Author: Jon Goode

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analytics

Goode and Farmer Report – Boston April 2012

April… what a month for real estate in Boston! There was the national news story about the return of multiple offers in many markets, including Boston; The unprecedented lack of inventory for sale… down 35% and more in some downtown neighborhoods, and the core strength of the market in spite of these conditions.

For all Boston neighborhoods combined condo sales were up 10% YTD over 2011 to 948 condos sold vs 863 last year. The average sales price for a condo in Boston was $563K vs $549K last year, a 3% increase. Days on market were even down 10% to 113 for many reasons including the lack of inventory.

In the Back Bay the number of condos sold was up 19% to 115 versus 97 sold in 2011. The average sold price for condos was down slightly by 2% to $1.299M. On Beacon Hill the number of condo properties sold was down 7% to 40 versus 43 in 2011. The average sales price for condos on Beacon Hill was up 8% to $836K versus $777 last year.

In Boston’s favorite neighborhood, the South End, the number of condos sold through April was up 22% compared to 101 in 2011. The average sales price for those condos sold was down a modest 3% to $659K vs $682K last year.

In what has become one of the most active markets in the city, South Boston, all the news is good. The average price of condos sold YTD was up 5% to $414K, from $393K last year. The number of condos sold was up 17% to 123 from 105 last year, and average days on market was down 30% to 102 days vs 145 days last year. South Boston is happening! And with 143 condos on the market vs 254 last year, a 43% decrease this neighborhood is bound to remain hot!

 

 

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architecture general info style

Broker Tour…Provincetown Style. WOW!

Our broker tour last Thursday of newly listed properties for sale in Provincetown was fabulous. We saw an incredible variety of properties priced from $279K to $2.195M. (I’m also including a favorite from the week before that is listed for $2.990M which is just stunning.)

The first property is in the far West End behind the Delft Haven Complex and includes a 3bed/2 bath main house and a charming 2 level, one bedroom carriage house, all on 3/4 acre. Listed at $2.195M. This property is gorgeous!

                         

This mid-century modern home on Priscilla Alden road harks back to the Bohemian roots of our wonderful community. This is a 2 bed/2 bath home and is being marketed for $995K.

                       

This stunning landmark single family home on Creek Round Hill Road is being marketed for $1.595M. This 3 bedroom, 3 bathroom west-end home has incredible water views from every one of these windows.

                       

This great West End Commercial Street top floor condominium has 2 bedrooms and 2 bathrooms and is being marketed for $775K. Although not on the waterside of Commercial Street it feels as close to waterfront as possible with great views of the bay from the living room and the decks.

                     ..

We saw this property last week. This is one of the premier properties in town and is being marketed for $2.990M. With four master bedroom suites, multiple decks and a cabana terrace…and views for days it is exceptional. It is located on the beach in the far East End of town.

                     

I call this real estate soft porn…These properties are gorgeous no matter what price category you are in. From $775K to $2.990M.. The natural materials, impeccable design, siting, the interiors… all create lovely visceral reactions…take a look.

 

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analytics general info

Bradford Street Ideal

Of course I am upbeat about the buying opportunities in Provincetown. At every price point, in every category, there is something of interest that makes sense for buyers. Whether you are looking for property as an investment  or for a combination vacation home and rental, as a full time residence or second home, there is much to like in this market.

My goal is always to provide you some new information, or perhaps an insight into a market, a location or a property. Here the focus is on one of the properties we have listed here at Beachfront Realty. This property perfectly illustrates what is great about the Provincetown market. This “fits the bill” on so many levels as an ideal Provincetown property offering. As an investment property, a second home or a combination of the two.

49 Bradford #8 is being marketed for $529,000. It has a great rental history as it has two equal size bedrooms, parking for two cars and is an easy walk to Commercial Street. It has everything a second home buyer or an investor/vacation home buyer would want. Close to all in the near West End, a block from Joe’s Coffee and the Boatslip and beautifully done.

As you look at these pictures you see a well designed and appointed living level with a black granite kitchen and breakfast island, stainless steel appliances, and hardwood floors throughout. There is plenty of room for a separate dining room area and a well scaled living room with doors out to the wonderful garden-patio.

On the second floor (pics above) there are two equal size bedrooms, a deck and a full bath. The bedrooms have high ceilings, tons of light and ceiling fans. There is central air, two parking spaces and a good size attic and basement storage room.

This is the most popular market segment in town, (and pretty much everywhere else!). That “perfect” 2 bedroom, 2 bath property. There are 41 properties being marketed in this category with an average asking price of $546K.  48 Bradford is priced slightly below the average in this category and is close to the average size of 1,113 square feet.

Hopefully this property snapshot gives you additional perspective and some context to the condominium market in Provincetown. It is an exciting market with opportunity for all. Go to “Ask Jon” if you have any other questions around the real estate market here on the Outer Cape and I will respond in a post.

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analytics

April In Provincetown

Real Estate News from our charming town is pretty darn good. April was busy with 11 condominiums sold and 4 single family properties sold. Last year in April there were 12 condos sold and 1 single family sold, so we are certainly on a similar sales track to last year which ended up being the best year for real estate sales since 2008.

The average sale price for condos was $358K and the median price was $285K. The lowest sales price was $187K and the highest was $610K. One of the sweetest condominiums sold was 56 West Vine St a 3 bedroom 3.5 bath townhouse which sold for $565K. This condo is in the West Vine association Sea Grass. The condo was sold by Bill Farmer at Beachfront Realty and listed by Lincoln at Sothebys.

 

 

I think this condo sale is important, not just because it was sold by my team member Bill Farmer  but the fact that it has 3 bedrooms and 3.5 baths,  1,481 square feet, sold for $565K… and is really beautiful. This property illustrates the great value that  exists in Provincetown real estate. It is a great year round home, second home or investment vacation home. It is hard to find this kind of value and income potential anywhere else…and it’s Provincetown for God’s sake! What could be better?

The average sale price of single families sold in April was $704K and the median price was $622K. My favorite single family property that sold in April was 31 Pleasant St, a sweet and quintessential Cape with 3 + bedrooms and 2 baths. We live a few doors down and have watched the evolution of this property over the years. This home beautifully represents the “average” for the month of April having sold at $675K. It is charming!

 

 

We are headed into the Spring Summer season here in Provincetown which brings a plethora of opportunity in entertainment, outside fun… and in real estate. There are 138 condominiums currently being marketed at prices from $129K to $1.85M. There are 55 single family homes being marketed from $349K to  $4.75M.  The variety of properties for sale is incredible and is reflected well in the two properties illustrated above.

Next up will be a discussion on pending sales activity and a look at some of the exceptional properties currently being marketed in Provincetown.

 

 

 

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style trends

Mix Metal and Wood Species To Create Soul

Michael Ferzoco is the principle of Eleven interiors and a contributor to my blog. The post below is a wonderful take on mixing different design elements to create soul.

I was recently asked by a client why I’m not proposing to use the same materials throughout a project.  “Ugh… not again”, I thought.  This question rears its ugly head more often than I care to admit.  As is the case with many people, this client was afraid of mixing different wood grains and finishes on furniture, floors, built-ins etc. in any one room.  I’ve had people question the use of different metal finishes on faucets and light fixtures.  Many people believe that the finishes should be the same… that they should “match”.  I hear things like, “But that doesn’t really match what we’re doing in the other bathroom” or “the wood on the coffee table doesn’t match the wood on the side table” or, my favorite “shouldn’t the bedside tables match?” My answer is always the same…. we never match anything. The magic is in how we mix materials and finishes together to create a space that has soul.


Yes, it’s okay to have zebra wood bedside tables next to a dark walnut headboard and platform bed all of which sits opposite a built-in cabinet that’s has a grey-wash-on-rift cut oak.  Go right ahead and place a vintage chrome finished cocktail table with a glass top in the middle of your living room… the same room that has antique brass sconces on the wall and gun metal black hand-forged hardware on a credenza with a raw steel base.  Of course it’s acceptable – very chic, actually – to use polished nickel faucets with bronze finish towel bars along with patina lighting fixtures in the bathroom.

 

Every room in your home should have a mix of various woods, various metals, glass, stone…. in some manner of combination… not that you have to use all of these elements in one space!  Choose which elements are appropriate for which space and then branch out within that element and employ it in different ways.  If you don’t take the risk of mixing the elements and the finishes, then you risk looking like you have no more insight to interior style than someone who purchases the 8 piece living room set (the phrase makes me cringe) at Bob’s Furniture.  Trust me, I’m not wrong about this….

And when creating a successful space, it’s important to remember that you can continue to add pieces as long as you continue to edit along the way.  The space will feel harmonious when the mix of furniture and accessories, in all their various finishes, are cohesively working together to create a thoughtfully orchestrated room with soul.  It takes time and effort.  It can be a bit of trial and error.  But the results are well worth it.

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analytics

Boston Condo Inventory Down 32%

The supply and demand dynamic is firmly in place in downtown neighborhoods with not enough property for sale relative to buyer demand. Taking all Boston neighborhoods together, condominium inventory is down 32% from the same time last year – from 2,010 properties for sale last year to 1,360 today. In the South End there are 129 condos for sale versus 205 on the market last year at this time,  a 37% decrease.

Linda Ciborowski, a top South End agent with Coldwell Banker Residential Brokerage, sees two very interesting developments as a result of these depressed inventory levels.  Linda says, “Anything that shows well, is in good condition and in a desirable location sells with amazing speed. I’ve noticed two interesting things that make it even more important to be working with a good broker.”

“Brokers who don’t know the market are pricing properties too low based on old comps or too high based on false expectations. Initial pricing just seems more important than ever.”

 “Appraisals have become very difficult since the properties that have closed in the past 6 months don’t reflect the prices that new listings are going under agreement for due to prices being driven up by low inventory.”

In the Back Bay today there are 171 condos on the market compared with 240 last year. That’s a 29% decrease. In South Boston 145 condos are listed for sale compared with 232 last year, a 37% decrease. Reports are that there are not a lot of listings in the pipeline. Hopefully, we will see a surge in listing activity through the end of April and into May.

This low level of inventory poses a few issues for the strengthening real estate market downtown. The first being that inventory is needed to sustain the strong beginning to the spring market. The second is that high demand and low inventory creates what some may consider “irrational exuberance.” I don’t believe it is irrational. These conditions “on the street” have created this excitement… and the excitement is real!  Just ask any buyer who has missed out on a property or talk to any agent who has dealt with 40 people at each of their Sunday open house. It is exciting… and we will keep our eye on the market as we move into May.

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analytics general info

The Goode and Farmer Report – Boston Q1 Update

Excellent news for Boston is that condominium sales rose in the first quarter when compared with last year. All Boston neighborhoods combined saw an 8% increase in sales from 572 last year to 616 this year. Increased sales meant increased dollar volume in most neighborhoods. South Boston leads the way  in percentage increase with a 32% increase from last year to $33M in sales volume. . All Boston neighborhoods combined saw a 5% increase in sales volume from $321M to $338M.

The average sales price for a condo in Back Bay decreased 4% to $1,263K but the number of units sold increased 6% to 72.

On Beacon Hill the average sales price for a condo decreased 10% to $860K but the number of condos sold increased wildly by 30% to 30. Interestingly total days on market decreased by 37% to 114 days versus 180 days last year.

In the South End the number of units sold increased by 21% to 78 condo properties, also a very strong but not surprising increase, given the demand we are seeing in the neighborhood.

As mentioned South Boston saw a 32% increase in sales volume representing 19% increase in sale units. The average sales price increased 8% to $410K from $379K last year. If this were a competition, South Boston takes first place with these numbers… and average days on market decreased by 30% which is yet another indication of the demand for South Boston properties.

In general with sales up everywhere, and inventory still very low, the supply and demand dynamic is firmly in place. We are in the key Spring selling season and inventory is needed to maintain the strong sales pace we have seen so far.

 

 

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analytics general info

The Goode and Farmer Report – Provincetown 1Q2012

The Provincetown market has been relatively stable year over year especially in the context of regional and national volatility being experienced in most markets.

First quarter figures for the Provincetown market are in and are great!  As in Boston the mild winter weather has kept buyers and sellers in the market and sales activity has been very strong. Keep in mind that the first quarter numbers in most markets in the northeast don’t show huge numbers so sampling is relatively small, but when compared with the first quarter last year  condo sales have increased by 40% to 28 properties and single family sales increased 71% from 7 to 12 properties in the first quarter. Not huge numbers but a positive indicator of interest and activity in Provincetown real estate

The average selling price of those condos sold was $405K, up 29% from last years average of $314K. On average it took 262 days to sell these properties, exactly what it took last year. The lowest selling price was $141K and the highest was $829K which was a beautiful 1754 square foot 2 bedroom, 2 bath penthouse in the East End on Commercial Street. (pic to left)

 

 

 

The average selling price of single family homes increased 6% to $807K from $762K     in 2011. Single family  home sales almost doubled from 7 to 12 sales in the first quarter. The lowest selling price was $212,500 for a sweet little  fixer upper home at 217 Bradford Street, and the highest selling price was $1.8M for a fabulous 4 bedroom waterfront home in the far East End on Winston Ave. (pic to left) There were no multi family properties sold in the first quarter.

 

 

There are currently 129 condominiums for sale with an average asking price of $447K. There are 55 single family homes for sale with an average asking price of $1,472K and 14 multi family homes for sale with an average asking price of $1,356K. These figures represent a terrific range of buying opportunities. Inventory is at a fairly balanced level and not necessarily weighted toward a buyers market or sellers market.

As the Outer Cape and Provincetown readies itself for the spring onslaught, meant in a very positive way… we will keep you posted week to week as to real estate activity of interest in Provincetown and on the Outer Cape.

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general info

I Can See The Beach From My New Office

YIKES!!!  I really can see the water from my new office.  Yesterday I officially  started working at Beachfront Realty in Provincetown… marketing and selling real estate. It is great to be starting my new venture while teaming up with Bill Farmer again and joining broker/owner Bob O’Malley. There will be more news to come!

 

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analytics general info trends

The Goode and Farmer Report March 2012

I will be posting regular market reports for Provincetown and Boston on my blog. Here is the first Goode and Farmer Report for year end 2011 with an update for March 2012.