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Provincetown – What’s with this real estate market?

We are all wonderting where the market is headed – Buyers and sellers, real estate agents and brokers – everyone is trying to read the market as they plan their next real estate moves. Is it a good time to sell? Should I buy now? Should I step back and wait?

FACT – The lack of inventory is driving the market. In Provincetown there are 13 condos on the market versus 80 last year at this time. Down 84%. There are 12 single family homes on the market vs 40 last year. Down 68%. In Truro there are 5 single family homes on the market versus 40 last year. Down 87%. In Wellfleet there are 7 on the market versus 27 last year. Down 74%.

FACT – Interest rates remain low which is softening the blow of higher prices.The national average for a 30 year fxed rate mortgage on June 14 was 3.325%.

FACT – Buyer demand is not showing any signes of slowing – it reamains very high.

FACT — Many properties are selling over asking, BUT, most are not!~ Below are examples of both situations.

In Provincetown 91 properties have sold YTD. Twenty-one have sold over asking. (22%)

FACT – The market is not balanced by any measurement. It is a sellers market.

FACT – The chances you will have to overpay for a desirable property are high. The most in demand properties are two bedroom two bath condos in the near East and West ends.

FACT – Markets do adjust. Prices tend to moderate if there is more supply. When will more inventory come on the market? We are seeing very faint indications that additional inventory is beginning to come to market now. Sellers are realizing that this is one of the best times in history to sell their property. If sellers don’t have to buy anything to move into they’re golden. If they do they are running into the same problem other buyers have. There is just not enough supply.

FACT – We dont know how or when the market will adjust. More sellers may decide to take advantage of the sellers market and that will help the supply situation. At the same time there may be some price resistance from buyers as they see prices continue to increase which may effect the demand side. Both may have a moderating effect and help to rebalance the market.

There are indications nationally that the inventory problem my be easing and that prices may also be leveling off. Of course the outer Cape market is more unique than most, and none of us have a crystal ball!

Put things in perspective. Make sure you have all the facts – and make your decisions based on what makes sense for your real estate goals and strategy.

Hopefully we will begin to see some balancing of the market as we move through the sunmer season into the important fall selling season. I will keep you updated as best I can.

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

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Provincetown – Listing of the Week – 11 Oppen Lane – $5.6M

For those who are concerned about the lack of inventory available, here is a very special one of a kind property that just came on the marlet – 11 Oppen Lane is one of the most substantial propertes in all of Provincetown. It has two bedrooms, five bathrooms and 3,142 square feet. There is also a seperate artist studio and a hilltop gazebo that looks out to the ocean and bay.

MLS REMARKS: You will be utterly captivated by the broad sweeping views from this spectacular property perched atop a hill over Point Street in the heart of the desirable West End. Located at the end of a private road, and sitting on over one acre of land, this mid century modern inspired home boasts unparalleled views and privacy. The home’s floor plan is open and airy, with beautiful wood floors throughout and a wall of windows facing the harbor, perfect for entertaining or quiet times at home. The chef’s kitchen is bright, offers gas cooking and features SubZero and Fisher & Paykel appliances. The living room features a large gaslog fireplace, flanked by floor to ceiling windows, and has a door out to a lovely waterview deck overlooking the yard with a pond at its center. The primary bedroom is in its own wing, with a walk-in closet and a large en-suite bathroom with sliders out to a private deck with an outdoor shower.

The guest suite on the main level also features an en-suite bath.
On the bright lower level, you’ll find a large den with a wet bar, an office area, a full bath, lots of storage and interior access to a one car garage. Outside, ascend a path to an enchanting gazebo built atop the highest point on the lot from which you will enjoy breathtaking views out toward Wood End and Long Point Lights. Also on the property is an artists studio in a separate building with a kitchenette and full bath. Listing courtesy of Gibson Sothebys Int’l Real Estate.

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

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Provincetown Sale of the Week – 505 Commercial Street – $2.7M

505 Commercial Street is a local treasure. It is the artist Pat de Groots old h0use, a watefront gem with two bedrooms and 3,572 square feet with expansive decking right on the bay beach. It sold for $2.7M on an asking price of $2.850M.

In a spring selling season that is anything but normal, there are still inportant properties selling, adding a degree of histoic calm to the otherwise crazy market.

MLS REMARKS: RARE WATERFRONT GEM! A chance to own part of Provincetown history! Originally built and owned by renowned artist Pat de Groot, now owned by prominent painter Anne Packard, it’s easy to see why this property is a creative’s dream. The sweeping views of the Bay and Long Point all throughout the home will take your breath away. There are three attached exterior decks to enjoy the breeze and entertain outdoors. Walk down a few steps from your deck and spend your day right on the beach! This exceptional East End property has a two family designation and offers spacious living in the main house, with a bonus of a separate unit above ideal for renting, extra guests or studio space. The original wood from floor to ceiling and wood burning fireplace make for a cozy home, while ample windows frame stunning seascapes and invite in the beautiful natural light. This generous sized lot offers plenty of privacy, with a whimsical front yard and two parking spots. A special opportunity not to be missed, there are not many properties like this left in Provincetown!

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

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Provincetown Listing of the Week – 47 Commercial St #B-C – $2.595M

47 Commercial Street #B-C is a truly one of a kind property offering of two waterfront cottages in the West End near the west end parking lot. MLS data describes two units, with a total of 820 square feet with a total of two bedrooms and two baths. There are three units in the condo association. The listing price is $2.595M.

Listing activity remains anemic, even as we see an occasionial outstanding property like this come to market. Warmer weather and the prediction for an incredible season ahead should increase the number of new listings coming to market as we enter the important spring market..

MLS Remarks: Located in the heart of the West End, the Boathouse and Cottage at Labrador Landing offer expansive views of Provincetown Harbor, Long Point and beyond. The wisteria trimmed 1br/1ba two story Cottage is fully equipped and has water views from each level. The cantilevered 1br/1ba Boathouse enjoys unobstructed water views and combines vintage architectural details with modern amenities, plus a sleeping loft and outdoor shower. Part of a small three unit association, these two units are surrounded by mature plantings and have access to an expansive exclusive use waterfront deck with private beachfront staircase. Onsite parking for one car. Combined, the two cottages rent upwards of $8,715 per week in-season. Summer booked for 2021. Pets permitted for owners and tenants. Two moorings. Listing courtesy of Kinlin Grover Real Estate.

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The Goode & Farmer Report – April 2021

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Provincetown Listing of the Week – 48 Winlsow St #A – $2.35M

48 Winslow Street #A is a free standing condo that lives like a single family. It has three bedrooms and three and a half baths and 3,108 sf. It is being marketed at $2..35M.

MLS REMARKS: Welcome to Winslow Farms where you’ll find this newly constructed, sleek contemporary free-standing condominium that lives like a single family home. The main living area is an open, light-filled space with a modern gas fireplace and oak floors throughout. Almost the entire rear wall is glass that opens to the back yard with waterfall. Honed granite counters in the kitchen which features KitchenAid appliances and a large island. Exquisite lighting fixtures throughout the house. A half bath on this level. The primary bedroom has an electric fireplace and is large enough to accommodate a king bed and sitting area. Upstairs you’ll find two additional guest rooms and two full baths. The spacious, finished basement has a third fireplace and is currently being us as a den. Other amenities include a single car garage with paver stone driveway and walkway, efficient hybrid hot water heater, central air, and full sized laundry. Listing courtesy of Gibson Sothebys Int’l Realty.

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

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Provincetown -On the Beach under $500K

After all these years of sellimg real estate in Provincetown, I am still amazed that you can still buy a wonderful year round condo on the water side of Commercial Street for well under $500K. Some will say …”well, it is still almost $500K…”…but it is on the water in one of the premier beach communities in the country!….and because of the very healthy rental market, especially on the water, the purchase can be made so much easier with rental income.

In Provincetown year to date eleven condos have sold under $500K. Four of them are on the waterside of Commecial Street. Those properties are highlighted below.

881 Commercial Street #2 is a one bedroom cottage with 256 sf. It sold for $310K. MLS COPY – Located in a charming cottage colony by the bay, this adorable Cape Cod cottage is the perfect spot for living by the beach. The pine board interior has a full kitchen and sitting area with a bedroom and full bath behind. Sliders lead to the fenced-in back yard with 2 storage sheds. Walk to the bay beach or relax on your front porch. Surrounded by mature plantings, this year -round unit has been lovingly updated and cared for.

953 Commercial Streett # 5 is a renovated one bedroom condo with 360 sf. It sold for $310K. MLS COPY. Come explore a little piece of paradise in Provincetown’s East End. This unit was tastily renovated featuring an updated kitchen with granite countertops, stainless appliances and a bright modern bathroom. Vaulted ceilings create a bright, open and airy living space. This property has strong rental history, parking and common laundry on premise. This unit is affordable, adorable and a perfect unit for a beach or year round home.

405 Commercial Street #6 is an adorable studio condo with 296 sf. It sold for $437K. MLS COPY. This charming beach condo is steps from ‘restaurants, shopping, world class art galleries and Provincetown’s exciting night life. It has wonderful views of the bay, marina and gardens and is steps to the sand. A world away and anchored in the charming beach and wharf history of town. Bead board paneling, painted wood flooring, open plan design and lots of windows remind you that you’re really on the beach. There is a private deck – all providing a comfortable, easy beach lifestyle.

945 Commercial Street #7D is a terrific two bedroom condo with 700 sf. It sold for $449K. MLS COPY. Top floor, 2 bedroom, absolutely perfect condo to work from home or ideal for year-round living! From your private deck, enjoy views of the Provincetown dunes, the Cape Cod Bay, and the coastlines and bluffs from Truro to the Wellfleet Coast! This unit’s floor plan is open, spacious & bright. Combination living, dining, and kitchen – compliments your exclusive-use deck. The kitchen has been renovated – updated appliances, corian countertops and pretty beach tones.

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

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Provincetown Listing of the Week – 97 Commercial Street -$2.395M

97 Commercial Street is a three unit building on the water in the West End located just past the Coast Guard Station. The total square footage is 1,789 sf and there are three bedrooms and three bathrooms total.

MLS Remarks: Rare offering on the waterfront in the heart of the West End! This 3 family home has been lovingly maintained and consists of 3 one-bedroom apartments. The building received a major renovation over the past 12 years, beginning with a rebuilt pier foundation, the addition of wave attenuators, a complete gut renovation of the top floor unit and most recently the rebuilding of an outside wall. The premier upper unit is an airy open floor plan with a vaulted ceiling and features blond maple floors, a gourmet chef’s kitchen with quartz counters and Viking appliances, a separate bedroom area with beamed ceiling, a spacious loft great for a home work space, tiled shower bath, AC, attic storage, and in unit laundry. The upper level enjoys two private decks for outside living, one on the water and one on the street side. Downstairs, 2 one bedroom units both have beautiful views of the water and feature wood floors and AC. Listing courtesy of Gibson Sothebys Int’l Realty.
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Provincetown – Listing of the Week – 19 Brewster St #A – $799K

19 Brewster Street #UA is a two bedroom two bath condo with 918 square feet. It is being marketed for $799K. This is a great property in a terrific location.

MLS Remarks: Immaculate and Move-in Ready! This meticulously maintained first floor 2-bedroom, 2-bath condominium is located on a quiet street in Provincetown’s East End, only a two-block stroll to Commercial Street. A comfortable living space, well-equipped kitchen with plenty of cabinetry and counterspace and a large dining area welcome you as you enter the home. The light filled living area is spacious and open with direct access to the exclusive, wraparound patio area, which provides a perfect second space for morning coffee, dining, and entertaining. There are two nicely sized bedrooms, one ensuite with separate entrance, and each with plenty of closet space. Additional features include in-unit washer and dryer, hardwood and tile flooring throughout, oil heat and hot water included in monthly fee, and two-car parking. Listing courtesy of Pat Shultz Coldwell Banker Real Estate.

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Provincetown Sale of the Week – 350 Bradford Street #10 – $1.12M

350 Bradford Street #10 is a two bedoom two and one half bath condo at The Residences at 350 Bradford Street. The condo has 1,147 square feet and sold for $1..120M. It is a much heralded development on the site of the old Michael Shays Restaurant in the east end just before the split.

Property Overview – Welcome to The Residences at 350 Bradford, the perfect combination of modern, seaside luxury and turnkey living. This spacious newly built two bedroom, two an half bath with two car garage townhouse style unit offers living on two levels with some water views. The kitchen and living area are on the top floor. The kitchen features a Thermador appliance package and quartz countertops. Upstairs, the master suite includes a bedroom with 8.9 ‘ ceilings and deck , with en suite bath with Kohler and Restoration Hardware fixtures. Luxury amenities including central AC, in unit laundry, and gas fireplace.

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