Tag: Cape Cod real estate

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Price Gain Strongest In 8 Years

NAR’s third quarter analysis.

Home prices post strongest annual gain in nearly 8 years

Pace of sales hits 5.36M a year during third quarter, best since 2007
Inman News

Inman News Staff Writer

Home prices in most metropolitan areas grew significantly in the third quarter, with the national median price rising at its fastest annual clip in nearly eight years, according to the National Association of Realtors (NAR).

During the same period, existing homes sold at the fastest annual rate recorded in more than six years, according to NAR’s latest quarterly report on metro area median prices and affordability.

Despite the robust price growth, NAR estimated that potential buyers still had adequate income in most areas to purchase a home in the third quarter. Nonetheless, market momentum is changing, according to Lawrence Yun, chief economist at NAR.

“Rising prices and higher interest rates have taken a bite out of housing affordability,” Yun said. “However, we have the ongoing situation of more buyers than sellers in the market, so lower sales will help to take the pressure off home price growth and allow them to rise slowly at a single-digit growth rate in 2014.”

The national median existing single-family home price increased by 12.5 percent year over year to $207,300 in the third quarter, the strongest year-over-year gain since the fourth quarter of 2005 when it shot up 13.6 percent, according to the trade group.

In the second quarter, the median price reportedly rose 12.2 percent year over year.

Meanwhile, NAR said existing-home sales jumped 5.9 percent to a seasonally adjusted annual rate of 5.36 million in the third quarter from 5.06 million in the second quarter.

On an annual basis, they reportedly increased 13 percent. The third-quarter pace of sales was the highest recorded since the first quarter of 2007, when it hit 5.66 million, NAR said.

The report’s findings also highlighted the market’s sharp inventory shortage.

At the rate of sales in the third quarter, the existing-home inventory of 2.21 million homes for sale would have cleared in just five months, down from 5.9 months in the third quarter of 2012.

 

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Wellfleet Weidlinger House Funding Update

Great funding effort by CCMHT to save Weidlinger House. CurbedCapeCod’d great story below. (With an update)

Curbed Cape Cod Update: The Cape Cod Modern House Trust’s (CCMHT) Kickstarter campaign to save Wellfleet’s Weidlinger House by raising $50,000 towards the much-needed restoration ends tomorrow. So far, they’ve raised $59,249, making the crowdfunding venture a success. However, the iconic mid-century building is such a hot mess that the CCMHT is naturally hoping to raise as much funding possible. Just in time, a donor has stepped up and offered a $5K match if the campaign reaches $60,000 by Saturday. All the details, this way. [previously; Kickstarter]

 

Weidlinger House Restoration Funding 

Thursday, October 24, 2013, by Jazmine Donaldson
WeidlingerHousegut.jpg

[The pond side of the house today. Photo: Raimund Koch]

The Cape Cod Modern House Trust has hit the crowdfunding circuit to save the Weidlinger House. Built in 1953, the iconic structure will soon be listed on the National Registry, but is in urgent need of restoration. Per the Kickstarter campaign:

Due to a lack of resources from the Park Service, this irreplaceable piece of our cultural heritage ended up abandoned and slated for demolition in the pristine landscape of the Cape Cod National Seashore. The Cape Cod Modern House Trust (CCMHT) has obtained a lease and begun a full restoration, which we hope to finish, with your help, by July, 2014. This Kickstarter campaign is to raise $50,000 toward that goal.

So far, the Cape Cod Modern House Trust has raised $40,443 of their $50,000 goal. Donations, this way.

 

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Pic Of The Week

The West End of Commercial Street looking toward  Relish from right before the West End lot.  And everyone thinks we slow down in the “shoulder months”. Nope – just making it better for everyone.  The most gorgeous walk in New England from the Coast Guard station to the The Red Inn will be even more beautiful – and easier on the feet. The granite curbs are in and the first layer of pavement will go down soon.

 

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Favorite New Listing Of The Week

8 Meadow Lane #2, $529K, is a 2 bedroom, 2 bathroom condo with 954 square feet. Located in the West End, a short bike ride or walk to Herring Cove beach, this sunny and immaculate town home built in 2006 offers spacious living on three levels. The main floor is comprised of an open living and dining area and a kitchen with granite countertops and stainless appliances. The bedrooms have nice separation and privacy from one another, with a bedroom and full bath each on the top floor and the lower level. A deck off the kitchen and a french door from the lower level both lead to a lovely stone patio out back for outside living. The unit has pine floors throughout, air conditioning, a washer/dryer hookup and deeded parking.

529K

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This is a great condo in the West End near the bike shop in a well run condo association. The two bedrooms are separated by the living floor; there is a very private walk out garden and patio off the lower level bedroom; and there is tons of light from the oversize windows especially on the main floor.

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October Snapshot – Provincetown

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 Conwell  Street was a very sweet 2 bed/1 bath 400 sf cottage  hidden behind charming white gates; 3 Carnes Lane 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 sold
28 Conwell #3, $375K        sold
3 Carnes Lane #2, $672K, sold
3 Carnes Lane #2, $672K,  sold
21 Bradford St Ext #1, $1.075M
21 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, sold
29 Tremont St $995K,        sold
1 Pilgrims Landing $1.415M, sold
1 Pilgrims Landing $1.415M, sold
11 Thistlemore Rd, $657K, sold
11 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, $337K
95 Race Road #11, $337K
19 Tremont St #1, $649K
19 Tremont St #1, $649K
6 Cottage St #1.559M
6 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 Sr $879K
78 W Vine St $879K
81 Bayberry Ave $885K
81 Bayberry Ave $885K
5 Dyer St $1.499M
5 Dyer St $1.499M

 

 

 

 

 

 

 

November is shaping up to be as busy as October was. We’ll keep you posted.

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Empty Nesters Transitioning

As many of our generation turn into “empty nesters” or are otherwise transitioning from the suburbs to the city, or from the city to their country house…there are all sorts of new dynamics affecting those plans. Good post from Scott below.

Empty nesters struggling to land

Posted by Scott Van Voorhis

There’s good news if you are nearing retirement and want to downsize. You can sell your home now, and, if you are lucky enough to live in an upscale suburb like a Belmont or a Newton, you might be able to find a buyer within a week or two.

The bad news? After selling the big and now empty house you have painfully resolved to say goodbye to, finding that downtown condo or one-floor ranch you have been yearning for may not be all that easy.

In fact, if you want what you want, you could end up paying more to downsize.

Here’s a piece I wrote for the Globe West looking at three pairs of empty nesters. Two managed to land, while the third, in Lexington, is still weighing their options.

They are the lucky ones. Downtown Boston condo prices are soaring, while those modest ranches and other smaller homes in the suburbs are already being fiercely fought over by young families looking for the first house. (Of course, the number of ranches and capes in the more expensive ‘burbs is dwindling as they are torn down to make way for McMansions, but that’s a story for another day.)

Here’s what Ilene Solomon, a long-time Newton broker who deals every day with empty nesters, told me.

She estimates it could cost as much as $2 million for, say, an empty nester selling a big house in Newton or another upscale suburb to find real estate happiness in downtown Boston.

Others are opting to stay in town or close to it, buying or condo or renting in an apartment complex like Charles River Landing in Needham.

Still, finding a condo in the suburbs is no cinch either, with the pickings pretty slim right now.

“The biggest dream is to go into Boston and get a wonderful place and start a new, exciting life,” Solomon said.

Are you an empty nester? What does the real estate market look like to you?

 

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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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Cape Cod Waterfront Under $500K

Interesting CurbedCapeCod post below showing a great assortment of waterfront homes all over the Cape.

10 Cape Cod Waterfront Properties Listed for Under $500K

Monday, October 14, 2013, by Jazmine Donaldson

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[596 Shore Road, Truro via Zillow]

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.
143 NORTH SHORE BOULEVARD, SANDWICH, MA 02537
FALMOUTH
Built in 1920, this 708 sq. ft. 1BD, 1BA Woods Hole Village cottage is set on .26 acres on Mill Pond. The renovated home is listed for $449,000.
18 PARK ROAD, FALMOUTH, MA 02543
MASHPEE
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.
VINEYARD VIEW LANE, MASHPEE, MA 02649
HYANNIS
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.
21 HAWES AVENUE, HYANNIS, MA 02601
SOUTH YARMOUTH
“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.
BRIDGE STREET, DENNIS, MA 02660
DENNIS PORT
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.
130 INDIAN TRAIL, DENNIS PORT, MA 02639
CHATHAM
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.
108 MILL HILL ROAD, CHATHAM, MA 02659
ORLEANS
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.
6 AUNT ABIGAILS WAY, ORLEANS, MA 02653
TRURO
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.
596 SHORE ROAD, TRURO, MA 02657
PROVINCETOWN
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.
945 COMMERCIAL STREET, PROVINCETOWN, MA 02657
10 Waterfront Properties for Under $500K

 

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Goode and Farmer Report – Provincetown, Truro, Wellfleet October 2013

Year-to-date sales through the 3rd quarter of 2013 continued to climb as the great weather brought more buyers to town. With market values of property slowly rising and continued low mortgage rates the time seemed right to buy.

The average sales price of condos sold was up 5% to $432K  from $412K last year. Although the number of sales year to date decreased by 23% from 115 units last year to 90 this year, 40 sold in the 3rd quarter making it the best period so far this year.

Single family properties performed well with a 24% increase in the average sold price from $795K in 2012 to $1.038M year to date. The median sales price increased 15% to $880K from last year’s $752K. 32 single families have sold so far this year vs. 38 last year. Total sales volume was up 9% to $33.2M. There is clearly a demand for single family homes that have been slower to sell in the past.

The average days on market has come down overall driven by less inventory available for sale and relatively strong demand. For condos it decreased 14% from 194 to 166 days and for single-family properties DOM’s increased 14% from 178 to 206 days.  The high end of the single family market traditionally takes longer to sell.

Speaking of inventory, currently there are 120 condos on the market with an average listing price of $500K and an average price per square foot (ppsf) of $571. There are 45 single-family properties on the market with an average listing price of $1.511M and an average ppsf of $550.

With the great weather in September and the forecast for above average temps throughout October, we expect the market to be busy through the end of the year.  There remain some wonderful opportunities to own a part of a very special place.

 

Ptown chart Q3 2013

 

 

 

 

 

 

 

 

 

 

 

Other towns on the Outer Cape have experienced a similar dynamic. The number of single-family home sales in Truro remained the same as last year with 37 units sold over the first 9 months of 2013.  The average sales price was down 17% to $598K from $724K last year. The Truro market consists mostly of single-family homes. There are currently 72 single family properties available to chose from.

In Wellfleet the number of single family home sales declined 14% from the same period last year with 48 homes sold this year vs. 56 sold in 2012.   The average sales price remained the same at $526K.  There are currently 87 single family homes available for sale offering many choices for buyers.

Truro chart Q3

 

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The third quarter market report is overall positive news on the outer Cape in both single family homes and condominiums. Although the number of homes sold is down somewhat from a very strong 2012, prices are rising after many years of depressed values. Demand remains high with many long time visitors taking advantage of low mortgage rates and slowly rising prices to search for their “special home” on the Cape.

Please call or stop in if you are considering selling or if you are just curious as to what your home is worth. If you are considering buying a home, remember that our business philosophy is that the best-informed buyers are the happiest and it is what we do best.

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My Favorite New Listing This Week

As the MLS copy says – “A gracious East End property”.  These wonderful single family properties with that extra private cottage are so Provincetown…and very much in demand. Some owners of properties like this renovate the main house while living in the cottage, and eventually have a guest cottage to rent out or to live in while renting the main house.  A true flexible use property.

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beach access

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594 Commercial Street, being offered at $1.2M, is a 5 bedroom, 3 bathroom, 2,451 sf property. This gracious East End property, in the same family for 75 years, is comprised of a large 4 bedroom, 2 bath home, and an adjacent charming artists cottage. The first floor of the main house has a large living room with wide pine floors, wood burning fireplace, and a rank of windows with original period trim. Left of the entry is a master bedroom, leading to a garden room with French doors to a patio. A formal dining room, a country kitchen, and a full bath complete the first floor. Upstairs are three bedrooms of varying size, and a second full bath. The artists cottage has a two-story living room, with palladian window and wide pine floors, a kitchen and a bath. Upstairs is a loft bedroom. There is a spacious lot with shrubs and trees. Across the street is deededed beach assess, with parking(2).