Tag: Cape Cod real estate

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Provincetown And Boston Gains Compared To Top 10 Metros

I always find it interesting to see the differences in home values across the country. In Boston and Provincetown we are in solid real estate markets with values substantially above the national average. In Boston, including all neighborhoods the median price of single family homes sold through Q2 was $364K, up 3% from last years $353K. In Provincetown the median sales price for a single family homes sold year to date through Q2 was $675K, up 15% from $586K  last year. (I don’t always use median prices for comparison but since this report does I wanted to compare apples to apples.) The post below illustrates pretty mediocre northeast performance compared to these gains we have seen in Boston and Provincetown.

See Inman post below.

Top 10 metros for median price gains

 

NAR: Prices up from a year ago in 110 of 147 metros

BY INMAN NEWS, THURSDAY, AUGUST 9, 2012.

Inman News

Median home prices for single-family homes posted year-over-year gains in 110 out of 147 markets tracked by the National Association of Realtors during the second quarter, compared with 74 markets that saw annual appreciation during the first quarter. Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight said NAR Chief Economist Lawrence Yun.

But Yun predicted even more markets would post gains in the quarters ahead, which will improve the equity position of existing homeowners, many of whom owe more on their mortgages than their home is worth.

At the national level, the median sale price of existing single-family homes during the second quarter was up 7.3 percent from a year ago, to $181,500. That’s the biggest annual increase in six years, but still left the national median home price down 20.1 percent from the 2006 peak.

Nearly 1 in 4 markets tracked by NAR (34) saw annual price declines. Seven of the 10 markets experiencing the biggest declines were in the Northeast.

The Northeast region saw median home prices fall 1.6 percent from a year ago, to $241,300.

Metropolitan area Median price, Q2 2011 Median price, Q2 2012 Change from year ago
Bridgeport-Stamford-Norwalk, Conn.
$430,500
$374,900
-12.9%
Edison, N.J.
$328,600
$297,500
-9.5%
Gulfport-Biloxi, Miss.
$111,000
$100,600
-9.4%
Elmira, N.Y.
$115,200
$105,700
-8.2%
Atlantic City, N.J.
$237,000
$218,700
-7.7%
Pittsfield, Mass.
$197,100
$182,200
-7.6%
Charleston, W.Va.
$134,700
$126,700
-5.9%
Green Bay, Wis.
$137,800
$129,800
-5.8%
Manchester-Nashua, N.H.
$225,700
$212,700
-5.8%
Hartford-West Hartford-East Hartford, Conn.
$236,800
$226,300
-4.4%

 

Source: National Association of Realtors

Among markets seeing the strongest annual price appreciation, many experienced sharp declines at the beginning of the downturn, including Detroit, Phoenix and Fort Myers, Fla. In all but one of the 10 markets showing the biggest year-over-year gains, the median sales price was well below the national median.

Top 10 markets for median price gains

 

Metropolitan area Median price, Q2 2011 Median price, Q2 2012 Change from year ago
Detroit-Warren-Livonia, Mich
$46,600
$60,200
29.2%
Phoenix-Mesa-Scottsdale, Ariz.
$115,000
$148,400
29.0%
Boise City-Nampa, Idaho
$113,600
$138,200
21.7%
Florence, S.C.
$112,900
$136,100
20.5%
Akron, Ohio
$100,200
$116,700
16.5%
Buffalo-Niagara Falls, N.Y.
$113,000
$131,600
16.5%
Bismarck, N.D.
$169,000
$194,000
14.8%
Cumberland, Md.-W.Va.
$89,500
$102,700
14.7%
Cape Coral-Fort Myers, Fla.
$114,200
$130,700
14.4%
Peoria, Ill.
$114,800
$128,900
12.3%

 

Source: National Association of Realtors

Total existing-home sales including single-family and condos were down 0.7 percent from the first quarter to a seasonally adjusted annual rate of 4.54 million, with distressed homes (foreclosures and short sales) accounting for 26 percent of transactions, down from 33 percent a year ago.

NAR estimates that first-time buyers, who historically have accounted for 40 percent of home purchases, purchased 34 percent of all homes in the second quarter, up from 33 percent during the first quarter but down from 35 percent a year ago.

Investors, who often pay cash and compete with first-time buyers, accounted for 19 percent of all purchases in the second quarter, down from 22 percent in the first quarter but about the same as a year ago. Some 29 percent of sales were “all cash,” down from 32 percent in the first quarter and 30 percent a year ago.

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analytics general info

Provincetown Core Condo Market Facts

23 Captain Berties Way, #3, sold for $437

I was doing a report for one of our sellers in the $400K to $600K range, the core of the condo market here in Provincetown and came up with an interesting fact.

I found that in the last twelve months 45 condos sold (3.75 per month) in this range and that there are currently 45 condos for sale in this price range. This illustrates a 12 month supply of inventory if properties sell at the same speed in the next twelve months as they did in the last twelve months. Just  a little coincidence to share with you along with a handful of properties that sold in this segment over the last 12 months.

23 Captain Berties Way, #3, sold for $43
4 Holway St #4, sold for $510K

 

 

 

 

 

 

 

 

 

12 Brewster St sold for $575K
22 Pearl St #1, sold for $466K.

 

 

 

 

 

 

 

 

 

56 West Vine St, #C, sold for $565K
18 Miller Hill Road #10, sold for $450
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The Goode and Farmer Report – Provincetown Q2 Update

Sales through the 2Q in Provincetown continue to be strong! Growing economic optimism and continued low interest rate have kept buyers and sellers in the market, and almost more importantly, there is a great assortment of properties for sale.

Year-to-date condominium sales through the second quarter surged 28% from 54 sales last year to 69 sales this year. The average sales price of condos sold increased 11% to an average of $400K vs. $361K last year.

Single Family sales did more than surge – they exploded! We went from 14 sales last year to 27 sales through the second quarter. Even with this relatively small sampling, these represent very positive increases. The average sales price of single-family properties sold was $731K. The total sales volume of single-family homes sold was close to $20M – up 67% from last year’s volume of $11.8M.

These figures are evidence that the market has improved markedly year-over-year. More evidence of the market improvement can be seen in both the condo and single-family segments where the average days on market has decreased by 33% and 9% respectively. While we don’t look at days on market with quite the same importance as we do in Boston, DOM’s are a good indication that properties are selling faster and that the inventory of properties for sale is becoming leaner.

Speaking of inventory, as of July 14 there are 157 condominiums for sale in Provincetown, with an average price of $466K and an average price per square foot of $583. And the average days these remain on market is 246.

There are 77 single-family properties for sale with an average price of $1.441M with an average of 2,398 square feet.

We are in the midst of an incredible summer season here in town and this will surely add to the positive real estate news. The number of buyers and of sellers looking to market their properties for sale is up, indicating continued strength and excitement for real estate in our little fishing village.

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June Sales In Provincetown – 5 Of My Favorites

There are so many interesting properties here. In fact, almost every one is special. Down a dirt lane, up on a hill, built in the 1700’s, owned by a sea captain or a police chief, 195 square feet on the beach, a small stand-alone condo nestled in the woods – every turn you make and every open house you go to, something wonderful intrigues you about a property.

3 Atlantic Ave, $1.065M

 

3 Atlantic Avenue has always been one of my favorite houses in town.  This is one of the town’s oldest homes dating back to the 1700’s.  One lot in from Commercial Street with peeks of the bay, this charmer recently received a total renovation. The previous owners brought this three-quarter Cape back into the 21st century preserving the original architectural details and adding the highest quality contemporary fixtures. This incredible 1,604 square foot, 3 bed/2 bath home sold for $1.065M.

 

 

 

5 Creek Round Hill, $910K

 

5 Creek Round Hill Road is a large 2,592 square foot, 3 bed/3bath single-family home in the far West End with panoramic views of the Moors. Sited to maximize views and privacy this home has multiple decks, fireplaces, a sun room and a home gym. It also includes the adjacent lot of .295 acres. This property had been on the market for 262 days and sold for a very reasonable $910K.

 

 

 

3 Thistlemore, $575K

 

Another interesting single-family home sale was 3 Thistlemore Road.  This was a really well-priced, single-family home nestled in the wooded hills of the Somerset Heights neighborhood in the East End. This house has 3 bed/2 bath, a den, 1,967 square feet and a 20′ x 20′ rooftop deck with treetop and dune views. There is a master suite on the top floor with a sitting area, fireplace and a large master bath. The outdoor gardens have been lovingly planted with perennials and herb gardens and includes a garden shed. This property was updated in 1997. See what I mean? It was a great value at $575K. 

 

 

54 Harry Kemp Way $665K

 

There have been two interesting condominium sales so far this month. One was at 54 Harry Kemp Way in the White Pines complex and sold for $665K. This is a sought after group of condos – many have great farmer porches and some are stand-alone condos reading like single-family homes. This 3 bed/3 bath home has 2,500 square feet, four floors of living space including a large master suite, 2 guest bedrooms with central air and 2 parking spaces. Talk about value!

 

 

 

46 Pleasant St #D, $435K

 

46D Pleasant Street is a terrific 1,200 square foot,  2 bed/3 bath condo in the four-unit Pleasant View complex. This property provides privacy and seclusion from the street. Handsome cabinetry, wood flooring and a newly renovated bath add to this very comfortable and attractive space. The ground level has a spacious sitting room and a cedar- walled bathing-suite. (their words, not mine). It sold for $435K and was on the market for a relatively short 51 days.

You can see why these are my favorites of all the properties sold this month. I will report on all June sales at the end of the month.

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Stay On Rte 6

Marie Yolen-Cohen so gets our fabulous little fishing village with her incredible book Stay On Route 6, and in her travel post on Huffington Post the other day. See excerpts below.

I love Provincetown. The dunes, the artists, the gayness, the glitter eyeshadow on men. It is a party town, as edge of the world towns usually are, and, as such, swarms with tourists out for a good time. It is like New Orleans during Mardi Gras, but with fewer beads, more high heels and  more men in those high heels. It is also the very start — or end, depending on which direction you head — of U.S. Route 6.

Bishop, CA is just 3205 miles away.

 

 

As I mention in my book Stay On Route 6, Provincetown is where the Mayflower Pilgrims landed first, before decamping to the more protected Plymouth.  And yes, there’s a great obelisk monument to climb — The Pilgrim Monument — considered to be the tallest all granite structure in the world.

Rob Costa of Art’s Dune Tours has been driving visitors around the Provincetown, MA sand dunes for 30 years, since he was a mere 18 years old.  His Dad, Art, launched the company in 1956, and though there were imitators over the years, Art’s remains the sole surviving Dune Tour operator on Cape Cod.  Among the eminent guests that Art escorted around were Steve McQueen and Faye Dunaway who were in Provincetown filming the Thomas Crowne Affair.  Rob continues that folksy tradition.  He’s got an encyclopedic knowledge of Provincetown and its sandy habitat, informing us that “The Cape Cod National Seashore, a National Park established by President John F. Kennedy, takes up nearly 75 percent of the whole of Cape Cod” and that “Marlon Brando crawled across these dunes when he was rehearsing for A Streetcar Named Desire.”

He points out the tenacious plants that cling to life in this sandy environment, rosehips, beach plums and cranberries that thrive in fresh-water pools found throughout the dunes.  Poets, painters and writers (Eugene O’Neil, Thoreau, Jackson Pollock, for example) stayed in squatters shacks originally built in the 1850’s as temporary shelters for heroic “Surfmen” who patrolled the beach, ever ready to rescue shipwreck victims.  A bit over 100 years later, the U.S. Government removed all but 19 of these primitive dwellings — and now a few are available to Artists In Residence willing to live without electricity, fresh water or plumbing (but with one of the best vistas on the planet) for a few weeks at a time.

For a change of pace, watch six-pack abs and Katie Perry Drag Queens vie for your attention at one of the shows that puts Provincetown on the map.  Though Crown and Anchor is more famous, hit up the Post Office Cabaret for the ICONS show.  You’ve never seen prettier or more hunky boys gyrating and lip-syncing to the tunes of Lady Gaga, Madonna, Donna Summer, the dearly departed Whitney, (I’m not sure who will replace her.  Possibly the “not a real Rapper”, Nicki Minaj?) and others.

Grab a VIP ticket to sit in the front row and you get their sweat for free.

What a great post! See you in town.

 

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Provincetown Sales Year To Date

Provincetown year to date sales figures as of May 31 look great!

5 Brown St $350K

Condo sales are up 20% over last year with 53 condos sold year to date versus 44 last year. The average sale price was up 13% to $388K versus $343K last year. The energy on “the street” is palpable. There are excited buyers looking to take advantage of historically low interest rates and affordability levels not seen in a long time.

In past posts condos under $300K were highlighted and in another the “belly” of the condo market in the $500″s was examined. Both posts illustrate the broad assortment of properties for sale which is helping to drive sales.

 

 

 

5 Harbour Dr. $2.95M

The number of single family properties sold was up an amazing 83% to 22 properties year to date versus 12 last year. The average sales price was $732K against $871K last year  which is a decrease of 16%.

In Boston we can read more into “averages” as hundreds of properties are sold each month, and averages tend to be more important and meaningful. In Provincetown with a smaller sampling of properties, averages can be skewed wildly by one excessively high or low sale, and while still important and very interesting to look at, whats’s more important is the general trajectory of sales.

 

Provincetown is on track to have a very solid year in real estate.

We will publish our quarterly Goode and Farmer Report for Provincetown Q2 in early July.  Watch for it.


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The Best On The Beach – Provincetown

There are some gorgeous homes for sale in Provincetown and this architectural masterpiece on the beach in the East End of Provincetown is one of there best!

This magnificent home is being marketed for $2.99M. It has almost 3000 square feet of fabulous living space and another 1700 square feet of additional living space in outdoor decks. It sits on an acre of land with an accreting (growing) beach.

A masterpiece of architectural design, this award winning 4-bedroom, 4-bath home with 150′ waterfront frontage is one of Provincetown’s most distinctive homes and is extremely private. Designed by award winning architect, Michael Winstanley Architects, the house has been awarded a prestigious national Design Award. The house has also been published many times.

 

 

 

This home offers breathtaking views, blending seamlessly with the natural environment on 3/4 acre with an accreting beach. The 3,000 sf house also boasts 1,700 sf of additional living space in outdoor decks.

 

 

 

 

The living areas on the first floor include stunning 180 degree views of the harbor and sweeping views of Provincetown. An all glass living room and gas fireplace define Casual elegance.

 

 

 

 

Each of the four master bedroom suites presents a unique definition of customized tile showers and bath. An expansive outdoor cabana room with stone gas fireplace provides a perfect place for outdoor entertaining.

 

 

 

 

 

An elevated lit boardwalk provides access and privacy to the beach with views of Provincetown,  Truro Long Point and beyond.

This photograph of the boardwalk evokes the feeling you get from this incredible home. Open, almost endless space, water, sun and sky and most importantly the ease and comfort of waterfront living.

 

 

A joy to experience and a joy to show!

In a future post I will compare this to a $3M luxury property that just sold in our other favorite neighborhood – Boston’s South End.

 

 

 

 

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My Top 5 Under $300K In Provincetown

Under $300,000 for a great Provincetown condominium… who’d think it was possible? Well, there are 50 currently being marketed below $300,000 in Provincetown and some are even on the water side of Commercial Street. 38% of the 132 condominiums for sale in Provincetown are under $300,000. They are downtown, in the West End, East End, Far East End toward Beach Point, out toward the seashore… what a variety!

I have combed through those 50 and picked out five of my favorites.  They represent a range of properties that I think will be of interest.

488 Commercial Street is in the East End near The Schoolhouse Gallery, and is being marketed for $299K. This is a charming 2 bedroom condo in the waterfront Bayshore complex in the East End.

                    

19 Center Street is a great one bedroom in a 5 unit complex with a fun outdoor community patio on the market for $299K. A well planned kitchen with a dining island, good size living room and a wood gas stove complete this comfortable offering.  There is parking for one car.

                   

23 Conant Street is a charming stand alone cottage with a sleeping loft being marketed for $265K. Bead-board walls, hardwood floors, custom built-ins, and recessed lighting all with a Near West End location.

                     

290-D Bradford Street is an adorable freestanding cottage in a 4 unit complex in the East End with an asking price of $259K. It has a separate bedroom and a full bath and the sweetest screened in porch and a rear patio. There is parking.

          

Number 5 is sort of a  tease… but a favorite because it is a full 2 bedroom condominium of close to 600 square feet on Commercial Street for $249K. There are no details or pictures as it won’t be available until mid June… I will put up details as soon as they are available.

These properties have great rental history’s and are in great locations providing an affordable entry into the Provincetown market. That’s my top 5 under $300K!

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Broker Tour…Provincetown Style. WOW!

Our broker tour last Thursday of newly listed properties for sale in Provincetown was fabulous. We saw an incredible variety of properties priced from $279K to $2.195M. (I’m also including a favorite from the week before that is listed for $2.990M which is just stunning.)

The first property is in the far West End behind the Delft Haven Complex and includes a 3bed/2 bath main house and a charming 2 level, one bedroom carriage house, all on 3/4 acre. Listed at $2.195M. This property is gorgeous!

                         

This mid-century modern home on Priscilla Alden road harks back to the Bohemian roots of our wonderful community. This is a 2 bed/2 bath home and is being marketed for $995K.

                       

This stunning landmark single family home on Creek Round Hill Road is being marketed for $1.595M. This 3 bedroom, 3 bathroom west-end home has incredible water views from every one of these windows.

                       

This great West End Commercial Street top floor condominium has 2 bedrooms and 2 bathrooms and is being marketed for $775K. Although not on the waterside of Commercial Street it feels as close to waterfront as possible with great views of the bay from the living room and the decks.

                     ..

We saw this property last week. This is one of the premier properties in town and is being marketed for $2.990M. With four master bedroom suites, multiple decks and a cabana terrace…and views for days it is exceptional. It is located on the beach in the far East End of town.

                     

I call this real estate soft porn…These properties are gorgeous no matter what price category you are in. From $775K to $2.990M.. The natural materials, impeccable design, siting, the interiors… all create lovely visceral reactions…take a look.

 

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Bradford Street Ideal

Of course I am upbeat about the buying opportunities in Provincetown. At every price point, in every category, there is something of interest that makes sense for buyers. Whether you are looking for property as an investment  or for a combination vacation home and rental, as a full time residence or second home, there is much to like in this market.

My goal is always to provide you some new information, or perhaps an insight into a market, a location or a property. Here the focus is on one of the properties we have listed here at Beachfront Realty. This property perfectly illustrates what is great about the Provincetown market. This “fits the bill” on so many levels as an ideal Provincetown property offering. As an investment property, a second home or a combination of the two.

49 Bradford #8 is being marketed for $529,000. It has a great rental history as it has two equal size bedrooms, parking for two cars and is an easy walk to Commercial Street. It has everything a second home buyer or an investor/vacation home buyer would want. Close to all in the near West End, a block from Joe’s Coffee and the Boatslip and beautifully done.

As you look at these pictures you see a well designed and appointed living level with a black granite kitchen and breakfast island, stainless steel appliances, and hardwood floors throughout. There is plenty of room for a separate dining room area and a well scaled living room with doors out to the wonderful garden-patio.

On the second floor (pics above) there are two equal size bedrooms, a deck and a full bath. The bedrooms have high ceilings, tons of light and ceiling fans. There is central air, two parking spaces and a good size attic and basement storage room.

This is the most popular market segment in town, (and pretty much everywhere else!). That “perfect” 2 bedroom, 2 bath property. There are 41 properties being marketed in this category with an average asking price of $546K.  48 Bradford is priced slightly below the average in this category and is close to the average size of 1,113 square feet.

Hopefully this property snapshot gives you additional perspective and some context to the condominium market in Provincetown. It is an exciting market with opportunity for all. Go to “Ask Jon” if you have any other questions around the real estate market here on the Outer Cape and I will respond in a post.