Categories
general info

Bungalow 58 Poolhouse Sold

One of our favorite properties that we recently marketed closed this past week…the 1,800+ sf 2 bedroom 2.5 bath single  family room home sold for $1.026M. It is a prime example of a quality, thoughtfully designed home, with a multitude of extras… selling fairly quickly and for an excellent price.

58 Franklin St $1.059M
58 Franklin St $1.059M

 

 

The house garnered lots of excitement when it was listed as it was a complete renovation of a 1958 bungalow style ranch in the Franklin Street neighborhood. As you know there are only a handful of houses in town that have pools and this has to be one of the best.

 

 

 

 

pool 2pool 1

 

 

 

 

 

 

 

master bedroom 2kitchen 1

 

 

 

 

 

 

 

 

roaring frplc

2012 349

Categories
general info

5 Reasons To Sell Now

I couldn’t have said it better, and I reiterate that I rarely post “Buy Now”, “Sell Now” articles, but this succinctly outlines the reasons why…and with a national perspective.

Selling a House? 5 Reasons You Should Do It Now

by THE KCM CREW

five fingersMany are talking about why now is a great time to buy a home. Today, we want to look at why it might also be an opportune time to sell your house. Here are the Top 5 Reasons we believe now may be a perfect time to put your house on the market.

1.) Demand Is High

Homes are selling at the fastest pace since November 2009 when the market spiked in response to the home buyer tax credit. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that monthly sales increased over the same month last year. Total sales have been above year-ago levels for 22 consecutive months. There are buyers out there right now (buyer traffic is 31 percent stronger than a year ago) and they are serious about purchasing.

2.) Supply Is Beginning to Increase

Total housing inventory is rising. Many expect inventory to continue to rise as more sellers escape the shackles of negative equity. Selling now while demand is high and before supply increases may garner you your best price.

3.) New Construction Is Coming Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.

4.) Interest Rates Are Rising

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year mortgage have shot up to 3.98% which represents a jump of more than ½ point since the beginning of the year. Even those trying to be the voice of reason on this issue are projecting higher rates. For example, Polyana da Costa, senior mortgage analyst atBankrate.com said:

“Rates are unlikely to keep going up so quickly and should remain below 5%.”

Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) It’s Time to Move On with Your Life

Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of your situation by putting the house on the market today. The time may have come for you and your family to move on and start living the life you desire. That is what is truly important.

Categories
general info

Boston – Area Home Values 7.5% Higher In June

Great article from Jenifer in this mornings Globe.

By Jenifer B. McKim

JULY 31, 2013

With nearly a year’s worth of rising prices now in the books, local housing values have rebounded to within about 11.3 percent of their last peak, in September 2005, according to the S&P/Case-Shiller Home Price Indices, which tracks repeat home sales around the United States and is largely considered one of the best marker’s of the nation’s health.

David Blitzer, managing director of the index committee at S&P Dow Jones Indices, said if the rebound sustains its current pace, Boston-area home values will likely be back to record high levels within two years.

“Home prices continue to strengthen,’’ Blitzer said. “The economy is clearly getting better.”

The latest values reflect increased buyer demand and low inventory, which is prompting fierce bidding wars in especially desirable neighborhoods. Case-Shiller defines the Boston-area as Essex, Middlesex, Norfolk, Plymouth, and Suffolk counties, and the New Hampshire counties of Rockingham and Strafford.

<br /><br />

Nationwide, home values ballooned even more in May — gaining 12.2 percent compared with the same month last year, according to Case-Shiller’s report on 20 metro regions across the United States. Nationwide, however, prices are still about 24.4 percent off their historic highs, Case-Shiller reported.

Blitzer said it will probably take about three more years for housing to recover all the way nationwide — at least a year longer than in Massachusetts. “The [US] cities that went up the most came down the most,’’ he said.

As home prices escalate, foreclosures in Massachusetts and around the country are slowing, another set of data released Tuesday showed.

Statewide, foreclosure starts dropped to 245 in June, 84 percent fewer than during the same period last year, according to the Warren Group, a Boston company that tracks local real estate.

That was the lowest number of foreclosure petitions filed for any month since the Warren Group started tracking home takings in 2006, the company said. Between January and June, 2,943 foreclosures were initiated, nearly 69 percent fewer than the first six months of last year.

Timothy M. Warren Jr., chief executive of the Warren Group, said rising home prices are helping struggling homeowners avoid foreclosure by allowing them to sell their properties with money to spare or to win loan modifications from lenders. “Higher home values make more solutions possible,’’ Warren said.

Foreclosure deeds, which mark the last step in the property seizure process, dropped to 329 in June, 56 percent fewer than during the same time in 2012, the Warren Group said. Between January and June, there were 1,575 completed foreclosures, about a 67 percent drop compared with last year.

Property seizures also are falling nationwide. There were 55,000 completed foreclosures in the United States in June, a near 20 percent drop compared with June 2012, according to CoreLogic, a national data tracker based in California.

“The housing market is clearly on the mend,” said Anand Nallathambi, CoreLogic’s chief executive. “But we expect the ultimate conclusion of the present housing cycle to be another several years away.”

Jenifer B. McKim can be reached at [email protected].

Categories
general info

Mortgage Rates Ease

 

Mortgage Rates Ease for Second Straight Week

  Jul 25, 2013
  By: , Realtor.com
Average rates on fixed mortgages trended downward for the second consecutive week.

The decline comes after rates spiked dramatically over the past month over worries the Federal Reserve would curb its bond-purchase program – giant stimulus policies involving $85 million worth of Treasury notes and mortgage-backed securities that have helped spur growth in a recovering housing market.

Three weeks removed from hitting a two-year high, the average rate on a 30-year fixed eased to 4.31 percent, down 0.08 percentage point from 4.37 a week ago, according to the latest survey by mortgage lender Freddie Mac. The 30-year fixed loan neared a historic low as recently as early May before spiking to 4.46 percent in the last week of June. It was at 3.49 percent at this time one year ago.

The average rate on a 15-year fixed mortgage saw its own decline, albeit a slight one. Previously trending at 3.41 percent, the average on a 15-year fixed loan fell by 0.02 percentage point to 3.39 percent this week. It previously achieved a historic low in early May, when it fell to 2.56 percent. A year ago, the average rate on a 15-year fixed was 2.8 percent.

In a statement, Freddie Mac chief economist Frank Nothaft said the relief “should help to alleviate market concerns of a slowdown in the housing market.”

“Thus far, existing home sales for June were the second highest since November 2009 and new home sales were the strongest since May 2008,” Nothaft continued. “In addition, the low inventories of homes for purchase are putting upward pressure on house prices.”

The positive signs from June sales bode well for the housing market moving forward, especially after it weathered its first significant spike in key mortgage rates.

The average rate on a 5-year hybrid adjustable loan fell slightly from 3.17 percent a week ago to 3.16 percent. After holding firm at 2.66 percent for four consecutive weeks, the average on a 1-year hybrid adjustable loan dropped by 0.01 percentage point this week to 2.56 percent.

Although mortgage loans remain historically low, home buyers and home owners looking to refinance may want to act quickly to lock in affordable rates. In the latest Mortgage Rate Trend Index by Bankrate.com, 91 percent of the mortgage analysts and experts polled believe average loans will trend upward or remain unchanged over the next week.

“Rates have moved significantly higher in the last five weeks,” says Academy Mortgage branch manager Derek Egeberg. “There is greater risk of continued moves higher than potential of a market move lower. Advice is to lock if you are a buyer with a property under contract.”

 

Categories
general info

Telegraph Hill Activity

Telegraph Hill is a gorgeous community of large single family homes on the highest hill in Provincetown.  I recently posted about 2 properties going under contract on the Hill. Both have now closed.

OLYMPUS DIGITAL CAMERA9 Telegraph Hill sold for $2M last week.

MLS description: Nestled atop the highest point in Provincetown this gorgeous 3 bedroom, 3.5 bath home is privately sited in the Telegraph Hill neighborhood, an exclusive cul-de-sac with eight architect designed single family homes. Entering into the 30 foot long sunlit gallery you are drawn to the expansive walls of glass with water views in every direction. The home offers a warm inviting presence as you enter into the sunken living room with it’s fieldstone fireplace and over-sized buffet that leads into the spacious dining room. The chef’s kitchen has high end appliances, a pantry and breakfast nook. The entire 2nd floor is the master suite with rich wood paneling, fireplace, sumptuous master bath and twin walk in closets. Extras include radiant heat floors, lots of storage and an extra large two car garage.

 

 

21304104_038 Telegraph Hill sold for $2.895M two weeks ago.

MLS description. This is the best view on Telegraph Hill. Custom built in 2002 this home home offers panoramic views of Provincetown Harbor,the shores of Truro & Wellfleet, west end rooftops of Provincetown & a stunning view of the Monument. Meticulously maintained, well appointed w/hardwood floors, custom Hunter Douglas blinds, marble & limestone baths, commercial grade Viking appliances, double fireplace, high ceilings w/custom lighting, central ac, mature gardens, irrigation system & a 2 car garage. The upside down design gives you living and dining space on the top floor w/an open floor plan, along with a wrap around deck for outside entertaining. The entry level has 3 large bedrooms including two master suites, all with en-suite baths. Lower level offers a finished room, laundry room & 2 car garage. Granite block driveway.

 

7 Telegraph Hill $2.895M…..and 7 Telegraph Hill just came on the market at an asking price of $2.895M.

Built in 2006, this reverse design home offers both privacy and views of Hatches Harbor, the Atlantic Ocean and Seashore. Meticulous attention was paid to every detail, including custom carpentry & cabinetry, top-of-the line appliances, polished concrete countertops, & a 10 ft. high wall of glass showcasing the extraordinary view. The dramatic open floor plan includes a large dining alcove, a fireplace, and atmospheric lighting throughout. The master suite is very spacious with high ceilings, a large walk in closet with custom built ins, and a marble master bath. The 2 guest suites each have en-suite baths & sliders out to private decks. There is also a den, 2-car garage, excellent basement storage and multiple decks.

This is an amazing amount of activity in the high end as only 8 properties have sold over $2M in the last 2 years. Four of these homes are waterfront properties on Commercial Street and the other four are on Telegraph Hill.

 

 

Categories
general info

Boston Prices Soar

Interesting fact from Trulia that Scott reported on Boston.com

Boston proces soar while the suburbs lag.

Posted by Scott Van Voorhis, Boston.com

Home and condo prices in Greater Boston’s suburbs rose a solid 6.1 percent over the first five months of 2013 compared to the same period in 2012, real estate portal Trulia reports.

But Boston home and condo prices blew that number away, rising 10.1 percent during the same period.

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.

“The difference makes it among the biggest gaps in the country,” Jed Kolko, Trulia’s chief economist, commented in an email.

Yet despite or maybe because of the rising city prices, the suburbs are seeing markedly faster population growth.

While urban areas saw their overall population rise by .36 percent, the suburbs grew much faster, by .56 percent, Trulia reports.

Leading the upward charge in prices are “high-rise neighborhoods,” as well as ethnically diverse neighborhood and zip codes with a significant percentage of same sex couples.

Needless to say, such diversity is for the most part the monopoly of urban areas right now – a pattern particularly evident in Greater Boston. Our suburbs, for the most part, are the opposite of diverse.

Neighborhoods where no particular ethnic or racial group makes up the majority saw prices rise 14.3 percent. And in neighborhoods where same-sex couples account for more than 1 percent, prices rose a staggering 16.5 percent.

It does make you wonder whether the cities and suburbs are getting ready to change places now, with rising urban prices pushing anyone who can’t afford elevated prices and rents into the suburbs.

 

Categories
general info

Boston Condo Prices At Record High

 

Jenifer’s article today in the Globe…WOW!

Luxury units help push Boston condo prices to record

Low inventory likely to remain a factor

By Jenifer B. McKim

|  GLOBE STAFF  JULY 23, 2013

Condominium prices in Boston’s downtown market jumped to a record high in the second quarter of the year, driven by strong demand, tight inventories, and a taste for luxury, according to data to be released Tuesday.

The median price for a condo in Boston’s central neighborhoods increased to $537,950 in the three-month period that ended in June, a 5.3 percent increase from same period a year ago, according to LINK, a Boston company that tracks condo sales in a 12-neighborhood area, including the Back Bay and Beacon Hill.

That beat the previous record of $537,000 during the first quarter of 2013, according to LINK, which has been tracking local condo data since 1993.

Strong sales of luxury condos, which include services like a valet and concierge, helped push the citywide median value — the midway point between the lowest and highest sale prices — to the record. The median price of a luxury condo jumped to $1.4 million from $1.24 million in the second quarter of 2012, a more than 13 percent increase.

<br /><br /><br /><br /><br />

Sales of luxury condos increased by 2.4 percent between April and June, according to LINK.

“We are zooming right ahead,’’ said John Ranco, a senior sales associate with Hammond Residential Real Estate LLC in the South End. Ranco said buyers “are out there in force. It is just the matter of finding the right property.”

That hasn’t been easy for many house hunters. As in the broader Massachusetts real estate market, listings have shrunk as more buyers come into the market, according to LINK, which tracks condos in the Back Bay, Beacon Hill, Charlestown, the Fenway, the Leather District, Midtown, the North End, the Seaport, South Boston, the South End, the Waterfront, and the West End.

Inventory for condos in these neighborhoods dropped in June to 328 units from 531 a year ago, a 38.2 percent drop.

The shortage of properties on the market contributed to the slight decline in overall condo sales, which fell 1.2 percent from the second quarter of 2012, according to LINK.

Kevin Ahearn, president of the Boston-based residential brokerage firm, Otis & Ahearn Inc., said he expects tight inventory will keep pushing prices in the city’s downtown market for years. There are very few new listings, he said.

“We are seeing the front end of a very big move up in pricing,” he said.

Home values throughout the Boston area are on the rise. Median sales prices for condos in Greater Boston — considered roughly the region within the Interstate 495 loop — rose to a record $422,000 in June, a 5.5 percent increase from the $400,000 value during the same month last year, according to the Greater Boston Association of Realtors, which released data Monday.

Single-family homes also rose to a record $541,500 in June, a 7.8 percent increase from the same time last year, the association said.

Within the city of Boston, areas like South Boston and Charlestown — neighborhoods with relatively lower costs — have experienced some of the biggest jumps in condo values over the last several months as buyers are unable to find or afford properties in other downtown neighborhoods, said Debra Blair, president of LINK.

“It will be another three to five years before we have inventory,’’ she said. “That will keep pressure on prices going up.”

Jenifer B. McKim can be reached at [email protected]. Follow her on Twitter@jbmckim.

Categories
general info

Inventory Shortage Eases

Good national perspective on inventory levels from Teke at realtor.com.

Inventory shortages ease

Realtor.com data shows 4.3 percent growth in listings from May to June
Teke Wiggin

Teke Wiggin Staff Writer

Inventory shortages that constrained home sales this spring are beginning to ease, with the number of homes listed for sale trending upwards in June, according to realtor.com data, The Wall Street Journal reports.

The total number of listings rose by 4.3 percent from May to June, to 1.9 million homes. While that’s down by 7.3 percent from the same time a year ago, inventory was off 18.6 percent year over year in February, the newspaper said.

Real estate industry observers have speculated that home price gains might spur more homeowners to put their properties up for sale — and for builders to break ground on more new homes.

With the latest CoreLogic Home Price index showing a 12.2 percent year-over-year gain in home prices in May, the recent uptick in listings — though bolstered by a normal seasonal increase — suggests that these market reactions may be starting to play out.

“No one wants to sell at the bottom, but prices have now been rising for more than a year and by more than 30 percent in some markets — triggering some homeowners to lock in those gains, including those who have been underwater,” said Jed Kolko, chief economist at listing portal Trulia.

But while home value appreciation may be coaxing some to sell, National Association of Realtors Chief Economist Lawrence Yun said in a statement last month that growth in home supply will primarily depend on an increase in construction.

“The housing numbers are overwhelmingly positive,” Yun said about May home sales, which NAR said hit their highest level since November 2009. “However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent. The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth.”

A recovery in construction activity is already beginning to take hold, Kolko noted.

“Even though inventory peaks in the summer and drops off later in the year, buyers should have more to choose from next spring and summer than they had this year,” he said.

Categories
general info

Goode and Farmer Report – Boston July 2013

 Condos are selling 46% faster than last year and there are 38% less available for sale.

Jon photo 2There are two big numbers that stand out when 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.

 

All Boston neighborhoods combined saw a 9% increase in the average sales price of condos to $605K from $553K last year. The total number of condos sold was flat at 2,007 units vs. 2,034 units. This real estate market remains relatively healthy but the continuing decrease in inventory levels is beginning to affect the number of sales.

The Back Bay, saw a 13% increase in average sales price to $1.309M but a 19% decrease in sales from 248 in 2012 to 202 this year. The inventory of available condos for sale dropped 36% to 101 units.

The South End saw a 15% increase in the average sales price to $791K from $691K in 2012, but a 4% decrease in the number of sales to 268.  Inventory of condos for sale decreased a whopping 47% to 57 from 107 last year. This will continue to be a factor in market performance going forward.

South Boston saw the largest decrease in inventory in downtown Boston. Available condos for sale dropped 53% to 46 from 98 available for sale last year. The average sales price of a condo increased by 10% to $452K from $410K last year. The number of sales dropped 1% to 245 vs 249.

Inventory remains the problem, but this market is so resilient and so desirable that declining inventory levels are just now beginning to impact sales. We will keep an eye on the very important fall market to see where this trend takes us.

 

Boston Q2 2013

Categories
general info

Goode and Farmer Report – Provincetown, Truro, Wellfleet July 2013

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.

Condominium sales slowed by 27% from 69 units last year to 50 this year, although a sluggish 16 sales in 1Q more than doubled in 2Q to 34. The average sales price of condos sold stayed relatively flat at $390K – a 2% decrease from $400K last year. Days on market for condominiums sold decreased by 8%; further illustrating the lack of inventory.

Single-family properties performed well with a 24% increase in the average sale price from $731K in 2012 to $905K year-to-date. The median sales price increased 28% to $867K from last years $675K – 22 have sold so far this year against 27 last year. Total sales volume was up 1% to $19.7M.

The average days on market has decreased in both categories driven by less inventory available for sale and relatively strong demand. For condos, it decreased 8% from 214 to 197 and for single-family properties, DOM decreased 22% from 253 to 197. Properties are selling faster as there are fewer on the market and demand remains very high.

Speaking of inventory, currently there are 110 condos on the market with an average listing price of $470K and an average price per square foot (ppsf) of $557. There are 54 single-family properties on the market with an average listing price of $1.411M and an average ppsf of $558.

The market has heated up in the past several weeks with several properties going under contract. The most interesting development is that two, $2M+ houses on Telegraph Hill went under contract in the past few weeks. The number of properties going U/A has increased noticeably. It has turned into summer overnight and the fourth of July has come and gone. The season is in full swing!

Ptown 2Q 2013

 

 

 

 

 

 

 

 

 

 

Other towns on the Outer Cape have experienced a similar dynamic. The number of single-family home sales in Truro was down 13% to 26 units from 30 in 2012. The average sales price was down 18% to $607K from $737K last year.

The Truro market consists mostly of single-family homes. There are currently 72 single-family properties available to chose from.

In Wellfleet, the single-family market performed better than last year with a 4% increase in the average sales prices to $556K from last year’s $533K. The number of sales was the same as in 2012 at 32 properties sold. The current 93 single-family homes available for sale offer many choices for buyers.

Truro 2Q 2013

 

 

 

 

 

 

 

 

 

 

 

There is generally positive news on the outer Cape in both single-family homes and condominiums. A strong second-home market on the Cape is an indication of an improving economy and of improving consumer confidence. These buyer and seller attitudes and still relatively low interest rates are signaling a very strong second half for outer Cape real estate.

Please call or stop in if you are considering selling or if you are just curious as to what your home is worth. If you are considering buying a home, remember that our business philosophy is that the best-informed buyers are the happiest and it is what we do best.