Tag: Cape Cod real estate

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Mass. Home Sales Up 22% YTD

Todays very positive Boston Globe real estate headline.

By Jenifer B. McKim

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GLOBE STAFF

Buyers snapped up more than 4,000 single-family homes in Massachusetts last month, pushing the number of statewide sales for the first 10 months of 2012 above the total for all of last year.

Warren Group, a Boston real estate tracking company, reported Tuesday that home sales in October increased by 21 percent, to 4,044, compared with the same month last year, reflecting increased optimism about the state’s housing market.

Sales between January and October rose to 39,491, a 22 percent increase compared with those months in 2011.

“Record low mortgage rates, an improved economy, and growing consumer confidence are boosting the housing market in Massachusetts and around the country,” said Timothy M. Warren Jr., Warren Group’s chief executive.

The median home price remained relatively flat, however. For a single- family home, it held at $270,000 in October, similar to 12 months earlier, Warren Group said.

Between January and October, the median value slipped to $287,500, down nearly 1 percent compared with October 2011. That means half the properties sold above that price and half sold for less.

The state’s condominium market fared slightly better.

Condo sales were up 48.8 percent in October, compared with the same time last year. The median price rose to $255,000, less than 1 percent higher than October 2011.

Between January and October, the median price for condos went up slightly to $275,000, less than 1 percent higher than a year earlier.

The Massachusetts Association of Realtors, which also released data on Tuesday, offered slightly better housing numbers.

The association said that the median value of a single-family home increased modestly in October to $287,000, 4.4 percent above the October 2011 median.

The median condo price rose to $265,000, up 2 percent compared with that month last year.

The association tracks data from three affiliated listing services, while Warren Group bases its numbers on sales filed at registries of deeds.

As more prospective buyers took action, the number of available homes continued to drop. The inventory of single-family homes decreased by 23.5 percent in October 2012, compared with the same month last year, and the number of condos for sale declined by 32.2 percent, compared with October, 2011, the association said.

John Ranco, a senior sales associate with Hammond Residential Real Estate, said he hopes more people list their homes for sale in the new year, in anticipation of the traditionally busy spring selling season. Right now, Ranco said, many buyers remain frustrated.

“There is very little to choose from,” he said.

Housing numbers released Tuesday by the S&P/Case-Shiller Home Price Indices showed Boston-area home prices increased by 1.9 percent in September, compared with that month last year.

Nationwide, home values rose about 3.6 percent in September, compared with 2011, according to the index, which measures repeat sales of the same properties and is considered one of the best measures of the nation’s housing market.

David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said the latest figures provide further evidence that the housing market is ascending.

“With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market,’’ Blitzer said.

Jenifer B. McKim can be reached at [email protected]. Follow her on Twitter @jbmckim.

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Thanksgiving In Provincetown. (BTW…The Pilgrims Landed Here First!)

Well it’s fall in Provincetown. Sandy has come and gone as so has the election. The trees have dropped most of their leaves providing water views where there were none. And although the town is considerably quieter than during the summer buzz, it’s a wonderful time to relax and enjoy some of the other beautiful scenes here on the Outer Cape.

Weekends in November and December offer fun events for family and friends to gather and share each other’s company – like the traditional Lighting of the Pilgrim Monument on November 21 from 5-7PM that opens the busy Thanksgiving Weekend. There’s also a benefit for the Provincetown Business Guild with their Casino Night at The Crown & Anchor on Friday the 23 at 8PM. And for shoppers, there’s the festive Holly Folly weekend, Nov. 30 to Dec. 2, with many stores open and offering deep discounts. Look for regular community updates here on the blog.

We all love this town for what it offers us in season. But, Provincetown also has a very engaged and caring year-round community with many opportunities to get involved. Please think about continuing your love and support for our community over the upcoming holiday season by helping some of our nonprofit organizations. Volunteer, send in a donation, participate in fundraising events. To help get you started, we’ve included a great “clickable” list of nonprofit organizations and ways to get involved. (see below)

So, come to town for a weekend or two and enjoy the “other season” that Provincetown offers and do a little good along the way.

And, be sure to stop in and say hi when you’re here. We’ll have the fireplace going and the coffee brewing.

Wherever Thanksgiving and the holidays finds you this year, we are thankful for your friendship, your continued trust in us for your real estate needs and the referrals you send our way. We look forward to seeing you in the New Year and share our hope with all of you for prosperity, good health and renewed friendships.

Your friends at  Beachfront Realty.

Jon and Bill

 

Town of Provincetown Volunteer Corp  Beach cleanup, conservation land stewardship or cleanup, beautification committee cleanup, emergency shelter volunteers, tourism,  participation on town boards, public health & safety preparedness, Council on Aging.

Pilgrim Monument  Our donations, memberships and purchases help preserve Provincetown’s rich history for generations to come.

Fine Arts Work Center  (FAWC) Since 1968, the Fine Arts Work Center has worked to provide time and space for emerging artists and writers at critical moments in their creative development.

Helping Our Women  (HOW) A resource center for women with chronic, life threatening and/or disabling illness
Serving Provincetown and other towns.

Aids Support Group of Cape Cod.  Working to maintain and enhance the quality of life for persons living with HIV and AIDS.

Provincetown Art Association and Museum  The purpose of this association is to promote and cultivate the practice and appreciation of all branches of the fine arts.

Provincetown Center for Coastal Studies  Conducts scientific research with emphasis on marine mammals of the western North Atlantic.

Provincetown Conservation Trust. Raises funds to save land (or donating land itself) leaves a lasting legacy and enhances our shared quality of life on Cape Cod,

Pilgrim Bark Park  Our mission is to establish a gated, off-leash community space in Provincetown for its residents, visitors and their dogs.

Provincetown Public Library  Located downtown on the center of Commercial Street.

Soup Kitchen in Provincetown SKIP. Established in 1992, the Soup Kitchen In Provincetown (SKIP) provides a hot, nourishing lunch to Outer Cape Cod residents, November through April, Monday through Friday.

Ruthie’s Boutique Ruthie’s Boutique has provided the community of the lower cape with gently used, inexpensive clothing, books, electronics, and other household items. The net proceeds from the sale of these items is donated to local charities.

Carrie A. Seaman Animal Shelter, (CASAS) is a no kill animal shelter designed to support the wonderful animals of the lower cape.

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Off Season is “On” Season

In the real estate community the off-season months are a time to regroup for the New Year, and to tie up the lose ends of the very busy year we have had. Interestingly the months between November and February remain active in many ways. Buyers are are able to see properties without worrying about tenants, traffic and the urge to go to the beach. Those buying now can be in their properties for the summer season or have their property ready for renters. Sellers can prepare their properties for the new selling season. Renovations can be completed, and property owners can enjoy their hones for the holiday season.

 

The Goode and Farmer Q3 report reported crazy strong numbers as condo sales increased 50% YTD and single family sales increased by 100%. In October the strong trend continued as 11 condos sold with an average sales price of $423K, and 5 single-family homes sold with an average sales price of $1.107M. There are currently 122 condos on the market, vs 134 just a month ago, and 59 single family homes vs 72 a month ago.

Interesting fact.  32% of all condos sold last year sold in the 4th quarter, and 38% of all single family homes sold in the 4th quarter. Another very strong indication that the so called off season is really still the “on season” and that while things do slow down off season they certainly don’t come to a halt in real estate.

 

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analytics

NAR Report Prices Rise In Q3

Below is a great Agent Genius post putting perspective on the national real estate market.

by  in Economy, News – Agent Genius 

 New data shows strength of prices rising

According to the latest quarterly report by the National Association of Realtors, growth in metropolitan area median home prices increased in the third quarter, and more areas are showing gains. The median existing single-family home price rose in 120 out of 149 metropolitan statistical areas (MSAs) based on closings in the third quarter compared with same quarter in 2011, while 29 areas had price declines, up from 110 areas with annual improvement in the second quarter. In the third quarter of 2011, only 39 metros improved, marking stronger home increases.

Dr. Lawrence Yun, NAR’s Chief Economist, said in a statement, “Housing inventories have been gradually trending down from a record set in the summer of 2007,” he said. “Earlier this year, a broad equilibrium began to develop in most areas between home buyers and sellers, which led to a sustained upturn in home prices. We expect fairly normal appreciation patterns in 2013, but there is a risk of price acceleration if builders are unable to increase supply to meet the needs of our growing population and household formation.”

The national median existing single-family home price was $186,100 in the third quarter, up 7.6 percent from $173,000 in the third quarter of 2011, which is the strongest year-over-year price increase since the first quarter of 2006 when the median price rose 9.4 percent. In the second quarter the price increased 7.2 percent from a year earlier.

The median price is where half of the homes sold for more and half sold for less; medians are more typical than average prices, which are skewed higher by a relatively small share of upper-end transactions.

Some of the price gain resulted from a smaller share of distressed home sales in the market, but the higher prices significantly reflect a market recovery. Distressed homes accounted for 23 percent of second quarter sales, down from 30 percent a year ago.

A separate breakout of income requirements to buy a home on a metro area basis shows buyers in the vast majority of areas had ample income in the third quarter, assuming they could meet stringent mortgage credit standards.

Total existing home sales rose 3.2 percent

Total existing-home sales rose 3.2 percent to 4.68 million in the third quarter from 4.54 million in the second quarter, and were 10.3 percent higher than the 4.25 million pace during the third quarter of 2011. At the end of the third quarter, 2.32 million existing homes were available for sale, which is 20.0 percent below the close of the third quarter of 2011 when 2.90 million homes were on the market.

According to Freddie Mac, the national commitment rate on a 30-year conventional fixed-rate mortgage averaged a record low 3.54 percent in the third quarter, down from 3.80 percent in the second quarter and 4.31 percent in the third quarter of 2011.

NAR President Moe Veissi said affordability conditions are a big factor in rising sales. “Historically low mortgage interest rates are encouraging many buyers who were on the sidelines,” he said. “Sales this year are notably higher than the levels seen in 2008 through 2011, so we’re clearly in a recovery phase with rising sales, declining inventory and rising prices. Of course the recovery would be stronger and more stable if we could return to safe but sensible mortgage underwriting standards.”

First time buyers.

First-time buyers purchased 32 percent of all homes in the third quarter, down from 34 percent in the second quarter; they were 32 percent in the third quarter of 2011.

The share of all-cash home purchases was 27 percent in the third quarter, down from 29 percent in the second quarter and 29 percent in the third quarter of 2011. Investors, who make up the bulk of cash purchasers and compete with first-time buyers, accounted for 17 percent of all transactions in the third quarter, down from 19 percent in the second quarter and 20 percent a year ago.

“The modest decline in first-time buyers and investors shows the impact of limited inventory in the lower price ranges from a shrinking share of distressed homes, which are popular with both of these groups,” Yun explained.

Regional performance varied

Regionally, existing-home sales in the Northeast increased 1.7 percent in the third quarter and are 9.8 percent above the third quarter of 2011. The median existing single-family home price in the Northeast slipped 0.3 percent to $246,900 in the third quarter from a year ago.

In the Midwest, existing-home sales rose 5.2 percent in the third quarter and are 17.8 percent higher than a year ago. The median existing single-family home price in the Midwest increased 4.2 percent to $151,100 in the third quarter from the same quarter in 2011.

Existing-home sales in the South increased 5.4 percent in the third quarter and are 11.7 percent above the third quarter of 2011. The regional median existing single-family home price rose 5.7 percent to $165,400 in the third quarter from a year earlier.

In the West, existing-home sales slipped 1.2 percent in the third quarter due to limited supplies, but are 2.1 percent higher than a year ago. With the tight inventory, the median existing single-family home price in the West surged 20.2 percent to $247,400 in the third quarter from the third quarter of 2011.

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New Developments In Provincetown. The Near West End

There is a lot of building activity this fall in town, not only home renovations all over town but great substantial developments. In the next few weeks I will review my favorite new developments in different neighborhoods. Starting in the near West End there are three great projects done or nearing completion. We have shown many of these condos to our buyers and they are all unique in their own way and offer terrific options and amenities. My repeated caveat that much of the descriptive copy is direct from MLS.

4 Race Road is one of my favorites as the floor plans are unique and the finishes are very nice. Unit #3 the first floor 2 bedroom unit rambles along with a separate living room, a great dining room/kitchen and then down a lovely gallery hallway are two bedrooms with their own full baths.  4 Race Road #3, $659K, 2bed/3bath, 1,170 square feet.  This first floor unit is the perfect mix of historic detail and modern conveniences. Enter through the double front doors into the light-filled living room w/hardwood floors and oversized 2/2 windows. Seperate kitchen/dining with white cabinetry, top-of-the-line stainless appliances and granite counters. 1/2 bath. Two good-sized bedrooms, each with their own en-suite bath w/custom tiles. 2 car parking on Carnes Lane. Exclusive use yard area in front and along east side of house.

 

 

The PH is just wonderful.  One of the most unique condo offerings in town with it’s multiple decks and amazing light. 4 Race Road #4  1 bed/3 baths, 1,080 square feet, $649K, is nearing completion. Located on top two floors of 4 Race Road, the first floor of the unit has a living room, eat-in kitchen, 1.5 baths and a glorious sun room that opens onto a south-facing deck. Upstairs is a large bedroom with private deck, and an en-suite bath containing a separate tub & shower and double sinks. A very special unit with of 1080 s.f. plus 300+ s.f. of decks. Exclusive use yard space and two car tandem parking on west side of building.

64 Franklin Street #F. 3 bed/2 bath, 1,080 square feet, $654,900. This is a completely renovated three bedroom penthouse in Provincetown’s west end. Nearing completion this unit with vaulted ceiling, skylight, open kitchen, dining and living area offers great light and air. The kitchen offer lots of work space, stained cabinets, solid surface counters, stainless appliances and island for added dining. The master bedroom has its own bath with tiled shower for two. There are two guestrooms which share the second bath also with tiled shower. A large exclusive use deck off the living room is great for outdoor entertaining. Additional features include: air conditioning, gas fireplace, crown molding, cottage style 5-panel interior doors, oak floors, separate in-unit laundry room, basement storage, and parking for 2 cars. One year warranty included.

64 Franklin #E, $639K, 3 bed/2 bath, 1,080 square feet. This 3-bedroom, 2-bath unit open kitchen, dining and living area offers great entertaining space. The spacious kitchen has lots of work space, stained cabinets, solid surface counters, stainless appliances and island for added dining. The master bedroom has its own bath with tiled shower for two. There are two guestrooms which share the second bath also with tiled shower. Plenty of options for outdoor use with exclusive mahogany decked porch, side bricked patio and large yard. Additional features include: air conditioning, gas fireplace, crown molding, cottage style 5-panel interior doors, oak floors, separate in-unit laundry room, basement storage, and parking for 2 cars. 1 year warranty included.  #D is available too 2/2 $639K, 830 sf

50 Pleasant Street #1, 3 bed/4 bath, 1,600 square fee. $829K. Brand new construction in the West End! Own one of only two units on a beautifully wooded lot. Three bedrooms, three and a half baths, townhome style living with a full finished basement. Oak flooring, granite counters, stainless appliances, gas fireplace, central air, exclusive use outside space. The unit is accompanied by a separate garage space and artist studio above. Completion date approximately late October

 

 

 

 

50 Pleasant St #2, $810K, 2 bed/4 bath, 1,276 square feeet.  Own one of only two units on a beautifully wooded lot. Two bedrooms, three and a half baths, townhome style living with a full finished basement. Oak flooring, granite counters, stainless appliances, gas fireplace, central air, exclusive use outside space. The unit is accompanied by a separate garage space and artist studio above. Completion date approximately late October

Illustrating the continuing strength of the market both of these condos at 50 Pleasant are under contract.

 

Next week I will focus on developments farther into the West End out towards the beach.

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My Favorite 3 Bedroom Condos in Provincetown

15 Cottage Street #9

There are some great 3 bedroom condos on the market in Provincetown. They are big, have lots of room for family and friends, are in great locations, and are super investment opportunities.  These can rent for anywhere from $3000 to $6000 a week in season. There can even be a positive cap rate investment argument made for a few of these.  Where else but in Provincetown can you find that?

There are 17- 3 bedroom  condos available for sale with an average asking price of $759K, and an average size of 1,436 square feet. I have highlighted my favorites below including the best value on the west end and east end, the best new construction value, and the best waterfront value.

My ever present caveat remains… I have lifted descriptive copy from the MLS and am not responsible for spelling or grammatical shortcomings..but do enjoy.

15 Cottage Street #9

Best West End Value. 15 Cottage Street #9, 3/2, 1,710 sf, $599K. Prime West End location combining incredible resort-like living, great entertainment space and exceptional rental income. This is a 3 bedroom/2 full bath residence. The Master bedroom has a large patio overlooking the landscaped gardens, a comfy sitting area and a luxurious master bath. The 2nd bedroom looks onto the gardens through a bay window. The 3rd bedroom overlooks the pool and has a large hollywood bath. Entertainment size eat-in chefs kitchen with gas cooking, Bosh D/W, wine cooler granite countertops and a large breakfast bar. Large separate DR easily seats 10. Large LR with game area and frplc overlooks in-ground heated swimming pool. Spacious and luxurious, with every indoor/outdoor activity at your doorstep.

 

 

 

480 Commercial St # 2

Best East End Value. 480 Commercial St #2. $655K, 3/2, 1,225 sf. This meticulously maintained top floor condominium offers water views and deeded beach rights. Just steps from the Gallery District, this recently renovated home features three generous sized bedrooms, two full bathrooms, and open concept living. This antique home gives you close proximity to downtown but the quiet allure of the East End. There is exclusive use deck as well as a common porch overlooking lush, manicured gardens. There is parking for two cars plus guest parking. Water views, deeded beach rights, three bedrooms, 1,225 square feet of living space and $30k plus in rental income – what’s not to love

 

 

 

577 Commercial St #3E

Best Waterfront Value. 577 Commercial Street #3E. 3/2 1,200 square feet, $739K. Best Provincetown 3 BR waterfront value – just over $600/sq.ft.! Live right on the beach in this relaxed, casual/ modern 1200 sf East End duplex condominium on the top 2 floors of a historic building. Enjoy views of PT, Long Point Lighthouse, Pilgrim Monument & Truro. First level: Living/Dining/Kitchen combination, private deck w/ outdoor dining. Fully equipped Kitchen, DW, 2 private BR’s with double captain bed ea. , 1 full bath with tub/shower off LR. Upper level: Open loft MBR suite(semi-open to LR below) with vaulted ceilings, ceiling fans Skylights, king bed, full bath with stall shower, sitting ‘hang out’ area and private deck.

 

 

21 Bradford St Ext #16

Most Luxurious new construction. . 21 Bradford Street Ext #16, 3/4, 2,160 sf, $1.399M.Introducing the brand new, top of the line, model unit for Phase II of Herring Cove Village, the West End’s most luxurious condominium, boasting countless amenities.These spacious free standing homes are built with entertaining in mind. The oversized chef’s kitchen is the hub of the floorplan,& features custom cabinetry, Thermador appliances, large custom center island, a contemporary gas fireplace, and conversation area. Bluestone patio & large exclusive yard. There are beautiful dark stained maple floors and 9 foot+ ceilings. The master suite has a walk in closet and a double sided fireplace between the bedroom and large marble bath. The other 2 BR have ensuite baths. Enjoy water views from the roof deck

 

 

 

There are many other 3 bedroom condos available and 51- 3 bedroom (or more) single family homes available which I will review in a future post.

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$1M Sales In Provincetown

67 Bayberry Ave SOLD $1.05M

The $1M and above market in Provincetown has been relatively active this season. The above $1M price range is from $1M to a high of $4.75M. Of the 136 properties (single family, Multi-family and condos)  that have sold YTD in 2012, 8 have sold above $1M, and they were all single family properties. These 8 property sales equals 5% of total unit sales year to date.

There are 218 properties (singles, multis, and condos) for sale in Provincetown of which 55 are  priced above $1M, which represents 25% of the total. 

5% of sales, 25% of the available properties for sale…  it is crowded! For buyers in this price range there are plenty of properties to look at for price and amenity comparison. Currently there are 5 properties under contract with asking prices above $1M. I will profile these once they close.

Below are descriptions of the properties that have sold over $1M year to date. Once again a caveat. I took the descriptions straight from MLS, so errors in syntax and grammar are out of my hands.

67 Bayberry Ave SOLD $1.05M

67 Bayberry Ave, a contemporary home, impeccably maintained, this home is bright and airy, white washed in a soft colors, and is ideal for entertaining with an open plan along with 3 bedrooms. Enter through glass doors to a spacious living room with fireplace, a kitchen & separate dining room that comfortably seats 10. The living room has two sets of atrium doors leading to a covered deck and large terrace. The kitchen has custom cabinetry, and limestone counter tops. There is a guest room with deck on this level with full bath. Next level has an open den, and mb suite with separate bedroom and sitting room with fireplace, bath and deck. The 3rd bedroom is on this level with another bath. Up one more level is an intimate sun room with 3 decks.

 

 

 

510 Commercial St SOLD $1.05M

510 Commercial Street is a lovely single family home with water views. The 1st floor has a spacious living room with fireplace, generously sized dining room, recently renovated kitchen, laundry area and full bath. There is also an adjoining one bedroom, one bath apartment with exclusive outdoor space, perfect for guests. Upstairs there are two master bedrooms with ensuite baths, one of which has direct water views. A second guest room with water views and full bath complete this level. The home is well set back from Commercial St allowing for a spacious front yard and privately situated side yard with patio. Driveway parking for 3 cars in tandem.

 

 

 

 

3 Atlantic Ave SOLD $1.065M

3 Atlantic Ave. Very few people have enjoyed the pleasure of owning this West End historic home. One of Provincetown’s oldest homes, dating back to the 1700’s, this A+ quality recent restoration makes this pristine home an exceptionally rare opportunity. The original architectural details have been painstakingly preserved side-by-side with the highest quality contemporary fixtures, appliances, systems, windows, doors, and more. The value is further magnified by both the central location-steps from the beach-and the generous enclosed yard space for parking, entertaining and gardening. The current owners have taken extreme care to bring this three-quarter Cape style home into the 21st century with a great deal of love and attention.

 

 

 

19 Berry Lane SOLD $1.093

19 Berry Lane.  Steps from the Beach and Views from Every Room! Here is Your Opportunity to Own a Custom Built Provincetown Home in the Quiet East End. From the Moment you enter the Foyer you will feel a sense of peace and serenity. The Living Room has Custom Stained Glass Windows from an old N.H. Church (easily removed, decorative only), hardwood floors and balcony access. The 2 Story Family Room offers a solid wall of windows, designed to maximize the expansive views,Brick fireplace with Bluestone Hearth and accent wall. Watch the Harbor lights from the Dining Room. Entertaining is a breeze in this Spacious, light filled Kitchen! Upstairs you’ll find the Owner’s Suite with Spa Quality Bathroom and the Guest Wing with 2 Bedrooms with views. Full Daylight BSMT also w/ views, 2 car garage.

 

 

 

9 W Vine St SOLD $1.2M

9 West Vine Street. Completely renovated 5 bedroom 4 bath home located in the heart of the West End. There is a spacious living room, dining area and kitchen on the first floor which opens to a blue stone patio and fenced in yard. The kitchen features a large center island, granite countertops, a farm sink & marble backsplash. There is a master bedroom suite with a private tiled bath and separate entrance, a second bedroom and tiled bath on the first floor. The second floor features a second living or family room with gas fireplace, in addition to an office, three more bedrooms. Stained pine & fir flooring in all living areas, Laundry room, ample closet space, an unfinished attic, outdoor shower, & 2 car parking.

 

 

 

 

525 Commercial St SOLD $1.25M

525 Commercial Street. Funky East End bay front home with multiple personalities. The original structure appears to be a marine related or mercantile structure dating from pre-1800 and is now known as the Not So Great Room with soaring 2 story ceiling and original folk art found object installation by Jackson Lambert. A 20th century addition is a large sunken living room with brick fireplace, wood floors and bay windows facing Commercial St and the bay. The most recent custodians of this gem added a contemporary solarium and deck on the bay and updated the kitchen and second floor bath a few years ago. Estate sale. Offers are subject to estate obtaining a license to sell from probate court. Town sewer outstanding betterment of only $2,295.41, to follow deed

 

 

 

 

107 Commercial St SOLD $1.6M

107 Commercial Street. There are only 15 single family waterfront homes in the west end – not since 2004 has one come to the market below $2M. Don’t miss this opportunity to purchase the perfect beach house in the perfect location that usually exists in dreams. This charming 3-BD, 2-BA waterfront home enjoys great privacy and spectacular views. 1st floor has an open floor plan, exposed beams, wood-burning stove and fireplace (not in working order), with sliders leading to front and side yards and large waterfront deck with steps to the beach. Also on this level are a full bath and laundry. The 2nd level has 2 waterfront bedrooms with sliders to a common deck with ladder to rooftop deck. There is also a 3rd BD and BA on this level. 3-car parking, Sewer Connection.

 

 

 

 

6 Winston Ave SOLD $1.8M

6 Winston Ave. Spectacular Waterfront Home with breathtaking views of Cape Cod Bay from almost every room. Talk about inspiration and beauty! There are 4 bedrooms in this magnificent home with the master on the second floor, gas fireplace, dazzling views of the water, a large elegant master bath, and a door leading to your private deck overlooking the water. Another bedroom shares those same views and deck, along with a full bathroom that separates the second and third bedrooms upstairs. First floor is full of light with a virtual wall of sliders that open to an expansive deck for your sunny enjoyment and relaxation. A large stunning kitchen with Granite counter tops, a first floor bedroom or office and a new artist studio with more gorgeous views of the water. Offered at $2,350,000.

 

 

 

This is an interesting blend of East End, West End, and downtown properties. My favorites are 3 Atlantic as it is in the near east end on Atlantic and Commercial and just smack in the middle of things on one of the most special streets in town. 107 Commercial is a favorite as it is one of those special properties right around the bend from the Coast Guard Station in the west end that is the epitome of casual downtown beachfront  living… everyone who walks by it says…”I wish I owned that house.”

*Data is for single families, multi families and condos only sold from 1/1/12 to 8/31/12. There are some additional properties for sale in Provincetown like hotel/motels, and commercial properties which I do not generally include in my analysis of residential sales. All data from Cape Cod and Islands MLS.


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Condo Association Hints

We recently had a closing where the buyers had always owned single family homes and never a condominium, so didn’t have any idea of how Condo Associations worked. So…an HOA (home owners association) primer follows. Yes, condo documents are boring, association meeting notes are boring, budgets are boring… but get to know your new new homeowners association! Don’t be surprised by assessments, crazy leadership, unreasonable rules..get to know your HOA and then work with your HOA to make your property a better investment. Below is a great post from Inman News.

Inman News

Here are a few guidelines for buyers-to-be and new owners of condos and other properties in HOAs:

1. Read the HOA disclosures — thoroughly. When you get into contract on a home that is located within an HOA, you receive a bulky stack of documentation about the association. It can be a mind-numbing, eye-twitch-inducing pile of bank account statements, historical documents and legalese. However, these materials are uber-important, as they provide the details and contours of this new business and interpersonal relationship you are about to embark on with your neighbors.

Things like the HOA’s plans for ongoing maintenance and upgrades, the HOA budget, the cash they have in reserve — all these things have the potential to impact your household budget.

For example, if the building needs a new roof and there’s not enough cash to cover the costs, most HOAs have the power to levy a special assessment on each owner for their share of the cost! The fact that you own your place means you also own some share of the responsibility for the building. That’s what owning in an HOA is all about.

Additionally, as you’ve learned the hard way, there are loads of HOA guidelines that may impact your lifestyle and your plans for your home. I have received dozens and dozens of notes over the years from condo owners like yourself protesting HOA restrictions on everything from parking to pet size and even flooring material and paint colors! Yes, the place belongs to you, but when you buy into a condo you opt into following the guidelines the HOA has in place for ensuring every owner can enjoy their home and all can live in peace.

I suspect the fee of concern to you covers the management company’s processing of your plans for modifying your home to ensure their compliance with HOA and other guidelines.

The ideal here is to read these documents thoroughly as part of your decision-making about whether to buy the property while you still have time to back out of the transaction if you don’t want to be bound by the HOA’s strictures.

2. Read more casual HOA member documents. Along with the formal HOA disclosures, condo buyers often receive a set of more casual documents, including a copy of the building rules and regulations, and the community newsletters. In my experience, these documents can actually be even more telling than the formal ones in terms of previewing for you the daily experience of living in the community. Yes, you’re likely to see a fair amount of minutiae, like recipes and block party announcements.

But you’re also likely to see things like board meeting agendas with line items like discussions of whether to raise the HOA dues, and conversations about any concerning, large repairs that might need doing. If you haven’t read these documents yet, you should now, to prevent further nasty or costly surprises.

In the same vein, I encourage condo buyers and new owners to talk with the building manager about common complaints and community issues (including fee increases) that are on the horizon, as well as connecting with other homeowners in the building or complex about their experience and any surprise costs or unpleasant rules they have encountered.

3. Participate in your HOA. Read the agendas of your HOA’s board meetings before they happen, attend the meetings and even participate on your board if possible. HOA boards ultimately have the power to impose dues increases, select the accounting and insurance vendors whose work and fees are so critical to the costs of living in the community, and select the contractors who do major building and community upgrades and repairs.

If you have a very strong issue with fees or rules that are currently governing your experience as a homeowner, the best way to address them is to become a vocal, active participant in your HOA board.

 


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August in Provincetown

163 Bradford St #3, sold, $220K, 1/2, 506 sf.

August in Provincetown….what a month of gorgeous weather… tons of fun, and great real estate activity. You have read posts of mine speaking to the positive energy around real estate in Provincetown. It continues!

Ten condos sold  in August with an average selling price of $423K and averaging 792 square feet. Some of these condos are highlighted below. One caveat… these descriptions come directly from Cape Cod MLS… so if there are typos or issues with content or syntax , please don’t blame me.
There are currently 130 condominiums on the market with an average asking price of $481K.
163 Bradford St #3, sold, $220K, 1/2, 506 sf.

163 Bradford Street sold for $220K, and is in the near East End of Provincetown. This bright, updated and spacious first floor condominium offers a master bedroom with en-suite bathroom and a second full guest bathroom. Comes with a deeded tandem parking space. Custom built-  ins and electric fireplace.

 

 

 

 

 

 

57 Pleasant St #1, sold, $379K, 2/2, 586 sf.

57 Pleasant Street sold for $379K, and is in the neighborhood that we live in…and it is… a charming West End location, beautiful and spacious grounds and in a neighborhood of newly constructed properties. There is a large and lush fenced, exclusive backyard and patio area, as well as a good sized exclusive flagstone patio in front. There are two bedrooms, one with a sliding door that leads onto a small deck and the back lawn. The sunny living room has a gas fireplace and the galley kitchen is fully applianced with a gas stove, dishwasher and stacked washer/dryer and a door that leads out to the back. There are oak floors throughout .

 

 

 

 

 

 

 

11 Conant St #3, sold, $400K, 2/1, 635 sf.

 

11 Conant is in the near West End on a quiet side street and sold for $400K. a  2-bedroom, 1-bath penthouse is in meticulous condition with granite counter tops and kitchen island, stainless steel appliances and tiled bath and shower with glass block. Lots of charm in this renovated unit blending the old and the new with bead board walls and hand painted floors. Close to the gym and the Boatslip on a popular side street. 2-Car tandem parking, air conditioning, washer/dryer, exclusive patio plus lovely spacious common area to the side of the house.

 

 

 

 

5 Cottage St. sold $479K, 1/2, 880sf

5 Cottage is in the West End and sold for $479K. This very large one bedroom home is in a picture perfect West End location with views of Cape Cod Bay from the deck and living area! The home is completely renovated with every modern convenience and beautiful pine floors throughout. The kitchen features stainless appliances, granite counter-tops and opens to a large dining area and living room with wood stove, skylights and cathedral ceiling. There is direct access through sliders to the exclusive use mahogany deck, private yard with views of the harbor and an outdoor shower! The large bedroom has wall air conditioning, a private entrance and a tiled master bath with an over-sized shower and laundry. This turnkey home is a perfect second home and has a very strong rental history!

 

 

 

 

19 Creek Rd, #A, sold, $595K, 2/2, 1,175 sf.

19 Creek Road is in the West End close to Victors restaurant and sold for $595K. This tri-level condo has two master bedroom en-suites, with additional half bath. This three unit association is currently being constructed with all the newest hurricane-force code requirements, and a fire sprinkler system. Painted clapboard and stained shingles, Anderson true-divided light windows, old brick patios and sidewalks, mahogany decks and a fully landscaped site will create an inviting exterior for each townhouse (+/- 1,174 sq.ft.). Careful attention has also been provided to the interior custom finishes and features, including oak floors, tile/stone bathrooms, crown moulding, 5-panel doors and choice kitchen cabinets and appliances and bathroom fixtures.

 

 

 

Six single family properties closed in August with an average sale price of $992K and of an average size of 1,562 square feet. Some of them are highlighted below. Currently there are 69 single family properties on the market with an average asking price of $1.501M.

6 Duncan Lane sold $759K

6 Duncan Lane is down a sweet gravel lane in the East End of town and sold for $795K. This gorgeous single family home provides tranquil & private refuge, yet less than a mile to the center of town, & a little over 1 block to the beach. Built in 2009 this light-filled home features expansive sunny open plan living, with hard wood floors, gas stove & a stunning wood panel ceiling. The kitchen has recycled quartz counter tops & stainless appliances. A sliding door onto a large deck with outside shower. Den/guest bedroom & full bathroom, with subway tiled tub/shower, granite-topped vanity. The 2nd floor has cathedral ceilings, and is used as an office includes a master suite with a large en suite bathroom.

 

 

 

9 Arch St sold $800K

9 Arch Street is in the near East End between Bradford and Commercial near the library and sold for $800K. Renovated home located on a quiet, narrow street,  1/2 block to Commercial st. Enter the home through a secluded garden into open mud room . The first floor open plan has a spacious kitchen with center island and breakfast bar, and custom cabinetry. The dining area leads to a spacious living room with fireplace with imported tile surround. Ceilings are open beamed with original wood. Full bath with marble flooring and shower room with imported glass tile. The second floor has the 3 bedrooms with lots of light and peaks of the bay! The master has built-in cabinetry. The third bedroom serves as an office.

 

 

 

9 W. Vine St sold $1.2M

9 West Vine is between tremont St and Commercial in the near West End of town and sold for $1.2M. Completely renovated 5 bedroom 4 bath home located in the heart of the West End. There is a spacious living room, dining area and kitchen on the first floor which opens to a blue stone patio and fenced in yard. The kitchen features a large center island, Jenn-Air stainless appliances, granite counter-tops, a farm sink & marble back-splash. There is a master bedroom suite with a private tiled bath and separate entrance, as well as, a second bedroom and tiled bath on the first floor. The second floor features a second living or family room with gas fireplace, in addition to an office, three more bedrooms.

 

 

 

525 Commercial St sold $1.25M

525 Commercial Street sold for $1.25M and was marketed and sold by our office. It is a Funky East End bay front home with multiple personalities. The original structure appears to be a marine related or mercantile structure dating from pre 1800 and is now known as the Not So Great Room with soaring 2 story ceiling and original folk art found object installation by Jackson Lambert. A 20th century addition is a large sunken living room with brick fireplace, wood floors and bay windows facing Commercial St and the bay. The most recent custodians of this gem added a contemporary solarium and deck on the bay and updated the kitchen and second floor bath a few years ago.

 

 

 

 

107 Commercial St sold $1.6M

107 Commercial Street sold for $1.6M. There are only 15 single family waterfront homes in the west end – not since 2004 has one come to the market below $2M. The perfect beach house in the perfect location that usually exists in dreams. This charming 3-BD, 2-BA waterfront home enjoys great privacy and spectacular views. 1st floor has an open floor plan, exposed beams, wood-burning stove and fireplace (not in working order), with sliders leading to front and side yards and large waterfront deck with steps to the beach. Also on this level are a full bath and laundry. The 2nd level has 2 waterfront bedrooms with sliders to a common deck with ladder to rooftop deck. There is also a 3rd BD and BA on this level.

 

 

 

The properties illustrated  above are all interesting in their own right.  As a whole they illustrate the wide and attractive diversity of property for sale in town. My next property post will be a review of $1M properties sold and available for sale in town.

 

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Cape Cod More Affordable

 

There was an interesting article in the Sunday Globe speaking to the fact that retirement housing, and housing in general on Cape Cod is more affordable after “seven down years in the real estate market have lowered prices to the point where owning a retirement home on Cape Cod is again an achievable dream for some baby boomers.”.

 

We are seeing variations of this in Provincetown as many  buyers are taking a solid look at their buying options after being on the fence for several years.  They feel better about the economic outlook. They feel that prices have moderated enough to warrant a second look, and they are seeing the benefits both financially and personally of buying a second home or transition to retirement home, and most of all buyers are honestly enjoying the personal adventure of looking for the home of their dreams in Provincetown and the Cape in general.

Below is the article by Globe correspondent Sarah Shemkus.

Massachusetts native Judy Watkins left the state more than 30 years ago, moving to Florida to escape the harsh New England winters.

Over the past few years, however, her thoughts have again turned northward. Approaching retirement, Watkins, now 67, started thinking about buying property on Cape Cod, where she could spend half the year enjoying the beaches, natural beauty, and people of her home state.

So she kept an eye on the market, watching as prices fell and options multiplied. Then, last month, she made her move, buying a two-bedroom, three-bath ranch home on a tree-ringed lot in East Falmouth for $185,000. The moment, she said, was right.

“This is absolutely, definitely the time to buy, for sure,” Watkins said

Cape Cod, with its relatively mild weather, low property taxes, and laid-back lifestyle, has long been a desirable destination for retirees.

During the real estate boom, however, even the coziest of cottages soared in price, effectively shutting many middle-income would-be buyers out of the market. Then, the economy crashed, leaving many people worried about their jobs and their investments, and disinclined to make a major real estate purchase.

Now however, seven down years in the real estate market have lowered prices to the point where owning a retirement home on Cape Cod is again an achievable dream for some baby boomers, according to financial planners and real estate agents.

“We see prices on the Cape are low and properties are starting to move again,” said Walter Herlihy, a financial planner with Beacon Financial Planning, which has offices and Centerville and Easton.

The median price for a single-family home in Barnstable county is now down to $320,000, from a high of $390,000 at the market peak, according to real estate data firm Warren Group. Prices in middle-market communities can be much lower, such as $239,000 in Bourne and $235,500 in Yarmouth, while the high-end communities remain more expensive. The median home price in Truro, for example, is $638,000, and in Chatham is $550,000.

A surge in homes for sale has helped bring prices down considerably. During the recession, many second-home owners concerned about their finances decided to sell their vacation properties. At the same time, rising foreclosure numbers meant more distressed and bank-owned homes were up for sale at depressed prices.

Furthermore, low interest rates have made it much easier for boomers to buy real estate. As recently as 2006, mortgage rates hovered near 6 percent; now a 30-year fixed rate is down to 3.55 percent. On a 30-year $300,000 mortgage, that’s a savings of about $450 a month.

“A lot of folks in that age bracket can remember the 12 to 18 percent rates of the late ’80s,” said Russ Pelletier, an agent with William Raveis Real Estate in Falmouth. “So a 3 percent mortgage now is almost looking like free.”

Potential buyers are, for the most part, also feeling more secure about their finances than they were a few years ago, during Wall Street’s more tumultuous period, financial planners report. Many experienced temporary losses during the worst of the Great Recession, but most have recovered and even made modest gains, Herlihy said.

“They’ve held on through the downturn and come out ahead of the game,” said Herlihy. “People are more confident than they were.”

However, while investors may be feeling more secure, they have not returned to the abandon that marked the peak of the real estate market, said David McPherson of Four Ponds Financial Planning in Falmouth and Hingham.

“Overall, many people are more cautious than they were five or six years ago,” he said.

Nonetheless, the combination of falling prices, low interest rates, and improving financial confidence has translated into a surge of sales activity, real estate agents report. Sales of single-family homes are up nearly 30 percent over last year, according to the Cape Cod and Islands Association of Realtors.

“People who have been on the fence, waiting to make that decision, they’ve become more active because they’ve realized prices have hit bottom,” Pelletier said

And most of those buyers, agents said, are people planning to turn a second home into a permanent residence once they retire.

“Three-quarters of the sales I’ve been involved in this year are people planning for their retirement,” said Marie Kelly, an agent with Realty Executives Cape Cod in Brewster. “They’re jumping in now on their retirement home.”

For Watkins, the buyer’s market helped convince her to commit to a property in her home state, rather than in Tennessee, the other destination she had considered. Though homes in Tennessee are less expensive than those on Cape Cod, falling prices and growing inventories made East Falmouth a viable choice, she said.

“There’s more for your money right now,” she said. “The Cape is just a great place to be.”