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Two Recent Truro Sales

6 Cooper Terrace $915K

These two recent Truro sales represent an interesting and diverse segment of the Truro single family home market. New houses, one brand  new and one built in 2002 illustrate the quality of homes available and the  great value available in Truro . 6 Cooper sold at $446 per square foot while 56 Castle Road sold at $257 per square foot. I know that most buyers, sellers and agents on the Cape don’t often use per square foot price as an important indication of value, but I just cant stop myself from using as it was embedded in my city training.

6 Cooper Terrace $915K

6 Cooper Terrace a 3 bedroom 2 bath 2,048 sf house sold for $915K on February 25 . (from MLS) Enjoy privacy and views of Cape Cod Bay and the Hopper house from this outstanding, architect designed contemporary built in 2002. The great room with soaring windows, including living and dining areas with an open kitchen, is on the first floor. The first bedroom and bath are also on the first floor while the second bedroom and bath, as well as a sleeping loft overlooking the great room, are on the second floor. There is a screen porch and patio off the first floor, and a deck looking out to the bay off the second floor. There is also a large outdoor shower. This home has a four-bedroom septic and sits on 1.42 acres, ample acreage for a guest cottage and/or additional bedrooms in the house.

 

 

 

 

56 Castle Road $722,500

56 Castle Road a 4/3, 2,808 sf house sold for $722,500 on March 1. (from MLS) Spacious brand new contemporary in a terrific Castle Rd., location. This brand new home is well sited to afford nice privacy with lovely natural views and vistas of the marsh. Open airy feel to the main living level with vaulted ceiling and over sized sky lights.In addition there is a master bedroom with bath and an added guest room. Full social bath.Lower level has 2 additional bedrooms,huge family room with sliders for extra light and 1-1/2 baths.All living areas and bedrooms are generously sized. There is a very large wrap around deck for outside living. Great home for large families, friends and parties. Super rental potential!

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West End Antique With Separate Cottage

29 Tremont St $1.095M

One of our favorite properties that represents all that Provincetown has to offer. It is an authentic Cape Antique, with gardens, 3 bedrooms, privacy, charm, a separate cottage and the best location in the west end.


 

 

 

 

 

 

This single family home with an adorable separate cottage is one of those Provincetown properties that people just fall in love with. If you are seeking a sense of place just the approach to this house nestled on a private lane takes one back to another time. It is sited on the corner  of Tremont Street and Atwood Street, the most charming lane in the West End and is surrounded by wonderful perennial flower and vegetable gardens. This is a  3 bedroom, 2 bath home with a private detached cottage of 1 bed and 1 bath.

 

 

 

 

 

 

 

 

The The main floor of the house consists of a living room, two bedrooms, and a full bath, and is surrounded by a lovely fenced in yard with flower and vegetable gardens.

 

 

 

 

 

 

 

The second level has a kitchen, a family room, a separate dining room, a bedroom and a full bath. A full wall of sliders opens to a large deck with hot tub. A newly carpeted third bedroom completes this level. The kitchen has new appliances, and the entire house has new yellow pine hardwood floors.

 

There is a large roof deck with views to the harbor, Long Point, the monument and Truro beyond. The decking and garden areas are charming and comfortable.  The large deck off the kitchen and family room is big enough for a dining table and also holds the built in hot tub. There is a private brick patio around the cottage.

 

 

 

 

 

 

 

 

 

 

The adorable stand-alone cottage has a new kitchen, new carpeting and a sleeping loft, and is perfect for guests or as an artist’s studio. It is as comfortable as it is efficient.

This charming home is being offered at $1.295M.

 

 

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Gorgeous West End Water Views

This gorgeous 3 bedroom 3.5 bath home is nestled atop the highest point in Provincetown. Privately sited in the exclusive Telegraph Hill neighborhood this home provides the best of casual and  beach living along with the amenities that only a substantial home like this can. Telegraph Hill is a 5 minute walk in to the heart of the West End with all the shopping, restaurants and entertainment choices that Provincetown has to offer.

Side view of 9 Telegraph Hill
9 Telegraph Hill

 

 

 

 

 

 

 

 

 

The entry to the home is down a curving driveway with steps up to a gently sloping yard that  surprises with its panoramic view of the water.

 

 

 

 

 

 

 

The sunlit entry gallery is 35 feet long and lined with windows with a dramatic open staircase up to the master suite and down to the garage and utilities below.

 

 

 

 

 

 

 

The living floor is dramatic as it’s full length is a wall of windows with open views of the bay and ocean beyond. There is a rich wood buffet separating the dining room and the living room with a floor to ceiling fieldstone fireplace.

 

 

 

 

 

 

 

The chefs kitchen has delightful views to the water, a good sized pantry with a wine cooler and a sun filled dining nook that looks out over the water.

 

 

 

 

 

 

 

 

The master bedroom suite takes up the entire second floor and is utterly unbelievable. Modeled after a ship captains quarters, it has two sitting areas, and a large fieldstone fireplace. The master bath and dressing rooms are the epitome of luxury and comfort.

We are hosting an open house Saturday March 9 from 11-1. If you are in town please come by and say hello.

 

 

 

 

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Provincetown Market Snapshot

28Pleasant St. Sold $890K

So, we have had a snow storm every weekend, regular 60 mph winds, astronomical high tides, and snow cover, but spring is just around the corner. The first few months of the year have been active considering the weather. Sales have been strong, but not quite as strong as the state in general, and listing volume is moderate.

Sales of single family homes are even with last year at 5 properties, while sales of condos are down from 16 sales last year to 10 this year. Below are a few that have recently sold.(copy lifted straight from MLS). These properties illustrate well the quality and diversity of properties for sale

28Pleasant St. Sold $890K

 28 Pleasant Street is a charming single family property in a great neighborhood, and sold for $895K…. Antique lovers take notice. Built in 1802, this Greek Revival house has wide pine floors, wavy window glass and charming nooks. Truly a place out of time, in the best possible way! The upstairs master suite includes a cathedral ceiling, dressing room and walk-in closet. There is also a sun-filled private bath complete with soaking tub and pedestal sink.. Parking for 3 cars; irrigation to ensure a lush lawn and beautiful gardens.

 

 

 

 

 

28 Commercial St. Sold $865K

28 Commercial Street #2, sold for $865K…. This beautifully maintained & romantic condominium residence, has 1288 sq.ft. of living space on two floors with exquisite period detail & charm. The first floor has beamed ceilings, a cozy living room with gas fireplace, and a guest bedroom both with lovely bay views. There is a good sized dining room off the galley kitchen with french doors to a spacious new deck. The entire second level is devoted to the master suite with cathedral ceiling & wonderful views of the bay from the cozy dormers. The grounds are extensive & professionally maintained & lead to a large heated pool – a rarity in Provincetown. Steps away from your front door is your private beach access.

 

 

 

 

The first several weeks of 2013 haven’t  brought a flood of properties on the market, in fact inventory is kind of at a standstill. So far this month 12 properties have come on the market, 4 condos and 8 single family properties. Below are two incredible properties. 493 Commercial is a condominium in the Bayshore complex in the east end and 6 Oak Drive is in an east end neighborhood of larger single family homes.

 

493 Commercial St #13, $1.1M, 2/2, 1,588sf.

493 Commercial Street is a 2 bed/2bath condo of 1,588 square feet and is being marketed at $1.1M. . Cape Cod Bay is your front yard from this beautiful two level residence! A wall of glass faces the large bayfront deck with spectacular views of Long Point lighthouse, the harbor and the entire sweep of the Cape. The great room with a gas fireplace, has cathedral ceilings with windows right up to the peak. The high-end kitchen also has a cathedral ceiling with a skylight and a large pass-thru to the living room which provides a great view of the water. The main level is finished with the master bedroom and ensuite bath.  A wide spiral stair leads you up to the second bedroom with bay views. There is parking for one car & the assoc.

 

 

 

6 Oak Drive. $1.399M, 3/3, 7,020 sf

6 Oak Drive is a single family home with 3 beds/3baths, 7,020 square feet and is being marketed at $1.399M. Private, situated in a quiet neighborhood 5 minutes from town and the gallery district. Open, sun drenched first floor plan offers field stone fireplace, huge living and sitting area with adjacent private media room which flows to an outside deck overlooking the pool. Service Bar, beautiful dining area complimenting the perfect designer kitchen with guest seating, walk in pantry for complete storage. Stainless appliances, cove ceiling lights, expansive glass windows and doors overlook the patio deck and pool. Double staircases lead to three bedrooms, two architectural bathrooms with stone walk-in showers.

 

 

Look for a February month end review for Provincetown and downtown Boston.




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January Sales At Highest In Five Years.

News from The Warren Group:

Bay State January Home Sales At Highest Level In Five Years

Condo Sales Break 1,000 Mark For First Time Since 2008

The Warren Group

The strong sales trend in January in just the beginning of a hot spring selling season. Timothy M. Warren Jr., CEO of The Warren Group, weighs in.

Single-family home sales in Massachusetts rose more than 10 percent in January to 2,680, reaching the highest level since 2007, according to new data from The Warren Group, publisher of Banker & Tradesman.

January home sales in the Bay State were up over last year’s 2,436 sales. This is the highest January sales volume for single-family homes in Massachusetts in five years, when there were 2,953 transactions in January 2007.

Jan2013MASalesChart

We ended 2012 on a pretty positive note, and this is carrying into January,” said Timothy M. Warren Jr., CEO of The Warren Group. “Recent pending sales data are a hopeful sign for a strong spring market. And given low mortgage rates and steady prices, there are positive signs that 2013 will be a second year of recovery.”

The median sale price of single-family homes in Massachusetts increased for the fourth consecutive month in January. Median sale prices rose 6.8 percent in January to $277,750, up from $260,000 in January 2012. This is the highest median home price for January in three years.

“Low inventory is slowly driving up prices. This should in turn give sellers more confidence to put their homes on the market,” Warren said.

Condominium sales statewide also rose in January, increasing almost 11 percent to 1,006 from 907 in January 2012. This is the first January since 2008 where home sales broke the 1,000 mark.

The median condo price in January slipped almost 2 percent to $240,000 from $244,500 in January 2012. This is the lowest price for condos statewide since 2009, when the median price was $209,900.

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WSJ Calls A Sellers Market

Below is Nick Timiraos’s article in the Wall Street Journal. We are certainly seeing different degrees of this dynamic in our local markets.

Housing: It’s Becoming a Seller’s Market

By Nick Timiraos
National Association of Realtors

The National Association of Realtors said on Thursday what home buyers in many parts of the United States have known for months: it’s becoming a seller’s market.

The number of homes listed for sale in January fell by 4.9%, leaving 1.74 million properties on the market. That’s the lowest since December of 1999, when there were 1.71 million homes on the market. By contrast, there were 2.91 million homes on the market two years ago at this time.

After adjusting for seasonal factors, home sales rose by just 0.4% in January, to an annual rate of 4.92 million units. Still, that’s up from 9.1% one year ago.

The upshot is that there’s a growing pool of buyers chasing a shrinking supply of homes. If the trend holds, prices will keep going up. At the current pace of sales, it would take just 4.2 months to sell the current supply of homes available for sale, down from a 6.2 months’ supply one year ago.

While inventories typically increase in the spring, the Realtors’ group has expressed growing concerns that sales volumes are being held back by the lack of choice. This is good news for homeowners who have watched home prices drop over the last six years, but it’s bad news for buyers—and for anyone that makes their living selling real estate.

Inventory declines have been the most dramatic in California, Arizona, and other markets that witnessed some of the largest home price declines. Those cities have large numbers of underwater borrowers—people who owe more than their homes are worth—while many others may have equity but aren’t willing to sell because prices have fallen so far.

Investors have also been aggressive in buying up properties that are selling for less than their replacement cost.

National Association of Realtors

Home sales could rise to 5.2 million units this year, an increase of nearly 12% from last year, according to economists atGoldman Sachs GS +2.13%. They base their forecast on household formation and demographics, which both suggest rising demand for housing in the coming years, and affordability measures such as mortgage rates and home prices.

But the economists note that there’s a considerable amount of uncertainty that could make those targets hard to hit, particularly if there’s nothing for would-be buyers to purchase.

Follow Nick @NickTimiraos

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Sales Edge Up In ‘Sellers Market’

USA TODAY article indicating national trend of sales being affected by low inventory.  Local implications will be explored in later posts.

Ray Goldbacher, USA TODAY10:32a.m. EST February 21, 2013

Sales of previously owned homes edged up in January, held back by a shortage of homes for sale, according to the National Association of Realtors.

Single-family home sales increased 0.2% to a seasonally adjusted annual rate of 4.34 million in January vs. 4.33 million in December, and 8.5% above the 4 million-unit level in January 2012.

The median single-family home price was $174,100 in January, up 12.6% from a year ago.

Lawrence Yun , NAR chief economist, said tight inventory is a problem and, as a result, “We’ve transitioned into a seller’s market in much of the country.”

“Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40% above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly.”

Homes available for sale at the end of January fell 4.9% to 1.74 million previously owned homes, a 4.2-month supply at the current sales pace, down from 4.5 months in December, and the lowest supply since April 2005, when it was also 4.2 months, the NAR said.

The inventory is 25.3% below a year ago, when there was a 6.2-month supply. The number of homes available for sale is at the lowest level since December 1999, when there were 1.71 million homes on the market, the Realtors said.

“We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth,” Yun said.

Sales rose in every region but the West.

Overall, sales of single-family homes, condos and townhouses were up 0.4% from December, at a seasonally adjusted annual rate of 4.92 million. That was up from a downwardly revised 4.90 million in December, and 9.1% above the 4.51 million-unit pace in January 2012.

Distressed homes — foreclosures and short sales — accounted for 23% of January sales, down from 24% in December and 35% in January 2012.

The median time on market for all homes was 71 days in January, down from 73 days in December and 28.3% below 99 days in January 2012.

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What’ s Keeping Sellers From Selling?

As we are all assessing the outlook for the spring market, Scott at Boston.com has some good points, and while this post is based on national polls, we are hearing the same thing in our marketplaces.  Sellers wonder if they do list and sell there propertry, will there be anything decent to buy! An important question as we move into the spring selling season.

 

 

 

Really, why shouldn’t sellers wait for higher prices?

Posted by Scott Van Voorhis

That’s the question many potential home sellers are asking as they watch prices climb again in an increasingly tight market.

Would-be home sellers, as they consider taking the plunge, are no longer primarily concerned with the state of the economy in deciding whether to list their house now or wait. Instead, the top concern now is whether by selling now, they will pass up even bigger gains down the line if they should choose not to hold out for a few more months, Redfin reports in a new survey on seller attitudes.

It’s not that they are not interested in selling – just under half the more than 1,800 homeowners polled by Redfin said they were planning to sell, up from 45 percent in the fourth quarter. (Just to be clear, this was not a broad sampling, but rather a tally of homeowners who visited Redfin’s website.)

But 34 percent  of homeowners surveyed told Redfin that missing out on future gains was their biggest concern with diving in now, up from 30 percent at year end. Moreover, potential sellers are also growing increasingly bullish in their take on the market as well, with 81 percent now predicting more increases in home prices over the next year, up from three-quarters last fall.

Needless to say, with warmups beginning for the annual spring market, this is not a good sign. In fact, we could see some sellers sit out the spring market altogether, waiting to see if prices continue to rise. After that, we could see new inventory start to trickle on, but it seems unlikely at this point we are going to see an avalanche of new listings in the next few months.

That’s my bold prediction – feel free to jump on the comment board with your own take.

It’s certainly not what frustrated buyers, yearning for more listings to choose from, want to hear, but the market is what it is right now.

Of course, there are other factors at work here. Any broker will tell you another big concern of potential home sellers, especially here in the Boston, is the fear they won’t be able to buy anything decent if they go ahead and sell what they have now.

Not unreasonable given the precipitous drop in home listings, which fell by more than 25 percent in Boston alone over the past year, helping push prices up 4.1 percent, according to the Department of Numbers.

So why shouldn’t sellers keep holding out for more? Until buyers and brokers come with a better argument – or really any counterargument at all – sellers are likely to keep on watching and waiting instead of listing.

 

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Tight Inventories Effect Growth Prospects.

The Inman News article below provides interesting national context to the extreme lack of inventory in our local markets.

NAR: Pending sales dip from November to December

BY INMAN NEWS

Inman News®

Tight listing inventories are likely to constrain growth in 2013 home sales, the National Association of Realtors said in releasing a report showing that pending sales dropped 4.3 percent from November to December.

Despite the month-to-month drop, existing homes under contract were up 6.9 percent from a year ago, making December the 20th month in a row to see an annual gain in pending sales.

NAR’s Pending Home Sales Index, which represents existing-home contracts signed but not yet closed, rose to 106.3 in November before slipping to 101.7 last month. In April 2010, when the federal homebuyer tax credit was still in place, the index hit 111.3, but soon dipped back down.

An index score of 100 is equal to the average level of sales contract activity in 2001, the first year examined by the trade group and a year in which home sales fell in what’s considered a normal range for the current U.S. population. Contracts signed in a month typically close one or two months later.

Although NAR is projecting that home sales will pick up by 9 percent in 2013, tight inventory, paired with near-record low new-home construction levels, is an obstacle to more rapid growth.

The month-to-month dip in the pending sales is not a “statistical fluke,” Yun said, but signals a loss of momentum in home sales. The momentum, however, is inventory-related, he said — demand is still high.

New homes, Yun said, are the solution to the inventory challenge. “True relief to the inventory has to come from new home construction.”

Regionally, the West, with extremely tight inventory, was the only region to see a decrease in pending home sales in December from a year ago with a 5.3 percent drop.

December 2012 year-over-year change in pending sales of existing homes index by region

Source: National Association of Realtors

The Midwest, South and Northeast had year-over-year index increases of 14.4 percent, 10.1 percent and 8.4 percent, respectively, in December.

On a monthly basis, only Midwest’s index increased in December — 0.9 percent. The pending existing-home sales index fell in the West, Northeast and South from November to December 8.2 percent, 5.4 percent and 4.5 percent, respectively, in December from November.

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Local Market Best Since ’06’

A great article below from The Boston Globe’s Jennifer McKim. 
  • The Boston Globe
  • By Jenifer B. McKim

The Massachusetts housing market made a comeback last year, with 46,887 single-family homes sold — the best showing since 2006!

Single-family home sales statewide rose by 18.4 percent in 2012 compared with 2011,according to Warren Group, a private company that tracks real estate. Prices also rose, with the median price, or midpoint price, climbing a modest 1.8 percent compared with 2011, to $290,000.The new data seem to confirm what housing specialists have been saying for months — that the Massachusetts and US housing markets have turned a corner. The state’s single-family housing market hit a price peak in 2005 — at $355,000 — before dropping about 20 percent by 2009, Warren Group said. Home values have fluctuated, but now appear to be strengthening steadily, especially in the Boston area.This year “is going to be the base the housing recovery is built on,’’ said Alex Coon, a Boston market manager for the online brokerage firm Redfin.The state’s condominium market also is improving, with sales rising more than 25 percent in 2012 compared with the previous year, marking the highest number of condo sales in Massachusetts since 2008,according to Warren Group. The median condo sale price rose $277,000 in 2012, up 2.6 percent from 2011.The annual data were given a boost by brisk activity in December. Single-family home sales jumped by 8 percent compared with December 2011. Median home values rose to $300,000, a 12.3 percent increase compared with the same time in 2011, according to Warren Group.Condo sales also increased by 5.4 percent in December, compared with December 2011. The median condo sale price increased to $275,000 last month, 8 percent higher than during the previous December.

“It is clear we have turned the corner and are gaining ground rapidly,’’ said Timothy M. Warren Jr., chief executive of Warren Group.

Greater Boston showed even better numbers in 2012, with the median price for singlefamily homes hitting $470,000, 6.8 higher than in 2011, the Greater Boston Association of Realtors said. The group includes communities largely within the Interstate 495 loop. Condo prices in that region rose to $380,000, a 10.3 percent increase compared with 2011.

But as more buyers compete for homes, the number of properties on the market continues to shrink.

The inventory of single-family homes fell by 28.1 percent at the end of December, compared with 2011, according to the Massachusetts Association of Realtors, which also released data Thursday.

The number of condos for sale fell by 34.3 percent in December, compared with 2011, the association said.

John Ranco, senior associate at Hammond Residential Real Estate in Boston’s South End, said the lack of homes to sell is proving a challenge to the market’s recovery.

“We seem to have lots and lots of people looking for housing and very, very little to choose from,’’ he said. “It’s a little bit of a horse race to get properties into agreement right now.”

Christopher Doherty, president of the Northeast Association of Realtors, said he hopes more people start to realize now is a good time to put their homes on the market. “Buyers are out looking now, and every property that comes to the market is getting tremendous attention,” he said.