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The Affordable Entry Level In Provincetown

Spring is finally here. Time for a spring market review.

There are some great properties on the market in Provincetown with more to come as the spring/summer market heats up. I’ll begin with a review of the affordable entry level market .

Affordable Entry Level

The affordable entry level market generally includes those properties priced from $100K to $400K and is loaded with surprising options and is a great way to enter the real estate market in town – either for your own vacation or year round use or as an investment/rental property.  Buyers are always surprised at what they can get in this segment of the market. Comfort, location, space and value!.  There are 59 properties on the market in this segment, all are condos except for 1 single family listing. These  represent 36% of available properties.  The average asking price is $306K and the average size of available properties in this segment is 607 square feet.  9 of my favorite are pictured below.  Just click on the address and you’ll see the full listing information on Beachfront-Realty.com.

104 Bradford St #8, 1/1, 163 sf, $199K
104 Bradford St #8, 1/1, 163 sf, $199K
22 Pearl St #4, $239K, 1/1, 231 sf.
22 Pearl St #4, $239K, 1/1, 231 sf.
353 Commercial St # 18, $$289K, 1/1/, 208 sf.
353 Commercial St # 18, $$289K, 1/1/, 208 sf.

 

 

 

 

 

 

 

3 Freeman St #5, $325K, 2/1, 700 sf.
3 Freeman St #5, $325K, 2/1, 700 sf.
495 Commercial St #19, $379K, 1/1, 549 sf.
495 Commercial St #19, $379K, 1/1, 549 sf.
4 Bayview Ave, $389K, 2/1, 512 sf.
4 Bayview Ave, $389K, 2/1, 512 sf.

 

 

 

 

 

 

 

 

4 Bradford Acres # G, $399K, 1/2, 813 sf.
4 Bradford Acres # G, $399K, 1/2, 813 sf.
10 Seashore Park #V, $399K, 2/3, 1,310 sf.
10 Seashore Park #V, $399K, 2/3, 1,310 sf.
104 Bradford St # 11, $399K, 1/1, 531 sf.
104 Bradford St # 11, $399K, 1/1, 531 sf.

 

 

 

 

 

 

 

 

Waterfront condos, charming mid town pied a ter’s, or spacious townhouses. The affordable entry level market in Provincetown is full of  property choices at very reasonable prices.

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Sale Of The Week

It is hard to believe that you can still buy a single family home for under $600K in Provincetown, let alone a relatively new 4 bedroom 4 bath property with a great yard and super location. 70 Race Point Road is a 4 bedroom 4 bath  2,736 square foot single family home …and it sold for $585K, $213 per square foot!   The quality and size of this house is exceptional and it even has a large guest suite with a separate entrance on the lower level. The new owners could not be happier.

 

70 RPR 1

 

 

 

 

 

 

MLS Copy: You’ll love living so close to Beech Forest, the bike trails, the National Seashore and Race Point Beach and yet a quick bike ride or walk to Town Center. This very generously sized home features wood flooring, high ceilings, living room with gas fireplace, spacious deck, kitchen with breakfast bar open to the dining room overlooking the front porch and mature plantings in the front garden. There are four bedrooms, 3 1/2 baths, a master suite, laundry room. The Master bedroom suite boasts a private bath with a soaking tub and a walk-in closet. Part of the lower level is a beautifully finished , comfortable, private-entrance guest suite, leaving plenty of room for storage. Built by the present owner in 2003, it’s evident that great attention to detail was paid to make this home exceptional in style, size and finish quality.

 

70 RPR 4

70 RPR 3

70 RPR 2

RPR 5

 

 

 

 

 

 

You can get an idea from these few photos how large the rooms are. The surrounding yard and decking is a huge bonus.

 

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Listing Of The Week

51 Harry Kemp Way #1. This is a 3 bedroom and 2 bath townhouse condominium in the Harry Kemp/Outer Cape Health neighborhood. It has a terrific homey feel and good flow, with a wide open bright and airy first floor plan which is great for entertaining. And look at the farmers porch and the huge front yard. Two bedrooms are on the second floor and a third bedroom, den is on the entire third floor. This property is being marketed for $625K.

 

51 HKW 1

 

 

 

 

 

 

 

 

MLS Copy: Gardener’s delight. Three spacious floors of living lend this townhouse condominium the feel of a single family home. From the ample farmer’s porch you enter an open-plan living room, kitchen and dining area with hardwood floors throughout and a gas log fireplace. A full bath, newly upgraded, completes this floor. The second floor has two bedrooms and a second full, newly tiled bath. The third floor bedroom can also serve as den or home office. Beautifully maintained, the home also has superlative outdoor space: three decks,and a huge beautifully landscaped yard. Amenities include a basement, a garage, a laundry and central air conditioning, and parking for 3 cars. All 5-10 minutes’ walk from shopping, restaurants, galleries and the harbor. Weekly rentals and pets allowed.

 

51 HKW 3

51 HKW 2

51 HKW 4

51 HKW 5

 

 

 

 

 

 

51 Harry Kemp Way #1, a great townhouse value.

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MA Assoc Of Realtors Report For March

Always good to get the big picture statewide – our local markets are mirroring the statewide trends.

 

Massachusetts Homeowners started to Put More Homes on the Market in March with the Start of Spring

by | Apr 23, 2014
Prices up as closed sales down again in March compared to last year

March 2014 Sales Data

WALTHAM, Mass. – April 23, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that while a general shortage of homes for sale pushed sales down and prices up in March, the spring market is starting to come to life. For the second straight month homeowners have added more homes to the market than the same time last year. Condominium sales and prices were both up in March.

“While the market still needs more homes for sale – including both existing homes and new construction- the increase in new listings in March is a good sign,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “With home values on an upward trend, it gives homeowners the opportunity and incentive to take advantage of the current buyer demand and list their homes for sale.”

There were 2,698 detached single-family homes sold this March, which was down 11.5 percent from the 3,048 homes sold the same time last year. On a month-to-month basis, home sales were up 27.2 percent from 2,084 homes sold this past February. A significant increase in home sales from February-to-March is typical.

The median selling price for single-family home in March was $314,063 which was up 8.3 percent from $290,000 in March 2013. This is the 18th straight monthly year-over-year increase. On a month-to-month basis, the March median selling price was up 6.5 percent from $294,950 in February.

There were 1,264 condominiums sold this past March, an increase of 4.2 percent from the 1,213 condos sold the same time last year. Year-over-year sales of condominiums have gone up 26 out of the last 27 months. On a month-to-month basis, condominium sales were up 36.1 percent from 903 condominiums sold this past February. Similar to single-family home sales, a significant increase in condo sales from February-to-March is typical.

The median selling price for condominium in March was $300,154 which was up 11.2 percent from the $270,000 median price in March 2013. This is the 10th straight year-over-year increase. On a month-to-month basis, the February median selling price was up 5.3 percent from $283,000 in February.

Inventory and Days on Market: 
The inventory of single-family homes as of March 31, 2014 decreased 13.9 percent from March 2013 (16,691 listings in 2014 from 19,695 listings in 2013) which translates into 4.0 months of supply in March 2014.  This is down from 5.0 months of supply last year and flat from this past February.  This was the 25th straight month of inventory decreases.

The number of new listings added to the market of single-family homes in March increased 12 percent over the same time last year (7,110 new listings in 2014 from 6,347 in 2013).

The inventory of condominiums on the market in March was down 23.7 percent compared to the year before (4,733 listings in 2014 from 6,206 listings in 2013), which translates into 2.7 months of supply, which is down from 4.0 months in March 2013 and down from 2.8 months in February.

The number of new listings added to the condominium market in March decreased less than one percent (-0.8%) from March 2013 (2,651 new listings in 2014 from 2,672 listings in 2013).

Detached single-family homes stayed on the market an average of 122 days in March 2014 compared to an average of 140 days in March 2013.  Condos stayed on the market an average of 85 days, down from an average of 106 days in March 2013.  On a month-to-month basis, days on market for single-family homes was up from 121 days in February while condos were down from 98 days.

 

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Bad Combo

 

March review from Scott.

Bad combo: Rising prices, falling sales

Posted by Scott Van Voorhis

Home sales fell again in March, a bad omen for the spring market.

But right now it’s buyers who are taking it on the chin and sellers who are laughing all the way to the bank.

Home sales fell 11.5 percent this March compared to the same time last year, theMassachusetts Association of Realtors reports. The Warren Group, publisher of Banker & Tradesman, pegs the decline at a somewhat smaller 7.8 percent.

Yet both market trackers report a big jump in prices, a trend that has been going on for at least 18 months.

The median home price in Massachusetts rose 8.6 percent in March, to $315,000, according to the Warren Group, while MAR is reporting just about the same price, and an 8.3 percent jump.

So what gives?

The same old, same old we have been hearing about for the past year, too few homes for sale.

“The low inventory of single-family homes in the market is the primary cause of the decreasing sales activity,” said Timothy M. Warren Jr., chief executive The Warren Group, in a press release. “Motivated buyers, however, are eagerly bidding for the limited supply which accounts for the increasing sales prices. People want to buy homes before prices and interest rates rise further.”

 

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10 Most “Out Of Touch” Housing Markets

On the face of it this headline is dramatic, but all it refers to is the conforming loan limits throughout the U.S and their relationship to local market conditions. A very interesting perspective from Housing Wire and Trulia.

Trulia: 10 most out-of-touch housing markets

The vast divide in conforming loan limits and reality

April 28

As the whispers of housing reform start to grow into greater fruition, the topic of conforming loan limits is brought up as well.

In his latest blog, Jed Kolko, chief economist with Trulia, noted that the current system of conforming loan limits falls far short of reflecting the actual differences in local home prices and ends up favoring borrowers in lower-cost markets.

“The housing finance system – as well as other national housing policies – needs to serve a country where local home prices in some markets are 10 times as high as in others, and where local and state laws affect how much new construction is allowed, how long foreclosures take, and more,” Kolko said.

In the current system, the conforming system sits at $417,000. However, in 2008, the Housing and Economic Recovery Act granted “high cost area” higher conforming loans limits to reflect local price differences.

But as housing regulators markup the Johnson-Crapo housing finance reform bill on Tuesday, April 29, 2014, Kolko pointed just how the conforming loan limits fall short.

Using Trulia’s database of homes for sale, Kolko listed the top 10 housing markets with the highest share of for-sale homes above the local loan limit, showing just how out of touch conforming loan limits are.  

10. Boston, Mass.

Currently,  $470,350 is the conforming loan limit, while 30% of homes for sale are above the local loan limit.

Massachusetts

9. Oakland, Calif.

Right now 30% of homes for sale are above the local loan limit, with the conforming loan limit sitting at $625,500.

8. New York, N.Y.

The conforming loan limit sits at $625,500 for New York, with 30% of homes for sale above the local loan limit.

NYC

7. Middlesex County, Mass.

The city’s conforming loan limit weighs in at $470,350, with 33% of homes for sale above the local loan limit.

6. San Diego, Calif.

So far, the city’s conforming loan limit is  $546,250, with 33% of the homes for sale above the local loan limit.

5. Ventura County, Calif.

The conforming loan limited is $598,000, with 34% of the homes for sale above the local loan limit.

4. Orange County, Calif.

Orange County has a conforming loan limit of $625,500, with 38% of the homes for sale above the local loan limit.

3. Fairfield County, Calif.  

In Fairfield County, the conforming loan limit is $601,450, and 39% of homes for sale are above the local loan limit.

2. San Jose, Calif.

This city posted a $625,500 conforming loan limit, with 43% of the homes for sale above the local loan limit.

Bridge

1. San Francisco, Calif.

San Francisco posted that its conforming loan limit sits at $625,500. With a whopping 61% of the homes for sale above the local loan limit, it is the nation’s most out-of-touch housing market.

 

Brena Swanson joined the HousingWire news team in February 2013. Prior to serving HW in the role as Reporter and Content Specialist, Brena attended Evangel University in Springfield, MO.
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Will Success Ruin Boston?

Another interesting post by Scott.

Will success ruin Greater Boston?

Posted by Scott Van Voorhis

Boston is one of those hot cities increasingly favored by the global business elite.

It’s easy to gaze at all the posh new apartment and condo towers on the city’s skyline and wonder who can afford to live there, but the wealthy buyers just keep on coming, whether from the suburbs or from any number of distant lands.

We’ve got the best colleges and universities, one of the biggest concentrations of bio-tech and life science companies and talent in the world, and a thriving tech sector.

But success can come sometimes with a hefty price-tag, and rising real estate prices tops the list.

Writes Bynxers, a regular contributor to the comment board of this blog:

Eventually- the city will drown in its own success. Is it the natural evolution of a successful city? That only the wealthy can afford to reside there, and to “promote equality” affordable housing is put in place for those needing government subsidy, while no help or policy is put in place to assist the working class, middle class or even upper-middle class??

Right on, Bynxers. Too much success, unless treated properly, can prove to be a fatal disease.

The tendency is to keep on keeping on, despite diminishing and increasingly toxic returns.

Here’s more:

Hop in a plane and ride east for several hours to Europe or West to San Francisco. And behold, there you will see the future of Boston…..

Eventually- the city will drown in its own success. Is it the natural evolution of a successful city? That only the wealthy can afford to reside there, and to “promote equality” affordable housing is put in place for those needing government subsidy, while no help or policy is put in place to assist the working class, middle class or even upper-middle class??

Those original property owners are long gone: residents of Southie sold their triple deckers and now live on the South Shore…. Other neighborhoods have similar outcomes. Is this natural??? Is this the price of success???

I argue, in part, yes…. With a MAJOR “but” at the end….. Housing prices have been pushed up by artificial scarcity for years (atleast 20 or so). Not just in Boston- but eastern mass as a whole. Large lot requirements for single families, height restrictions and density restrictions…. its simple supply and demand. Now the city and state are just trying to catch up, but its too little too late.

There is no vindication at the end of this, no “gotcha” moment, no fairness, really. The middle class will have a choice: pay up or leave. There’s a constant new influx of young grads to fill the void for a while though and it will be a revolving door. Those born and raised here will likely stick it out. However, many will pack up and leave. The fate of the city and region at this point is more or less cast in stone, I’d assert.

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Pond Side Contemporary

 

46 Shank Painter Road is a gorgeous 12 year old contemporary 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. Most people don’t realize that this incredible pond view exists behind the house. This house literally sits on Shank Painter Pond and looks out on the most beautiful conservation land in town.

 

front of house 1

 

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!

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.

 

front of house 2

glass doors

living room

kitchen

 

 

 

 

 

 

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.

 

master br 1

master bath 1

sauna

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.

 

upper suite

deck with chairs

back of house 2

46 rear view Shank Painter Pond

 

 

 

 

 

 

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.

46 Shank Painter Road is being offered at $998,000.

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Listing Of The Week

49 Bradford Street #11, 2 bedrooms, 1 bath, central A/C and parking. Offered at $485,000

 

49Bradford

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centrally located in the near West End this free standing two bedroom , one bath condo is just steps from the Boatslip, Joes Coffee and the bay beaches.  The main level has an open floor plan with a living room, dining area and kitchen. There is also a full bath on this floor. The charming screened in porch adds another space for dining and entertaining. There are two bedrooms upstairs, one with a good size private deck. There is one parking space, exclusive use extra storage space, and a common laundry. There is exclusive use garden space in the front and on the side of the condo.

 

front door

kitchen 2

kitchen to living

bedroom 1

 

 

 

 

 

 

49 Bradford Street #11 has  678 square feet, condo fees of $316 per month which includes heat, and annual taxes of $3,038 for fiscal year 2014. Weekly rentals are allowed. Central A/C, Common laundry, Patio area for grilling, Assigned parking.

 

 

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Q1 Goode and Farmer Report Boston

 

The national real estate pundits are talking about the lack of available inventory and declining sales numbers. These first quarter results for downtown Boston condominium sales tell a different story. The average sales price for condos in downtown Boston neighborhoods increased 21%. Sale were up by 12%. Total sale volume was up by 35%.

The South End and Back Bay neighborhoods reflect the more  standard state of the real estate industry here in eastern MA. Prices are up because of buyer demand, but sales are down and volume is flat – the effect of the critically depressed inventory of available condos for sale.

 

Boston chart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Boston is  standout neighborhood! Average sales price up 20%.  Sales up 41%. Volume up 71%…and interestingly enough the only neighborhood with an increase in days on market, a result of additional inventory.

The all important spring market will be very important in determining the state of the real estate market in Boston.