Categories
analytics general info trends

The Goode And Farmer Report – April 2015

 

The Goode And Farmer Report – April 2015 –

PROVINCETOWN

 

What a first quarter! Blizzards, arctic winds, record snowfall – it seemed like it would never end. But finally, spring is here!

It’s tough to identify trends in the first quarter with such a small sampling of information. Especially for a quarter rocked by historically severe weather. Yet with that said, first quarter results were surprisingly strong – a sure sign that demand remains high! For the most part, sales and prices have shown moderate gains and with warmer weather sure to come, the energy is right for a solid spring market.

In Provincetown there were 22 condominium sales in the first quarter vs. 24 last year. The median sales price was up 27% to $528K and the average sale price was up 15% to $528K. Sales volume was even with last years at $11M. The average price per square foot for condos sold was $563, up from $500 per square foot in the 1st quarter of 2014. There are 82 condos on the market with an average asking price of $590K and average price per square foot of $666.

The average sale price for a single-family home was down 5% to $1.03M from $1.08M. The number of single-family home sales in Provincetown increased by 50% to nine from six last year. There are 40 single-family properties on the market with an average asking price of $1.37M. There is still a shortage of inventory in this category that continues to have a direct impact on sales numbers.

 

ptown

 

 

 

 

 

 

 

 

 

 

 

Provincetown continues to lead the way on the Outer Cape with higher prices and a higher sales volume. It continues to attract international buyers as well as buyers from around the country who have visited over the years and who now want to have a home here.

We expect that the late spring will create a rush of buyer interest and range of new properties for sale. This delayed spring market coupled with consistent and pent up demand, as well as continued low interest rates, creates an historically opportune time for homeowners to sell.

 

TRURO AND WELLFLEET

 

The average sales price for single-family properties in Truro was up 26% to $922K from $733K in 2014. However, the median price was down 12% to $626K. The number of sales was up from eight to 10 this year. Currently,there are 103 single-family properties on the market with an average asking price of $891K.

In Wellfleet, the average sales price of single-family properties increased dramatically. The reason for this sharp increase was due to the sale of 95 Granny Treats Road – a single-family home that sold for $5.1M – that skewed averages much higher. The number of sales decreased by more than half to five units from 13 in 2014. There are 48 single-family properties on the market with an average asking price of $954K and a median asking price of $601K. Wellfleet is predominantly a single-family sales market as well.

 

truro

 

 

 

 

 

 

 

 

 

 

 

Even with the severe weather this winter and a shortage of inventory in some categories, we continue to see increased prices and sales numbers on the Outer Cape. This illustrates a very resilient market and strong buyer demand.

Please call or stop in if you are thinking of buying a home or selling your existing home, or if you are just curious to see what your home is worth. Our business philosophy has always been that the best-informed buyers and sellers are the most satisfied with their results. And that’s what we do best.

Categories
analytics general info

Beachy Listings Under $300K

 

Fun post by Jazmine at Curbed.com. It is amazing what you can get for under $300K!

 

11 Beachy Outer Cape Listings Under $300K

It’s time once again for Curbed Comparisons, where we break down what you can get at the same price point, style or size in Cape and Islands neighborhoods. This week, beachy Outer Cape listings for under $300,000.

outercape300.jpg

Here now, 11 beachy Outer Cape properties asking under$300,000. These Truro and Provincetown (sorry, Eastham and Wellfleet) listings are all condos – seasonal and year-round; from 186 to 651 square feet; asking $169,900 to $299,900 – located directly on Cape Cod Bay or within beachfront complexes. Onward to Commercial Street and Shore Road!

Outer Cape Beachfront Listings for Under $300K
566 SHORE ROAD, #2
Built in 1930, this 2BR, 1BA cottage condo is all of 320 square feet and, as the excited brokerbabble point out, “is right on the beach!” Asking price for Unit 2 is $299,900.
556 SHORE ROAD, #6
“A direct waterfront dream can be yours!” So begins the brokerbabble for this 1BR, 1BA at Shoreline Beach Condominiums. Asking price for the 651 square foot unit is $299,000.
544 SHORE ROAD, #9
Located on Beach Point, this 416 square foot cottage has water views and is just “steps away” the association’s private beach. Unit 9 is asking $297,000.
496 SHORE ROAD, #9
Unit 9 is a 401 square foot waterfront condo at The Crow’s Nest Resort. The 1BR, 1BA features an outdoor area and an association beach. Yours for $289,000.
355 COMMERCIAL STREET, #7
Unit 7 is a detached 1BR, 1BA condo in Angel’s Landing, a waterfront complex on Provincetown Harbor. The 282-square-footer comes with an exclusive use patio and access to the association deck. First listed in May 2014 for $299,000, a March chop has brought the ask down to $275,000.
353 COMMERCIAL STREET, #18
Also located in Angel’s Landing is this updated and turnkey studio condo with “direct access to the gated brick patio and deck on the beautiful Provincetown Harbor beach.” Unit 18 hit the market back in 2012 for $294,000 and was chopped last month down to $260,000.
482 SHORE ROAD, #6
This top floor 1BR, 1BA on Cape Cod Bay comes with parking for two and an exclusive use balcony with views from “Provincetown to the bridge.” The price tag is $259,000.
482 SHORE ROAD, #18
Here’s another unit at the Seaside Inn complex. This 1BR, 1BA has an “exclusive use deck with a couple of more steps into the water” and apparently rents for $1,500 per week. Asking price is $259,000.
482 SHORE ROAD, #19
Yet another Seaside Inn condo is looking for a buyer. This 1BR, 1BA is 384 square feet with a $259,000 ask.
357 COMMERCIAL STREET, #2
Squeeze into this seasonal PTown condo for $245,000. Located in a waterfront complex, the attached cottage is all of 186 square feet and is being offered turnkey.
496 SHORE ROAD, #7
Finally, back to The Crow’s Nest Resort. This 271 square foot unit is a foreclosure with a $169,900 asking price.
Categories
analytics trends

Pending Sales Surge Nationally

 
The pending sales report is always a few months behind, but it is all good news nonetheless. Excellent  post from KCM. Local conditions seem to be trending with the report. 
 

Pending Sales Surge: Great Sign for the Housing Market

 

The most recent Pending Homes Sales Index from the National Association of Realtors revealed that homes going into contract in February increased to their highest level since June 2013.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The Index is now 12.0 percent above February 2014. The index is at its highest level since June 2013, has increased year-over-year for six consecutive months and is above what is considered “the average level of activity” – for the 10th consecutive month.

Here is a graph showing the Pending Sales numbers:

Pending Home Sales | Keeping Current Matters

Here is a chart showing the Pending Sales increases by region:

Pending Home Sales By Region | Keeping Current Matters

Bottom Line

In an article from Investors’ Business Daily, Lawrence Yun, Chief Economist at the National Association of Realtors, explained what these numbers will mean to the overall market:

“It looks like the buyers want to come out to the market and they are eager to find the right home and make an offer. Therefore, I expect the second quarter of this year to be easily ahead of last year in terms of sales activity. Pending contracts are implying that the closing activity in coming months will be quite solid.”

Categories
analytics general info

Boston’s Record Breaking Development

Great post by Scott at Boston.com

The Numbers Behind Boston’s Record-Breaking Year in Development

March 31, 2015 2:53 PM

Boston’s building boom is poised to shift into overdrive over the next few months as two big new tower projects come up for approval at City Hall.

A revised proposal to replace a four-story garage next to the TD Garden with a 46-story residential tower is working its way through the Boston Redevelopment Authority’s vetting process, said Brian Golden, director of the Boston Redevelopment Authority.

And the first of four towers that will replace the Government Center garage eyesore is also moving towards a final approval vote by the BRA’s board, Golden noted.

The progress on the big projects is the latest sign that the handoff of Boston’s development boom to Mayor Marty Walsh has apparently come off without a hitch.

During Walsh’s first year in office in 2014, the Boston Redevelopment Authority gave a green light to 62 projects across the city totaling more than $3 billion.

So far in 2015, City Hall’s development arm has approved another 16 projects, totaling more than $677 million, according to numbers complied by the agency.

“It quite literally has been one of the most active periods for building in Boston’s history.”

All told, 20 million square feet of new development has been green-lit by City Hall over the last few years but have yet to break ground, representing dozens of projects that are coming soon, according to BRA officials.

“That presents a very promising picture about all the projects that are in the pipeline and that will bear fruit in the coming two or three years,” Golden said.

Meanwhile, the amount of new office, lab, residential, and retail space currently under construction has also grown dramatically.

That number has nearly quadrupled to 15.6 million square feet, up from 4.5 million in 2012, according to Nicholas Martin, the BRA’s spokesman.

Projects that have won the blessing of city officials this year include the $290 million Fenway condo and apartment tower, The Point, and an $85 million plan to transform the Chain Forge Building in the Charlestown Navy Yard into a hotel.

“It quite literally has been one of the most active periods for building in Boston’s history,” Martin said.

The numbers also include thousands of new homes, condos, and apartments, with Walsh, like the late Mayor Thomas M. Menino before him, having pledged to make new housing a top priority.

Overall, the Walsh Administration has racked up numbers during its first 15 months in office that appear to match up favorably with Menino’s record — no small matter given Boston’s longest serving mayor’s intense focus on development issues in the city.

Under Walsh, the BRA signed off on plans for 4,158 residential units in 2014, rising to a total of 5,100 if the first three months of 2015 are included.

By comparison, City Hall’s development arm approved 3,898 residential units in 2012 when Menino was mayor. The $3.4 billion in overall development OK’d by the agency that year was on par with the $3 billion under Walsh’s first year.

Behind Boston’s development boom is a diverse economy that is spinning off jobs in a range of sectors, including high-tech, life sciences, and financial services, real estate experts say.

The Hub’s residential, hotel, retail, and office markets are some of the most highly rated in the country when it comes to interest by real estate developers, a new survey by PwC and the Urban Land Institute finds.

There is also pent up demand for new housing amid steady growth in Boston’s population as an eclectic mix of millennials, young families, and empty nesters rediscover urban living.

The big numbers should put to rest early concerns expressed by some in the business community that Walsh might slow down the pace of development in Boston, notes David Begelfer, chief executive of NAIOP Massachusetts, a trade group that represents developers from across the state.

“Things have been moving along,” Begelfer said. “Boston is in boom time right now and it’s not a bubble but a real boom. It is very rational development.”

 

Categories
general info

Provincetown Listing Of The Week – 67 Bradford Street Ext.

 

Beautifully renovated West End home. Brand new to the market.

 

67 Bradford Street Extension is a completely renovated West End home with three bedrooms three and one half baths with 2,305 square feet. It has a large lot of 9,880 square feet and is being marketed for $1,449,000.

 

67 BSE 11

 

 

 

 

 

 

 

 

 

 

 

MLS COPY: This classic cape has 3 bedrooms and 3.5 bath and was totally renovated last year. The open plan living-entertaining area is perfect for large gatherings. The focal point is a raised dining table that seats 8-12. The living room is centered around a gas fireplace -oversized windows let the gorgeous cape light in. The brand new kitchen has jet black counter tops, white Carrera marble backsplash, Fisher Paykel fridge, Jennair Pro range and D/W. There is a powder room discretely positioned in the entry hallway. The master bedroom has a gas fireplace, raised ceilings, and a luxurious master bath.There are two other bedrooms (one being used as a den) and a full bath on the second floor. The brand new lower level contains a large media room/suite with a full bath. Central air, irrigation, multiple car parking, close to beache

 

living room 1

dining

kitchen 1

foyer

 

 

 

 

 

 

The surrounding lawns and hardscape were all redesigned and expanded last year.  The house is surrounded by lawn and lounging areas as well as perfect gardening spots, in fact there is a special irrigation  zone for a vegetable garden.

 

IMG_0331

67 BSE Front walk w fountain

lawn chairs

67 BSE Classic front

 

 

 

 

 

 

View all properties for sale at Beachfront-realty.com.

Categories
analytics trends

Baby Boomers To Have The Largest Household Growth

 

I found this very interesting….baby boomers aren’t just downsizing, but trading up, going across town and country…going with the “freedom threshold”. A great post by the KCM crew. (Keeping Current Matters)

Baby Boomers: Home Is Where The Heart Is

Baby Boomers Find Freedom in Housing | Keeping Current Matters

Within the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why…

In Merrill Lynch’s latest study“Home in Retirement: More Freedom, New Choices” they surveyed nearly 6,000 adults ages 21 and older about housing.

Crossing the “Freedom Threshold”

Throughout our lives, there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift that takes place at age 61.

The study refers to this change as “Crossing the Freedom Threshold”. When where you live is no longer determined by responsibilities, but rather a freedom to live wherever you like. (see the chart below)

Crossing The "Freedom Threshold" | Keeping Current Matters

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.” 

On the Move

According to the study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses”. See the chart below for the top 6 reasons broken down.

Reasons for Moving in Retirement | Keeping Current Matters

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with less children at home that they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home.

Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them.

“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”

Bottom Line

If your housing needs have changed or are about to change, meet with a local real estate professional in your area who can help with deciding your next step.

Categories
general info style

Provincetown Listing Of The Week – 7 Meadow Road #2

West End one bedroom townhouse condo with den and separate work studio/office.

7 Meadow Road #2 is a one bedroom one and a half bath 3 level condo in the Meadows complex.  It has 1,188 square feet and an asking price of $499K.

 

7 meadow 4

 

 

 

 

 

 

 

 

MLS COPY: West End Townhouse in The Meadows condominiums, a thoughtfully designed community surrounded by Conservation land located on the way to Herring Cove Beach, yet a short stroll into town center. The residence is an end unit on 3 levels providing lots of natural light and sunset views. The main floor has an open living/dining/kitchen layout with bamboo floors, lots of windows and direct access to the parking and exclusive oversized garden. The kitchen has granite counters, stainless appliances and natural wood cabinets. The second floor master bedroom has windows with plantation shutters and a full bath with washer/dryer. The top floor den has sliding full glass doors opening onto a sunny roof top deck. There is also a finished studio/home office with a half bath on the lower level with a private outside entrance.

 

7 meadow 5

7 meadows 1

7 meadow 3

7 Meadow 2

 

 

 

 

 

 

View all properties for sale at Beachfront-Realty.com

Categories
general info

Vacation Home Sales Set Records

Good Boston Globe article –

Vacation home sales set record

 

Home by the sea in Falmouth.

DAVID L RYAN/GLOBE STAFF

Home by the sea in Falmouth.

 

 

 

Even before the remnants of Eastern Massachusetts’ snowiest winter have melted, second-home buyers flocking to Cape Cod’s beach towns have helped agent Steve Clay’s team break their sales record.

Clay, of Keller Williams Realty, said he and his four agents have 17 properties under contract, more than at any one time since the team formed in 2009

“Buyers know they missed the bottom of the market, and now they don’t want to miss the bottom of interest rates,” he said.

Second-home buyers from Cape Cod and New York’s Hamptons to Miami and Lake Tahoe, Calif., are returning to the housing market as surging stock prices, job growth, and low interest rates boost purchasing power and consumer confidence. US vacation-property sales jumped 57 percent last year to an estimated 1.13 million, a record in data going back to 2003, the National Association of Realtors said in a report Wednesday.

The increase in sales of new and existing vacation homes coincides with a 7.4 percent drop in deals for investment properties, to 1.02 million, as rising prices cut into potential profits. Purchases of owner-occupied homes fell almost 13 percent to 3.23 million, the realtors group said.

Vacation-home buyers had a median household income of $94,380, up from $85,600 in 2013, and the typical property was 200 miles away from a buyer’s primary residence. About 40 percent of purchases were in beach areas, 19 percent were in the country, and 17 percent were in the mountains.

Vacation homes accounted for 21 percent of all transactions last year, the most since the National Association of Realtors survey was first conducted 12 years ago.

‘Greatly Improving’

“We knew the fundamentals for vacation-home sales were greatly improving in 2014,” Lawrence Yun, the group’s chief economist, said in a telephone interview. “I did not expect it would be this big of an increase. It shows the buyers perceive that economic conditions will be solid for upcoming years.”

The realtors’ vacation-sales figures were based on survey responses from nearly 2,000 people who bought a residential property last year. Transactions involving institutional investors were excluded from the report.

In the Hamptons, the Long Island resort area favored by Manhattan’s elite, many people who might have rented in previous years are choosing to buy instead, said Ernest Cervi, the executive managing director who oversees Hamptons home sales for brokerage Corcoran Group. Buyers are riding high because of stock gains and average Wall Street bonuses of $172,860, up 2 percent as the industry added 2,300 jobs in New York City.

“Rates are low, so why not jump in?” Cervi said.

‘Backed Up’

Clay, who is based in Falmouth, where ferries bound for Martha’s Vineyard depart, said the snow kept many buyers away earlier in the year. In the past few weeks, the market has exploded, he said.

Single-family home sales in Barnstable County, which covers Cape Cod, rose 11 percent in February from a year earlier, according to The Warren Group, a property-data provider based in Boston.

“Mortgage people are flooded and appraisers are backed up,” Clay said. “It’s an indication that the pent-up demand is coming to fruition.”

Categories
analytics general info

Sales Rise In Suburbs – Slow Down In Boston

Interesting dynamics in the Boston and metro Boston markets – from Scott at Boston.com.

Sales rise in suburbs, slow down in Boston.

The suburbs led the way. Several communities are actually ahead of last year’s pace when it comes to home sales, according to numbers released by The Warren Group, publisher of Banker & Tradesman.

Cambridge proved as desirable as ever, with both condo and home sales rising markedly, as the median price of a house in the city hit $1.3 million.

Boston was more of a mixed bag; some neighborhoods posted strong numbers, but others all but fell off the map.

Overall, home sales across Massachusetts rose 4 percent in February, with the median single-family home price for the first two months of the year increasing 5 percent to $316,000, according to The Warren Group.

Condo prices rose 1.5 percent to $294,250, even as sales fell by 6 percent.

The Warren numbers, of course, only tell part of the picture, as some represent sales that were initially inked late last year, or in January of this year (before the storms) but which finally closed in February.

“The continued, sustained snowfall has been an incredible challenge for the region’s housing market,” said Dan Breault, EVP/regional director of RE/MAX of New England in a press statement. “Fortunately, spring is just around the corner and with low inventory and rising prices, we anticipate a busy spring season.”

Still, Greater Boston homebuyers proved to be a hardy bunch.

The western suburbs held up especially well, according to The Warren Group’s February housing report.

Framingham, Marlborough, Natick, Franklin, Medfield, Wayland, Lexington, Concord, Wellesley, and Weston all put in strong showings in February.

Sales so far this year are up by double digits in Framingham (20 percent), Franklin (118 percent), Concord (54 percent), Lexington (14 percent), Natick (15 percent), Wellesley (26 percent), and Needham (18 percent).

The dire cold may have made buyers stingier, as selling prices were down in a number of towns. Notable exceptions included Needham, whose median home price soared past $1 million after a 33 percent jump; Lexington, where the median price hit $875,000 after a 7.4 percent increase; and Natick and Framingham, which saw prices go up by 6 percent.

Quincy and Braintree were the stars on the South Shore, with sales for the first two months of the year rising 28 percent and 15 percent respectively. Median prices in both cities stayed just about even, at $360,000 for Quincy and $356,000 for Braintree.

North of Boston, Medford is off to a particularly fast start in 2015, with sales up 6 percent and median price up more than 10 percent, to $440,000. Sales in Reading are up 80 percent, though the median price fell 9 percent to $438,000.

But for Boston and Somerville, the latest home sales numbers for the first two months of the year had more downs than ups.

Somerville home sales plunged 36 percent, with just seven properties changing hands so far this year, while condo sales were down 14 percent. The median price of a condo dropped 6 percent, to $422,000.

In Boston, both condo and home sales were down in several neighborhoods.

South Boston saw home sales rise by a quarter, even as condo sales fell by 10 percent, while Jamaica Plain saw condo sales plunge by 25 percent, even as the median price rose nearly 20 percent to $426,500.

East Boston put in one of the strongest showings in the city, with condo sales up 46 percent for the year and the median price rising 10 percent to $385,000.

Downtown Boston saw condo sales drop by a quarter through the end of February, while the median price edged down 14 percent to $757,500.

Neda Vander Stoep, a broker in the Back Bay office of Coldwell Banker Residential Brokerage. “However, with inventory remaining low and plenty of buyers on the sidelines, properties that came on during the February storms were nonetheless quick to sell.”

Categories
general info

Listing Of The Week 154 Commercial Street

West End two bedroom one bath condo at 154 Commercial Street #3,  975 square feet with an asking price of $629K. This condo has a great location on the corner of Atlantic Avenue and Commercial Street.

 

154 Com

 

 

 

 

 

 

 

 

 

MLS COPY: Top floor 2 bedroom home with water views and access to Cape Cod Bay across the street. Located in the heart of the West End this bright renovated home has an open living area, large windows to take advantage of the views, wide plank pine floors and kitchen with stainless appliances, black granite counters and cherry cabinetry. In addition to the two bedrooms, there is a large loft space/office above. The bath has a green marble mosaic floor and subway tile surround tub with glass doors. Laundry, central AC, 2 car parking, sunny private deck and an exclusive yard area complete the offering. There is a low condo fee and stable association. New roof in 2013. Weekly rentals and pets for owners. This is a rare opportunity to own a renovated top floor, 2 bedroom home with water views, 2 car parking in the heart of the West End of Provincetown.

 

View all properties at Beachfront-Realty.com.