October and November are historically the heaviest closing months in Provincetown and this October is no different. 11 single family properties closed and 18 condos closed. Thats 24% of all single family properties sold YTD and 17% of all condos sold YTD. November looks to be a strong closing month as well.
The average price of a condo sold in October was $491K, and the average list to sale ratio was 97%. The average sale price for a single family property sold was $867K which was 93% of asking price.
Below are three of those condos that sold. 28 ConwellStreet was a very sweet 2 bed/1 bath 400 sf cottage hidden behind charming white gates; 3 CarnesLane was a really wonderful 2 bed/2 bath with close to 1500 square feet, and 21 Bradford Street Ext. #1 was a 3 bed/4 bath new construction condo at Herring Cove Village with 2,270 square feet. The average ppsf of condos sold in October was $644.
28 Conwell #3, $375K sold3 Carnes Lane #2, $672K, sold21 Bradford St Ext #1, $1.075M, sold
Below are three single family properties that sold in October. 29 Tremont Street was a 3 bed/2 bath house with a separate private cottage in the West End; 11 Thistlemore was a 3 bed/3 bath contemporary with 2150 sf; 1 Pilgrims Landing was a 3 bed/3 bath house with 4265 square feet that on a price per square foot basis was the deal of the month at $331 psf. The average ppsf of sold single family properties in October was $542.
29 Tremont St $995K, sold1 Pilgrims Landing $1.415M, sold11 Thistlemore Rd, $657K, sold
Listing activity was robust as well with 15 condos coming on the market with an average price of $512K and 7 single family properties coming on there market with an average price listing price of $1.417M
The three newer listings below illustrate well the diversity of inventory in Provincetown. 95 Race Road#11 is a great value with 2 bedrooms and 2 baths and 1,310 square feet. 19 Tremont Street #1 is one of the nicest 2 bedroom 2 bath condos we have seen in a long time, with incredible outside space, a nice kitchen and a living room with fireplace and vaulted ceilings. It could already be under contract. 6 Cottage Street #1 is a large guest house that is being converted into two condominiums. Unit #1 is a 7 bedroom, 8 bath 3,126 square foot condo on the block between Commercial and Tremont with one of the best locations on town.
95 Race Road #11, $337K19 Tremont St #1, $649K6 Cottage St #1.559M
Again showing broad diversity are the 3 newer single family listings below. 78 West Vine Street is a news 2 bed/2 bath single with close to 1500 square feet. 81 Bayberry is one of the nicest 3 bed/2 bath singles we have seen in some time. 5 Dyer is a landmark 4 bedroom/3 bath house with 4661 square feet on what is arguably one of the best locations on town.
78 W Vine St $879K81 Bayberry Ave $885K5 Dyer St $1.499M
November is shaping up to be as busy as October was. We’ll keep you posted.
There are currently 183 waterfront properties for sale onCape Cod that are asking under $500,000. We dug though the listings to find the very best, most interesting and/or unique condominiums and single family abodes on the water. From an East Sandwich Beach cottage behind the dunes to a PTown condo on Cape Cod Bay, here’s a map of waterfront properties for under $500,000.
SANDWICH
Kicking off with a classic waterfront cottage on East Sandwich Beach, this 698 sq. ft. 2BD, 2BA comes with “limited views of Cape Cod Bay.” Something about a dune in the way. Regardless, asking price is $450,000.
Here’s a 840 sq. ft. 2BD, 1.5BA townhouse in New Seabury’s Maushop Village. The unit includes water views and direct access to a private ocean beach on Nantucket Sound. Yours for $499,000.
Unit A3 is a 574 sq. ft. 1BD, 1BA overlooking Kalmus Beach (rejoice, windsurfers and kitesurfers!) and Nantucket Sound. Per the listing, the condo rents for $2K/week, in season. Asking price is $435,000.
“MILLION DOLLAR VIEW!!!” But wait, there’s more! This 1,100 sq. ft. 2BD, 2BA penthouse condo comes with a fireplace, deck, pool, and a 30′ dock with access to Nantucket Sound. Unit 17 is your for $459,900.
Waterfront? Check. Private dock? Check. Access to Nantucket Sound? Check again. This 542 sq. ft. 2BD, 1BA cottage with a 22′ screened porch is asking $275,000.
Set on .43 acres on Mill Pond, this 1,008 sq. ft. 1BD, 1BA (with a 3BD septic) “cute and open concept” split level was built in 1994. Asking price is $350,000.
This adorable contemporary saltbox features 2BD, 2BA in 1,260 sq. ft. The .60 acre property on Uncle Israel’s Pond has a “great rental history” and is asking $430,000.
According to the brokerbabble, if you’re “looking to own a little piece of paradise in Truro,” this listing fits the bill. The 488 sq. ft. 2BD, 1BA attached cottage is asking $399,000.
Per the listing, unit 9C boasts “The best view in the entire complex, more than 180 degrees, water can be seen from every window in this home.” The 700 sq. ft. 2BR, 1BA beachfront condo is asking $469,000.
Here are are few of my favorites that are available in Provincetown for close to $500K.
12 Atwood Ave #2. $535K, 1/1, 696 sf. A quintessential West End cottage, 12 Atwood Avenue is a charming wood-frame home set back from a private unpaved lane behind a flower-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 a bright private garden.
45 Commercial St #8, $499K, 2/2, 555 sf. This condo is in the Jones Locker complex on the water in the West End. There is a large common deck to enjoy the sun and the bay. This spacious first floor 2 bed room and 2 full bath unit make a great second home and/or rental (approx. income for 2010 $32,000.00) Lots of windows and a peak of the water from the living room. Assigned Deeded off-site parking for one car.
49 Bradford St 311. $509K, 2/1, 650 sf Ideal West End Location! Just a 2-minute walk to Commercial St in the West End near the Boatslip, this lovely freestanding, 2-level home offers an open floor plan with living/dining/kitchen, screened porch and full bath on the 1st level and master bedroom with slider to deck and 2nd bedroom on the 2nd level. Wood floors, central air, common laundry, additional storage, parking. Condo fee includes heat. Great rental history!
42 Franklin St #B. $489K, 1/1, 626 sf. Built in 2008, this freestanding two level cottage in Provincetown’s west end is lovely inside and out. Open floor plan on the first floor with stainless and granite kitchen, dining and living area with hardwood floors throughout. There is spiral staircase to second level with tiled bath, laundry and bedroom. Large closet with built-in’s, solid wood doors, blackout shades, and balcony off the bedroom. The outdoor space is superb with upper level dining area, outdoor shower, basement for lots of extra storage, and a custom hardscaped patio with stone walls and fire pit. This would be an excellent rental and ideal Provincetown get-a-way!
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.
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.
What a beautiful few days we have had in Provincetown. Bright sun, finally drier and with perfect temperatures. The “in between week” last week was a fun week with no formal theme. Family week has just begun and Carnival is right around the corner. I thought it would be a great time to do a mid summer market update.
The closings and activity of the spring market have slowed, and the anticipation for the big fall market is beginning. Buyers and sellers are in true summer vacation mode but prepping for the market ahead…although the past week was a very busy week as 10 properties went under contract! 4 single family and 6 condos.
Condos
Year to date as of August 5, 61 condos have sold with an average sales price of $424K. The average property sold was a 2 bedroom 1.5 bathroom condo of 875 square feet. Below are 3 condos that represent a good cross section of these year to date sales. 147 Commercial Street #L-3 is in the very popular Fisherman’s Wharf complex, a waterfront address with a fabulous beachfront deck right on the bay. 21 Court Street #4 is an impeccable 2 bedroom unit tucked away between Court Street and Watson’s Court. 21 Bradford Street Extension #2 is an incredible 3 bedroom 3.5 bath water view condo in the Herring Cove Village complex in the far West End.
147 Commercial S t#L3 $275K21 Court St #4 $435K21 Bradford St EXT #2 $880K
Last year 82 condos were sold with an average sales price of $403K. The average was a 2 bedroom, 1.5 bath condo with 850 square feet. As you can see we have a little catching up to do in the number of sales this year vs last year, but the average price of a condo sold has increased 5% this year. As I have mentioned in earlier posts a slow first quarter put us a little behind last years condo numbers but a solid few months has put us back on track.
There are 110 condos available for sale with an average asking price of $472K, the average being a 2/1.5, and 910 square feet. The three shown below illustrate the diversity in price, style, and location of our condo inventory. 233 Bradford Street #5 is a darling 1 bedroom duplex “floor through” with a switchback staircase to a renovated bedroom/bath level. There is a charming path to Commercial Street and the bay beach from the common deck-gaarden area in the back of the complex. 15 Cottage Street #9 is a rare pool front condo with 3 bedrooms 2 baths and 1,710 square feet in a well maintained West End complex. 493 Commercial Street #13 is an incredible 2 bedroom 2 bath condo on the water in the East End.
233 Bradford Street #5 $245K
15 Cottage Street #9 $594K
493 Commercial Street $1.1M
Single Family homes.
27 single family homes have sold with an average sale price of $1.078M, the average is a 3 bedroom 2.5 bath home of 2,102 square feet. This is just one less than sold last year. This average sold price represents a 50% increase from last year. The averages are skewed somewhat as there have been several sales over $1M this year, but this increase does illustrate the strength of our single family market. The three properties highlighted below are great examples of single family houses sold. 61 Harry Kemp Way is one of our favorites. The attention to detail in this house is incredible and includes details like ceiling fans on the front farmers porch, smart wiring everywhere and gorgeous landscaping. 67 Bradford Street Ext is a 3 bedroom 2 bath home on a 10,000 square foot lot just below Pilgrim Heights Road and a block from the moors. An incredible piece of property which the new owners are renovating into a showplace. 13 Pilgrim Heights Road is a substantial house of 4, 559 square feet with 5 bedrooms and 5 baths and a pool. A wonderful property on close to a half acre lot.
61 Harry Kemp Way $781K67 Bradford Street Ext $848K13 Pilgrim Heights Rd $1.235M
Last year 28 single family homes sold with an average sales price of $717, and the average was a 3 bedroom, 2.5 bath of 1,881 square feet. The average sold price this year is 50% higher at $1.078M.
There are 53 single family homes on the market with an average asking price of $1.436M, and with an average of 4 bedrooms 4 baths and 2,610 square feet. Three of our favorites are pictured below. 29 Tremont Streetis one of the most charming properties in town. Nestled on the corner of Tremont Street and Atwood Street, the 4 bedroom 3 bath property consists of an antique colonial main house and a perfect 1 bedroom cottage in the rear. 10 R Commercial Street is another great property hidden behind the Delft Haven with a main house and a charming guest house and beautiful grounds. 7 Telegraph Hill is a spectacular hilltop home with 3 bedrooms and 3.5 baths, and is one of the properties I mentioned in a prior post about Telegraph Hill.
These homes represent the best of Provincetown on so many levels. Each is a significant quality property that speaks to the interest and excitement that exists for real estate here on our wonderful town.
29 Tremont Street $1.095M10 R Commercial Street $1.995M7 Telegraph Hill $2.896M
That’s the mid summer update here in Provincetown. Sales are on track to come close to or meet last years records, and if last weeks activity is a predictor we certainly will come close. Call or stop in to say hello when you are in town. Our office is at 139 Commercial Street in the West End.
One of our favorite properties that we recently marketed closed this past week…the 1,800+ sf 2 bedroom 2.5 bath single family room home sold for $1.026M. It is a prime example of a quality, thoughtfully designed home, with a multitude of extras… selling fairly quickly and for an excellent price.
58 Franklin St $1.059M
The house garnered lots of excitement when it was listed as it was a complete renovation of a 1958 bungalow style ranch in the Franklin Street neighborhood. As you know there are only a handful of houses in town that have pools and this has to be one of the best.
I couldn’t have said it better, and I reiterate that I rarely post “Buy Now”, “Sell Now” articles, but this succinctly outlines the reasons why…and with a national perspective.
Many are talking about why now is a great time to buy a home. Today, we want to look at why it might also be an opportune time to sell your house. Here are the Top 5 Reasons we believe now may be a perfect time to put your house on the market.
1.) Demand Is High
Homes are selling at the fastest pace since November 2009 when the market spiked in response to the home buyer tax credit. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that monthly sales increased over the same month last year. Total sales have been above year-ago levels for 22 consecutive months. There are buyers out there right now (buyer traffic is 31 percent stronger than a year ago) and they are serious about purchasing.
2.) Supply Is Beginning to Increase
Total housing inventory is rising. Many expect inventory to continue to rise as more sellers escape the shackles of negative equity. Selling now while demand is high and before supply increases may garner you your best price.
3.) New Construction Is Coming Back
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.
4.) Interest Rates Are Rising
According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year mortgage have shot up to 3.98% which represents a jump of more than ½ point since the beginning of the year. Even those trying to be the voice of reason on this issue are projecting higher rates. For example, Polyana da Costa, senior mortgage analyst atBankrate.comsaid:
“Rates are unlikely to keep going up so quickly and should remain below 5%.”
Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
5.) It’s Time to Move On with Your Life
Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?
You already know the answers to the questions we just asked. You have the power to take back control of your situation by putting the house on the market today. The time may have come for you and your family to move on and start living the life you desire. That is what is truly important.
A recovery created purely by government largess is no recovery at all.
That’s the strongest argument that our universally hot housing market is ephemeral. It’s true that the hot housing market is due in large part to federal government policy aimed at stimulating and rewarding housing demand. It’s generally a far better deal to own than to rent and the US Government likes it that way.
No place is policy more obvious than in the mortgage markets. By buying mortgages by the truckload since late 2008, the Fed has suppressed rates to ridiculously low levels. I’ve said this before, 3.4% guaranteed for 30 years? I wouldn’t give myself that loan. But this trend can’t last forever, and over the last few weeks, mortgage rates are on the rise. What happens next?
Average interest rate on 30-year fixed mortgage, primary residence, across 20 major US metros. Source: Altos Research
Surely this is bad news, right?
Despite recent moves, mortgages are still insanely cheap. See the above chart for the Altos Research mortgage rate monitor.
Slight moves in rates impact the re-finance application rate instantly. Refinancers are hyper-sensitive to rate moves.
For real estate purchases, consider this analysis by Dan Green at The Mortgage Reports. Rising rates cuts into purchasing power. We’ve had a 25 basis point move in rates in May. It’s a sharp move. For some people, that will mean a 4% lower priced home. A full 100 basis point increase in rates translates into 10.75% less purchasing power.
This is all bad, right? For home prices in 2013, I’m going to argue “No.” Last week, while refinance applications fell by 12%, new purchase applications actually rose3%. The low-but-rising mortgage rate scenario results in a rush to get in while the getting is good. All of the bullish factors in today’s roaring housing market are still in full effect, so demand is strong.
Home price affordability falls as mortgage rates climb. Source: The Mortgage Reports
Rising Rates to Accelerate the Housing Price Surge in 2013
A surprisingly large proportion of buyers in this housing market are all-cash buyers. They’re in the market because homes are cheap, relative to the alternative, prices and rents are rising. Real estate is an attractive place to put your cash this year. This demand cohort is unaffected by rate moves.
Low-but-rising rates actually stimulates demand for people who had not yet seriously committed to buying a home. Because we’re in a supply-constrained market, this extra demand goes right to the prices of the homes available for sale.
To track this scenario, we’ll watch supply and demand levels after June 30. That’s the day that inventory typically peaks across the country and, for the second half of the year, the inventory is absorbed with fewer and fewer new homes listed for sale, until January 15 of the following year when everything resets.
If rates climb sharply through the end of the year, then continued price recovery in 2014 will be at risk. As of 2013, consider this yet another stimulus spike. We’ll see those leading indicators emerge in 3Q and 4Q of 2013. Altos clients see this data in real-time. Casual readers will have to wait until I get around to writing a blog post.
This is the 3rd in my series of reviews of the three key market segments in Provincetown. The $1M plus market, the mid-market and last but not least the affordable entry level market. The entry level market in Provincetown is the $200K to $400K price range. Buyers are constantly surprised at some of the great properties that are on the market in this price point.
73 properties sold between $200K and $400K in 2012, accounting for 34% of the total sold.The average property sold in this price range was a 1 bedroom, 1 bath with 620 square feet and a sales price of $314K. Surprisingly 6 of the 73 were single family properties. I have included 2 of those below. One at 130 Commercial St is known to anyone who knows the West End well. A sweet little box of a single family right on Commercial Street past Pleasant. It has been renovated into a wonderful little house! The other single family property shown is 32 Ships Way Road.
One of our favorite condos was a stand alone studio in the West End that we sold last year. It was on the corner of Atwood Street and W. Vine, in the rear of a 4 unit condo complex at 14 West Vine. (see pic) It had a loft bed, a gas wood burning stove, and a wonderful private fenced in garden patio. Another favorite was 75 Province Lands Road which was a 1 bedroom end unit that has full on water views of the moors and beyond.
14 W Vine St. #4, studio condo $310K75 Province Lands Rd #12, 1/1/ condo $398K233 Bradford St #7, 1/1 condo, $272K
62 Franklin St #3, 1/1 condo, $270K130 Commercial St. 2/2 Single Family, $360K32 Ships Way Rd. Single Family, 2/1, $390K
Currently there are 52 properties on the market representing 33% of all properties being marketed for sale, of which 3 are single family properties. The average being a 1 bedroom, 1 bath with 620 square feet with an asking price of $325K. Below are 6 properties that are currently available.
23 Conant, 7 Webster are stand alone condos, with all the privacy that comes with that. 30 Bangs is at the end of Bangs Street across Bradford in a quiet private complex. 60 Race Road is a spacious 2 story townhouse with a full basement.
23 Conant St. 2/2 condo $329K30 Bangs St. 2/2 condo, $349K60 Race Point Rd. 2/2 condo, $395K
7 Webster Pl #1, 1/2 condo, $215K233 Bradford St #7, 1/1 condo, $272K163 Bradford St #3, 1/2 condo $329K
Year to date 29 condos have sold with sales prices in this range representing 47% of all properties sold so far this year. It’s a very busy segment of the market and you can see why when buyers have the choices like those shown below. The average condo sold was a 2 bedroom, 1 bath condo of 741 square feet selling for $303K.
88 Bradford St is an end unit with vaulted ceilings and lots of private use outside space. 23 Conant is a cute stand alone condo in the near West End while 2 Mayflower is a charmer of a cottage in the woods in the far East End. 163 Bradford St #1 was bought by some very dear friends. It’s central location, 2 baths and extra room along with wonderful private use outside space made it a great value.
88 Bradford St. condo, 1/1, $312K23 Conant St #5, condo 1/1, $252K2 Mayflower Ave #3, condo 1/1, $217K
163 Bradford St #1, condo 1/2, $374K147 Commercial St #L3, condo, 1/1, $275K15 Court St #5, condo, 2/1, $388K
Hopefully this post has illustrated the incredible variety of properties in this price range. Buyers are always surprised at what their dollar can buy as they are always hearing about how expensive property is in town. It is a dynamic market segment with great variety of properties for sale.
The mid-market in Provincetown is the $400K to $800K price range. This segment represented 45% of total sales in 2012…46% of condo sales of 166 and 39% of single family sales of 52…in other words it is where the action is. Below are 3 condos and 3 single family properties that sold in 2012. 40 Pleasant is a beautifully renovated 2 bedroom condo in a 3 unit complex with wonderful outside space. 389 Commercial is a very special 1,384 square foot waterfront condo with vaulted ceilings and a huge deck. 14 Meadow is a free standing condo that lives like a single family home. 3 distinctly different properties in the mid priced segment.
40 Pleasant St. 2/1, $500K389 Commercial St.#6, 2/1, $575K14 Meadow Rd. #16, $695K
9 Center St. SF, 3/2, $650K290 Bradford St. SF 2/1, $490K8 Priscilla Alden SF 2/2, $800K
Currently there are 56 properties on the market priced between $400K and $800K representing 33% of the total condo and single family properties available of 155.
10 Washington St is a 3 bed 4 bath condo with 1,175 square feet. 145 Commercial St is in a beachfront complex in the West End. My favorite on market condo is 15 Cottage St. #9 on the pool at the Kensington Gardens complex. 1,710 sf, 3 bedrooms, separate dining room, chefs kitchen and 3 bedrooms for $594K.
The 3 single family’s shown represent some great values. 70 Race Point Rd is a 4 bedroom, 4 bath house with 2,736 square feet. 11 Willow Drive is s brand new 3 bedroom 3 bath house with 2,234 square feet . 1 Railroad Ave is a Provincetown gem and a value at $469K.
condos:
10 Washington St. 3/4, $709K15 Cottage St #9, $594K145 Commercial St #M3, $439K
Some single family properties;
70 Race Point Rd. SF, 4/4, $668k11 Willow Dr. SF, 3/3, $769K1 Railroad Ave. SF, 2/3, $469K
Year to date 20 properties have sold between $400K and $800K, 11 condos and 9 single families. This represents 33% of the total sold of 60. As you can see a perfectly symmetrical market dynamic. 33% of inventory and 33% of sales.
Below are a few of these sold properties. 50 Harry Kemp Way is a spacious townhouse style 2 bedroom condo in an well established condo complex. 381 Commercial is a beachfront condo in the East End and 61 Harry Kemp Way is a magnificent new construction single family home finished with the highest quality finishes.
50 Harry Kemp Way #3, 2/2, $500K381 Commercial St. #9, 2/2, $485K21 Court St #4, 1/1, $435K
262 Bradford St. SF, 3/2, $467K8 Thistlemore Way, SF, 3/3, $600K61 Harry Kemp Way, 2/3, $781K
What do these facts and figures tell you about the mid-market here in Provincetown? That it is the most active important segment in the market. That in 2012 it was almost half of all sales in the market with the average condo in this segment selling for $539K, with 2 bedrooms, and 2 baths and 1,122 square feet. The average single family home sold for $621K, had 3 bedrooms and 2 baths and was 1,705 square feet. As you can see from the assortment of properties shown above, the diversity of style, type, location and price in this segment is surprisingly diverse. I’ll keep reporting on interesting developments in the mid market and let you know my favorites as new properties come available.
