12 Conwell Street #A has 1,400 square foot, 3 bedroom 2.5 bath condo is being marketed for $630,000. It really does feel like a single family , with an entertainment size living room, 3 bedrooms and 2.5 baths.
This is a newly renovated freestanding condo that lives like a single family home. The dramatic reverse floor plan has an entertainment size living room with hardwood floors vaulted ceilings and a wall of windows with views to the Provincetown Monument beyond. There is chefs kitchen with 6 burner gas stove, huge granite work island and an office nook. There is a large hidden storage area/pantry and a powder room directly off the kitchen. The large private deck has those same broad open views to the Provincetown Monument.
Each of the 3 bedrooms on the lower level have great closets and multiple window exposures. The master has an en suite bath as well as a built in office nook between the double closets. There is a second full bath and a large storage/laundry/mud room on this level. Central A/C, and quality window treatments throughout. Fenced front yard and garden. Parking for 2 cars. This house lives large and fun. 1 1/2 blocks to bay beaches, steps to Farland and downtown. Great rental income.
While it is tough to identify trends in the first quarter – especially a quarter rocked nationally and locally by severe winter weather, local sales and prices are bucking the national trends that show moderating sales numbers. First quarter results here on the outer cape were surprisingly strong given the relentless winter weather.
The average price of condos sold in Provincetown was up 25%. Single-family prices were up 6%. And in Wellfleet, 48% more single-family properties sold than last year. Total sales in Provincetown were up 22% from 31 sales in the first quarter of 2013 to 38 sales in 2014. Total volume closed was up 33% from $18.5M to $24.7M this year.
There were 24 condominium sales in the first quarter vs. 16 last year, an increase of 50%. And total condo sales volume increased 87% to $11M. The average sale price for condominiums in Provincetown was up 25% to $460K from $368K in 2013. Average days on market for condos decreased by an average of 37. The average price per square foot for condos sold was $500, up from $410 psf in the 1st quarter of 2013.
The average sale price for a single-family home was up 6% to an average sale price of $1.086M from $1.02M in 2013. Single-family home sales in Provincetown decreased by 33% to 6 from 9. Many of us feel that this is a result of lower inventory and not a true indication of market strength.
Provincetown continues to lead the way on the outer Cape with higher prices and higher sales volume. It continues to attract international buyers and buyers from around the country who have visited over the years who now want to have a home here on the Outer Cape.
This market dynamic continues to build the case for a strong spring market. It remains an 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 has proven itself in higher sales numbers. The snow is gone and temperatures are finally above 40. Let the spring market begin.
Other towns on the Outer Cape did relatively well too. The average sales price for single-family properties in Truro was up 19% to $733K from $617K in 2013. The number of sales was down to 8 sales from 14 last year. The Truro market consists mostly of single-family homes.
In Wellfleet, the average sales price of single-family properties sold increased 2% to $521K from $510K last year. The number of sales increased by 44% to 13 from 9 in 2013. Wellfleet is predominantly a single-family sales market as well.
While these numbers are relatively strong it is always difficult to identify trends in the first quarter The one constant in each town and each category is increasing prices, even with the weather and a shortage of inventory. This illustrates a very resilient market and strong buyer demand.
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 into the market.
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!
The West End of Commercial Street looking toward Relish from right before the West End lot. And everyone thinks we slow down in the “shoulder months”. Nope – just making it better for everyone. The most gorgeous walk in New England from the Coast Guard station to the The Red Inn will be even more beautiful – and easier on the feet. The granite curbs are in and the first layer of pavement will go down soon.
8 Meadow Lane #2, $529K, is a 2 bedroom, 2 bathroom condo with 954 square feet. Located in the West End, a short bike ride or walk to Herring Cove beach, this sunny and immaculate town home built in 2006 offers spacious living on three levels. The main floor is comprised of an open living and dining area and a kitchen with granite countertops and stainless appliances. The bedrooms have nice separation and privacy from one another, with a bedroom and full bath each on the top floor and the lower level. A deck off the kitchen and a french door from the lower level both lead to a lovely stone patio out back for outside living. The unit has pine floors throughout, air conditioning, a washer/dryer hookup and deeded parking.
This is a great condo in the West End near the bike shop in a well run condo association. The two bedrooms are separated by the living floor; there is a very private walk out garden and patio off the lower level bedroom; and there is tons of light from the oversize windows especially on the main floor.
Today we are happy to have Mark Scheets, a writer for Total Mortgage Services, as our guest blogger. – The KCM Crew
Sooner or later you may reach a point in your life where you are financially stable and plan to purchase a second home. For the most part, people who look to buy a second home are either looking at it as an investment or somewhere to vacation. It is important to become familiar with the process when looking for and making the decision to purchase a second home.
Purchasing a second home is similar to the purchase of your first home, but there are also some important differences that you may not be aware of. Two of the most important things to consider when buying a second home are to know what you’re looking for and how much you can spend before beginning the process.
When considering buying a second home, timing is a big aspect of the purchasing decision. If you are in the middle of your career or ready to retire, you need to ask yourself what is the point of buying a second home. Many homeowners will ask themselves “Do I want to use this home as a personal retreat or as a rental property?” Another question often asked is “Can I afford this?” You may have to wait 6 months or a year, but having a good understanding of the current market and knowing when you are planning on making the purchase, will get you what you want.
Get Help
One step that will benefit you when looking for a home, is hiring an agent. Most people find their agents through friends, family members or colleagues. The agent’s job and expertise is in helping guide you down the correct path and being there to answer whatever questions you may have.
Do Your Research
Your second home can be whatever you want it to be, but one thing to keep in mind is that the location and property need to be a good fit with your current lifestyle. A good idea for buying an investment property is to make sure that it is somewhat near your current home, in order to be close to it in case of an emergency. When considering a vacation home, especially one that is far away, it is a good idea to talk to the locals who live there to get their prospective on the area. This is important because you will not be at the house year round; and you need to see yourself enjoying living there.
Whether you have planned to purchase a second home for years, or have finally started considering it, it is extremely important to make sure all of your finances are in order. It is a good idea to know exactly what is needed financially to get your plan into motion. When applying for a second mortgage, there will be stricter lending and mortgage requirements, especially if you will not be living in that home.
Be Prepared
Another aspect to take into consideration is your taxes, which will be based on the use of your second home. The IRS has declared “if you live in your home for more than 14 days, or more than 10% of the time you rent it out in a year, then it is considered your personal residence”. If these conditions are not met, your home will be considered a rental property and you must report all rental receipts as income.
When the time comes to finally figuring out how to purchase your home, weighing your options are important. It’s good to know that buying an existing home is far cheaper than buying land and building. Many people with second homes have made financial mistakes with their home and are looking to sell quickly to cut their losses and move on. This fact could help a buyer if the house is similar to what they are looking for, as it can be had for a cheaper price.
A mortgage on a second home will have a higher interest rate than one on a first home. It might be a good idea to consider a home equity line of credit (HELOC). A HELOC allows the buyer to tap into their existing home’s equity so that you can provide a bigger down payment.
Protect Yourself
If the time ever comes where you decide you would like a second home, make sure that you do your research. Being aware of what you are getting into is always smart before diving in. There are various differences between the ownership of a primary home compared to a secondary home and knowing these differences will help out immensely. However you decide to use it, those who pursue the ownership of a second home will have to take extra precautions in protecting their investment.
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.
The mid-market in Provincetown is the $400K to $800K price range. This segment represented 45% of total sales in 2012…46% of condo sales of 166 and 39% of single family sales of 52…in other words it is where the action is. Below are 3 condos and 3 single family properties that sold in 2012. 40 Pleasant is a beautifully renovated 2 bedroom condo in a 3 unit complex with wonderful outside space. 389 Commercial is a very special 1,384 square foot waterfront condo with vaulted ceilings and a huge deck. 14 Meadow is a free standing condo that lives like a single family home. 3 distinctly different properties in the mid priced segment.
40 Pleasant St. 2/1, $500K389 Commercial St.#6, 2/1, $575K14 Meadow Rd. #16, $695K
9 Center St. SF, 3/2, $650K290 Bradford St. SF 2/1, $490K8 Priscilla Alden SF 2/2, $800K
Currently there are 56 properties on the market priced between $400K and $800K representing 33% of the total condo and single family properties available of 155.
10 Washington St is a 3 bed 4 bath condo with 1,175 square feet. 145 Commercial St is in a beachfront complex in the West End. My favorite on market condo is 15 Cottage St. #9 on the pool at the Kensington Gardens complex. 1,710 sf, 3 bedrooms, separate dining room, chefs kitchen and 3 bedrooms for $594K.
The 3 single family’s shown represent some great values. 70 Race Point Rd is a 4 bedroom, 4 bath house with 2,736 square feet. 11 Willow Drive is s brand new 3 bedroom 3 bath house with 2,234 square feet . 1 Railroad Ave is a Provincetown gem and a value at $469K.
condos:
10 Washington St. 3/4, $709K15 Cottage St #9, $594K145 Commercial St #M3, $439K
Some single family properties;
70 Race Point Rd. SF, 4/4, $668k11 Willow Dr. SF, 3/3, $769K1 Railroad Ave. SF, 2/3, $469K
Year to date 20 properties have sold between $400K and $800K, 11 condos and 9 single families. This represents 33% of the total sold of 60. As you can see a perfectly symmetrical market dynamic. 33% of inventory and 33% of sales.
Below are a few of these sold properties. 50 Harry Kemp Way is a spacious townhouse style 2 bedroom condo in an well established condo complex. 381 Commercial is a beachfront condo in the East End and 61 Harry Kemp Way is a magnificent new construction single family home finished with the highest quality finishes.
50 Harry Kemp Way #3, 2/2, $500K381 Commercial St. #9, 2/2, $485K21 Court St #4, 1/1, $435K
262 Bradford St. SF, 3/2, $467K8 Thistlemore Way, SF, 3/3, $600K61 Harry Kemp Way, 2/3, $781K
What do these facts and figures tell you about the mid-market here in Provincetown? That it is the most active important segment in the market. That in 2012 it was almost half of all sales in the market with the average condo in this segment selling for $539K, with 2 bedrooms, and 2 baths and 1,122 square feet. The average single family home sold for $621K, had 3 bedrooms and 2 baths and was 1,705 square feet. As you can see from the assortment of properties shown above, the diversity of style, type, location and price in this segment is surprisingly diverse. I’ll keep reporting on interesting developments in the mid market and let you know my favorites as new properties come available.
Interesting post from Inman. “56% of the way back to normal”. I’ll examine in a future post relative to our local markets.(Cute barometer.)
Trulia: Housing market inching closer to normal
3 key indicators 56% of the way back to pre-bubble levels
Inman News Staff Writer
Apr 23, 2013
The housing market continued to trudge towards a recovery in March, with rising construction starts and falling foreclosure and delinquency rates bringing market conditions closer to those of a balanced one, according to Trulia’s Housing Barometer.
The barometer summarizes three key housing market indicators — construction starts, existing home sales, and the delinquency-plus-foreclosure rate — looking at how current conditions compare to those recorded at the depths of the housing crisis and those recorded before the housing bubble.
Trulia noted that while existing home sales dipped slightly from February to March, they were up 10 percent from a year ago. Residential construction posted a 47 percent annual gain in March, and the share of mortgages in delinquency or foreclosure fell to 9.96 percent, down a full percentage point from the same time last year.
As a result, Trulia’s Housing Barometer puts the housing market at 56 percent of the way back to normal in March, compared to 54 percent in February and 33 percent a year ago.
This month’s improvement is even better than it looks, said Trulia Chief Economist Jed Kolko, because of a shift of sales from distressed to conventional and early signs that the inventory crunch may be easing, which would bring some relief to would-be homebuyers.
– See more at: http://www.inman.com/2013/04/23/trulia-housing-market-inching-closer-to-normal/#sthash.TaipRQUa.dpuf
Anyone who has visited Provincetown over the years has certainly seen the fabulous Provincetown Welding Works, the late Clarence Kacergis’s studio/workshop on Bradford Street right before Victors Restaurant in the West End. Clarence was a huge personality and an important cultural icon throughout his life. He was much loved.
Below is an excerpt about 3 Bradford Street from Building Provincetown, a wonderfully written and informative blog, itself an important cultural resource written by David Dunlap.
Provincetown Welding Works
The amazingly animate yard of the Kacergis family’s Provincetown Welding Works looks like a Tim Burton movie come to three-dimensional life. The works were established in 1946 by Clarence Kacergis (born 1916). “At first, he imagined a simple welding shop until several Provincetown artists and sculptors looked to stretch themselves and embrace metal as a heightened form of expression,” Gerry Desautels wrote. (“Forging a Dynasty in Steel,” The Banner, Oct. 16, 2003.) Among them was Chaim Gross. In the present day, Desautels continued: “Maritime objects, fauna, flora and Cape characters — strumming musicians, rowing sailors and sawing woodsmen — are depicted in quirky Kacergis style throughout the chock-a-block shop.”
“The works are wonders of modern recycling and years of collecting parts and pieces from unspecified junkyards on and off-Cape. They keep their sources guarded like classified military information. Ball bearings, dulled blades, washers, chains, quahog rakes, frying pans, and retired oxygen tanks and lawn rakes are just some of the remnants incorporated into airy mobiles and butterflies, charming folk figurines, bright bird and flower sculptures, and precious metal mammals.” Clarence’s son, Michael Kacergis, who now runs the business, acquired the property at 3 Bradford Street in 1999. His son, Aaron, “tinkers with welding on weekends,” The Banner said. Lonely Planet noted that “each generation has its own style, themes and motifs.” Even after he stepped down, paterfamilias could keep an eye on the shop from his home at 4 Bradford Street.
