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analytics

Amazing Year-To-Date Sales In Boston

Stunning figures. In all Boston neighborhoods combined, year-to-date as of May 31, the average selling price for condominiums is up 12% to $542K. The number of condo sales is up 19% to 1,443. Total dollar volume is up 20% to $782,000,000. The number of condos available for sale is down an amazing 65% from the same time last year, from 2,132  to 1,293 condos for sale today.

The story continues to be inventory, yet the number of sales in downtown Boston neighborhoods is up markedly or at least even with last year, except in Dorchester where the number of sales was down 17% and where inventory was down 36%.

2 Commonwealth Ave $1.43M

 

In Back Bay the number of condominium sales is up 27% to 166 sales against 131 last year. The average sales price is down 7% to $1,154K and inventory is down 34% to only 174 condos on the market as compared to 264 last year. The total dollar volume of condominium sales year to date in the Back Bay is $191M.

 

 

 

 

40 Worcester St, 1B/1B, $439K

 

In the most popular Boston neighborhood, the South End, the number of sales is up 25% to 186 against 149 last year. The average sales price for a condo year to date is equal to last year at $678K. The unbelievable story in the South End is that the inventory of properties for sale is down 49% to 122 from 241 last year.

The pressure on existing inventory is acute. The fact that we are seeing both a substantial increase in sales units and a substantial decrease in inventory for sale has created an uncomfortable balance between buyer engagement and frustration.

 

 

 

26 Danforth St., 3B/1B, $380K

 

Jamiaca Plain is experiencing the same dynamic as the South End. The average condominium sale price year to date is $363K, a 4% increase from $348K last year. The number of sales has increased 33% to 120 from 90 in 2011. The number of available condominium properties for sale is 96, a 41% decrease from 162 available last year.

 

 

 

 

529 E 8th St, 2B/2B, $463K

South  Boston, our “other” hot neighborhood saw a 27% increase in the number of sold properties to 183 versus 144 sold last year. The average selling price for a condominium year to date increased 3% to $412K from $399K last year. The number of available condos for sale decreased 57% to 112 against 261 last year at this time.

In most downtown neighborhoods the sustainability of high sales numbers in light of the huge decreases in inventory levels poses a real challenge for market balance. As always market forces will come into play. We have begun to see this in the increases in sales prices. Barring a substantial increase in inventory this trend will continue.

 

 

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analytics general info

Provincetown Sales Year To Date

Provincetown year to date sales figures as of May 31 look great!

5 Brown St $350K

Condo sales are up 20% over last year with 53 condos sold year to date versus 44 last year. The average sale price was up 13% to $388K versus $343K last year. The energy on “the street” is palpable. There are excited buyers looking to take advantage of historically low interest rates and affordability levels not seen in a long time.

In past posts condos under $300K were highlighted and in another the “belly” of the condo market in the $500″s was examined. Both posts illustrate the broad assortment of properties for sale which is helping to drive sales.

 

 

 

5 Harbour Dr. $2.95M

The number of single family properties sold was up an amazing 83% to 22 properties year to date versus 12 last year. The average sales price was $732K against $871K last year  which is a decrease of 16%.

In Boston we can read more into “averages” as hundreds of properties are sold each month, and averages tend to be more important and meaningful. In Provincetown with a smaller sampling of properties, averages can be skewed wildly by one excessively high or low sale, and while still important and very interesting to look at, whats’s more important is the general trajectory of sales.

 

Provincetown is on track to have a very solid year in real estate.

We will publish our quarterly Goode and Farmer Report for Provincetown Q2 in early July.  Watch for it.


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general info

Black Bear Update!

 

At 6:15 am Wednesday, June 6, 2012, Provincetown police received two reports from local citizens regarding a black bear sighting along Route 6 and in the National Seashore. Officers discovered bear tracks in the areas where the bear was sighted. Police notified the National Park Rangers and the State Fish and Wildlife Large Animal Rescue Team. Fish and Wildlife Team members responded to Provincetown to evaluate the condition of the bear. The public is reminded to use common sense and stay safe.   Massachusetts Black Bears are a regulated species. Do not seek to locate or harass the bear for any purpose.   According to the American Bear Association bear attacks on humans are extremely rare. Bears are typically shy and easily frightened. To prevent nuisance encounters with bears store garbage indoors or in secure containers. Do not feed or leave food outside for any wild animals including bears. Take birdfeeders indoors.   Should the public encounter the bear:   Stay calm. DO NOT RUN (running may elicit a chase response by the bear)   Pick up children so they don’t run or scream.   RESTRAIN YOUR DOG.   Avoid eye contact and talk in a soothing voice.   If the bear stands up, he is NOT going to attack but is curious and wants a better sniff or view   Back away slowly. If the bear chomps their jaw, lunges or slaps the ground or brush with paw he feels threatened.   Slowly retreat from the area or make a wide detour around the bear. DO NOT block or crowd the bear’s escape route.   These guidelines provided by the American Bear Association.     The public is encouraged to contact the Provincetown Police Department at 508-487-1212 with accurate and detailed sighting details.   More information can be found from the Massachusetts Division of Fisheries and Wildlife.   http://www.mass.gov/dfwele/dfw/wildlife/facts/mammals/bear/black_bear_biology_faq.htm#biofaq31
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architecture general info

Highest Condo Sale In South End!

32 Rutland St #3L, the penthouse, is not only the most expensive condominium sold in the South End this year, but it is one of the most incredible penthouses ever built in our wonderful neighborhood.  This condo was one of six units built in the recent renovation of the old “Project Place” at 32 Rutland St, which was a homeless and low income assistance program (which is a great cause and still exists).

The project was marketed beautifully by Mary Kelleher and her team at Sothebys International Realty and sold by Briggs Johnson in the South End office of Coldwell Banker Residential Brokerage. Two of the best!

                 

This particular penthouse duplex is 1 of 6 units that has about everything that you could Imagine: Direct Elevator Access, 2 Fireplaces, Enormous Master Suite, Surround Sound throughout, 3.5 bedrooms, garage parking, modern metal and wood railings, 2 decks (with 1 being 1100sf with outdoor kitchen and grill and a 6 person hot tub, with tv). The Master bath is in a class of it’s own. It boasts a whirlpool tub with a tv built in, and the master shower has the Kohler 12 jet digital shower system which is just just crazy , oh, and a TV in the shower too. It has 3,145 square feet and sold for $2.6M which comes out to $827 per square foot.

                 

So far, 5 of 6 have been sold with the largest and priciest one left which can be seen here This unit is a large lower duplex with even more bells and whistles, so check out this listing.

Compare this property to the “Best on the Beach” Waterfront property I posted about a few weeks ago. An interesting comparison as to what close to $3M buys you in the South End vs Provincetown.

 

 

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analytics

Boston South End Price Per Square Foot – Consistent

We all love price per square foot charts.  I think its because it is such an easy measurement to use to quickly determine a “baseline” value for a property. When analyzing property value in Boston most of us go to price per square foot (ppsf) first. In Provincetown price per square foot is not nearly as important in property valuation other than to compare and contrast property values with those in downtown Boston. Here in Provincetown the wide swings in valuation are caused by the huge variety of inventory including… Waterfront, East End, West End, renovated, “charming”, new construction, or weathered antique. The value of Cape Cod charm varies widely, but on average the price per square foot of condos sold is in the high $400’s to high $500’s. More on this in a later post.

Back to the chart. This South End ppsf chart shows a consistency over the last four years which is both surprising and reassuring.  This is evidence that the South End market is relatively consistent and stable relative to other markets both locally and nationally.

Below are examples of two South End sold properties and one on Beacon Hill showing price per square foot.

                           

Left t right: 470 Massachusetts Ave , in the South End, a 3 bedroom 3 bathroom Penthouse, 1,574 square feet, sold for $849K, $539 per square foot. Marketed by John O,Conner of Keller Williams and sold by Mike O’Hagan of Coldwell Banker Residential Brokerage.

40 Dwight St, in the South End, a 715 square feet parlor 1 bedroom, sold for $429, $715 per square foot. Marketed by Linda Ciborowski, Coldwell Banker Residential Brokerage.

10 Bowdoin St #202,  on Beacon Hill, a 706 square foot 1 bedroom, sold for $525K, $706 per square foot. Marketed by Paul Whaley of Coldwell Banker Residential Brokerage.

_________________________

In the last 4 years the lowest average quarterly ppsf of condos sold in the South End was $530 and the highest average per quarter was $629, a moderate swing of only 16%… and in the current quarter the average price per square foot of sold condos in the South End s $618 a strong number just off the 4 year high.

This is great news for buyers and sellers. The solid ppsf anchors the South End market near the high, and hopefully will prompt sellers to sell and buyers to see the potential investment potential and quality of life available to them in the South End.

Thanks to Joe Wolvek of Sothebys and his web site BostonRealtyWeb  for this chart. Joe used to work in my office in Boston and I always look forward to his analysis.

Average $ per square Foot Quarterly  Boston South End from LINK. 

Closed 1st quarter as of 3/31/2012: $618/SF
Closed so far 2nd quarter as of 5/19/2012: $602/SF
Top $/SF for 2011:   $1265/sf Atelier 505 #1001. 2529 SF 3 bed 2.5 ba for $3.2m

South End Boston real estate market average $ per square foot quarterly
Categories
architecture general info style

The Best On The Beach – Provincetown

There are some gorgeous homes for sale in Provincetown and this architectural masterpiece on the beach in the East End of Provincetown is one of there best!

This magnificent home is being marketed for $2.99M. It has almost 3000 square feet of fabulous living space and another 1700 square feet of additional living space in outdoor decks. It sits on an acre of land with an accreting (growing) beach.

A masterpiece of architectural design, this award winning 4-bedroom, 4-bath home with 150′ waterfront frontage is one of Provincetown’s most distinctive homes and is extremely private. Designed by award winning architect, Michael Winstanley Architects, the house has been awarded a prestigious national Design Award. The house has also been published many times.

 

 

 

This home offers breathtaking views, blending seamlessly with the natural environment on 3/4 acre with an accreting beach. The 3,000 sf house also boasts 1,700 sf of additional living space in outdoor decks.

 

 

 

 

The living areas on the first floor include stunning 180 degree views of the harbor and sweeping views of Provincetown. An all glass living room and gas fireplace define Casual elegance.

 

 

 

 

Each of the four master bedroom suites presents a unique definition of customized tile showers and bath. An expansive outdoor cabana room with stone gas fireplace provides a perfect place for outdoor entertaining.

 

 

 

 

 

An elevated lit boardwalk provides access and privacy to the beach with views of Provincetown,  Truro Long Point and beyond.

This photograph of the boardwalk evokes the feeling you get from this incredible home. Open, almost endless space, water, sun and sky and most importantly the ease and comfort of waterfront living.

 

 

A joy to experience and a joy to show!

In a future post I will compare this to a $3M luxury property that just sold in our other favorite neighborhood – Boston’s South End.

 

 

 

 

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analytics general info

South Florida Market Review

Ina Paiva Cordle”s reporting in The Miami Herald provides great context for the South Florida real estate market and reaffirms what we realtors are experiencing in the market. Real estate in South Florida is affordable and there is a terrific variety of properties for sale, and high rates of absorption have lowered inventory levels creating a more balanced market. Many reports are suggesting that home values may have hit bottom in 2011, retreating to 2002 levels, but are creeping upward now.

 

 

Here are how March home values for some areas compare to 2011.

Place Value change
Broward County $129,000 +1.7%
Pompano Beach $114,200 +7.1
Fort Lauderdale $187,300 +6.4%
Hallandale $127,300 5.4%
Cooper City $246,500 +4.3%
Plantation $182,900 +4.3%
Hollywood $134,900 +3.6%
Weston $283,800 +3.4%
Miramar $150,600 -1.3%
Pembroke Pines $157,900 -1.6%
Davie $181,300 -4.5%
Miami-Dade County $151,800 +1.5%
Bal Harbour $601,100 +19.8%
Sunny Isles Beach $260,900 +13.5%
Coral Gables $483,700 +10.5%
Miami Beach $240,400 +7.8%
Doral $220,500 +7.1%
Homestead $82,900 +3.2%
Miami $186,100 +2.6%
Hialeah $114,500 -1.2%
Miami Gardens $97,400 -5.0%
Opa-locka $63,500 -10.6%

Source: Zillow’s Home Value Index

Home values in South Florida rose 1.1 percent year-over-year in March, to $141,300, after reaching bottom in late 2011, according to Zillow’s Home Value Index. Only Phoenix had a higher year-over-year increase, 2.8 percent.

In another report, released by S&P/Case-Shiller, Miami ranked among just five cities in the nation to show an increase in annualized housing prices in February, up 0.6 percent from January, and up 0.8 percent year-over-year.

South Florida’s gains, Zillow’s Humphries said, reflect an uptick from the steep declines experienced since the economic downturn, which set values in South Florida back to July 2002.

The affordability of South Florida real estate has become a beacon to investors, international cash buyers, second home-purchasers and retirees, who have led the surge upward. Zillow’s index predicts that values in South Florida will rise another 5.6 percent during the next year.

Steve Roberge
FloridaMoves.com | 954Home.com
Cell:   954.495.7037 | Efax:  954.208.0510

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general info

My Top 5 Under $300K In Provincetown

Under $300,000 for a great Provincetown condominium… who’d think it was possible? Well, there are 50 currently being marketed below $300,000 in Provincetown and some are even on the water side of Commercial Street. 38% of the 132 condominiums for sale in Provincetown are under $300,000. They are downtown, in the West End, East End, Far East End toward Beach Point, out toward the seashore… what a variety!

I have combed through those 50 and picked out five of my favorites.  They represent a range of properties that I think will be of interest.

488 Commercial Street is in the East End near The Schoolhouse Gallery, and is being marketed for $299K. This is a charming 2 bedroom condo in the waterfront Bayshore complex in the East End.

                    

19 Center Street is a great one bedroom in a 5 unit complex with a fun outdoor community patio on the market for $299K. A well planned kitchen with a dining island, good size living room and a wood gas stove complete this comfortable offering.  There is parking for one car.

                   

23 Conant Street is a charming stand alone cottage with a sleeping loft being marketed for $265K. Bead-board walls, hardwood floors, custom built-ins, and recessed lighting all with a Near West End location.

                     

290-D Bradford Street is an adorable freestanding cottage in a 4 unit complex in the East End with an asking price of $259K. It has a separate bedroom and a full bath and the sweetest screened in porch and a rear patio. There is parking.

          

Number 5 is sort of a  tease… but a favorite because it is a full 2 bedroom condominium of close to 600 square feet on Commercial Street for $249K. There are no details or pictures as it won’t be available until mid June… I will put up details as soon as they are available.

These properties have great rental history’s and are in great locations providing an affordable entry into the Provincetown market. That’s my top 5 under $300K!

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analytics general info

Ft Lauderdale Update – April 2012

The post below is from Steve Roberge my South Florida contributor, talking about market conditions in Ft Lauderdale. Steve is with Coldwell Banker in Ft Lauderdale. He was with my old office in Boston before moving to Florida, and has owned property in Boston and in Provincetown…in other words he knows of what he speaks.  Enjoy.  Steve is a regular contributor to the blog. [email protected], 954home.com.

In Greater Fort Lauderdale / Broward County, the first quarter median sales price for single-family homes climbed 16% to $180,000 over the same period in 2011, according to data from Broward Council of the Miami Association of Realtors. This data supports recent analyst reports stating the Miami-Fort Lauderdale housing market has already begun to rebound. As was reported last month, Zillow predicts the Miami-Ft Lauderdale real estate market will be the second highest for home value increase in 2012.

 

Following is a market snapshot for the Greater Fort Lauderdale / Broward County housing market, comparing April 2011 with April 2012:

  • The number of homes listed for sale decreased 30% (14,046 vs. 9,745).
  • The price of homes sold increased over 20% ($173,000 vs. $208,000).
  • The number of homes sold decreased 11% (2,604 vs. 2,309), which is consistent with the reduced number of homes listed for sale.
  • The number of homes pending sale (under contract) increased 16% (3,077 vs. 3,646).
  • The average amount of days a home was listed for sale is down 9.6% (94 days vs. 85 days), which means the time to sell a home is improving.

What a difference a year makes. Inventory is down 30%. The price of homes sold increased by 20%. The number of homes sold decreased slightly in line with the decrease in inventory. The pending sales number increased by 16%, and average days on market decreased by close top 10%.

Realtor sentiment “on the street” mirrors the reporting from The Miami Association of Realtors, Zillow and others… that the Miami-Ft Lauderdale market is truly rebounding.

I will keep you posted with regular analysis of the Ft Lauderdale real estate market.

Steve Roberge FloridaMoves.com | 954Home.com

Cell:   954.495.7037 | Efax:  954.208.0510

 

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analytics

Goode and Farmer Report – Boston April 2012

April… what a month for real estate in Boston! There was the national news story about the return of multiple offers in many markets, including Boston; The unprecedented lack of inventory for sale… down 35% and more in some downtown neighborhoods, and the core strength of the market in spite of these conditions.

For all Boston neighborhoods combined condo sales were up 10% YTD over 2011 to 948 condos sold vs 863 last year. The average sales price for a condo in Boston was $563K vs $549K last year, a 3% increase. Days on market were even down 10% to 113 for many reasons including the lack of inventory.

In the Back Bay the number of condos sold was up 19% to 115 versus 97 sold in 2011. The average sold price for condos was down slightly by 2% to $1.299M. On Beacon Hill the number of condo properties sold was down 7% to 40 versus 43 in 2011. The average sales price for condos on Beacon Hill was up 8% to $836K versus $777 last year.

In Boston’s favorite neighborhood, the South End, the number of condos sold through April was up 22% compared to 101 in 2011. The average sales price for those condos sold was down a modest 3% to $659K vs $682K last year.

In what has become one of the most active markets in the city, South Boston, all the news is good. The average price of condos sold YTD was up 5% to $414K, from $393K last year. The number of condos sold was up 17% to 123 from 105 last year, and average days on market was down 30% to 102 days vs 145 days last year. South Boston is happening! And with 143 condos on the market vs 254 last year, a 43% decrease this neighborhood is bound to remain hot!