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What’s On The Market – Affordable/Entry Level and Mid Market In Provincetown

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.

 

233 Bradford St #5 $245K
233 Bradford Street #5, $245K
495 Commercial St #4, $289K
495 Commercial Street #4, $289K
616 Commercial #9, $299K
616 Commercial Street #9, $299K

 

 

 

 

 

 

 

6 Mechanic #D, $315K
6 Mechanic Street #D,     $315K
145 Commercial #M2R, $380K
145 Commercial #M2R, $380K
60 Race Pt Rd #2, $395K
60 Race Point Rd #2,     $395K

 

 

 

 

 

 

 

 

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.

 

442 Commercial #2, $424K
442 Commercial Street #2, $424K
68 Race Pt Rd #2, $499K
68 Race Point Road #2, $499K
30 Alden St #5, $545K
30 Alden Street   #5,       $545K

 

 

 

 

 

 

 

51R Harry Kemp Wy #1, $624K
51R Harry Kemp Wy #1, $624K
64 Franklin St #F $654K
64 Franklin Street  #F    $654K
4 Race Road #3 $659K
4 Race Road #3
$659K

 

 

 

 

 

 

 

 

There you have it.  The affordable and mid market in Provincetown.  Enjoy!

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Condo Prices Increasing Faster Than Single-Family Homes

The post below is from  Dan Stone and his blog The Mortgage Report Daily. He is based in Madison Wisconsin. It also provides a good top level review of mortgages for condos. In our local markets its all about condos so it is interesting to see his mid western viewpoint..i.e. “Getting a mortgage for a condo can sometimes be a challenge”. Regardless it is a good and informative post. Sometimes we need to see what the middle of the country is thinking and doing.

 Case-Shiller Index : U.S. Condos Increasing In Value Faster Than Comparable Single-Family Homes

August 9,  2013.

Case-Shiller Index shows home prices in U.S. condominiums and co-ops outpacing single-family residences

As the U.S. housing market gains, it’s taking the condominium market with it.

Home price growth in condos and co-ops is outpacing growth in single-family residences. This is a major shift for the housing market — condos were among the most distressed sectors of last decade’s housing market downturn.

Home sellers are getting higher prices for their condos.

Los Angeles Condos Jump 23%; Chicago Rises 12%

According to the most recent Case-Shiller Index, home values climbed 12.2 percent nationwide for the 12 months ending May 2013. This jump marks the biggest one-year increase in home valuation since the Case-Shiller Index launched 26 years ago.

Each of the Case-Shiller Index’s 20 tracked cities posted annual gains, led by the San Francisco Bay Area; Las Vegas, Nevada; and Phoenix, Arizona. Home valuations in the Las Vegas are up 23% since from 12 months ago, which claws back against the heavy losses sustained last decade.

The “last place” finisher in the May 2013 Case-Shiller Index? New York City.

As compared to one year ago, home values in the city’s five boroughs — Manhattan, Brooklyn, Queens, the Bronx, and Staten Island — rose just 3.3 percent, which is well below the U.S. national average.

However, the Case-Shiller headline figure tells just part of the story.

In New York City, the market is thick with condominiums and co-ops and it just so happens that the Case-Shiller Index ignores homes of these types. If we were to add back condos and co-ops to the Case-Shiller Index data, we’d actually see that New York City is performing quite well.

In New York, condo values are up nearly 10% since last year — well above the broader index’s reading of 3.3 percent.

The same is true in other Case-Shiller Index markets, too. Condos in the 4 other cities tracked by the Case-Shiller Condominium Index showed strong annual gains, and each outpaced its home city.

  • Los Angeles, California : Condos +23.1% annually (versus +19.2% for single-family homes)
  • San Francisco, California : Condos + 27.6% annually (versus +24.5% for single-family homes)
  • Chicago, Illinois : Condos + 11.9% annually (versus +8.5% for single-family homes)
  • Boston, Massachusetts : Condos +8.7% annually (versus +7.5% for single-family homes)
  • New York City, New York : Condos + 9.8% annually (versus +3.3% for single-family homes)

With tight supply and limited construction, buyers of condos and co-ops should expect higher home prices through the end of 2013 and into early-2014, at least.

Mortgages For Condominiums

Getting a mortgage for a condo can sometimes be a challenge. Last decade, lenders were burned on condos for a variety of reasons and so they’ve bounced back on condo loans a bit more cautious and a bit more wise.

Today’s buyers of condos have fewer financing choices as compared to buyers of single-family detached homes.

As one example, buyers using conventional mortgage financing via Fannie Mae or Freddie Mac pay a premium for all loans with less than 25% equity. For this reason, buyers of condos and co-ops are encouraged to cap loans at 75% loan-to-value (LTV).

Condo loans above 75% LTV remain acceptable and approvable, however, the accompanying mortgage rate and/or closing costs will likely be higher.

VA loans for condos are available, too. VA loans allow 100% financing with no mortgage insurance required. Mortgage rates tend to be relatively low with a VA loan because all VA loans are guaranteed by the government.

In nearly all cases, though, buyers of condominiums will want to verify a building’s warrantability.

“Warrantability” is a mortgage term whether mortgages in a given condo building are eligible for purchase by Fannie Mae or Freddie Mac. Non-warrantable condos are sometimes denied for funding, but not always.

A building’s warrantability is based on a host of traits, some of which include :

  1. No person owns more than 10% of the building units
  2. No more than 50% of the building’s units are active rental units
  3. No more than 20% of the building is dedicated to commercial/retail space

To determine whether a building is warrantable or non-warrantable, mortgage lenders will often use a “condominium questionnaire”, which addresses the lendability of a building.

Non-warrantable condos can still be financed, it should be mentioned. Product availability, however, is limited and mortgage rates are sometimes higher.

The Case-Shiller Index reports rising values for today’s condos and co-ops. In many cases, condo prices have climbed more than for comparable single-family residences. Buyers of condos should expect rising prices.

About the Author

Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. You can also connect with Dan on Twitter and on Google+.

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Provincetown Mid Summer Update

August 5, 2013

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#C $260K
147 Commercial S t#L3   $275K
21 Court St #4 $435K
21 Court St #4                  $435K
21 Bradford St EXT #2 $880K
21 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 St #5 $245K
233 Bradford Street #5  $245K
15 Cottage St #9 $594K
15 Cottage Street #9       $594K
493 Commercial St $1.1M
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 $781K
61 Harry Kemp Way       $781K
67 Bradford St Ext $848K
67 Bradford Street  Ext $848K
13 Pilgrim Heights Rd $1.235M
13 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 Street is 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 St $1.095M
29 Tremont Street       $1.095M
10 R Commercial St $1.995M
10 R Commercial Street  $1.995M
7 Telegraph Hill $2.896M
7 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.

 

 

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Bungalow 58 Poolhouse Sold

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
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.

 

 

 

 

pool 2pool 1

 

 

 

 

 

 

 

master bedroom 2kitchen 1

 

 

 

 

 

 

 

 

roaring frplc

2012 349

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Mortgage Rates Ease

 

Mortgage Rates Ease for Second Straight Week

  Jul 25, 2013
  By: , Realtor.com
Average rates on fixed mortgages trended downward for the second consecutive week.

The decline comes after rates spiked dramatically over the past month over worries the Federal Reserve would curb its bond-purchase program – giant stimulus policies involving $85 million worth of Treasury notes and mortgage-backed securities that have helped spur growth in a recovering housing market.

Three weeks removed from hitting a two-year high, the average rate on a 30-year fixed eased to 4.31 percent, down 0.08 percentage point from 4.37 a week ago, according to the latest survey by mortgage lender Freddie Mac. The 30-year fixed loan neared a historic low as recently as early May before spiking to 4.46 percent in the last week of June. It was at 3.49 percent at this time one year ago.

The average rate on a 15-year fixed mortgage saw its own decline, albeit a slight one. Previously trending at 3.41 percent, the average on a 15-year fixed loan fell by 0.02 percentage point to 3.39 percent this week. It previously achieved a historic low in early May, when it fell to 2.56 percent. A year ago, the average rate on a 15-year fixed was 2.8 percent.

In a statement, Freddie Mac chief economist Frank Nothaft said the relief “should help to alleviate market concerns of a slowdown in the housing market.”

“Thus far, existing home sales for June were the second highest since November 2009 and new home sales were the strongest since May 2008,” Nothaft continued. “In addition, the low inventories of homes for purchase are putting upward pressure on house prices.”

The positive signs from June sales bode well for the housing market moving forward, especially after it weathered its first significant spike in key mortgage rates.

The average rate on a 5-year hybrid adjustable loan fell slightly from 3.17 percent a week ago to 3.16 percent. After holding firm at 2.66 percent for four consecutive weeks, the average on a 1-year hybrid adjustable loan dropped by 0.01 percentage point this week to 2.56 percent.

Although mortgage loans remain historically low, home buyers and home owners looking to refinance may want to act quickly to lock in affordable rates. In the latest Mortgage Rate Trend Index by Bankrate.com, 91 percent of the mortgage analysts and experts polled believe average loans will trend upward or remain unchanged over the next week.

“Rates have moved significantly higher in the last five weeks,” says Academy Mortgage branch manager Derek Egeberg. “There is greater risk of continued moves higher than potential of a market move lower. Advice is to lock if you are a buyer with a property under contract.”

 

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Telegraph Hill Activity

Telegraph Hill is a gorgeous community of large single family homes on the highest hill in Provincetown.  I recently posted about 2 properties going under contract on the Hill. Both have now closed.

OLYMPUS DIGITAL CAMERA9 Telegraph Hill sold for $2M last week.

MLS description: Nestled atop the highest point in Provincetown this gorgeous 3 bedroom, 3.5 bath home is privately sited in the Telegraph Hill neighborhood, an exclusive cul-de-sac with eight architect designed single family homes. Entering into the 30 foot long sunlit gallery you are drawn to the expansive walls of glass with water views in every direction. The home offers a warm inviting presence as you enter into the sunken living room with it’s fieldstone fireplace and over-sized buffet that leads into the spacious dining room. The chef’s kitchen has high end appliances, a pantry and breakfast nook. The entire 2nd floor is the master suite with rich wood paneling, fireplace, sumptuous master bath and twin walk in closets. Extras include radiant heat floors, lots of storage and an extra large two car garage.

 

 

21304104_038 Telegraph Hill sold for $2.895M two weeks ago.

MLS description. This is the best view on Telegraph Hill. Custom built in 2002 this home home offers panoramic views of Provincetown Harbor,the shores of Truro & Wellfleet, west end rooftops of Provincetown & a stunning view of the Monument. Meticulously maintained, well appointed w/hardwood floors, custom Hunter Douglas blinds, marble & limestone baths, commercial grade Viking appliances, double fireplace, high ceilings w/custom lighting, central ac, mature gardens, irrigation system & a 2 car garage. The upside down design gives you living and dining space on the top floor w/an open floor plan, along with a wrap around deck for outside entertaining. The entry level has 3 large bedrooms including two master suites, all with en-suite baths. Lower level offers a finished room, laundry room & 2 car garage. Granite block driveway.

 

7 Telegraph Hill $2.895M…..and 7 Telegraph Hill just came on the market at an asking price of $2.895M.

Built in 2006, this reverse design home offers both privacy and views of Hatches Harbor, the Atlantic Ocean and Seashore. Meticulous attention was paid to every detail, including custom carpentry & cabinetry, top-of-the line appliances, polished concrete countertops, & a 10 ft. high wall of glass showcasing the extraordinary view. The dramatic open floor plan includes a large dining alcove, a fireplace, and atmospheric lighting throughout. The master suite is very spacious with high ceilings, a large walk in closet with custom built ins, and a marble master bath. The 2 guest suites each have en-suite baths & sliders out to private decks. There is also a den, 2-car garage, excellent basement storage and multiple decks.

This is an amazing amount of activity in the high end as only 8 properties have sold over $2M in the last 2 years. Four of these homes are waterfront properties on Commercial Street and the other four are on Telegraph Hill.

 

 

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Inventory Shortage Eases

Good national perspective on inventory levels from Teke at realtor.com.

Inventory shortages ease

Realtor.com data shows 4.3 percent growth in listings from May to June
Teke Wiggin

Teke Wiggin Staff Writer

Inventory shortages that constrained home sales this spring are beginning to ease, with the number of homes listed for sale trending upwards in June, according to realtor.com data, The Wall Street Journal reports.

The total number of listings rose by 4.3 percent from May to June, to 1.9 million homes. While that’s down by 7.3 percent from the same time a year ago, inventory was off 18.6 percent year over year in February, the newspaper said.

Real estate industry observers have speculated that home price gains might spur more homeowners to put their properties up for sale — and for builders to break ground on more new homes.

With the latest CoreLogic Home Price index showing a 12.2 percent year-over-year gain in home prices in May, the recent uptick in listings — though bolstered by a normal seasonal increase — suggests that these market reactions may be starting to play out.

“No one wants to sell at the bottom, but prices have now been rising for more than a year and by more than 30 percent in some markets — triggering some homeowners to lock in those gains, including those who have been underwater,” said Jed Kolko, chief economist at listing portal Trulia.

But while home value appreciation may be coaxing some to sell, National Association of Realtors Chief Economist Lawrence Yun said in a statement last month that growth in home supply will primarily depend on an increase in construction.

“The housing numbers are overwhelmingly positive,” Yun said about May home sales, which NAR said hit their highest level since November 2009. “However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent. The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth.”

A recovery in construction activity is already beginning to take hold, Kolko noted.

“Even though inventory peaks in the summer and drops off later in the year, buyers should have more to choose from next spring and summer than they had this year,” he said.

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

Provincetown year-to-date sales moderated somewhat from a robust 2012 first half as a shortage of properties for sale and a harsh winter kept buyers on the sidelines. Recently the market ticked up markedly as the weather improved.

Condominium sales slowed by 27% from 69 units last year to 50 this year, although a sluggish 16 sales in 1Q more than doubled in 2Q to 34. The average sales price of condos sold stayed relatively flat at $390K – a 2% decrease from $400K last year. Days on market for condominiums sold decreased by 8%; further illustrating the lack of inventory.

Single-family properties performed well with a 24% increase in the average sale price from $731K in 2012 to $905K year-to-date. The median sales price increased 28% to $867K from last years $675K – 22 have sold so far this year against 27 last year. Total sales volume was up 1% to $19.7M.

The average days on market has decreased in both categories driven by less inventory available for sale and relatively strong demand. For condos, it decreased 8% from 214 to 197 and for single-family properties, DOM decreased 22% from 253 to 197. Properties are selling faster as there are fewer on the market and demand remains very high.

Speaking of inventory, currently there are 110 condos on the market with an average listing price of $470K and an average price per square foot (ppsf) of $557. There are 54 single-family properties on the market with an average listing price of $1.411M and an average ppsf of $558.

The market has heated up in the past several weeks with several properties going under contract. The most interesting development is that two, $2M+ houses on Telegraph Hill went under contract in the past few weeks. The number of properties going U/A has increased noticeably. It has turned into summer overnight and the fourth of July has come and gone. The season is in full swing!

Ptown 2Q 2013

 

 

 

 

 

 

 

 

 

 

Other towns on the Outer Cape have experienced a similar dynamic. The number of single-family home sales in Truro was down 13% to 26 units from 30 in 2012. The average sales price was down 18% to $607K from $737K 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 single-family market performed better than last year with a 4% increase in the average sales prices to $556K from last year’s $533K. The number of sales was the same as in 2012 at 32 properties sold. The current 93 single-family homes available for sale offer many choices for buyers.

Truro 2Q 2013

 

 

 

 

 

 

 

 

 

 

 

There is generally positive news on the outer Cape in both single-family homes and condominiums. A strong second-home market on the Cape is an indication of an improving economy and of improving consumer confidence. These buyer and seller attitudes and still relatively low interest rates are signaling a very strong second half for outer Cape real estate.

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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Rising Mortgage Rates And The Housing Recovery

 My favorite Mike Simonsen of Altos Research on rising mortgage rates. 

How Much Risk are Rising Mortgage Rates to the Housing Recovery

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?

Mortgage Rates as of 2013
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.

Mortgage purchasing power
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.

 

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2 Telegraph Hill Homes Under Contract.

Two beautiful houses atop  Telegraph  Hill have gone under contract in the last few weeks. Both have asking prices over $2M.  In the last 2 years only 5 properties have sold in Provincetown with prices over $2M. Four were on the water on Commercial Street and the other was on Telegraph Hill

9 Telegraph Hill which we have been marketing with an asking price of $2.295M is under contract. This is one of the most perfectly sited homes on the hill, hardly visible from the street and with expansive water views from most rooms. The house has 3 bedrooms and 3.5 baths, an incredibly large open living area with a giant fieldstone fireplace and a deck running the full length of the back of the house. The rear of the house is all glass and deck.

 

9 Telegraph living telescope  9 Telegraph Hill. List price $2.295M Pending.  9 Telegraph master bedroom 1

 

8 Telegraph Hill sits atop the Hill at its eastern tip with arguably the best views on the hill.  This is a 3 bedroom, 4 bath home of 3,510 square feet that has a listing price of $3.195M.  This property went under contract a few weeks ago and is being marketed by our good friends at Atlantic Bay Sothebys.

 

21304104_03

21304104_0721304104

 

 

 

 

 

Pretty heady stuff for the Provincetown market to have two similar and $2M+ properties sell in the same few weeks. And while these two properties are not representative of the entire market they do represent renewed interest and activity in this segment of the market.