Month: July 2023

75 Franklin Street is a three bedroom three and one half bath single family home in the West End. It has 2,333 square feet, and a resort like backyard with a salt water pool, hot tub and plunge pool. This is s very special house in a very special neighborhood. It is being marketed for $3.250M.

MLS REMARKS: West End Single Family Home with pool – a hidden oasis! Enter this welcoming 3 bedroom, 3.5 bath home through the professionally landscaped front yard and into the large first-floor open living space with vaulted ceiling, wood flooring, multiple seating areas, spacious kitchen, and generous dining area. A bank of windows and 2 full glass doors overlook the oversized, professionally designed private backyard area with heated salt water in-ground pool, integrated hot tub and plunge pool, poolside seating, multiple gathering spaces, one with a fire feature granite dining table, and conveniently located outdoor barbeque area. The bright and large kitchen area, with updated SS appliances, quartz counters, and oversized kitchen island, overlooks the dining area and private office. The first of 2 primary ensuite bedrooms is on this level with tiled bath including walk-in shower, large closet and a sliding glass door leading directly to the back outdoor area. Another nicely sized guest room is also on this floor, as well as a tiled half bath and mudroom entry to the home. Upstairs is the second, larger primary ensuite bedroom with tiled bath including walk-in shower and tub, a separate walk-in closet with additional storage, and comfortable sitting area overlooking the first floor living space, with a sliding door leading to an outdoor deck large enough to accommodate a dining table and chairs, with roof and treetops views. The finished basement, with both interior and exterior access, includes 2 additional rooms that can be used as alternative office or bedroom areas. There is a third full bath with walk-in shower, and utility area with full size washer and dryer and more storage. Listing courtesy of Coldwell Banker Pat Shultz Real Estate.

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

Classic two bedroom two bath condo on one floor. 175 Bradford St Ext #101 has three outdoor spaces, two parking spaces, 1,085 square feet and a 491 square foot basement and an ideal location in the center of the West End.

MLS REMARKS: Classic West End two-bedroom, two-bathroom condo in coveted association. Built in 2007, this one floor condo meticulously maintained by its owner boasts a superb location and lovely outdoor spaces that extend the living and dining areas. The open plan living room/dining room has a stunning Virginia fieldstone fireplace surrounded with wired-in media. There are maple hardwood floors throughout. Sliders provide access to a charming, covered farmer’s porch ideal for cocktails and people watching. The clean lines of the kitchen are highlighted by a large Caesarstone® quartz island, designer tile backsplash, and stainless-steel appliances. There is a plumbed propane grill right outside the kitchen door. The primary bedroom is ensuite with a full wall of finished closets. The southwest exposure has sliders that open to a brand new 30-foot Trex® deck providing multiple seating and sunning options. An electric sunshade awning provides shade when needed. The second bedroom is also ensuite and has direct access to the deck. Both bathrooms are custom tiled. One with a tub, the other with a shower, all with quality fixtures and designer tile. There is a 491 square foot basement with interior

and exterior bulkhead access. It is currently used for storage and laundry but has potential as expansion space. Use as is — or turn it in to a media room/family room! There is central air conditioning and heat, with two parking places close to the unit. The mature landscaping, charming brick walkways and outdoor lighting provide additional privacy for all the units. Reach out to me if you would like to see this condo.

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

PROVINCETOWN, TRURO AND WELLFLEET 2Q2023 FIGURES

Another summer season is upon us! And it’s always wonderful to see the town fill up with day trippers, weekly visitors, and returning Provincetown regulars again – especially after a few years of Covid! Happily, summer has officially arrived in full force. With the Fourth of July holiday week transitioning into the very busy Bear Week, our town is enjoying a few of the most delightful weeks of the early summer season.

National headlines report that in many regions the real estate market is moderating, with more price reductions, less multiple offers, lower sales and increasing inventory. Here on the Outer Cape, inventory gains are also limited by high interest rates – sellers don’t have to sell and the prospect of buying something else with a 7% interest rate is rather unattractive. Demand for property is still stronger than ever, but sales in every category have trended down as there are just not enough properties for buyers to buy to sustain the sales levels of the past.

This is the market stalemate we find ourselves in. With this limited amount of activity, there is not a lot of data to analyze, but I will do my best to provide some insights and to highlight some of the available empirical data in the charts below.

PROVINCETOWN

Condominium sales in Provincetown were down 2% to 52 year-to-date with the average sale price down 9% to $849K from $937K last year. For additional context, sales are down 37% year-to-date from the 83 sold in 2021. Currently, there are only 27 condos on the market with an average list price of $1.14M.

Single-family home sales were down 43% to 8 from 14 sold last year at this time. And sales are down 66% from the 24 sold last year. The average sale price was up 7% to $2.2M from $2.06M. There are only 14 single-family properties on the market with an average listing price of $2.8M. Remember second quarter samples are small and dramatic numbers and percentages usually moderate somewhat as we get deeper into the year.

TRURO AND WELLFLEET

In Truro, the average sales price of single-family homes sold was down 27% to $1.37M from $1.88M last year. Sales were flat at 13. Currently, in Truro, there are only 12 single-family properties on the market with an average asking price of $1.18M.

Condominium sales in Truro were down 41% from 12 units to only 7. The average sales price of condo in Truro was down 16% to $428K from $512K.

However, in Wellfleet, the average price of single-family homes was up 21% to $1.1M from $913K a year ago. But sales were down 17% to 20 from 24 last year. Right now, there are only 14 single-family homes available for sale in Wellfleet with an average price of $1.2M.

SO, I HATE TO SOUND LIKE A BROKEN RECORD, BUT IT CONTINUES TO BE ALL ABOUT INVENTORY, INVENTORY, INVENTORY

It does sound like a broken record that the lack of inventory is the problem and it could very well be the new normal. Remember that we have a very limited ability to build new properties, and conversions and renovations while visible, aren’t plentiful. We had hoped to see an uptick in inventory this spring, and while we have seen a slight increase, we did hope to see more. With interest rates hovering in the 7% range, and with prices moderating but still high, we do need to see fundamental changes for us to return to a more balanced market.

However, even in this unusual market, well-positioned and well-prepared buyers are finding properties to purchase, and sellers are taking advantage of the historically strong seller’s market. In Wellfleet, Truro and Provincetown, 100 buyers were able to find their dream homes so far this year. Patience and flexibility are key whether buying or selling in these truly unprecedented times. Hopefully, I can help to keep you engaged in the Outer Cape Real Estate market by providing you with news and market developments as they happen. Watch for interesting stories in your email and on social media at jon.goode.com. I hope to see you soon.