Month: November 2012

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analytics general info

Mass. Home Sales Up 22% YTD

Todays very positive Boston Globe real estate headline.

By Jenifer B. McKim

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GLOBE STAFF

Buyers snapped up more than 4,000 single-family homes in Massachusetts last month, pushing the number of statewide sales for the first 10 months of 2012 above the total for all of last year.

Warren Group, a Boston real estate tracking company, reported Tuesday that home sales in October increased by 21 percent, to 4,044, compared with the same month last year, reflecting increased optimism about the state’s housing market.

Sales between January and October rose to 39,491, a 22 percent increase compared with those months in 2011.

“Record low mortgage rates, an improved economy, and growing consumer confidence are boosting the housing market in Massachusetts and around the country,” said Timothy M. Warren Jr., Warren Group’s chief executive.

The median home price remained relatively flat, however. For a single- family home, it held at $270,000 in October, similar to 12 months earlier, Warren Group said.

Between January and October, the median value slipped to $287,500, down nearly 1 percent compared with October 2011. That means half the properties sold above that price and half sold for less.

The state’s condominium market fared slightly better.

Condo sales were up 48.8 percent in October, compared with the same time last year. The median price rose to $255,000, less than 1 percent higher than October 2011.

Between January and October, the median price for condos went up slightly to $275,000, less than 1 percent higher than a year earlier.

The Massachusetts Association of Realtors, which also released data on Tuesday, offered slightly better housing numbers.

The association said that the median value of a single-family home increased modestly in October to $287,000, 4.4 percent above the October 2011 median.

The median condo price rose to $265,000, up 2 percent compared with that month last year.

The association tracks data from three affiliated listing services, while Warren Group bases its numbers on sales filed at registries of deeds.

As more prospective buyers took action, the number of available homes continued to drop. The inventory of single-family homes decreased by 23.5 percent in October 2012, compared with the same month last year, and the number of condos for sale declined by 32.2 percent, compared with October, 2011, the association said.

John Ranco, a senior sales associate with Hammond Residential Real Estate, said he hopes more people list their homes for sale in the new year, in anticipation of the traditionally busy spring selling season. Right now, Ranco said, many buyers remain frustrated.

“There is very little to choose from,” he said.

Housing numbers released Tuesday by the S&P/Case-Shiller Home Price Indices showed Boston-area home prices increased by 1.9 percent in September, compared with that month last year.

Nationwide, home values rose about 3.6 percent in September, compared with 2011, according to the index, which measures repeat sales of the same properties and is considered one of the best measures of the nation’s housing market.

David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said the latest figures provide further evidence that the housing market is ascending.

“With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market,’’ Blitzer said.

Jenifer B. McKim can be reached at [email protected]. Follow her on Twitter @jbmckim.

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Thanksgiving In Provincetown. (BTW…The Pilgrims Landed Here First!)

Well it’s fall in Provincetown. Sandy has come and gone as so has the election. The trees have dropped most of their leaves providing water views where there were none. And although the town is considerably quieter than during the summer buzz, it’s a wonderful time to relax and enjoy some of the other beautiful scenes here on the Outer Cape.

Weekends in November and December offer fun events for family and friends to gather and share each other’s company – like the traditional Lighting of the Pilgrim Monument on November 21 from 5-7PM that opens the busy Thanksgiving Weekend. There’s also a benefit for the Provincetown Business Guild with their Casino Night at The Crown & Anchor on Friday the 23 at 8PM. And for shoppers, there’s the festive Holly Folly weekend, Nov. 30 to Dec. 2, with many stores open and offering deep discounts. Look for regular community updates here on the blog.

We all love this town for what it offers us in season. But, Provincetown also has a very engaged and caring year-round community with many opportunities to get involved. Please think about continuing your love and support for our community over the upcoming holiday season by helping some of our nonprofit organizations. Volunteer, send in a donation, participate in fundraising events. To help get you started, we’ve included a great “clickable” list of nonprofit organizations and ways to get involved. (see below)

So, come to town for a weekend or two and enjoy the “other season” that Provincetown offers and do a little good along the way.

And, be sure to stop in and say hi when you’re here. We’ll have the fireplace going and the coffee brewing.

Wherever Thanksgiving and the holidays finds you this year, we are thankful for your friendship, your continued trust in us for your real estate needs and the referrals you send our way. We look forward to seeing you in the New Year and share our hope with all of you for prosperity, good health and renewed friendships.

Your friends at  Beachfront Realty.

Jon and Bill

 

Town of Provincetown Volunteer Corp  Beach cleanup, conservation land stewardship or cleanup, beautification committee cleanup, emergency shelter volunteers, tourism,  participation on town boards, public health & safety preparedness, Council on Aging.

Pilgrim Monument  Our donations, memberships and purchases help preserve Provincetown’s rich history for generations to come.

Fine Arts Work Center  (FAWC) Since 1968, the Fine Arts Work Center has worked to provide time and space for emerging artists and writers at critical moments in their creative development.

Helping Our Women  (HOW) A resource center for women with chronic, life threatening and/or disabling illness
Serving Provincetown and other towns.

Aids Support Group of Cape Cod.  Working to maintain and enhance the quality of life for persons living with HIV and AIDS.

Provincetown Art Association and Museum  The purpose of this association is to promote and cultivate the practice and appreciation of all branches of the fine arts.

Provincetown Center for Coastal Studies  Conducts scientific research with emphasis on marine mammals of the western North Atlantic.

Provincetown Conservation Trust. Raises funds to save land (or donating land itself) leaves a lasting legacy and enhances our shared quality of life on Cape Cod,

Pilgrim Bark Park  Our mission is to establish a gated, off-leash community space in Provincetown for its residents, visitors and their dogs.

Provincetown Public Library  Located downtown on the center of Commercial Street.

Soup Kitchen in Provincetown SKIP. Established in 1992, the Soup Kitchen In Provincetown (SKIP) provides a hot, nourishing lunch to Outer Cape Cod residents, November through April, Monday through Friday.

Ruthie’s Boutique Ruthie’s Boutique has provided the community of the lower cape with gently used, inexpensive clothing, books, electronics, and other household items. The net proceeds from the sale of these items is donated to local charities.

Carrie A. Seaman Animal Shelter, (CASAS) is a no kill animal shelter designed to support the wonderful animals of the lower cape.

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analytics general info

Off Season is “On” Season

In the real estate community the off-season months are a time to regroup for the New Year, and to tie up the lose ends of the very busy year we have had. Interestingly the months between November and February remain active in many ways. Buyers are are able to see properties without worrying about tenants, traffic and the urge to go to the beach. Those buying now can be in their properties for the summer season or have their property ready for renters. Sellers can prepare their properties for the new selling season. Renovations can be completed, and property owners can enjoy their hones for the holiday season.

 

The Goode and Farmer Q3 report reported crazy strong numbers as condo sales increased 50% YTD and single family sales increased by 100%. In October the strong trend continued as 11 condos sold with an average sales price of $423K, and 5 single-family homes sold with an average sales price of $1.107M. There are currently 122 condos on the market, vs 134 just a month ago, and 59 single family homes vs 72 a month ago.

Interesting fact.  32% of all condos sold last year sold in the 4th quarter, and 38% of all single family homes sold in the 4th quarter. Another very strong indication that the so called off season is really still the “on season” and that while things do slow down off season they certainly don’t come to a halt in real estate.

 

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analytics

NAR Report Prices Rise In Q3

Below is a great Agent Genius post putting perspective on the national real estate market.

by  in Economy, News – Agent Genius 

 New data shows strength of prices rising

According to the latest quarterly report by the National Association of Realtors, growth in metropolitan area median home prices increased in the third quarter, and more areas are showing gains. The median existing single-family home price rose in 120 out of 149 metropolitan statistical areas (MSAs) based on closings in the third quarter compared with same quarter in 2011, while 29 areas had price declines, up from 110 areas with annual improvement in the second quarter. In the third quarter of 2011, only 39 metros improved, marking stronger home increases.

Dr. Lawrence Yun, NAR’s Chief Economist, said in a statement, “Housing inventories have been gradually trending down from a record set in the summer of 2007,” he said. “Earlier this year, a broad equilibrium began to develop in most areas between home buyers and sellers, which led to a sustained upturn in home prices. We expect fairly normal appreciation patterns in 2013, but there is a risk of price acceleration if builders are unable to increase supply to meet the needs of our growing population and household formation.”

The national median existing single-family home price was $186,100 in the third quarter, up 7.6 percent from $173,000 in the third quarter of 2011, which is the strongest year-over-year price increase since the first quarter of 2006 when the median price rose 9.4 percent. In the second quarter the price increased 7.2 percent from a year earlier.

The median price is where half of the homes sold for more and half sold for less; medians are more typical than average prices, which are skewed higher by a relatively small share of upper-end transactions.

Some of the price gain resulted from a smaller share of distressed home sales in the market, but the higher prices significantly reflect a market recovery. Distressed homes accounted for 23 percent of second quarter sales, down from 30 percent a year ago.

A separate breakout of income requirements to buy a home on a metro area basis shows buyers in the vast majority of areas had ample income in the third quarter, assuming they could meet stringent mortgage credit standards.

Total existing home sales rose 3.2 percent

Total existing-home sales rose 3.2 percent to 4.68 million in the third quarter from 4.54 million in the second quarter, and were 10.3 percent higher than the 4.25 million pace during the third quarter of 2011. At the end of the third quarter, 2.32 million existing homes were available for sale, which is 20.0 percent below the close of the third quarter of 2011 when 2.90 million homes were on the market.

According to Freddie Mac, the national commitment rate on a 30-year conventional fixed-rate mortgage averaged a record low 3.54 percent in the third quarter, down from 3.80 percent in the second quarter and 4.31 percent in the third quarter of 2011.

NAR President Moe Veissi said affordability conditions are a big factor in rising sales. “Historically low mortgage interest rates are encouraging many buyers who were on the sidelines,” he said. “Sales this year are notably higher than the levels seen in 2008 through 2011, so we’re clearly in a recovery phase with rising sales, declining inventory and rising prices. Of course the recovery would be stronger and more stable if we could return to safe but sensible mortgage underwriting standards.”

First time buyers.

First-time buyers purchased 32 percent of all homes in the third quarter, down from 34 percent in the second quarter; they were 32 percent in the third quarter of 2011.

The share of all-cash home purchases was 27 percent in the third quarter, down from 29 percent in the second quarter and 29 percent in the third quarter of 2011. Investors, who make up the bulk of cash purchasers and compete with first-time buyers, accounted for 17 percent of all transactions in the third quarter, down from 19 percent in the second quarter and 20 percent a year ago.

“The modest decline in first-time buyers and investors shows the impact of limited inventory in the lower price ranges from a shrinking share of distressed homes, which are popular with both of these groups,” Yun explained.

Regional performance varied

Regionally, existing-home sales in the Northeast increased 1.7 percent in the third quarter and are 9.8 percent above the third quarter of 2011. The median existing single-family home price in the Northeast slipped 0.3 percent to $246,900 in the third quarter from a year ago.

In the Midwest, existing-home sales rose 5.2 percent in the third quarter and are 17.8 percent higher than a year ago. The median existing single-family home price in the Midwest increased 4.2 percent to $151,100 in the third quarter from the same quarter in 2011.

Existing-home sales in the South increased 5.4 percent in the third quarter and are 11.7 percent above the third quarter of 2011. The regional median existing single-family home price rose 5.7 percent to $165,400 in the third quarter from a year earlier.

In the West, existing-home sales slipped 1.2 percent in the third quarter due to limited supplies, but are 2.1 percent higher than a year ago. With the tight inventory, the median existing single-family home price in the West surged 20.2 percent to $247,400 in the third quarter from the third quarter of 2011.

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architecture general info style

New Developments In Provincetown. The Near West End

There is a lot of building activity this fall in town, not only home renovations all over town but great substantial developments. In the next few weeks I will review my favorite new developments in different neighborhoods. Starting in the near West End there are three great projects done or nearing completion. We have shown many of these condos to our buyers and they are all unique in their own way and offer terrific options and amenities. My repeated caveat that much of the descriptive copy is direct from MLS.

4 Race Road is one of my favorites as the floor plans are unique and the finishes are very nice. Unit #3 the first floor 2 bedroom unit rambles along with a separate living room, a great dining room/kitchen and then down a lovely gallery hallway are two bedrooms with their own full baths.  4 Race Road #3, $659K, 2bed/3bath, 1,170 square feet.  This first floor unit is the perfect mix of historic detail and modern conveniences. Enter through the double front doors into the light-filled living room w/hardwood floors and oversized 2/2 windows. Seperate kitchen/dining with white cabinetry, top-of-the-line stainless appliances and granite counters. 1/2 bath. Two good-sized bedrooms, each with their own en-suite bath w/custom tiles. 2 car parking on Carnes Lane. Exclusive use yard area in front and along east side of house.

 

 

The PH is just wonderful.  One of the most unique condo offerings in town with it’s multiple decks and amazing light. 4 Race Road #4  1 bed/3 baths, 1,080 square feet, $649K, is nearing completion. Located on top two floors of 4 Race Road, the first floor of the unit has a living room, eat-in kitchen, 1.5 baths and a glorious sun room that opens onto a south-facing deck. Upstairs is a large bedroom with private deck, and an en-suite bath containing a separate tub & shower and double sinks. A very special unit with of 1080 s.f. plus 300+ s.f. of decks. Exclusive use yard space and two car tandem parking on west side of building.

64 Franklin Street #F. 3 bed/2 bath, 1,080 square feet, $654,900. This is a completely renovated three bedroom penthouse in Provincetown’s west end. Nearing completion this unit with vaulted ceiling, skylight, open kitchen, dining and living area offers great light and air. The kitchen offer lots of work space, stained cabinets, solid surface counters, stainless appliances and island for added dining. The master bedroom has its own bath with tiled shower for two. There are two guestrooms which share the second bath also with tiled shower. A large exclusive use deck off the living room is great for outdoor entertaining. Additional features include: air conditioning, gas fireplace, crown molding, cottage style 5-panel interior doors, oak floors, separate in-unit laundry room, basement storage, and parking for 2 cars. One year warranty included.

64 Franklin #E, $639K, 3 bed/2 bath, 1,080 square feet. This 3-bedroom, 2-bath unit open kitchen, dining and living area offers great entertaining space. The spacious kitchen has lots of work space, stained cabinets, solid surface counters, stainless appliances and island for added dining. The master bedroom has its own bath with tiled shower for two. There are two guestrooms which share the second bath also with tiled shower. Plenty of options for outdoor use with exclusive mahogany decked porch, side bricked patio and large yard. Additional features include: air conditioning, gas fireplace, crown molding, cottage style 5-panel interior doors, oak floors, separate in-unit laundry room, basement storage, and parking for 2 cars. 1 year warranty included.  #D is available too 2/2 $639K, 830 sf

50 Pleasant Street #1, 3 bed/4 bath, 1,600 square fee. $829K. Brand new construction in the West End! Own one of only two units on a beautifully wooded lot. Three bedrooms, three and a half baths, townhome style living with a full finished basement. Oak flooring, granite counters, stainless appliances, gas fireplace, central air, exclusive use outside space. The unit is accompanied by a separate garage space and artist studio above. Completion date approximately late October

 

 

 

 

50 Pleasant St #2, $810K, 2 bed/4 bath, 1,276 square feeet.  Own one of only two units on a beautifully wooded lot. Two bedrooms, three and a half baths, townhome style living with a full finished basement. Oak flooring, granite counters, stainless appliances, gas fireplace, central air, exclusive use outside space. The unit is accompanied by a separate garage space and artist studio above. Completion date approximately late October

Illustrating the continuing strength of the market both of these condos at 50 Pleasant are under contract.

 

Next week I will focus on developments farther into the West End out towards the beach.

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My Favorite 3 Bedroom Condos in Provincetown

15 Cottage Street #9

There are some great 3 bedroom condos on the market in Provincetown. They are big, have lots of room for family and friends, are in great locations, and are super investment opportunities.  These can rent for anywhere from $3000 to $6000 a week in season. There can even be a positive cap rate investment argument made for a few of these.  Where else but in Provincetown can you find that?

There are 17- 3 bedroom  condos available for sale with an average asking price of $759K, and an average size of 1,436 square feet. I have highlighted my favorites below including the best value on the west end and east end, the best new construction value, and the best waterfront value.

My ever present caveat remains… I have lifted descriptive copy from the MLS and am not responsible for spelling or grammatical shortcomings..but do enjoy.

15 Cottage Street #9

Best West End Value. 15 Cottage Street #9, 3/2, 1,710 sf, $599K. Prime West End location combining incredible resort-like living, great entertainment space and exceptional rental income. This is a 3 bedroom/2 full bath residence. The Master bedroom has a large patio overlooking the landscaped gardens, a comfy sitting area and a luxurious master bath. The 2nd bedroom looks onto the gardens through a bay window. The 3rd bedroom overlooks the pool and has a large hollywood bath. Entertainment size eat-in chefs kitchen with gas cooking, Bosh D/W, wine cooler granite countertops and a large breakfast bar. Large separate DR easily seats 10. Large LR with game area and frplc overlooks in-ground heated swimming pool. Spacious and luxurious, with every indoor/outdoor activity at your doorstep.

 

 

 

480 Commercial St # 2

Best East End Value. 480 Commercial St #2. $655K, 3/2, 1,225 sf. This meticulously maintained top floor condominium offers water views and deeded beach rights. Just steps from the Gallery District, this recently renovated home features three generous sized bedrooms, two full bathrooms, and open concept living. This antique home gives you close proximity to downtown but the quiet allure of the East End. There is exclusive use deck as well as a common porch overlooking lush, manicured gardens. There is parking for two cars plus guest parking. Water views, deeded beach rights, three bedrooms, 1,225 square feet of living space and $30k plus in rental income – what’s not to love

 

 

 

577 Commercial St #3E

Best Waterfront Value. 577 Commercial Street #3E. 3/2 1,200 square feet, $739K. Best Provincetown 3 BR waterfront value – just over $600/sq.ft.! Live right on the beach in this relaxed, casual/ modern 1200 sf East End duplex condominium on the top 2 floors of a historic building. Enjoy views of PT, Long Point Lighthouse, Pilgrim Monument & Truro. First level: Living/Dining/Kitchen combination, private deck w/ outdoor dining. Fully equipped Kitchen, DW, 2 private BR’s with double captain bed ea. , 1 full bath with tub/shower off LR. Upper level: Open loft MBR suite(semi-open to LR below) with vaulted ceilings, ceiling fans Skylights, king bed, full bath with stall shower, sitting ‘hang out’ area and private deck.

 

 

21 Bradford St Ext #16

Most Luxurious new construction. . 21 Bradford Street Ext #16, 3/4, 2,160 sf, $1.399M.Introducing the brand new, top of the line, model unit for Phase II of Herring Cove Village, the West End’s most luxurious condominium, boasting countless amenities.These spacious free standing homes are built with entertaining in mind. The oversized chef’s kitchen is the hub of the floorplan,& features custom cabinetry, Thermador appliances, large custom center island, a contemporary gas fireplace, and conversation area. Bluestone patio & large exclusive yard. There are beautiful dark stained maple floors and 9 foot+ ceilings. The master suite has a walk in closet and a double sided fireplace between the bedroom and large marble bath. The other 2 BR have ensuite baths. Enjoy water views from the roof deck

 

 

 

There are many other 3 bedroom condos available and 51- 3 bedroom (or more) single family homes available which I will review in a future post.