Tag: Cape Cod Luxury condo sales

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Listing Of The Week

82 Commercial Street is one of the finest examples a classic Cape Cod Home. It is a 7 bedroom, 4 bath stunner with 3,294 square feet and is being marketed for $2.945M.

 

82 C front

 

 

 

 

 

 

 

MLS COPY: Offered on the public market for the first time since it was built in 1820, this showplace has only had 3 families own it in the past 100 years. This classic Cape Cod home, with its sweeping lawn & white picket fence, is an iconic property in Provincetown’s West End, one of a very few that boast this square footage on almost a 1/4 acre of land, in the heart of the historic district. The house has been impeccably restored to its original grandeur, and all of its core infrastructure has been brought up to date. The home is expansive, w/ 7 bedrooms, pine floors, period wainscoting and trim, formal living and dining rooms each with wood burning FPs, and a classic sunroom that offers views of Long Point Light. Underground utilities, irrigation, new HVAC, wiring, sewer connection, security, generator, ext siding & cedar roof w/in recent years.

82 C full

82 C lr

82 C bedroom

82 C den

 

 

 

 

 

A property like this rarely becomes available, as those who have been looking at property in the West End know.  This property is a perfect example of why Provincetown is such a beautiful and beloved town.

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$475K On The Cape

Another great curbed comparison post by Jazmine.
CURBED COMPARISONS

What $475,000 Can Buy You Around Cape Cod

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, listings for $475,000.

Here now, eight Cape Cod properties asking $475,000 – year round, condos, oceanfront, new construction, circa 1850, recently renovated, handicap accessible, commercially-zoned, and ready to rent – with a little something for everyone.

EAST FALMOUTH
33 DODSON WAY, EAST FALMOUTH, MA 02536
WEBSITE
EAST FALMOUTH
Kicking off with new construction by way of the Waquoit neighborhood. Asking price for the 3BD, 3BA on 1.18 acres is $475,900.
33 DODSON WAY, EAST FALMOUTH, MA 02536
MASHPEE
This 2,452-square-foot Colonial has been bouncing on and off the market since July 2012 when it debuted with a $499K asking price. The listing reappeared in May of this year looking for $475,900 and is now in contract.
16 MEADOWBROOK ROAD, MASHPEE, MA 02649
CENTERVILLE
Here’s a newly remodeled 3BD, 2.5BA Cape that last sold in January 2013 for $215K. After a full nip/tuck, the 1,846-square-footer was flipped back onto the market looking for $549K. As the brokerbabble explains, “The high end finishes, and amenities added to this home are ones typically found in million dollar properties.” Alas, the PriceChopper was unimpressed and the place can now be had for $475K.
138 SOUTH MAIN STREET, CENTERVILLE, MA 02632
SOUTH YARMOUTH
What can you do from this 3BD, 2.5BA ranch on Bass River? “Take a stroll to your association beach or cruise up to the association dock on your boat.” All that for $475K.
38 HARBOR HILL RUN, SOUTH YARMOUTH, MA 02664
HARWICH
“Circa 1850…This well-proportioned, spacious antique Cape is handicap accessible and has multiple layers of historic detail preserved in each of its 8 rooms which feature wide plank floors, spackle painted wood floors, hand carved mantle, raised paneling and original moldings.” Oh, and there’s an in-ground pool with a ramp. Yours for $473,900.
51 PARALLEL STREET, HARWICH, MA 02645
CHATHAM
The brokerbabble for this listing seems to have been typed on a broken flip phone, but here’s what we’ve gathered: the spread is commercially zoned and includes a 3BD home, a separate retail shop, and two-car garage on .73 acres. Asking price is $475K.
347 ORLEANS ROAD, NORTH CHATHAM, MA 02650
EASTHAM
Whales, sharks, and Henry Beston are all featured in the brokerbabble for this 2BR, 1BA. So there’s that. Regardless, the 732-square-footer in “the shadow of Nauset Lighthouse” sits on .66 acres, comes with stunning views and is yours for $475K.
160 NAUSET LIGHT BEACH ROAD, EASTHAM, MA 02642
TRURO
Finally, to Truro. “Located at Shoreline Beach Condominium, a newly renovated complex comprised of 13 units in 2 buildings, this light and bright 2 bedroom, 2nd floor end unit has expansive water views.” The 810-square-footer is asking $472,900.
556 SHORE ROAD, PROVINCETOWN, MA 02657

 

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Mid Market In Provincetown – Crowded With Great Choices.

Mid Market Revisited – Crowded With Quality Listings

We are seeing a lot of condos on the market between $400K and $600K, a broad submarket of what we call the mid-market in Provincetown. Of the 113 condos on the market, 34 are priced between $400K and $600K, which is 27% of those available.  In 2013 27% or 34 of the 124 condos sold were sold in this price range. A truly balanced market.

Many buyers are looking are for just that – a 2 bed, 1.5 or 2 bath condo. Some of my favorites are featured below.

 

35 B #2 Court St, $419K, 1/1, 813 sf
35 B #2 Court St, $419K, 1/1, 813 sf
104A Bradford St #1, $429K, 1/2, 911 sf.
104A Bradford St #1, $429K, 1/2, 911 sf.
64 Franklin St #A, $429K, 1/1, 465 sf.
64 Franklin St #A, $429K, 1/1, 465 sf.

 

 

 

 

 

 

 

 

35 B Court Street is a centrally located value 1 plus bedroom; 104A Bradford Street is a downtown condo located right beneath the monument and has great ceiling height, tons of space and huge rental income; 64 Franklin Street is a brand new 1 bed/1 bath in a newly renovated complex in the West End.

 

4 Franklin St #5, $489K, 1/1, 692 sf.
4 Franklin St #5, $489K, 1/1, 692 sf.
11 Atlantic Ave #C, $509K, 2/1, 664 sf.
11 Atlantic Ave #C, $509K, 2/1, 664 sf.
8 Meadow Rd #2, $514K, 2/2, 954 sf
8 Meadow Rd #2, $514K, 2/2, 954 sf

 

 

 

 

 

 

 

 

4 Franklin Street is in the attic of a great old building at the curve of Commercial Street near Perry’s liquors; 11 Atlantic Ave has that incomparable Atlantic Street location – and a small pool; 8 Meadow Road is a perfect 2 bed/2 bath with separated suites in the West End.

30 Conant St #2, $525K, 2/1, 674 sf.
30 Conant St #2, $525K, 2/1, 674 sf.
12 Atwood Ave #B, $525K, 1/1, 696 sf.
12 Atwood Ave #B, $525K, 1/1, 696 sf
5 Cottage St #1, $567K, 1/2, 880 sf.
5 Cottage St #1, $567K, 1/2, 880 sf.

 

 

 

 

 

 

 

 

30 Conant Street is a top floor 2 bed in a newly renovated 2 unit building in the near West End; 12 Atwood Avenue is the consummate West End stand alone cottage located on a charming unpaved lane;  5 Cottage Street is a good size 1 bedroom condo with straight on water views of the bay.

 

17 Pearl St #3, $579K, 2/1, 801 sf.
17 Pearl St #3, $579K, 2/1, 801 sf.
596 Commercial St #1, $580K, 2/1, 1,085 sf.
596 Commercial St #1, $580K, 2/1, 1,085 sf.
46 Pleasant St #B, 2/2, 1,070 sf.
46 Pleasant St #B, 2/2, 1,070 sf.

 

 

 

 

 

 

 

 

17 Pearl Street is a cute top floor condo in the center of town; 596 Commercial Street is a lovely 2 bed 2 bath with water views; 46 Pleasant Street is the perfect blend of location, comfort and income potential.

These are an incredible assortment of properties in this price range, and with the huge amount of choices it looks like a perfect buying season for buyers.

 

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The Luxury Market $750K to $1M

If the entry level and mid market are well populated with property choices for buyers, the luxury market, $750K to $1M market  has few. There are only 11 properties on the market in this range, 4 single family and 7 condos representing only 7% of available properties. In stark contrast 22 properties sold in this range in 2013 representing 22% of all sales.

To be fair, this segment overlaps into the $1M+ market which is relatively crowded, but it is still a natural price break for buyers. Almost all of the available properties are pictured below.

 

4 Bradford St #1, $785K, 2/2, 1000sf, condo.
4 Bradford St #1, $785K, 2/2, 1000sf, condo.
125 Bradford St EXT #22, $799K, 3/3, 1,450 sf, condo.
125 Bradford St Extension, #202, $785K, 3/3, 1,450 sf, condo
8 Cook St, $849K, 4/3, 1,870 sf.
8 Cook St, $849K, 4/3, 1,870 sf.

 

 

 

 

 

 

 

125 Bradford St EXT #402, 3/3, 1,515 sf, condo.
125 Bradford St EXT #402, 3/3, 1,515 sf, condo.
78 W Vine St, 2/2, 1,478 sf, Single Family.
78 W Vine St, $879K, 2/2, 1,478 sf, single family.
10 Prince St # 2, $889K, 2/3, 1,400 sf, condo.
10 Prince St # 2, $889K, 2/3, 1,400 sf, condo.

 

 

 

 

 

 

 

501 Commercial St #1D, $899K, 3/3, 1,505 sf. condo.
501 Commercial St #1D, $899K, 3/3, 1,505 sf. condo.
520 Commercial St, $979K, 4/2, 1,400 sf. single family.
520 Commercial St, $979K, 4/2, 1,400 sf. single family.
46 Shank Painter Rd, $998K, 2/2, 2,208 sf.
46 Shank Painter Rd, $998K, 2/2, 2,208 single family.

 

 

 

 

 

 

 

 

From an historic Commercial Street single family house in the East End to a beachfront condo to a newly renovated beauty in the West End on Bradford Street, the diversity and quality of these properties belie their low numbers.

 

 

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Favorite Listing Of The Week

If there ever was a quintessential West End Cottage this is surely it. 12 Atwood Avenue #B, offered at $525,000 is a 696 square feet one bedroom cottage in the West End.

 

12 Atwood Ave #2

 

 

 

 

 

 

 

This charming wood frame cottage is set back from a private unpaved lane behind a honeysuckle covered white picket fence. This 696 square foot 1 bedroom 2 story cottage is the ultimate Provincetown retreat. The living room is at the front of the Cottage and has a large wood burning fireplace. There is a dining room/den next to the kitchen in the rear of the first floor. The entire second floor is a large bedroom and bath with large windows and wonderful sight lines to lovely Atwood Avenue.

 

living room 2

living room 3

kitchen 1

dining

 

 

 

 

 

 

The Cottage at 12 Atwood Avenue has just been organized into an independent 2 unit condo complex. The Cottage has a large exclusive use garden area, parking and 696 square feet.

 

bedroom 2

garden 1

kitchen 2

garden umbrella

 

 

 

 

 

 

The Cottage is a rare offering providing charm and  privacy.  It is a block from the bay, a block from Victors Restaurant, and in an association crafted for independent living. Offered at $525,000.

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Listing Of The Week

Our favorite new listing of week, and not just because it is ours! 596 Commercial Street #1. This is a 2 bedroom 2 bath 1,085 square foot townhouse with an incredible water view deck off the master bedroom and is being marketed at $580K.

 

596 Com #4

596 comm 2

596 Comm

596 Com beach

 

 

 

 

 

MLS COPY: Water view townhouse with deeded beach access on Commercial St in a charming East End neighborhood. Updates in recent years include kitchen, bathrooms and flooring. 2 bedrooms and 2 full baths. Private balcony off the master with a nice water view. Washer and dryer in unit. 1 pet per unit is allowed and rentals of one month or longer are permitted. 1 off street parking space.

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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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Low Interest Rates – Forever?

Another good post by Scott.

Low interest rates today, tomorrow, forever?

Posted by Scott Van Voorhis  October 10, 2013 09:30 AM

Who knows where the economy will be by the time the Tea Party wrecking crew in Congress finally wears itself out.

But if there is any near certainty, it is the latest bout of uncertainty the nuttiness in Washington has injected into an already wobbly economy will keep interest rates at their historically low levels for some time to come.

Ben Bernanke and the Fed over the summer flirted with cutting back on its multitrillion-dollar home buyer subsidy program – known as quantitative easing – amid signs of a modest improvement in the economy.

But of course Big Ben beat a hasty retreat in September after the Fed’s well telegraphed intentions started to push up rates and spook the housing market.

Now with the threat of a slowdown or even a full blown Depression looming should Congress force the federal government to default on its debt payments, there’s zero chance the Fed will be backing off from its $85 billion a month mortgage bond buying program anytime soon.

President Obama’s choice of Janet Yellen to fill Big Ben’s shoes – she’s a strong supporter of the Fed’s cheap money policies – all but seals the deal, as economist Elliot Eisenberg notes in his daily “Laughs and Graphs” blog.

Here’s Elliot, the former chief prognosticator of the National Home Builders Association.

Given the government closure and resulting lack of economic data, the fact that Q3 GDP growth will be below 2% and that inflation remains very tame, virtually guarantees that tapering will not commence following the conclusion of the late October Fed interest rate setting meeting. Now with the formal nomination of Janet Yellen for the post of Chairman, I’m 100% sure tapering will not commence before January.

This is big news for home buyers – today’s low interest rates, hovering now at 4.25 percent for a 30 year mortgage, represent a massive government subsidy.
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At their current, rock bottom level, today’s interest rates shave as much as 30 percent off the average monthly mortgage payment, at least compared to what it would be under more historically normal rates of 7 or 8 percent.

It’s hardly all gravy. There is a strong argument to be made that home buyers still pay for it all by having to pay more of the same house – just look at what’s happening with home prices.

But frankly most home buyers, for good or ill, aren’t looking at it that way.

 

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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.

front 1

garden 2

 

 

 

 

 

 

 

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.

living room 2

dining

 

 

 

 

 

 

 

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

bedroom 1

bathroom windows

 

 

 

 

 

 

 

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

kitchen 2

kitchen 1

 

 

 

 

 

 

 

 

living room 3

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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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