Tag: Provincetown luxury homes

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Baby Boomers To Have The Largest Household Growth

 

I found this very interesting….baby boomers aren’t just downsizing, but trading up, going across town and country…going with the “freedom threshold”. A great post by the KCM crew. (Keeping Current Matters)

Baby Boomers: Home Is Where The Heart Is

by 

Baby Boomers Find Freedom in Housing | Keeping Current Matters

Within the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why…

In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices” they surveyed nearly 6,000 adults ages 21 and older about housing.

Crossing the “Freedom Threshold”

Throughout our lives, there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift that takes place at age 61.

The study refers to this change as “Crossing the Freedom Threshold”. When where you live is no longer determined by responsibilities, but rather a freedom to live wherever you like. (see the chart below)

Crossing The "Freedom Threshold" | Keeping Current Matters

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.” 

On the Move

According to the study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses”. See the chart below for the top 6 reasons broken down.

Reasons for Moving in Retirement | Keeping Current Matters

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with less children at home that they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home.

Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them.

“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”

Bottom Line

If your housing needs have changed or are about to change, meet with a local real estate professional in your area who can help with deciding your next step.

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Vacation Home Sales Set Records

Good Boston Globe article –

Vacation home sales set record

 

Home by the sea in Falmouth.

DAVID L RYAN/GLOBE STAFF

Home by the sea in Falmouth.

 

 

 

By Prashant Gopal BLOOMBERG NEWS

Even before the remnants of Eastern Massachusetts’ snowiest winter have melted, second-home buyers flocking to Cape Cod’s beach towns have helped agent Steve Clay’s team break their sales record.

Clay, of Keller Williams Realty, said he and his four agents have 17 properties under contract, more than at any one time since the team formed in 2009

“Buyers know they missed the bottom of the market, and now they don’t want to miss the bottom of interest rates,” he said.

Second-home buyers from Cape Cod and New York’s Hamptons to Miami and Lake Tahoe, Calif., are returning to the housing market as surging stock prices, job growth, and low interest rates boost purchasing power and consumer confidence. US vacation-property sales jumped 57 percent last year to an estimated 1.13 million, a record in data going back to 2003, the National Association of Realtors said in a report Wednesday.

The increase in sales of new and existing vacation homes coincides with a 7.4 percent drop in deals for investment properties, to 1.02 million, as rising prices cut into potential profits. Purchases of owner-occupied homes fell almost 13 percent to 3.23 million, the realtors group said.

Vacation-home buyers had a median household income of $94,380, up from $85,600 in 2013, and the typical property was 200 miles away from a buyer’s primary residence. About 40 percent of purchases were in beach areas, 19 percent were in the country, and 17 percent were in the mountains.

Vacation homes accounted for 21 percent of all transactions last year, the most since the National Association of Realtors survey was first conducted 12 years ago.

‘Greatly Improving’

“We knew the fundamentals for vacation-home sales were greatly improving in 2014,” Lawrence Yun, the group’s chief economist, said in a telephone interview. “I did not expect it would be this big of an increase. It shows the buyers perceive that economic conditions will be solid for upcoming years.”

The realtors’ vacation-sales figures were based on survey responses from nearly 2,000 people who bought a residential property last year. Transactions involving institutional investors were excluded from the report.

In the Hamptons, the Long Island resort area favored by Manhattan’s elite, many people who might have rented in previous years are choosing to buy instead, said Ernest Cervi, the executive managing director who oversees Hamptons home sales for brokerage Corcoran Group. Buyers are riding high because of stock gains and average Wall Street bonuses of $172,860, up 2 percent as the industry added 2,300 jobs in New York City.

“Rates are low, so why not jump in?” Cervi said.

‘Backed Up’

Clay, who is based in Falmouth, where ferries bound for Martha’s Vineyard depart, said the snow kept many buyers away earlier in the year. In the past few weeks, the market has exploded, he said.

Single-family home sales in Barnstable County, which covers Cape Cod, rose 11 percent in February from a year earlier, according to The Warren Group, a property-data provider based in Boston.

“Mortgage people are flooded and appraisers are backed up,” Clay said. “It’s an indication that the pent-up demand is coming to fruition.”

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Provincetown Listing Of The Week – 153 Commercial Street

Waterfront condo – 153 Commercial Street #6 , has three bedrooms, 3.5 baths and 1,142 square feet with an asking price of $1.749M.

 

153 Com

 

 

 

 

 

 

 

MLS COPY: It doesn’t get any better than this! Located beachfront in the heart of the West End, this 3BR/2.5BA free standing condo lives like a single family, and is the one you’ve been waiting for. This immaculate unit received a gut renovation in 2008 and was refinished in a contemporary style, using the highest quality materials. You’ll enjoy views from every room of this house, and from any of the 3 decks. The open floor plan living space includes a lovely kitchen, dining area, and living room with panoramic views. In unit laundry, gleaming blond pine plank floors, and air conditioning throughout. Direct beach access, weekly rentals permitted, pets for owners, and parking for one small to medium sized car. Very strong rental history. 6 unit association, professionally managed.

 

View all properties for sale at Beachfront-Realty.com.

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Provincetown Sale Of The Week – 10 Harbour Drive

 

WOW!  10 Harbour Drive  a five bedroom, six bathroom home with 4,233 square feet sold for $3.995M…and their beachfront is growing by accretion.

 

10 Harbour

 

 

 

 

 

 

 

MLS COPY: Experience beachfront living with unparalleled privacy at Provincetown’s newest waterfront community. This newly built spectacular home at Bay Harbour is the largest waterfront home for sale in Provincetown, with over 4000 SF, 5 BR’s and 6 BA’s. Custom chef’s kitchen with WOLF & Subzero appliances. The view pours into the vast living room through the floor to ceiling wrap-around windows. A sumptuous master suite also faces the water & has a private deck,gas FP, WIC,& large bathroom with jacuzzi, steam shower. All bedrooms & the den have ensuite baths. Security, AC, lush grounds, basement, and 2 car garage. While most oceanfront properties are experiencing severe erosion, Bay Harbour, through certified surveys, has experienced over 125 feet of beach ACCRETION seaward since 1976. The property’s approved for a 12×27 ft pool with a jacuzzi.

 

View all properties for sale Beachfront-Realty.com.

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What $629K Gets You On The Cape

 

Another great Curbed Comparisons from Jazmine –

 

CURBED COMPARISONS

What $629,000 Buys You on Cape Cod Right Now

Thursday, March 5, 2015, by Jazmine Donaldson

It’s time once again for Curbed Comparisons, where we break down what you can get at the same price point, style or size in five different Cape and Islands neighborhoods. This week, Barnstable listings for around $629,000.

154comm.jpg
[154 Commercial Street, Unit 3, Provincetown via Zillow]

Here now, eight Cape Cod properties asking around$629,000 – year round, single-families, an old-meets-new condo, views of Cape Cod Bay, fireplaces galore, perpetually pricechopped, in need of TLC, in contract, bulldozer bait, recently renovated, ready to rent, and move-in-ready – with a little something for everyone.

EAST FALMOUTH
Behold, waterfront bulldozer bait with rather amusing brokerbabble for $629K: “There is a perfectly good house on this land, but will need to have a new septic system due to the present one being too close to the water, and a corner of the dwelling is in a flood zone. So the potential for tearing down the house and building just a smidge back opens the prospects of this property to limitless bounds (other than the ones set by the state and town bylaws).”
164 ACAPESKET ROAD, EAST FALMOUTH, MA 02536
WEBSITE
NEW SEABURY
Unit 14 is an end unit townhome “in a very private setting located in the village known as SeaQuarters!” The 2BR, 3.5BA features a first floor master, gas fireplace, three-season porch, a finished lower level, and the community pool “just steps away.” Yours for $629,900.
20 MASHPEE ROAD, COTUIT, MA 02635
WEBSITE
CENTERVILLE
This updated classic Colonial on .46 acres was built in 1994 and features 5BR, 2.5BA in 2,696-sq.-ft. The listing hit the market in early February for $629,000 and was in contract by the end of the month.
73 WILD GOOSE WAY, CENTERVILLE, MA 02632
WEBSITE
HARWICH
“Great Value!!!” The excited brokerbabble aside, this updated 3BR, 3BA on .92 acres features a first floor master, a hot tub room (insert time machine joke here) and a bonus room over the two-car garage. Asking price is $629,000.
24 DEER RUN, HARWICH, MA 02645
WEBSITE
ORLEANS
Built in 1800, this 4BR, 2.5BA “has been fabulously restored and lovingly and meticulously maintained.” In addition to the 2,072-square-footer, there’s a barn and shed on the 1.04 acre lot. First listed in September for $639K, a December chop brought the ask down to $629K.
32 MONUMENT ROAD, ORLEANS, MA 02653
WEBSITE
EASTHAM
First listed in March 2013 for $699K, this 3BD, 2BA upside-down Cape “across from the waters edge on beautiful Herring Pond” is now hoping for $629K.
375 HERRING BROOK ROAD, EASTHAM, MA 02642
WEBSITE
TRURO
Here’s yet another in contract abode with a $629K price tag. This contemporary Cape with 3BR, 2BA sits on a tricked-out 1.13 acres with an “in-ground, heated, salt water pool with waterfall, a large hot tub, an outdoor shower and a large storage shed.”
12 BAYBERRY LANE, WELLFLEET, MA 02667
WEBSITE
PROVINCETOWN
Finally, to PTown. This 2BR, 1BA newly listed West End condo features water views, access to Cape Cod Bay just across the street and nice mix of 1890-meets-2015 in 975-sq.-ft. Asking price is $629,000.
154 COMMERCIAL STREET, PROVINCETOWN, MA 02657
WEBSITE
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Provincetown- Spring Buyer Preview

 

Provincetown – Spring Buyer Preview

 

While it is early to make many predictions about the spring market, one thing we can say for sure is that the snow and cold has delayed it. Realtors everywhere are notorious for rushing the spring market, and putting all their new inventory on the market as early as possible after the New Year. Not so with all this snow, but hopefully with temperatures rising next week, we will begin to see some listing activity.

Locally our market is tracking market conditions that we see in the downtown Boston neighborhoods. Moderately increasing prices, lower inventory levels and fewer days on market. Demand generally is outpacing supply. Translate this dynamic to a second home market and while demand is high, urgency is much lower than in those urban neighborhoods.

Condo sales are up and they are selling at slightly higher prices. Sales of more expensive single family homes are slower but prices remain even year over year – and it seems there is never enough inventory to satisfy demand in this category.

We have segmented the market into four categories for analysis, the entry-level, the mid market, the luxury market and the $1M plus market.

 

The entry level ($150K to $399K) is the 2nd busiest market category in Provincetown. Last year 66 properties sold representing 33% of the total. Today there are 25 properties on the market representing 21% of all properties available. Below are 3  favorites.

 

3 Bradford Street #1, studio, 278 sf, $248K
3 Bradford Street #1, studio, 278 sf, $249K
15 Cottage St #6, 2 beds, 2 baths, 579 sf, $374K
15 Cottage St #6, 2 beds, 2 baths, 579 sf, $374K
163 Bradford St #3, 1 bed/2 baths, 506 sf, $399K.
163 Bradford St #3, 1 bed/2 bath, 506 sf, $399K.

 

 

 

 

 

 

 

 

The entry level is always popular. As you can see above there is quite an assortment of properties available – from charming West End studios at 3 Bradford Street, to an artists cottage at 5 Arch Street, to a West End condo in a complex with its own heated swimming pool. More properties will certainly become available in the next few months and we expect continuing high demand.

 

The mid market ($400K to $750K) is the most popular category, accounting for 45% of all sales in 2014. Today there are 40 properties on the market in this category, including 31 condos and 9 single family homes representing 35% of available inventory. Below are three favorites.

 

3 Brown Street #A, 1 bed/1 bath, 700 sf, $475K.
3 Brown Street #A, condo, 1 bed/1 bath, 700 sf, $475K.
19 Bangs Street, Single Family, 3 bed/1 bath, 1,020 sf, $659K.
19 Bangs Street, SF, 3 bed/1 bath, 1,020 sf, $659K.
4 Willow Drive #8, 2 beds/2.5 baths, 1,065 sf, $699K
4 Willow Drive #8, 2 beds/2.5 baths, 1,065 sf, $699K

 

 

 

 

 

 

 

 

This is the category where many buyers want to be. A two bedroom and two bath condo in the West End or  East End is on everyones’ wish list. There is a lot of variety  –  from  a standalone condo at 3 Browne Street with one bedroom and two baths, to a charming three bedroom single family house in the East End at 19 Bangs Street, to a renovated two bedroom condo at 42 Franklin Street.  In this category demand generally outpaces supply, and with only 5 months of inventory on the market expect competition when you do buy and be ready to act if you see the perfect property.

 

The luxury market ($750K to $1M) is a highly visible and closely watched category here in Provincetown as it represents the growing bridge between the mid market and the $1M+ market. This category  accounted for 27 sales last year representing 13% of total sales. There are currently only 18 properties available for sale. Realtors are always lamenting the lack of inventory in this price point as it limits buyer choice. Below are three of our favorites.

 

23 Winthrop St #3, condo, 3 beds, 2 baths, 1,371 sf, $799K.
23 Winthrop St #3, condo, 3 beds, 2 baths, 1,371 sf, $799K.
25 Miller Hill Road, condo, 2 beds, 3 baths, 1,600 sf, $929k.
25 Miller Hill Road, condo, 2 beds, 3 baths, 1,600 sf, $929k.
18 Brewster Street, single family, 2 beds, 3 baths, 1,374 sf, $949K
18 Brewster St,  SF, 2 beds/ 3 baths, 1,374 sf, $949K

 

 

 

 

 

 

 

 

As you might expect this is a category usually full of choices but currently there are only 6 condos and 12 single family properties available. These inlcude the three pictured above:  a three bedroom newly renovated top floor condo;  a spacious arts and crafts style freestanding condo in the East End; and a charming two bedroom single family bungalow on Brewster Street – Watch for a spring inventory surge in this category.

 

The $1M+ market. This super luxury market represented 9% of all sales in 2014. Interestingly enough there are 33 properties on the market, the second highest of any category at 29% of total inventory. As you can imagine these properties tend to stay on the market a bit longer and absorption is quite a bit slower than other segments. Three of our favorites are below.

 

664 R Commercial St, condo, 3 beds, 4 baths, 1,560 sf, $1.10M
664 R Commercial St, condo, 3 beds, 4 baths, 1,560 sf, $1.10M
5 Dyer St, single family, 4 beds/3 baths, 2,252 sf, $1.495M
5 Dyer St, Single Family, 4 beds/3 baths, 2,252 sf,  $1.495M
9 Creek Round Hill, 4 beds, 4 baths, 6,346 sf, $2.95M
9 Creek Round Hill, SF, 4 beds, 4 baths, 6,346 sf, $2.95M

 

 

 

 

 

 

 

 

There is a broad assortment of styles, locations and pricing in this category, from a new construction freestanding condo high on a hill in the East End, to a traditional Provincetown Captains house on Dyer Street to the most palatial home in the far West End, a 6,000 square foot totally renovated masterpiece on Creek Round HIll Road. These homes represent the best of Cape End living.

Hopefully this market preview has provided  some interesting context and helpful information. We will keep you up to date as the spring market develops. Please let us know if you have any questions or would like more information.

Beachfront-Realty.com

 

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Provincetown – Two $1M Plus Sales In February

 

The blizzards howling, the wind chill is below zero – but that didn’t stop two gorgeous $1M + homes from closing in early February. The pictures below certainly help take the chill away!

20 Bayberry Avenue is a very nicely sited single family home in the far West End.  It has 3 bedrooms and 4 1/2 baths with 2,750 square feet. It sold for $1.175M with an asking price of $1.225M.

 

20 B 1

 

 

 

 

 

 

 

MLS COPY: Privately located in Provincetown’s West End, this exquisitely maintained Contemporary Cape was fully renovated in 2005/6. There are 3 BRs and 4.5 BAs on three well planned floors. The entry level has a spectacular foyer, home office and 3 BR’s, each w/ custom marble BA’s, glass enclosed showers and master has a soaking tub. The upper level reveals a stunning great room with vaulted ceilings, mahogany and glass deck, large windows, fireplace with floor to ceiling travertine marble, 1/2 bath, pantry and a chef’s kitchen equipped with a Sub Zero refrigerator, 2 Bosch dishwashers, Thermador cooktop and wall ovens. The lower level media room is wired for surround sound, has a full bath, wet bar, wine fridge, laundry and sliders to a blue stone patio w/grill. Interior just painted. Lovely landscaped yard. Owner occupied, never rented.

 

20 b 4

20 B 3

20 B 2

20 b 5

 

 

 

 

 

 

 

3 Harbour Drive is a beautiful bay front home with 3 bedrooms and 4 1/.2 baths and 3,363 square feet. It sold for $1.5M with an asking price of $1.595M.

 

Harbour 1

 

 

 

 

 

 

 

MLS COPY: Gorgeous Home with spectacular bay views. Constructed with both aesthetics and safety in mind. One of a few homes whose frame meets latest hurricane building codes. Master suite and extra large deck. Main level is open floor plan with five sliding glass doors and a beautiful deck which runs full length of house. Washer and dryer and fabulous gas fireplace on main floor. Lower level sitting/TV area, wet bar and two enormous bedrooms, each with 12 foot ceilings, en-suite bathroom and sliders to patio. Lower level radiant tile floor with underlying water resistant foundation. Widow’s walk.Two car garage with studio,1/2 bath and deck. Large cedar shed. Deeded beach rights to seemingly endless sand bar at low tide. Title V septic for 5 bedrooms room for expansion.

 

harbour 5

harbour 3

harbour 2

harnour4

 

 

 

 

 

 

View all properties available on Beachfront-Realty.com.

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trends

January Sales Steady – Cape Cod Times

 January performance in line with previous year despite blizzard

 Two men walk along the middle of Jones Road in Falmouth during the Jan. 27 blizzard. Despite the weather's effects, property sales on the Cape were solid in January, the Barnstable County Registry of Deeds reported Friday. Ron Schloerb/Cape Cod Times

 

Two men walk along the middle of Jones Road in Falmouth during the Jan. 27 blizzard. Despite the weather’s effects, property sales on the Cape were solid in January, the Barnstable County Registry of Deeds reported Friday. Ron Schloerb/Cape Cod Times

By Bryan Lantz
[email protected]
BARNSTABLE – The Cape’s real estate sales for January may have gotten partially buried in snow, but the market’s performance remained solid.
The Barnstable County Registry of Deeds reported Friday that sales volume last month was nearly identical to January 2014. The median price last month was down slightly less than a percentage point. Register of Deeds John F. Meade said those results came in a month when harsh winter weather limited activity to close sales.”The last two weeks are typically the busiest time of the month,” Meade said. “The snowpocalypse didn’t help much.”When a blizzard struck in the last week of the month, weather forced the registry to close on Jan. 27 and 28. “On Thursday (Jan. 29), we were open, but really no one was coming out to close transactions,” Meade said.
For the month, the registry recorded 396 deeds of property valued at more than $50,000, one fewer than in January 2013. The median price receded from January 2014’s $328,000 to $325,000 last month, the registry reported. The beginning of the year is typically the slowest time for property sales, Meade said. “January and February are the quietest months,” he said. “But we did have a strong December.”
Though weather may have prevented closings late in the month, both residential and commercial agents said the market has been robust. “It’s like an April market in the middle of a snowstorm,” said Tom Hester, principal of Tom Hester Real Estate in Dennis. “The phone’s been ringing a lot this winter.” Hester said low interest rates have provided a strong incentive for buyers to finance home sales. And he said both interest in both first and second homes has been strong this winter
Meade also said that interest rates were bringing more activity to the registry. Mortgage activity was up almost 2 percent, he said, as rates have reached multi-year lows.
On the commercial real estate front, John Ciluzzi, president of Premier Commercial in Hyannis, described conditions as “bullish.””The first quarter of 2015 has proved to be pretty good,” he said. “We’ve seen strong sales and leasing in January. There’s been a lot of interest, which we gauge as actual offers and money placed into escrow. When you get conditions like this, it’s why I say I’m bullish about the market.”
While the registry covers sales, Ciluzzi pointed out that another key part of the Cape’s commercial landscape also has been performing well: leasing. “That’s really the origination of new businesses,” he said. “Right now, we see a lot of leases in the office, retail and medical sectors.
And a look at a broader time span shows the real estate market continuing to improve, Meade said. “Six months to a year gives a better tell about where things are going,” he said. “And that looks like we’re on pace for continuing slight improvement.
The registry also reported that January was the 10th consecutive month with a median Cape sales price above $300,000.
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January Sales – Provincetown

 

Snow Snow and more snow…but that didnt slow down the Provincetown real estate market in January.

 

snow 2

 

 

 

 

 

 

 

 

 

 

Twelve condos sold in January, most sold in the popular mid market price range of $500K to $800K. Six of them are pictured below.

 

18 Standish Street #A, 2 bed/1 bath, 636 sf, sold for $380,000
18 Standish Street #A, 2 bed/1 bath, 636 sf, sold for $380,000
12 Conwell Street #A, 3 bed/3 bath, 1,400 sf, sold for $586K
12 Conwell Street #A, 3 bed/3 bath, 1,400 sf, sold for   $586K
480 Commercial St. #2, 3 bed/2 bath, 1,225 sf, sold for $625K
480 Commercial St. #2, 3 bed/2 bath, 1,225 sf, sold for $625K

 

 

 

 

 

 

 

 

 

57 W. Vine St #B, 2 bed/3 bath, 1,300 sf, sold for $692K
57 W. Vine Street #B, 2 bed/3 bath, 1,300 sf,  sold for  $692K
19 Tremont Street # 3, 2 bed/3 bath, 1,146 sf, sold for $786K
19 Tremont Street # 3,  2 bed/3 bath, 1,146 sf, sold for $786K
555 Commercial Street #D, 2 beds/3 baths, 1,300 sf, sold for $1.3M
555 Commercial Street #D, 2 beds/3 baths, 1,300 sf, sold for $1.3M

 

 

 

 

 

 

 

 

One single family property sold. 160 Bradford Street is a 6 bedroom 6 bath B&B, single family home with 2,493 square feet.  It sold for $980K.

Whats up for February?

 

snow 3

 

 

 

 

 

 

 

 

See all available properties at Beachfront-Realty.com.

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2014 Year End Review – Continued

 

Many of you have seen The Goode and Farmer 2014 year end report which I recently posted. Below are some market  highlights of our  2014 business which is representative of the market as a whole in Provincetown with a natural focus on the popular mid market.

 

Highlights