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Provincetown Sale Of The Week

 

One of our favorite listings ever – 12 Atwood Avenue #B is a 696 square foot one bedroom one bath freestanding cottage in the West End.  It sold for $505K last week.

 

12 Atwood Ave #B, $525K, 1/1, 696 sf.

 

The Cottage at 12 Atwood Avenue is the quintessential West End Cottage. This charming wood-frame home 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. The living room is at the front of the cottage and has an oversized 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 multiple windows with wonderful sight lines to lovely Atwood Avenue. There is also a very sweet, exclusive-use, sun-lit private garden and patio area. This freestanding cottage is part of a two unit association and has one parking space.

 

living room 3

bedroom 2kitchen 1

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See all properties available on Beachfront-Realty.com.

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Provincetown Sales Of The Week

Three properties that sold in the last week are highlighted below. They provide a  great example of the diversity and breadth of properties available in Provincetown. A West End single family home with a pool, a pristine West End townhouse condo, and a more traditional contemporary single in the Shank Painter Province Landings apartments neighborhood.

89 Bayberry Avenue is a great resort like home with 4 bedrooms and 3 baths and 2,600 square.  It sold for $1.2M.

 

89 B 1

 

 

 

 

 

 

 

 

This 4BR 3BA West End oasis with views,2FP, a htd. pool and hot tub, provides privacy, tranquility and a wonderful floorplan for all. The entry level of this exquisitly maintained contemporary cape has a large fireplaced living room, separate dining area and open kitchen all looking out to a large deck and beautifully landscaped grounds. In addition, there are two bedrooms and a full bath. The upper story is home to a remarkable master suite with a bedroom, second fireplaced living room and full bath with a large separate walk in shower. A second private deck is accessed from the suite. The first level has a bedroom, full bath and walks out to the fabulously landscaped back yard.

 

89 B 2

89B 389 B 4

89 B 5

 

 

 

 

 

 

46 Pleasant Street #A is a terrific West End condo that has everything! It sold for $525K.  It has 2 bedrooms and a 1 1/2 baths, along with a large den/family room  for entertainment or extra guests. This home has 1,070 square feet, and two great outdoor spaces, numerous upgrades, 2 parking spaces and a coveted location in the West End.

46 Pleasant St #A, $595K, 2/2, 1,080 sf.
46 Pleasant St #A, $595K, 2/2, 1,080 sf.

 

 

 

 

 

 

 

 

 

 

The open floor plan is great for entertaining and light and bright with windows on 3 sides. The kitchen is newly renovated with granite counters, white cabinets and hardwood floors.  There is a full laundry in the renovated half bath directly off the kitchen. The living room has a gas fireplace and there is a separate dining area in the sunny northeast corner of the house. There are two great outdoor spaces including a large private fenced in deck in the back  of there condo for grilling and dining. There is plenty of room for relaxing and dining on the front deck and on the patio/garden too – and just enough garden for satisfying a green thumb.

 

46 P 4

46 P 5

46 P 1

46 P 2

 

 

 

 

 

 

12 Ships Way Extension Road a three bedroom 2 bath contemporary with 1,955 square feet recently sold for $627,500 having been marketed with an asking price of $659,900. This great single family house is located in a wonderful well established residential neighborhood behind Province Lands apartments and the Cumberland Farms plaza. It is a great example of a well priced solid single family home not seen to often here in town.

 

12 ships 5

 

MLS COPY: Sitting atop a level/gently sloping & beautifully landscaped yard, this updated & very well maintained 3-bedroom, 2-bath contemporary offers an abundance of open space, high ceilings & light. Main level entry is expansive with large tiled foyer area & vaulted ceiling with 2 skylights. This area extends into an open floor plan livingroom with gas fireplace, dining area with slider to deck and kitchen with breakfast bar, stainless appliances, granite countertops and hardwood flooring throughout. Full bath & den/office area complete the first level. Upstairs is a generously-sized master bedroom with walk-in closet, 2nd bedroom with walk-in closet a smaller 3rd bedroom & full bath with jacuzzi tub and shower. Central AC, ADT security system, full basement, spacious deck area off the diningroom surrounded by lovely gardens.

 

12 ships 212 ships 712 ships 612 ships 4

 

 

 

 

 

 

 

 

 

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Best Time To Buy Vacation Homes

“Best timing” differs in all locales but the late summer and fall market is the busiest time on the Cape to buy or sell a home. Good post by Julie from Boston.com  below.
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By Julie Xie
Boston.com Staff

Sun dresses and beach towels are on sale at the mall. So are vacation homes on the market.

Turns out, September and October are great months to go vacation home hunting in New England because prices are dropping. It makes sense — sellers want to get properties off their hands because they don’t want to maintain them through the winter.

Doug Reece, who works as a realtor for Martha’s Vineyard at RE/MAX, recently worked with a seller who dropped the price of his house from $900,000 to $699,000.

“As a buyer, you’ve got to be ready to hop in the car and get here on short notice when those things happen. Or else someone else will,” he said.

While it’s hard to put exact numbers on it, Kevin Austin, from Cape Cod Oceanview Realty, said people tend to drop their prices around 5 percent just to get people to come look at the house and stimulate some activity.

“If people feel they can get a house for cheaper, they’ll usually wait until September and October to see if the price will drop,” said Austin, who specializes in the Orleans area of Cape Cod.

The trend is expected to continue until the end of the calendar year. By the time January and February roll around, many sellers figure that if they’ve already held a property for that long, they might as well hold on to it for another season.

Early spring is another busy season for New England vacation homes, as buyers want to close on a property and use it for the summer.

Nationally, the best times to buy vacation home differ by region and climate, but in general there has been a 30-percent surge in vacation homes in 2013, according to the National Association of Realtors.

And Lawrence Yun, NAR chief economist, expects this upward swing to continue in 2014. A nearing-retirement baby boomer population and an improving stock market are likely to give rise in vacation home purchases.

Bottom line: Act fast and get yourself to the Cape.

 

 

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Nantucket vs The Vineyard

 

Interesting post by Scott pitting The Vineyard against Nantucket.  But we all know – Provincetown beats ’em all!

 

A Tale of Two Islands

Posted by Scott Van Voorhis

Hey, maybe having the commander-in-chief vacation on your resort island isn’t such a boon after all.

President Obama is one Martha’s Vineyard for his annual two-weeks of fun and sun on the resort island.

And the only thing slumping faster than the president’s approval ratings are home prices in Edgartown.

edgartown.jpgTripAdvisor

 

The median price of a single-family-home in Edgartown plunged more than 22 percent during the first six months of the year, to $619,250, reports The Warren Group, publisher of Banker & Tradesman.

West Tisbury home prices fell nearly 12 percent during the same time period, sinking below the $500,000 mark.

Despite a strong showing in Tisbury, where prices rose more than 19 percent, the median price for the island as a whole fell by 4 percent.

Funny thing, when Obama first began vacationing on Martha’s Vineyard early in his presidency, home prices on the island were on a tear, rising faster than neighboring Nantucket. However, since a big rally in 2010, real estate values on the Vineyard, known for its  colorful mix of celebrities, writers and artists, have bumped around, rising and falling.

No more. Nantucket is now by far the hottest of the two islands when it comes to real estate values. The median price on the buttoned-down summer home for the nation’s corporate elite hit $1.1 million during the first six months of 2014, up more than 24 percent.

Wall Street gets the last laugh?

 

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New Listing Of The Week

28 Nickerson St is a gorgeous newer construction single family house in the West End. It has 3 bedrooms and 3 baths with 1,705 sf and is being marketed for $1.459M.

 

28 Nickerson 1

 

 

 

 

 

 

 

 

MLS COPY: West End 2013 New Construction designed with careful attention to detail, built by Cape Associates, Inc. This beautiful 3 bedroom, 3 bath home has a HERS 5+Star rating for energy efficiency, 3 zone heating and cooling, propane on demand hot water, generator and surge protection. Exterior features include professional landscaping and irrigation system, 2 car cobblestone driveway and paths, low maintenance Azek trim and Ipe hardwood decking, dipped cedar shingles, enclosed outdoor shower. Interior features include Anderson windows, red birch flooring and high end finishes including Wolf dual fuel range, Subzero refrigeration, Miele dishwasher, Waterworks and Kallista kitchen, wet bar, bath fixtures and a full basement. A perfect home for entertaining complete with screened-in porch and sun deck off master bedroom.

 

28 Nickerson 2

28 Nickerson 3

28 Nickerson 4_21

28 Nickerson 5

 

 

 

 

 

 

This wonderful home is in the West End north of Bradford Street in the charming neighborhood bordered by Franklin Street and West Vine Street.

 

 

 

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The Goode and Farmer Report July 2014

Provincetown, Truro and Wellfleet Real Estate market 2Q2014 Figures 

Condominium prices continue to rise and single-family properties remain scarce.

 

Year-to-date sales through the 2nd quarter in Provincetown were strong with condos leading the way in the number of sales and price increases. Winter weather kept many away in the first quarter, but as always, spring does finally come and sales increased substantially in the second quarter.

The average sale price of condos sold in Provincetown increased 18% to $459K from $390K last year, and the number of sales recorded in MLS were 18% higher than last year at 59. The silver lining in the first half sales figures are the non-MLS recorded sales of 13 condos that closed at Seashore Point* with an average sales price of $405K and a total sales volume of $5.27M. When added to the MLS totals, YTD sales show huge increases of 44% to 72 sales with an increase in sales volume of 66% to $32.4M. *Seashore Point sales represent the second phase of the over-55 facility located on Alden Street in the center of town.

The average price of single-family properties sold year-to-date is $903K – even with last year’s $905K. There were 16 single-family sales which is a decrease from last year’s 22. Total sales volume was $14.5M – down from $19.9M last year. The decrease is partially because of a lack of new inventory in the single-family market particularly in the desirable West End neighborhoods of Provincetown.

The $1M Plus market was slower with four sales and $5.9M volume compared to nine sales last year with a volume of $12.9M.

As of July 15th there were 109 condos available with an average asking price of $471K and an average price per square foot of $455. There are 49 single-family properties on the market with an average price of $1.459M and an average price per square foot of $565K. Average days on market for condos is 184 and single family’s 246. While DOM’s aren’t nearly as important an indicator in a second home market, it is always interesting to compare.

The broad range of condo inventory is creating increased momentum going to the summer/fall sales season – as usual, Provincetown leads the way on the Cape with higher sales and prices.

 

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Other towns on the Outer Cape did relatively well too.

The average sales price for single-family properties in Truro is up an impressive 42% to $866K from $607K in 2Q2013, but the number of sales was down to 19 sales from 26 sales last year. Even with fewer sales, volume was up 4% to $16.5M. The Truro market consists mostly of single-family homes.

Wellfleet turned in a solid performance as the number of sales increased 25% to 40 from 32 for the same quarter in 2013. The average sales price of single-family properties sold was even with last year at $559K. Wellfleet remains a predominantly a single-family sales market too.

As of July 15 there were 80 single-family homes on the market in Truro with a median price of $752K. In Wellfleet there were 60 single family-homes available with a median price of $634K.

Positive buyer and seller attitudes coupled with a continuation of relatively low mortgage rates and an improving economy bode well for 2014 being a great year to jump into the market.

 

Truro chart

 

 

 

 

 

 

 

 

 

 

 

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

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36 Hours In Provincetown – NYTimes

This is a terrific love letter to Provincetown posted on NYTimes online last week and the Sunday Times yesterday.  We saw Benoit, the author of the article, at The Fine Arts Work Center’s Summer Reading Series , on Friday night reading from his new book Travels with Casey – his pooch!   Charming guy and lots of fun!

 

 

36 Hours in Provincetown, Mass.

Clockwise from top left: walking on the breakwater; the sun lights up Herring Cove Beach; a performer on Commercial Street; oysters at the Red Inn; and taking in the view from Pilgrim Monument.
KAYANA SZYMCZAK FOR THE NEW YORK TIMES
By BENOIT DENIZET-LEWIS
JULY 24, 2014

Perched at the tip of Cape Cod — or at the end of the world, as locals like to say — Provincetown is a quirky beach community favored by artists, drag queens, L.G.B.T. people, heterosexual families from the suburbs and oddballs on the run. Provincetown combines small-town charm with big-city spunk, and it’s nestled among miles of peaceful dunes and seashore. If you want solitude, come in the winter when hardly anyone is here — or anything is open. But if you’re after warm weather and high-season theatrics, arrive in July, August or early September. Be careful about what summer week you choose. Many have a theme, and your Provincetown experience will differ whether you’re here for “Family Week,” “Girl Splash” or “Bear Week.”

FRIDAY

1. Oysters and Celebrities | 4 p.m.

Rent a bike from one of the handful of rental shops in town — if you arrive by ferry, the closest is Arnold’s Bikes — and head west for about a mile on Commercial Street, the town’s main drag. Try not to crash into any famous writers on the way — John Waters, Tony Kushner, Andrew Sullivan and Michael Cunningham are generally in residence during the summer. (Before your visit consider reading Mr. Cunningham’s “Land’s End: A Walk in Provincetown,” a celebration of the town and the best introduction to the area.) Stop at the Red Inn and savor $1.25 shrimp and Wellfleet oysters, or cocktails on the deck with views of the harbor and the Long Point Lighthouse. The Red Inn is also one of the town’s best upscale dinner spots.

2. Break for the Breakwater | 5 p.m.

Take a left out of the Red Inn and bike to the other side of the rotary at the end of Commercial Street. You’ll see the breakwater, a mile-long stretch of mammoth granite blocks that leads to a mostly deserted portion of Herring Cove Beach. Two warnings: The breakwater is longer than it appears, and its rocks are better traversed sober. But any trip to Provincetown without at least a partial trek along those rocks is probably incomplete. If it’s high tide, go for a swim in the lagoon that forms along the breakwater. If it’s low tide, walk across the harbor floor to the beach.

3. Strolling for Art | 7 p.m.

Painters love Provincetown for its distinctive vistas and breathtaking light, and on Friday nights you can admire the work of celebrated Cape Cod artists — including Anne Packard and John Dowd — in dozens of galleries that stay open late. (Many offer wine and cheese.) Concentrate your efforts in the town’s East End and be sure to visit the Albert Merola Gallery, William-Scott Gallery, Schoolhouse Gallery and Julie Heller Gallery East. Also drop by the 100-year-old Provincetown Art Association and Museum (PAAM), which is free Friday nights and features exhibitions and workshops year-round.

4. Drag Queens & Quartets | 8:30 p.m.

There’s never a shortage of entertainment here, from street performers to big-name nightclub acts. Commercial Street is rich with drag queens hawking their shows (sometimes perilously on bicycles and mopeds), and one of the local favorites is the offbeat and inimitable Dina Martina (Crown & Anchor, $25), who has been performing here every summer for 10 years. Well-Strung — a talented quartet of men who sing and play string instruments — got its start in Provincetown and brilliantly fuses pop and classical music from Madonna to Beethoven (the Art House; tickets, $30).

5. Toast the Town | 10 p.m.

For a late-night meal or drink, head to the Nor’East Beer Garden’s outside tables. Order the beer-battered fish and chips or a dozen oysters ($24), and choose from a wide array of local beers. If you would rather drink wine, go west on Commercial Street to Joon Bar and Kitchen, an outstanding restaurant and wine bar that serves food until 10 p.m. and drinks until 1 a.m. Don’t miss Joon’s fried olives ($9), roasted halibut ($20) and fries with foie gras aioli ($9).

SATURDAY

6. Climbing Through History | 10 a.m.

The 252-foot tall Pilgrim Monument.

KAYANA SZYMCZAK FOR THE NEW YORK TIMES

Grab a delicious breakfast sandwich (from $4.25) or blueberry muffin ($3) at Connie’s Bakery and pick a spot to enjoy it a few feet away on the deck at Aqua Bar at the rear of the Aquarium Mall. (You can’t beat the harbor views.) After breakfast, head toward the tallest structure in town — the 252-foot tall Pilgrim Monument. Built between 1907 and 1910, the tower commemorates the arrival of the Mayflower Pilgrims in Provincetown. (The Pilgrims hung around for a few weeks before deciding that this was no place for a permanent settlement.) The monument is the country’s tallest all-granite structure and offers stunning sights of the town, Cape Cod and, if you’re lucky, Boston’s skyline. At the base of the monument is the Provincetown Museum, which chronicles the town’s maritime history.

7. Relish the Canteen | 1 p.m.

Provincetown’s best casual lunch spot is the Canteen, a charming Cape Cod-style dining spot in the heart of town. There are a few tables inside, another pair on the street (perfect for people-watching), and a long communal table in the backyard near the beach. Don’t leave the Canteen without trying the cod banh mi ($9.99), pulled pork tacos ($13.95) and crispy brussels sprouts in fish sauce ($7.99). If you want something you can easily take to the beach, walk or bike to Relish in the West End and try any of its delicious sandwiches (all for under $9).

8. A Beach for Everyone | 2 p.m.

Provincetown’s most visited beach is Herring Cove, which is only a short bike ride away and has gentle surf and views of the setting sun. Herring Cove is unofficially divided into sections: The closest to the parking lot is where you’ll find families, many with small children. If you walk south (or to the left when facing the water), you’ll cross into an area favored by lesbians, followed by one favored by gay men, followed by one favored by naked gay men. Prefer your parcel of sand devoid of sexual identity politics? Then bike the Province Lands Bike Trail — or take a shuttle from MacMillan Pier — to Race Point, a prettier beach two miles from town.

9. Rowdy Little Tea Party | 5 p.m.

If Commercial Street seems quieter between 5 and 7 p.m., that’s because a good portion of the town’s visitors are at Tea Dance at the Boatslip Resort. There is no actual tea served at this deck-side party overlooking the harbor, but there is a $10 Planter’s Punch designed to get you drunk before dinner. For a quieter alternative, go shopping. In the West End, be sure to visit Loveland, where you’ll find eclectic and bohemian handcrafted furniture, ceramics and clothing curated by the shop owner, Josh Patner.

Tea Dance at the Boatslip Resort.

KAYANA SZYMCZAK FOR THE NEW YORK TIMES

10. Dinner Scene | 8 p.m.

If you’re hungry for old-school Provincetown, head to the restaurant called Front Street, a town favorite with some of the best Italian food around. You can’t go wrong with the carbonara con pappardelle ($21.95) or the braised beef and short-rib ravioli ($23.95). For a tasty alternative off Commercial Street, dine at Backstreet, a two-story restaurant with both indoor and outdoor seating. Don’t miss the chef Raul Garcia’s hand-ground grits ($9), blue corn calamari ($12) and Brazilian fish moqueca ($26).

11. Cats and Cocktails | 11 p.m.

There are many bars and clubs in town, with most catering to the L.G.B.T. community. Start your evening at Shipwreck Lounge, where couches and a fireplace (not to mention the two friendly house cats) make you feel as if you’re in someone’s upscale living room. Out back, there’s a fire pit and lounge seating. If you’re in the mood to dance, skip over to A-House. Built in 1798 (and seemingly never renovated), the building now houses a dance floor and patio that’s busy after 11:30 on summer nights. You’ll want to start your dancing early, though. Bars here close at 1 a.m., after which a spirited crowd routinely continues the party in front of Spiritus Pizza on Commercial Street.

SUNDAY

12. Romancing the Brunch | 11 a.m.

There are several good breakfast spots in town, including Devon’s (in the East End) and its sister location, Devon’s Deep Sea Dive (in the West End). Try the pancakes with fresh strawberries ($11) or breakfast burrito with home fries ($14). The East End location is perfect for a romantic meal, especially if you score a table on the covered front patio.

13. Whale of a Good Time | 1 p.m.

You can often spot seals near the shoreline while sunning at Herring Cove or Race Point beaches, but if you’re after a bigger catch, try a three-plus hour whale watching tour courtesy of Dolphin Fleet ($46 for adults).

THE DETAILS

1. Arnold’s Bikes, 329 Commercial Street; 508-487-0844; the Red Inn, theredinn.com.

2. Breakwater.

3. Albert Merola Gallery, artsy.net/albert-merola-galleryWilliam-Scott Gallery,williamscottgallery.comSchoolhouse Gallery, galleryschoolhouse.com; Julie Heller Gallery East, juliehellergallery.comProvincetown Art Association and Museum,paam.org.

4. Crown & Anchor, onlyatthecrown.comthe Art House, ptownarthouse.com.

5. Nor’East Beer Garden, noreastbeergarden.comJoon Bar and Kitchen,joonbarandkitchen.com.

6. Connie’s Bakery, conniesbakery.comAqua Bar, aquabarptown.comPilgrim Monument, pilgrim-monument.org.

7. The Canteen, thecanteenptown.comRelish, ptownrelish.com.

8. Herring Cove Beach, Province Lands Road. Race Point Beach.

9. Boatslip Resort, boatslipresort.comLoveland, lovelandprovincetown.com.

10. Front Street, frontstreetrestaurant.comBackstreet, backstreetptown.com.

11. Shipwreck Lounge, ptownlounge.comA-House, ahouse.comSpiritus Pizza,spirituspizza.com.

12. Devon’s, Devon’s Deep Sea Dive, devons.org.

13. Dolphin Fleet, whalewatch.com.

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Listing Of The Week, 12 Conwell Street

12 Conwell Street #A, Provincetown MA

12 Conwell Street #A has 1,400 square foot, 3 bedroom 2.5 bath condo is being marketed for $630,000. It really does feel like a single family , with an entertainment size living room, 3 bedrooms and 2.5 baths.

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This is a newly renovated freestanding condo that lives like a single family home. The dramatic reverse floor plan has an entertainment size  living room with hardwood floors vaulted ceilings and a wall of windows with views to the Provincetown Monument beyond. There is chefs kitchen with 6 burner gas stove, huge granite work island and an office nook. There is a large hidden storage area/pantry and a powder room directly off the  kitchen. The large private deck has those same broad open views to the Provincetown Monument.

 

 

 

Each of the 3 bedrooms on the lower level have great closets and multiple window exposures. The master has an en suite bath as well as a built in office nook between the double closets. There is a second full bath and a large storage/laundry/mud room on this level. Central A/C, and quality window treatments throughout. Fenced front yard and garden. Parking for 2 cars. This house lives large and fun. 1 1/2 blocks to bay beaches, steps to Farland and downtown. Great rental income.

 

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This condo is being marketed for $630,000.

 

 

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Listing Of The Week

18 Brewster is a wonderful single family bungalow in the near East with 2 bedrooms, 3 baths, 1,374 sf and is being marketed for $999K. Brewster Street is one of those charming East End streets with charming and diverse homes that is beloved by many in Provincetown as it represents the best the town has to offer.

 

18 B door

MLS COPY: Tucked behind mature clipped landscaping, this gorgeous renovated mid-century home is just a short walk to Commercial St. in the Gallery District. Lovingly restored with ebony stained wood floors throughout. The living area features cathedral ceilings, a wood burning fireplace and separate dining area. The kitchen is updated with white cabinetry, granite countertops and newer appliances. Sliders lead to a large private mahogany deck surrounded by privet, boxwood and mature perennial gardens. The master bedroom has an en suite bath, cathedral ceilings and built in closets. The second bedroom also has a private en suite bath and a private entrance. The den is set up as a bedroom, has a separate bath and access to the deck.

 

 

18 B living room

18 B living room 2

18 B kitchen

18 B deck

 

 

 

jhioi

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Sale Of The Week

51 Harry Kemp Way #1

51 HKW 1

51 Harry Kemp Way #1 sold for $610K. This condo in a 2 unit condo association. It is a terrific example of the mid market here in Provincetown. Just like the MLS Copy says…it does feel like a single family house and has wonderful porches and gardens. It has 3 bedrooms and 2 baths and 2,331 square feet along with a 1 car garage. It had been marketed for $625K.

 

 

 

51 HKW 2

51 HKW5

51 HKW 3

51 HKW4

 

 

 

 

 

MLS COPY: Gardener’s delight. Three spacious floors of living lend this townhouse condominium the feel of a single family home. From the ample farmer’s porch you enter an open-plan living room, kitchen and dining area with hardwood floors throughout and a gas log fireplace. A full bath, newly upgraded, completes this floor. The second floor has two bedrooms and a second full, newly tiled bath. The third floor bedroom can also serve as den or home office. Beautifully maintained, the home also has superlative outdoor space: three decks,and a huge beautifully landscaped yard. Amenities include a basement, a garage, a laundry and central air conditioning, and parking for 3 cars. All 5-10 minutes’ walk from shopping, restaurants, galleries and the harbor. Weekly rentals and pets allowed.