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Cape Cod Housing Shortage

 

This is an good article from Boston Magazine about the Cape Cod real housing shortage. We have inventory and affordability challenges in most markets on the Cape and surely in Provincetown as my posts have illustrated. We are fortunate though in Provincetown to have proactive, forward thinking folks in town government and on town boards who are spending huge amounts of time and energy on trying to find solutions to the challenges we face.

 

There’s an Alarming Housing Shortage on Cape Cod

And it’s only going to get worse.

Wealthy vacationers are sucking the life out of Cape Cod, and it looks like they won’t be stopping anytime soon.

Banker & Tradesman reports more and more seasonal visitors are buying second homes on the Cape, which does not bode well for the region’s year-round residents. A swell in the demand for vacation homes is pushing out the regular folks—like restaurant workers and shop owners—who keep the Cape’s tourism industry churning.

This, and other unfortunate data, was published in a new Barnstable County housing market analysis prepared for the Cape Cod Commission. The report’s main takeaway? There’s an alarming housing shortage on the Cape. Massachusetts’ summer playground is suffering from an “affordability gap” thanks to rising home prices and low wage growth in the Cape’s tourism businesses.

As more homes on Cape Cod are bought up by vacationers, there’s decreased inventory for year-round residents—resulting in higher home prices. Usually, that shrinking inventory problem could be solved by building more houses, but Cape Cod’s low-paid workers can’t afford to build. Banker & Tradesman notes “what little homebuilding is happening is mostly second homes, with the exception of a few, modestly-sized affordable rental projects in the works.” And because there aren’t enough new homes being built, those looking to downsize have nowhere to go, which ties up even more of the inventory.

It doesn’t help that half of all second homes in Massachusetts are on the Cape. Over the next eight years, demand for vacation homes is expected to grow six percent, or twice as fast as year-round units.

“The Cape is experiencing a long-term surge in seasonal unit demand that it has never experienced before,” reads the report. “While second homes have been part of Cape Cod’s landscape and economy for decades, the unprecedented housing crisis of 2009 created something that Cape Cod’s housing market never experienced.”

The recovery period after the recession caused demand for seasonal homes to spike, and many year-round units were converted to vacation homes. According to the report, this surge will continue to have a long-lasting effect on Cape Cod’s housing market for the next decade. There are other takeaways from the analysis, too, like how the burden is mainly felt by those earning 80 percent or less of Barnstable County’s median income: $63,251. But the pinch will soon be felt even further up the income scale. By 2025, the greatest increase in burdened households will be in those earning 100 to 120 percent of the projected median income.

So, what is the state’s hook-shaped sand bar to do?

Simply increasing the supply of houses won’t magically cure the Cape since “there will be a strong economic incentive for the new construction to be converted to seasonal units,” reads the report. The analysis lays out a few solutions, including increasing the diversity of senior housing, increasing multi-family housing, and creating better public infrastructure.

“This isn’t a problem we can build our way out of under the regulations of the past,” Cape Cod Commission executive Paul Niedzwiecki said in a statement. “If we create the right environment and appropriate opportunities for higher density, we could see the market respond and close these gaps.”

 

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Provincetown – Goode And Farmer Report – October 2017

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Goode and Farmer Report – July 2017

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Provincetown Listing of the week – 33 Hancock Street – $1.499M

33 Hancock Street is a beautiful single family home with three bedrooms and three baths with 1,873 square feet.  It is located in the East End just outside of the Gallery District. It is being marketed for $1.499M

 

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MLS Remarks: In a quiet enclave in the historic East End, on a private paved road, you’ll find this newly built home surrounded by its English garden, with picket fencing, old-world hydrangeas and climbing roses. Traditional in concept with substantial finishes that are light and airy, the design focuses on a Provincetown lifestyle with a nod to entertaining as the interior transitions thoughtfully to the lavish parterre garden . Enter home into a reception area which opens to a living room with fireplace and music or reading area. Off the living room is the kitchen and dining room which leads to the brick herringboned design patio for outdoor dining. The kitchen is a Lewis and Weldon design with chef grade appliances and a breakfast bar. The dining room with custom hutch seats 10. Listing provided courtesy of Coldwell Banker Pat Shultz Real Estate.

 

See all available properties for sale at Beachfront-Realty.com.

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Goode And Farmer Report – April 2017

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Provincetown Sale Of The Week – 57 West Vine – $829K

57 West Vine #A is a three year old two bedroom, three bath townhouse condo with 1,369 square feet. It sold for $829K with a list price of $829K.

 

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MLS Remarks: This 1,369sf West End townhouse is in impeccable, turn-key condition. This home features a chef’s kitchen: Wolf range and built-in microwave, Koehler farmhouse sink, and granite counters. The light-filled living space is open-concept and features crown molding and a gas fireplace flanked by custom built-ins. The living room opens to a private, bricked patio with ample space for entertaining. There are 2 en suite bedrooms – one of which has a deck offering pastoral views. The master bathroom has a glass enclosed shower featuring 2 shower heads. Each bathroom, including the powder room, feature marble counters and porcelain floors. The spacious lower level is yours to use as a media room or home office. There is abundant storage, ductless air-conditioning and, propane heating.

See all available properties at Beachfront-Realty.com.

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Provincetown’s $1M + Sales YTD

 

Twelve single family properties have sold so far this year compared to two last year. Sounds crazy but last winter was a very slow quarter for single family sales. The twelve sold to date represent a more realistic sales pace. What is interesting is that six of these sales were of homes priced at $1M or over. $1M to $1.5M -ish is currently a very sweet spot for single family properties.

Several of these sales went under contract in 2016 but closed early this year.

There are 26 single family homes on the market currently with 16 priced above $1M.

These six are shown below.

 

31 Creek Road is a brand new three bedroom four bath house with 1,538 square feet.   It sold for $1.175M in January.

 

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MLS Remarks: West End New Construction. This thoughtfully designed single family home will have a great open living/dining area, a chef’s kitchen with large island, and a full bath on the first floor. There will be a large deck which will extend along the back of this home, perfect for entertaining family and friends! Upstairs will be three large ensuite bedrooms. Of course, this home will include all the modern conveniences – high end fixtures and appliances, energy efficient gas heat, central A/C, gas fireplace, an unfinished basement with interior access, outdoor shower, ample parking, beautiful outdoor space, lots of privacy and so much more!!

 

35 Bayberry Ave is a three bedroom four bath house with 3,120 square feet. It is sited beautifully in the Bayberry Hills and sold for $1.189M in March.

 

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MLS Remarks: You’ll fall in love with this spacious and smartly designed Meadowview Heights contemporary, nicely sited on a sloping wooded lot. With a reverse design, the top floor boasts a dramatic open living space, with soaring ceilings, lots of windows, a wood burning fireplace, a roomy dining room,& a gourmet kitchen with impeccably built custom cabinets. Sliders off the living room and dining room lead to a spacious deck that runs the length of the house. The master suite with en suite bath is located on the middle floor, along with a guest bedroom and hall bath, and a fireplaced den with direct access to a large screened porch area. On the lower level, another bedroom and full bath. The home is beautifully maintained with a new driveway & roof just 3-4 yrs ago.

 

78 W Vine Street is a two bedroom three bath house with 1,596 square feet. It sold for $1.324M in January.

 

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MLS Remarks: 2016 West End renovation provides the ideal home for discerning buyers. Meticulous 2 bed, 2.5 bath residence w/ bonus room and privacy on a 1/2 acre of conservation land. Screened-in porch & private deck, perfect for entertaining. High end features include Viking/Subzero appliances, Waterworks/Urban Archaeology tiles, plumbing and lighting fixtures, carrara marble counters, coffered ceilings, hardwoods, web based security, automated TV lift & skylights. Full basement w/ temp. controlled 600 bottle wine cellar. Energy efficient with owned solar panels, NEST thermostats and split cooling. Beautifully landscaped yard has accent lighting, private well, irrigation, outdoor shower, granite flagging and crescent driveway.

 

3 Upper Miller Hill Road is a four bedroom four bath home with 2,629 square feet. It sold for $1.350M in January.

 

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This custom-built 4BD/3.5BA Contemporary Colonial is perched on top of a dune with sweeping views of Cape Cod Bay, the National Seashore and Provincetown Monument. The first-floor offers a guest bedroom, half-bath, bright dining and living room with a wood burning fireplace, chef’s kitchen with WOLF and Subzero appliances, and a sliding glass door leading to a two-tiered deck facing the Bay. The second-floor master bedroom has vaulted ceilings, an en-suite bathroom with Jacuzzi, and views spanning from the National Seashore to Truro. Two additional bedrooms share an outdoor deck with unobstructed views of the Monument. This well-landscaped and private home is located within walking distance to all that PTown has to offer, and boasts an extraordinary rental history.

 

1 Atlantic Avenue is a three bedroom two bath house with 1,673 square feet. It sold for $1.514 in February.

 

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MLS Remarks: Classic Cape that has been beautifully restored with stunning finishes while keeping the period details. This single family home’s chef’s kitchen has a Thermador duel-fuel range, Sub-Zero glass front refrigerator and two-inch thick Carrera marble counters with custom cabinetry. The main level has a spacious living room featuring wide pine floors, wood beam ceilings and a fireplace. There is also a dining room/office, pantry with laundry and a master bedroom with en-suite bath with a new marble walk in glass shower. The second floor contains a second master bedroom suite with a gas fireplace, a walk-in-closet and a beautiful master bath. This floor also includes a large vaulted media room which could be used as a third bedroom.

 

23 Blueberry Avenue is a three bedroom four bath home with 3,147 square feet. It sold   for $1.547M in January.

 

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MLS Remarks: This spacious and bright 3 bedrooms, 3 1/2 bath home is located in the West End subdivision known as Meadowview Heights. It was designed to maximize privacy and it has 6 decks with a combined total of 1,000 s.f. where one can see the most breathtaking sunsets. The main floor has two bedrooms 1 w fireplace, two baths plus master ensuite bathroom and a large sunroom. Upstairs has a kitchen, half bath, dining room, living room with skylights, fireplace and vaulted ceilings. The lower level has a home theater with a wood-stove, wet bar, guest room with full bath, utility room; garage and a heated artist studio work shop.

See all available properties for sale at Beachfront-Realty.com.

 

 

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Provincetown Sale Of The Week – $1.547M – 23 Blueberry

 

23 Blueberry Ave is a four bedroom, 3 bath single family property with 3,147 square feet. It sits  on a lot of 10,890 sf. It sold for $1.547M on a list price of $1.650M. Blueberry Ave is an extension of West Vine Street that runs into Bayberry Ave in the West End.

 

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MLS COPY: This spacious and bright 3 bedrooms, 3 1/2 bath home is located in the West End subdivision known as Meadowview Heights. It was designed to maximize privacy and it has 6 decks with a combined total of 1,000 s.f. where one can see the most breathtaking sunsets. The main floor has two bedrooms 1 w fireplace, two baths plus master ensuite bathroom and a large sunroom. Upstairs has a kitchen, half bath, dining room, living room with skylights, fireplace and vaulted ceilings. The lower level has a home theater with a wood-stove, wet bar, guest room with full bath, utility room; garage and a heated artist studio work shop. Central irrigation system, alarm system, outside garden shed and mature lush landscaping.

 

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See all available properties on Beachfront-Realty.com

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The Goode and Farmer Report – January 2017

 

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Provincetown Trophy Sale Of The Week – 51 Commercial Street $5M

51 – 53 Commercial Street just sold for $5M. The West End waterfront property consists of seven units and is next to the West End boat launch parking lot. Both parcels total 15,090 square feet. One of the prize waterfront parcels for sure. It would make an incredible waterfront development or it could remain as a rental complex.

 

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MLS COPY: Offered for sale for the first time in over 65 years! The Prince Freeman Apartments property is being sold with the adjoining property at 53 Commercial Street. This parcel has a wonderful, antique, full-Cape that was floated over from Long Point. It houses a three bedroom main house, as well as a one bedroom apartment above & to the rear of the building, & a ground level studio apartment facing the bay, for a total of 3 units. Directly on the bay-front is the seasonal beach house – old Provincetown at its best! It has two floor-through units, each with one bedroom & both units have spectacular views of the harbor. There is a spacious waterfront yard, plenty of parking, decks, direct beach access. 51 & 53 Commercial will make an amazing compound and/or a condo conversion. Both parcels together total 15,090+- sq. ft. with 7 dwelling units.

 

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See all available properties for sale at Beachfront-Realty.com.