Tag: Cape Cod condo sales

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The Goode And Farmer Report – April 2015

 

The Goode And Farmer Report – April 2015 –

PROVINCETOWN

 

What a first quarter! Blizzards, arctic winds, record snowfall – it seemed like it would never end. But finally, spring is here!

It’s tough to identify trends in the first quarter with such a small sampling of information. Especially for a quarter rocked by historically severe weather. Yet with that said, first quarter results were surprisingly strong – a sure sign that demand remains high! For the most part, sales and prices have shown moderate gains and with warmer weather sure to come, the energy is right for a solid spring market.

In Provincetown there were 22 condominium sales in the first quarter vs. 24 last year. The median sales price was up 27% to $528K and the average sale price was up 15% to $528K. Sales volume was even with last years at $11M. The average price per square foot for condos sold was $563, up from $500 per square foot in the 1st quarter of 2014. There are 82 condos on the market with an average asking price of $590K and average price per square foot of $666.

The average sale price for a single-family home was down 5% to $1.03M from $1.08M. The number of single-family home sales in Provincetown increased by 50% to nine from six last year. There are 40 single-family properties on the market with an average asking price of $1.37M. There is still a shortage of inventory in this category that continues to have a direct impact on sales numbers.

 

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Provincetown continues to lead the way on the Outer Cape with higher prices and a higher sales volume. It continues to attract international buyers as well as buyers from around the country who have visited over the years and who now want to have a home here.

We expect that the late spring will create a rush of buyer interest and range of new properties for sale. This delayed spring market coupled with consistent and pent up demand, as well as continued low interest rates, creates an historically opportune time for homeowners to sell.

 

TRURO AND WELLFLEET

 

The average sales price for single-family properties in Truro was up 26% to $922K from $733K in 2014. However, the median price was down 12% to $626K. The number of sales was up from eight to 10 this year. Currently,there are 103 single-family properties on the market with an average asking price of $891K.

In Wellfleet, the average sales price of single-family properties increased dramatically. The reason for this sharp increase was due to the sale of 95 Granny Treats Road – a single-family home that sold for $5.1M – that skewed averages much higher. The number of sales decreased by more than half to five units from 13 in 2014. There are 48 single-family properties on the market with an average asking price of $954K and a median asking price of $601K. Wellfleet is predominantly a single-family sales market as well.

 

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Even with the severe weather this winter and a shortage of inventory in some categories, we continue to see increased prices and sales numbers on the Outer Cape. This illustrates a very resilient market and strong buyer demand.

Please call or stop in if you are thinking of buying a home or selling your existing home, or if you are just curious to see what your home is worth. Our business philosophy has always been that the best-informed buyers and sellers are the most satisfied with their results. And that’s what we do best.

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Pending Sales Surge Nationally

 
The pending sales report is always a few months behind, but it is all good news nonetheless. Excellent  post from KCM. Local conditions seem to be trending with the report. 
 

Pending Sales Surge: Great Sign for the Housing Market

 

by Pending Sales Surge: Great Sign for the Housing Market | Keeping Current Matters

The most recent Pending Homes Sales Index from the National Association of Realtors revealed that homes going into contract in February increased to their highest level since June 2013.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The Index is now 12.0 percent above February 2014. The index is at its highest level since June 2013, has increased year-over-year for six consecutive months and is above what is considered “the average level of activity” – for the 10th consecutive month.

Here is a graph showing the Pending Sales numbers:

Pending Home Sales | Keeping Current Matters

Here is a chart showing the Pending Sales increases by region:

Pending Home Sales By Region | Keeping Current Matters

Bottom Line

In an article from Investors’ Business Daily, Lawrence Yun, Chief Economist at the National Association of Realtors, explained what these numbers will mean to the overall market:

“It looks like the buyers want to come out to the market and they are eager to find the right home and make an offer. Therefore, I expect the second quarter of this year to be easily ahead of last year in terms of sales activity. Pending contracts are implying that the closing activity in coming months will be quite solid.”

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Baby Boomers To Have The Largest Household Growth

 

I found this very interesting….baby boomers aren’t just downsizing, but trading up, going across town and country…going with the “freedom threshold”. A great post by the KCM crew. (Keeping Current Matters)

Baby Boomers: Home Is Where The Heart Is

by 

Baby Boomers Find Freedom in Housing | Keeping Current Matters

Within the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why…

In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices” they surveyed nearly 6,000 adults ages 21 and older about housing.

Crossing the “Freedom Threshold”

Throughout our lives, there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift that takes place at age 61.

The study refers to this change as “Crossing the Freedom Threshold”. When where you live is no longer determined by responsibilities, but rather a freedom to live wherever you like. (see the chart below)

Crossing The "Freedom Threshold" | Keeping Current Matters

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.” 

On the Move

According to the study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses”. See the chart below for the top 6 reasons broken down.

Reasons for Moving in Retirement | Keeping Current Matters

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with less children at home that they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home.

Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them.

“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”

Bottom Line

If your housing needs have changed or are about to change, meet with a local real estate professional in your area who can help with deciding your next step.

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Provincetown Listing Of The Week – 7 Meadow Road #2

West End one bedroom townhouse condo with den and separate work studio/office.

7 Meadow Road #2 is a one bedroom one and a half bath 3 level condo in the Meadows complex.  It has 1,188 square feet and an asking price of $499K.

 

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MLS COPY: West End Townhouse in The Meadows condominiums, a thoughtfully designed community surrounded by Conservation land located on the way to Herring Cove Beach, yet a short stroll into town center. The residence is an end unit on 3 levels providing lots of natural light and sunset views. The main floor has an open living/dining/kitchen layout with bamboo floors, lots of windows and direct access to the parking and exclusive oversized garden. The kitchen has granite counters, stainless appliances and natural wood cabinets. The second floor master bedroom has windows with plantation shutters and a full bath with washer/dryer. The top floor den has sliding full glass doors opening onto a sunny roof top deck. There is also a finished studio/home office with a half bath on the lower level with a private outside entrance.

 

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View all properties for sale at Beachfront-Realty.com

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Vacation Home Sales Set Records

Good Boston Globe article –

Vacation home sales set record

 

Home by the sea in Falmouth.

DAVID L RYAN/GLOBE STAFF

Home by the sea in Falmouth.

 

 

 

By Prashant Gopal BLOOMBERG NEWS

Even before the remnants of Eastern Massachusetts’ snowiest winter have melted, second-home buyers flocking to Cape Cod’s beach towns have helped agent Steve Clay’s team break their sales record.

Clay, of Keller Williams Realty, said he and his four agents have 17 properties under contract, more than at any one time since the team formed in 2009

“Buyers know they missed the bottom of the market, and now they don’t want to miss the bottom of interest rates,” he said.

Second-home buyers from Cape Cod and New York’s Hamptons to Miami and Lake Tahoe, Calif., are returning to the housing market as surging stock prices, job growth, and low interest rates boost purchasing power and consumer confidence. US vacation-property sales jumped 57 percent last year to an estimated 1.13 million, a record in data going back to 2003, the National Association of Realtors said in a report Wednesday.

The increase in sales of new and existing vacation homes coincides with a 7.4 percent drop in deals for investment properties, to 1.02 million, as rising prices cut into potential profits. Purchases of owner-occupied homes fell almost 13 percent to 3.23 million, the realtors group said.

Vacation-home buyers had a median household income of $94,380, up from $85,600 in 2013, and the typical property was 200 miles away from a buyer’s primary residence. About 40 percent of purchases were in beach areas, 19 percent were in the country, and 17 percent were in the mountains.

Vacation homes accounted for 21 percent of all transactions last year, the most since the National Association of Realtors survey was first conducted 12 years ago.

‘Greatly Improving’

“We knew the fundamentals for vacation-home sales were greatly improving in 2014,” Lawrence Yun, the group’s chief economist, said in a telephone interview. “I did not expect it would be this big of an increase. It shows the buyers perceive that economic conditions will be solid for upcoming years.”

The realtors’ vacation-sales figures were based on survey responses from nearly 2,000 people who bought a residential property last year. Transactions involving institutional investors were excluded from the report.

In the Hamptons, the Long Island resort area favored by Manhattan’s elite, many people who might have rented in previous years are choosing to buy instead, said Ernest Cervi, the executive managing director who oversees Hamptons home sales for brokerage Corcoran Group. Buyers are riding high because of stock gains and average Wall Street bonuses of $172,860, up 2 percent as the industry added 2,300 jobs in New York City.

“Rates are low, so why not jump in?” Cervi said.

‘Backed Up’

Clay, who is based in Falmouth, where ferries bound for Martha’s Vineyard depart, said the snow kept many buyers away earlier in the year. In the past few weeks, the market has exploded, he said.

Single-family home sales in Barnstable County, which covers Cape Cod, rose 11 percent in February from a year earlier, according to The Warren Group, a property-data provider based in Boston.

“Mortgage people are flooded and appraisers are backed up,” Clay said. “It’s an indication that the pent-up demand is coming to fruition.”

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Listing Of The Week 154 Commercial Street

West End two bedroom one bath condo at 154 Commercial Street #3,  975 square feet with an asking price of $629K. This condo has a great location on the corner of Atlantic Avenue and Commercial Street.

 

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MLS COPY: Top floor 2 bedroom home with water views and access to Cape Cod Bay across the street. Located in the heart of the West End this bright renovated home has an open living area, large windows to take advantage of the views, wide plank pine floors and kitchen with stainless appliances, black granite counters and cherry cabinetry. In addition to the two bedrooms, there is a large loft space/office above. The bath has a green marble mosaic floor and subway tile surround tub with glass doors. Laundry, central AC, 2 car parking, sunny private deck and an exclusive yard area complete the offering. There is a low condo fee and stable association. New roof in 2013. Weekly rentals and pets for owners. This is a rare opportunity to own a renovated top floor, 2 bedroom home with water views, 2 car parking in the heart of the West End of Provincetown.

 

View all properties at Beachfront-Realty.com.

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Provincetown Listing Of The Week – 153 Commercial Street

Waterfront condo – 153 Commercial Street #6 , has three bedrooms, 3.5 baths and 1,142 square feet with an asking price of $1.749M.

 

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MLS COPY: It doesn’t get any better than this! Located beachfront in the heart of the West End, this 3BR/2.5BA free standing condo lives like a single family, and is the one you’ve been waiting for. This immaculate unit received a gut renovation in 2008 and was refinished in a contemporary style, using the highest quality materials. You’ll enjoy views from every room of this house, and from any of the 3 decks. The open floor plan living space includes a lovely kitchen, dining area, and living room with panoramic views. In unit laundry, gleaming blond pine plank floors, and air conditioning throughout. Direct beach access, weekly rentals permitted, pets for owners, and parking for one small to medium sized car. Very strong rental history. 6 unit association, professionally managed.

 

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

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Provincetown Sale Of The Week – 10 Harbour Drive

 

WOW!  10 Harbour Drive  a five bedroom, six bathroom home with 4,233 square feet sold for $3.995M…and their beachfront is growing by accretion.

 

10 Harbour

 

 

 

 

 

 

 

MLS COPY: Experience beachfront living with unparalleled privacy at Provincetown’s newest waterfront community. This newly built spectacular home at Bay Harbour is the largest waterfront home for sale in Provincetown, with over 4000 SF, 5 BR’s and 6 BA’s. Custom chef’s kitchen with WOLF & Subzero appliances. The view pours into the vast living room through the floor to ceiling wrap-around windows. A sumptuous master suite also faces the water & has a private deck,gas FP, WIC,& large bathroom with jacuzzi, steam shower. All bedrooms & the den have ensuite baths. Security, AC, lush grounds, basement, and 2 car garage. While most oceanfront properties are experiencing severe erosion, Bay Harbour, through certified surveys, has experienced over 125 feet of beach ACCRETION seaward since 1976. The property’s approved for a 12×27 ft pool with a jacuzzi.

 

View all properties for sale Beachfront-Realty.com.

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Provincetown Listing Of The Week – 293 Commercial Street #3

Two bedroom, great rental income, convenient downtown location.

293 Commercial Street #3 is a two bedroom one bath condo with 608 square feet – asking price of $265,000.

 

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MLS COPY: Two bedroom and one full bath top floor condo located in the heart of Provincetown, downtown between the two wharfs. Well designed with two good size bedrooms, 3 huge closets and a bath with a tub. Well equipped galley kitchen with cafe height island pass-through that is open to the bright living room. Total cosmetic interior renovation 3 years ago. A/C units for each room. Pets and weekly rentals are allowed. Fun and convenient downtown location. Excellent rental history.

 

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This cute condo is one of the few two bedroom condos available under $300K.  A great affordable year round home or income property.

See all properties for sale on Beachfront-Realy.com

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What $629K Gets You On The Cape

 

Another great Curbed Comparisons from Jazmine –

 

CURBED COMPARISONS

What $629,000 Buys You on Cape Cod Right Now

Thursday, March 5, 2015, by Jazmine Donaldson

It’s time once again for Curbed Comparisons, where we break down what you can get at the same price point, style or size in five different Cape and Islands neighborhoods. This week, Barnstable listings for around $629,000.

154comm.jpg
[154 Commercial Street, Unit 3, Provincetown via Zillow]

Here now, eight Cape Cod properties asking around$629,000 – year round, single-families, an old-meets-new condo, views of Cape Cod Bay, fireplaces galore, perpetually pricechopped, in need of TLC, in contract, bulldozer bait, recently renovated, ready to rent, and move-in-ready – with a little something for everyone.

EAST FALMOUTH
Behold, waterfront bulldozer bait with rather amusing brokerbabble for $629K: “There is a perfectly good house on this land, but will need to have a new septic system due to the present one being too close to the water, and a corner of the dwelling is in a flood zone. So the potential for tearing down the house and building just a smidge back opens the prospects of this property to limitless bounds (other than the ones set by the state and town bylaws).”
164 ACAPESKET ROAD, EAST FALMOUTH, MA 02536
WEBSITE
NEW SEABURY
Unit 14 is an end unit townhome “in a very private setting located in the village known as SeaQuarters!” The 2BR, 3.5BA features a first floor master, gas fireplace, three-season porch, a finished lower level, and the community pool “just steps away.” Yours for $629,900.
20 MASHPEE ROAD, COTUIT, MA 02635
WEBSITE
CENTERVILLE
This updated classic Colonial on .46 acres was built in 1994 and features 5BR, 2.5BA in 2,696-sq.-ft. The listing hit the market in early February for $629,000 and was in contract by the end of the month.
73 WILD GOOSE WAY, CENTERVILLE, MA 02632
WEBSITE
HARWICH
“Great Value!!!” The excited brokerbabble aside, this updated 3BR, 3BA on .92 acres features a first floor master, a hot tub room (insert time machine joke here) and a bonus room over the two-car garage. Asking price is $629,000.
24 DEER RUN, HARWICH, MA 02645
WEBSITE
ORLEANS
Built in 1800, this 4BR, 2.5BA “has been fabulously restored and lovingly and meticulously maintained.” In addition to the 2,072-square-footer, there’s a barn and shed on the 1.04 acre lot. First listed in September for $639K, a December chop brought the ask down to $629K.
32 MONUMENT ROAD, ORLEANS, MA 02653
WEBSITE
EASTHAM
First listed in March 2013 for $699K, this 3BD, 2BA upside-down Cape “across from the waters edge on beautiful Herring Pond” is now hoping for $629K.
375 HERRING BROOK ROAD, EASTHAM, MA 02642
WEBSITE
TRURO
Here’s yet another in contract abode with a $629K price tag. This contemporary Cape with 3BR, 2BA sits on a tricked-out 1.13 acres with an “in-ground, heated, salt water pool with waterfall, a large hot tub, an outdoor shower and a large storage shed.”
12 BAYBERRY LANE, WELLFLEET, MA 02667
WEBSITE
PROVINCETOWN
Finally, to PTown. This 2BR, 1BA newly listed West End condo features water views, access to Cape Cod Bay just across the street and nice mix of 1890-meets-2015 in 975-sq.-ft. Asking price is $629,000.
154 COMMERCIAL STREET, PROVINCETOWN, MA 02657
WEBSITE