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Provincetown Waterfront Sales Snapshot

Last week I reposted a Zillow.com story regarding prices of waterfront property nationwide.  Below is a year to date snapshot of the waterfront market in Provincetown.

There are two very different groups of waterfront properties here in town – condos and single family homes. We are lucky to have a great variety in both groups – but the variety of waterfront/waterside condos is staggering. By waterside I mean on the water side of Commercial street perhaps in a complex that is on the water or a middle or street side unit, or right on the beach…but all with bay access, what we like to call a distinctly valuable “water feature”. In contrast the single family waterfront property market is perhaps the most rarefied and exclusive market on all of Cape Cod.

Only four single family properties have sold on the water so far this year. The average sale price of these homes is   $2.178M. The average size of these home sales is 2,570 sf for an average price per square foot of $847. Not a bad value considering new 1 bedroom condos are selling at $1000 per square foot in the South End of Boston. Below are snapshots of three of those properties.

 

659 Commercial St . $1.507M, 4 bedrooms and 3 baths, 1,300 sf.
659 Commercial St. $1.507M, 4 bedrooms/3 baths, 1,300 sf.
73 Commercial St. $2.85M, 3 bedrooms and 4 baths, 2,418 sf.
73 Commercial St. $2.85M, 3 bedrooms/4 baths, 2,418 sf.
627 Commercial St. $3.1M. 5 bedrooms and 5 Baths. 5,800 sf.
627 Commercial St. $3.1M. 5 bedrooms/5 Baths. 5,800 sf.

 

 

 

 

 

 

 

 

27 waterfront/waterside condos have sold with sale prices from $106K to $925K. The average sale price is $441K which gets you an average 546 sf condo for an average price per square feet of  $807.  The beauty of this town is that you can buy a small waterside Commercial Street condo for very reasonable prices. Below are snapshots of three of these condos.

 

953 Commercial Street #C, $106K, 190 sf.
953 Commercial Street #C, $106K, 190 sf.
41 Commercial St #5. $499K, 550 sf.
41 Commercial St #5. $499K, 550 sf.
495 Commercial St #X, $925K, 1,588 sf.
493 Commercial St #13, $925K, 1,588 sf.

 

 

 

 

 

 

 

 

What is available to buy on the waterfront today in Provincetown?

If you are looking for a single family property you are almost out of luck! There are only seven properties listed in MLS as single family waterfront properties on the market.  Four of those seven are gorgeous Harbour Drive homes in the far East End. The three remaining are at 509 Commercial Street, 529 Commercial Street and 599 Commercial Street.

1 Harbour Drive, $2.395M, 4 bedroom and 5 baths, 3,829 sf.
1 Harbour Drive, $2.395M, 4 bedroom and 5 baths, 3,829 sf.

 

 

 

 

 

 

 

 

 

509 Commercial St. $1.5M, 5B/2B needs renovation, 1,584 sf
509 Commercial St. $1.5M, 5B/2B shell, 1,584 sf
529 Commercial St. $2.699M, 2 beds, 2 baths, $2,091 sf.
529 Commercial St. $2.699M, 2 beds, 2 baths, $2,091 sf.
599 Commercial St. $2.65M, 3 beds/3 baths, 1,732 sf.
599 Commercial St. $2.65M, 3 beds/3 baths, 1,732 sf.

 

 

 

 

 

 

 

 

Additionally there are two multi family properties being marketed on the water. 99 Commercial Street which has 3 residential units and a commercial unit and is being marketed for $2.2M, and 403 Commercial Street which is a 4 unit complex being marketed for 1.995M.

There are 32 condos listed in MLS on the waterside of Commercial Street which is 32% of ALL condos available in town. They located right downtown, in the West End, East End and far East End and represent an amazing assortment of prices and styles.  Many are located in waterfront complex’s, others are in smaller multi unit buildings on the water. Below are snapshots of three of them.

 

945 Commercial St. #2B, $269K, 2 beds/1 bath, 700 sf.
945 Commercial St. #2B, $269K, 2 beds/1 bath, 700 sf.
385 Commercial St. #2, $449K, 1 bed/1 bath, 372 sf.
385 Commercial St. #2, $449K, 1 bed/1 bath, 372 sf.
67 Commercial St #C, $1.599M, 2 beds/2baths, 831 sf.
67 Commercial St #C, $1.599M, 2 bed/2bath, 831 sf.

 

 

 

 

 

 

 

 These  32 available condos have an average listing price of $578K, and a median price of $407K, with an average size of 1,509 sf. 

You can view all available properties for sale at Beachfront-Realty.com.

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Provincetown Sale of The Week

 

160 Bradford Street #A is 3 bedroom, 4 bath new construction condo in the West End at the corners of West Vine Street, Bradford Street and Victors Restaurant – the crossroads of the West End.  It sold for $1.050m having been marketed for $899K. This sale certainly highlights the strong demand for high quality, well located condos in Provincetown.

 

160 B 2

 

 

 

 

 

 

 

 

 

 

 

MLS COPY: Be the first to own this newly constructed home in Provincetown’s west end. Ideally located between town and the ocean beaches, this 3 bedroom/3.5 bath condominium offers views, superb finishes and quality construction. Open floor plan on the entry level with fireplace and dramatic tray ceilings delineating the kitchen, dining and living areas. There are 2 bedrooms on the 2nd floor, each with bathroom and views of the Bay. A spiral staircase leads from the 2nd level to the 130 square foot roof deck which has views in all directions from The Pilgrim Monument to and Race Point. The lower level is ideal for your guest suite with bath and media room. In addition to the roof deck there is also a large front deck on the entry level. There is off-street parking, central a/c, laundry, hardwood floors and many other fine finishes throughout!

See all available properties at Beachfront-Realty.com.

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West End Listing Of The Week

7 Oppen Lane is large post and beam home with 3 bedrooms, 4 baths and 2,912 square feet.  It is being marketed for $1.850M. Oppen Lane is in the West End past Victors restaurant.

7 Oppen 1

 

 

 

 

 

 

 

 

MLS COPY AND PICTURES: Custom-built Timberpeg post & beam set on a large, private lot in the West End. Expansive windows face s/sw with sweeping views of Long Point and Cape Cod Bay. Cathedral ceilings, 2-story windows and an open floor plan invite sunshine and ocean breezes into beautiful living spaces. Glass doors open onto large deck with outdoor kitchen. Gourmet cook’s kitchen with ample counter and cupboard space, professional-grade appliances, island, separate pantry and dining area. A kitchen garden provides fresh herbs and vegetables. Gas fireplace, custom built-ins, whole house music system, gracious foyer and first floor master suite with Jacuzzi tub and private deck. Other amenities include first floor laundry, elevator, temperature controlled wine cellar, radiant heat and central vac.

 

7 Oppen 5

7 Oppen 4

7 Oppen 6

7 Oppen 2

 

 

 

 

 

 

See all available properties for sale at Beachfront-Realty.com.

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Four Reasons To Buy Before Winter

 

A great post below from the KCM crew.

 

4 Reasons to Buy Before Winter

by  on September 8, 2014 in For Buyers

4 Reasons to Buy Before Winter | Keeping Current Matters
It’s that time of year, the seasons are changing and with them bring thoughts of the upcoming holidays, family get togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don’t have to look much farther to find four great reasons to consider buying a home now, instead of waiting.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released recently projects appreciation in home values over the next five years to be between 11.2% (most pessimistic) and 27.8% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a recent paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

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Least Expensive Beachfront On Cape Cod

 

Great CurbedCapeCod.com post!

Cape Cod’s Least Expensive Beachfront Listings, August 2014

Friday, August 29, 2014, by Jazmine Donaldson

55pond.jpg
[Our favorite trap sheds! 55 Pond Road, Truro via Kinlin Grover Real Estate]

Trap sheds? Check. A working lighthouse? Check. Bungalows, cottages and McMansions? Triple check. ‘Tis the season for a virtual trip to the beach in search of single-family abodes in the sand that won’t break the bank, relatively speaking. Hence, here’s an updated map of Cape Cod’s least expensive beachfront listings, by town, with 15 sandy abodes asking $459,000 to $2,395,000

BOURNE
47 BUENA VISTA ROAD, POCASSET, MA 02559
WEBSITE
Cape Cod’s Least Expensive Beachfront Listings, Aug. ’14
BOURNE
Kicking off with a 4BR Pocasset beach house that comes with a waterside “quintessential lazy front porch” and bath/bunk house. First listed in March 2013 for $649K, the post-PriceChopper ask is now $549K.
47 BUENA VISTA ROAD, POCASSET, MA 02559
SANDWICH
The brokerbabble insists, “You will make many memories here.” So there’s that. The 3BR, 1.5BA beach house hit the market in March for $650K, but a mid-August slice brought the ask down to $599K.
49 FREEMAN AVENUE, SANDWICH, MA 02563
FALMOUTH
“True beachfront property!” This 6BR, 4.5BA 1918 shingle-style comes with “panoramic views from Washburn Island all the way to Falmouth Harbor and across to the Vineyard” and a gorgeous porch. Asking price is $1,850,000.
23 FOSTER ROAD, EAST FALMOUTH, MA 02536
MASHPEE
Located on Popponesset Beach, this 1,055 sq. ft. 2BA, 1BA was built in 1942. The beachy spread debuted on the market in May 2013 asking $1,500,000 and is now down to $1,100,000.
39 WILSONS GROVE, MASHPEE, MA 02649
BARNSTABLE
“Location, Location, Location!” This 3BR, 1BA sits in between Centerville’s Craigville and Covell’s beaches and comes with its own private deeded sand on Nantucket Sound. Yours for $1,150,000.
879 CRAIGVILLE BEACH ROAD, CENTERVILLE, MA 02632
YARMOUTH
First listed in April 2013 $2,499,000, this South Yarmouth 4BR, 3BA on Nantucket Sound is now hoping for $1,899,000. Per the excited brokerbabble, “What a Place to Call Home!!!!!!!!!”
14 JUDAN WAY, SOUTH YARMOUTH, MA 02664
DENNIS
Built in 1940, this 3BR, 1BA on Nantucket Sound has views from Great Island to Monomoy and is described in the listing as a “developer’s dream.” After hitting the market in May for $1,033,000, the ask is now down to $989,000.
4 LONGELL ROAD, DENNIS PORT, MA 02639
HARWICH
The PriceChopper Hall of Fame nominee of the day goes to this West Harwich 3BR, 3BA that’s been bouncing around the market since 2009 when it was looking for $3.3M. As of this writing, the 2,331-square-footer with its own white sandy beach on Nantucket Sound can be had for $2,395,000.
55 SHORE ROAD, WEST HARWICH, MA 02671
CHATHAM
Available for the first time in 30 years, this South Chatham beachfront cottage with an “established rental history” is asking $1,900,000. The 2BR, 1.5BA features “sweeping elevated water views over Nantucket Sound out to Monomoy National Wildlife Refuge!”
19 FOREST BLUFF ROAD, CHATHAM, MA 02659
BREWSTER
This Brewster Dunes year-round co-op features a working lighthouse – really. The 2BD, 2BA comes with its own private beach and is asking a rather odd $885,999.
OCEAN SAINT EXTENSION, BREWSTER, MA 02631
ORLEANS
Built in 1955, this contemporary beachfront home features 4BD, 2BA. With “stunning views of Nauset beach,” the property “has a successful rental history exceeding $50,000 in rental income for July & August for 2013.” Asking price is $1,499,000.
49 ASPINET ROAD, EASTHAM, MA 02642
EASTHAM
This adorable beachfront bungalow was built in 1948 and comes with private steps to Cape Cod Bay. The 3BD, 1BA 768 square footer first hit the market in 2011 for $1,300,000 and is now asking $799,000 – no doubt something to do with the need for a “stone revetment.”
15 SUNSET LANE, EASTHAM, MA 02642
WELLFLEET
“Living on the edge!” This 4BD, 3BA sits 80′ above sea level on Sunrise Dune in the Cape Cod National Seashore. The 2,500-square- footer overlooking the Atlantic Ocean hit the market in May 2013 for $1,250,000. Three pricechops have brought the ask down to $995,000.
780 OCEAN VIEW DRIVE, CAPE COD, WELLFLEET, MA 02667
TRURO
Why doesn’t anyone want these trap sheds on the beach? Once asking $575,000, the beachfront 1BD cottage and twin studio have been pricechopped a couple of times and are now asking $459,000.
55 POND ROAD, TRURO, MA 02642
PROVINCETOWN
The current owners purchased this bayfront building back in 1963 for $16,000. Fast forward to today and the circa 1860 seasonal two-family is on the market for $1,500,000. That’s a potential 9,275% jump in value for a fixer-upper “in the flood zone.”
509 Commercial Street
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Best Time To Buy Vacation Homes

“Best timing” differs in all locales but the late summer and fall market is the busiest time on the Cape to buy or sell a home. Good post by Julie from Boston.com  below.
IMG_1256
By Julie Xie
Boston.com Staff

Sun dresses and beach towels are on sale at the mall. So are vacation homes on the market.

Turns out, September and October are great months to go vacation home hunting in New England because prices are dropping. It makes sense — sellers want to get properties off their hands because they don’t want to maintain them through the winter.

Doug Reece, who works as a realtor for Martha’s Vineyard at RE/MAX, recently worked with a seller who dropped the price of his house from $900,000 to $699,000.

“As a buyer, you’ve got to be ready to hop in the car and get here on short notice when those things happen. Or else someone else will,” he said.

While it’s hard to put exact numbers on it, Kevin Austin, from Cape Cod Oceanview Realty, said people tend to drop their prices around 5 percent just to get people to come look at the house and stimulate some activity.

“If people feel they can get a house for cheaper, they’ll usually wait until September and October to see if the price will drop,” said Austin, who specializes in the Orleans area of Cape Cod.

The trend is expected to continue until the end of the calendar year. By the time January and February roll around, many sellers figure that if they’ve already held a property for that long, they might as well hold on to it for another season.

Early spring is another busy season for New England vacation homes, as buyers want to close on a property and use it for the summer.

Nationally, the best times to buy vacation home differ by region and climate, but in general there has been a 30-percent surge in vacation homes in 2013, according to the National Association of Realtors.

And Lawrence Yun, NAR chief economist, expects this upward swing to continue in 2014. A nearing-retirement baby boomer population and an improving stock market are likely to give rise in vacation home purchases.

Bottom line: Act fast and get yourself to the Cape.

 

 

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Nantucket vs The Vineyard

 

Interesting post by Scott pitting The Vineyard against Nantucket.  But we all know – Provincetown beats ’em all!

 

A Tale of Two Islands

Posted by Scott Van Voorhis

Hey, maybe having the commander-in-chief vacation on your resort island isn’t such a boon after all.

President Obama is one Martha’s Vineyard for his annual two-weeks of fun and sun on the resort island.

And the only thing slumping faster than the president’s approval ratings are home prices in Edgartown.

edgartown.jpgTripAdvisor

 

The median price of a single-family-home in Edgartown plunged more than 22 percent during the first six months of the year, to $619,250, reports The Warren Group, publisher of Banker & Tradesman.

West Tisbury home prices fell nearly 12 percent during the same time period, sinking below the $500,000 mark.

Despite a strong showing in Tisbury, where prices rose more than 19 percent, the median price for the island as a whole fell by 4 percent.

Funny thing, when Obama first began vacationing on Martha’s Vineyard early in his presidency, home prices on the island were on a tear, rising faster than neighboring Nantucket. However, since a big rally in 2010, real estate values on the Vineyard, known for its  colorful mix of celebrities, writers and artists, have bumped around, rising and falling.

No more. Nantucket is now by far the hottest of the two islands when it comes to real estate values. The median price on the buttoned-down summer home for the nation’s corporate elite hit $1.1 million during the first six months of 2014, up more than 24 percent.

Wall Street gets the last laugh?

 

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New Listing Of The Week

28 Nickerson St is a gorgeous newer construction single family house in the West End. It has 3 bedrooms and 3 baths with 1,705 sf and is being marketed for $1.459M.

 

28 Nickerson 1

 

 

 

 

 

 

 

 

MLS COPY: West End 2013 New Construction designed with careful attention to detail, built by Cape Associates, Inc. This beautiful 3 bedroom, 3 bath home has a HERS 5+Star rating for energy efficiency, 3 zone heating and cooling, propane on demand hot water, generator and surge protection. Exterior features include professional landscaping and irrigation system, 2 car cobblestone driveway and paths, low maintenance Azek trim and Ipe hardwood decking, dipped cedar shingles, enclosed outdoor shower. Interior features include Anderson windows, red birch flooring and high end finishes including Wolf dual fuel range, Subzero refrigeration, Miele dishwasher, Waterworks and Kallista kitchen, wet bar, bath fixtures and a full basement. A perfect home for entertaining complete with screened-in porch and sun deck off master bedroom.

 

28 Nickerson 2

28 Nickerson 3

28 Nickerson 4_21

28 Nickerson 5

 

 

 

 

 

 

This wonderful home is in the West End north of Bradford Street in the charming neighborhood bordered by Franklin Street and West Vine Street.

 

 

 

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S&P Case Shiller Composite: Prices Up 9.3%

Growth continues to cool

20-city index shows yearly price growth dropped to single digits in May

Teke WigginStaff Writer INMAN NEWS

Yearly growth in U.S. home prices continued to slow in May, but still remained well above average.

The S&P/Case Shiller 20-City Composite Index showed prices rising 9.3 percent year over year in May, down from 10.8 percent in April. Annual price gains slowed in May for all cities tracked by the index besides Charlotte and Tampa.

Source: S&P Dow Jones Indices and CoreLogic
Source: S&P Dow Jones Indices and CoreLogic
Still, prices climbed 1.1 percent month over month in May, with all 20 cities posting monthly increases for the second straight month.

Tampa registered the highest monthly price gain (1.8 percent), followed by San Francisco (1.6 percent) and Chicago (1.5 percent). Phoenix and San Diego were the only cities to show monthly increases of less than 1 percent in May, with gains of 0.4 percent and 0.5 percent, respectively.

The picture changes when adjusting for seasonal factors.

After factoring in the spring’s typical influence on home prices, prices decreased 0.3 percent month over month in May, with only six out of 20 cities showing gains.

 

Home to seven of the top eight cities showing the most annual price growth, the Sun Belt continued to lead price gains.

Despite seeing their annual price growth decrease by 2 to 3 percentage points, Las Vegas (16.9 percent) and San Francisco (15.4 percent) still posted the largest annual price increases.

The other cities that showed double-digit annual gains were: Miami (13.2 percent), San Diego (12.4 percent), Los Angeles (12.3 percent), Detroit (11.9 percent), Atlanta (11.2 percent), Tampa (10.2 percent) and Portland (10 percent).

Expanding home inventory has helped cool home prices in recent months. Economists generally view the trend as favorable because it will keep prices from rising too quickly, which hurts affordability and reduces buyers’ options.

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Provincetown Listing Of The Week

8 Seashore Park Drive #8 is a 2 bedroom, 2 bath 880 square foot condo in the Race Point Road neighborhood. This condo represents the best of Provincetown’s year round and vacation housing stock. Attractive, well maintained and located in one of the most comfortable and desirable year round developments, this end unit condo is a terrific value with a listing price of  $399K.

8 Seashore Park Dr #8

 

 

 

 

 

 

 

 

MLS COPY: This is one of the nicest units we have seen in the Race Point Road neighborhood. Set up a slight hill with excellent solar exposure this townhouse has been constantly upgraded over the years. Hardwood floors throughout 1st and second floor. New kitchen and bath. Two good sized bedrooms; the master will take a king and the other a queen. Wonderful wood burning brick fireplace is the centerpiece of the open plan great room. Full finished basement with 2 more rooms and laundry. Basement is approximately 440 Sq. Ft. in addition to 880 Sq. Ft. on 1st and 2nd floor. Efficient LP gas heat and cooking. Fenced yard with deck and garden shed. Two parking spaces. Pets okay for owners. 30 day minimum for rentals.

 

8 SPD3

8 SPD 2

8 SPD 6

8 SPD 5

 

 

 

 

 

 

Please call with any questions you might have or to view 8 Seashore Park Drive #8.