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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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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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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.

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April In Provincetown

Real Estate News from our charming town is pretty darn good. April was busy with 11 condominiums sold and 4 single family properties sold. Last year in April there were 12 condos sold and 1 single family sold, so we are certainly on a similar sales track to last year which ended up being the best year for real estate sales since 2008.

The average sale price for condos was $358K and the median price was $285K. The lowest sales price was $187K and the highest was $610K. One of the sweetest condominiums sold was 56 West Vine St a 3 bedroom 3.5 bath townhouse which sold for $565K. This condo is in the West Vine association Sea Grass. The condo was sold by Bill Farmer at Beachfront Realty and listed by Lincoln at Sothebys.

 

 

I think this condo sale is important, not just because it was sold by my team member Bill Farmer  but the fact that it has 3 bedrooms and 3.5 baths,  1,481 square feet, sold for $565K… and is really beautiful. This property illustrates the great value that  exists in Provincetown real estate. It is a great year round home, second home or investment vacation home. It is hard to find this kind of value and income potential anywhere else…and it’s Provincetown for God’s sake! What could be better?

The average sale price of single families sold in April was $704K and the median price was $622K. My favorite single family property that sold in April was 31 Pleasant St, a sweet and quintessential Cape with 3 + bedrooms and 2 baths. We live a few doors down and have watched the evolution of this property over the years. This home beautifully represents the “average” for the month of April having sold at $675K. It is charming!

 

 

We are headed into the Spring Summer season here in Provincetown which brings a plethora of opportunity in entertainment, outside fun… and in real estate. There are 138 condominiums currently being marketed at prices from $129K to $1.85M. There are 55 single family homes being marketed from $349K to  $4.75M.  The variety of properties for sale is incredible and is reflected well in the two properties illustrated above.

Next up will be a discussion on pending sales activity and a look at some of the exceptional properties currently being marketed in Provincetown.

 

 

 

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Provincetown Market Report

Bill Farmer will be a regular contributor to my blog posting about everything real estate in Provincetown. Bill has recently moved full time to Provincetown after dividing his time between Boston and Provincetown for the last several years. He has joined Bob O’Malley at Beachfront Realty. Bob is a real estate “institution” in Provincetown selling real estate at Beachfront Realty for the last 27 years.

 

Stable yet dynamic, with a wide range of opportunities. The 2011 Provincetown market report compares Cape Cod MLS sales data from 2010 to 2011 and shows all these characteristics.

The Provincetown market is relatively stable year over year.  The median sales price for condos in 2011 was the same as 2010, $360K. Unit sales were down only 8% from 124 condos in 2010 ($49M volume) to 113 condos in 2011 ($42.5M). The average sale price for condos was down 5% from $395K to $376K.

Great news is that sales of single family homes increased 27% from 21 sales in 2010 ($25M volume) to 31 sales in 2011 ($23.4M volume). Sales of multi-family homes increased 87% from 8 ($5.7M volume) to 15 ($10.5M volume) !  What can we read into these crazy percentage increases? That demand remains very strong for property in our little fishing village.

The diversity of inventory and the opportunity it represents is incredible. The lowest price condo sold was $91K and the highest price was $926K. The lowest price single family sold was $278K while the highest price was $2.9M. These figures represent opportunities for everyone. All these figures speak to stability, consistency, and strength in the real estate market in Provincetown.

Current inventory is solid with buying opportunities in every price range. There are 63 single family homes on the market priced from $222K to $5,995M. There are 124 condominiums on the market priced from $125K to $1.795M and there are 12 multi-family properties on the market priced from $549K to $2.285M. I will keep you posted regularly on sales of interest and when new inventory comes on the market.

Bill Farmer 617-823-2444/[email protected]