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Provincetown- Spring Buyer Preview

 

Provincetown – Spring Buyer Preview

 

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.

 

3 Bradford Street #1, studio, 278 sf, $248K
3 Bradford Street #1, studio, 278 sf, $249K
15 Cottage St #6, 2 beds, 2 baths, 579 sf, $374K
15 Cottage St #6, 2 beds, 2 baths, 579 sf, $374K
163 Bradford St #3, 1 bed/2 baths, 506 sf, $399K.
163 Bradford St #3, 1 bed/2 bath, 506 sf, $399K.

 

 

 

 

 

 

 

 

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.

 

3 Brown Street #A, 1 bed/1 bath, 700 sf, $475K.
3 Brown Street #A, condo, 1 bed/1 bath, 700 sf, $475K.
19 Bangs Street, Single Family, 3 bed/1 bath, 1,020 sf, $659K.
19 Bangs Street, SF, 3 bed/1 bath, 1,020 sf, $659K.
4 Willow Drive #8, 2 beds/2.5 baths, 1,065 sf, $699K
4 Willow Drive #8, 2 beds/2.5 baths, 1,065 sf, $699K

 

 

 

 

 

 

 

 

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.

 

23 Winthrop St #3, condo, 3 beds, 2 baths, 1,371 sf, $799K.
23 Winthrop St #3, condo, 3 beds, 2 baths, 1,371 sf, $799K.
25 Miller Hill Road, condo, 2 beds, 3 baths, 1,600 sf, $929k.
25 Miller Hill Road, condo, 2 beds, 3 baths, 1,600 sf, $929k.
18 Brewster Street, single family, 2 beds, 3 baths, 1,374 sf, $949K
18 Brewster St,  SF, 2 beds/ 3 baths, 1,374 sf, $949K

 

 

 

 

 

 

 

 

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.

 

664 R Commercial St, condo, 3 beds, 4 baths, 1,560 sf, $1.10M
664 R Commercial St, condo, 3 beds, 4 baths, 1,560 sf, $1.10M
5 Dyer St, single family, 4 beds/3 baths, 2,252 sf, $1.495M
5 Dyer St, Single Family, 4 beds/3 baths, 2,252 sf,  $1.495M
9 Creek Round Hill, 4 beds, 4 baths, 6,346 sf, $2.95M
9 Creek Round Hill, SF, 4 beds, 4 baths, 6,346 sf, $2.95M

 

 

 

 

 

 

 

 

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.

Beachfront-Realty.com

 

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Buyers Brave Snow Banks

Buyers Brave Snow Banks and Cold to Find a Home in Greater Boston

Buyers are braving snowy streets and clambering up slippery steps to look at the relative handful of homes on the market right now, brokers say.
Buyers are braving snowy streets and clambering up slippery steps to look at the relative handful of homes on the market right now, brokers say.

AP

 

By Scott Van Voorhis
Boston.com Correspondent |

The Alaskan-style winter that has swallowed Greater Boston threatens to deep freeze spring home sales as well.

Droves of buyers are braving snowy streets and clambering up slippery steps to look at the relative handful of homes on the market right now, brokers say.

But sellers who have been gearing up, in some cases for months, to put their homes on the market in March, are now looking to April or even May, according to listing agents.

The one upside is that when the spring market finally takes off, it is expected to sizzle, with frenetic sales activity extending well into the summer – a time when the market typically takes a breather.

“It’s going to go crazy,” said Deborah Heffernan, broker and co-owner of Avenue 3 Real Estate in Arlington, of the projected warmer months. “I have had a number of people who have held back listing their homes because it is physically too challenging. They are dealing with ice dams and you can’t even see outside the property.”

Massachusetts sales dropped 2 percent in January after rising through the fall and holiday season, with a 10 percent jump in sales in December amid a chilly but snow-free month, according to The Warren Group, publisher of Banker & Tradesman.

The onset of heavy snow and arctic cold was a key factor, and one that will likely result in another drop in sales for February when those numbers are released in late March.

Buyers have proved to be especially hardy this winter. The few open houses that haven’t been canceled due to epic storms of the last few months regularly have attracted crowds, brokers say.

Redfin’s Nancy McLaughin, listing specialist for the western suburbs, said she was stunned to see an overflow crowd show up at an open house she was putting on in Framingham on a recent snowy Sunday.

“We had 30 people in 90 minutes,” she recalled. “They were traipsing through the snow with the most determined looks on their faces.”

Some sellers are also showing similar grit amid an unrelenting winter that has already broken local records for snowfall.

Hans Brings, an agent at Coldwell Banker Residential Brokerage, said he is working with sellers in Waltham who were so determined to push forward with their open house that they decided to take municipal snow clearance into their own hands.

The couple, after digging out their driveway, went to work shoveling out the entire street, trying to widen it enough for buyers to drive down without getting stuck, according to Brings.

Streets effectively turned into one-lane roads by towering snow banks on both sides have been a major problem for buyers trying to get out and see homes, Brings noted.

But many other sellers are deciding to put off listing their homes until the snow melts.

McLaughlin said she has had to push out one listing into April as the sellers scramble to deal with water damage caused by ice dams on the roof.

The same thing is happening in Boston as well, said Neda Vander Stoep, an agent in the Back Bay office of Coldwell Banker Residential Brokerage.

“Many sellers are holding off on listing their properties with the hopes that it will be easier for all to navigate the city as the temps hopefully begin to rise,” she wrote in an email.

In Arlington, Heffernan said she has had clients who were ready to put their homes on the market on April and are now looking to May instead.

Sellers are concerned that buyers simply won’t be able to get a full feel of their homes and what they look like, she said.

One would-be seller in Boston decided to delay for similar reasons, noting buyers wouldn’t be able to see the deck out back, a potential selling point.

“You can’t see the foundations of the house let alone the flowers in the yard,” Heffernan said.

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Four Seasons Pricing – Boston

Interesting post by Scott.

Four Seasons Pricing

 

The Four Seasons tower (shown in the center) will open in 2017.

The Four Seasons tower (shown in the center) will open in 2017.

Cambridge Seven Associates

By Scott Van Voorhis

 

Boston.com Correspondent |

 

Condos selling for more than $20 or even $30 million are poised to become the new normal in downtown Boston’s condo market as a bevy of uber luxury towers takes shape on the skyline, experts say.

Leading the pack is likely to be the new Four Seasons Tower, which could see its three, gold-plated penthouses on its 61st floor each fetch upwards of $20 million, according to preliminary price estimates.

That means the Back Bay tower’s top floor may reap a total of $60 million to $70 million in sales. That figure would dwarf the $37.5 million that the 60-story Millennium Tower — now under construction in Downtown Crossing — is seeking for its top floor penthouse suite.

Construction recently kicked off on the $750 million Four Seasons tower taking shape near the Christian Science Plaza, with an opening day pegged for 2017. It will be Boston’s tallest residential building.

“This is absolutely like nothing Boston has ever seen before,” said downtown Boston broker Tracy Campion, whose Campion & Co. is selling the Four Seasons condos. “I am absolutely sure they will set records.”

So what exactly will it cost to buy one of the two-story penthouses that will crown the new tower?

Campion declined to offer up an official pricetag but indicated that a “ballpark” estimate of $3,000 per square foot was not off the mark.

Other brokers not connected with the new tower offered similar price estimates for the Four Season condos of roughly $2,500 to $3,000 a square foot.

With each unit offering 8,000 square feet of living space atop Boston, that would put the penthouses in the $24 million range.

That’s practically double the previous price record set by a condo at the posh Mandarin Oriental, also in the Back Bay, which fetched $13 million.

The Four Seasons penthouses will have a number of features — for instance, a “huge” staircase, an elevator that opens into the unit, 14-foot high ceilings — that will likely make them a hot item, especially among the deep-pocketed international investors who have begun to flood the Boston market.

And while the prices are likely to come as a shock to the Boston area, jet-setting buyers used to stratospheric New York and London values are not likely to bat an eyebrow, brokers say.

In fact, $2,300 to $3,300 a square foot is simply considered “luxury” in the New York market, with “uber luxury” in the Big Apple now priced at $5,000 a square foot, according to Otis & Ahearn, a downtown Boston luxury condo marketing and brokerage firm.

“We are not used to those numbers but those are numbers we are going to start to see,” notes David Crowley, director of sales and marketing at Raveis Marketing Group. “They are building these properties to appeal not necessarily to a local market, but to international buyers and investors.”

“International tastes are driving a lot of the finishes, layouts and amenities,” Crowley added.

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Southie Leads Development Boom

Another great post by Scott.

 

Southie Leads Boston’s Development

 

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Flickr Creative Commons

 

By Scott Van Voorhis

 

 

 

Boston.com Correspondent |

Sure, Back Bay and Downtown Crossing may have all the new towers, but when it comes to overall development activity, South Boston is arguably the epicenter of the city’s development boom.

Southie currently has 42 projects either in the planning or approval stage, under construction, or recently opened. Most feature or include new apartment rentals, townhomes, or condos, according to the Boston Redevelopment Authority’s map of the Hub’s development scene.

The developments range from converted churches to brand spanking new buildings. The luxury West Square development at 320 D Street, which is still under construction, includes 259 apartments and 143 parking spaces.

If you throw in another 22 projects happening in the South Boston Waterfront, including the multibillion-dollar Seaport Square development , the number rises to 64 – three times or more than any other city neighborhood.

Not that super hot neighborhoods like the Back Bay (11 projects) and South End (19 projects), are any slouches either.

Back Bay and neighboring Downtown include plans for the three poshest and tallest towers even built in Boston: one still in the planning in Copley Square, and construction underway at the 61-story Four Seasons Tower and the 60-storyMillennium Tower.

“There has been a big shift in our city,” said Tracy Campion of Campion & Co., the brokerage in charge of the building’s sales. “Back Bay and Beacon Hill are bursting out of their seams.”

Other neighborhoods are also seeing a big surge in development.

East Boston may now be one of the hottest new neighborhoods in terms of big projects outside of South Boston.

A trio of grand waterfront developments is in the works for the neighborhood’s once hardscrabble waterfront, including 400 new apartments and condos at Clippership Wharf.

Charlestown’s real estate market heated up a couple decades ago, much like Eastie’s is doing now. The Charlestown boom continues, with plans for 85 new residential units and public space on the first floor at Pier 5.

Fenway is another neighborhood in the middle of a dramatic transformation, from a gritty student alcove to one of the more exciting places to live in the city.

With building sites scarce in the densely packed neighborhood, developers are pushing to span the Massachusetts Turnpike with ambitious air-rights projects.

Developer John Rosenthal is lining up financing for Fenway Center , a $550 million apartment and retail project proposed for an air-rights platform over the Massachusetts Turnpike by Fenway. Plans for Parcel 7 air-rights include a seven-story residential building and a 22-story residential and office tower.

Near the Hynes Convention Center and the Berklee College of Music, New York-based Peebles Corp. is pushing plans for a $330 million air-rights project at Parcel 13, including 88 condos, a hotel and shops.

Often overlooked, Dorchester now has 20 major projects in the works, including a proposal for for 275 residential units and 143 parking spaces at 25 Morrissey Boulevard by the JFK/UMass T station, while St. Kevin’s redevelopment, now underway, features 80 affordable units.

Brighton has 21, including 1505 Commonwealth Ave., a proposal to convert an office building into 85 residential units. Allston’s 15 projects include a new proposal for 87 apartments, ground floor retail, and 66 parking spaces at 37-43 North Beacon Street.

Meanwhile, Roxbury has 20 big projects in the pipeline, a number that includes 102 residential units in two buildings in the first phase of Bartlett Place , along with 16,839 square feet of commercial space and a garage with 130 spaces. When the build out is complete, the entire development will have 323 residences.

Last but not least, Jamaica Plain has 16 new projects, including The Commons at Forest Hills Station, which calls for 283 new residential units at the former Hughes Oil site. Demolition work began last fall.

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January Sales – Provincetown

 

Snow Snow and more snow…but that didnt slow down the Provincetown real estate market in January.

 

snow 2

 

 

 

 

 

 

 

 

 

 

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 $380,000
18 Standish Street #A, 2 bed/1 bath, 636 sf, sold for $380,000
12 Conwell Street #A, 3 bed/3 bath, 1,400 sf, sold for $586K
12 Conwell Street #A, 3 bed/3 bath, 1,400 sf, sold for   $586K
480 Commercial St. #2, 3 bed/2 bath, 1,225 sf, sold for $625K
480 Commercial St. #2, 3 bed/2 bath, 1,225 sf, sold for $625K

 

 

 

 

 

 

 

 

 

57 W. Vine St #B, 2 bed/3 bath, 1,300 sf, sold for $692K
57 W. Vine Street #B, 2 bed/3 bath, 1,300 sf,  sold for  $692K
19 Tremont Street # 3, 2 bed/3 bath, 1,146 sf, sold for $786K
19 Tremont Street # 3,  2 bed/3 bath, 1,146 sf, sold for $786K
555 Commercial Street #D, 2 beds/3 baths, 1,300 sf, sold for $1.3M
555 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.

Whats up for February?

 

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See all available properties at Beachfront-Realty.com.

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Provincetown Sale Of The Week

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.

 

kitchen 3

 

 

 

 

 

 

 

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.

 

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See all available properties at Beachfront-Realty.com.

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New Provincetown Retail Shops For Rent

Gorgeous Retail Shops For Rent. Prime Proven Location.

 

For those of you who have wanted a business in Provincetown or to expand your current business by adding another location…these two new shops at WA provide the perfect opportunity.

 

WA front

 

The shops at WA, at 220 Commercial Street will be ready for occupancy in early spring. Both spaces have architecturally significant interiors with hardwood floors, recessed lighting, granite display counters, 16 foot vaulted ceilings, central air, heat and wireless. These spaces provide the best opportunities for interior display options and retail success with terrific retail flow, back office/storage space and easy access for deliveries – on the best block of Commercial Street.

 

 

Both spaces are approximately 1,600 square feet with 1000 square feet of retail space and 500-600 square feet of back office, and storage space.

These are full 12 month leases with year round income potential. $75,000 includes heat, AC and electric.

 

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To view floor plans click on WA floor plans.

This property is also available for sale for $1.350M.

Call or email for more details. Jon Goode 617-512-8565.

 

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Provincetown Listing Of The Week

 

19 Bangs Street is an charming  3 bedroom, 1 bath  single family house in the East End. It has 1,020 square feet with room for expansion. It is being marketed at $699K.

 

19 Bangs 1

 

 

MLS COPY: Charming home with potential for expansion located in the gallery district of Provincetown. There are three bedrooms, country style kitchen,living room and bedroom on first floor. There are two additional bedrooms on the second floor, garden area, parking, and a short stroll to town! Great location, great price, won’t last long!

 

19 Bangs 2

19 Bangs 3

19 Bangs 5

19 Bangs 4

 

 

 

 

 

 

See all available properties at Beachfront-Realty.com.

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Provincetown Sale Of The Week

20 Montello Street is a classic  three bedroom three bathroom property with a freestanding cottage with 1,558 sf . It sold for $705K and had been marketed at $759K.

 

20 Montello

 

 

 

 

 

 

 

 

MLS COPY: This classic West End single family home, with separate freestanding cottage, is sited on a quiet  side street and minutes to Commercial Street. Main level consists of living room with woodstove, large kitchen, dining area, and full bath. There are front and back staircases taking you to the two, second level bedrooms and bath with walk-in shower. There is also a large, cathedral ceiling sitting / office area on this level. Home has front and side decks, small side yard and parking for two cars. New windows recently installed in main house. Cottage has full kitchen, bath with walk-in shower, living area and sleeping loft, with propane heat and electric hot water. This is an in-town home waiting for your renovation vision and personal touches

See all available properties at Beachfront-Realty.com.

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Provincetown Listing Of The Week

New construction hilltop home.

664 R Commercial Street #3 is a 3 bedroom, 4 bathroom stand alone home deeded as a condo with 1,560 square feet. Sited on a hilltop in the East End the views from this beautifully designed reverse floor plan home are gorgeous. There will be two other condos built on the site. Residence #3 is being marketed for $1.250M.

 

664 1

 

MLS COPY: Premier hilltop water view location off Commercial Street in the East End. New construction single family Cape with classic Nantucket dormer on the front and full dormer facing the harbor views. Upside down floor plan with great room on second floor. Open plan high end kitchen with center island, dining and living area open on to large upper deck to drink in the views. A flex room that can be used as and extension of the living area or or home office or third bedroom with ensuite bath completes the upper level. First floor features two master bedrooms with sitting area and ensuite baths. Both bedrooms open onto decks and there are some waterviews even from the ground level. Full basement. Red oak floors throughout. High end Kohler baths. FHW/propane heat, central AC. 2 parking spaces + guest parking.

 

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See all properties that are available at Beachfront-Realty.com.