouldn’t mind retiring in (relatively) balmy Westford!
And I just happen to have a home in for sale at The Village at Stone Ridge. Get me the number for the North Pole!
