Tag: Cape Cod condo sales

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Favorite Seasonal And Weekly Rentals In Provincetown

My pick of favorite rentals.

February 23, 2014

As you know seasonal rentals are tough to find in Provincetown.  Below are two incredible rentals that are still available.

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596 C

 

 

 

 

 

Commercial Street 2 bedroom condo with 2 bathrooms and a water view. “Located across the street from the beach with deeded beach access. Good water view from second floor master bedroom and deck. 1000 Square Foot 2BR, 2 story townhouse. 2 full baths. Master has queen size bed and there are two twins in the other bedroom. Nicely appointed with new furniture by a professional designer. 1 car parking. Stack laundry in unit. No pets. Quiet association with mostly owner occupied units. $20,000.”

 

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Centrally located 2 bedroom plus den. “This contemporary single family is located on a beautiful pond just a 6 minute walk to the Boatslip. 2 master suites plus a den will sleep up to 6. 3 full baths. AC. Hot tub. Sauna. Ample parking. Fully equipped chefs kitchen with gas cooking, large dining area, large full length rear deck directly off living room with a sheltered dining area,. Upstairs suite has a private deck overlooking pond and conservation land and a meditation room. The owners will consider allowing a dog under 50 lbs. Dog cannot be allowed in the pond due to conservation rules. $23,000.”

 

Weekly rentals are easier to find and this waterfront 2 bedroom  is absolutely adorable,  located between the Coast Guard Station and The Red Inn.

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“Second floor condo in quiet building with multiple windows that reveal beach, street, many species of birds, and all phases of the sun. Two generous bedrooms (queen & 2 twins), fully-stocked kitchen; fine linens; window AC (cross ventilation is great); 450 feet of breathtaking beach right outside your door. Located in the historic Masthead Resort, you have full access to amenities: great swimming at high tide, long walks towards the horizon at low tide, sundeck on water, awesome gardens that flower all summer. Enjoy a short walk further west to the jetty, even shorter walk to The Red Inn’s oyster bar or Relish (the home of homemade cupcakes and killer sandwiches!), or a quick hike or bike to ocean beaches. Walking East, you are 15 minutes from town center – art galleries, shops, restaurants, movies, cabaret, water sports, library, fishing and whale watching, and the non-stop street fair created by the visitors and residents of our lovely Provincetown in summer.”

Check out the links to any of these or give us a call at 508-487-1397 for more information.

 

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First Annual Decline For Existing Home Sales In Over 2 Years

Interesting INMAN post with a national perspective mirroring the issues we are seeing locally in both our primary and second home market.

Existing-home sales post first annual decline in more than 2 years

Higher mortgage rates, constrained inventories and tight credit slowed pace of sales in November.

The uptick in construction will help elevate the consistent inventory shortages we are seeing, and the lessening of negative equity will help as Zillow said that by 2014 U.S. homes will have recovered 44 percent of the total value they lost from 2007 to 2011.

Teke Wiggin Staff Writer, INMAN

Higher mortgage rates, constrained inventories and tight credit slowed the pace of existing-home sales for the third month in a row in November, producing the first annual decline in sales in more than two years, the National Association of Realtors (NAR) reported today.

Existing-home sales dropped 4.3 percent from October to November, to a seasonally adjusted annual rate of 4.9 million, and were down 1.2 percent from a year ago, marking the first time in 29 months that sales were below year-ago levels.

“There is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bottleneck is in limited housing supply, due to the slow recovery in new-home construction,” said NAR Chief Economist Lawrence Yun in a statement.

Rents are rising at the fastest pace in five years, Yun said, and annual home prices are rising at the highest rate in eight years. The spike in mortgage rates that occurred in late spring of this year has hampered home sales over the last few months, Yun and others say.

Members of the Federal Reserve’s Open Market Committee announced Wednesday that the Fed will finally begin to reduce its $85 billion-a-month purchases of Treasurys and mortgage-backed securities in January. The news did not immediately drive up mortgage rates, but a Fed pullback is still expected to nudge them up further.

If interest rates rise, that could further crimp existing-home sales. Market indicators suggest they are likely to decrease for at least another month. NAR’s Pending Home Sales Index — a forward-looking indicator of sales — dropped for the fifth straight month in October. Purchase loan applications recently hit a one-year low.

Yun recently predicted that sales of existing homes will remain flat in 2014 due to headwinds including declining affordability, limited inventory and tight mortgage lending standards.

Despite declining home sales, the outlook for the housing recovery is by no means bleak. Other market barometers point towards improvement. Single-family housing starts jumped to their highest level in well over five years in November, increasing 20.8 percent month over month and 26 percent year over year, the U.S. Census Bureau reported.

The uptick in construction could alleviate an inventory shortage that many analysts say has constrained demand, perhaps boding well for home sales in the long term. Meanwhile, sales of new single-family homes skyrocketed in October, ending a three-month slump that began in July and providing evidence that elevated mortgage rates have not seriously hobbled the housing recovery, research firm Capital Economics said.

While the number of existing homes for sale at the end of November slipped 0.9 percent to 2.09 million, the amount of time it would take for those homes to clear at the current sales pace increased to 5.1 months, up from 4.9 months in October and 4.8 months a year ago, NAR reported.

The median price of an existing single-family home slid 0.6 percent from October to November, to $196,300, but was up 9.4 percent from a year ago. Elevated home prices have begun to chip away at buying power, analysts including Yun say.

But the price appreciation has also freed millions from the shackles of negative equity, making it possible for them to sell their homes without having to resort to a short sale. Zillow said that by 2014 U.S. homes will have recovered 44 percent of the total value they lost from 2007 to 2011.

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Sellers No Longer Sitting So Pretty?

It is smart to pay attention to what the national market prognosticators are thinking and then digesting the information relative to our market. We need to pay attention to the NAR too. But when Lawrence Yun of NAR says, “…sellers cannot keep jacking up the prices since there is a lack of buyers…” we need to be a bit suspect. This doesn’t sound like a savvy sound bite from the leader of NAR, and it is not the case in our markets.  Whatever happened to the natural dynamic of the supply and demand curve Lawrence?

Substantial price jumps are unlikely

Brena Swanson of Housing Wire

As more inventory hits the housing market and buyers rebel against rising home prices, the real estate market is likely to shift from seller dominance to one that is more counterbalanced by buyer reluctance to acquire homes deemed too expensive.

The tighter inventory conditions of this recent spring and summer are going away as the spring months of next year start to approach, analysts say. Right now, builders are trying to make up for a lack of inventory with new homes,  Lawrence Yun, chief economist for the National Association of Realtors, claimed.

According to the latest Home Price Index report fromCoreLogic, home prices, including distressed sales, increased by only 0.2% in October when compared to September.

“In October, the year-over-year appreciation rate remained strong, but the month-over-month appreciation rate was barely positive, indicating that house price appreciation has slowed as expected for the winter,” said Mark Fleming, chief economist for CoreLogic.

“Based on our pending HPI, the monthly growth rate is expected to moderate even further in November and December. The slowdown in price appreciation is positive for the housing market as almost half the states are now within 10% of their respective historical price peaks,” Fleming said.

The report comes with both good and bad news. It is good news certainly for the owners and home sellers who are getting the appreciation and housing equity increases, in addition to helping the economy in terms of consumer spending, Yun explained.

However, the report is not as positive for homebuyers. “There are still in my view a lot of potential homebuyers getting blocked out from buying due to rising home prices,” Yun said.

He added, “It is a clear signal that sellers cannot keep jacking up the prices since there is a lack of buyers. More housing inventory is coming into the market from new home construction, but it is still a sluggish pace.”

If prices increase, homebuyers may choose to step out of the market if sellers do not adjust their list prices.

Home prices, including distressed sales, increased 12.5% annually in October, marking the 20th consecutive monthly year-over-year increase in home prices.

“In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013,” said Anand Nallathambi, president and CEO of CoreLogic.

“The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates,” Nallathambi added.

Heading into 2014, sellers are still in fairly good shape with prices edging up, but they don’t have that much further to rise, CoreLogic suggests.

 

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Favorite New Listing Of The Week

 

This house has always been one of my favorites in the East End. It is in the gallery district next to the house with the huge front yard, and one house east of Ciro and Sals restaurant alley. MLS copy below.

$1.695M, 436 Commercial Street is being offered for $1.696M, 4 bedrooms, and 4 baths, with 3,620 sf and a 9,147 sf  lot. Famous Provincetown artist, Charles Hawthorne made his home here and built the grand Federal addition. This is a home for entertaining with its floor through design and separate suites. A large chefs kitchen dominates the back of the house with formal dinning area. Custom built in closets and cabinets were done in the period style along with wood work by fine craftsmen. There is a very large master bedroom suite with a deck overlooking the garden. Peeks of the water is an added bonus!

 

436 Commercial

 

 

 

 

 

 

 

 

This is a legal two family home giving the new owner condo possibilities.

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Commercial Street Redo

WOW!!!!  This is what was going on outside our office yesterday.  Construction is happening in earnest.  Digging up the street, laying down a deep layer of gravel and prepping for the first layer of asphalt. They have been preparing for weeks redoing drainage and installing new granite curbs.

YESTERDAY!

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View from the office

 

 

 

 

 

 

 

 

THIS MORNING!

Had to get to the office this morning by walking the beach and climbing over the porch railings – there was no way I could come in the front on Commercial Street.

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THIS AFTERNOON! 

What a difference.  The worst is over.  The picture on the right shows the crews moving down from Pleasant Street towards Whorf’s Court and the Coast Guard Station.

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A great improvement as many of you have seen how terrific downtown Commercial Street looks (once the pavement is in).

Wishing everyone a great Thanksgiving!

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$1,959 Per Square Foot…

 …and worth it!

While this freestanding condo may sound expensive it is one of those rare, new construction properties right on the water…in the West End.  It is a great property offering designed and built with what looks like great attention to quality and detail.

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67 Commercial Street #4, $1.899M, 2/2, 969 sf. (copy direct from MLS) Quintessential, waterfront, West End free standing 2 bedroom, 2 bath Cape home with spectacular views of the harbor & Long Point. This luxury home has been completely rebuilt with contemporary finishes yet true to its Cape roots. The main living area has wide plank Scandinavian bleached white oak floors, bead board wainscoting & ceiling & a glass door that opens to a private waterfront deck. Kitchen features custom modernist shaker cabinets with a resin pebble backsplash, a Sub Zero refrigerator & Miele appliances. On the second floor you will find the master bedroom with cathedral ceiling, private deck & a spacious en suite bath. The guest bedroom also has a cathedral ceiling and oculus window. Both the baths have river stone tiled showers with Waterworks nickel fixtures & custom glass enclosures. There is off site deeded parking for 2.

 

 

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The Cottage on Atwood Avenue

If there ever was a quintessential West End cottage, 12 Atwood Avenue is surely it. This charming wood-frame freestanding condo  is set back from the private unpaved lane behind a honeysuckle-covered white picket fence. With 696 square feet of living space, this one bedroom, two-story cottage is the ultimate Provincetown retreat. There is also a very sweet, exclusive-use sun-lit private garden and patio area.

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The main floor has a front facing living room with a charming brick fireplace. There is a separate dining room next to the kitchen in the rear of the cottage.

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The entire second floor is a large bedroom and bath with multiple dormered windows and lovely sight lines to Atwood Avenue.

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The kitchen has gas cooking, and is directly off the dining room and steps away from the outside patio and garden.

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12 Atwood Avenue has just been developed into a lovely two-unit condominium association, and is being offered at $535,000.

 

 

 

 

 

 

 

 

 

 

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What’s On The Market – Affordable/Entry Level and Mid Market In Provincetown

There are some wonderful properties on the market in Provincetown. I have compiled a late summer review that illustrates the broad range of inventory from affordable condominiums to multi-million dollar waterfront homes.

The affordable entry level market is priced from $200K to $400K and is full of great options. 6 of my favorites are pictured below. There are a total of 48 condos for sale in this price range with an average asking price of $325K. This gets you a 564 square foot 1 bedroom/1 bath condo. Buyers are always surprised that they can get water front or water view in this price range and three of the condos pictured below have have just that. There are even 3 single family properties available in this range.

 

233 Bradford St #5 $245K
233 Bradford Street #5, $245K
495 Commercial St #4, $289K
495 Commercial Street #4, $289K
616 Commercial #9, $299K
616 Commercial Street #9, $299K

 

 

 

 

 

 

 

6 Mechanic #D, $315K
6 Mechanic Street #D,     $315K
145 Commercial #M2R, $380K
145 Commercial #M2R, $380K
60 Race Pt Rd #2, $395K
60 Race Point Rd #2,     $395K

 

 

 

 

 

 

 

 

The mid market is priced from $400K to $750K. There are 14 single family properties available with an average asking price of $626K. There are 42 condos for sale with an average asking price of $549K.

6 of my favorites are pictured below. 4 of these are stand alone units or end units. A couple of my favorites are 30 Alden Street which is a stand alone 3 story condo with a garage and multiple decks, and 4 Race Road which is a brand new 2 bed/2 bath with fabulous finishes in a terrific neighborhood.

There are 14 single family properties for sale in the mid market range a well.

 

442 Commercial #2, $424K
442 Commercial Street #2, $424K
68 Race Pt Rd #2, $499K
68 Race Point Road #2, $499K
30 Alden St #5, $545K
30 Alden Street   #5,       $545K

 

 

 

 

 

 

 

51R Harry Kemp Wy #1, $624K
51R Harry Kemp Wy #1, $624K
64 Franklin St #F $654K
64 Franklin Street  #F    $654K
4 Race Road #3 $659K
4 Race Road #3
$659K

 

 

 

 

 

 

 

 

There you have it.  The affordable and mid market in Provincetown.  Enjoy!

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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.”

 

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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.