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Provincetown Waterfront Sales Snapshot

Last week I reposted a Zillow.com story regarding prices of waterfront property nationwide.  Below is a year to date snapshot of the waterfront market in Provincetown.

There are two very different groups of waterfront properties here in town – condos and single family homes. We are lucky to have a great variety in both groups – but the variety of waterfront/waterside condos is staggering. By waterside I mean on the water side of Commercial street perhaps in a complex that is on the water or a middle or street side unit, or right on the beach…but all with bay access, what we like to call a distinctly valuable “water feature”. In contrast the single family waterfront property market is perhaps the most rarefied and exclusive market on all of Cape Cod.

Only four single family properties have sold on the water so far this year. The average sale price of these homes is   $2.178M. The average size of these home sales is 2,570 sf for an average price per square foot of $847. Not a bad value considering new 1 bedroom condos are selling at $1000 per square foot in the South End of Boston. Below are snapshots of three of those properties.

 

659 Commercial St . $1.507M, 4 bedrooms and 3 baths, 1,300 sf.
659 Commercial St. $1.507M, 4 bedrooms/3 baths, 1,300 sf.
73 Commercial St. $2.85M, 3 bedrooms and 4 baths, 2,418 sf.
73 Commercial St. $2.85M, 3 bedrooms/4 baths, 2,418 sf.
627 Commercial St. $3.1M. 5 bedrooms and 5 Baths. 5,800 sf.
627 Commercial St. $3.1M. 5 bedrooms/5 Baths. 5,800 sf.

 

 

 

 

 

 

 

 

27 waterfront/waterside condos have sold with sale prices from $106K to $925K. The average sale price is $441K which gets you an average 546 sf condo for an average price per square feet of  $807.  The beauty of this town is that you can buy a small waterside Commercial Street condo for very reasonable prices. Below are snapshots of three of these condos.

 

953 Commercial Street #C, $106K, 190 sf.
953 Commercial Street #C, $106K, 190 sf.
41 Commercial St #5. $499K, 550 sf.
41 Commercial St #5. $499K, 550 sf.
495 Commercial St #X, $925K, 1,588 sf.
493 Commercial St #13, $925K, 1,588 sf.

 

 

 

 

 

 

 

 

What is available to buy on the waterfront today in Provincetown?

If you are looking for a single family property you are almost out of luck! There are only seven properties listed in MLS as single family waterfront properties on the market.  Four of those seven are gorgeous Harbour Drive homes in the far East End. The three remaining are at 509 Commercial Street, 529 Commercial Street and 599 Commercial Street.

1 Harbour Drive, $2.395M, 4 bedroom and 5 baths, 3,829 sf.
1 Harbour Drive, $2.395M, 4 bedroom and 5 baths, 3,829 sf.

 

 

 

 

 

 

 

 

 

509 Commercial St. $1.5M, 5B/2B needs renovation, 1,584 sf
509 Commercial St. $1.5M, 5B/2B shell, 1,584 sf
529 Commercial St. $2.699M, 2 beds, 2 baths, $2,091 sf.
529 Commercial St. $2.699M, 2 beds, 2 baths, $2,091 sf.
599 Commercial St. $2.65M, 3 beds/3 baths, 1,732 sf.
599 Commercial St. $2.65M, 3 beds/3 baths, 1,732 sf.

 

 

 

 

 

 

 

 

Additionally there are two multi family properties being marketed on the water. 99 Commercial Street which has 3 residential units and a commercial unit and is being marketed for $2.2M, and 403 Commercial Street which is a 4 unit complex being marketed for 1.995M.

There are 32 condos listed in MLS on the waterside of Commercial Street which is 32% of ALL condos available in town. They located right downtown, in the West End, East End and far East End and represent an amazing assortment of prices and styles.  Many are located in waterfront complex’s, others are in smaller multi unit buildings on the water. Below are snapshots of three of them.

 

945 Commercial St. #2B, $269K, 2 beds/1 bath, 700 sf.
945 Commercial St. #2B, $269K, 2 beds/1 bath, 700 sf.
385 Commercial St. #2, $449K, 1 bed/1 bath, 372 sf.
385 Commercial St. #2, $449K, 1 bed/1 bath, 372 sf.
67 Commercial St #C, $1.599M, 2 beds/2baths, 831 sf.
67 Commercial St #C, $1.599M, 2 bed/2bath, 831 sf.

 

 

 

 

 

 

 

 These  32 available condos have an average listing price of $578K, and a median price of $407K, with an average size of 1,509 sf. 

You can view all available properties for sale at Beachfront-Realty.com.

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Provincetown Sale of The Week

 

160 Bradford Street #A is 3 bedroom, 4 bath new construction condo in the West End at the corners of West Vine Street, Bradford Street and Victors Restaurant – the crossroads of the West End.  It sold for $1.050m having been marketed for $899K. This sale certainly highlights the strong demand for high quality, well located condos in Provincetown.

 

160 B 2

 

 

 

 

 

 

 

 

 

 

 

MLS COPY: Be the first to own this newly constructed home in Provincetown’s west end. Ideally located between town and the ocean beaches, this 3 bedroom/3.5 bath condominium offers views, superb finishes and quality construction. Open floor plan on the entry level with fireplace and dramatic tray ceilings delineating the kitchen, dining and living areas. There are 2 bedrooms on the 2nd floor, each with bathroom and views of the Bay. A spiral staircase leads from the 2nd level to the 130 square foot roof deck which has views in all directions from The Pilgrim Monument to and Race Point. The lower level is ideal for your guest suite with bath and media room. In addition to the roof deck there is also a large front deck on the entry level. There is off-street parking, central a/c, laundry, hardwood floors and many other fine finishes throughout!

See all available properties at Beachfront-Realty.com.

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Provincetown Listing Of The Week

 

34 Commercial Street is a rarity…a single family home for sale between Point Street and The Provincetown Inn on Commercial Street. No one wants to leave this utterly gorgeous block of iconic West End homes. It is a 3 bedroom 4 bath home with 2,560 square feet and is being marketed for $1.795M.

 

34 C 1

 

MLS COPY: Perhaps one of the best locations in the West End, this beautiful single family home is a short stroll to the beach, yet is not in a flood zone. The classic Cape exterior belies the soaring Great Room, as you step in the front door. Flooded with sunlight, this stunning, unique & airy space, has an interior balcony recently built in 2012, which gives one an interesting perspective on the Great Room & a lovely view of the lush & private front yard. The master bedroom & bath also completed in 2012, provides a private getaway from the main living area. There is a cozy den with gas fireplace off the main room, which would also make a great home office. A rare 3 car heated garage is reached from Point St. It has a large guest room above with a full bath. The entire property is served by a whole house generator including the garage.

 

34 c 734 c 634 C 234 C 3

 

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

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Boston Metro Luxury Town Rundown

 

Interesting post from Scott about the “W” towns.

 

Luxury Towns

Posted by Scott Van Voorhis

Thumbnail image for 190 Pond Road, Wellesley.jpg

The luxury market is red hot right now. And the suburban epicenter for multimillion-dollar home sales in the Bay State can be found in the suburbs of Wellesley and Weston.

High-end sales have always been big in these two coveted suburbs. Now both towns are nearing the point where practically all sales are in the luxury price ranges, a new report by Wellesley-based Pinnacle Residential Properties finds.

A total of 274 homes were sold in Wellesley and Weston during the first seven months of 2014. Of these, just ten homes changed hands for $600,000 or less, with just three selling for less than $400,000.

By contrast, more than twice as many homes in the two W towns – 21 – sold for $3 million and up through the end of July, Pinnacle finds. (This five bed, eight bath manse, at 190 Pond Road in Wellesley, is now on the market for $5.2 million after a price cut of $100,000.)

Another 131 homes sold in the $1 million to $2 million price range during the same period in Wellesley and Weston, the report finds.

So as the W towns go, so goes the state? Well, not exactly. Still, luxury sales are on fire in upper income towns and neighborhoods across Massachusetts right now. The number of homes fetching $3 million and up has jumped by more than 30 percent compared to 2013, Pinnacle reports.

“It has certainly been a strong year for the trade-up and luxury markets,” writes Elaine Bannigan, the report’s author and owner and founder of Pinnacle Residential Properties.

 

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West End Listing Of The Week

7 Oppen Lane is large post and beam home with 3 bedrooms, 4 baths and 2,912 square feet.  It is being marketed for $1.850M. Oppen Lane is in the West End past Victors restaurant.

7 Oppen 1

 

 

 

 

 

 

 

 

MLS COPY AND PICTURES: Custom-built Timberpeg post & beam set on a large, private lot in the West End. Expansive windows face s/sw with sweeping views of Long Point and Cape Cod Bay. Cathedral ceilings, 2-story windows and an open floor plan invite sunshine and ocean breezes into beautiful living spaces. Glass doors open onto large deck with outdoor kitchen. Gourmet cook’s kitchen with ample counter and cupboard space, professional-grade appliances, island, separate pantry and dining area. A kitchen garden provides fresh herbs and vegetables. Gas fireplace, custom built-ins, whole house music system, gracious foyer and first floor master suite with Jacuzzi tub and private deck. Other amenities include first floor laundry, elevator, temperature controlled wine cellar, radiant heat and central vac.

 

7 Oppen 5

7 Oppen 4

7 Oppen 6

7 Oppen 2

 

 

 

 

 

 

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

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Four Reasons To Buy Before Winter

 

A great post below from the KCM crew.

 

4 Reasons to Buy Before Winter

by  on September 8, 2014 in For Buyers

4 Reasons to Buy Before Winter | Keeping Current Matters
It’s that time of year, the seasons are changing and with them bring thoughts of the upcoming holidays, family get togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don’t have to look much farther to find four great reasons to consider buying a home now, instead of waiting.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released recently projects appreciation in home values over the next five years to be between 11.2% (most pessimistic) and 27.8% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a recent paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

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East End Listing Of TheWeek

555 Commercial Street #D is an East End waterfront condo with 2 bedrooms 2 baths and 1,364 square feet.  It is being marketed for $1.495M

 

555 c 6

 

 

 

 

 

 

 

MLS COPY: This impressive two-story waterfront townhouse offers breathtaking views from Truro to MacMillan Wharf and beyond. Located in the East End, this home offers an exclusive front brick patio surrounded by mature plantings perfect for summer grilling. The open floor plan promises unobstructed views of Cape Cod Bay whether you’re in the kitchen, dining area or relaxing in the living room by the wood burning fireplace. The current owner created an office on the first floor to telecommute and could easily be opened up to maximize the living space. A sliding glass door leads to a waterfront deck with stairs to the beach. There are two bedrooms on the second floor. The spacious master bedroom has ample closet space, wood burning stove, windows on three sides, and two sliding glass doors leading to a large balcony overlooking the bay.

 

555 C 2

555 C 3

55 C 4

555 c 5

 

 

 

 

 

 

Review all available properties for sale on Beachfront-Realty.com.

 

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Provincetown Sale Of The Week

 

One of our favorite listings ever – 12 Atwood Avenue #B is a 696 square foot one bedroom one bath freestanding cottage in the West End.  It sold for $505K last week.

 

12 Atwood Ave #B, $525K, 1/1, 696 sf.

 

The Cottage at 12 Atwood Avenue is the quintessential West End Cottage. This charming wood-frame home is set back from the private unpaved lane behind a honeysuckle-covered white picket fence. With 696 square feet of living space, this one bedroom, two-story cottage is the ultimate Provincetown retreat. The living room is at the front of the cottage and has an oversized wood-burning fireplace. There is a dining room/den next to the kitchen in the rear of the first floor. The entire second floor is a large bedroom and bath with multiple windows with wonderful sight lines to lovely Atwood Avenue. There is also a very sweet, exclusive-use, sun-lit private garden and patio area. This freestanding cottage is part of a two unit association and has one parking space.

 

living room 3

bedroom 2kitchen 1

garden 2

 

 

 

 

 

 

See all properties available on Beachfront-Realty.com.

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Provincetown Sales Of The Week

Three properties that sold in the last week are highlighted below. They provide a  great example of the diversity and breadth of properties available in Provincetown. A West End single family home with a pool, a pristine West End townhouse condo, and a more traditional contemporary single in the Shank Painter Province Landings apartments neighborhood.

89 Bayberry Avenue is a great resort like home with 4 bedrooms and 3 baths and 2,600 square.  It sold for $1.2M.

 

89 B 1

 

 

 

 

 

 

 

 

This 4BR 3BA West End oasis with views,2FP, a htd. pool and hot tub, provides privacy, tranquility and a wonderful floorplan for all. The entry level of this exquisitly maintained contemporary cape has a large fireplaced living room, separate dining area and open kitchen all looking out to a large deck and beautifully landscaped grounds. In addition, there are two bedrooms and a full bath. The upper story is home to a remarkable master suite with a bedroom, second fireplaced living room and full bath with a large separate walk in shower. A second private deck is accessed from the suite. The first level has a bedroom, full bath and walks out to the fabulously landscaped back yard.

 

89 B 2

89B 389 B 4

89 B 5

 

 

 

 

 

 

46 Pleasant Street #A is a terrific West End condo that has everything! It sold for $525K.  It has 2 bedrooms and a 1 1/2 baths, along with a large den/family room  for entertainment or extra guests. This home has 1,070 square feet, and two great outdoor spaces, numerous upgrades, 2 parking spaces and a coveted location in the West End.

46 Pleasant St #A, $595K, 2/2, 1,080 sf.
46 Pleasant St #A, $595K, 2/2, 1,080 sf.

 

 

 

 

 

 

 

 

 

 

The open floor plan is great for entertaining and light and bright with windows on 3 sides. The kitchen is newly renovated with granite counters, white cabinets and hardwood floors.  There is a full laundry in the renovated half bath directly off the kitchen. The living room has a gas fireplace and there is a separate dining area in the sunny northeast corner of the house. There are two great outdoor spaces including a large private fenced in deck in the back  of there condo for grilling and dining. There is plenty of room for relaxing and dining on the front deck and on the patio/garden too – and just enough garden for satisfying a green thumb.

 

46 P 4

46 P 5

46 P 1

46 P 2

 

 

 

 

 

 

12 Ships Way Extension Road a three bedroom 2 bath contemporary with 1,955 square feet recently sold for $627,500 having been marketed with an asking price of $659,900. This great single family house is located in a wonderful well established residential neighborhood behind Province Lands apartments and the Cumberland Farms plaza. It is a great example of a well priced solid single family home not seen to often here in town.

 

12 ships 5

 

MLS COPY: Sitting atop a level/gently sloping & beautifully landscaped yard, this updated & very well maintained 3-bedroom, 2-bath contemporary offers an abundance of open space, high ceilings & light. Main level entry is expansive with large tiled foyer area & vaulted ceiling with 2 skylights. This area extends into an open floor plan livingroom with gas fireplace, dining area with slider to deck and kitchen with breakfast bar, stainless appliances, granite countertops and hardwood flooring throughout. Full bath & den/office area complete the first level. Upstairs is a generously-sized master bedroom with walk-in closet, 2nd bedroom with walk-in closet a smaller 3rd bedroom & full bath with jacuzzi tub and shower. Central AC, ADT security system, full basement, spacious deck area off the diningroom surrounded by lovely gardens.

 

12 ships 212 ships 712 ships 612 ships 4

 

 

 

 

 

 

 

 

 

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What to Watch For This Fall In Boston Real Estate- Curbedboston.com

 

Very good post by Tom at curbedboston.com.

 

What to Watch This Fall in Greater Boston Real Estate

by Tom Acitelli

Christian%20Science%20tower%2C%20rendering.jpg

[Rendering from Pei Cobb Freed/Cambridge 7 Associates via the Globe]
‘Tis the unofficial start of autumn/fall this week with the passing of Labor Day, so we thought we’d dive into which trends and events in Greater Boston Real Estate Land are worth your attention in the next few months (they’re certainly things we’ll be following). Will Boston see its first $20M condo sale? Will Everett get a casino-resort? Will Revere? Can anything bring Hub apartment rents down? Come along, now, let’s get interested.

The Great Luxury Apartment Pivot
This is a phenomenon already under way and it could really pick up steam this fall: the conversion of under-construction or planned luxury apartment complexes into luxury condos. There are two big reasons for this: a dearth of available condos, especially in downtown Boston (more on this in a bit); and too many new luxury apartments going up, especially in downtown Boston (more on this, too, in a bit). Higher demand in a red-hot condo market also makes this move deliciously appealing.

Up, Up and Away Go Condo Prices
Condo sales prices throughout the region have been scaling up for many months now. Take downtown Boston (please… no, seriously…). It’s entirely likely that as you read this that area’s average condo price is $1,000,000 or more. Limited supply + seemingly insatiable demand + maddening opposition to new development + historically low (for now) mortgage rates = sellers asking, and getting, more and more—a trend sure to continue this fall.

And the Rents Came Tumbling Down (Sort Of)
We called a luxury apartment glut a while ago and it looks like it’s here. Newer developments are starting to offer mad-crazy incentives to lure tenants (two free months?!) and others are taking their sweet time leasing up. Add to this surplus of supply a greater number of vacancies in general and you’ve got the seeds of gradually lower rents, particularly at the higher-end. We think this fall will mark the end, at least for a while, of $3,000-a-month studios. It was a helluva run.

Mass. Rolls the Dice on Everett or Revere 
Mark your calendars: Friday, Sept. 12. That is when the state gaming commission is set to designate either Everett or Revere as host city of eastern Massachusetts’ casino-resort. Yes, it seems like the wrangling has been going on forever (and it has: Massachusetts has already taken longer than any other state on its casino licensing, according to The New York Times); but the deadline for a decision is clearly in sight this fall. But! So is another deadline of sorts: Election Day on Nov. 4, when voters will have a chance to repeal the 2011 law O.K.’ing casinos.

The March Toward Boston’s First $20M Condo Begins
Construction on the massive pair of towers (massive for Boston, at least) at the Christian Science Plaza is likely to start this fall. The taller of the two towers will be quite swanky, with condos and hotel rooms managed by the Four Seasons brand (the tower’s rendered above, to the left of the Pru). Speculation has already started as to whether this699-foot spire, destined to be the tallest residential one in Boston, will host the city’s first-ever $20,000,000 condo deal. Allow us to add to the speculation: Yes, or the tower going atop Copley Place will.

As always, dear reader, stay tuned.