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Listing Of The Week

18 Brewster is a wonderful single family bungalow in the near East with 2 bedrooms, 3 baths, 1,374 sf and is being marketed for $999K. Brewster Street is one of those charming East End streets with charming and diverse homes that is beloved by many in Provincetown as it represents the best the town has to offer.

 

18 B door

MLS COPY: Tucked behind mature clipped landscaping, this gorgeous renovated mid-century home is just a short walk to Commercial St. in the Gallery District. Lovingly restored with ebony stained wood floors throughout. The living area features cathedral ceilings, a wood burning fireplace and separate dining area. The kitchen is updated with white cabinetry, granite countertops and newer appliances. Sliders lead to a large private mahogany deck surrounded by privet, boxwood and mature perennial gardens. The master bedroom has an en suite bath, cathedral ceilings and built in closets. The second bedroom also has a private en suite bath and a private entrance. The den is set up as a bedroom, has a separate bath and access to the deck.

 

 

18 B living room

18 B living room 2

18 B kitchen

18 B deck

 

 

 

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NAR’s National Perspective

 

NAR’s National perspective:

NAR: Sales of existing homes post strong gains

Purchases up 4.9 percent from April to May
Teke Wiggin, Staff Writer
Existing home sales posted strong gains in May as increasing inventory continued to temper price growth and the market showed signs of bouncing back from a lackluster first quarter, the National Association of Realtors reported today.

Existing-home sales were up 4.9 percent from April to May, to a seasonally adjusted rate of 4.89 million, but were still down 5 percent compared to a year before, the trade group said.

Growth in real estate image via Shutterstock.
Growth in real estate image via Shutterstock.
“Homebuyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” said NAR Chief Economist Lawrence Yun in a statement. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”

Total housing inventory in May continued to trend upwards, but the amount of time it would take for home supply to sell out decreased thanks to a faster pace of sales.

The supply of homes was up 2.2 percent from April to May, to 2.28 million existing homes for sale, a 6 percent increase from a year ago. That represents 5.6 months of supply at the current pace of sales, down from 5.7 months in April. Many analysts consider a 6-month supply of homes to represent an even balance of buyer and seller demand, with less supply indicating a shortage of homes.

“Rising inventory bodes well for slower price growth and greater affordability, but the amount of homes for sale is still modestly below a balanced market,” Yun noted. “Therefore, new-home construction is still needed to keep prices and housing supply healthy in the long run.”

The median price of an existing home was up 5.1 percent year over year in May to $213,400.

 

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Sale Of The Week

51 Harry Kemp Way #1

51 HKW 1

51 Harry Kemp Way #1 sold for $610K. This condo in a 2 unit condo association. It is a terrific example of the mid market here in Provincetown. Just like the MLS Copy says…it does feel like a single family house and has wonderful porches and gardens. It has 3 bedrooms and 2 baths and 2,331 square feet along with a 1 car garage. It had been marketed for $625K.

 

 

 

51 HKW 2

51 HKW5

51 HKW 3

51 HKW4

 

 

 

 

 

MLS COPY: Gardener’s delight. Three spacious floors of living lend this townhouse condominium the feel of a single family home. From the ample farmer’s porch you enter an open-plan living room, kitchen and dining area with hardwood floors throughout and a gas log fireplace. A full bath, newly upgraded, completes this floor. The second floor has two bedrooms and a second full, newly tiled bath. The third floor bedroom can also serve as den or home office. Beautifully maintained, the home also has superlative outdoor space: three decks,and a huge beautifully landscaped yard. Amenities include a basement, a garage, a laundry and central air conditioning, and parking for 3 cars. All 5-10 minutes’ walk from shopping, restaurants, galleries and the harbor. Weekly rentals and pets allowed.

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Middle Market Towns Back

 

Interesting Boston.com post by Scott.

Middle Market Towns Hot

Posted by Scott Van Voorhis June 2, 2014

The spring market has been particularly choppy this year. Sales have stalled amid a shortage of listings that has left many buyers fuming. The up today, down tomorrow economy hasn’t help things much either.

And it has been an increasingly uneven real estate market as well. A few towns and neighborhoods are super hot, with double digit increases in sales and prices. By contrast, many other communities are seeing a falloff in either sales or prices, and, in some cases, both.

Not hot right now are a growing number of the more affluent suburbs, such as Hingham and Carlisle, which have seen both prices and sales fall off this spring.

Ditto for low income cities and urban neighborhoods, which, after starting to rebound after hitting bottom during the Great Recession, are starting to see prices deflate again.

But the middle market towns out there right now are the hot ones, posting big increases in both sales and prices this springaccording to April numbers recently posted by The Warren Group, publisher of Banker & Tradesman.

Towns seeing the biggest jumps in sales and prices this spring include:

Danvers: Median price rose 18 percent, to $377,500, while sales rose by more than 18 percent;
Dedham: Median price surged to nearly $400,000 – a 20 percent increase – while sales jumped 13 percent;
Barnstable: Median price jumped more than 35 percent, to $469,950, while sales soared nearly 41 percent;
Beverly: Sales up 42 percent while prices increased nearly 12 percent to $369,959;
Milford: Sales rose by more than 41 percent while the median price hit $270,000, an increase of more than 17 percent.
Norwood: Sales increased by more than 46 percent while the median price rose more than 9 percent, to $377,450
Wakefield: Median price jumped to nearly $420,000, or a 13 percent increase, while sales rose by nearly 10 percent;
Waltham: Median price hit $441,000, an increase of 11 percent, while sales jumped more than 17 percent.

 

 

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Sale Of The Week

Provincetown sale of the week.

20 Bradford Street sold for $607,500. It is a adorable small single family that you all know at the top of the Bradford Street Hill near Franklin Street.  It has 2 beds and 2 baths and 994 sf. Its always been a great looking small cape house, sandwiched in between two much larger buildings on Bradford Street. The complete renovation of the house in 2007 created a well crafted updated house with terrific outside spaces.

 

20 Bradford

 

MLS COPY: This charming two bedroom, single family home was totally renovated in 2007. The high ceilinged living room has wood floors, a gas fireplace, and French doors leading to a bluestone patio and sunny garden with deck. There is a high end kitchen with stainless steel appliances and 5 burner gas stove. A half bath completes this level. Upstairs are a guest bedroom and a master bedroom, which share a full bath with large, marble walled, glass enclosed shower. A cozy deck has stairs leading to a rooftop deck with panoramic harbor views. Gas hot water heat, parking(1), full basement(shoulder height) excellent rental income (2500/wk)

 

 

 

 

It packed a lot into the small lot of 1,700 sf. lot. Two beds, two baths, a great kitchen,a deck off the 2nd floor bedrooms and a roof deck – along with a good sized back yard .

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$1M Plus Sales To Date

The $1M+ market sales

Six properties have sold so far this year worth $9.8M.  Including three single family properties, one condo and two inns. Buyer activity is strong with elevated demand for high quality East and West End singles.

21 Bradford Street Ext. #13, sold for $1.015M. It is a 3 bedroom, 4 bath condo with 2,244 square feet.

 

21 BSE #13

MLS COPY: This quality construction luxury townhome features a first floor living area with a gourmet kitchen with a tile floor, oversized center island and sitting area, perfect for gathering. There are granite countertops, custom cabinetry, Jenn-Air appliances and it opens to a patio and gardens. The living room has a gas fireplace, maple floors, crown molding and double sitting areas. There is a welcoming front covered porch. Upstairs you will find a master bedroom with a rear balcony, en suite bath with double vanity, tiled shower stall & a separate soaking tub. Two additional bedrooms also have en suite private baths. The 3rd floor bedroom has a separate sitting area & opens to the 2 level roof deck with Jacuzzi & views of Provincetown. This quality home is just a short walk to the moors, National Seashore & all that Provincetown has to offer.

 

 

 

 

 

73 Commercial Street sold for $2,850M. It is a 3 bedroom, 4 bath West End single family with 2,418 square feet.

 

73 CommercialMLS COPY: West End waterfront living at its absolute best! Lovingly renovated and restored, each level of this exquisite residence offers a feast for the eyes. Perched at the peak of the house, is the master suite with a beamed cathedral ceiling, ensuite bath and home office. The views from this level are wide and stunning. On the second floor is the main living room with beamed ceilings, built-ins and a large bayside deck. There is also a guest bedroom and full bath on this level. The first floor has another guest bedroom with ensuite BA. The large eat-in kitchen with high end appliances opens onto a deck and the lush lawn and well tended gardens. This backyard setting is unparalleled.

 

75 Franklin Street sold for $ 1M. It is a 4 bedroom, 4 bath single family home in the West End with 3,064 square feet.

 

75 Franklin

MLS COPY: West End Arts & Crafts Gem built in 2001. The first floor features a living room with afield stone fireplace and a separate library reading room. There is a two story dining room, modern kitchen with stainless appliances and granite counter tops and a wall of windows that opens to the private backyard. There are also 2 guest bedrooms and a bath on the first floor. Upstairs you will find a master bedroom and tiled bath suite complete with a sitting room and a study with a private deck, perfect for morning coffee. On the lower level there is a library, a full bath and ample storage. Outside there is a well landscaped yard, a storage shed, ample parking.

 

 

4 West Vine St sold for $1.225M. It is a two unit West End home with 2,1o4 square feet.

4 W VineMLS COPY: Rarely available West End home! This antique two-family is supremely located in the heart of the historic West End village, just steps to the beach. The 1st floor is beautifully renovated with gleaming pine floors, 2 amply sized bedrooms each with en-suite tiled bathrooms, granite counters, a large dining area, gas fireplace, and office nook. The unit is accessed from the front yard, with its lush lawn, surrounded by a white picket fence. Upstairs, the other apartment has a large living room with a view to the water past Captain Jack’s wharf, a formal dining room, kitchen, bedroom and bath. On site parking & lovely grounds round out this offering. Enjoy turnkey rental income from both units.

 

7 Cook Street, The Inn At Cook Street sold for $1.650M.

 

7 Cook INNMLS COPY: You’ll be enchanted by this lovely property, a 3-building compound which is presently run as a successful B&B, the Inn at Cook Street, with a total of 8 licensed rooms. The main house was built in 1836 and has been lovingly restored and impeccably maintained. With 4 guest rooms and 2 suites in the main house, other features include a new high-end kitchen, pine floors, custom moldings, several fireplaces,3 rooms with outside entrances, and lots of light. Also on the property are two free standing cottages, one with a kitchen. The grounds are beautifully landscaped, and feature a koi pond and an irrigation system. There is parking for 3 cars. Great income.

 

 

7 Central Street Inn, formerly The Central House sold for $2.060M.

 

7 Central INNMLS COPY: The Carriage House is one of Provincetown’s premier Bed & Breakfasts, providing discerning travelers the perfect blend of luxurious space, amenities, privacy and location. Just a half block off Commercial Street,in the heart of the West End, this property is beautifully situated for a year round business.Each of the 13 licensed rooms offers AC, flat scrn TVs,DVD/CD players, sumptuous linens, refrigerators, high-end toiletries & complimentary wi-fi. Many of the guest rooms enjoy private patios, and the beautiful common courtyard features an inviting hot tub and a sauna. The enclosed front porch is a cozy place to sit by the fire. Prkng for 10 cars on-site & a 2 rm manager’s suite complete the offering. This B&B is a member of the Distinctive Inns of Provincetown. Offered beautifully furnished.

 

 

In a recent post, The Million Dollar Plus Market In Provincetown, I illustrated many of the properties on the market in this segment.

Last year 11 properties over $1M sold year to date with $17.6M in sales volume, including 6 single family homes, 2 multi family properties and 2 Hotel/Motel/Inns.

 

 

 

 

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Upscale Towns – Falling Prices

Interesting post by Scott. The $1M+ market in Provincetown which is anchored by single family homes is performing somewhat differently with rising average sale prices but with fewer properties selling. Watch for a post this week on $1M + sales year to date.

Upscale Towns, Falling Prices

Posted by Scott Van Voorhis

After some torrid increases, home prices are taking a hit this spring in some upscale suburbs and urban neighborhoods across Greater Boston.

The elite top of the market, such as the Lincolns and the Cohassets, are doing just fine.

That is, with the exception of Cambridge, where sales of single- family homes are off 30 percent so far this year, while prices are down more than 20 percent, according to The Warren Group, publisher of Banker & Tradesman.

Rather, it’s that larger tier of affluent towns where signs of trouble are starting to pop up.

Just take Medfield. Curt Schilling recently slashed the price of his seven bedroom, 26 acre spread to $2.5 million – a cut of $500,000 – after years of on-and-off attempts to find a buyer.

But right now the one-time Red Sox star is chasing the market down, with the median home price in Medfield having fallen more than 5 percent this spring, to $545,000. (Check out an evening view of the Schilling homestead below – looks rather cozy for a 7,890 square foot manse.)

0430-curt-schilling-medfield-home-38-studios-rhode-island-1.jpg

A look at the latest Warren Group numbers for April is rather revealing. Other examples include:

Hingham: The median home price has dropped more than 9 percent, to $567,500, while sales are off 21 percent.

Orleans: Sales in this mid-Cape tourist town, home to Nauset Beach, were choppy to say the least, dropping by more than 35 percent. But that’s nothing compared to the median sale price, which plunged 41 percent to $432,025.

Carlisle: The median home price fell more than 10 percent, to $590,000, while sales are off nearly 39 percent.

Amherst: While sales were up, prices fell more than 8 percent to $312,000.

Newburyport: Sales were down 15 percent, while the median price fell more than 5 percent to $465,000.

Charlestown: The median price dropped by nearly 14 percent, to $645,000, while sales were off by 16 percent.

 

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3 Bedrooms And Beach In The East End – 480 Commercial Street

480 Commercial Street #2 is a terrific East End home – set back from the street in the Gallery district this three bedroom 2 bath 1,225 square foot condo is a very comfortable year round home, vacation home or with its incredible rental history a solid investment property. It is being marketed for $680,000.

 

480C front garden

 

 

 

 

 

 

 

Located in the heart of the Gallery District yet set back from the street, this meticulously maintained top floor condominium offers water views from the charming bay front window, three good sized bedrooms, two full baths and a dramatic vaulted and beamed ceiling in the living area. This antique home is close to the vibrant downtown, yet offers the peaceful allure of the East End. There is an exclusive use deck along with a common oversized front porch that overlooks the lush, manicured gardens. There is parking for two cars plus guest parking on a large lot and deeded beach rights directly across the street. With in unit washer/dryer, additional storage in the basement and a proven rental history ($30K+)this wonderful property is a comfortable and roomy vacation home or incredible investment property.

 

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480C living

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480C kitchen

 

 

 

 

 

 

One of the many benefits of this property is the deeded beach path to the beautiful bay beach right across the street from the condo.  What a pleasure to be able to walk a few steps to and be on a semi private East End beach. Pictured below is the driveway with direct access from the parking area (2 spaces for the condo) to the private deck and into the condo. The pockier of the front yard was taken from the bay window.  It is a very special condo with amenities galore – and it is my favorite listing of the week!

 

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Give a call with any questions.

 

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Mid Market In Provincetown – Crowded With Great Choices.

Mid Market Revisited – Crowded With Quality Listings

We are seeing a lot of condos on the market between $400K and $600K, a broad submarket of what we call the mid-market in Provincetown. Of the 113 condos on the market, 34 are priced between $400K and $600K, which is 27% of those available.  In 2013 27% or 34 of the 124 condos sold were sold in this price range. A truly balanced market.

Many buyers are looking are for just that – a 2 bed, 1.5 or 2 bath condo. Some of my favorites are featured below.

 

35 B #2 Court St, $419K, 1/1, 813 sf
35 B #2 Court St, $419K, 1/1, 813 sf
104A Bradford St #1, $429K, 1/2, 911 sf.
104A Bradford St #1, $429K, 1/2, 911 sf.
64 Franklin St #A, $429K, 1/1, 465 sf.
64 Franklin St #A, $429K, 1/1, 465 sf.

 

 

 

 

 

 

 

 

35 B Court Street is a centrally located value 1 plus bedroom; 104A Bradford Street is a downtown condo located right beneath the monument and has great ceiling height, tons of space and huge rental income; 64 Franklin Street is a brand new 1 bed/1 bath in a newly renovated complex in the West End.

 

4 Franklin St #5, $489K, 1/1,  692 sf.
4 Franklin St #5, $489K, 1/1, 692 sf.
11 Atlantic Ave #C, $509K, 2/1, 664 sf.
11 Atlantic Ave #C, $509K, 2/1, 664 sf.
8 Meadow Rd #2, $514K, 2/2, 954 sf
8 Meadow Rd #2, $514K, 2/2, 954 sf

 

 

 

 

 

 

 

 

4 Franklin Street is in the attic of a great old building at the curve of Commercial Street near Perry’s liquors; 11 Atlantic Ave has that incomparable Atlantic Street location – and a small pool; 8 Meadow Road is a perfect 2 bed/2 bath with separated suites in the West End.

30 Conant St #2, $525K, 2/1, 674 sf.
30 Conant St #2, $525K, 2/1, 674 sf.
12 Atwood Ave #B, $525K, 1/1, 696 sf.
12 Atwood Ave #B, $525K, 1/1, 696 sf
5 Cottage St #1, $567K, 1/2, 880 sf.
5 Cottage St #1, $567K, 1/2, 880 sf.

 

 

 

 

 

 

 

 

30 Conant Street is a top floor 2 bed in a newly renovated 2 unit building in the near West End; 12 Atwood Avenue is the consummate West End stand alone cottage located on a charming unpaved lane;  5 Cottage Street is a good size 1 bedroom condo with straight on water views of the bay.

 

17 Pearl St #3, $579K, 2/1, 801 sf.
17 Pearl St #3, $579K, 2/1, 801 sf.
596 Commercial St #1, $580K, 2/1, 1,085 sf.
596 Commercial St #1, $580K, 2/1, 1,085 sf.
46 Pleasant St #B, 2/2, 1,070 sf.
46 Pleasant St #B, 2/2, 1,070 sf.

 

 

 

 

 

 

 

 

17 Pearl Street is a cute top floor condo in the center of town; 596 Commercial Street is a lovely 2 bed 2 bath with water views; 46 Pleasant Street is the perfect blend of location, comfort and income potential.

These are an incredible assortment of properties in this price range, and with the huge amount of choices it looks like a perfect buying season for buyers.

 

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Not Your Grandaddy’s Cottages!

 

Interesting post by Scott re. a cottage development on Cape.

Not Your Granddaddy’s Cottages

Posted by Scott Van Voorhis May 22, 2014 09:32 AM

The Heritage Sands flak pitched the oceanfront project as emblematic of a growing trend towards old-fashioned, cottage-style vacation homes on the Cape.

Goodbye McMansions and hello little seaside cabins.

OK, these are definitely not McMansions. But it would be a stretch to call the upscale homes taking shape at the new Heritage Sands development in Dennis Port cottages, at least in the classic Cape sense of a one or two room getaway that might have been built by your grandfather over a weekend.

The first phase of the 63-unit project is taking shape on a prime, eight-acre stretch of Nantucket Sound waterfront. Previously an RV park called Grindells, it is set to open this fall.

Illustration, Heritage Sands.png

So first a little reality check. Ranging in size from 900 to more than1,300 square feet, we are talking about weekend getaways pads that are more the size of a small home than a cottage.

Nor are the prices particularly cottage-like, ranging from $365,000 – about the value of my Natick home – to $671,000. That’s a lot of cash period, let alone for a second home.

All that said, I think the concept is kind of cool, even if it is way out of my price range – and that of a lot of other buyers out there well.

Instead of mansioning off the waterfront with another ostentatious estate, the project will bring dozens of families down to the seashore, with the project taking shape right along the beach.

Of course, the old Grindells provided a similar escape for the RV crowd, but sorry, an RV parking lot, however affordable, is not my thing.

Not alone, a number of other cottage-style developments are also taking shape in other Cape towns, including Mashpee and Brewster, the Heritage Sands flak helpfully pointed out.

One thing you can’t do is camp out year round at your new Cape escape on Heritage Sands year round. While you can stay as much as you want from April 1 to October 31, buyers are rationed on the number of off-season days they can spend in their cottages.

Seems a bit odd, since the homes have heat, but I don’t have the answer to that one right now.

While it’s easy to poke fun of the humble spin given to these new, upscale and ultramodern vacation homes – after all, they are far from your 1930s style seaside camps and cabins – times and expectations change.

“The old cottages reflect the space standard of a bygone era,” Daniel Fortier, Dennis Port’s town planner, told the Cape Cod Times. “What people were willing to go to 80 years ago and the amenities they want today are very different.”