Month: February 2014

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Existing Home Sales Take A Dive…

I haven’t reposted anything by Tara Steele of AG recently but this post tells a smart national perspective.

HOUSING NEWS

Existing home sales take a dip

According to the National Association of Realtors (NAR), existing home sales dipped 5.1 percent in January from December’s revised sales numbers. This places sales at their lowest level since July 2012, which they blame squarely on the perpetual inventory shortages, which also serves to continue lifting prices, which is good news to some (homeowners) and bad news to others (buyers).

Dr. Lawrence Yun, NAR chief economist, also stated that unusual weather is playing a role. “Disruptive and prolonged winter weather patterns across the country are impacting a wide range of economic activity, and housing is no exception. Some housing activity will be delayed until spring.”

“At the same time,” Dr. Yun added, “we can’t ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates. These issues will hinder home sales activity until the positive factors of job growth and new supply from higher housing starts begin to make an impact.”

Median existing home price

NAR reports that the median existing home price for all housing types was $188,900 in January, up a whopping 10.7 percent from January 2013.

Distressed homes accounted for 15 percent of sales (11 percent were foreclosures, and only 4 percent were short sales), down from 24 percent in January 2013. Foreclosures sold for an average discount of 16 percent below market value and short sales were discounted 13 percent.

Housing inventory levels

Although NAR cites ongoing inventory problems, housing inventory did rise 2.2 percent for the month, and rose 7.3 percent compared to January 2013. Inventory now represents a 4.9-month supply at the current sales pace.

The median time on market was 67 days in January, down from 72 days in December and 71 days on market in December 2013. Non-distressed homes sold in 66 days, foreclosures typically sold in 58 days, and short sales spent 150 days on the market. NAR reports that nearly one in three homes sold in January were on the market for less than a month.

Who’s buying right now?

The number of first time buyers are slowly dwindling, hitting 26 percent of all sales in January, down from 27 percent in December and 30 percent in January 2013.

The trade group said in a statement, “This is the lowest market share for first-time buyers since NAR began monthly measurement in October 2008; normally, they should be closer to 40 percent.”

Fully 33 percent of sales were paid for with cash, up from 32 percent in December and 28 percent in January 2013. Individual investors, who account for many cash sales, purchased 20 percent of homes in January, compared with 21 percent in December and 19 percent in January 2013. Seven out of 10 investors paid cash in January.

Regional performance varies

Existing-home sales in the Northeast declined 3.1 percent to an annual rate of 620,000 in January, and are also 3.1 percent below January 2013. The median price in the Northeast was $241,100, up 6.6 percent from a year ago.

Existing-home sales in the Midwest dropped 7.1 percent in January to a pace of 1.04 million, and are 8.8 percent below a year ago. The median price in the Midwest was $140,300, which is 7.6 percent higher than January 2013.

In the South, existing-home sales declined 3.5 percent to an annual level of 1.95 million in January, but are 1.6 percent higher than January 2013. The median price in the South was $161,500, up 9.4 percent from a year ago.

Existing-home sales in the West dropped 7.3 percent to a pace of 1.01 million in January, and are 13.7 percent below a year ago. Sales in the West are attenuated by tight inventory in many areas, pushing the median price to $273,500, up 14.6 percent from January 2013.

 

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Condo Prices Shatter Record

 

Great post from Scott.

Mass condo prices shatter record

Posted by Scott Van Voorhis
Yes, condo prices are getting nutty again.

The median price of a condo in Massachusetts crossed the $300,000 threshold in January.

That’s the highest condo price ever for a January since The Warren Group, publisher of Banker & Tradesman, began tracking condo prices back in 1987.

It also represents a 24 percent increase from January 2013, when the median price for a condo in the Bay State was at a relatively more affordable $242,000.

By comparison, the median U.S. home price weighs in at $188,900. And that’s after a 10 percent increase in January.

Condo sales were also up by a pretty sizable 16 percent, with 1,144 units changing hands the first month of the year, The Warren Group reports.

What’s even more amazing, condo prices are not all that far behind single-family home prices in Massachusetts, with the median home price in January rising 16 percent, to $315,000.

Condos have long been a starter home alternative in pricey Greater Boston, but it’s not clear how much longer that’s going to last given current trends.

Certainly condo prices are out of sight now in Cambridge, Boston and the inner suburbs.

Of course, the price increases might be good news for sellers, but it’s hardly anything for buyers to cheer about. Even if you are trying to sell a house in order to move up into something grander, you are still going to be scrambling to keep up when prices are rising at double digits.

So what’s driving this price escalation? Some of it is due to pent-up demand, but low inventory – basically not enough listings for all the buyers out there – is the bigger problem right now.

The inventory of single-family homes dropped more than 20 percent in January compared to January 2013, the Massachusetts Association of Realtors reports this morning. (There were 15,246 listings this past January, compared to 19,142 the year before.)

Condo inventory was down even more, by 27 percent, to 4,232, MAR reports.

Anyway, it should be an interesting spring market. At a time when sales and prices in many other parts of the country are starting to moderate, the market in Massachusetts kicking into high gear.

 

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Favorite Seasonal And Weekly Rentals In Provincetown

My pick of favorite rentals.

February 23, 2014

As you know seasonal rentals are tough to find in Provincetown.  Below are two incredible rentals that are still available.

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Commercial Street 2 bedroom condo with 2 bathrooms and a water view. “Located across the street from the beach with deeded beach access. Good water view from second floor master bedroom and deck. 1000 Square Foot 2BR, 2 story townhouse. 2 full baths. Master has queen size bed and there are two twins in the other bedroom. Nicely appointed with new furniture by a professional designer. 1 car parking. Stack laundry in unit. No pets. Quiet association with mostly owner occupied units. $20,000.”

 

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Centrally located 2 bedroom plus den. “This contemporary single family is located on a beautiful pond just a 6 minute walk to the Boatslip. 2 master suites plus a den will sleep up to 6. 3 full baths. AC. Hot tub. Sauna. Ample parking. Fully equipped chefs kitchen with gas cooking, large dining area, large full length rear deck directly off living room with a sheltered dining area,. Upstairs suite has a private deck overlooking pond and conservation land and a meditation room. The owners will consider allowing a dog under 50 lbs. Dog cannot be allowed in the pond due to conservation rules. $23,000.”

 

Weekly rentals are easier to find and this waterfront 2 bedroom  is absolutely adorable,  located between the Coast Guard Station and The Red Inn.

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“Second floor condo in quiet building with multiple windows that reveal beach, street, many species of birds, and all phases of the sun. Two generous bedrooms (queen & 2 twins), fully-stocked kitchen; fine linens; window AC (cross ventilation is great); 450 feet of breathtaking beach right outside your door. Located in the historic Masthead Resort, you have full access to amenities: great swimming at high tide, long walks towards the horizon at low tide, sundeck on water, awesome gardens that flower all summer. Enjoy a short walk further west to the jetty, even shorter walk to The Red Inn’s oyster bar or Relish (the home of homemade cupcakes and killer sandwiches!), or a quick hike or bike to ocean beaches. Walking East, you are 15 minutes from town center – art galleries, shops, restaurants, movies, cabaret, water sports, library, fishing and whale watching, and the non-stop street fair created by the visitors and residents of our lovely Provincetown in summer.”

Check out the links to any of these or give us a call at 508-487-1397 for more information.

 

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U.S Real Estate Is Cheaper Than Most!

 

Boy does this post put things in perspective. An interesting world view from Colin Robertson at The Truth About Mortgage! The post is a little long and wonky but gives us a needed perspective – like that the median price in Hong Kong is $4.024M!

Real Estate in the United States Is Actually Cheaper Than Most Other Parts of the World

 January 21, 2014

Real Estate in the United States Is Actually Cheaper Than Most Other Parts of the World

Believe it or not, real estate in the United States is actually really cheap, assuming you compare it to what others are paying in places like Asia, Europe, Canada, and Australia.

A new report released today by Demographia compared housing affordability in 360 markets worldwide and found that the U.S. was far and away more affordable than other countries.

In its 10th Annual International Housing Affordability Survey (which relied upon data from the third quarter of 2013), the company looked at median home prices and household incomes to determine if the dream of homeownership was within reach.

They took the median home price and divided it by the median gross household income to come up with different levels of affordability.

Historically, the median multiple has been similar across the nine nations surveyed, with median home prices typically three times (or less) median household income.

[The Home Price vs. Income Rule of Thumb]

Real Estate in Hong Kong Is Reserved for the Uber Rich

cheap and expensive

But times have changed…

Using that metric, Hong Kong was the least affordable major metropolitan area in the world with a staggering median multiple of 14.9.

In Hong Kong, which is a special administrative region of China, the median household income was $270,000 as of the third quarter.

While that sounds amazingly great, the median home price was $4,024,000. In other words, good luck.

For the record, Hong Kong was the most unaffordable major market (1,000,000+ population) in the world for the fourth year in a row.

Our neighbors to the north have a pretty expensive city of their own, with Vancouver coming in second place in terms of being largely unaffordable.

There, the median home price was only $670,300, but the median household income was just $65,000. That’s a multiple of 10.3, which makes it “severely unaffordable,” according to Demographia’s definition.

The third place you’ll never be able to afford a home is in San Francisco-Oakland, California. Hey, I didn’t say everything in the U.S. was affordable…

The Bay Area had a pretty sizable multiple of 9.2, with the median home price $705,000 and median income $76,300.

The fourth spot was located down under, with Sydney boasting a multiple of 9.0 with a median $722,700 home price and $80,500 median income.

Rounding out the bottom five was San Jose, CA, with a multiple of 8.7. There, the median home price was $805,000 as of the third quarter, higher than SF. And the median income was a hefty $92,400.

Numbers six through 10 included Melbourne, Auckland, San Diego, Los Angeles, and London.  So again, lots of U.S. cities, but those are the outliers.

Unfortunately, it’s a mess that will likely never get better because severely unaffordable markets are also the most attractive to buyers looking to snag short-term profits and “extraordinary returns on investment.”

As a result, home prices in these sought-after regions rise further, thanks to what the report calls “urban containment,” or a lack of land aka supply. Then unsustainable prices in these very cities cause mass damage to the economic system.

The report also pointed out that for young households, the “California” dream requires moving to other states, such as Texas, Indiana or Georgia…

Ireland Is the Most Affordable Nation

affordability ratings

The U.S. also had 84 “affordable” markets, compared to just seven in Canada and four in Ireland. The other regions had ZERO.

Additionally, the U.S. had 100 “moderately affordable” markets, compared to just a handful in other regions of the world.

Overall, the U.S. multiple was 3.4, which is just above the affordable mark. And a lot of pricey regions like California and New York are probably skewing the data.

The only other country to beat us in terms of overall affordability was Ireland of all places. There, the multiple was a low 2.8.

The top 23 major markets were also all located in the United States, with Pittsburgh the most affordable with a 2.3 median multiple.

It was followed by Detroit with a multiple of 2.5, Grand Rapids and Rochester with multiples of 2.6, and Atlanta with a multiple of 2.7.

In all, the U.S. accounted for 40 of the 50 most affordable major markets in the world. So stop complaining! There are plenty of bargains to be had.

[Tips for First-Time Home Buyers]

Who Cares About Worldwide Home Prices?

Why should we care about housing affordability worldwide? Shouldn’t we just focus on local home prices to make real estate decisions?

Sure, it’s good to stay local. But knowing what’s going on in the world is important too.

For example, if home prices are cheap in the U.S. relative to other regions of the world, including places as close as Canada, there’s a good chance those foreigners will be looking to invest in our neighborhoods.

Assuming they do, the supply/demand picture will change, meaning home prices should get a boost. Of course, this could also make it more difficult to land that dream home too.

 

 

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Least Expensive Single Family Homes In Truro

The single family market in Truro is as varied as anywhere else on Cape Cod.  Here are the 3 least expensive singe family properties on the market in Truro. They range from 2 to 4 bedrooms, and from 624 to 1,329 square feet.

11 Josephs Rd $399K11 Josephs Road is being offered at $399K. It has 4 beds, and  1 bath and has 624 sf. The MLS description says it is in a great location, and in a private setting, with room to grow. An incredible value describes this 4br single family home.(used as 3br) with upgrades including new roof, new title 5, and freshly painted exterior. MLS says it is priced to sell and all reasonable offers will be considered.

 

 

 

2 Baybery Lane .$409Kjpg2 Bayberry Lane  is offered at $409K. It has 2 bedrooms, 2 baths and 1,329 square feet . MLS copy says it is on a quiet private road; has a convenient location; route 6 and several beaches are within close proximity; comfortable, cozy space includes all the basics; some features of this custom crafted all wood exterior/interior single family home include high beam ceilings, 2 oversized bedrooms with a sprawling deck, 2 full baths, generous closet space, maple hardwood and tile floors. A bonus 18x25sf Sun room, a private yard, shed, and ample off-street parking round out this offering.

 

 

5 Elizabeht Way $425K5 Elizabeth Way is being offered at $425K. It has 3 bedrooms, 1 bath and 988  Square feet. MLS copy says it is a 3 bedroom year round home, with 1 bath, a three season porch and a fireplace. This home has expansion possibilities, and sits on a small knoll at the end of an unpaved way. It is a convienient drive (1.3 miles) to the beach on Corn Hill.

 

 

Just goes to show you that there are wonderful, charming and affordable single family options in the woods of Truro. Enjoy!

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Provincetown Winter Eaterys

Here is an easy guide for us year rounders to use when asked “what restaurants are open?’ A great and timely post from Laura Shabott on Provincetown.com.

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Notes from Lands End

Where to Eat on a Winter Day in Province

By Laura Shabott
February 15th, 2014

Snow, wind and rain sharpen the palette for good hot food and friends to share it with. A surprising number of eateries are open this winter in Provincetown (and just over the border in Truro) for your culinary pursuits. Bon Appétit.

 

A surprising number of restaurants and eateries are open this winter in Provincetown for your dining pleasure.

Blustery storms seem to be all the rage in the Northeast this season. When in doubt, please call ahead. Phone numbers are provided in the listings.

141 Bradford Natural Market:

 

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508-487-9784 – 141 Bradford St. Open Daily
The comforting aroma of a vegetarian/vegan-friendly lunch buffet wafts through this airy whole foods store. Partners Joe Freitas and Chris Getman greet everyone by name and answer questions about vitamins, natural products and the benefits of juices pressed on premises. Visit their adorable West End spot open in season.

Angel Foods:
508-487-6666 – 467 Commercial Street (across from PAAM )
Open Daily.

Liz Lovarti brings her old world Italian sensibilities to this specialty food store. Who wouldn’t want one of the gift baskets filled with exotic breads, cheeses, divine figs and artesian waters? House-made hot dishes and sandwiches are a gourmet treat. Try out her new location in the West End this summer.

Bayside Betsy’s:
508-487-6566 – 177 Commercial St. Breakfast, Lunch & Dinner Weds.-Sunday

Bayside Betsy’s gets rave reviews from loyal locals as well as brides wanting a fun place for their reception. You can count on a relaxing meal with a lovely view of the harbor and friendly service. I’ve attended a number of functions there, both day and night, and they were flawless.

Central House at the Crown:
508-487-1430 x229 – 247 Commercial St. Lunch/Dinner Thurs.-Sunday

Chef Devon Gilroy and wine steward Peter Miscikoski dish up delicious rustic fare well paired with selections from artisanal vineyards. Reviewers rave about the famous lobster mac&cheese. Dine pre-performance and get preferred seating for one of the Crown and Anchor’sfabulous shows.

Chach:
508-487-1530 – 73 Shank Painter Rd. Daily 8am-2pm.

Revered for their French Toast with lemon curd, Chach and her kitchen make this a cozy diner with a never ending pot of coffee and an awesome daily special. Go alone or with a crowd. The lunch counter is a lot of fun and the food portions are truly generous.

Chequessett Chocolate:
774-538-6249 – 8 Highland Rd., No. Truro, Weds.-Sunday 10-4p.m.

After a visit to the jungles of Costa Rica in search of the perfect cocoa beans, culinary experts Katie Reed and Josiah Mayo have opened Chequessett Chocolate. Handcrafted confections, a beverage bar and free Wi-Fi make this an irresistibly sweet addition to the Outer Cape.

Ciro & Sal’s:
508-487-6444 – 4 Kiley Court -Open Daily.

Artists Ciro Cozzi and Sal Del Deo originally created this Italian restaurant to pay for canvases and oil paint. Now owned by long-time employee Larry Luster, the cuisine harkens back to the North of Italy with seafood, veal and pasta dishes in the intimacy of a wine cellar. This Provincetown institution is tucked away down a side street in the East End Gallery district.

East End Marketplace:
508-487-2337 -212 Bradford St. Open Daily.

Great breakfast sandwiches and decadent desserts add to the neighborhood ambience of this market owned by the personable Gary Pasnick with support from long-time resident Betty Vilari. Get groceries, cold beer and a nice bottle of wine or try your luck at the lottery.

Fanizzi’s by the Sea:
508-487-1964 539 Commercial St. Open Daily

This is waterfront dining at its best. The entire Provincetown Bay is your view as comfort foods are served in a casual atmosphere by a welcoming staff. The bar is a treat with a sweeping vista of the East End and great martinis. Group celebrations fit nicely at round tables for a Sunday brunch not to be missed.

Farland Provisions:
508-487-0045 – 150 Bradford St. (corner of Conwell St.) Open Daily

Partners James Farley and Tom Boland took a dying location and turned into a thriving deli and bakery with signature sandwiches and a delightful staff. Breakfast, lunch and take-out are in-house made. Catering services can accommodate groups from picnic to tent-size.

George’s House of Pizza:
508-487-3744 – 275 Commercial St. Open Daily.

There are days when a slice or a pizza delivered just feel so right. George’s Pizza offers that respite from cooking. Subs, combination pies (including white), a generous Greek salad with the real-deal olives and a piece of baklava make for a nice winter nosh. The computer games are a fun distraction.

Governor Bradford Restaurant and Bar:
508-487-2871 – 312 Commercial St. Open Daily

This year-round locals’ watering hole and restaurant makes winters go faster by hosting a Friday Fish Fry with Bubbles, a lively winter pool tournament on Wednesday nights and Drag Karaoke Saturday evenings hosted by Dana Danzel. If you have never seen her perform, grab the nearest bachelorette party and go sing along.

Mews Restaurant and Cafe:
508-487-1500 – 429 Commercial St. Open nightly.

Exceptional in every way, this Zagat rated restaurant boasts a vodka bar of over one hundred varieties. Owner Ron Robin and his fiercely loyal staff create a dining experience that both locals and tourists cherish. Reservations recommended.

Napi’s Restuarant:
800-571-6274 7 Freeman St. Lunch till Mid May, Dinner Daily

Napi and Helen Van Derek combine their love of world travel, food and Provincetown in this truly unique restaurant. Stain glass, carousel horses are displayed next to paintings by Provincetown masters. The meals are sumptuous, always fresh and served by a staff with their own local followings.

SKIP:
508-487-8331 10 Shank Painter Road United Methodist Church
Lunch 12:30p.m.-1:30p.m. Monday-Friday – Donations welcome.

The Soup Kitchen of Provincetown, a non-profit founded in 1992, feeds almost one hundred people a day. Chef Amy Howell says that the generosity of local restaurants and businesses, along with a remarkable staff of volunteers, brings what is best about Provincetown to our winter community. The onsite Thrift Store is a definite perk.

Squealing Pig:
508-487-5804 – 335 Commercial St. Open Daily.

Dave B. from Boston says, “My wife and I stopped in for lunch on a cold December afternoon and sat at the bar. We ordered Wellfleet oysters, one half dozen with cocktail sauce and one half dozen with the ginger, wasabi and soy. Stellar!” An Irish Pub known for its bevy of craft beers and burgers with a twist, no one leaves disappointed.

The Pointe Restaurant:
508-487-2365 – 82 Bradford St. Tues.-Sunday Dinner

The Crown Pointe Inn and Spa brings Food & Wine Magazine’s Top Ten Chef Robbin Haas to Provincetown. Diners are delighted with his fresh take on classic and modern American cuisine made with the finest local ingredients. This sea captain’s inn is a lovely perch at the crest of Bradford. Reservations welcomed.

Wired Puppy:
508-487-0017 – 379 Commercial St. Daily 6a.m-6p.m.

People with their pooches love to sip a cup of organic, fairly-traded coffee brewed to perfection. They chat, eat a muffin, use the free Wi-Fi and play with each other’s dogs in this hub of winter life. Donna Vaillancourt and her esteemed colleagues have created something very special.

A surprising number of restaurants and eateries are open this winter in Provincetown for your dining pleasure.

Next Week’s Notes from Lands End: Festivals 2014.

Provincetown author Laura Shabott has learned how to self-publish and is empowering others to do the same.Confessions of an eBook Virgin: What Everyone Should Know before They Publish on the Internet will guide you through the self-publishing process in a few hours of reading. Rated five stars, the book is available on Kindle, Nook and in Paperback.

Provincetown.com is the longest-standing, independently owned presence on the web in 02657.

Please like Provincetown.com on Facebook.


 
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The Least Expensive in Provincetown

The least expensive condo and single family listings available in Provincetown.

February 11, 2014

It is hard to believe but you can buy a single family home for $479K in town.  28 Nelson Ave  is a 3 bedroom, 1 bath home with 1,320 square feet.

 

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MLS copy: Don’t miss your opportunity to own a spacious 3 bedroom single family home in a quiet neighborhood of Provincetown. There is a full walkout basement that could be finished for additional living space or can be used as storage. The living room features a wood burning fireplace and has an abundance of natural light. Recent upgrades include a Baxi propane heating system, new Title V septic, privacy fence and terraced gardens. The home is in good condition and has great potential.

There are a total of 48 single family properties on the market in Provincetown with that number sure to increase over the next few months as the spring market warms up. The average listing price is $1.508M. The average size is 2,570 square feet.

 

The least expensive condo is 963 Commercial #51 , a 1 bedroom, 1 bath unit with 258 square feet which is offered at $125K.

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MLS copy: Walk to the pool or the beach from this wonderful escape. This property is a one bedroom, one bath unit at the Beach Point Club, a waterfront complex minutes from the center of town and on the flex bus route. A perfect beach getaway with a low monthly fee, this property includes use of the association in-ground pool, direct access to the beach and assigned parking. Enjoy your exclusive front patio for morning coffee and exclusive back deck with bay views for afternoon relaxation. Currently used seasonally, unit may be converted to year-round use with approvals. Weekly rentals allowed and pets for owners.

 The entry level price point for condos in Provincetown is a big segment of the market.  There are 37 condos available priced below $350K. The average condo in  this segment is listed at $248K and has 563 square feet.We are always surprised at what buyers can get for relatively little money.   Many are waterfront or beachfront, and some are  located in condo associations with swimming pools and other amenities.

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Truro Luxury

 The 3 most expensive single family homes for sale in Truro.

February 11, 2014

There are so many gorgeous single family homes in Truro on both the bayside and ocean side. You have seen many of these homes in Cape Cod Magazine, Architectural Digest and on all the real estate web sites. Below are the three most expensive luxury homes on the market.

19 Avocet Road is being offered at $2.495M. It is a 3 bedroom, 3 bath home with 3,585 square feet.

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MLS copy: Clearly the best waterfront property on the Outer Cape! This stunning Bay front Contemporary is situated in one of Truro’s most sought after waterfront locations with 1.56 acres of treasured privacy. This estate sized setting affords the discerning buyer all the appeal of Cape Cod living: dramatic far reaching water views from almost every room, private steps to your sandy beach and close proximity to Truro Center and Provincetown’s renowned art galleries, restaurants and night life. All of this with an expansive interior with soaring cathedral ceilings, new chef style kitchen, expansive living and dinning, master BR with 180 degree views of Cape Cod Bay and private master bath. There are sliders to a generous seaside deck, beautiful professional landscaping, hurricane shutters and the added bonus of a separate detached artist’s studio.

 

2 Heron Lane is offered at $2.750M. It is a 4 bedroom, 3 bathroom home with 2,500 sf.

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MLS copy…verbatim!  The open living dining area with deck to stairs to your private beach is the perfect room to entertain and enjoy extended family living. There is a view from almost every room of this one level contemporary design with dramatic sunsets in every season. The window walls in the Living room with soaring ceilings and fireplace make this custom construction comfortable in every season. Historic Highland Links, Highland Light, and the Winery are a short distance in the North Truro neighborhood. This property is in move in condition to enjoy with privacy yet convenient to Provincetown and the airport. The private tennis court is around the corner and the automatic rolling shutters protect the house in all weather

 

15 Avocet is being offered at $2.950M. It has 4 bedrooms, and 3 baths and has 3,255 square feet. This house is one of the most  stunning waterfront homes ever available on the Cape.  See if you don’t agree with me.

15 Avocet $2.950

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MLS copy: Spectacular panoramic waterfront views and sunsets are framed from almost every room of this dramatic Shearwater contemporary design. The master suite was planned to capture the sweep of the beach to the Provincetown Monument. Each living space connects to the deck areas, look out deck, including the media room and stairway to the beach. The lower level has a private entrance with an outside shower, living area, new bath, and bedroom with bay views. The spacious lower level with gallery hallway and two car garage provide storage and enter to the family room, with additional views of Cape Cod Bay. A seaside sensation with updates found in custom construction, including geothermal heat and AC, with 4 zones. Featured in Cape Cod Magazine August issue. Enjoy this property in all seasons!

It is so cool to see the incredible properties available in Truro, as we sometimes tend to focus in Provincetown more because more folks are familiar with it. But Truro is such a treasure!

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High End, High Tide – The Two Most Expensive Listings In Provincetown

Not surprisingly the most expensive condo and single family property available in Provincetown are on the water.

February 7, 2014

There are 5 condos on the market in Provincetown with list prices over $1M.

The most expensive is a gorgeous waterfront condo  at 67 Commercial Street #4 offered at $1.899M.  This is a 2 bedroom, 2 bath condo with 969 sf which is quite literally on the water, as you can see from the pictures below.  It is located in one of the most desirable neighborhoods too! That enviable stretch of Commercial Street from Franklin Street west to the Red Inn.

 

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Following is a description direct form Cape and Islands MLS. Quintessential, waterfront, West End free standing 2 bedroom, 2 bath Cape home with spectacular views of the harbor & Long Point. This luxury home has been completely rebuilt with contemporary finishes yet true to its Cape roots. The main living area has wide plank Scandinavian bleached white oak floors, bead board wainscoting & ceiling & a glass door that opens to a private waterfront deck. Kitchen features custom modernist shaker cabinets with a resin pebble backsplash, a Sub Zero refrigerator & Miele appliances. On the second floor you will find the master bedroom with cathedral ceiling, private deck & a spacious en suite bath. The guest bedroom also has a cathedral ceiling and oculus window. Both the baths have river stone tiled showers with Waterworks nickel fixtures & custom glass enclosures. There is off site deeded parking for 2

There are 30 single family homes available with listing prices over $1M – fully 63 % of the 48 single family homes that are available. 

The most expensive single family offering is at 10 Harbour Drive. It is a 5 bedroom, 6 bath home with 4,233 square feet and is being offered at $3.995M. As you can see from the pictures beow and the MLS copy attached it is an exceptional property.

 

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10 Harbour

10 Harbour 4
Following is a description direct from Cape and Islands MLS. Experience beachfront living with unparalleled privacy at Provincetown’s newest waterfront community. This newly built spectacular home at Bay Harbour is the largest waterfront home for sale in Provincetown, with over 4000 SF, 5 BR’s and 6 BA’s. Custom chef’s kitchen with WOLF and Subzero appliances. The view pours into the vast living room through the floor to ceiling wrap-around windows. A sumptuous master suite also faces the water and has a private deck,gas FP, WIC,and large bathroom with jacuzzi, steam shower. All bedrooms & the den have ensuite baths. Security, AC, lush grounds, basement, and 2 car garage.
Both are lovely properties and represent the luxury market in Provincetown beautifully.

 

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Condos Soar

691 Mass Ave, #208, asking $570K. 1B/1B, 909 sf

Its always interesting to hear mixed reactions to condos, as our “local” markets, downtown Boston and Provincetown are very condo centric. A good statewide perspective though.

Condos soar as home sales stumble

Posted by Scott Van Voorhis
Are buyers turning to condos as they find themselves on the losing end of soaring single-family home prices?

It happened during the bubble years and in previous booms as well. And it looks like it may be happening again given the latest Massachusetts sales stats out this morning

Bay State condo sales jumped more than 15 percent in December compared to the year before, even as home sales slid –  by just under a percent –  for the fewest sales since April,The Warren Group reports.

Yet even as home sales faltered, home prices rose yet again in December amid a dearth of listings for buyers to look at, with the median price hitting $320,000, a 6.3 percent jump over 2012 and an increase over this November as well, the Massachusetts Association of Realtors finds.

And despite the stagnant sales numbers, demand still appears to be relatively strong, with the drop in sales driven by the sparse choices in the market as much as anything else.

Even as home sales stagnated in December, average days on market dropped to 99 days, down from 130 in December 2012, according to MAR.

By contrast, condo prices look a little more reasonable, though that window appears to be closing as well.

The median condo price rose 8 percent in December, to more than $305,000, MAR reports. The median condo price for all of 2013 – $300,000 – was the highest since 2004.

While generally less expensive, condos have the perception as being a riskier bet than singe-family homes. There’s more price volatility with condos the poster child, at least in New England, of the devastating early-1990s real estate collapse.

Many of those who snapped up condos during the greed-is-good 80s were stuck with them for years, unable to sell, period, let alone settling for a loss.

Developers during those heady boom times got the very dangerous idea they could turn any old building anywhere into overpriced condos and stuff their pockets with easy profits.

Bad bets include the downtown Haverhill condo next to a car dealership that one of my former newspaper colleagues was stuck with from his bachelor days.

He wound up renting it after he got married and bought a house – he may very well still be sitting on it, though I suspect he finally found a way to unload during the bubble years, circa 2003-2006.

Ready to go condo? Homes too expensive for you now?