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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 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.
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.
The closings and activity of the spring market have slowed, and the anticipation for the big fall market is beginning. Buyers and sellers are in true summer vacation mode but prepping for the market ahead…although the past week was a very busy week as 10 properties went under contract! 4 single family and 6 condos.
While price increases in the cities are outpacing the suburbs around the country, Boston is in a league of its own, right along with New York, where prices are also on a tear.
There are two big numbers that stand looking at Boston condo sales through the 2nd quarter. In all Boston neighborhoods combined days on market have decreased an average 46% in 2013. The number of available condos for sale has decreased 38% to 693 properties for sale from 1,123 at this time last year…and these figures are down from very low 2012 numbers! Condos are selling 46% faster than last year and there are 38% less available for sale. How’s that for a volatile dynamic.
Provincetown year-to-date sales moderated somewhat from a robust 2012 first half as a shortage of properties for sale and a harsh winter kept buyers on the sidelines. Recently the market ticked up markedly as the weather improved.
The housing recovery is only in its early stages in Massachusetts, but already there’s an eerie sense of déjà vu. The inventory of homes for sale is low. Bidding wars are breaking out. Prices are rising quickly.
It’s a scenario that would be familiar to anyone who lived through the Massachusetts Miracle of the late 1980s and the bull housing market of the last decade, go-go years of soaring home prices and tight supplies that ultimately ended badly. And if policy makers, economists, and industry officials are accurate in their predictions, history is set to repeat itself.
The entry level market in Provincetown is in the $200K to $400K price range. Buyers are surprised at some of the very sweet properties that are on the market in this price point.
$560,000 buys you a tandem parking space in Boston’s Back Bay. This was all the news this past week. You can just imagine what people in the Midwest, or really anywhere else thought when they saw this story. That Bostonians are Bonkers? Well…everything is relative. Someone wanted these tandem spots pretty badly, and they could afford $560,000 to buy them