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Tiny Home – What A Surprise.

Very cool! we could use a gazillion of these in Provincetown and on the Cape.

Tiny Home Assembled In Just One Day Has A Big Surprise Inside

The Huffington Post  |  By Posted: 09/17/2013

Sometimes a home’s exterior can be, well, misleading. And usually that’s a bad thing, but sometimes there is an exception. That’s the case with the portable home ÁPH80 designed by Spanish architecture firm Ábaton. From the back, the simple construction of a grey cement board gives it the appearance of a garden shed, but step around to the front and you’ll see this jewel box of a tiny home in full glory.

 

tiny home 2

tiny home 3

 

 

 

 

 

 

 

According to Ábaton, the house was designed with three things in mind — wellbeing for its inhabitants, environmental balance and simplicity — and we think they’ve hit the nail on the head. Inside the 290-square-foot space which is perfectly comfortable for two, you’ll find a living-room/kitchen, a full bathroom and double bedroom. The large expanse of floor-to-ceiling windows and the gabled ceiling, which is eleven feet at its highest, make the small space feel open and airy. The interior walls were left white as a clean and simple backdrop to the most beautifully curated earthy furnishings by Batavia. And most of the materials used for the home can be recycled.

 

tiny home 4

s-TINY-HOME-1

 

 

 

 

 

 

 

 

But the coolest part is that after it’s been manufactured, this little dwelling can be assembled in just one day and it can be transported almost anywhere.

Where can we sign up for one?

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More Sticker Shock In Boston

 

A recent post by Scott regarding prices and inventory levels in Boston and suburbs.

Coming this fall: More sticker shock

Posted by Scott Van Voorhis  September 9, 2013 08:34 AM

Welcome to fall, traditionally the hottest time for home sales, barring spring.

And brace yourself. After a small breather in August as the market slowed down a bit during vacation time, the fall is likely to bring another round of crazy price increases and bidding wars for scarce homes.

Here’s a Globe piece from an old friend of mine, Jay Fitzgerald, which offers a preview of the fall market.

More than 60 towns and urban neighborhoods have already blown past previous price peaks set in 2005 at the height of the housing bubble, the story notes, citing stats from The Warren Group.

And who’s leading the price charge? Well, if you haven’t already guessed it, it is the usual suspects, “desirable Boston neighborhoods and close-in cities and towns such as Arlington, Brookline, Cambridge, and Newton,” Fitzgerald writes.

Here’s a quote from a frustrated buyer interviewed in the piece.

“I always expected high prices,” said Rich Garfield, 31, a software engineer now renting in Somerville’s Davis Square, “but our agent told us right off the bat that everything we looked at would go higher than the asking price, and that’s exactly what has happened.”

If you have lived in Greater Boston for a decade or two, you might be wondering whether the crazy cycle of skyrocketing home prices is starting all over again.

If so, your right, and here’s why.

Here’s Fitzgerald’s piece again:

Mark Zandi, chief economist at Moody’s Analytics, a forecasting firm, said longer-term factors are also at work. Massachusetts has a decades-old history of dramatic run-ups in housing prices precisely because not enough new housing is built to meet demand, said Zandi, who has closely followed the New England economy.

A combination of scarce land and sometimes contentious permitting at local levels has inhibited home building in the state, he said. “It’s ultimately a supply problem.”

 

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On The Pond

46 Shank Painter Road is a gorgeous 12 year old cape with luxurious living on three levels – and it is a complete surprise! Entering into the house from the beautifully landscaped front entrance you are immediately struck by the view of Shank Painter Pond Wildlife Sanctuary. We just had a very well attended brokers open house  this morning and many brokers didn’t realize that this incredible pond view existed behind the house, and to top that off a pair of blue herons kept flying back and forth for everyones pleasure. This house literally sits on Shank Painter Pond and looks out on the most beautiful conservation land in town.

As you see the front of the house is a traditional full Cape with an extension that has it’s own entrance, and the back of the house is 3 full floors of glass sliders that take full advantage of the view – and this stunning house is only 2 blocks to Commercial Street!

 

front of house 1

back of house 1

 

 

 

 

 

 

 

 

 

 

 

The pictures below show the living room and dining room – the west and south walls are rough hewn stone, the floors are hardwood, and the view as you can see is delightful. There is a wood burning fireplace, a large full bath, and a den with doors out to a sheltered and private sunning or dining deck.

glass doors

living room

dining room

 

 

 

 

 

 

The dream chef’s kitchen has double Themador wall ovens, double stainless sinks, a subzero fridge, a 6 burner gas stove top, double trash compactors and beautiful marble and tiled full wall backsplash.

 

kitchen

buddah in window

deck view 2

 

 

 

 

 

 

The spacious master suite on the lower level has sliders out to the yard and pond beyond.  The large master bath has double sinks, a large glass enclosed shower, and the double size soaking tub with a view that you see below. In addition on this level there are double walk in closets,  a full size sauna, and a large laundry room with side by side W/D and extra storage. In the backyard, steps from the master bedroom is a large hot tub, and an outside shower.

 

master br 3

master br 1

master bath 1

 

 

 

 

 

The second full floor suite is on the top floor of the house, and as you can see below has stunning views of the conservation land stretching out before you. This floor is a light and bright aerie and has been used by the owners as an artists studio. There is a combination master bath, and a charming  meditation room on this floor, as well as a private deck.

front of house 2

upper suitedeck with chairs

 

 

 

 

 

 

46 Shank Painter Road is being offered at $1,199,000.

 

 

 

 

 

 

 

 

 

 

 

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The Cottage on Atwood Avenue

If there ever was a quintessential West End cottage, 12 Atwood Avenue is surely it. This charming wood-frame freestanding condo  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. There is also a very sweet, exclusive-use sun-lit private garden and patio area.

front 1

garden 2

 

 

 

 

 

 

 

The main floor has a front facing living room with a charming brick fireplace. There is a separate dining room next to the kitchen in the rear of the cottage.

living room 2

dining

 

 

 

 

 

 

 

The entire second floor is a large bedroom and bath with multiple dormered windows and lovely sight lines to Atwood Avenue.

bedroom 1

bathroom windows

 

 

 

 

 

 

 

The kitchen has gas cooking, and is directly off the dining room and steps away from the outside patio and garden.

kitchen 2

kitchen 1

 

 

 

 

 

 

 

 

living room 3

12 Atwood Avenue has just been developed into a lovely two-unit condominium association, and is being offered at $535,000.

 

 

 

 

 

 

 

 

 

 

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July Was Best Month For Home Sales Since 2006

Great July market review from The Globe’s Chris Reidy below…

By Chris Reidy

|  GLOBE STAFF  AUGUST 29, 2013

The number of Massachusetts single-family homes sold in July was up more than 18 percent on a year-to-year comparison basis as the Bay State had its best month for sales volume since June 2006, the Warren Group said Thursday.

Condominium sales in the state were also up sharply. Meanwhile, the median price of a single-family home rose 10 percent in July, increasing to $349,000, said the Warren Group, a Boston company that tracks local real estate activity.

“Many recent real estate reports have signaled a strong real estate recovery, and our numbers speak to that rebound,” David Harris, editorial director of the Warren Group, said in a statement. “While consumer confidence and strong employment numbers continue to bolster the market, there’s concern that higher mortgage rates and increasing home prices could dampen the revitalized market.”

Last month, 5,941 single-family homes were sold statewide sold, up from 5,014 sold during July 2012, the Warren Group said.

As for condos, 2,336 were sold in the state during July, up nearly 17 percent from the same month a year ago.

July’s median selling price for a Massachusetts condo was $310,000, up 5.5 percent from July 2012.

The Massachusetts Association of Realtors also issued its monthly report on the local housing market Thursday. The association uses a different method than the Warren Group does to calculate sales activity.

According to the association, there were 5,750 detached single-family homes sold this July, a 20.3 percent increase from a year ago. The July 2013 total was the most homes sold in one month since July 2004.

In a statement, association president Kimberly Allard-Moccia said: “The combination of buyers wanting to close and move in before the start of the school year and their concern over increasing interest rates resulted in another positive month in July. Hopefully the activity of the past few months will encourage homeowners who are thinking about selling to put their homes on the market. Buyer demand is there, but the shortage of inventory often prices buyers out of the market.”

Chris Reidy can be reached at [email protected].

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The High Mid Market And $1M+ In Provincetown

 

The luxury market in Provincetown is a great place to be with several gorgeous houses and condos on the market in the high mid-market and the $1M plus market.

Loosely defined the high mid-market is $750K to $1M and it consists of single family homes and higher end condos. There are 9 condos with asking prices in this range – 3 of which are highlighted below and by coincidence are all on Bradford Street Extension in the West End towards the Moors.

There are also 9 single family houses available in this range with an average asking price of $903K.  The three below represent all neighborhoods. The center of town, 15 Standish Way; The West End, 72 Bayberry Avenue; and the East End, 10 Thistlemore Road. (click through to be taken to the property listing information).

21 Bradford St EXT #12, $815K
21 Bradford St EXT #12, $815K
125 Bradford St EXT #402, $839K
125 Bradford St EXT #402, $839K
21 Bradford St EXT #14, $995K
21 Bradford St EXT #14, $995K

 

 

 

 

 

 

 

15 Standish Way $999K
15 Standish Way $999K
72 Bayberry Ave $925K
72 Bayberry Ave $925K
10 Thistlemore $898K
10 Thistlemore $898K

 

 

 

 

 

 

 

The $1M Plus market. Beautiful properties, big lots and gorgeous homes. As I picked my 6 favorite I realize they represent perfectly the full range, location and style of single family homes in town.

In the far East End 2 Harbour Drive in the Bay Harbour neighborhood surely represents the high end well and at $1.945M isn’t even the most expensive house in the subdivision. #1o Harbour Drive is asking $3.995M. This is a neighborhood of large brand new homes right on the beach.

75 Franklin is a wonderful arts and crafts style home in the near West End Franklin-Pleasant neighborhood.

29 Tremont Street is a beautiful antique, wonderfully sited on the corner of Atwood Lane and Tremont Street with a charming separate cottage in the rear.

7 Telegraph is one of the gorgeous large houses on The Hill with a fabulous upside down floor plan and drop dead bay views.

89  Bayberry is one of those great neighborhood houses with a pool, hot tub, and resort like grounds, and an excellent rental or family house.

52 Point Street is a gorgeous large house with a location at the very end of Point Street that is hard to beat.

29 Tremont St $1.095M
29 Tremont Street             $1.095M
75 Franklin St $1.175M
75 Franklin Street        $1.175M
89 Bayberry Avenue $1.195M
89 Bayberry Avenue      $1.195M

 

 

 

 

 

 

 

2 Harbour Dr $1.945
2 Harbour Drive             $1.945
52 Point St $1.995M
52 Point Street             $1.995M
7 Telegraph Hill $2.896M
7 Telegraph Hill          $2.896M

 

 

 

 

 

 

 

There are 29 properties available in the $1M plus market in Provincetown, and as you can see from the choices above they represent all styles – traditional large Cape, Arts and Crafts, Antique, modern – there are even 4 large condominiums available in this price range. It has been a surprisingly active market segment so far this year with 15 properties selling for over $1 year to date. The average sale price being $1.541M with an average being 3 bedrooms 3.5 baths and 2,533 square feet. That is an average price per square foot of $608 – for those of you used to real estate shopping in the city where price per square foot, (ppsf) means everything!

 

 

 

 

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What’s On The Market – Affordable/Entry Level and Mid Market In Provincetown

There are some wonderful properties on the market in Provincetown. I have compiled a late summer review that illustrates the broad range of inventory from affordable condominiums to multi-million dollar waterfront homes.

The affordable entry level market is priced from $200K to $400K and is full of great options. 6 of my favorites are pictured below. There are a total of 48 condos for sale in this price range with an average asking price of $325K. This gets you a 564 square foot 1 bedroom/1 bath condo. Buyers are always surprised that they can get water front or water view in this price range and three of the condos pictured below have have just that. There are even 3 single family properties available in this range.

 

233 Bradford St #5 $245K
233 Bradford Street #5, $245K
495 Commercial St #4, $289K
495 Commercial Street #4, $289K
616 Commercial #9, $299K
616 Commercial Street #9, $299K

 

 

 

 

 

 

 

6 Mechanic #D, $315K
6 Mechanic Street #D,     $315K
145 Commercial #M2R, $380K
145 Commercial #M2R, $380K
60 Race Pt Rd #2, $395K
60 Race Point Rd #2,     $395K

 

 

 

 

 

 

 

 

The mid market is priced from $400K to $750K. There are 14 single family properties available with an average asking price of $626K. There are 42 condos for sale with an average asking price of $549K.

6 of my favorites are pictured below. 4 of these are stand alone units or end units. A couple of my favorites are 30 Alden Street which is a stand alone 3 story condo with a garage and multiple decks, and 4 Race Road which is a brand new 2 bed/2 bath with fabulous finishes in a terrific neighborhood.

There are 14 single family properties for sale in the mid market range a well.

 

442 Commercial #2, $424K
442 Commercial Street #2, $424K
68 Race Pt Rd #2, $499K
68 Race Point Road #2, $499K
30 Alden St #5, $545K
30 Alden Street   #5,       $545K

 

 

 

 

 

 

 

51R Harry Kemp Wy #1, $624K
51R Harry Kemp Wy #1, $624K
64 Franklin St #F $654K
64 Franklin Street  #F    $654K
4 Race Road #3 $659K
4 Race Road #3
$659K

 

 

 

 

 

 

 

 

There you have it.  The affordable and mid market in Provincetown.  Enjoy!

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Boston Inventory Levels

As an interested observer of the downtown Boston real estate market I am amazed at the contrast with our Cape market. The urgency and temperment of the Boston market is so different than ours as it is being driven so clearly by inventory levels.

Condo inventory is down in Boston (all neighborhoods combined) by 32% over last year at this time to 954 condos available for sale. Days on market are down 32% too to 69 days on market.

24 Worcester Sq #2, 2B/2B, 823 sf, $575K
24 Worcester Sq #2, 2B/2B, 823 sf, $575K

 

I remember the days of 300+ listings in the South End and Sundays where there were literally 250+ open houses…in the South End alone. Boy are those days over. There are currently 40 condo listings in the South End as of August 15. Sales remain strong and with the average days on market of 44 properties are going on the market and off the market very quickly.

 

 

 

 

492 Beacon St #T, 2B/2B, 1,353 sf, $899K
492 Beacon St #T, 2B/2B, 1,353 sf, $899K

 

 

In the Back Bay inventory is down 24% to 91 and days on market are down 43% to 75. There are 91 condos on the market down from 120 last year at this time. It’s interesting that  the market value of these fewer condos is $182M, greater than last years total valuation. Average asking prices are higher.

 

 

 

 

47 Mt Vernon St #47, 2B/3B,  2,350 sf, $1.299M
47 Mt Vernon St #47, 2B/3B, 2,350 sf, $1.299M

 

Beacon Hill numbers are astonishing. Inventory is down 29% to 25 condos available on The Hill. Interestingly average days on market are still 131 about the same as last year.

 

 

 

 

48 Monument Sq #B, 1B/1B,  511 sf, $419K
48 Monument Sq #B, 1B/1B, 511 sf, $419K

 

 

In Charlestown condo inventory for sale is down 50% from last year to 50 condos for sale. Average days on market are down 51% to 45.

 

 

 

 

Q2 sales numbers were down in most Boston neighborhoods…from -1% in South Boston to -39% on Beacon Hill. It will be interesting to see which neighborhoods have the most resilience when it comes to falling sales numbers when we get out first peak at third quarter reporting at the end of September.

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Where Condos Are Going Over Asking Most

Below is an interesting post from David Bates at CurbedBoston. With all the “over asking” activity it’s a fascinating analysis.

Where and Why Hub Condos Go for Over or Under Asking

5%25%2B%20Neogtiating%20Room.jpg

Another month of Boston condominium closings and another couple of hundred above-ask offers accepted.

In nine key condo markets in July, 55.9 percent of sales prices were greater than list prices, which narrowly improves on June’s wicked impressive 55.4 percent share of over-ask offers.

As far as individual condos that sold for the most over-ask, 71-73 Stearns Road, #2, in Brookline sold for $121,00 over-ask; 85 Fayerweather Street in Cambridge sold for $131,000 over-ask; and 79 Chandler Street, #2, in the South End went for $226,000 over-ask.

As well, out of about 1,100 total closings in June and July in these nine key markets, about 90 offers went at least 10 percent over-ask, a segment I think of as “extreme over-asks.” On the other side of the real estate coin, only 62 June/July sales had even 5 percent negotiating room. Those sales with at least 5 percent negotiating room are a segment I think of as “under-asks.”

As I looked at the details of the extreme over-asks and under-asks, I wondered what separated them? Was there any characteristic that could determine whether an on-market condo would attract extreme or negotiated offers? I decided to look into it.

My first thought was to compare location, location, location. What I found out was that extreme over-asks were most prolific in Somerville, where almost one out of every five sales was extreme, and Cambridge, where nearly one out of every seven closings was extreme. In fact, I saw that just four markets (Cambridge, Somerville, Brookline and JP) made up more than 80 percent of all the extreme sales that had occurred in these two months.

Did that mean that under-ask offers permeated in the markets that weren’t dominated by extremes? In one case, this was very true. The No. 1 location for under-asks was Back Bay, a market that not only accounted for more than one-third of all under-asks, but also a market where extreme over-asks were rare.

In other neighborhoods, location didn’t seem to be much of an indicator of whether a condo was going to attract extreme or negotiated offers. For example, Brookline was among the most prolific for extreme over-asks (16), while at the same time it had the second most under-ask offers (10).

If it wasn’t location, then what was the best indicator of whether a condo was most likely to garner under-ask or extreme over-ask offers? The best indicator I found was market time. The shorter the time a condominium was on market, the more likely it was going to get extreme over-ask offers; and the longer the time was on market, the more likely that it was going to receive a negotiated offer.

While the vast majority of extremes sold in seven days or less (63 percent), nearly seven out of every eight (87 percent) under-asks were on market for at least 12 days. And, while only 5 percent of the extremes made it 30 days on market, 50 percent of the under-asks lasted at least 36 days on the market.

So, if negotiating room is the most important room in your condo purchase, don’t look at the neighborhood, look at days on market.

 

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Condo Prices Increasing Faster Than Single-Family Homes

The post below is from  Dan Stone and his blog The Mortgage Report Daily. He is based in Madison Wisconsin. It also provides a good top level review of mortgages for condos. In our local markets its all about condos so it is interesting to see his mid western viewpoint..i.e. “Getting a mortgage for a condo can sometimes be a challenge”. Regardless it is a good and informative post. Sometimes we need to see what the middle of the country is thinking and doing.

 Case-Shiller Index : U.S. Condos Increasing In Value Faster Than Comparable Single-Family Homes

August 9,  2013.

Case-Shiller Index shows home prices in U.S. condominiums and co-ops outpacing single-family residences

As the U.S. housing market gains, it’s taking the condominium market with it.

Home price growth in condos and co-ops is outpacing growth in single-family residences. This is a major shift for the housing market — condos were among the most distressed sectors of last decade’s housing market downturn.

Home sellers are getting higher prices for their condos.

Los Angeles Condos Jump 23%; Chicago Rises 12%

According to the most recent Case-Shiller Index, home values climbed 12.2 percent nationwide for the 12 months ending May 2013. This jump marks the biggest one-year increase in home valuation since the Case-Shiller Index launched 26 years ago.

Each of the Case-Shiller Index’s 20 tracked cities posted annual gains, led by the San Francisco Bay Area; Las Vegas, Nevada; and Phoenix, Arizona. Home valuations in the Las Vegas are up 23% since from 12 months ago, which claws back against the heavy losses sustained last decade.

The “last place” finisher in the May 2013 Case-Shiller Index? New York City.

As compared to one year ago, home values in the city’s five boroughs — Manhattan, Brooklyn, Queens, the Bronx, and Staten Island — rose just 3.3 percent, which is well below the U.S. national average.

However, the Case-Shiller headline figure tells just part of the story.

In New York City, the market is thick with condominiums and co-ops and it just so happens that the Case-Shiller Index ignores homes of these types. If we were to add back condos and co-ops to the Case-Shiller Index data, we’d actually see that New York City is performing quite well.

In New York, condo values are up nearly 10% since last year — well above the broader index’s reading of 3.3 percent.

The same is true in other Case-Shiller Index markets, too. Condos in the 4 other cities tracked by the Case-Shiller Condominium Index showed strong annual gains, and each outpaced its home city.

  • Los Angeles, California : Condos +23.1% annually (versus +19.2% for single-family homes)
  • San Francisco, California : Condos + 27.6% annually (versus +24.5% for single-family homes)
  • Chicago, Illinois : Condos + 11.9% annually (versus +8.5% for single-family homes)
  • Boston, Massachusetts : Condos +8.7% annually (versus +7.5% for single-family homes)
  • New York City, New York : Condos + 9.8% annually (versus +3.3% for single-family homes)

With tight supply and limited construction, buyers of condos and co-ops should expect higher home prices through the end of 2013 and into early-2014, at least.

Mortgages For Condominiums

Getting a mortgage for a condo can sometimes be a challenge. Last decade, lenders were burned on condos for a variety of reasons and so they’ve bounced back on condo loans a bit more cautious and a bit more wise.

Today’s buyers of condos have fewer financing choices as compared to buyers of single-family detached homes.

As one example, buyers using conventional mortgage financing via Fannie Mae or Freddie Mac pay a premium for all loans with less than 25% equity. For this reason, buyers of condos and co-ops are encouraged to cap loans at 75% loan-to-value (LTV).

Condo loans above 75% LTV remain acceptable and approvable, however, the accompanying mortgage rate and/or closing costs will likely be higher.

VA loans for condos are available, too. VA loans allow 100% financing with no mortgage insurance required. Mortgage rates tend to be relatively low with a VA loan because all VA loans are guaranteed by the government.

In nearly all cases, though, buyers of condominiums will want to verify a building’s warrantability.

“Warrantability” is a mortgage term whether mortgages in a given condo building are eligible for purchase by Fannie Mae or Freddie Mac. Non-warrantable condos are sometimes denied for funding, but not always.

A building’s warrantability is based on a host of traits, some of which include :

  1. No person owns more than 10% of the building units
  2. No more than 50% of the building’s units are active rental units
  3. No more than 20% of the building is dedicated to commercial/retail space

To determine whether a building is warrantable or non-warrantable, mortgage lenders will often use a “condominium questionnaire”, which addresses the lendability of a building.

Non-warrantable condos can still be financed, it should be mentioned. Product availability, however, is limited and mortgage rates are sometimes higher.

The Case-Shiller Index reports rising values for today’s condos and co-ops. In many cases, condo prices have climbed more than for comparable single-family residences. Buyers of condos should expect rising prices.

About the Author

Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. You can also connect with Dan on Twitter and on Google+.