There are some great 3 bedroom condos on the market in Provincetown. They are big, have lots of room for family and friends, are in great locations, and are super investment opportunities. These can rent for anywhere from $3000 to $6000 a week in season. There can even be a positive cap rate investment argument made for a few of these. Where else but in Provincetown can you find that?
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Boston Q3 Condo Sales Review
The Big Number is 21%. That’s the increase in condo sales in Boston at the end of the 3rd quarter, September 30. Combined, all Boston neighborhoods saw a 21% increase in the number of condo sales year to date, a 3% increase in the average price of a condominium sold to $545K, and an 8% increase in the median sales price to $409K. This real estate market is healthy except for the continuing decrease in inventory levels. Inventory levels of available condo’s for sale have fallen 41% to 919 properties for sale versus 1,567 at this time last year.
What a summer we have had in Provincetown… the great energy that we began to see in the second quarter continued into Q3. Ongoing economic optimism and low interest rates continue to attract buyers. We are seeing a wonderful phenomenon here where buyers who have been on the sidelines have decided to jump into the market. With such a wide variety of properties for sale – both in price and character – buyers have much to choose from.
Year-to-date condominium sales through September 30 totaled 115 properties – a full 50% more than last year’s 76 sales. The average selling price for a condo was $411K – a 15% increase from last years $357K. The median selling price was $398K – up 19% from $334K last year. And condos sold at an average 95% of asking price.
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Condo Association Hints
Yes, condo documents are boring, association meeting notes are boring, budgets are boring… but get to know your new new homeowners association! Don’t be surprised by assessments, crazy leadership, unreasonable rules..get to know your HOA and then work with your HOA to make your property a better investment.
I was doing a report for one of our sellers in the $400K to $600K range, the core of the condo market here in Provincetown and came up with an interesting fact. I found that in the last twelve months 45 condos sold (3.75 per month) in this range and that there are currently 45 condos for sale in this price range.
The median price in a dozen downtown neighborhoods — they include Beacon Hill, the Fenway, the North End, and South Boston — climbed to $515,000 during the three months that ended June 30, according to LINK, meaning half sold for more than that price and half for less. That topped the previous peak of $498,500 in 2008, just prior to the nation’s financial crisis. LINK, a Boston company, tracks the downtown condominium market.
The increase adds to mounting evidence that the state’s housing market is on the mend, housing specialists said.
This is not only the most expensive condominium sold in the South End this year, but it really is one of the most incredible penthouses ever built in our little neighborhood.
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Boston Condo Inventory Down 32%
The supply and demand dynamic is firmly in place in downtown Boston neighborhoods with not enough property for sale relative to buyer demand. Taking all Boston neighborhoods together condominium inventory is down 32% from the same time last year.
The over $1,000,000 high-end market gets all the attention. We all love talking about these fantastic properties! And interestingly enough, this market for all its glamour, has remained very stable and solid over the last two years in downtown Boston and specifically in the South End.
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South End Condo Prices Up 6%
As of 10.31.2011, average condo prices are up 6% year-over-year in the South End, according to MLSPIN. This is stunning figure given the real estate headlines day in and day out in local and national media! This is a very sticky figure that has remained steady for most of the year.