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S&P Case Shiller Composite: Prices Up 9.3%

Growth continues to cool

20-city index shows yearly price growth dropped to single digits in May

Teke WigginStaff Writer INMAN NEWS

Yearly growth in U.S. home prices continued to slow in May, but still remained well above average.

The S&P/Case Shiller 20-City Composite Index showed prices rising 9.3 percent year over year in May, down from 10.8 percent in April. Annual price gains slowed in May for all cities tracked by the index besides Charlotte and Tampa.

Source: S&P Dow Jones Indices and CoreLogic
Source: S&P Dow Jones Indices and CoreLogic
Still, prices climbed 1.1 percent month over month in May, with all 20 cities posting monthly increases for the second straight month.

Tampa registered the highest monthly price gain (1.8 percent), followed by San Francisco (1.6 percent) and Chicago (1.5 percent). Phoenix and San Diego were the only cities to show monthly increases of less than 1 percent in May, with gains of 0.4 percent and 0.5 percent, respectively.

The picture changes when adjusting for seasonal factors.

After factoring in the spring’s typical influence on home prices, prices decreased 0.3 percent month over month in May, with only six out of 20 cities showing gains.

 

Home to seven of the top eight cities showing the most annual price growth, the Sun Belt continued to lead price gains.

Despite seeing their annual price growth decrease by 2 to 3 percentage points, Las Vegas (16.9 percent) and San Francisco (15.4 percent) still posted the largest annual price increases.

The other cities that showed double-digit annual gains were: Miami (13.2 percent), San Diego (12.4 percent), Los Angeles (12.3 percent), Detroit (11.9 percent), Atlanta (11.2 percent), Tampa (10.2 percent) and Portland (10 percent).

Expanding home inventory has helped cool home prices in recent months. Economists generally view the trend as favorable because it will keep prices from rising too quickly, which hurts affordability and reduces buyers’ options.

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Provincetown Listing Of The Week

8 Seashore Park Drive #8 is a 2 bedroom, 2 bath 880 square foot condo in the Race Point Road neighborhood. This condo represents the best of Provincetown’s year round and vacation housing stock. Attractive, well maintained and located in one of the most comfortable and desirable year round developments, this end unit condo is a terrific value with a listing price of  $399K.

8 Seashore Park Dr #8

 

 

 

 

 

 

 

 

MLS COPY: This is one of the nicest units we have seen in the Race Point Road neighborhood. Set up a slight hill with excellent solar exposure this townhouse has been constantly upgraded over the years. Hardwood floors throughout 1st and second floor. New kitchen and bath. Two good sized bedrooms; the master will take a king and the other a queen. Wonderful wood burning brick fireplace is the centerpiece of the open plan great room. Full finished basement with 2 more rooms and laundry. Basement is approximately 440 Sq. Ft. in addition to 880 Sq. Ft. on 1st and 2nd floor. Efficient LP gas heat and cooking. Fenced yard with deck and garden shed. Two parking spaces. Pets okay for owners. 30 day minimum for rentals.

 

8 SPD3

8 SPD 2

8 SPD 6

8 SPD 5

 

 

 

 

 

 

Please call with any questions you might have or to view 8 Seashore Park Drive #8.

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5 Things To Know About Housing In 2014

A long but very interesting post from Housing Wire – from a national perspective – and while many of the fundamental issues do not directly reflect our local market performance…it is important to know as we  navigate our own real estate markets.

 

5 things to know about housing for the rest of 2014

See what housing insiders are saying

The future of housing for 2014 looks a lot different  than it did at the start of the year.

Either fundamentals have changed, or the evidence is getting so overwhelming that neither the most hopeful naiveté or calculating spin can cover it.

That’s not to say there aren’t bright spots, but marking the danger spots on the map is a lot more important than marking X on the buried treasure.

So here are five things to know about housing and where it’s going for the rest of 2014.

1) Luxury Sales Fly as Home Sales for the Rest Crash and Burn

Home sales among the 1%  look like they will beat last year’s numbers, and that’s about the only real bright spot in housing on the horizon, and the only thing looking positive for the rest of 2014.

Sales of the priciest 1% of homes are up 21.1% so far this year, according to Redfin. This follows a gain of 35.7% in 2013. Meanwhile, on the other side of the bridge, home sales in the remaining 99% of the market have fallen 7.6% in 2014.

It’s not that interest rates are usurious by any stretch. This is despite mortgage rates having dropped to their lowest level in more than six months. The 30-year, fixed-rate mortgage averaged 4.14% for the week ended May 22.

BlackRock CEO Laurence Fink said Tuesday that the housing market is “structurally more unsound ” than prior to the financial crisis due to its reliance on the government-sponsored enterprises of Fannie Mae and Freddie Mac.

“There are haves and have-nots, and the haves are the ones out buying,” Redfin CEO Glenn Kelman said.

2) Real Estate Investment Highly Uncertain

Concerns still linger over the state of residential investment, which contracted in both the fourth quarter of 2013 and the first quarter of 2014, as well as prices being driven up by investors rather than homeowners, and the growing affordability gap for buyers. The weak labor market means that the recovery is tenuous. Weak job growth and wage stagnation remain challenges for both housing and for the economy in general.

Federal Reserve Bank of Cleveland researchers Edward Knotek II and Saeed Zaman say there are three primary factors behind the recent slowdown in residential investment: the increase in mortgage rates since early 2013; the unusually cold winter; and a modest tightening of lending standards in the residential mortgage market.

The weather reason doesn’t really fly. As CoreLogic’s (CLGX) reported, past severe winters that have affected housing starts negatively were followed by a rebound after temperatures began to rise again. This analysis indicates there should be a rebound again this spring, but it will not be sufficient to counteract the current weakness in the market, which can’t be blamed on the weather.

Knotek and Zaman say the resumption of more normal weather and ongoing improvements in labor markets and the broader economy should allow for a rebound in residential investment. However, the researchers also note that the experiences of the past year highlight the strong interest rate sensitivity of the housing sector.

3) Investor Price Increases Push Housing Out of Reach

Home prices in the United States are just 12.8% off the 2006 peak, according to the comprehensive March home price index report from Black Knight Financial Services.

April home price data from S&P/Case-Shiller released on Tuesday, found slight increases for the month. The 10-city and 20-city composites recorded miniscule rises for March 2014, increasing .8% and .9% month-over-month.

Separately, the Federal Housing Finance Agency House Price Index found that prices continued to trend higher in the first quarter, and increased for the eleventh consecutive quarter, rising 1.3% in the first three months of 2014.

Housing affordability is being skewed by cash investors (increasingly) and institutional buyers (less so than last year) which are still accounting for almost half of all home sales. Until there is affordability, there cannot be a rise in first-time buyer participation. Which brings us to the next point.

4) Millennials Want to Buy but Can’t

DoubleLine Capital founder Jeffrey Gundlach said he is concerned that would-be young buyers are shunning mortgages even though all the evidence shows they want to buy rather than rent. So far, returning homebuyers havedominated the scene in 2014 because too many first-timers are dealing with mounting debt.

“The deferral of marriage has such a staggering impact on real estate and I just don’t think people focus on it,” said real estate investor Sam Zell, 72, whose Chicago-based Equity Residential is the largest U.S. apartment landlord. “I don’t think the multifamily market has ever had a better set of future demographics.”

Zell said he expects the Homeownership rate to drop as low as 55% from the current 35-year low, as more people delay marriage.

So what’s the good news? Now might be a good time to invest in apartments.

5) Mortgage Originations Fizzle

Mortgage originations are at their lowest level in 14 years and everyone is expecting that will only get worse as mortgage rates creep up.

Chris Flanagan, MBS/ABS strategist for BofA Merrill Lynch, said mortgage activity is going to underperform in 2014.

“We were expecting $1 trillion in gross issuance for the year (at the start of 2014.) We’re at about $200 billion now,” Flanagan said. “So we’re on track for $750 billion for the year, which is less than expected.”

He said credit remains a headwind for buyers.

“We came into this year knowing credit would be tight,” Flanagan said. “We hear anecdotal evidence that credit is loosening, but (when you consider mitigating factors to the anecdotal evidence) the end result is credit is still very, very tight.”

Flanagan said that while the FHA has lowered its threshold for FICO scores by 15 points, it hasn’t translated into increased mortgage originations.

It’s happening across the board. Bank of America (BAC) reported that its first-quarter mortgage originations fell 65% year-on-year in its earnings report. Wells Fargo (WFC) reported record net income of $5.9 billion, up 14%, or $1.05 per diluted common share, for first-quarter 2014, where as JPMorgan Chase (JPM) recorded a first-quarter 2014 net income of $5.3 billion, a drop from $6.5 billion in the first quarter of 2013.

Lawrence Yun, National Association of Realtors’ chief economist, noted in the most recent existing-home sales report from NAR, “Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point. Annual home sales, however, due to a sluggish first quarter, will likely be lower than last year.”

The housing market has improved since the financial crisis, but it’s not clear how strong that improvement is, given that so much of it is supported by intense government subsidies, protection and backstops.

Even Federal Reserve Chair Janet Yellen concedes that housing is no longer helping – it is hurting the economy.

“One cautionary note, though, is that readings on housing activity – a sector that has been recovering since 2011 – have remained disappointing so far this year and will bear watching,” she said. “Another risk – domestic in origin – is that the recent flattening out in housing activity could prove more protracted than currently expected rather than resuming its earlier pace of recovery.”

Further complicating matters is the conflict between regulatory pressures at cross-purposes – a push for an affordable housing mandate versus regulatory standards for debt-to-income ratios, QM mandates and so on.

That’s where things stand as the market crosses the halfway point on the calendar year.

Anthony Sanders, distinguished professor of real estate finance at George Mason University, sums up the problem by taking a step back from the details.

“True, credit is tighter than during the housing bubble, but average FICO scores on closed loans has been dropping,” Sanders says.“But the problem remains a slow recovery for the middle class in terms of employment and income. Of course, The Fed could speed up tapering and allow rates to rise (cutting off cheap funding sources to investors). As it stands, house prices are rising while affordability for the middle class is shrinking.”

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The Goode and Farmer Report July 2014

Provincetown, Truro and Wellfleet Real Estate market 2Q2014 Figures 

Condominium prices continue to rise and single-family properties remain scarce.

 

Year-to-date sales through the 2nd quarter in Provincetown were strong with condos leading the way in the number of sales and price increases. Winter weather kept many away in the first quarter, but as always, spring does finally come and sales increased substantially in the second quarter.

The average sale price of condos sold in Provincetown increased 18% to $459K from $390K last year, and the number of sales recorded in MLS were 18% higher than last year at 59. The silver lining in the first half sales figures are the non-MLS recorded sales of 13 condos that closed at Seashore Point* with an average sales price of $405K and a total sales volume of $5.27M. When added to the MLS totals, YTD sales show huge increases of 44% to 72 sales with an increase in sales volume of 66% to $32.4M. *Seashore Point sales represent the second phase of the over-55 facility located on Alden Street in the center of town.

The average price of single-family properties sold year-to-date is $903K – even with last year’s $905K. There were 16 single-family sales which is a decrease from last year’s 22. Total sales volume was $14.5M – down from $19.9M last year. The decrease is partially because of a lack of new inventory in the single-family market particularly in the desirable West End neighborhoods of Provincetown.

The $1M Plus market was slower with four sales and $5.9M volume compared to nine sales last year with a volume of $12.9M.

As of July 15th there were 109 condos available with an average asking price of $471K and an average price per square foot of $455. There are 49 single-family properties on the market with an average price of $1.459M and an average price per square foot of $565K. Average days on market for condos is 184 and single family’s 246. While DOM’s aren’t nearly as important an indicator in a second home market, it is always interesting to compare.

The broad range of condo inventory is creating increased momentum going to the summer/fall sales season – as usual, Provincetown leads the way on the Cape with higher sales and prices.

 

ptown chart

 

 

 

 

 

 

 

 

 

 

 

Other towns on the Outer Cape did relatively well too.

The average sales price for single-family properties in Truro is up an impressive 42% to $866K from $607K in 2Q2013, but the number of sales was down to 19 sales from 26 sales last year. Even with fewer sales, volume was up 4% to $16.5M. The Truro market consists mostly of single-family homes.

Wellfleet turned in a solid performance as the number of sales increased 25% to 40 from 32 for the same quarter in 2013. The average sales price of single-family properties sold was even with last year at $559K. Wellfleet remains a predominantly a single-family sales market too.

As of July 15 there were 80 single-family homes on the market in Truro with a median price of $752K. In Wellfleet there were 60 single family-homes available with a median price of $634K.

Positive buyer and seller attitudes coupled with a continuation of relatively low mortgage rates and an improving economy bode well for 2014 being a great year to jump into the market.

 

Truro chart

 

 

 

 

 

 

 

 

 

 

 

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

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Fabulous Ink Block In Boston

great post by Scott!

From Tabloid to Hip Condos

Link|Comments ()Posted by Scott Van Voorhis

Location, location, location – that’s what real estate is all about. And the new Ink Block, taking shape where the South End meets Chinatown, has it in spades.

The glitzy glass-and-steel, six-building condo and apartment development is taking shape on Harrison Ave., where the big old brick red Boston Herald building stood until it was demolished last year.

As a reporter at the Herald back in the 2000s, the location couldn’t be beat. Need to get to Beacon Hill? No problem, that’s a 20 minute walk. Press conference in the Back Bay – be there in 15 minutes. Hungry? Let’s head across the street to Chinatown. Or for that matter, around the corner to the South End, a restaurant paradise. No car needed – just you and your two feet. (OK, I’m tall and a pretty fast walker, but still.)

That location, which was great for reporters, will be even better for the residents of the $500 million Ink Block, with the city and its attractions literally at their feet.

A total of six buildings are planned, each featuring a unique design inspired by the South End and intended to be an antidote to the Boston’s increasingly hard to tell apart bevy of new luxury condo towers, Ted Tye, managing director of National Development, tells me.

“There is so much being built in the city these days that is very generic – you can’t tell whether you are in the Seaport, the Back Bay, or the South End,” Tye says.

Final Sepia Hero Night.jpg

 

More than 60 percent of the units at the Sepia, the project’s 83 unit condo building, are already spoken for, Tye tells me. (Herald, Ink Block, Sepia – you get the theme.)

Prices range from $500,000 for a studio to over $2 million for a penthouse unit. The condos come with balconies large enough to actually recline in a chair and take in the city skyline, with a neat rooftop hangout spot, complete with an outdoor kitchen.

The developer’s initial proposal to build condos at the Herald site drew its fair share of skeptics a few years back, with condos still recovering from the downturn. Now demand is soaring, condos are hot, and Tye feels vindicated.

“On Sepia, the idea has been to create luxury condos and really take advantage of being in the South End,” Tye said. “We bet a couple years ago the condo market would come back. We took a risk.”

Beyond skyline views – the project is taking shape roughly where the Herald’s publisher once held court in a suite facing the city – some additional treats are in store as well for Sepia residents.

A 50,000 square foot Whole Foods is also taking shape at the site, along with a bevy of what will hopefully be some hip new restaurants, in keeping with the South End’s proud culinary traditions.

There are also some extra perks for residents, who can enter the store directly from the Sepia without going outside, and then head back up the elevator, groceries bags in hand, to their condos. Or they can take a plunge in the rooftop pool that is being built on the roof of the grocery store.

Three apartment buildings are well underway now, with openings planned for early 2015.
Named Ink Block One, Two and Three, each takes a different design theme from the South End. Ink Block Two, for example, will feature loft style units with a black and white color theme.

While the Ink Block is a great launching pad from which to explore Boston, the immediate area around the project wasn’t always much to write home about.

In fact, the old Herald, when it was standing, was an outpost of zaniness amid a no-man’s land of sprawling parking lots, a homeless shelter, and the occasional streetwalker.

But the streets around the emerging Ink Block are on their way to becoming a residential hot spot, with a number of projects taking shape in the area.

The Ink Block itself was deliberately designed with six different buildings in a bid to give the project more a vibrant neighborhood feel, Tye notes.

Stay tuned.

 

 

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36 Hours In Provincetown – NYTimes

This is a terrific love letter to Provincetown posted on NYTimes online last week and the Sunday Times yesterday.  We saw Benoit, the author of the article, at The Fine Arts Work Center’s Summer Reading Series , on Friday night reading from his new book Travels with Casey – his pooch!   Charming guy and lots of fun!

 

 

36 Hours in Provincetown, Mass.

Clockwise from top left: walking on the breakwater; the sun lights up Herring Cove Beach; a performer on Commercial Street; oysters at the Red Inn; and taking in the view from Pilgrim Monument.
KAYANA SZYMCZAK FOR THE NEW YORK TIMES
By BENOIT DENIZET-LEWIS
JULY 24, 2014

Perched at the tip of Cape Cod — or at the end of the world, as locals like to say — Provincetown is a quirky beach community favored by artists, drag queens, L.G.B.T. people, heterosexual families from the suburbs and oddballs on the run. Provincetown combines small-town charm with big-city spunk, and it’s nestled among miles of peaceful dunes and seashore. If you want solitude, come in the winter when hardly anyone is here — or anything is open. But if you’re after warm weather and high-season theatrics, arrive in July, August or early September. Be careful about what summer week you choose. Many have a theme, and your Provincetown experience will differ whether you’re here for “Family Week,” “Girl Splash” or “Bear Week.”

FRIDAY

1. Oysters and Celebrities | 4 p.m.

Rent a bike from one of the handful of rental shops in town — if you arrive by ferry, the closest is Arnold’s Bikes — and head west for about a mile on Commercial Street, the town’s main drag. Try not to crash into any famous writers on the way — John Waters, Tony Kushner, Andrew Sullivan and Michael Cunningham are generally in residence during the summer. (Before your visit consider reading Mr. Cunningham’s “Land’s End: A Walk in Provincetown,” a celebration of the town and the best introduction to the area.) Stop at the Red Inn and savor $1.25 shrimp and Wellfleet oysters, or cocktails on the deck with views of the harbor and the Long Point Lighthouse. The Red Inn is also one of the town’s best upscale dinner spots.

2. Break for the Breakwater | 5 p.m.

Take a left out of the Red Inn and bike to the other side of the rotary at the end of Commercial Street. You’ll see the breakwater, a mile-long stretch of mammoth granite blocks that leads to a mostly deserted portion of Herring Cove Beach. Two warnings: The breakwater is longer than it appears, and its rocks are better traversed sober. But any trip to Provincetown without at least a partial trek along those rocks is probably incomplete. If it’s high tide, go for a swim in the lagoon that forms along the breakwater. If it’s low tide, walk across the harbor floor to the beach.

3. Strolling for Art | 7 p.m.

Painters love Provincetown for its distinctive vistas and breathtaking light, and on Friday nights you can admire the work of celebrated Cape Cod artists — including Anne Packard and John Dowd — in dozens of galleries that stay open late. (Many offer wine and cheese.) Concentrate your efforts in the town’s East End and be sure to visit the Albert Merola Gallery, William-Scott Gallery, Schoolhouse Gallery and Julie Heller Gallery East. Also drop by the 100-year-old Provincetown Art Association and Museum (PAAM), which is free Friday nights and features exhibitions and workshops year-round.

4. Drag Queens & Quartets | 8:30 p.m.

There’s never a shortage of entertainment here, from street performers to big-name nightclub acts. Commercial Street is rich with drag queens hawking their shows (sometimes perilously on bicycles and mopeds), and one of the local favorites is the offbeat and inimitable Dina Martina (Crown & Anchor, $25), who has been performing here every summer for 10 years. Well-Strung — a talented quartet of men who sing and play string instruments — got its start in Provincetown and brilliantly fuses pop and classical music from Madonna to Beethoven (the Art House; tickets, $30).

5. Toast the Town | 10 p.m.

For a late-night meal or drink, head to the Nor’East Beer Garden’s outside tables. Order the beer-battered fish and chips or a dozen oysters ($24), and choose from a wide array of local beers. If you would rather drink wine, go west on Commercial Street to Joon Bar and Kitchen, an outstanding restaurant and wine bar that serves food until 10 p.m. and drinks until 1 a.m. Don’t miss Joon’s fried olives ($9), roasted halibut ($20) and fries with foie gras aioli ($9).

SATURDAY

6. Climbing Through History | 10 a.m.

The 252-foot tall Pilgrim Monument.

KAYANA SZYMCZAK FOR THE NEW YORK TIMES

Grab a delicious breakfast sandwich (from $4.25) or blueberry muffin ($3) at Connie’s Bakery and pick a spot to enjoy it a few feet away on the deck at Aqua Bar at the rear of the Aquarium Mall. (You can’t beat the harbor views.) After breakfast, head toward the tallest structure in town — the 252-foot tall Pilgrim Monument. Built between 1907 and 1910, the tower commemorates the arrival of the Mayflower Pilgrims in Provincetown. (The Pilgrims hung around for a few weeks before deciding that this was no place for a permanent settlement.) The monument is the country’s tallest all-granite structure and offers stunning sights of the town, Cape Cod and, if you’re lucky, Boston’s skyline. At the base of the monument is the Provincetown Museum, which chronicles the town’s maritime history.

7. Relish the Canteen | 1 p.m.

Provincetown’s best casual lunch spot is the Canteen, a charming Cape Cod-style dining spot in the heart of town. There are a few tables inside, another pair on the street (perfect for people-watching), and a long communal table in the backyard near the beach. Don’t leave the Canteen without trying the cod banh mi ($9.99), pulled pork tacos ($13.95) and crispy brussels sprouts in fish sauce ($7.99). If you want something you can easily take to the beach, walk or bike to Relish in the West End and try any of its delicious sandwiches (all for under $9).

8. A Beach for Everyone | 2 p.m.

Provincetown’s most visited beach is Herring Cove, which is only a short bike ride away and has gentle surf and views of the setting sun. Herring Cove is unofficially divided into sections: The closest to the parking lot is where you’ll find families, many with small children. If you walk south (or to the left when facing the water), you’ll cross into an area favored by lesbians, followed by one favored by gay men, followed by one favored by naked gay men. Prefer your parcel of sand devoid of sexual identity politics? Then bike the Province Lands Bike Trail — or take a shuttle from MacMillan Pier — to Race Point, a prettier beach two miles from town.

9. Rowdy Little Tea Party | 5 p.m.

If Commercial Street seems quieter between 5 and 7 p.m., that’s because a good portion of the town’s visitors are at Tea Dance at the Boatslip Resort. There is no actual tea served at this deck-side party overlooking the harbor, but there is a $10 Planter’s Punch designed to get you drunk before dinner. For a quieter alternative, go shopping. In the West End, be sure to visit Loveland, where you’ll find eclectic and bohemian handcrafted furniture, ceramics and clothing curated by the shop owner, Josh Patner.

Tea Dance at the Boatslip Resort.

KAYANA SZYMCZAK FOR THE NEW YORK TIMES

10. Dinner Scene | 8 p.m.

If you’re hungry for old-school Provincetown, head to the restaurant called Front Street, a town favorite with some of the best Italian food around. You can’t go wrong with the carbonara con pappardelle ($21.95) or the braised beef and short-rib ravioli ($23.95). For a tasty alternative off Commercial Street, dine at Backstreet, a two-story restaurant with both indoor and outdoor seating. Don’t miss the chef Raul Garcia’s hand-ground grits ($9), blue corn calamari ($12) and Brazilian fish moqueca ($26).

11. Cats and Cocktails | 11 p.m.

There are many bars and clubs in town, with most catering to the L.G.B.T. community. Start your evening at Shipwreck Lounge, where couches and a fireplace (not to mention the two friendly house cats) make you feel as if you’re in someone’s upscale living room. Out back, there’s a fire pit and lounge seating. If you’re in the mood to dance, skip over to A-House. Built in 1798 (and seemingly never renovated), the building now houses a dance floor and patio that’s busy after 11:30 on summer nights. You’ll want to start your dancing early, though. Bars here close at 1 a.m., after which a spirited crowd routinely continues the party in front of Spiritus Pizza on Commercial Street.

SUNDAY

12. Romancing the Brunch | 11 a.m.

There are several good breakfast spots in town, including Devon’s (in the East End) and its sister location, Devon’s Deep Sea Dive (in the West End). Try the pancakes with fresh strawberries ($11) or breakfast burrito with home fries ($14). The East End location is perfect for a romantic meal, especially if you score a table on the covered front patio.

13. Whale of a Good Time | 1 p.m.

You can often spot seals near the shoreline while sunning at Herring Cove or Race Point beaches, but if you’re after a bigger catch, try a three-plus hour whale watching tour courtesy of Dolphin Fleet ($46 for adults).

THE DETAILS

1. Arnold’s Bikes, 329 Commercial Street; 508-487-0844; the Red Inn, theredinn.com.

2. Breakwater.

3. Albert Merola Gallery, artsy.net/albert-merola-gallery; William-Scott Gallery,williamscottgallery.com; Schoolhouse Gallery, galleryschoolhouse.com; Julie Heller Gallery East, juliehellergallery.com; Provincetown Art Association and Museum,paam.org.

4. Crown & Anchor, onlyatthecrown.com; the Art House, ptownarthouse.com.

5. Nor’East Beer Garden, noreastbeergarden.com; Joon Bar and Kitchen,joonbarandkitchen.com.

6. Connie’s Bakery, conniesbakery.com; Aqua Bar, aquabarptown.com; Pilgrim Monument, pilgrim-monument.org.

7. The Canteen, thecanteenptown.com; Relish, ptownrelish.com.

8. Herring Cove Beach, Province Lands Road. Race Point Beach.

9. Boatslip Resort, boatslipresort.com. Loveland, lovelandprovincetown.com.

10. Front Street, frontstreetrestaurant.com. Backstreet, backstreetptown.com.

11. Shipwreck Lounge, ptownlounge.com. A-House, ahouse.com. Spiritus Pizza,spirituspizza.com.

12. Devon’s, Devon’s Deep Sea Dive, devons.org.

13. Dolphin Fleet, whalewatch.com.

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Listing Of The Week

82 Commercial Street is one of the finest examples a classic Cape Cod Home. It is a 7 bedroom, 4 bath stunner with 3,294 square feet and is being marketed for $2.945M.

 

82 C front

 

 

 

 

 

 

 

MLS COPY: Offered on the public market for the first time since it was built in 1820, this showplace has only had 3 families own it in the past 100 years. This classic Cape Cod home, with its sweeping lawn & white picket fence, is an iconic property in Provincetown’s West End, one of a very few that boast this square footage on almost a 1/4 acre of land, in the heart of the historic district. The house has been impeccably restored to its original grandeur, and all of its core infrastructure has been brought up to date. The home is expansive, w/ 7 bedrooms, pine floors, period wainscoting and trim, formal living and dining rooms each with wood burning FPs, and a classic sunroom that offers views of Long Point Light. Underground utilities, irrigation, new HVAC, wiring, sewer connection, security, generator, ext siding & cedar roof w/in recent years.

82 C full

82 C lr

82 C bedroom

82 C den

 

 

 

 

 

A property like this rarely becomes available, as those who have been looking at property in the West End know.  This property is a perfect example of why Provincetown is such a beautiful and beloved town.

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Boston Values Rise Fastest Since 1987

Good Globe article.

Boston home values rise at fastest since 1987

By Chris Reidy

| GLOBE STAFF

Home values in Greater Boston rose 2.9 percent from March to April, the greatest monthly gain for the area since 1987, according to new S&P/Case-Shiller Home Price Indices data issued Tuesday.

The S&P/Case-Shiller Home Price Indices tracks repeat home sales. Other surveys, such as those issued by the Warren Group and the Massachusetts Association of Realtors, look at much wider segments of the market, and they often report data on a year-to-year comparison basis.

The S&P/Case-Shiller Home Price Indices looks at data for 20 metropolitan areas around the country, including Atlanta, Boston, Chicago, Los Angeles, and New York.

“Nineteen of the 20 cities saw lower annual gains in April than in March,” the S&P/Case-Shiller Home Price Indices said in its press release. “California (Los Angeles, San Diego, and San Francisco) saw their returns worsen by approximately three percentage points. Boston was the only city to see its annual rate improve.”

Boston’s annual rate went from 8.3 percent in March to 9 percent in April, the release said.

In a statement, David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said: “Near term economic factors favor further gains in housing: mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015, and the labor market is improving. However, housing is not back to normal: prices are being supported by cash sales, low inventories, and declining foreclosure and REO (real estate owned) sales. First time home buyers are not back in force, and qualifying for a mortgage remains challenging. The question is whether housing will bounce back before the Fed begins to tighten sometime next year.”

Chris Reidy can be reached at [email protected].

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$475K On The Cape

Another great curbed comparison post by Jazmine.
CURBED COMPARISONS

What $475,000 Can Buy You Around Cape Cod

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 five different Cape and Islands neighborhoods. This week, listings for $475,000.

Here now, eight Cape Cod properties asking $475,000 – year round, condos, oceanfront, new construction, circa 1850, recently renovated, handicap accessible, commercially-zoned, and ready to rent – with a little something for everyone.

EAST FALMOUTH
33 DODSON WAY, EAST FALMOUTH, MA 02536
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EAST FALMOUTH
Kicking off with new construction by way of the Waquoit neighborhood. Asking price for the 3BD, 3BA on 1.18 acres is $475,900.
33 DODSON WAY, EAST FALMOUTH, MA 02536
MASHPEE
This 2,452-square-foot Colonial has been bouncing on and off the market since July 2012 when it debuted with a $499K asking price. The listing reappeared in May of this year looking for $475,900 and is now in contract.
16 MEADOWBROOK ROAD, MASHPEE, MA 02649
CENTERVILLE
Here’s a newly remodeled 3BD, 2.5BA Cape that last sold in January 2013 for $215K. After a full nip/tuck, the 1,846-square-footer was flipped back onto the market looking for $549K. As the brokerbabble explains, “The high end finishes, and amenities added to this home are ones typically found in million dollar properties.” Alas, the PriceChopper was unimpressed and the place can now be had for $475K.
138 SOUTH MAIN STREET, CENTERVILLE, MA 02632
SOUTH YARMOUTH
What can you do from this 3BD, 2.5BA ranch on Bass River? “Take a stroll to your association beach or cruise up to the association dock on your boat.” All that for $475K.
38 HARBOR HILL RUN, SOUTH YARMOUTH, MA 02664
HARWICH
“Circa 1850…This well-proportioned, spacious antique Cape is handicap accessible and has multiple layers of historic detail preserved in each of its 8 rooms which feature wide plank floors, spackle painted wood floors, hand carved mantle, raised paneling and original moldings.” Oh, and there’s an in-ground pool with a ramp. Yours for $473,900.
51 PARALLEL STREET, HARWICH, MA 02645
CHATHAM
The brokerbabble for this listing seems to have been typed on a broken flip phone, but here’s what we’ve gathered: the spread is commercially zoned and includes a 3BD home, a separate retail shop, and two-car garage on .73 acres. Asking price is $475K.
347 ORLEANS ROAD, NORTH CHATHAM, MA 02650
EASTHAM
Whales, sharks, and Henry Beston are all featured in the brokerbabble for this 2BR, 1BA. So there’s that. Regardless, the 732-square-footer in “the shadow of Nauset Lighthouse” sits on .66 acres, comes with stunning views and is yours for $475K.
160 NAUSET LIGHT BEACH ROAD, EASTHAM, MA 02642
TRURO
Finally, to Truro. “Located at Shoreline Beach Condominium, a newly renovated complex comprised of 13 units in 2 buildings, this light and bright 2 bedroom, 2nd floor end unit has expansive water views.” The 810-square-footer is asking $472,900.
556 SHORE ROAD, PROVINCETOWN, MA 02657

 

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Listing Of The Week, 12 Conwell Street

12 Conwell Street #A, Provincetown MA

12 Conwell Street #A has 1,400 square foot, 3 bedroom 2.5 bath condo is being marketed for $630,000. It really does feel like a single family , with an entertainment size living room, 3 bedrooms and 2.5 baths.

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This is a newly renovated freestanding condo that lives like a single family home. The dramatic reverse floor plan has an entertainment size  living room with hardwood floors vaulted ceilings and a wall of windows with views to the Provincetown Monument beyond. There is chefs kitchen with 6 burner gas stove, huge granite work island and an office nook. There is a large hidden storage area/pantry and a powder room directly off the  kitchen. The large private deck has those same broad open views to the Provincetown Monument.

 

 

 

Each of the 3 bedrooms on the lower level have great closets and multiple window exposures. The master has an en suite bath as well as a built in office nook between the double closets. There is a second full bath and a large storage/laundry/mud room on this level. Central A/C, and quality window treatments throughout. Fenced front yard and garden. Parking for 2 cars. This house lives large and fun. 1 1/2 blocks to bay beaches, steps to Farland and downtown. Great rental income.

 

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This condo is being marketed for $630,000.