While this freestanding condo may sound expensive it is one of those rare, new construction properties right on the water…in the West End. It is a great property offering designed and built with what looks like great attention to quality and detail.
67 Commercial Street #4, $1.899M, 2/2, 969 sf. (copy direct from MLS) Quintessential, waterfront, West End free standing 2 bedroom, 2 bath Cape home with spectacular views of the harbor & Long Point. This luxury home has been completely rebuilt with contemporary finishes yet true to its Cape roots. The main living area has wide plank Scandinavian bleached white oak floors, bead board wainscoting & ceiling & a glass door that opens to a private waterfront deck. Kitchen features custom modernist shaker cabinets with a resin pebble backsplash, a Sub Zero refrigerator & Miele appliances. On the second floor you will find the master bedroom with cathedral ceiling, private deck & a spacious en suite bath. The guest bedroom also has a cathedral ceiling and oculus window. Both the baths have river stone tiled showers with Waterworks nickel fixtures & custom glass enclosures. There is off site deeded parking for 2.
In case you missed it, good old Ben Bernanke just officially ditched any plans to scale back the the Fed’s multitrillion-dollar monetary manipulations that have kept interest rates at crazy lows.
Concern that the Fed would start scaling back on this massive housing market stimulus, sparked earlier this year after some rather suggestive remarks by Bernanke, sent interest rates edging upwards, reaching into the mid 4s after having fallen to the low 3s.
That’s all history now, though. In fact, Bernanke doesn’t see any change in what is effectively the Fed’s home buyer subsidy program until 2016.
If you are out hunting for a house right now, you probably already know why this is big news, but I will spell it out anyway.
All those record low rates in the 3 percent range represent a massive government subsidy for home buyers, helping cut the cost of a monthly payment by as much as a third, at least compared to more traditional rates in the 7 and 8 percent range.
Yet there is a dark side to these crazy low interests – rising home prices.
By continuing to keep the pedal pressed to the metal, the Fed has effectively given a huge jolt of caffeine to a housing market that was already still fairly hot, if moderating a bit.
That means more bidding wars for scarce properties and another big boost for home prices.
46 Shank Painter Road is a gorgeous 12 year old cape with luxurious living on three levels – and it is a complete surprise! Entering into the house from the beautifully landscaped front entrance you are immediately struck by the view of Shank Painter Pond Wildlife Sanctuary. We just had a very well attended brokers open house this morning and many brokers didn’t realize that this incredible pond view existed behind the house, and to top that off a pair of blue herons kept flying back and forth for everyones pleasure. This house literally sits on Shank Painter Pond and looks out on the most beautiful conservation land in town.
As you see the front of the house is a traditional full Cape with an extension that has it’s own entrance, and the back of the house is 3 full floors of glass sliders that take full advantage of the view – and this stunning house is only 2 blocks to Commercial Street!
The pictures below show the living room and dining room – the west and south walls are rough hewn stone, the floors are hardwood, and the view as you can see is delightful. There is a wood burning fireplace, a large full bath, and a den with doors out to a sheltered and private sunning or dining deck.
The dream chef’s kitchen has double Themador wall ovens, double stainless sinks, a subzero fridge, a 6 burner gas stove top, double trash compactors and beautiful marble and tiled full wall backsplash.
The spacious master suite on the lower level has sliders out to the yard and pond beyond. The large master bath has double sinks, a large glass enclosed shower, and the double size soaking tub with a view that you see below. In addition on this level there are double walk in closets, a full size sauna, and a large laundry room with side by side W/D and extra storage. In the backyard, steps from the master bedroom is a large hot tub, and an outside shower.
The second full floor suite is on the top floor of the house, and as you can see below has stunning views of the conservation land stretching out before you. This floor is a light and bright aerie and has been used by the owners as an artists studio. There is a combination master bath, and a charming meditation room on this floor, as well as a private deck.
If there ever was a quintessential West End cottage, 12 Atwood Avenue is surely it. This charming wood-frame freestanding condo is set back from the private unpaved lane behind a honeysuckle-covered white picket fence. With 696 square feet of living space, this one bedroom, two-story cottage is the ultimate Provincetown retreat. There is also a very sweet, exclusive-use sun-lit private garden and patio area.
The main floor has a front facing living room with a charming brick fireplace. There is a separate dining room next to the kitchen in the rear of the cottage.
The entire second floor is a large bedroom and bath with multiple dormered windows and lovely sight lines to Atwood Avenue.
The kitchen has gas cooking, and is directly off the dining room and steps away from the outside patio and garden.
12 Atwood Avenue has just been developed into a lovely two-unit condominium association, and is being offered at $535,000.
The luxury market in Provincetown is a great place to be with several gorgeous houses and condos on the market in the high mid-market and the $1M plus market.
Loosely defined the high mid-market is $750K to $1M and it consists of single family homes and higher end condos. There are 9 condos with asking prices in this range – 3 of which are highlighted below and by coincidence are all on Bradford Street Extension in the West End towards the Moors.
There are also 9 single family houses available in this range with an average asking price of $903K. The three below represent all neighborhoods. The center of town, 15 Standish Way; The West End, 72 Bayberry Avenue; and the East End, 10 Thistlemore Road. (click through to be taken to the property listing information).
The $1M Plus market. Beautiful properties, big lots and gorgeous homes. As I picked my 6 favorite I realize they represent perfectly the full range, location and style of single family homes in town.
In the far East End 2 Harbour Drive in the Bay Harbour neighborhood surely represents the high end well and at $1.945M isn’t even the most expensive house in the subdivision. #1o Harbour Drive is asking $3.995M. This is a neighborhood of large brand new homes right on the beach.
75 Franklin is a wonderful arts and crafts style home in the near West End Franklin-Pleasant neighborhood.
29 Tremont Street is a beautiful antique, wonderfully sited on the corner of Atwood Lane and Tremont Street with a charming separate cottage in the rear.
7 Telegraph is one of the gorgeous large houses on The Hill with a fabulous upside down floor plan and drop dead bay views.
89 Bayberry is one of those great neighborhood houses with a pool, hot tub, and resort like grounds, and an excellent rental or family house.
52 Point Street is a gorgeous large house with a location at the very end of Point Street that is hard to beat.
There are 29 properties available in the $1M plus market in Provincetown, and as you can see from the choices above they represent all styles – traditional large Cape, Arts and Crafts, Antique, modern – there are even 4 large condominiums available in this price range. It has been a surprisingly active market segment so far this year with 15 properties selling for over $1 year to date. The average sale price being $1.541M with an average being 3 bedrooms 3.5 baths and 2,533 square feet. That is an average price per square foot of $608 – for those of you used to real estate shopping in the city where price per square foot, (ppsf) means everything!
What a beautiful few days we have had in Provincetown. Bright sun, finally drier and with perfect temperatures. The “in between week” last week was a fun week with no formal theme. Family week has just begun and Carnival is right around the corner. I thought it would be a great time to do a mid summer market update.
The closings and activity of the spring market have slowed, and the anticipation for the big fall market is beginning. Buyers and sellers are in true summer vacation mode but prepping for the market ahead…although the past week was a very busy week as 10 properties went under contract! 4 single family and 6 condos.
Condos
Year to date as of August 5, 61 condos have sold with an average sales price of $424K. The average property sold was a 2 bedroom 1.5 bathroom condo of 875 square feet. Below are 3 condos that represent a good cross section of these year to date sales. 147 Commercial Street #L-3 is in the very popular Fisherman’s Wharf complex, a waterfront address with a fabulous beachfront deck right on the bay. 21 Court Street #4 is an impeccable 2 bedroom unit tucked away between Court Street and Watson’s Court. 21 Bradford Street Extension #2 is an incredible 3 bedroom 3.5 bath water view condo in the Herring Cove Village complex in the far West End.
147 Commercial S t#L3 $275K21 Court St #4 $435K21 Bradford St EXT #2 $880K
Last year 82 condos were sold with an average sales price of $403K. The average was a 2 bedroom, 1.5 bath condo with 850 square feet. As you can see we have a little catching up to do in the number of sales this year vs last year, but the average price of a condo sold has increased 5% this year. As I have mentioned in earlier posts a slow first quarter put us a little behind last years condo numbers but a solid few months has put us back on track.
There are 110 condos available for sale with an average asking price of $472K, the average being a 2/1.5, and 910 square feet. The three shown below illustrate the diversity in price, style, and location of our condo inventory. 233 Bradford Street #5 is a darling 1 bedroom duplex “floor through” with a switchback staircase to a renovated bedroom/bath level. There is a charming path to Commercial Street and the bay beach from the common deck-gaarden area in the back of the complex. 15 Cottage Street #9 is a rare pool front condo with 3 bedrooms 2 baths and 1,710 square feet in a well maintained West End complex. 493 Commercial Street #13 is an incredible 2 bedroom 2 bath condo on the water in the East End.
233 Bradford Street #5 $245K
15 Cottage Street #9 $594K
493 Commercial Street $1.1M
Single Family homes.
27 single family homes have sold with an average sale price of $1.078M, the average is a 3 bedroom 2.5 bath home of 2,102 square feet. This is just one less than sold last year. This average sold price represents a 50% increase from last year. The averages are skewed somewhat as there have been several sales over $1M this year, but this increase does illustrate the strength of our single family market. The three properties highlighted below are great examples of single family houses sold. 61 Harry Kemp Way is one of our favorites. The attention to detail in this house is incredible and includes details like ceiling fans on the front farmers porch, smart wiring everywhere and gorgeous landscaping. 67 Bradford Street Ext is a 3 bedroom 2 bath home on a 10,000 square foot lot just below Pilgrim Heights Road and a block from the moors. An incredible piece of property which the new owners are renovating into a showplace. 13 Pilgrim Heights Road is a substantial house of 4, 559 square feet with 5 bedrooms and 5 baths and a pool. A wonderful property on close to a half acre lot.
61 Harry Kemp Way $781K67 Bradford Street Ext $848K13 Pilgrim Heights Rd $1.235M
Last year 28 single family homes sold with an average sales price of $717, and the average was a 3 bedroom, 2.5 bath of 1,881 square feet. The average sold price this year is 50% higher at $1.078M.
There are 53 single family homes on the market with an average asking price of $1.436M, and with an average of 4 bedrooms 4 baths and 2,610 square feet. Three of our favorites are pictured below. 29 Tremont Streetis one of the most charming properties in town. Nestled on the corner of Tremont Street and Atwood Street, the 4 bedroom 3 bath property consists of an antique colonial main house and a perfect 1 bedroom cottage in the rear. 10 R Commercial Street is another great property hidden behind the Delft Haven with a main house and a charming guest house and beautiful grounds. 7 Telegraph Hill is a spectacular hilltop home with 3 bedrooms and 3.5 baths, and is one of the properties I mentioned in a prior post about Telegraph Hill.
These homes represent the best of Provincetown on so many levels. Each is a significant quality property that speaks to the interest and excitement that exists for real estate here on our wonderful town.
29 Tremont Street $1.095M10 R Commercial Street $1.995M7 Telegraph Hill $2.896M
That’s the mid summer update here in Provincetown. Sales are on track to come close to or meet last years records, and if last weeks activity is a predictor we certainly will come close. Call or stop in to say hello when you are in town. Our office is at 139 Commercial Street in the West End.
One of our favorite properties that we recently marketed closed this past week…the 1,800+ sf 2 bedroom 2.5 bath single family room home sold for $1.026M. It is a prime example of a quality, thoughtfully designed home, with a multitude of extras… selling fairly quickly and for an excellent price.
58 Franklin St $1.059M
The house garnered lots of excitement when it was listed as it was a complete renovation of a 1958 bungalow style ranch in the Franklin Street neighborhood. As you know there are only a handful of houses in town that have pools and this has to be one of the best.
I couldn’t have said it better, and I reiterate that I rarely post “Buy Now”, “Sell Now” articles, but this succinctly outlines the reasons why…and with a national perspective.
Many are talking about why now is a great time to buy a home. Today, we want to look at why it might also be an opportune time to sell your house. Here are the Top 5 Reasons we believe now may be a perfect time to put your house on the market.
1.) Demand Is High
Homes are selling at the fastest pace since November 2009 when the market spiked in response to the home buyer tax credit. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that monthly sales increased over the same month last year. Total sales have been above year-ago levels for 22 consecutive months. There are buyers out there right now (buyer traffic is 31 percent stronger than a year ago) and they are serious about purchasing.
2.) Supply Is Beginning to Increase
Total housing inventory is rising. Many expect inventory to continue to rise as more sellers escape the shackles of negative equity. Selling now while demand is high and before supply increases may garner you your best price.
3.) New Construction Is Coming Back
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.
4.) Interest Rates Are Rising
According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year mortgage have shot up to 3.98% which represents a jump of more than ½ point since the beginning of the year. Even those trying to be the voice of reason on this issue are projecting higher rates. For example, Polyana da Costa, senior mortgage analyst atBankrate.comsaid:
“Rates are unlikely to keep going up so quickly and should remain below 5%.”
Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
5.) It’s Time to Move On with Your Life
Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?
You already know the answers to the questions we just asked. You have the power to take back control of your situation by putting the house on the market today. The time may have come for you and your family to move on and start living the life you desire. That is what is truly important.
Telegraph Hill is a gorgeous community of large single family homes on the highest hill in Provincetown. I recently posted about 2 properties going under contract on the Hill. Both have now closed.
9 Telegraph Hill sold for $2M last week.
MLS description: Nestled atop the highest point in Provincetown this gorgeous 3 bedroom, 3.5 bath home is privately sited in the Telegraph Hill neighborhood, an exclusive cul-de-sac with eight architect designed single family homes. Entering into the 30 foot long sunlit gallery you are drawn to the expansive walls of glass with water views in every direction. The home offers a warm inviting presence as you enter into the sunken living room with it’s fieldstone fireplace and over-sized buffet that leads into the spacious dining room. The chef’s kitchen has high end appliances, a pantry and breakfast nook. The entire 2nd floor is the master suite with rich wood paneling, fireplace, sumptuous master bath and twin walk in closets. Extras include radiant heat floors, lots of storage and an extra large two car garage.
8 Telegraph Hill sold for $2.895M two weeks ago.
MLS description. This is the best view on Telegraph Hill. Custom built in 2002 this home home offers panoramic views of Provincetown Harbor,the shores of Truro & Wellfleet, west end rooftops of Provincetown & a stunning view of the Monument. Meticulously maintained, well appointed w/hardwood floors, custom Hunter Douglas blinds, marble & limestone baths, commercial grade Viking appliances, double fireplace, high ceilings w/custom lighting, central ac, mature gardens, irrigation system & a 2 car garage. The upside down design gives you living and dining space on the top floor w/an open floor plan, along with a wrap around deck for outside entertaining. The entry level has 3 large bedrooms including two master suites, all with en-suite baths. Lower level offers a finished room, laundry room & 2 car garage. Granite block driveway.
…..and 7 Telegraph Hill just came on the market at an asking price of $2.895M.
Built in 2006, this reverse design home offers both privacy and views of Hatches Harbor, the Atlantic Ocean and Seashore. Meticulous attention was paid to every detail, including custom carpentry & cabinetry, top-of-the line appliances, polished concrete countertops, & a 10 ft. high wall of glass showcasing the extraordinary view. The dramatic open floor plan includes a large dining alcove, a fireplace, and atmospheric lighting throughout. The master suite is very spacious with high ceilings, a large walk in closet with custom built ins, and a marble master bath. The 2 guest suites each have en-suite baths & sliders out to private decks. There is also a den, 2-car garage, excellent basement storage and multiple decks.
This is an amazing amount of activity in the high end as only 8 properties have sold over $2M in the last 2 years. Four of these homes are waterfront properties on Commercial Street and the other four are on Telegraph Hill.
A recovery created purely by government largess is no recovery at all.
That’s the strongest argument that our universally hot housing market is ephemeral. It’s true that the hot housing market is due in large part to federal government policy aimed at stimulating and rewarding housing demand. It’s generally a far better deal to own than to rent and the US Government likes it that way.
No place is policy more obvious than in the mortgage markets. By buying mortgages by the truckload since late 2008, the Fed has suppressed rates to ridiculously low levels. I’ve said this before, 3.4% guaranteed for 30 years? I wouldn’t give myself that loan. But this trend can’t last forever, and over the last few weeks, mortgage rates are on the rise. What happens next?
Average interest rate on 30-year fixed mortgage, primary residence, across 20 major US metros. Source: Altos Research
Surely this is bad news, right?
Despite recent moves, mortgages are still insanely cheap. See the above chart for the Altos Research mortgage rate monitor.
Slight moves in rates impact the re-finance application rate instantly. Refinancers are hyper-sensitive to rate moves.
For real estate purchases, consider this analysis by Dan Green at The Mortgage Reports. Rising rates cuts into purchasing power. We’ve had a 25 basis point move in rates in May. It’s a sharp move. For some people, that will mean a 4% lower priced home. A full 100 basis point increase in rates translates into 10.75% less purchasing power.
This is all bad, right? For home prices in 2013, I’m going to argue “No.” Last week, while refinance applications fell by 12%, new purchase applications actually rose3%. The low-but-rising mortgage rate scenario results in a rush to get in while the getting is good. All of the bullish factors in today’s roaring housing market are still in full effect, so demand is strong.
Home price affordability falls as mortgage rates climb. Source: The Mortgage Reports
Rising Rates to Accelerate the Housing Price Surge in 2013
A surprisingly large proportion of buyers in this housing market are all-cash buyers. They’re in the market because homes are cheap, relative to the alternative, prices and rents are rising. Real estate is an attractive place to put your cash this year. This demand cohort is unaffected by rate moves.
Low-but-rising rates actually stimulates demand for people who had not yet seriously committed to buying a home. Because we’re in a supply-constrained market, this extra demand goes right to the prices of the homes available for sale.
To track this scenario, we’ll watch supply and demand levels after June 30. That’s the day that inventory typically peaks across the country and, for the second half of the year, the inventory is absorbed with fewer and fewer new homes listed for sale, until January 15 of the following year when everything resets.
If rates climb sharply through the end of the year, then continued price recovery in 2014 will be at risk. As of 2013, consider this yet another stimulus spike. We’ll see those leading indicators emerge in 3Q and 4Q of 2013. Altos clients see this data in real-time. Casual readers will have to wait until I get around to writing a blog post.
