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First 4 Sales Of The Year

The first 4 sales of 2014 beautifully illustrate the diversity of real estate in Provincetown. From a $385K townhouse on Race Point Road, to a one of a kind $925K East End waterfront beauty – these first few sales of the New Year speak to what Provincetown real estate is all about.

 

60 RPR

60 RPR 2

60 RPR 3

 

 

 

 

 

 

60 Race Point Rd sold for $384K, a 2 bedroom, 2 bath condo with 1,015 square feet in the White Pines at Race Point Road condo association of 15 units.

MLS copy: Beautifully maintained 2-bedroom townhouse just a short distance to Race Point Beach, Province Lands, bike path, and walking trails. Convenient to shopping, dining, and entertainment. Backed up to conservation land, this well maintained complex is well designed with attention to detail. Flooded with light and opening to front porch and exclusive side deck, the 1st floor is open plan: living, dining, and well-appointed kitchen. Oak floors throughout great room – oak cabinets, stainless appliances, granite countertops finish the kitchen. Full bath on this level. 2 large bedrooms on 2nd level, shared full bath with jacuzzi tub. Large closets, attic space and full basement (exclusive to this unit) allow for plenty of seasonal storage OR finish basement for additional living space. Central A/C. Weekly rentals and pets for owners allowed.

 

1 Holway

1 Holway 2

1 Holway 3

 

 

 

 

 

 

1 Holway Street #1 sold for $480k,  a 3 bedroom 1 bath condo with 962 square feet.

MLS copy: Located just two blocks from Commercial Street and the bay beach, this freestanding cottage-style condominium is perfect for year round living or a vacation retreat. This charming three bedroom home features an updated kitchen with stainless steel appliances, renovated bathroom, hardwood floors, abundant natural light, air conditioning, washer/dryer, attic storage, and one tandem parking space. This home is being sold turnkey. Weekly rentals permitted. Buyer to assume sewer betterment.

 

19 Tremont 2

19 Tremont 3

19 Tremont

 

 

 

 

 

 

19 Tremont sold for $641,500, a 2 bedroom, 2 bath condo with 885 square feet.

MLS copy: If you’ve been waiting for just the right West End home or vacation escape, you’re in luck. This 2 Bed, 2 Bath Townhouse has it all. A wood-burning fireplace in the living room stretches toward the vaulted ceiling, the bright, granite-countered kitchen w/intimate dining area overlooks the very private, superbly landscaped & well-designed spacious, fully enclosed outdoor living room complete w/hot tub, shower, koi pond, mature plantings including a fully integrated Dogwood. Back indoors, the 1st floor guest suite features a private bath & separate entrance.The entire top level is a master suite w/full bath, delightful bedroom overlooking the outdoor oasis & a spacious loft, ideal for office, entertainment or additional storage. Basement laundry & parking add to the appeal; proximity to the beach & Commercial Street complete the package.

 

493 com

493 com 3

493 om 2

 

 

 

 

 

 

493 commercial sold for $925K, a one of a kind 2 bedroom 2 bath waterfront condo with 1,588 square feet.

MLS copy: For a discerning buyer who enjoys the luxury of waterfront living with service to make it hassle free. Unique association- fees include interior maintenance,landscaping, in-unit heat,AC, electric and cable.Spectacular in design,this penthouse embraces the harbor through its two story wall of glass and expansive deck.Property has flexible space ideal for dining, entertaining and lounging all leading to a private waterfront deck.The kitchen is designed with a separate prep area open to the living space and has upgraded cabinets,appliances, stone countertops and a bfst bar.There are two bedroom suites both with tiled baths;the master has a dressing room & views.This home is ready for your enjoyment,but should the day come that travel takes you elsewhere, the projected gross rental is $70K to $80K annually. Buyer assumes betterment.

These were the first four…more sales highlights as they occur.

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Market Highlights Provincetown 2013

58 Franklin St $1.059M

 

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Goode & Farmer Report – Provincetown, Truro and Wellfleet Year End 2013

Goode & Farmer Report – Provincetown Truro and Wellfleet Year End 2013

Well, we all thought 2012 was a year filled with trepidation and anxiety. That was before we experienced 2013 – the year of the government shutdown, the Boston Marathon bombings, Washington DC gridlock and numerous other international diversions.

While not a record breaker relative to last year, 2013 was in fact a very strong year on the Outer Cape. Nationally, one of the biggest news stories was improving real estate markets as supported by the S&P Case-Shiller 20-City Home Price Index showing home prices up 13.61% over last year – the largest gain in almost 8 years.

The strength of our local market is important as it has created equity for homeowners, boosted buyer confidence, and pulled many underwater homeowners into positive equity positions. Year-end results again seem to have surpassed what many in the industry expected. Total sales in Provincetown were down 12% from 229 units in 2012 to 201 units in 2013. Total volume closed was up 4% from $127M to $132M in 2013.

There were 124 condominium sales in 2013 totaling $56M vs. 166 condo sales in 2012 totaling $70M – a decrease of 25%. The average sale price for condominiums in Provincetown was up 8% over 2012 to an average sale price of $453K. The time on market for condos decreased by an average of 33 days this year. The average price per square foot for condos sold was $526.

Single-family home sales in Provincetown remained strong with 48 sales in 2013 totaling $49M vs. 52 sales for $47M in volume in 2012 – a 5% increase in volume. The average sale price for a single-family home was up 12% to an average sale price of $1.024M.

Provincetown leads the way on the Cape for positive real estate news and tends to follow the key downtown Boston neighborhoods in performance stats more than other towns on the Cape. Provincetown continues to attract buyers from cities and towns around the country and international buyers who have visited over the years that now want to have a home here on the Outer Cape.

This market dynamic continues to build the case for spring 2014 being another historically opportune time for those sellers who have been waiting on the sidelines to put their property on the market. This strong demand for Provincetown real estate by more confident buyers just may be the highest in many years.

 

PTOWN chart

 

 

 

 

 

 

 

 

 

 

 

Other towns on the Outer Cape did relatively well too. The number of single-family sales in Truro was down a moderate 9% to 48 from 53 in 2012. The average sales price was down 15% to $594K from $698K last year. The Truro market consists mostly of single-family homes.

In Wellfleet, the average sales price of single-family properties sold increased slightly to $536K from $532K last year. The number of sales decreased by 13% to 70 from 80 in 2012. Wellfleet is predominantly a single-family sales market as well.

 

TRURO WELLFLEET chart

 

 

 

 

 

 

 

 

 

 

A very active real estate market is indeed back – along with improving prices! And nowhere is this more evident than in continued buyer confidence in Provincetown and the Outer Cape.

Buyers do need more choices though as inventory remains low. Positive buyer and seller attitudes coupled with a continuation of relatively low mortgage rates and an improving economy bode well for 2014 being a great year to jump in the market and own a piece of paradise.

Please call or stop in if you are considering selling or buying, or if you are just curious as to what your home is worth. Our business philosophy has always been that the best-informed buyers and sellers are most satisfied with their real estate results. And that’s what we do best!

 

 

 

 

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Home Appreciation Back To Historic Norms

Zillow sees home price appreciation headed back to historic norms

 

The cumulative value of U.S. homes is expected grow by 7.9 percent in 2013 — the biggest annual increase since 2005 — according to an analysis by Zillow, which expects gains to continue into this year, at a slower pace.

“The housing market is transitioning away from the robust bounce off the bottom we’ve been seeing, toward a more sustainable, healthier market,” said Zillow Chief Economist Stan Humphries in a statement. “This will result in annual appreciation closer to historic norms of between 3 percent and 5 percent.”

Zillow said two years of home price appreciation have added $2.8 trillion to the cumulative value of U.S. homes –  or 44 percent of the $6.3 trillion drop seen from 2007 to 2011

 

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2013 Provincetown Sales

Interesting “aerial” view of the 172 property sales in Provincetown in 2013.

Each dot represents one of the 172 sales of single family properties and  condominiums sold in 2013. They seem pretty balanced East End to West End, don’t they?

I’ll post more on that perennial discussion…which end of town has the most sales, the higher prices , as we move into the spring market.  I think what we are going to find is that the answer is so subjective, even when we look at empirical data which will show a healthy balance between the two.

 

12 month sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Housing Prices Cool Down

Another repost from my new favorite writer with a national slant. Brena Swanson of Housing Wire.


Housing prices cool down amid winter freeze

Annual home price growth is not as robust: Clear Capital

Home prices dipped back down to 10.8% year-over-year growth, a meager decrease from last quarter’s 11% annual growth, the latest Clear Capital Home Data Index shows.

The HDI compares the most recent four months to the previous three months, with no fixed-start date to reduce time delay.

 

“As the year comes to a close, make no mistake, home prices across the country are cooling from the red-hot 2013 recovery,” said Alex Villacorta, vice president of research and analytics at Clear Capital. “Though some market observers may take this as a sign of a deflating bubble, we see this as a natural, and welcomed evolution on the horizon of the new housing landscape.”

In addition, the quarter growth witnessed a more substantial tumble and fell to 1.8% from the previous quarter’s growth of 3.3%.

The Midwest and Northeast were the only two regions to experience small gains in yearly rates of growth over the previous quarter.

“Since the market trough in the fall of 2011, national prices are up 17%, undoubtedly a strong resurgence in overall prices. Yet, national prices today are back to where they were in 2003, indicating that overall the housing market is at pre-run-up norms,” Villacorta added.

Meanwhile, REO sales made up 21.6% of all national sales over the previous quarter, which is significantly lower than peak rates of 41% in 2011. However, distressed activity, as a portion of sale saturation, is expected to increase over winter as buyers prepare for a more active spring season.

For the first time, Phoenix was kicked out of its number one spot on the top 15 performing cities list, as the city was one of the first markets to experience a sustained recovery alongside its high levels of distressed sale saturation.

“Understandably, many current home owners would like to see hot gains continue for some time to come. Market participants, however, are better served by a cooler and more sustainable recovery,” Villacorta said.  “Moderating gains will create a stable market, instilling confidence in a broader base of buyers.”

 

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Sellers No Longer Sitting So Pretty?

It is smart to pay attention to what the national market prognosticators are thinking and then digesting the information relative to our market. We need to pay attention to the NAR too. But when Lawrence Yun of NAR says, “…sellers cannot keep jacking up the prices since there is a lack of buyers…” we need to be a bit suspect. This doesn’t sound like a savvy sound bite from the leader of NAR, and it is not the case in our markets.  Whatever happened to the natural dynamic of the supply and demand curve Lawrence?

Substantial price jumps are unlikely

Brena Swanson of Housing Wire

As more inventory hits the housing market and buyers rebel against rising home prices, the real estate market is likely to shift from seller dominance to one that is more counterbalanced by buyer reluctance to acquire homes deemed too expensive.

The tighter inventory conditions of this recent spring and summer are going away as the spring months of next year start to approach, analysts say. Right now, builders are trying to make up for a lack of inventory with new homes,  Lawrence Yun, chief economist for the National Association of Realtors, claimed.

According to the latest Home Price Index report fromCoreLogic, home prices, including distressed sales, increased by only 0.2% in October when compared to September.

“In October, the year-over-year appreciation rate remained strong, but the month-over-month appreciation rate was barely positive, indicating that house price appreciation has slowed as expected for the winter,” said Mark Fleming, chief economist for CoreLogic.

“Based on our pending HPI, the monthly growth rate is expected to moderate even further in November and December. The slowdown in price appreciation is positive for the housing market as almost half the states are now within 10% of their respective historical price peaks,” Fleming said.

The report comes with both good and bad news. It is good news certainly for the owners and home sellers who are getting the appreciation and housing equity increases, in addition to helping the economy in terms of consumer spending, Yun explained.

However, the report is not as positive for homebuyers. “There are still in my view a lot of potential homebuyers getting blocked out from buying due to rising home prices,” Yun said.

He added, “It is a clear signal that sellers cannot keep jacking up the prices since there is a lack of buyers. More housing inventory is coming into the market from new home construction, but it is still a sluggish pace.”

If prices increase, homebuyers may choose to step out of the market if sellers do not adjust their list prices.

Home prices, including distressed sales, increased 12.5% annually in October, marking the 20th consecutive monthly year-over-year increase in home prices.

“In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013,” said Anand Nallathambi, president and CEO of CoreLogic.

“The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates,” Nallathambi added.

Heading into 2014, sellers are still in fairly good shape with prices edging up, but they don’t have that much further to rise, CoreLogic suggests.

 

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Favorite New Listing Of The Week

 

This house has always been one of my favorites in the East End. It is in the gallery district next to the house with the huge front yard, and one house east of Ciro and Sals restaurant alley. MLS copy below.

$1.695M, 436 Commercial Street is being offered for $1.696M, 4 bedrooms, and 4 baths, with 3,620 sf and a 9,147 sf  lot. Famous Provincetown artist, Charles Hawthorne made his home here and built the grand Federal addition. This is a home for entertaining with its floor through design and separate suites. A large chefs kitchen dominates the back of the house with formal dinning area. Custom built in closets and cabinets were done in the period style along with wood work by fine craftsmen. There is a very large master bedroom suite with a deck overlooking the garden. Peeks of the water is an added bonus!

 

436 Commercial

 

 

 

 

 

 

 

 

This is a legal two family home giving the new owner condo possibilities.

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WA – Unique Opportunity – Commercial Condo For Sale

The home of  WA the most valuable commercial property in Provincetown is being offered for sale or lease. Located on a highly trafficked block of Commercial Street in the center of town, WA is a beautiful destination retail store with incredible street appeal with gardens in front and a spectacular Zen garden showcasing numerous water features in the rear. The store has multiple display windows and a flexible interior space housing close to 4,000 square feet of space including 2,400 sf showroom/store and a 1,600 sf storage/office area. This is an opportunity to own a turnkey commercial condo providing an immediate and substantial retail presence in Provincetown for an existing or new business.

WA front

 

 

 

 

 

 

 

 

Crossing the threshold one enters an environment diametrically opposite the busy street scene behind. Handicapped accessible, the red painted historic front doors beckon shoppers into an array of intriguing and beautiful merchandise.  The thoughtfully designed retail space includes shops within shops, an orderly arrangement of display spaces down the sides and the center of the space. With partially vaulted ceilings and additional skylights the interior space is attractive and bright. There is a separate office, and  3 storage spaces, and a  1/2 bath. There is central air conditioning, upgraded electric service, gas fired heat.  The space is newly remodeled and in very good condition.

 

interior2

interior1

interior4

 

 

 

 

 

 

The Wa gardens, which extend from the front of the store alongside the walkway into the shade filled Zen-like back gardens, exemplify the WA culture outdoors. Tom Rogers Wa’s creator designed a space that would stimulate all of ones senses.

 

garden2

garden1

 

 

 

 

 

 

Buy the commercial condo with or without the business or lease the store. WA has a solid 18 year track record and operation systems are solidly in place. This property is perfect for anyone looking to open a retail operation in a successful existing location,  relocating their existing business to Provincetown, or acquiring a very successful retail company and its real estate.

Call Bill or I if you have any questions about this unique opportunity.

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Commercial Street Redo

WOW!!!!  This is what was going on outside our office yesterday.  Construction is happening in earnest.  Digging up the street, laying down a deep layer of gravel and prepping for the first layer of asphalt. They have been preparing for weeks redoing drainage and installing new granite curbs.

YESTERDAY!

construction 3

View from the office

 

 

 

 

 

 

 

 

THIS MORNING!

Had to get to the office this morning by walking the beach and climbing over the porch railings – there was no way I could come in the front on Commercial Street.

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THIS AFTERNOON! 

What a difference.  The worst is over.  The picture on the right shows the crews moving down from Pleasant Street towards Whorf’s Court and the Coast Guard Station.

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A great improvement as many of you have seen how terrific downtown Commercial Street looks (once the pavement is in).

Wishing everyone a great Thanksgiving!