Tag: Cape Cod real estate

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The Affordable Entry Level In Provincetown

Spring is finally here. Time for a spring market review.

There are some great properties on the market in Provincetown with more to come as the spring/summer market heats up. I’ll begin with a review of the affordable entry level market .

Affordable Entry Level

The affordable entry level market generally includes those properties priced from $100K to $400K and is loaded with surprising options and is a great way to enter the real estate market in town – either for your own vacation or year round use or as an investment/rental property.  Buyers are always surprised at what they can get in this segment of the market. Comfort, location, space and value!.  There are 59 properties on the market in this segment, all are condos except for 1 single family listing. These  represent 36% of available properties.  The average asking price is $306K and the average size of available properties in this segment is 607 square feet.  9 of my favorite are pictured below.  Just click on the address and you’ll see the full listing information on Beachfront-Realty.com.

104 Bradford St #8, 1/1, 163 sf, $199K
104 Bradford St #8, 1/1, 163 sf, $199K
22 Pearl St #4, $239K, 1/1, 231 sf.
22 Pearl St #4, $239K, 1/1, 231 sf.
353 Commercial St # 18, $$289K, 1/1/, 208 sf.
353 Commercial St # 18, $$289K, 1/1/, 208 sf.

 

 

 

 

 

 

 

3 Freeman St #5, $325K, 2/1, 700 sf.
3 Freeman St #5, $325K, 2/1, 700 sf.
495 Commercial St #19, $379K, 1/1, 549 sf.
495 Commercial St #19, $379K, 1/1, 549 sf.
4 Bayview Ave, $389K, 2/1, 512 sf.
4 Bayview Ave, $389K, 2/1, 512 sf.

 

 

 

 

 

 

 

 

4 Bradford Acres # G, $399K, 1/2, 813 sf.
4 Bradford Acres # G, $399K, 1/2, 813 sf.
10 Seashore Park #V, $399K, 2/3, 1,310 sf.
10 Seashore Park #V, $399K, 2/3, 1,310 sf.
104 Bradford St # 11, $399K, 1/1, 531 sf.
104 Bradford St # 11, $399K, 1/1, 531 sf.

 

 

 

 

 

 

 

 

Waterfront condos, charming mid town pied a ter’s, or spacious townhouses. The affordable entry level market in Provincetown is full of  property choices at very reasonable prices.

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Sale Of The Week

It is hard to believe that you can still buy a single family home for under $600K in Provincetown, let alone a relatively new 4 bedroom 4 bath property with a great yard and super location. 70 Race Point Road is a 4 bedroom 4 bath  2,736 square foot single family home …and it sold for $585K, $213 per square foot!   The quality and size of this house is exceptional and it even has a large guest suite with a separate entrance on the lower level. The new owners could not be happier.

 

70 RPR 1

 

 

 

 

 

 

MLS Copy: You’ll love living so close to Beech Forest, the bike trails, the National Seashore and Race Point Beach and yet a quick bike ride or walk to Town Center. This very generously sized home features wood flooring, high ceilings, living room with gas fireplace, spacious deck, kitchen with breakfast bar open to the dining room overlooking the front porch and mature plantings in the front garden. There are four bedrooms, 3 1/2 baths, a master suite, laundry room. The Master bedroom suite boasts a private bath with a soaking tub and a walk-in closet. Part of the lower level is a beautifully finished , comfortable, private-entrance guest suite, leaving plenty of room for storage. Built by the present owner in 2003, it’s evident that great attention to detail was paid to make this home exceptional in style, size and finish quality.

 

70 RPR 4

70 RPR 3

70 RPR 2

RPR 5

 

 

 

 

 

 

You can get an idea from these few photos how large the rooms are. The surrounding yard and decking is a huge bonus.

 

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Listing Of The Week

51 Harry Kemp Way #1. This is a 3 bedroom and 2 bath townhouse condominium in the Harry Kemp/Outer Cape Health neighborhood. It has a terrific homey feel and good flow, with a wide open bright and airy first floor plan which is great for entertaining. And look at the farmers porch and the huge front yard. Two bedrooms are on the second floor and a third bedroom, den is on the entire third floor. This property is being marketed for $625K.

 

51 HKW 1

 

 

 

 

 

 

 

 

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.

 

51 HKW 3

51 HKW 2

51 HKW 4

51 HKW 5

 

 

 

 

 

 

51 Harry Kemp Way #1, a great townhouse value.

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MA Assoc Of Realtors Report For March

Always good to get the big picture statewide – our local markets are mirroring the statewide trends.

 

Massachusetts Homeowners started to Put More Homes on the Market in March with the Start of Spring

by | Apr 23, 2014
Prices up as closed sales down again in March compared to last year

March 2014 Sales Data

WALTHAM, Mass. – April 23, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that while a general shortage of homes for sale pushed sales down and prices up in March, the spring market is starting to come to life. For the second straight month homeowners have added more homes to the market than the same time last year. Condominium sales and prices were both up in March.

“While the market still needs more homes for sale – including both existing homes and new construction- the increase in new listings in March is a good sign,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “With home values on an upward trend, it gives homeowners the opportunity and incentive to take advantage of the current buyer demand and list their homes for sale.”

There were 2,698 detached single-family homes sold this March, which was down 11.5 percent from the 3,048 homes sold the same time last year. On a month-to-month basis, home sales were up 27.2 percent from 2,084 homes sold this past February. A significant increase in home sales from February-to-March is typical.

The median selling price for single-family home in March was $314,063 which was up 8.3 percent from $290,000 in March 2013. This is the 18th straight monthly year-over-year increase. On a month-to-month basis, the March median selling price was up 6.5 percent from $294,950 in February.

There were 1,264 condominiums sold this past March, an increase of 4.2 percent from the 1,213 condos sold the same time last year. Year-over-year sales of condominiums have gone up 26 out of the last 27 months. On a month-to-month basis, condominium sales were up 36.1 percent from 903 condominiums sold this past February. Similar to single-family home sales, a significant increase in condo sales from February-to-March is typical.

The median selling price for condominium in March was $300,154 which was up 11.2 percent from the $270,000 median price in March 2013. This is the 10th straight year-over-year increase. On a month-to-month basis, the February median selling price was up 5.3 percent from $283,000 in February.

Inventory and Days on Market: 
The inventory of single-family homes as of March 31, 2014 decreased 13.9 percent from March 2013 (16,691 listings in 2014 from 19,695 listings in 2013) which translates into 4.0 months of supply in March 2014.  This is down from 5.0 months of supply last year and flat from this past February.  This was the 25th straight month of inventory decreases.

The number of new listings added to the market of single-family homes in March increased 12 percent over the same time last year (7,110 new listings in 2014 from 6,347 in 2013).

The inventory of condominiums on the market in March was down 23.7 percent compared to the year before (4,733 listings in 2014 from 6,206 listings in 2013), which translates into 2.7 months of supply, which is down from 4.0 months in March 2013 and down from 2.8 months in February.

The number of new listings added to the condominium market in March decreased less than one percent (-0.8%) from March 2013 (2,651 new listings in 2014 from 2,672 listings in 2013).

Detached single-family homes stayed on the market an average of 122 days in March 2014 compared to an average of 140 days in March 2013.  Condos stayed on the market an average of 85 days, down from an average of 106 days in March 2013.  On a month-to-month basis, days on market for single-family homes was up from 121 days in February while condos were down from 98 days.

 

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10 Most “Out Of Touch” Housing Markets

On the face of it this headline is dramatic, but all it refers to is the conforming loan limits throughout the U.S and their relationship to local market conditions. A very interesting perspective from Housing Wire and Trulia.

Trulia: 10 most out-of-touch housing markets

The vast divide in conforming loan limits and reality

April 28

As the whispers of housing reform start to grow into greater fruition, the topic of conforming loan limits is brought up as well.

In his latest blog, Jed Kolko, chief economist with Trulia, noted that the current system of conforming loan limits falls far short of reflecting the actual differences in local home prices and ends up favoring borrowers in lower-cost markets.

“The housing finance system – as well as other national housing policies – needs to serve a country where local home prices in some markets are 10 times as high as in others, and where local and state laws affect how much new construction is allowed, how long foreclosures take, and more,” Kolko said.

In the current system, the conforming system sits at $417,000. However, in 2008, the Housing and Economic Recovery Act granted “high cost area” higher conforming loans limits to reflect local price differences.

But as housing regulators markup the Johnson-Crapo housing finance reform bill on Tuesday, April 29, 2014, Kolko pointed just how the conforming loan limits fall short.

Using Trulia’s database of homes for sale, Kolko listed the top 10 housing markets with the highest share of for-sale homes above the local loan limit, showing just how out of touch conforming loan limits are.  

10. Boston, Mass.

Currently,  $470,350 is the conforming loan limit, while 30% of homes for sale are above the local loan limit.

Massachusetts

9. Oakland, Calif.

Right now 30% of homes for sale are above the local loan limit, with the conforming loan limit sitting at $625,500.

8. New York, N.Y.

The conforming loan limit sits at $625,500 for New York, with 30% of homes for sale above the local loan limit.

NYC

7. Middlesex County, Mass.

The city’s conforming loan limit weighs in at $470,350, with 33% of homes for sale above the local loan limit.

6. San Diego, Calif.

So far, the city’s conforming loan limit is  $546,250, with 33% of the homes for sale above the local loan limit.

5. Ventura County, Calif.

The conforming loan limited is $598,000, with 34% of the homes for sale above the local loan limit.

4. Orange County, Calif.

Orange County has a conforming loan limit of $625,500, with 38% of the homes for sale above the local loan limit.

3. Fairfield County, Calif.  

In Fairfield County, the conforming loan limit is $601,450, and 39% of homes for sale are above the local loan limit.

2. San Jose, Calif.

This city posted a $625,500 conforming loan limit, with 43% of the homes for sale above the local loan limit.

Bridge

1. San Francisco, Calif.

San Francisco posted that its conforming loan limit sits at $625,500. With a whopping 61% of the homes for sale above the local loan limit, it is the nation’s most out-of-touch housing market.

 

Brena Swanson joined the HousingWire news team in February 2013. Prior to serving HW in the role as Reporter and Content Specialist, Brena attended Evangel University in Springfield, MO.
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Pond Side Contemporary

 

46 Shank Painter Road is a gorgeous 12 year old contemporary cape with luxurious living on three levels – and it is a complete surprise! Entering into the house from the beautifully landscaped front entrance you are immediately struck by the view of Shank Painter Pond Wildlife Sanctuary. Most people don’t realize that this incredible pond view exists behind the house. This house literally sits on Shank Painter Pond and looks out on the most beautiful conservation land in town.

 

front of house 1

 

As you see the front of the house is a traditional full Cape with an extension that has it’s own entrance, and the back of the house is 3 full floors of glass sliders that take full advantage of the view – and this stunning house is only 2 blocks to Commercial Street!

The pictures below show the living room and dining room – the west and south walls are rough hewn stone, the floors are hardwood, and the view as you can see is delightful. There is a wood burning fireplace, a large full bath, and a den with doors out to a sheltered and private sunning or dining deck.

 

front of house 2

glass doors

living room

kitchen

 

 

 

 

 

 

The dream chef’s kitchen has double Themador wall ovens, double stainless sinks, a subzero fridge, a 6 burner gas stove top, double trash compactors and beautiful marble and tiled full wall backsplash.

 

master br 1

master bath 1

sauna

deck view 2

 

 

 

 

 

 

The spacious master suite on the lower level has sliders out to the yard and pond beyond.  The large master bath has double sinks, a large glass enclosed shower, and the double size soaking tub with a view that you see below. In addition on this level there are double walk in closets,  a full size sauna, and a large laundry room with side by side W/D and extra storage. In the backyard, steps from the master bedroom is a large hot tub, and an outside shower.

 

upper suite

deck with chairs

back of house 2

46 rear view Shank Painter Pond

 

 

 

 

 

 

The second full floor suite is on the top floor of the house, and as you can see below has stunning views of the conservation land stretching out before you. This floor is a light and bright aerie and has been used by the owners as an artists studio. There is a combination master bath, and a charming  meditation room on this floor, as well as a private deck.

46 Shank Painter Road is being offered at $998,000.

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Listing Of The Week

49 Bradford Street #11, 2 bedrooms, 1 bath, central A/C and parking. Offered at $485,000

 

49Bradford

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centrally located in the near West End this free standing two bedroom , one bath condo is just steps from the Boatslip, Joes Coffee and the bay beaches.  The main level has an open floor plan with a living room, dining area and kitchen. There is also a full bath on this floor. The charming screened in porch adds another space for dining and entertaining. There are two bedrooms upstairs, one with a good size private deck. There is one parking space, exclusive use extra storage space, and a common laundry. There is exclusive use garden space in the front and on the side of the condo.

 

front door

kitchen 2

kitchen to living

bedroom 1

 

 

 

 

 

 

49 Bradford Street #11 has  678 square feet, condo fees of $316 per month which includes heat, and annual taxes of $3,038 for fiscal year 2014. Weekly rentals are allowed. Central A/C, Common laundry, Patio area for grilling, Assigned parking.

 

 

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Goode and Farmer Report – Provincetown, Truro and Wellfleet Q1 2014

While it is tough to identify trends in the first quarter – especially a quarter rocked nationally and locally by severe winter weather, local sales and prices are bucking the national trends that show moderating sales numbers. First quarter results here on the outer cape were surprisingly strong given the relentless winter weather.

The average price of condos sold in Provincetown was up 25%. Single-family prices were up 6%. And in Wellfleet, 48% more single-family properties sold than last year. Total sales in Provincetown were up 22% from 31 sales in the first quarter of 2013 to 38 sales in 2014. Total volume closed was up 33% from $18.5M to $24.7M this year.

There were 24 condominium sales in the first quarter vs. 16 last year, an increase of 50%. And total condo sales volume increased 87% to $11M. The average sale price for condominiums in Provincetown was up 25% to $460K from $368K in 2013. Average days on market for condos decreased by an average of 37. The average price per square foot for condos sold was $500, up from $410 psf in the 1st quarter of 2013.

The average sale price for a single-family home was up 6% to an average sale price of $1.086M from $1.02M in 2013. Single-family home sales in Provincetown decreased by 33% to 6 from 9. Many of us feel that this is a result of lower inventory and not a true indication of market strength.

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

This market dynamic continues to build the case for a strong spring market. It remains an historically opportune time for those sellers who have been waiting on the sidelines to put their property on the market. This strong demand for Provincetown real estate by more confident buyers has proven itself in higher sales numbers. The snow is gone and temperatures are finally above 40. Let the spring market begin.

 

Provincetown Chart

 

 

 

 

 

 

 

 

 

 

 

Other towns on the Outer Cape did relatively well too. The average sales price for single-family properties in Truro was up 19% to $733K from $617K in 2013. The number of sales was down to 8 sales from 14 last year. The Truro market consists mostly of single-family homes.

In Wellfleet, the average sales price of single-family properties sold increased 2% to $521K from $510K last year. The number of sales increased by 44% to 13 from 9 in 2013. Wellfleet is predominantly a single-family sales market as well.

 

Trueo Wellfleet chart

 

 

 

 

 

 

 

 

 

 

 

While these numbers are relatively strong it is always difficult to identify trends in the first quarter The one constant in each town and each category is increasing prices, even with the weather and a shortage of inventory. This illustrates a very resilient market and strong buyer demand.

Buyers do need more choices though as inventory remains low. 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.

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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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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3 Reasons The Market Will Thrive In 2014

 

Another great and succinct post by the KCM gang!

3 Reasons the Housing Market Should Thrive in 2014

by 

three

Recently, HousingWire asked David Berson, chief economist at Nationwide, for his opinion on the near-term future of housing. Below are what Mr. Berson believes to be the three things you need to know about housing in 2014. We have included a quote from the article and a small comment from KCM for all three points.

Number 1: 2014 should prove to be the strongest year for housing activity since before the Great Recession

“Most economists expect an improved job market in 2014, with employment growth accelerating and the unemployment rate continuing to decline. That jobless rate drop will reflect more of a pickup in employment than further declines in the labor force participation rate. This will be the key factor improving housing demand this year, even if mortgage rates rise and affordability declines. While the housing market tends to do especially well when the job market improves and mortgage rates decline simultaneously, that combination of events occurs only rarely…People buy homes when their job and income prospects improve – even if it’s more expensive to do so – rather than buy when it is inexpensive to do so but they’re worried about keeping their jobs.”

KCM Comment:

We agree that the job market will continue to improve and that rising interest rates will not be a detriment to the market in 2014. As Doug Duncan, SVP and chief economist atFannie Mae, recently revealed:

“Consumers have taken the interest rate rise in stride. Expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track.”

Number 2: Demographics should start to favor housing activity

“If the economy expands at a faster pace this year, bringing a more rapid rate of job creation, that should translate into more households, raising housing demand. We won’t see all three million missing households return to the housing market at once. (That wouldn’t be a good thing for the housing market anyway, since that would be on top of the 1.2 million households that normally would develop this year; such a surge would swamp the existing housing supply). Beginning in 2014, the pace of household formations should accelerate to an above-trend pace for several years, pushing up housing demand.”

KCM Comment:

The Urban Land Institute recently released a report, Emerging Trends in Real Estate 2014, projecting that 4.48 million new households will be formed over the next three years. Millennials will make up a large portion of these new households. With the economy improving, we believe they will finally be moving out of their parents’ homes and, after they compare renting versus buying, many will choose homeownership.

Number 3: Mortgage availability shouldn’t worsen and may improve

“The rise in mortgage rates already has reduced mortgage origination volumes as refinance activity declines. If mortgage rates rise further this year, as expected, then refinance activity will fall still more. In response, mortgage lenders probably will ease lending standards to the extent possible under the QM rules to boost lending activity by increasing purchase originations. As a result, the increase in new households expected to be created this year, spurred by a stronger job market, should find that qualifying for a mortgage loan will be somewhat easier in 2014 than in prior years.”

KCM Comment:

We also believe that, as the refinancing market begins to dry up, mortgage entities will be more aggressive in the purchase money market (mortgages necessary to purchase a home). There even seems to be recent evidence that lending standards are actually loosening.