Month: April 2015

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What’s New In Provincetown?

What’s New?

The West Vine – Bradford Four Corners neighborhood continues to grow.  Three new townhouses at 51 West Vine are being built next to the existing 55 West Vine and 57 West Vine condos. The foundation has been poured for two large condos at 162 Bradford Street Extension. Both three bedroom units are already under agreement pre construction with asking prices of $1.095M and $1.175M. Victors Restaurant and Gale Force Bikes are the commercial centers for the neighborhood.

 

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View from West Vine above Bradford Street.

 

Sections of Commercial Street in the East End and Bradford Street downtown are being repaved over the next few weeks. Beware of parking issues. Picture is of Commercial Street looking east from around number 596 Commercial Street.

 

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The former WA store at 220 Commercial Street has been renovated into two gorgeous new retail spaces. Both have been leased to successful retail operations. Watch for opening announcements in the next few weeks.

 

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The Herring Cove Beach parking lot has been a staging area for the reconstruction work on Province Lands Roads, the road from Herring Cove Beach to Race Point Beach. It should be completed by Memorial Day. The beach erosion at Herring Cove is extensive and the lower part of the parking lot toward Hatches Harbor has lots of damage.  It should also be repaired by Memorial Day. See Cape Cod National Seashore website.

We are anxiously awaiting the reopening of the wildly successful Farlands Reataurant On The Beach at the  new bath house at Herring Cove pictured below.  It has become a local “must do” especially on music and bonfire nights.

 

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…and the horses are resting up for the season at the horse barn on West Vine and Blueberry.

 

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Hope to see you soon.

 

View all properties for sale at Beachfront-Realty.com.

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Low Interest Rates Continue – For Now!

 

Interesting post from Scott at Boston.com. The rate rise consensus has swung back and forth.  Rates will rise …rates will stay low.  Rates are staying low in the short term with increases likely in the long term. How’s that for hedging my bets?

 

How Long Will Low Interest Rates Continue to Help Buyers?

Gallery 1

After a disappointing federal jobs market report at the beginning of April, interest rates actually dipped again, skirting historic lows.

 

By Scott Van Voorhis

Boston.com Correspondent

Even in the super expensive Boston area, rising prices may be not necessarily be the biggest threat to buyers in finding a home they can afford.

Instead, an equal or even greater threat over the next few years may be the likelihood that the low-interest-rate gravy train will finally come to an end, experts say.

Overall, low interest rates have kept mortgage payments low, even as prices in a number of hot Boston-area neighborhoods and suburbs have blown past their price records of a decade ago, real estate stats show.

After a disappointing federal jobs market report at the beginning of April, interest rates actually dipped again, skirting historic lows.

Yet with the Federal Reserve having already signaled its plans to consider boosting the federal funds rate by as early as this summer, the writing is on the wall, said Svenja Gudell, Zillow’s senior director of economic research.

That, in turn, could have major implications for home prices and affordability, here and across the country.

“I don’t think this is the trend,” Gudell said of the recent interest rate dip. “We will see mortgage rates pick up in the long run.”

So how much of a difference do those killer low rates make when buying a house?

The prime rate on a 30-year-mortgage, as of April 9, was 3.66 percent, according to federal mortgage giant Freddie Mac, which surveys banks around the country.

If you took out a $500,000 mortgage to buy a three-bedroom house in Waltham, your monthly payments, at that rate, would amount to $2,290, according to Bankrate’s mortgage calculator.

Now let’s boost the interest rate to 6 or 7 percent. These are rates that were common on mortgages back in the 2000s and were not considered particularly high, either.

At 6 percent, the monthly payment on that Waltham house increases to $2,997 – a 30.8 percent increase.

Boost the rate up another point to 7 percent and the monthly payment jumps again, to $3,326, or a 45 percent increase.

As rates rise, buyers, already scrambling to keep up with rising prices could find themselves with diminishing buying power, at least for a time, anyway.

What happens after that will depend on what prices wind up doing.

In theory, as interest rates rise, sellers will eventually be forced to lower their prices or wind up missing the mark with buyers.

“As rates move, we will see some top down pressure on prices, especially in areas where housing is really too expensive,” said Gudell, the Zillow economist, pointing to Boston, San Francisco, and other high-priced markets.

Still, she doesn’t see rising rates triggering a housing crash, either.

There will be time for the market – and buyers and sellers – to adjust as well, Gudell believes. Rates won’t soar overnight, but are more likely to slowly edge up over time.

“I think the increase will be a gradual one,” she said. “At the end of this year, we will already start to see higher mortgage rates, but we are not going to see rates increase to 4.5 percent or 5 percent right away.”

 

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Provincetown Featured Properties

 

BEACHFRONT REALTY FEATURED PROPERTIES – PROVINCETOWN

67 BRADFORD STREET EXTENSION – $1,449,000

 

67 BSE 11

This classic Cape was totally renovated last year and the spacious interiors were transformed into luxurious living spaces. Ceilings were raised, hallways were replaced and bathrooms were gutted. The kitchen was renovated and the surrounding yard was enlarged and re-landscaped. This is a three-bedroom and three-and-a-half bath home with 2,304 square feet. The main level features a wide-open living/entertaining space that is perfect for large gatherings. A custom dining room table comfortably seats eight to 10. There are three bedrooms upstairs with two baths. The lower level has been transformed into an extensive guest suite/media room with a full bath. There is a separate garage and parking for multiple cars.

 

 

 

 

12 HOLWAY STREET #4 – $629,000

 

loft 2This is an extraordinary, architect-designed loft filled with cottage charm. With 1,025 square foot, this condominium has one bedroom and two-baths with a convertible den/guest room. There is a dramatic, suspended contemporary loft office that soars above the double-height ceilinged kitchen and dining room. The kitchen is stainless and granite with a quartzite floor. The living room has a wall of floor-to-ceiling windows overlooking the extensive private gardens and patio. There is a gas fireplace and built-in bar with bar sink. The gardens are fully irrigated. There is parking for two cars.

 

 

3 BROWN STREET #A – $475,000

 

3 Brown Street #A, 1 bed/1 bath, 700 sf, $475K.
3 Brown Street #A, 1 bed/1 bath, 700 sf, $475K.

This freestanding condominium cottage in a small two-unit association has a reverse floor plan and a charming Cape Cod feel. There are vaulted ceilings and oversize windows that flood the condominium with light. The kitchen has stainless steel appliances, granite counter tops and gas cooking. There is a gas fireplace in the living room. And there is a full bath and laundry on this level. The bedroom and master bath are on the first floor. There is a delightful covered brick dining/lounging patio with planting beds and custom lighting. The unit has A/C, low condo fees and good rental income. There is parking for two cars.

 

 

 

View all properties for sale at Beachfront-Realty.com

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The Goode And Farmer Report – April 2015

 

The Goode And Farmer Report – April 2015 –

PROVINCETOWN

 

What a first quarter! Blizzards, arctic winds, record snowfall – it seemed like it would never end. But finally, spring is here!

It’s tough to identify trends in the first quarter with such a small sampling of information. Especially for a quarter rocked by historically severe weather. Yet with that said, first quarter results were surprisingly strong – a sure sign that demand remains high! For the most part, sales and prices have shown moderate gains and with warmer weather sure to come, the energy is right for a solid spring market.

In Provincetown there were 22 condominium sales in the first quarter vs. 24 last year. The median sales price was up 27% to $528K and the average sale price was up 15% to $528K. Sales volume was even with last years at $11M. The average price per square foot for condos sold was $563, up from $500 per square foot in the 1st quarter of 2014. There are 82 condos on the market with an average asking price of $590K and average price per square foot of $666.

The average sale price for a single-family home was down 5% to $1.03M from $1.08M. The number of single-family home sales in Provincetown increased by 50% to nine from six last year. There are 40 single-family properties on the market with an average asking price of $1.37M. There is still a shortage of inventory in this category that continues to have a direct impact on sales numbers.

 

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Provincetown continues to lead the way on the Outer Cape with higher prices and a higher sales volume. It continues to attract international buyers as well as buyers from around the country who have visited over the years and who now want to have a home here.

We expect that the late spring will create a rush of buyer interest and range of new properties for sale. This delayed spring market coupled with consistent and pent up demand, as well as continued low interest rates, creates an historically opportune time for homeowners to sell.

 

TRURO AND WELLFLEET

 

The average sales price for single-family properties in Truro was up 26% to $922K from $733K in 2014. However, the median price was down 12% to $626K. The number of sales was up from eight to 10 this year. Currently,there are 103 single-family properties on the market with an average asking price of $891K.

In Wellfleet, the average sales price of single-family properties increased dramatically. The reason for this sharp increase was due to the sale of 95 Granny Treats Road – a single-family home that sold for $5.1M – that skewed averages much higher. The number of sales decreased by more than half to five units from 13 in 2014. There are 48 single-family properties on the market with an average asking price of $954K and a median asking price of $601K. Wellfleet is predominantly a single-family sales market as well.

 

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Even with the severe weather this winter and a shortage of inventory in some categories, we continue to see increased prices and sales numbers on the Outer Cape. This illustrates a very resilient market and strong buyer demand.

Please call or stop in if you are thinking of buying a home or selling your existing home, or if you are just curious to see what your home is worth. Our business philosophy has always been that the best-informed buyers and sellers are the most satisfied with their results. And that’s what we do best.

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analytics general info

Beachy Listings Under $300K

 

Fun post by Jazmine at Curbed.com. It is amazing what you can get for under $300K!

 

11 Beachy Outer Cape Listings Under $300K

 by Jazmine Donaldson, curbed.com

It’s time once again for Curbed Comparisons, where we break down what you can get at the same price point, style or size in Cape and Islands neighborhoods. This week, beachy Outer Cape listings for under $300,000.

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Here now, 11 beachy Outer Cape properties asking under$300,000. These Truro and Provincetown (sorry, Eastham and Wellfleet) listings are all condos – seasonal and year-round; from 186 to 651 square feet; asking $169,900 to $299,900 – located directly on Cape Cod Bay or within beachfront complexes. Onward to Commercial Street and Shore Road!

Outer Cape Beachfront Listings for Under $300K
566 SHORE ROAD, #2
Built in 1930, this 2BR, 1BA cottage condo is all of 320 square feet and, as the excited brokerbabble point out, “is right on the beach!” Asking price for Unit 2 is $299,900.
566 SHORE ROAD, TRURO, MA 02666
WEBSITE
556 SHORE ROAD, #6
“A direct waterfront dream can be yours!” So begins the brokerbabble for this 1BR, 1BA at Shoreline Beach Condominiums. Asking price for the 651 square foot unit is $299,000.
556 SHORE ROAD, TRURO, MA 02666
WEBSITE
544 SHORE ROAD, #9
Located on Beach Point, this 416 square foot cottage has water views and is just “steps away” the association’s private beach. Unit 9 is asking $297,000.
544 SHORE ROAD, TRURO, MA 02666
WEBSITE
496 SHORE ROAD, #9
Unit 9 is a 401 square foot waterfront condo at The Crow’s Nest Resort. The 1BR, 1BA features an outdoor area and an association beach. Yours for $289,000.
496 SHORE ROAD, TRURO, MA 02666
WEBSITE
355 COMMERCIAL STREET, #7
Unit 7 is a detached 1BR, 1BA condo in Angel’s Landing, a waterfront complex on Provincetown Harbor. The 282-square-footer comes with an exclusive use patio and access to the association deck. First listed in May 2014 for $299,000, a March chop has brought the ask down to $275,000.
355 COMMERCIAL STREET, PROVINCETOWN, MA 02657
WEBSITE
353 COMMERCIAL STREET, #18
Also located in Angel’s Landing is this updated and turnkey studio condo with “direct access to the gated brick patio and deck on the beautiful Provincetown Harbor beach.” Unit 18 hit the market back in 2012 for $294,000 and was chopped last month down to $260,000.
353 COMMERCIAL STREET, PROVINCETOWN, MA 02657
WEBSITE
482 SHORE ROAD, #6
This top floor 1BR, 1BA on Cape Cod Bay comes with parking for two and an exclusive use balcony with views from “Provincetown to the bridge.” The price tag is $259,000.
482 SHORE ROAD, TRURO, MA 02666
WEBSITE
482 SHORE ROAD, #18
Here’s another unit at the Seaside Inn complex. This 1BR, 1BA has an “exclusive use deck with a couple of more steps into the water” and apparently rents for $1,500 per week. Asking price is $259,000.
482 SHORE ROAD, TRURO, MA 02666
WEBSITE
482 SHORE ROAD, #19
Yet another Seaside Inn condo is looking for a buyer. This 1BR, 1BA is 384 square feet with a $259,000 ask.
482 SHORE ROAD, TRURO, MA 02666
WEBSITE
357 COMMERCIAL STREET, #2
Squeeze into this seasonal PTown condo for $245,000. Located in a waterfront complex, the attached cottage is all of 186 square feet and is being offered turnkey.
357 COMMERCIAL STREET, PROVINCETOWN, MA 02657
WEBSITE
496 SHORE ROAD, #7
Finally, back to The Crow’s Nest Resort. This 271 square foot unit is a foreclosure with a $169,900 asking price.
496 SHORE ROAD, TRURO, MA 02666
WEBSITE
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analytics trends

Pending Sales Surge Nationally

 
The pending sales report is always a few months behind, but it is all good news nonetheless. Excellent  post from KCM. Local conditions seem to be trending with the report. 
 

Pending Sales Surge: Great Sign for the Housing Market

 

by Pending Sales Surge: Great Sign for the Housing Market | Keeping Current Matters

The most recent Pending Homes Sales Index from the National Association of Realtors revealed that homes going into contract in February increased to their highest level since June 2013.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The Index is now 12.0 percent above February 2014. The index is at its highest level since June 2013, has increased year-over-year for six consecutive months and is above what is considered “the average level of activity” – for the 10th consecutive month.

Here is a graph showing the Pending Sales numbers:

Pending Home Sales | Keeping Current Matters

Here is a chart showing the Pending Sales increases by region:

Pending Home Sales By Region | Keeping Current Matters

Bottom Line

In an article from Investors’ Business Daily, Lawrence Yun, Chief Economist at the National Association of Realtors, explained what these numbers will mean to the overall market:

“It looks like the buyers want to come out to the market and they are eager to find the right home and make an offer. Therefore, I expect the second quarter of this year to be easily ahead of last year in terms of sales activity. Pending contracts are implying that the closing activity in coming months will be quite solid.”

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analytics general info

Boston’s Record Breaking Development

Great post by Scott at Boston.com

The Numbers Behind Boston’s Record-Breaking Year in Development

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Construction around Boston is in high gear (Pictured here: Milllennium Tower in Downtown Crossing).

By Scott Van Voorhis

Boston.com Correspondent

March 31, 2015 2:53 PM

Boston’s building boom is poised to shift into overdrive over the next few months as two big new tower projects come up for approval at City Hall.

A revised proposal to replace a four-story garage next to the TD Garden with a 46-story residential tower is working its way through the Boston Redevelopment Authority’s vetting process, said Brian Golden, director of the Boston Redevelopment Authority.

And the first of four towers that will replace the Government Center garage eyesore is also moving towards a final approval vote by the BRA’s board, Golden noted.

The progress on the big projects is the latest sign that the handoff of Boston’s development boom to Mayor Marty Walsh has apparently come off without a hitch.

During Walsh’s first year in office in 2014, the Boston Redevelopment Authority gave a green light to 62 projects across the city totaling more than $3 billion.

So far in 2015, City Hall’s development arm has approved another 16 projects, totaling more than $677 million, according to numbers complied by the agency.

“It quite literally has been one of the most active periods for building in Boston’s history.”

All told, 20 million square feet of new development has been green-lit by City Hall over the last few years but have yet to break ground, representing dozens of projects that are coming soon, according to BRA officials.

“That presents a very promising picture about all the projects that are in the pipeline and that will bear fruit in the coming two or three years,” Golden said.

Meanwhile, the amount of new office, lab, residential, and retail space currently under construction has also grown dramatically.

That number has nearly quadrupled to 15.6 million square feet, up from 4.5 million in 2012, according to Nicholas Martin, the BRA’s spokesman.

Projects that have won the blessing of city officials this year include the $290 million Fenway condo and apartment tower, The Point, and an $85 million plan to transform the Chain Forge Building in the Charlestown Navy Yard into a hotel.

“It quite literally has been one of the most active periods for building in Boston’s history,” Martin said.

The numbers also include thousands of new homes, condos, and apartments, with Walsh, like the late Mayor Thomas M. Menino before him, having pledged to make new housing a top priority.

Overall, the Walsh Administration has racked up numbers during its first 15 months in office that appear to match up favorably with Menino’s record — no small matter given Boston’s longest serving mayor’s intense focus on development issues in the city.

Under Walsh, the BRA signed off on plans for 4,158 residential units in 2014, rising to a total of 5,100 if the first three months of 2015 are included.

By comparison, City Hall’s development arm approved 3,898 residential units in 2012 when Menino was mayor. The $3.4 billion in overall development OK’d by the agency that year was on par with the $3 billion under Walsh’s first year.

Behind Boston’s development boom is a diverse economy that is spinning off jobs in a range of sectors, including high-tech, life sciences, and financial services, real estate experts say.

The Hub’s residential, hotel, retail, and office markets are some of the most highly rated in the country when it comes to interest by real estate developers, a new survey by PwC and the Urban Land Institute finds.

There is also pent up demand for new housing amid steady growth in Boston’s population as an eclectic mix of millennials, young families, and empty nesters rediscover urban living.

The big numbers should put to rest early concerns expressed by some in the business community that Walsh might slow down the pace of development in Boston, notes David Begelfer, chief executive of NAIOP Massachusetts, a trade group that represents developers from across the state.

“Things have been moving along,” Begelfer said. “Boston is in boom time right now and it’s not a bubble but a real boom. It is very rational development.”

 

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Provincetown Listing Of The Week – 67 Bradford Street Ext.

 

Beautifully renovated West End home. Brand new to the market.

 

67 Bradford Street Extension is a completely renovated West End home with three bedrooms three and one half baths with 2,305 square feet. It has a large lot of 9,880 square feet and is being marketed for $1,449,000.

 

67 BSE 11

 

 

 

 

 

 

 

 

 

 

 

MLS COPY: This classic cape has 3 bedrooms and 3.5 bath and was totally renovated last year. The open plan living-entertaining area is perfect for large gatherings. The focal point is a raised dining table that seats 8-12. The living room is centered around a gas fireplace -oversized windows let the gorgeous cape light in. The brand new kitchen has jet black counter tops, white Carrera marble backsplash, Fisher Paykel fridge, Jennair Pro range and D/W. There is a powder room discretely positioned in the entry hallway. The master bedroom has a gas fireplace, raised ceilings, and a luxurious master bath.There are two other bedrooms (one being used as a den) and a full bath on the second floor. The brand new lower level contains a large media room/suite with a full bath. Central air, irrigation, multiple car parking, close to beache

 

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The surrounding lawns and hardscape were all redesigned and expanded last year.  The house is surrounded by lawn and lounging areas as well as perfect gardening spots, in fact there is a special irrigation  zone for a vegetable garden.

 

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67 BSE Front walk w fountain

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67 BSE Classic front

 

 

 

 

 

 

View all properties for sale at Beachfront-realty.com.

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Baby Boomers To Have The Largest Household Growth

 

I found this very interesting….baby boomers aren’t just downsizing, but trading up, going across town and country…going with the “freedom threshold”. A great post by the KCM crew. (Keeping Current Matters)

Baby Boomers: Home Is Where The Heart Is

by 

Baby Boomers Find Freedom in Housing | Keeping Current Matters

Within the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why…

In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices” they surveyed nearly 6,000 adults ages 21 and older about housing.

Crossing the “Freedom Threshold”

Throughout our lives, there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift that takes place at age 61.

The study refers to this change as “Crossing the Freedom Threshold”. When where you live is no longer determined by responsibilities, but rather a freedom to live wherever you like. (see the chart below)

Crossing The "Freedom Threshold" | Keeping Current Matters

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.” 

On the Move

According to the study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses”. See the chart below for the top 6 reasons broken down.

Reasons for Moving in Retirement | Keeping Current Matters

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with less children at home that they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home.

Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them.

“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”

Bottom Line

If your housing needs have changed or are about to change, meet with a local real estate professional in your area who can help with deciding your next step.

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Provincetown Listing Of The Week – 7 Meadow Road #2

West End one bedroom townhouse condo with den and separate work studio/office.

7 Meadow Road #2 is a one bedroom one and a half bath 3 level condo in the Meadows complex.  It has 1,188 square feet and an asking price of $499K.

 

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MLS COPY: West End Townhouse in The Meadows condominiums, a thoughtfully designed community surrounded by Conservation land located on the way to Herring Cove Beach, yet a short stroll into town center. The residence is an end unit on 3 levels providing lots of natural light and sunset views. The main floor has an open living/dining/kitchen layout with bamboo floors, lots of windows and direct access to the parking and exclusive oversized garden. The kitchen has granite counters, stainless appliances and natural wood cabinets. The second floor master bedroom has windows with plantation shutters and a full bath with washer/dryer. The top floor den has sliding full glass doors opening onto a sunny roof top deck. There is also a finished studio/home office with a half bath on the lower level with a private outside entrance.

 

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7 meadows 1

7 meadow 3

7 Meadow 2

 

 

 

 

 

 

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