Tag: Provincetown real estate

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Listing Of The Week

Our favorite new listing of week, and not just because it is ours! 596 Commercial Street #1. This is a 2 bedroom 2 bath 1,085 square foot townhouse with an incredible water view deck off the master bedroom and is being marketed at $580K.

 

596 Com #4

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MLS COPY: Water view townhouse with deeded beach access on Commercial St in a charming East End neighborhood. Updates in recent years include kitchen, bathrooms and flooring. 2 bedrooms and 2 full baths. Private balcony off the master with a nice water view. Washer and dryer in unit. 1 pet per unit is allowed and rentals of one month or longer are permitted. 1 off street parking space.

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How Cool Is This Chart?

How far will a million bucks go in NYC?

$1 million will likely net more space in NYC versus San Francisco and Boston.


By Business Insider

According to Knight Frank data cited by CNBC’s Robert Frank, a million dollars goes a lot further in Cape Town than it would in Monaco.

But what about in the U.S.?

We looked at housing list price data from real estate brokerage Movoto.com and real estate marketplace Zillow.com. The diagram below shows the number of square feet of housing that you can buy for $1,000,000, based on the median price per square foot in each city:

city-real-estate-chart-corrected

With a median list price of $666 per square foot, San Francisco’s real estate boom limits a million dollars to buying about 1,500 square feet. On the other end of the spectrum, the median list price in beleaguered Detroit is just $12 per square foot — 55 times cheaper than in San Francisco.

Considering all five boroughs, the median price per square foot in New York City is $424. Looking just at Manhattan however, that price jumps to an astronomical $1,538 per square foot, leading to $1,000,000 buying just 650 square feet.

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The Sky Is Not Falling

A perfect post by the incredible KCM crew. They do a great job highlighting assumptions around what is causing the national trend towards decreasing sales numbers, and then debunking them with Reality. We are seeing some of these dynamics in our local markets. This is a very good post with a broad national slant on the issues…for consumers and agent/brokers too.

Be Quiet Chicken Little. The Sky is NOT Falling

by 

There has been much speculation about what is causing the falling sales numbers in the most recent Existing Home Sales Reports (EHS) from theNational Association of Realtors (NAR). Some have claimed that rising interest rates have scared buyers out of the market. Others have claimed that consumers are just losing confidence in the housing recovery fearing a new bubble may be forming. We want to look at the validity of these two assumptions.

MORTGAGE INTEREST RATES

ASSUMPTION: Rising interest rates have forced buyers back onto the fence. Evidence offered up by those in this camp comes directly from the EHS Report from NAR. Three of the last four reports revealed that sales were below sales from the same month the previous year.

THE REALITY: Though it is true year-over-year sales have fallen nationally, a closer look at the report reveals major regional differences. Sales in the West Region are down 10.7% versus the same month last year. Sales in the Midwest Region are also down but by less than 1%. The Northeast Region is up 3.2% and the Southern Region is up 4.6%.

If the issue is interest rates, why is one region virtually unchanged and two of the remaining three regions up in sales? We don’t believe rates are the challenge.

CONSUMER CONFIDENCE in REAL ESTATE is ERODING

ASSUMPTION: The pace of the recent price increases has caused many to fear the emergence of a new housing bubble. Similar to the first assumption, evidence offered up by those in this camp comes directly from the less than enthusiastic EHS Reports from NAR.

THE REALITY: As we mentioned before, sales in the Midwest Region are down but by less than 1%. The Northeast and the Southern Region have both shown increased sales as compared to the year before. Are only the consumers in the Western Region afraid of a possible bubble forming?

The fear of a new housing bubble is vastly overstated. Forty states have not yet returned to home values they experienced seven to nine years ago. Nineteen of those forty states still have home prices 15% or more below peak prices. We believe home values will continue to increase but just at a slower rate of appreciation.

It is not just us that believe this is the case. The over 100 housing experts recently surveyed by Pulsenomics revealed that they believe prices will continue to appreciate at historical annual numbers (3-4%) for at least the next five years.

THEN WHAT IS THE CHALLENGE?

If the lack of sales is not the result of increasing interest rates or decreasing consumer confidence, what actually is happening? We believe it can be broken down to three words: LACK of INVENTORY.

Inventories of foreclosure and short sale properties are falling like a rock in the vast majority of regions across the nation. These two categories of homes have driven the market for the last few years. As foreclosures and short sales sell, they are not being replaced because the economy has gotten better and more families have regained control of their finances. All fifty states have seen a decrease in the number of homeowners who are seriously delinquent on their mortgage payments with thirty nine states seeing the number shrink by over 20%.

This inventory has not yet begun to be replaced by the non-distressed properties in the country. Just this month, NAR revealed that the months’ inventory of homes for sale has dropped to only a 4 month supply. A normal market has between 5-6 months’ supply.

This is the main reason home sales are declining in certain regions – there are just not enough houses for sale.

BOTTOM LINE

With the economy improving and with homeowners gaining back some equity they lost when prices fell, we believe there will be many homes coming unto the market this spring. A recent survey revealed that 71% of homeowners are at least considering selling their home in 2014.

If you are thinking of selling, beating this increased competition to the market before spring might make sense – and might enable you to get the best price possible for your home.

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The Least Expensive in Provincetown

The least expensive condo and single family listings available in Provincetown.

February 11, 2014

It is hard to believe but you can buy a single family home for $479K in town.  28 Nelson Ave  is a 3 bedroom, 1 bath home with 1,320 square feet.

 

28 Nelson Ave

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MLS copy: Don’t miss your opportunity to own a spacious 3 bedroom single family home in a quiet neighborhood of Provincetown. There is a full walkout basement that could be finished for additional living space or can be used as storage. The living room features a wood burning fireplace and has an abundance of natural light. Recent upgrades include a Baxi propane heating system, new Title V septic, privacy fence and terraced gardens. The home is in good condition and has great potential.

There are a total of 48 single family properties on the market in Provincetown with that number sure to increase over the next few months as the spring market warms up. The average listing price is $1.508M. The average size is 2,570 square feet.

 

The least expensive condo is 963 Commercial #51 , a 1 bedroom, 1 bath unit with 258 square feet which is offered at $125K.

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MLS copy: Walk to the pool or the beach from this wonderful escape. This property is a one bedroom, one bath unit at the Beach Point Club, a waterfront complex minutes from the center of town and on the flex bus route. A perfect beach getaway with a low monthly fee, this property includes use of the association in-ground pool, direct access to the beach and assigned parking. Enjoy your exclusive front patio for morning coffee and exclusive back deck with bay views for afternoon relaxation. Currently used seasonally, unit may be converted to year-round use with approvals. Weekly rentals allowed and pets for owners.

 The entry level price point for condos in Provincetown is a big segment of the market.  There are 37 condos available priced below $350K. The average condo in  this segment is listed at $248K and has 563 square feet.We are always surprised at what buyers can get for relatively little money.   Many are waterfront or beachfront, and some are  located in condo associations with swimming pools and other amenities.

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Truro Luxury

 The 3 most expensive single family homes for sale in Truro.

February 11, 2014

There are so many gorgeous single family homes in Truro on both the bayside and ocean side. You have seen many of these homes in Cape Cod Magazine, Architectural Digest and on all the real estate web sites. Below are the three most expensive luxury homes on the market.

19 Avocet Road is being offered at $2.495M. It is a 3 bedroom, 3 bath home with 3,585 square feet.

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MLS copy: Clearly the best waterfront property on the Outer Cape! This stunning Bay front Contemporary is situated in one of Truro’s most sought after waterfront locations with 1.56 acres of treasured privacy. This estate sized setting affords the discerning buyer all the appeal of Cape Cod living: dramatic far reaching water views from almost every room, private steps to your sandy beach and close proximity to Truro Center and Provincetown’s renowned art galleries, restaurants and night life. All of this with an expansive interior with soaring cathedral ceilings, new chef style kitchen, expansive living and dinning, master BR with 180 degree views of Cape Cod Bay and private master bath. There are sliders to a generous seaside deck, beautiful professional landscaping, hurricane shutters and the added bonus of a separate detached artist’s studio.

 

2 Heron Lane is offered at $2.750M. It is a 4 bedroom, 3 bathroom home with 2,500 sf.

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MLS copy…verbatim!  The open living dining area with deck to stairs to your private beach is the perfect room to entertain and enjoy extended family living. There is a view from almost every room of this one level contemporary design with dramatic sunsets in every season. The window walls in the Living room with soaring ceilings and fireplace make this custom construction comfortable in every season. Historic Highland Links, Highland Light, and the Winery are a short distance in the North Truro neighborhood. This property is in move in condition to enjoy with privacy yet convenient to Provincetown and the airport. The private tennis court is around the corner and the automatic rolling shutters protect the house in all weather

 

15 Avocet is being offered at $2.950M. It has 4 bedrooms, and 3 baths and has 3,255 square feet. This house is one of the most  stunning waterfront homes ever available on the Cape.  See if you don’t agree with me.

15 Avocet $2.950

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MLS copy: Spectacular panoramic waterfront views and sunsets are framed from almost every room of this dramatic Shearwater contemporary design. The master suite was planned to capture the sweep of the beach to the Provincetown Monument. Each living space connects to the deck areas, look out deck, including the media room and stairway to the beach. The lower level has a private entrance with an outside shower, living area, new bath, and bedroom with bay views. The spacious lower level with gallery hallway and two car garage provide storage and enter to the family room, with additional views of Cape Cod Bay. A seaside sensation with updates found in custom construction, including geothermal heat and AC, with 4 zones. Featured in Cape Cod Magazine August issue. Enjoy this property in all seasons!

It is so cool to see the incredible properties available in Truro, as we sometimes tend to focus in Provincetown more because more folks are familiar with it. But Truro is such a treasure!

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Most Expensive Sales Of 2013

The Provincetown  luxury market performed strongly in 2013 with 22 properties selling for over $1M, 27% more than the 16 sold in 2012. 19 single family homes and 3 condos sold with an average selling price of $1.48M. The average property had 3 bedroom,  3.5 bath and 2,626 sf of living space. This increase is because of rising prices, as well as the quality of $1M plus inventory of properties for sale. As reported earlier 3 incredible homes sold in 2013 on Telegraph Hill, a first since the neighborhood was built.

Below are the top 4 residential property sales of 2013. Real Estate at its best.

 

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571 Commercial Street sold for $2.265M. It is a gorgeous 5 bedroom, 4 bath 2,757 sf house on a 5,489 waterfront lot originally built in 1900. This house has always been a favorite of mine in the East End.

MLS copy: Endless harbor and bay views greet you upon entering this wonderful 5 bedroom beachfront historic home! Filled with charm, privacy inside and out, a spacious terraced yard, 62′ waterfront deck, and private steps to the beach, this rare offering is ready to enjoy. Extremely well maintained and loved by its previous owners, this is the perfect second home or year round residence for all who seek the unspoiled Provincetown experience at its best!

 

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3 Creek Round Hill Road sold for $2.3M. It is a 4,500 square foot 3 bedroom with a guest/in law apartment on the lower level.  It sold for $2.3M in the fall. In years past this h0use was know to its neighbors as the “wedding house”as it was regularly rented out for weddings and other special events. Hopefully the new owners will relegate it to good old residential use only.

MLS copy: Enjoy commanding water views and sunsets from this glamorous West End home. This custom built two family home features over 4,500 square feet of luxury living with uncompromising attention to detail. The first level boasts a chef’s kitchen, open concept living/dining room with sliders leading to spacious decks, guest bedroom, and spectacular views of the Breakwater, Longpoint, Moors, and dunes of Herring Cove. The second level features a grand master suite, luxurious master bath, and sensational views. The second level also features two guest bedrooms and bath. The garden level walkout offers a nicely appointed 1BR apartment with private entrance and bath. There is also a one car garage and laundry room on this level. The home has a substantial rental history of $130K annually making it the perfect home for the savvy investor.

 

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59 Commercial St sold for $2.4M. This  is an incredible piece of property with a 1,468 square foot main house fronted on Commercial Street, and a 984 square foot darling cottage on the waterfront. n July 22. 2/3 1468 plus 984 sf cottage.

MLS copy: West End Waterfront Compound with two beautifully restored year-round homes. The main house was floated over from Long Point and has all the wonderful detail you would find in a period residence but with all the amenities for today’s lifestyle such as central air and a high-end fully equipped kitchen. Between the main house & the waterfront cottage is a large courtyard with a Belgian block parking area for three cars. The 984+- square foot cottage has its own systems that are mostly separate from the main house and would be an excellent income producer. The views are exquisite from this space with the Long Point lighthouse right in front. The cottage has two decks, a bluestone patio and a staircase directly onto the beach. The entire property is connected to the sewer system and the grounds are irrigated. Please call for an appointment.

 

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8 Telegraph Hill sold for $2.89M This is a 3 bedroom 4 bath house of 3,510 square feet.

MLS copy:  This is the best view on Telegraph Hill. Custom built (heavy duty construction)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.

Each of these homes is so special, and each of them represents their neighborhood beautifully. The far East End is represented by 571 Commercial Street, the far West End by The “Wedding House” on Creek Round Hill Road and the near West End by 8 Telegraph Hill and 59 Commercial Street. All gorgeous properties!

 

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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.

 

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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.

 

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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.

 

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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.

 

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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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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.

 

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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.

 

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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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First Annual Decline For Existing Home Sales In Over 2 Years

Interesting INMAN post with a national perspective mirroring the issues we are seeing locally in both our primary and second home market.

Existing-home sales post first annual decline in more than 2 years

Higher mortgage rates, constrained inventories and tight credit slowed pace of sales in November.

The uptick in construction will help elevate the consistent inventory shortages we are seeing, and the lessening of negative equity will help as Zillow said that by 2014 U.S. homes will have recovered 44 percent of the total value they lost from 2007 to 2011.

Teke Wiggin Staff Writer, INMAN

Higher mortgage rates, constrained inventories and tight credit slowed the pace of existing-home sales for the third month in a row in November, producing the first annual decline in sales in more than two years, the National Association of Realtors (NAR) reported today.

Existing-home sales dropped 4.3 percent from October to November, to a seasonally adjusted annual rate of 4.9 million, and were down 1.2 percent from a year ago, marking the first time in 29 months that sales were below year-ago levels.

“There is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bottleneck is in limited housing supply, due to the slow recovery in new-home construction,” said NAR Chief Economist Lawrence Yun in a statement.

Rents are rising at the fastest pace in five years, Yun said, and annual home prices are rising at the highest rate in eight years. The spike in mortgage rates that occurred in late spring of this year has hampered home sales over the last few months, Yun and others say.

Members of the Federal Reserve’s Open Market Committee announced Wednesday that the Fed will finally begin to reduce its $85 billion-a-month purchases of Treasurys and mortgage-backed securities in January. The news did not immediately drive up mortgage rates, but a Fed pullback is still expected to nudge them up further.

If interest rates rise, that could further crimp existing-home sales. Market indicators suggest they are likely to decrease for at least another month. NAR’s Pending Home Sales Index — a forward-looking indicator of sales — dropped for the fifth straight month in October. Purchase loan applications recently hit a one-year low.

Yun recently predicted that sales of existing homes will remain flat in 2014 due to headwinds including declining affordability, limited inventory and tight mortgage lending standards.

Despite declining home sales, the outlook for the housing recovery is by no means bleak. Other market barometers point towards improvement. Single-family housing starts jumped to their highest level in well over five years in November, increasing 20.8 percent month over month and 26 percent year over year, the U.S. Census Bureau reported.

The uptick in construction could alleviate an inventory shortage that many analysts say has constrained demand, perhaps boding well for home sales in the long term. Meanwhile, sales of new single-family homes skyrocketed in October, ending a three-month slump that began in July and providing evidence that elevated mortgage rates have not seriously hobbled the housing recovery, research firm Capital Economics said.

While the number of existing homes for sale at the end of November slipped 0.9 percent to 2.09 million, the amount of time it would take for those homes to clear at the current sales pace increased to 5.1 months, up from 4.9 months in October and 4.8 months a year ago, NAR reported.

The median price of an existing single-family home slid 0.6 percent from October to November, to $196,300, but was up 9.4 percent from a year ago. Elevated home prices have begun to chip away at buying power, analysts including Yun say.

But the price appreciation has also freed millions from the shackles of negative equity, making it possible for them to sell their homes without having to resort to a short sale. Zillow said that by 2014 U.S. homes will have recovered 44 percent of the total value they lost from 2007 to 2011.