Author: Jon Goode

10 Pilgrim Heights Road is a three bedroom four bath single family home with 2,948 square feet on a .7 acre lot. The house was built in 2001 and has it’s original details, such as a screened in sun porch on the second floor, and a large loft area-office space there as well. It is being marketed for $2.189M. Pilgrim Heights Road is a lovely single family zoned area, one street in from the Moors.

MLS Remarks: Just listed. Spacious 3 Br single family home on an over-sized, pine tree- covered lot in Provincetown’s lovely Pilgrim Heights neighborhood. The nearly 3,000 sq ft home, spread over three levels, boasts a dramatic vaulted living room with wood burning fireplace for chilly evenings, track lighting, and oak wood floors . Adjacent is a well equipped kitchen (gas range, double electric ovens, refrigerator, dish washer, microwave), and solid wood cabinets. The kitchen opens to a dining area seating 8. On the main floor there are also two good size bedrooms that share a full double sink bathroom, a laundry and a ½ bath. Upstairs contains a large library/den with built in book shelves and a screened in deck. Adjacent is the main bedroom (15 x 17) with wall a/c, ceiling fan, and double closets. Listing courtesy of Raveis Real Estate.

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

This post features some great private home construction and renovation projects as well as some new multi-unit developments. I say nosy neighbor with humor as any information I post about a private home is information that is in the public domain – I would never compromise anyones’ privacy. These incredible projects illustrate the level of confidence that the owners and developers have in Provincetown. This speaks to the strength of the market and to the desire that these folks have to invest and live in what is one of the most beautiful and diverse towns in the world.

The “Ronny White” house, a traditional ranch at 65 Franklin that had a huge front yard and in ground pool around back, sold several years ago. The large lot was subdivided and transformed into the 65-69 Franklin St condos and a soon to be finished single family house at 6 Race Road. Three buildings with two units each have been built over the last several years. The single family home which is in mid construction phase, is on the left in the picture, with two of the other buildings visible on the right. The pictures are from a similar vantage point on Race Road. Neighbors were originally a bit skeptical of the added density but it has turned into a welcome addition to the Franklin Hills neighborhood.

51-53 Commercial St sold in 2016 for $5M, and included all of the buildings at 51 and 53 Commercial Street. The picture on the left is of the original house at 51 Commercial St. You can see a peek of this fully renovated house on the rght of the second picture. The newest building which is right next to the west end parking lot, and another building behind it that is on the water are featured in the picture. This project which includes five buildings has been ongoing over the last several years and is one of the most visible and striking developments in town. Here is a link to an earlier story.

16 Pilgrim Heights Road caught my eye as it looks like an absolutely gorgeous renovation. It was a rather un-traditional looking cape and is being transformed into a striking new expanded Cape. It is a six bedroom house with 2,648 square feet. Can’t wait to see the finished product. What a great addition to Pilgrim Heights Road.

69 Pleasant Street sold for $879K in November of 2021. It was an original 1850’s-ish cape with three bedrooms and 1,332 square feet. The renovatioin is total and looks to be coming along very well. This house is at the end of one of the sweetest country lanes in town that I walk with the pooch daily. Hopefully the finished product will compliment the setting.

49 Commercial Street the “Historic West End Twin Bays Property” sold for $2.1M in November 2021. It has four bedrooms and four baths with 1,820 square feet. As you can see it has been raised and is being fully renovated.

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

PROVINCETOWN, TRURO AND WELLFLEET 1Q2023 FIGURES

The magnificent right whales are back close to shore in record numbers bringing large groups of early visitors to Provincetown. More and more restaurants and shops are beginning to open and Commercial Street is getting its annual reset with businesses everywhere, renovating, adding seating, and otherwise simply freshening up. And happily, the mild winter also helped limit some of the stress on our tight real estate market. April is providing some relief with slightly higher inventory levels and this is also the month where we begin to detect the direction that the real estate market will take this year.

First quarter results are difficult to analyze because of the small number of sales. Our inventory problem continues, but we are finally seeing small increases in available properties. Demand remains consistently high, but the lack of units to sell is still impacting sales in every category. Average sale prices and unit sales are down in most categories – not great news as we enter the all-important spring market.

With sales down significantly for the first quarter, that gives us less of a sample from which to derive trends. For example, only four single-family properties sold in Provincetown in the first quarter of 2023, and only four sold in Truro as well. There is not a lot of data to analyze, but I will do my best to provide insights as well as provide all the empirical data which is in the charts below.

PROVINCETOWN

Condominium sales in Provincetown were down 15% to only 23 for the first quarter of the year, and the average sale price decreased 17% from $1.022M to $848K. There are only 21 condos on the market as of April 8. For some interesting context: 10 years ago in 2012, there were 131 condos on the market!

Single-family home sales were down 42% to only 4 this first quarter. However, the average sale price was up 15% to $2.3M. There are only 9 single-family homes on the market as of April 8. Ten years ago there were 51 single-family properties on the market!

TRURO AND WELLFLEET

In Truro, single-family home sales doubled to four from two last year. And the average sales price of these four single-family homes sales was down 70% from $3.07M to $920K. This looks like a huge decrease, but it is skewed by the sale of those two relatively expensive properties last year. As of April 8, as we “go to press” there are 12 single-family properties on the market for sale in Truro.

Condominium sales in Truro were equal to last year at four. The average sales price was down 22% to $389K from $498K. There are only 4 on the market!

In Wellfleet, the average price of single-family homes was up 28% from $901K to $1.15M. Sales were down 50% to 7 from 14 last year. There are only 5 single-family home available for sale.

WITH SPRING IN FULL BLOOM,THE LACK OF INVENTORY ACROSS THE MARKET REMAINS THE KEY ISSUE   

As spring is finally settling in, the message this quarter is all about the decrease in sales and the continuing lack of sufficient inventory needed to drive a healthy market. The small inventory increase is welcome, but nothing near to what demand requires. Hopefully, this will change as the spring-summer selling season warms up, but it looks to be a slow adjustment over the next several quarters. With interest rates hovering in the 6% range, fundamentals must change in order to return to a more balanced market.

Prepared buyers are still finding their dream homes though, and sellers are taking advantage of the still historically strong seller’s market. Patience, knowledge, preparedness and flexibility are key whether buying or selling in these truly unusual times.

My goal is to keep you engaged in this unprecedented outer Cape Real Estate market by providing you with news and market developments as it happens. Watch for interesting stories in your email and on social media at jon.goode.com. I hope to see you on the streets soon.

The Martin House at 157 Commerial Street is a stunning example of Provincetown history. It is a five bedroom three bathroom home with 2,121 square feet. It was most recently marketed for $2.950 and sold for $2.825M.

MLS Remarks: This landmark antique was converted from a restaurant back to a single family home in 2010 but many still refer to it as the Martin House. The original classic 3/4 Cape can be seen from the beach side while a two-story addition faces Commercial St. It has all been carefully restored and updated in a series of renovations since 2010. ”All of the hard stuff has been done” including the roof, windows, siding, & bathrooms. Most recently a masterpiece kitchen was completed in 2020, including English custom cabinetry, auto skylights, & radiant heat floor. The old pub style bar and banquette has been retained at the side entrance to the house and the wood burning fireplace was rebuilt. 3 of the 5 legal bedrooms are being used as a gym, office and parlor. The parlor has a private bath and could be a 1st floor primary bedroom. On the 2nd floor two bedrooms share a full bath and the primary bedroom has an en-suite. On the sunny south side of the house toward the beach there is a 1200 square foot brick patio that is sheltered from the wind and is perfect for outdoor entertaining.

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

This time of year is naturally slower than most so we need to look creatively at what inventory is available. Nationally, increasing inventory levels have become the norm giving buyers additional choices, but in our contrary market we still have few choices, so being creative and resourceful as buyers is a must.

There are only 17 condos on the market with an average asking price of $844K. (Last year at his time there were 8). There are only 9 single family properties on the market with an average asking price of $3.4M*. (Last year there were 5) This average is skewed high because of a couple of very expensive properties.

Instead of just one “Listing of the Week” this week, I thought I would feature a couple of my favorite properties that are on the market.

UNDER $1M

4 Upper Miller Hill Road #2, is a two bedroom two bath condo with 1,492 square feet. It is being marketed at $999K.

MLS Remarks: This contemporary home was designed and built in 1987 to optimize the 360 degree views from one of the highest elevations in Town. You’ll be inspired by sweeping views of the harbor-front on one side and the back beach and ocean in the National Seashore on the other. The building is a two unit condo and this one occupies the entire top two floors as well as one room on the first floor and exclusive use of the driveway and garage. An outside stairway leads up from the driveway to a 2nd floor deck. Enter the great room with two-story ceilings, a fireplace and decks on both sides. A spacious kitchen is off the great room and the full bath and BR 1 complete this floor. Up on the 3rd floor the primary BR has a half bath and again decks on both sides. The siding, decks and doors and windows are mostly original and and need to be replaced. Listed square footage includes the garage, approximately 337 SF. This listing is one of ours at Beachfront-Realty.com.

22 Alden Street #2 is a two bedroom one bath condo with 543 square feet. It is being marketed at $699K.

MLS Remarks: Desirable Location, Updated Finishes, Solid Rental History. Welcome to the top floor of 22 Alden Street. This charming unit has two entrances, a private one on the side of the house and the other from your parking space. Enter into a lovely eat-in kitchen which has traditional Shaker styled cabinetry, propane stove, pantry area and stone countertops. Off the kitchen through a wide doorway is the well-sized living room with traditional Cape Cod built ins. There are two bedrooms located on opposite sides of the unit, both will comfortably accommodate queen sized beds. The bathroom like the rest of the unit has been tastefully updated with tile, glass shower doors and upgraded fixtures. One car parking and central AC. Courtesy of Coldwell Banker Pat Shultz Real Estate.

OVER $1M

Both of these condos below represent some the best the West End has to offer. Great locations, two or three bedrooms, parking and wonderful outside spaces. The fact that they are still availabe is a surprise, but then again, it is February.

56 West Vine St #A is a three bedroom two and 1/2 bath condo with 1,251 square feet and is being marketed at $1.3M.

MLS Remarks: This bright and immaculately maintained 3BR/2.5BA townhome is located in a desirable West End, close to Herring Cove Beach and just minutes to Commercial Street. The pleasing floor plan offers a large and spacious open living room/dining room/kitchen area with oak flooring, a gas fireplace, and sliders out to a sweet and private side deck covered by a pergola that is south-facing. Upstairs, find three good-sized bedrooms. The primary has an en-suite full bath with a tub, two other good size bedrooms and a second full shower bath is accessible from the hallway. The unit has baseboard hot water heat and also has supplemental heat from the Split AC/Heat wall units throughout. Listing courtesy of Gibson Sothebys Int’l Realty.

19 Tremont St # 4 is a two bedroom two bath condo with 1,048 square feet and is marketed at $1.245M.

MLS Remarks: Free-standing 2 Bedroom, 1.5 bath condo in the West End. The unit has tandem parking for two cars adjacent to the front patio and garden surrounded by a white picket fence. Enter from the front porch to a living room with hardwood floors and a gas fireplace. There is a dining area with a patio door that opens to the courtyard and a separate kitchen with loads of cabinets and working space. A half bath conveniently completes this floor. Outside the exclusive use yard is finished with large format pavers, garden wall and surrounded by a privacy fence. Upstairs, a very large primary bedroom with two closets and another gas fireplace shares a large Jack-and-Jill bath with a good size guest bedroom. This listing is one of ours at Beachfront-Realty.com.

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

18 Miller Hill Road #10 is a two bedroom two bath condo with 1,450 square feet. It is a townhouse style condo in the near East End of town. It represents the mid range price point very well. It is being marketed for $1.050M.

MLS Remarks: Spacious and well laid out, this condominium is perfect for year round living, a second home or investment property. Three full floors of living space, the living, dining and kitchen area are on the second level and the bedrooms occupy the lower and top floors. The living area is roomy and bright with a gas fireplace for those chilly winter evenings. There is a porch for lounging and grilling. The kitchen was renovated in 2016 and the main bath in 2019. In unit laundry and split system AC/Heat. Tucked away on Miller Hill, you are just a quick walk to Commercial St and the gallery district- the best of both worlds! Low monthly condo fees, rentals and pets for owners are permitted. Listing courtesy of Kinlin Grover Compass.

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

4 Miller Hill Road #7 is a one bedroom stand alone cottage with 408 square feet. Surrounded by gardens and a pivate patio this two story home in the East End is quintessential Provincetown. It was marketed for $750K and sold in 4 days for $740K.

MLS Remarks: The Beloved Toad, as it is known, is a free-standing townhouse cottage. The open first floor living area features a unique beehive fireplace, oak floors and opens to beautiful, lush perennial gardens and exclusive stone patio that wraps around to the back outdoor space. Upstairs you will find a large bedroom that overlooks the living area below. The recently renovated bathroom features an oversized fully tiled shower, shiplap walls and tile floor. Amenities include 1 car assigned parking space, split system AC/Heat as well as Renai propane heat, newer on demand hot water heater, storage area in an adjacent building. A well managed and friendly condo association. Sold turnkey. Low condo fee. 5 minute walk to Commercial St. in the East End Galery district. This quintessential Provincetown cottage is perfect for all year long, … gardens and tranquility on warm, sunny days of summer or the peaceful solitude of winter.

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

56 West Vine St #A is a three bedroom three and a half bath condo with 1,251 square feet. It is being marketed for $1.3M. This is a terrific condo in a great association located in the center of the West End. This kind of property checks a lot of boxes for buyers, and it should get a lot of attention – even in early February.

MLS Remarks: This bright and immaculately maintained 3BR/2.5BA townhome is located in a desirable West End, close to Herring Cove Beach and just minutes to Commercial Street. The pleasing floor plan offers a large and spacious open living room/dining room/kitchen area with oak flooring, a gas fireplace, and sliders out to a sweet and private side deck covered by a pergola that is south-facing. Also on the first floor, a half bath with stackable washer and dryer. Upstairs, find three good-sized bedrooms. The primary has an en-suite full bath with a tub, two other good size bedrooms and a second full shower bath is accessible from the hallway. The unit has baseboard hot water heat and also has supplemental heat from the Split AC/Heat wall units throughout. The association is professionally managed and the building has a brand new roof. Two parking spaces, pets allowed for owners (limit 2), and rentals are permitted. Listing provided by Gibson Sothebys International Realty.

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

Yes, there is a little bit of life to the market in February. One of the nicest single family properties available sold for $2.024M. 34 Bayberry Ave was marketed for $2.099. It is a beautifully renovated three bedroom two bath home with 2,489 square feet. It was on the market for 62 days.

The Bayberry Avenue neighbohood has become more and more desirable with single family zoning and third of an acre lots – and it’s only a few minute walk into town.

MLS REMARKS: Recently renovated, immaculately maintained West End luxury single family home! Perfect for entertaining, the main level has a wonderful open floor plan. Enter into the great room, which has a dramatic vaulted ceiling, gleaming hardwood floors, and a wood-burning fireplace as its centerpiece. Built-ins warm the room, and the multi-paned wall of windows invites nature into the space. A door from the great room leads to a spacious screened porch. Chef’s kitchen which connects seamlessly from the great room. The quartz countertops and wall of subway tile are elegant and the high-end appliances include a Subzero fridge, freezer, and wine cooler, a Wolf range with gas cooking along with an integrated Wolf microwave. The large formal dining room is inviting and anchored by a second wood-burning fireplace with a brick surround. Also on this level, a guest suite.. Upstairs, the primary suite consists of a sizable bedroom with a walk-in closet, an office nook with French doors, a bright bathroom with an oversized shower, and a double vanity, which connects to a bedroom that is currently used as an office. Outside, enjoy your oversized fenced yard which features a velvety lawn, privately sited hot tub, and outdoor shower. Other extras include AC throughout, parking for 4 cars on site, irrigation, and nest thermostats. The home is perfect for either year-round living or as an investment property. Listing courtesy of Gibson Sotheby’s Intl. Real Estate.

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

Provincetown, Truro and Wellfleet 4Q2022 Figures

Provincetown and the entire Outer Cape had a “kind of what we expected” year in real estate as we continued to deal with the trailing market effects of the pandemic. With demand outstripping inventory and prices continuing their upward trajectory, the effects on the market were even higher prices, decreasing sales and ongoing lack of available inventory.

We are in a classic low supply and high demand dynamic where we see a very limited amount of available inventory and a profound lack of ability to construct additional dwelling units. Complicating these conditions are the two elephants in the room – nearly 6.5% mortgage rates and the looming possibility of a recession – although these trends seem to be moderating a bit as we enter the 2023 selling season.

I continue to be a huge advocate for the Outer Cape real estate market even as we navigate these remarkably unprecedented social and economic times. Our Provincetown and Outer Cape market ALWAYS outperforms the rest, and I believe that will not change going into 2023

PROVINCETOWN

In Provincetown, unit sales were down in every category and sale prices were up! Condominium sales were down 11% from 151 to 135. Sale prices were up 18% from $734K to $$868K. And, 37% of those sales sold over the asking price.

This does mean though that 85 units – or 63% of sales – did sell at or below asking. This provides some comfort to buyers as many mid-market properties are selling at or below asking prices.

There are only 19 condominiums on the market listed in MLS as of January 3rd. The average asking price for these condominiums is $828K compared to $699K last year.

Single-family home sales were down 42% from 53 sales last year to 31 sales this year. The average sales price increased 17% from $1.87M to $2.19M. 19% of these single-family homes sold above asking.

There are only nine single-family properties on the market now with an average asking price of $3.45M. There are 4 properties on the market priced between $1M and $2M which is the most popular price point for single-family homes. By comparison, in past balanced markets, there are usually 25-40 single-family homes offered on the market at any given time.

TRURO AND WELLFLEET

In Truro and Wellfleet, the lack of inventory is even more severe than in Provincetown.

The average single-family sales price in Truro was up 28% from $1.24M to $1.59M. Sales were down 48% to 33 from 64. Currently, there are only 10 single-family properties on the market with an average asking price of $2.19M.

Truro condominium sales also decreased – down by 50% to 25 from 50 last year. The average sale price increased 48% to $570K from $385K. There are only 4 condominiums on the market with an average asking price of $682K. Sales decreased by half, but the average sale price of condominiums increased by 48%!

In Wellfleet, the average sales price of single-family homes was up 9% to $1.02M from $936K. Sales were down 16% to 62 from 74. There are currently only 11 single-family properties on the market in Wellfleet with an average asking price is $1.8M.

LOOKING FORWARD TO A NEW YEAR AS WE SAY GOODBYE TO 2022

As we end 2022 on the Outer Cape, we see again that average sales prices were up and the number of units sold was down – in all categories and in all three towns – and that buyer demand for Outer Cape property remains extremely high. The upward pressure on prices caused by this continued high demand and sustained lack of inventory cannot help but effect sales in 2023. The elephants in the room remain in place – high interest rates, averaging 6.35% (at press time) and the possibility of a future recession can’t help but effect the market – how deeply and to what extent we just don’t know.

As we begin the New Year and look toward the spring market, I think we are all hoping that 2023 brings some respite from the drama and the uncertainty of 2022. Knowing that whatever and however outside forces effect our beloved Provincetown and Outer Cape real estate market, we can take comfort in knowing we will always outperform the rest. How lucky are we!

We are committed to providing you with the safest means to view, purchase and sell real estate on the Outer Cape. We have learned to do business safely and comfortably during Covid, while still providing the expected high level of service and attention you require. Our business philosophy has always been that the best-informed buyers and sellers are the most satisfied with their results.

Watch for interesting stories in your email and on social media at jon.goode.com. We look forward to seeing you soon. And leave it to me to keep you informed over the next several months.