Jon Goode

Last week I posted about multi-unit condo projects in different phases of completion and sell out. This post features some great private home construction and renovation projects. I say nosy neighbor with humor as any information I post about a private home is information that is in the public domain – I would never compromise anyones’ privacy. These incredible projects illustrate the level of confidence the owners have in Provincetown. It’s a testament to the strength of the market yes, but as much to the desire that these folks have to invest and live in what is one of the most beautiful and diverse towns in the world. How lucky are we!

Many might say these houses buy into the idea of the “Nantucketization” of Provincetown. Some of these homes are magnificient and very expensive for sure. But there remains a broad range of properties in town where you can still buy a waterfront beach condo for $350K. That’s incredible, and speaks to the broad diversity of properties available in Provincetown which does include all price points.

See available properties for sale at Beachfront-Realty.com

A story I hope never happens to you. Only by some kind of karmic alignment were we able to get through the day – every service provider showed up with smiles and humor and efficiency. I am posting this personal story because every one of the companies that showed up deserve every bit of promotion and good will that I can give them.

A cold Saturday morning in February our toilets won’t drain – ugh! Backed up and coming into the basement from the overflow pipe. Not Pretty!

Called Ian’s Plumbing. Ian answered the phone in person. 508-699-7384 – I didn’t expect that but hallelujah. He says its probably a clogged main drain, or could be the septic system. OMG!

Ian sends me to David at Rooter-Man Cape Cod. David was in Eastham, and can be here shortly, team member Ed to follow. The nicest guys in the world, and really know what they are doing. Told them the story – they think it’s the septic. They locate the septic tank and the leeching field, with a handy plot plan I have at the ready. YIKES. Both are totally full. Who knew – no warning. (Should have it pumped at every two years). He jumps on the phone and calls J Rodericks for an emergency pump – gets them in person. (again – how lucky are we?)

Chris (a septic savant) and helper from J Rodericks Septic and Sewer  (508) 487-1578 are here within 15 minutes with a pump truck. Unbelievably they do the job in half an hour. Chris has serviced our system in the past and was as thorough and personable as always.

We still had a mess in the basement as that’s where the overflow went when it was clogged up. We called Whalen Restoration – they could not have been nicer or more efficient or quicker in getting a team mobilized to come to Provincetown – the team was here two hours, late on a Saturday afternoon on a holiday weekend. WOW! Gregg and EJ pulled the truck into the driveway and had hoses, dryers and dehumidifiers ready and working in moments… and they were as friendly and respectfull of the house and our time as they could possibly be. They were done in two hours. Unbelievable!

I don’t know who was nicer, Ian, Gregg and EJ from Whalen or Chris from J Rodericks or David and Peter from Rooter-Man Cape Cod.

So from 11AM to 5PM – an adventure no one should have… but if you do, keep these companies in your phone and address book. Spread the word and use them and refer them often. They are all exceptional and deserve all the promotion and business they can get!

Another well known property has just sold. The main building at The 1807 House consisting of four units #3, #4, #5, and #6, recently sold for $3.225M with an asking price of $3.595M. The main house has water views, four bedrooms and three and one half baths, and an attached guest studio apartment with kitchen, accessed within the main quarters. There are also two units in the rear, a first floor one bedroom and second floor spacious studio apartment with vaulted ceiling.

MLS Remarks – The 1807 House A rare opportunity to live in an antique Long Point ”floater” in the highly desirable west end with water views of Long Point from an expansive elevated front entry patio deck. Enjoy the quiet charming ambience of the west end and the convenience of the town beach across the street to launch your boat or kayak. You have admired this lovely antique Provincetown home, with its stately presence and adorning summer flowering landscape, when it was operated for over half a century as the 1807 Guest House. The uniqueness of the property is its current configuration in one structure consisting of the main house with water views, four bedrooms and three and one half baths, and an attached guest studio apartment with kitchen, accessed within the main quarters. There are also two units in the rear, a first floor one bedroom and second floor spacious studio apartment with vaulted ceiling. Many opportunities exist for the reconfiguration of the of the living spaces of the four units, offering greater integration of adjoining living spaces to create a compound to meet a new owner’s living preferences, or simply enjoy the existing configuration.

See all properties for sale at Beachfront-Realty.com.

There’s a lot of construction activity in town this winter which is great to see, as we need all the units we can get! The five projects featured below are in different stages of construction. Some of the units are under agreement, others should come on the market this spring, and some are just starting construction. I’ll update you as these properties come to market.

See all properties for sale at Beachfront-Realty.com.

15 Bradford Street Ext #F is a three floor townhouse with views of the moors from every floor. It is being marketed for $1.750M. It is a great new property offering in an otherwise dry February for new listings.

MLS REMARKS. Just in time for Valentine’s Day, this 3 bed , 2 and 1/2 bath completely renovated townhouse located at the Village at the Moors, simply put, is stunningly beautiful. All three floors are meticulously laid out featuring gorgeous views of the moors and those unforgettable West End sunsets from all three exterior decks. Highlights include: an open living and kitchen area, top of the line finishes and appliances. Bright, spacious, & beautiful, with two deeded parking spaces, laundry room, storage, common area rear deck and fire pit. Located minutes to Herring Cove Beach. Just drop your bags as this luxury townhouse is simply perfect! Listing courtesy of Berkshire Hathaway.

See all available properties for sale at Beachfront-Realty.com.

What an incredible house – 117 Commercial Street is a truly iconic West End home at the jag in Commercial Street near the Coast Guard Station. It has 1,360 square feet, two bedrooms and three bathrooms. It was marketed for $2.750M and sold recently for $2.725M..

MLS REMARKS: Iconic west single-family home located in Provincetown’ sought after West End. In its previous life this home was Provincetown’s ”Engine Co. 1” fire station, and was subsequently converted to a single-family home, and lovingly maintained ever since. Known to most as ” The Fire House”, this home welcomes you to its well-known porch with rockers, classic cupola and exterior charm. The home provides 3 full levels of living with peeks of the Harbor from both top levels. The second level provides a large open living space with full bath, a chef’s sized kitchen, breakfast bar, dining area for at least 8 and a large living room. One level up is the primary suite with separate bedroom and office or workout area, along with a full tiled bath. The first level features a well sized den with full bath and access to a lovely, fenced patio area. There are wood floors and bead-board throughout, stunning architecturally features, beautifully framed views of the neighborhood and only steps to the beach.

See all available properties for sale at Beachfront-Realty.com.

Provincetown – January Sales

11 condos sold with an average sale price of $1.082M and an average sale to list price ratio of 104%. (two below)

4 single family houses sold with an average sale price of $1.825M and an average sale to list price ratio was 99%. (two below)

Last year 9 condos sold with an average sale price of $619K, and an average 112 days on market. 7 single family properties sold with an average sale price of $1.642M with an average 61 DOM’s.

New Listings. 9 condos were listed with an average price of $884K. 2 single family properties were listed with an average price of $1.772M.

DOM’s much less than last year. Condos sold had an average of 10 DOM’s vs 112 DOM’s last year. Single family’s sold in an averag of 49 DOM’s vs 61 DOM’s.

We still cant predict the spring market, but these figures look an awful lot like last year.

For buyers the chances are that properties you may like will come on the market this spring. They may be priced higher than you expected, and there may be a competitive offer situation, and they will sell quickly.

Be prepared – be ready to view and make your buying decisions quickly.

For sellers, it is the time to sell, if you have somewhere to go.

See all available properties for sale at Beachfront-Realty.com.

The Days on Market phenomenon.

How Fast did Homes Sell in Provincetown in 2021?

The average days on market for sold condos in 2021 was 93 which is down 34% from 140 last year. DOM’s for single family properties was 50 days, down from 158 days last year.

In late spring and early summer 2021 the market for desirable properties started boiling. Demand was unprecedented through the fall selling season. In the last 6 months of the year exactly half of the condos sold did so within 0-10 days – basically representing a week on the market. The averge DOM’s for condos sold in the last six months of 2021 was 52.

Recently the practice has been to put a property on the market early in the week. Have multiple showings for 2-5 days, sometimes as many as three dozen, and calling for offers on a Monday with a seller decsion on Tuesday after multiple offers are recieved.

Two examples below.

Single family propertes were experiencing the same level of demand. 15 of 28 sold within 0-10 days in the second half.

Two examples below.

Is this the new normal? The average DOM n 2020 was 140 for condos and 158 for single family homes.

It’s difficult to predict what will happen this spring season. It all depends on the supply level. I’ll keep you posted.

See all available properties for sale at Beachfront-Realty.com.

4 Meadow Road #3 is a charming two bedroom and two bathroom townhouse style condo with 1,275 square feet of living space. It is in the Meadow Road condominium complex in the West End, just minutes from town and the West End beaches. It is being marketed for $895K.

REMARKS: 4 Meadow Road #3 is a lovely end-unit, two-bedroom townhouse with three floors of living and wonderful outside spaces located in The Meadows condominiums. The first floor has a wide-open floor plan with living room kitchen and dining areas and three light exposures. The designer kitchen has custom granite counter tops with a tiled backsplash, ample cabinetry and stainless steel appliances. The charming open-box ceilings are nearly 10 ft high. The second level has an ensuite main bedroom, a guest bedroom and a shared bath. The top floor is being used as a home office and a gym, but is perfect for a guest room as well. The third floor has double doors that open to a large deck with wonderful views of the West End neighborhood. There is a junior farmer’s porch on the front of the condominium and an entertainment-size, decked patio in the rear. The 2/3rds basement has tons of storage and a laundry center. Two car parking. Pets are welcome. Rentals are allowed – one rental of any duration every 90 days.

• 

• 

• 

• 

• 

Please contact me for additonal details or if you would like to view the property. See all available properties for sale at Beachfront-Realty.com.

PROVINCETOWN, TRURO AND WELLFLEET
4Q2021 FIGURES

Provincetown and the entire Outer Cape had a remarkable year in real estate. Remarkable in many ways – both good and bad. Once again, it was an unprecedented year as we dealt with the continued market effects of the pandemic. With demand continuing to outstrip inventory, overall market results surprised even those of us who have experienced many ups and downs in the real estate market.

We are in a classic low supply and high demand dynamic with a very limited amount of available inventory. Added to this is the profound lack of buildable land available to construct additional dwelling units. In other words, a perfect storm of challenges exists as we are about to enter the 2022 spring selling season on the Outer Cape.

PROVINCETOWN

In Provincetown, unit sales were down in every category and sale prices were up! Condominium sales were down 22% from 193 to 151. Sale prices were up 10% from $667K to $734K. And astonishingly, 30% of those sales sold for over the asking price.

This does mean though that 100 units – or 70% of sales – did sell at or below asking. This provides some good news and some terrific opportunities for buyers as we see many mid-market properties are selling at or below asking prices.

There are only 21 condominiums on the market listed in MLS as of January 3rd with an average asking price of $1.03M. In the old normal, there were 40-70 condos on the market at any given time. This represents only 30 days of inventory available for sale.

Single-family home sales were flat with 53 sales compared to 52 sales last year, and average sales price increased 30% from $1.44M to $1.87M. However, 34% of these single-family homes sold above asking.

There are only nine single-family properties on the market now with an average asking price of $3.78M. Three of these are priced above $5M skewing the averages higher. There are no properties on the market priced between $1M and $2M which is the most popular price point for single-family homes. In balanced markets, there are usually 25-40 single-family homes offered on the market at any given time.

TRURO AND WELLFLEET

In Truro and Wellfleet, the lack of inventory is even more severe than in Provincetown.

The average single-family sales price in Truro was up 34% from $928K to $1.244M. Sales were down 21% to 64 from 81. There are only three single-family properties on the market with an average asking price of $3.068M. Again, this is skewed up by one of the three being priced at $4.6M. These three units of inventory represent a 20-day supply!

Truro condominium sales were higher – 50 sold this year vs. 39 last year. The average sale price increased 5% to $385K from $366K. There are only two condos on the market with an average asking price of $853K.

In Wellfleet, the average sales price of single-family homes was up 18% to $936K from $795K. Sales were down 14% to 74 this year from 86 last year. Currently, there are only three single-family properties on the market in Wellfleet with an average asking price is $1.26M.

AS WE END 2021 AND BEGIN A NEW YEAR

As we end 2021 on the Outer Cape, we see that average sales prices were up and the number of units sold was down – in all categories and in all three towns, except for condo sales in Truro. But, buyer demand for Cape property, and specifically Outer Cape property, remains extremely high. This historic lack of inventory was caused by the surge in sales that started in May and depleted available inventory which has not been replenished. The upward pressure on prices caused by this increased demand and lack of inventory cannot help but effect sales in 2022.

As we begin the New Year, we hope you are staying safe and remaining healthy wherever you are during this off-season. We are committed to providing you with the safest means available to view, purchase and sell real estate on the Outer Cape. We have learned to do business safely and comfortably during Covid, while still providing the expected high level of service and attention you require. Our business philosophy has always been that the best-informed buyers and sellers are the most satisfied with their results.

Watch for interesting stories in your email and on social media at jon.goode.com. We look forward to seeing you soon.