WOW! 10 Harbour Drive a five bedroom, six bathroom home with 4,233 square feet sold for $3.995M…and their beachfront is growing by accretion.
MLS COPY: Experience beachfront living with unparalleled privacy at Provincetown’s newest waterfront community. This newly built spectacular home at Bay Harbour is the largest waterfront home for sale in Provincetown, with over 4000 SF, 5 BR’s and 6 BA’s. Custom chef’s kitchen with WOLF & Subzero appliances. The view pours into the vast living room through the floor to ceiling wrap-around windows. A sumptuous master suite also faces the water & has a private deck,gas FP, WIC,& large bathroom with jacuzzi, steam shower. All bedrooms & the den have ensuite baths. Security, AC, lush grounds, basement, and 2 car garage. While most oceanfront properties are experiencing severe erosion, Bay Harbour, through certified surveys, has experienced over 125 feet of beach ACCRETION seaward since 1976. The property’s approved for a 12×27 ft pool with a jacuzzi.
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 five different Cape and Islands neighborhoods. This week, Barnstable listings for around $629,000.
Here now, eight Cape Cod properties asking around$629,000 – year round, single-families, an old-meets-new condo, views of Cape Cod Bay, fireplaces galore, perpetually pricechopped, in need of TLC, in contract, bulldozer bait, recently renovated, ready to rent, and move-in-ready – with a little something for everyone.
EAST FALMOUTH
Behold, waterfront bulldozer bait with rather amusing brokerbabble for $629K: “There is a perfectly good house on this land, but will need to have a new septic system due to the present one being too close to the water, and a corner of the dwelling is in a flood zone. So the potential for tearing down the house and building just a smidge back opens the prospects of this property to limitless bounds (other than the ones set by the state and town bylaws).”
Unit 14 is an end unit townhome “in a very private setting located in the village known as SeaQuarters!” The 2BR, 3.5BA features a first floor master, gas fireplace, three-season porch, a finished lower level, and the community pool “just steps away.” Yours for $629,900.
This updated classic Colonial on .46 acres was built in 1994 and features 5BR, 2.5BA in 2,696-sq.-ft. The listing hit the market in early February for $629,000 and was in contract by the end of the month.
“Great Value!!!” The excited brokerbabble aside, this updated 3BR, 3BA on .92 acres features a first floor master, a hot tub room (insert time machine joke here) and a bonus room over the two-car garage. Asking price is $629,000.
Built in 1800, this 4BR, 2.5BA “has been fabulously restored and lovingly and meticulously maintained.” In addition to the 2,072-square-footer, there’s a barn and shed on the 1.04 acre lot. First listed in September for $639K, a December chop brought the ask down to $629K.
Here’s yet another in contract abode with a $629K price tag. This contemporary Cape with 3BR, 2BA sits on a tricked-out 1.13 acres with an “in-ground, heated, salt water pool with waterfall, a large hot tub, an outdoor shower and a large storage shed.”
Finally, to PTown. This 2BR, 1BA newly listed West End condo features water views, access to Cape Cod Bay just across the street and nice mix of 1890-meets-2015 in 975-sq.-ft. Asking price is $629,000.
While it is early to make many predictions about the spring market, one thing we can say for sure is that the snow and cold has delayed it. Realtors everywhere are notorious for rushing the spring market, and putting all their new inventory on the market as early as possible after the New Year. Not so with all this snow, but hopefully with temperatures rising next week, we will begin to see some listing activity.
Locally our market is tracking market conditions that we see in the downtown Boston neighborhoods. Moderately increasing prices, lower inventory levels and fewer days on market. Demand generally is outpacing supply. Translate this dynamic to a second home market and while demand is high, urgency is much lower than in those urban neighborhoods.
Condo sales are up and they are selling at slightly higher prices. Sales of more expensive single family homes are slower but prices remain even year over year – and it seems there is never enough inventory to satisfy demand in this category.
We have segmented the market into four categories for analysis, the entry-level, the mid market, the luxury market and the $1M plus market.
The entry level($150K to $399K) is the 2nd busiest market category in Provincetown. Last year 66 properties sold representing 33% of the total. Today there are 25 properties on the market representing 21% of all properties available. Below are 3 favorites.
The entry level is always popular. As you can see above there is quite an assortment of properties available – from charming West End studios at 3 Bradford Street, to an artists cottage at 5 Arch Street, to a West End condo in a complex with its own heated swimming pool. More properties will certainly become available in the next few months and we expect continuing high demand.
The mid market ($400K to $750K) is the most popular category, accounting for 45% of all sales in 2014. Today there are 40 properties on the market in this category, including 31 condos and 9 single family homes representing 35% of available inventory. Below are three favorites.
This is the category where many buyers want to be. A two bedroom and two bath condo in the West End or East End is on everyones’ wish list. There is a lot of variety – from a standalone condo at 3 Browne Street with one bedroom and two baths, to a charming three bedroom single family house in the East End at 19 Bangs Street, to a renovated two bedroom condo at 42 Franklin Street. In this category demand generally outpaces supply, and with only 5 months of inventory on the market expect competition when you do buy and be ready to act if you see the perfect property.
The luxury market ($750K to $1M) is a highly visible and closely watched category here in Provincetown as it represents the growing bridge between the mid market and the $1M+ market. This category accounted for 27 sales last year representing 13% of total sales. There are currently only 18 properties available for sale. Realtors are always lamenting the lack of inventory in this price point as it limits buyer choice. Below are three of our favorites.
As you might expect this is a category usually full of choices but currently there are only 6 condos and 12 single family properties available. These inlcude the three pictured above: a three bedroom newly renovated top floor condo; a spacious arts and crafts style freestanding condo in the East End; and a charming two bedroom single family bungalow on Brewster Street – Watch for a spring inventory surge in this category.
The $1M+ market. This super luxury market represented 9% of all sales in 2014. Interestingly enough there are 33 properties on the market, the second highest of any category at 29% of total inventory. As you can imagine these properties tend to stay on the market a bit longer and absorption is quite a bit slower than other segments. Three of our favorites are below.
There is a broad assortment of styles, locations and pricing in this category, from a new construction freestanding condo high on a hill in the East End, to a traditional Provincetown Captains house on Dyer Street to the most palatial home in the far West End, a 6,000 square foot totally renovated masterpiece on Creek Round HIll Road. These homes represent the best of Cape End living.
Hopefully this market preview has provided some interesting context and helpful information. We will keep you up to date as the spring market develops. Please let us know if you have any questions or would like more information.
Mass.’s Biggest Winners, Losers in the Home Pricing Game
iStock
By Scott Van Voorhis, Boston.com Correspondent |
The difference between the biggest winners and losers when it comes to home prices across Massachusetts can be summed up in a single word: jobs.
Cambridge and nearby cities and suburbs dominated the 2014 list of the top ten gainers in home values over the past decade, reports The Warren Group, publisher of Banker & Tradesman.
The epi-center of the tech and life sciences boom, Cambridge led the way with an 80 percent increase in its median home price since 2005, which hit a lofty $1.2 million in 2014.
By contrast, the top 10 losers in value were all beyond the 128 and 495 beltways in economically struggling parts of the state, distant from the wealth and jobs of Greater Boston and Cambridge.
“Proximity to good jobs seems to be the common thread among the top communities,” Timothy M. Warren Jr., chief of The Warren Group, said in a press release. “Location matters in real estate, and here we see these key communities adding even more in terms of their home values.”
Of the top 10, Somerville (No. 6,) and Belmont (No. 8.) both border Cambridge, while six others are with 5 or 10 miles of the city. Jamaica Plain was No. 2, having seen a 40 percent increase over the last decade that drove the median price of a home in the neighborhood to $700,000.
No. 3 was Lexington, at $950,000 after a 34 percent hike, and it’s practically next door to Cambridge and Somerville, separated only by high-flying Arlington.
After Lexington, there’s South Boston, Brookline, Concord, Newton, and Winchester.
By contrast, hard-hit old industrial towns and cities along Route 2 in North Central Massachusetts took the biggest hits to their home values.
Athol led the way down with a 36 percent plunge that lowered its median price to $115,000, followed by Fitchburg, Orange, and Gardner.
Top 10 losers
The Warren Group
“The extreme decline in median prices in these communities is unfortunate and indicative of the underlying factors occurring in each of these communities,” Warren said.
Three towns from Central Massachusetts also made the losers list: Warren (No. 4), Southbridge (No. 3), and Barre (No. 8).
Rounding off the list were Randolph, the only town in Greater Boston to make the list of the biggest decliners, and New Bedford.
However, rock bottom prices for homes and other real estate could provide some of the ingredients for a comeback for these communities as well, Warren noted.
“In order for prices to rebound, an economic revitalization in these areas needs to occur,” he said. “With low-cost housing abundant, these communities should be able to attract business relocations and start-ups.”
The blizzards howling, the wind chill is below zero – but that didn’t stop two gorgeous $1M + homes from closing in early February. The pictures below certainly help take the chill away!
20 Bayberry Avenue is a very nicely sited single family home in the far West End. It has 3 bedrooms and 4 1/2 baths with 2,750 square feet. It sold for $1.175M with an asking price of $1.225M.
MLS COPY: Privately located in Provincetown’s West End, this exquisitely maintained Contemporary Cape was fully renovated in 2005/6. There are 3 BRs and 4.5 BAs on three well planned floors. The entry level has a spectacular foyer, home office and 3 BR’s, each w/ custom marble BA’s, glass enclosed showers and master has a soaking tub. The upper level reveals a stunning great room with vaulted ceilings, mahogany and glass deck, large windows, fireplace with floor to ceiling travertine marble, 1/2 bath, pantry and a chef’s kitchen equipped with a Sub Zero refrigerator, 2 Bosch dishwashers, Thermador cooktop and wall ovens. The lower level media room is wired for surround sound, has a full bath, wet bar, wine fridge, laundry and sliders to a blue stone patio w/grill. Interior just painted. Lovely landscaped yard. Owner occupied, never rented.
3 Harbour Drive is a beautiful bay front home with 3 bedrooms and 4 1/.2 baths and 3,363 square feet. It sold for $1.5M with an asking price of $1.595M.
MLS COPY: Gorgeous Home with spectacular bay views. Constructed with both aesthetics and safety in mind. One of a few homes whose frame meets latest hurricane building codes. Master suite and extra large deck. Main level is open floor plan with five sliding glass doors and a beautiful deck which runs full length of house. Washer and dryer and fabulous gas fireplace on main floor. Lower level sitting/TV area, wet bar and two enormous bedrooms, each with 12 foot ceilings, en-suite bathroom and sliders to patio. Lower level radiant tile floor with underlying water resistant foundation. Widow’s walk.Two car garage with studio,1/2 bath and deck. Large cedar shed. Deeded beach rights to seemingly endless sand bar at low tide. Title V septic for 5 bedrooms room for expansion.
Snow Snow and more snow…but that didnt slow down the Provincetown real estate market in January.
Twelve condos sold in January, most sold in the popular mid market price range of $500K to $800K. Six of them are pictured below.
18 Standish Street #A, 2 bed/1 bath, 636 sf, sold for $380,00012 Conwell Street #A, 3 bed/3 bath, 1,400 sf, sold for $586K480 Commercial St. #2, 3 bed/2 bath, 1,225 sf, sold for $625K
57 W. Vine Street #B, 2 bed/3 bath, 1,300 sf, sold for $692K19 Tremont Street # 3, 2 bed/3 bath, 1,146 sf, sold for $786K555 Commercial Street #D, 2 beds/3 baths, 1,300 sf, sold for $1.3M
One single family property sold. 160 Bradford Street is a 6 bedroom 6 bath B&B, single family home with 2,493 square feet. It sold for $980K.
Many of you have seen The Goode and Farmer 2014 year end report which I recently posted. Below are some market highlights of our 2014 business which is representative of the market as a whole in Provincetown with a natural focus on the popular mid market.
Three bedrooms and three baths freestanding condo.
12 Conwell Street #A recently sold for $568K. It is a three bedroom three bathroom freestanding condo with 1,364 square feet. Conwell Street is in the center of town, and the condo is 1 1/2 blocks to the bay.
MLS COPY: Stand alone condo that lives like a single family home. Dramatic reverse floor plan has entertainment size living room with hardwood floors vaulted ceilings and a wall of windows with views to the Provincetown Monument. Chefs kitchen with 6 burner gas stove, large granite island. Storage area/pantry and a powder room directly off the kitchen. Large private deck with Monument views. All 3 bedrooms have great closets and multiple window exposures. En suite master bath as well as a built in office nook. Second full bath and a large storage/laundry/mud room on the bedroom level. Central A/C, and quality window treatments throughout. Fenced front yard and garden. 2 Parking spaces. Lives large and fun. 1 1/2 blocks to bay beaches, steps to Farland and downtown. Great rental income.
With the start of 2015 we would like to wish you all a wonderful, happy and prosperous New Year. We also want to thank our many friends and associates for sending those many referrals our way. They are much appreciated.
In 2014 higher prices, increasing values, strong buyer demand, and continuing low interest rates made the year an outstanding one. For buyers, sellers and investors there seemed to be a healthy balance between a buyers and sellers market as inventory is generally balanced with buyer demand. That balance may change in 2015 as we are not seeing the anticipated increase in inventory that the market is craving.
Year-end sales in Provincetown were strong with condos continuing to lead the market. The median sale price of condos sold in Provincetown increased 10% to $428K from $389K. The number of condo sales recorded in MLS were 21% higher this year than last year’s 150 sales. Sales volume increased by a 23% to $69M. The average sale price of condos increased 3% to $466K. The average price per square foot of condos sold in all price ranges was $560 per square foot. The condo mid market continues to move up from the $400K to $600K range to the $500K to $700K range.
Condo inventory as of December 31 is low with only 74 available with an average asking price of $551K and an average price per square foot of $620.
The median price of single-family homes was $840K down 5% from $887K in 2013. The average price of single-family properties sold was $1.03M, similar to last years $1.02M. There were 38 single-family sales, which is down 21%. Total sales volume was $39M down from $49M. We continue to feel that these softer single-family numbers are being caused by a lack of inventory and the strong demand for condos. The average price per square foot of single-family properties sold was $486psf.
The $1M plus single-family market remains slower with12 sales and $21M in sales volume compared to 19 sales last year with a volume of $29M.
There are 46 single-family properties on the market with an average price of $1.521M and an average price per square foot of $584.
Inventory in all categories is quite low and will begin to effect sales and prices unless more properties become available. Buyers are feeling confident and will continue investing in second homes and investment properties if there are enough choices available and if mortgage rates stay low.
TRURO AND WELLFLEET
The single-family home market in Truro and Wellfleet is strong. Sales have seen remarkable increases partly due to a lack of inventory and the high average price of homes in Provincetown.
Truro fared well with the average median sales price for single-family properties increasing 25% to $670K from $538K in 2013.
The average sale price was up a whopping 34% to $798K. In stark contrast sales were down 8% to 44 sales this year. There are currently 63 single-family properties on the market with a median price of $825K.
Wellfleet turned in a strong performance with a 21% increase in sales to 85 units from 70 last year. The median sales price of single-family properties sold was up 5% to $505K from $481K last year. The average sale price increased 6% to $566K. Wellfleet remains predominantly a single-family sales market. There are currently 32 single-family properties on the market with a median price of $587K.
Our advice remains consistent. Positive buyer and seller attitudes coupled with a continuation of relatively low mortgage rates (30-year-fixed rates are averaging 3.875%) and an improving economy bode well for 2015 being a great year to jump into the market. Buyers are feeling confident enough to buy second homes and the rental market is so strong that rental income can make buying that second home or investment property so much easier.
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.
Boston is Nation’s 7th Most Valuable Real Estate Market
Boston’s real estate market jumped $28 billion this year, according to Zillow.
The Boston Globe
By Scott Van Voorhis
Boston.com Correspondent
Feeling any richer? You should be. The total value of all homes and condos in Greater Boston came in just under the $600 billion mark in 2014, a new report finds.
Boston area residential values have jumped $28 billion this year, for a nearly 5 percent gain, according to Zillow.
The Zillow Home Value Index, a blend of property assessments by local officials and market prices, pegs the median home value for the Boston area at $364,900. (Zillow pegs the median rent at $2,137.)
The increase makes Boston the seventh most valuable real estate market in the country, behind Los Angeles ($2.2 trillion), New York ($2.1 trillion), San Francisco ($1 trillion), Washington ($943 billion) Chicago ($738 billion) and Miami/Fort Lauderdale ($717 billion).
Boston edged out Philadelphia ($573 billion) and San Diego ($538 billion) and smoked Seattle ($465 billion) and Minneapolis-St. Paul ($292 billion).
However, for buyers, there are two bits of good news.
First, the pace at which home prices are rising appears to be slacking off a bit. This year’s 4.9 percent jump in overall home and condo values is a step down from 2013, when Boston area real estate values hot up 8.1 percent, or $46.5 billion.
Second, inventory, or the number of homes on the market, also shows signs of improving, with 8.2 percent more listings this year compared to 2013.
