Tag: Provincetown real estate

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Thanksgiving In Provincetown. (BTW…The Pilgrims Landed Here First!)

Well it’s fall in Provincetown. Sandy has come and gone as so has the election. The trees have dropped most of their leaves providing water views where there were none. And although the town is considerably quieter than during the summer buzz, it’s a wonderful time to relax and enjoy some of the other beautiful scenes here on the Outer Cape.

Weekends in November and December offer fun events for family and friends to gather and share each other’s company – like the traditional Lighting of the Pilgrim Monument on November 21 from 5-7PM that opens the busy Thanksgiving Weekend. There’s also a benefit for the Provincetown Business Guild with their Casino Night at The Crown & Anchor on Friday the 23 at 8PM. And for shoppers, there’s the festive Holly Folly weekend, Nov. 30 to Dec. 2, with many stores open and offering deep discounts. Look for regular community updates here on the blog.

We all love this town for what it offers us in season. But, Provincetown also has a very engaged and caring year-round community with many opportunities to get involved. Please think about continuing your love and support for our community over the upcoming holiday season by helping some of our nonprofit organizations. Volunteer, send in a donation, participate in fundraising events. To help get you started, we’ve included a great “clickable” list of nonprofit organizations and ways to get involved. (see below)

So, come to town for a weekend or two and enjoy the “other season” that Provincetown offers and do a little good along the way.

And, be sure to stop in and say hi when you’re here. We’ll have the fireplace going and the coffee brewing.

Wherever Thanksgiving and the holidays finds you this year, we are thankful for your friendship, your continued trust in us for your real estate needs and the referrals you send our way. We look forward to seeing you in the New Year and share our hope with all of you for prosperity, good health and renewed friendships.

Your friends at  Beachfront Realty.

Jon and Bill

 

Town of Provincetown Volunteer Corp  Beach cleanup, conservation land stewardship or cleanup, beautification committee cleanup, emergency shelter volunteers, tourism,  participation on town boards, public health & safety preparedness, Council on Aging.

Pilgrim Monument  Our donations, memberships and purchases help preserve Provincetown’s rich history for generations to come.

Fine Arts Work Center  (FAWC) Since 1968, the Fine Arts Work Center has worked to provide time and space for emerging artists and writers at critical moments in their creative development.

Helping Our Women  (HOW) A resource center for women with chronic, life threatening and/or disabling illness
Serving Provincetown and other towns.

Aids Support Group of Cape Cod.  Working to maintain and enhance the quality of life for persons living with HIV and AIDS.

Provincetown Art Association and Museum  The purpose of this association is to promote and cultivate the practice and appreciation of all branches of the fine arts.

Provincetown Center for Coastal Studies  Conducts scientific research with emphasis on marine mammals of the western North Atlantic.

Provincetown Conservation Trust. Raises funds to save land (or donating land itself) leaves a lasting legacy and enhances our shared quality of life on Cape Cod,

Pilgrim Bark Park  Our mission is to establish a gated, off-leash community space in Provincetown for its residents, visitors and their dogs.

Provincetown Public Library  Located downtown on the center of Commercial Street.

Soup Kitchen in Provincetown SKIP. Established in 1992, the Soup Kitchen In Provincetown (SKIP) provides a hot, nourishing lunch to Outer Cape Cod residents, November through April, Monday through Friday.

Ruthie’s Boutique Ruthie’s Boutique has provided the community of the lower cape with gently used, inexpensive clothing, books, electronics, and other household items. The net proceeds from the sale of these items is donated to local charities.

Carrie A. Seaman Animal Shelter, (CASAS) is a no kill animal shelter designed to support the wonderful animals of the lower cape.

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My Favorite 3 Bedroom Condos in Provincetown

15 Cottage Street #9

There are some great 3 bedroom condos on the market in Provincetown. They are big, have lots of room for family and friends, are in great locations, and are super investment opportunities.  These can rent for anywhere from $3000 to $6000 a week in season. There can even be a positive cap rate investment argument made for a few of these.  Where else but in Provincetown can you find that?

There are 17- 3 bedroom  condos available for sale with an average asking price of $759K, and an average size of 1,436 square feet. I have highlighted my favorites below including the best value on the west end and east end, the best new construction value, and the best waterfront value.

My ever present caveat remains… I have lifted descriptive copy from the MLS and am not responsible for spelling or grammatical shortcomings..but do enjoy.

15 Cottage Street #9

Best West End Value. 15 Cottage Street #9, 3/2, 1,710 sf, $599K. Prime West End location combining incredible resort-like living, great entertainment space and exceptional rental income. This is a 3 bedroom/2 full bath residence. The Master bedroom has a large patio overlooking the landscaped gardens, a comfy sitting area and a luxurious master bath. The 2nd bedroom looks onto the gardens through a bay window. The 3rd bedroom overlooks the pool and has a large hollywood bath. Entertainment size eat-in chefs kitchen with gas cooking, Bosh D/W, wine cooler granite countertops and a large breakfast bar. Large separate DR easily seats 10. Large LR with game area and frplc overlooks in-ground heated swimming pool. Spacious and luxurious, with every indoor/outdoor activity at your doorstep.

 

 

 

480 Commercial St # 2

Best East End Value. 480 Commercial St #2. $655K, 3/2, 1,225 sf. This meticulously maintained top floor condominium offers water views and deeded beach rights. Just steps from the Gallery District, this recently renovated home features three generous sized bedrooms, two full bathrooms, and open concept living. This antique home gives you close proximity to downtown but the quiet allure of the East End. There is exclusive use deck as well as a common porch overlooking lush, manicured gardens. There is parking for two cars plus guest parking. Water views, deeded beach rights, three bedrooms, 1,225 square feet of living space and $30k plus in rental income – what’s not to love

 

 

 

577 Commercial St #3E

Best Waterfront Value. 577 Commercial Street #3E. 3/2 1,200 square feet, $739K. Best Provincetown 3 BR waterfront value – just over $600/sq.ft.! Live right on the beach in this relaxed, casual/ modern 1200 sf East End duplex condominium on the top 2 floors of a historic building. Enjoy views of PT, Long Point Lighthouse, Pilgrim Monument & Truro. First level: Living/Dining/Kitchen combination, private deck w/ outdoor dining. Fully equipped Kitchen, DW, 2 private BR’s with double captain bed ea. , 1 full bath with tub/shower off LR. Upper level: Open loft MBR suite(semi-open to LR below) with vaulted ceilings, ceiling fans Skylights, king bed, full bath with stall shower, sitting ‘hang out’ area and private deck.

 

 

21 Bradford St Ext #16

Most Luxurious new construction. . 21 Bradford Street Ext #16, 3/4, 2,160 sf, $1.399M.Introducing the brand new, top of the line, model unit for Phase II of Herring Cove Village, the West End’s most luxurious condominium, boasting countless amenities.These spacious free standing homes are built with entertaining in mind. The oversized chef’s kitchen is the hub of the floorplan,& features custom cabinetry, Thermador appliances, large custom center island, a contemporary gas fireplace, and conversation area. Bluestone patio & large exclusive yard. There are beautiful dark stained maple floors and 9 foot+ ceilings. The master suite has a walk in closet and a double sided fireplace between the bedroom and large marble bath. The other 2 BR have ensuite baths. Enjoy water views from the roof deck

 

 

 

There are many other 3 bedroom condos available and 51- 3 bedroom (or more) single family homes available which I will review in a future post.

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3Q Ptown. Condo sales Up 50% YTD (No Kidding!)

3Q Provincetown

What a summer we have had in Provincetown… the great energy that we began to see in the second quarter continued into Q3. Ongoing economic optimism and low interest rates continue to attract buyers. We are seeing a wonderful phenomenon here where buyers who have been on the sidelines have decided to jump into the market. With such a wide variety of properties for sale – both in price and character – buyers have much to choose from.

Year-to-date condominium sales through September 30 totaled 115 properties – a full 50% more than last year’s 76 sales. The average selling price for a condo was $411K – a 15% increase from last years $357K. The median selling price was $398K – up 19% from $334K last year. And condos sold at an average 95% of asking price.

Total sales volume in the condominium category was $47M year-to-date compared with $28M last year – a solid 68% increase. Days-on-market, an important indicator of market strength, decreased 30% to an average of 219 total days-on-market from last years 314. There are 134 condos on the market today with an average asking price of $481K with an average of 804 square feet and $598 per square foot.

Sales of single-family homes increased even more dramatically to 38 units – a 100% increase from last years 19 single-family home sales. The average selling price was $795K – a 1% decrease from $800K last year. Total sales volume on this category was $30M compared with $15M last year – a 100% increase. Average total days-on-market decreased 15% to 227 vs. 266 last year. There are 72 single-family properties on the market today with an average price of $1.388M and 2,295 square feet at $605 per square foot.

Fall is one of the busiest selling season’s here, so we look forward to more good news in our year-end reporting. But, that is a full three months away. A lot can happen in that time!

If you are visiting for Halloween, Holly Folly, or New Years, stop in to say hello.

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$1M Sales In Provincetown

67 Bayberry Ave SOLD $1.05M

The $1M and above market in Provincetown has been relatively active this season. The above $1M price range is from $1M to a high of $4.75M. Of the 136 properties (single family, Multi-family and condos)  that have sold YTD in 2012, 8 have sold above $1M, and they were all single family properties. These 8 property sales equals 5% of total unit sales year to date.

There are 218 properties (singles, multis, and condos) for sale in Provincetown of which 55 are  priced above $1M, which represents 25% of the total. 

5% of sales, 25% of the available properties for sale…  it is crowded! For buyers in this price range there are plenty of properties to look at for price and amenity comparison. Currently there are 5 properties under contract with asking prices above $1M. I will profile these once they close.

Below are descriptions of the properties that have sold over $1M year to date. Once again a caveat. I took the descriptions straight from MLS, so errors in syntax and grammar are out of my hands.

67 Bayberry Ave SOLD $1.05M

67 Bayberry Ave, a contemporary home, impeccably maintained, this home is bright and airy, white washed in a soft colors, and is ideal for entertaining with an open plan along with 3 bedrooms. Enter through glass doors to a spacious living room with fireplace, a kitchen & separate dining room that comfortably seats 10. The living room has two sets of atrium doors leading to a covered deck and large terrace. The kitchen has custom cabinetry, and limestone counter tops. There is a guest room with deck on this level with full bath. Next level has an open den, and mb suite with separate bedroom and sitting room with fireplace, bath and deck. The 3rd bedroom is on this level with another bath. Up one more level is an intimate sun room with 3 decks.

 

 

 

510 Commercial St SOLD $1.05M

510 Commercial Street is a lovely single family home with water views. The 1st floor has a spacious living room with fireplace, generously sized dining room, recently renovated kitchen, laundry area and full bath. There is also an adjoining one bedroom, one bath apartment with exclusive outdoor space, perfect for guests. Upstairs there are two master bedrooms with ensuite baths, one of which has direct water views. A second guest room with water views and full bath complete this level. The home is well set back from Commercial St allowing for a spacious front yard and privately situated side yard with patio. Driveway parking for 3 cars in tandem.

 

 

 

 

3 Atlantic Ave SOLD $1.065M

3 Atlantic Ave. Very few people have enjoyed the pleasure of owning this West End historic home. One of Provincetown’s oldest homes, dating back to the 1700’s, this A+ quality recent restoration makes this pristine home an exceptionally rare opportunity. The original architectural details have been painstakingly preserved side-by-side with the highest quality contemporary fixtures, appliances, systems, windows, doors, and more. The value is further magnified by both the central location-steps from the beach-and the generous enclosed yard space for parking, entertaining and gardening. The current owners have taken extreme care to bring this three-quarter Cape style home into the 21st century with a great deal of love and attention.

 

 

 

19 Berry Lane SOLD $1.093

19 Berry Lane.  Steps from the Beach and Views from Every Room! Here is Your Opportunity to Own a Custom Built Provincetown Home in the Quiet East End. From the Moment you enter the Foyer you will feel a sense of peace and serenity. The Living Room has Custom Stained Glass Windows from an old N.H. Church (easily removed, decorative only), hardwood floors and balcony access. The 2 Story Family Room offers a solid wall of windows, designed to maximize the expansive views,Brick fireplace with Bluestone Hearth and accent wall. Watch the Harbor lights from the Dining Room. Entertaining is a breeze in this Spacious, light filled Kitchen! Upstairs you’ll find the Owner’s Suite with Spa Quality Bathroom and the Guest Wing with 2 Bedrooms with views. Full Daylight BSMT also w/ views, 2 car garage.

 

 

 

9 W Vine St SOLD $1.2M

9 West Vine Street. Completely renovated 5 bedroom 4 bath home located in the heart of the West End. There is a spacious living room, dining area and kitchen on the first floor which opens to a blue stone patio and fenced in yard. The kitchen features a large center island, granite countertops, a farm sink & marble backsplash. There is a master bedroom suite with a private tiled bath and separate entrance, a second bedroom and tiled bath on the first floor. The second floor features a second living or family room with gas fireplace, in addition to an office, three more bedrooms. Stained pine & fir flooring in all living areas, Laundry room, ample closet space, an unfinished attic, outdoor shower, & 2 car parking.

 

 

 

 

525 Commercial St SOLD $1.25M

525 Commercial Street. Funky East End bay front home with multiple personalities. The original structure appears to be a marine related or mercantile structure dating from pre-1800 and is now known as the Not So Great Room with soaring 2 story ceiling and original folk art found object installation by Jackson Lambert. A 20th century addition is a large sunken living room with brick fireplace, wood floors and bay windows facing Commercial St and the bay. The most recent custodians of this gem added a contemporary solarium and deck on the bay and updated the kitchen and second floor bath a few years ago. Estate sale. Offers are subject to estate obtaining a license to sell from probate court. Town sewer outstanding betterment of only $2,295.41, to follow deed

 

 

 

 

107 Commercial St SOLD $1.6M

107 Commercial Street. There are only 15 single family waterfront homes in the west end – not since 2004 has one come to the market below $2M. Don’t miss this opportunity to purchase the perfect beach house in the perfect location that usually exists in dreams. This charming 3-BD, 2-BA waterfront home enjoys great privacy and spectacular views. 1st floor has an open floor plan, exposed beams, wood-burning stove and fireplace (not in working order), with sliders leading to front and side yards and large waterfront deck with steps to the beach. Also on this level are a full bath and laundry. The 2nd level has 2 waterfront bedrooms with sliders to a common deck with ladder to rooftop deck. There is also a 3rd BD and BA on this level. 3-car parking, Sewer Connection.

 

 

 

 

6 Winston Ave SOLD $1.8M

6 Winston Ave. Spectacular Waterfront Home with breathtaking views of Cape Cod Bay from almost every room. Talk about inspiration and beauty! There are 4 bedrooms in this magnificent home with the master on the second floor, gas fireplace, dazzling views of the water, a large elegant master bath, and a door leading to your private deck overlooking the water. Another bedroom shares those same views and deck, along with a full bathroom that separates the second and third bedrooms upstairs. First floor is full of light with a virtual wall of sliders that open to an expansive deck for your sunny enjoyment and relaxation. A large stunning kitchen with Granite counter tops, a first floor bedroom or office and a new artist studio with more gorgeous views of the water. Offered at $2,350,000.

 

 

 

This is an interesting blend of East End, West End, and downtown properties. My favorites are 3 Atlantic as it is in the near east end on Atlantic and Commercial and just smack in the middle of things on one of the most special streets in town. 107 Commercial is a favorite as it is one of those special properties right around the bend from the Coast Guard Station in the west end that is the epitome of casual downtown beachfront  living… everyone who walks by it says…”I wish I owned that house.”

*Data is for single families, multi families and condos only sold from 1/1/12 to 8/31/12. There are some additional properties for sale in Provincetown like hotel/motels, and commercial properties which I do not generally include in my analysis of residential sales. All data from Cape Cod and Islands MLS.


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August in Provincetown

163 Bradford St #3, sold, $220K, 1/2, 506 sf.

August in Provincetown….what a month of gorgeous weather… tons of fun, and great real estate activity. You have read posts of mine speaking to the positive energy around real estate in Provincetown. It continues!

Ten condos sold  in August with an average selling price of $423K and averaging 792 square feet. Some of these condos are highlighted below. One caveat… these descriptions come directly from Cape Cod MLS… so if there are typos or issues with content or syntax , please don’t blame me.
There are currently 130 condominiums on the market with an average asking price of $481K.
163 Bradford St #3, sold, $220K, 1/2, 506 sf.

163 Bradford Street sold for $220K, and is in the near East End of Provincetown. This bright, updated and spacious first floor condominium offers a master bedroom with en-suite bathroom and a second full guest bathroom. Comes with a deeded tandem parking space. Custom built-  ins and electric fireplace.

 

 

 

 

 

 

57 Pleasant St #1, sold, $379K, 2/2, 586 sf.

57 Pleasant Street sold for $379K, and is in the neighborhood that we live in…and it is… a charming West End location, beautiful and spacious grounds and in a neighborhood of newly constructed properties. There is a large and lush fenced, exclusive backyard and patio area, as well as a good sized exclusive flagstone patio in front. There are two bedrooms, one with a sliding door that leads onto a small deck and the back lawn. The sunny living room has a gas fireplace and the galley kitchen is fully applianced with a gas stove, dishwasher and stacked washer/dryer and a door that leads out to the back. There are oak floors throughout .

 

 

 

 

 

 

 

11 Conant St #3, sold, $400K, 2/1, 635 sf.

 

11 Conant is in the near West End on a quiet side street and sold for $400K. a  2-bedroom, 1-bath penthouse is in meticulous condition with granite counter tops and kitchen island, stainless steel appliances and tiled bath and shower with glass block. Lots of charm in this renovated unit blending the old and the new with bead board walls and hand painted floors. Close to the gym and the Boatslip on a popular side street. 2-Car tandem parking, air conditioning, washer/dryer, exclusive patio plus lovely spacious common area to the side of the house.

 

 

 

 

5 Cottage St. sold $479K, 1/2, 880sf

5 Cottage is in the West End and sold for $479K. This very large one bedroom home is in a picture perfect West End location with views of Cape Cod Bay from the deck and living area! The home is completely renovated with every modern convenience and beautiful pine floors throughout. The kitchen features stainless appliances, granite counter-tops and opens to a large dining area and living room with wood stove, skylights and cathedral ceiling. There is direct access through sliders to the exclusive use mahogany deck, private yard with views of the harbor and an outdoor shower! The large bedroom has wall air conditioning, a private entrance and a tiled master bath with an over-sized shower and laundry. This turnkey home is a perfect second home and has a very strong rental history!

 

 

 

 

19 Creek Rd, #A, sold, $595K, 2/2, 1,175 sf.

19 Creek Road is in the West End close to Victors restaurant and sold for $595K. This tri-level condo has two master bedroom en-suites, with additional half bath. This three unit association is currently being constructed with all the newest hurricane-force code requirements, and a fire sprinkler system. Painted clapboard and stained shingles, Anderson true-divided light windows, old brick patios and sidewalks, mahogany decks and a fully landscaped site will create an inviting exterior for each townhouse (+/- 1,174 sq.ft.). Careful attention has also been provided to the interior custom finishes and features, including oak floors, tile/stone bathrooms, crown moulding, 5-panel doors and choice kitchen cabinets and appliances and bathroom fixtures.

 

 

 

Six single family properties closed in August with an average sale price of $992K and of an average size of 1,562 square feet. Some of them are highlighted below. Currently there are 69 single family properties on the market with an average asking price of $1.501M.

6 Duncan Lane sold $759K

6 Duncan Lane is down a sweet gravel lane in the East End of town and sold for $795K. This gorgeous single family home provides tranquil & private refuge, yet less than a mile to the center of town, & a little over 1 block to the beach. Built in 2009 this light-filled home features expansive sunny open plan living, with hard wood floors, gas stove & a stunning wood panel ceiling. The kitchen has recycled quartz counter tops & stainless appliances. A sliding door onto a large deck with outside shower. Den/guest bedroom & full bathroom, with subway tiled tub/shower, granite-topped vanity. The 2nd floor has cathedral ceilings, and is used as an office includes a master suite with a large en suite bathroom.

 

 

 

9 Arch St sold $800K

9 Arch Street is in the near East End between Bradford and Commercial near the library and sold for $800K. Renovated home located on a quiet, narrow street,  1/2 block to Commercial st. Enter the home through a secluded garden into open mud room . The first floor open plan has a spacious kitchen with center island and breakfast bar, and custom cabinetry. The dining area leads to a spacious living room with fireplace with imported tile surround. Ceilings are open beamed with original wood. Full bath with marble flooring and shower room with imported glass tile. The second floor has the 3 bedrooms with lots of light and peaks of the bay! The master has built-in cabinetry. The third bedroom serves as an office.

 

 

 

9 W. Vine St sold $1.2M

9 West Vine is between tremont St and Commercial in the near West End of town and sold for $1.2M. Completely renovated 5 bedroom 4 bath home located in the heart of the West End. There is a spacious living room, dining area and kitchen on the first floor which opens to a blue stone patio and fenced in yard. The kitchen features a large center island, Jenn-Air stainless appliances, granite counter-tops, a farm sink & marble back-splash. There is a master bedroom suite with a private tiled bath and separate entrance, as well as, a second bedroom and tiled bath on the first floor. The second floor features a second living or family room with gas fireplace, in addition to an office, three more bedrooms.

 

 

 

525 Commercial St sold $1.25M

525 Commercial Street sold for $1.25M and was marketed and sold by our office. It is a Funky East End bay front home with multiple personalities. The original structure appears to be a marine related or mercantile structure dating from pre 1800 and is now known as the Not So Great Room with soaring 2 story ceiling and original folk art found object installation by Jackson Lambert. A 20th century addition is a large sunken living room with brick fireplace, wood floors and bay windows facing Commercial St and the bay. The most recent custodians of this gem added a contemporary solarium and deck on the bay and updated the kitchen and second floor bath a few years ago.

 

 

 

 

107 Commercial St sold $1.6M

107 Commercial Street sold for $1.6M. There are only 15 single family waterfront homes in the west end – not since 2004 has one come to the market below $2M. The perfect beach house in the perfect location that usually exists in dreams. This charming 3-BD, 2-BA waterfront home enjoys great privacy and spectacular views. 1st floor has an open floor plan, exposed beams, wood-burning stove and fireplace (not in working order), with sliders leading to front and side yards and large waterfront deck with steps to the beach. Also on this level are a full bath and laundry. The 2nd level has 2 waterfront bedrooms with sliders to a common deck with ladder to rooftop deck. There is also a 3rd BD and BA on this level.

 

 

 

The properties illustrated  above are all interesting in their own right.  As a whole they illustrate the wide and attractive diversity of property for sale in town. My next property post will be a review of $1M properties sold and available for sale in town.

 

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Cape Cod More Affordable

 

There was an interesting article in the Sunday Globe speaking to the fact that retirement housing, and housing in general on Cape Cod is more affordable after “seven down years in the real estate market have lowered prices to the point where owning a retirement home on Cape Cod is again an achievable dream for some baby boomers.”.

 

We are seeing variations of this in Provincetown as many  buyers are taking a solid look at their buying options after being on the fence for several years.  They feel better about the economic outlook. They feel that prices have moderated enough to warrant a second look, and they are seeing the benefits both financially and personally of buying a second home or transition to retirement home, and most of all buyers are honestly enjoying the personal adventure of looking for the home of their dreams in Provincetown and the Cape in general.

Below is the article by Globe correspondent Sarah Shemkus.

Massachusetts native Judy Watkins left the state more than 30 years ago, moving to Florida to escape the harsh New England winters.

Over the past few years, however, her thoughts have again turned northward. Approaching retirement, Watkins, now 67, started thinking about buying property on Cape Cod, where she could spend half the year enjoying the beaches, natural beauty, and people of her home state.

So she kept an eye on the market, watching as prices fell and options multiplied. Then, last month, she made her move, buying a two-bedroom, three-bath ranch home on a tree-ringed lot in East Falmouth for $185,000. The moment, she said, was right.

“This is absolutely, definitely the time to buy, for sure,” Watkins said

Cape Cod, with its relatively mild weather, low property taxes, and laid-back lifestyle, has long been a desirable destination for retirees.

During the real estate boom, however, even the coziest of cottages soared in price, effectively shutting many middle-income would-be buyers out of the market. Then, the economy crashed, leaving many people worried about their jobs and their investments, and disinclined to make a major real estate purchase.

Now however, seven down years in the real estate market have lowered prices to the point where owning a retirement home on Cape Cod is again an achievable dream for some baby boomers, according to financial planners and real estate agents.

“We see prices on the Cape are low and properties are starting to move again,” said Walter Herlihy, a financial planner with Beacon Financial Planning, which has offices and Centerville and Easton.

The median price for a single-family home in Barnstable county is now down to $320,000, from a high of $390,000 at the market peak, according to real estate data firm Warren Group. Prices in middle-market communities can be much lower, such as $239,000 in Bourne and $235,500 in Yarmouth, while the high-end communities remain more expensive. The median home price in Truro, for example, is $638,000, and in Chatham is $550,000.

A surge in homes for sale has helped bring prices down considerably. During the recession, many second-home owners concerned about their finances decided to sell their vacation properties. At the same time, rising foreclosure numbers meant more distressed and bank-owned homes were up for sale at depressed prices.

Furthermore, low interest rates have made it much easier for boomers to buy real estate. As recently as 2006, mortgage rates hovered near 6 percent; now a 30-year fixed rate is down to 3.55 percent. On a 30-year $300,000 mortgage, that’s a savings of about $450 a month.

“A lot of folks in that age bracket can remember the 12 to 18 percent rates of the late ’80s,” said Russ Pelletier, an agent with William Raveis Real Estate in Falmouth. “So a 3 percent mortgage now is almost looking like free.”

Potential buyers are, for the most part, also feeling more secure about their finances than they were a few years ago, during Wall Street’s more tumultuous period, financial planners report. Many experienced temporary losses during the worst of the Great Recession, but most have recovered and even made modest gains, Herlihy said.

“They’ve held on through the downturn and come out ahead of the game,” said Herlihy. “People are more confident than they were.”

However, while investors may be feeling more secure, they have not returned to the abandon that marked the peak of the real estate market, said David McPherson of Four Ponds Financial Planning in Falmouth and Hingham.

“Overall, many people are more cautious than they were five or six years ago,” he said.

Nonetheless, the combination of falling prices, low interest rates, and improving financial confidence has translated into a surge of sales activity, real estate agents report. Sales of single-family homes are up nearly 30 percent over last year, according to the Cape Cod and Islands Association of Realtors.

“People who have been on the fence, waiting to make that decision, they’ve become more active because they’ve realized prices have hit bottom,” Pelletier said

And most of those buyers, agents said, are people planning to turn a second home into a permanent residence once they retire.

“Three-quarters of the sales I’ve been involved in this year are people planning for their retirement,” said Marie Kelly, an agent with Realty Executives Cape Cod in Brewster. “They’re jumping in now on their retirement home.”

For Watkins, the buyer’s market helped convince her to commit to a property in her home state, rather than in Tennessee, the other destination she had considered. Though homes in Tennessee are less expensive than those on Cape Cod, falling prices and growing inventories made East Falmouth a viable choice, she said.

“There’s more for your money right now,” she said. “The Cape is just a great place to be.”

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Provincetown And Boston Gains Compared To Top 10 Metros

I always find it interesting to see the differences in home values across the country. In Boston and Provincetown we are in solid real estate markets with values substantially above the national average. In Boston, including all neighborhoods the median price of single family homes sold through Q2 was $364K, up 3% from last years $353K. In Provincetown the median sales price for a single family homes sold year to date through Q2 was $675K, up 15% from $586K  last year. (I don’t always use median prices for comparison but since this report does I wanted to compare apples to apples.) The post below illustrates pretty mediocre northeast performance compared to these gains we have seen in Boston and Provincetown.

See Inman post below.

Top 10 metros for median price gains

 

NAR: Prices up from a year ago in 110 of 147 metros

BY INMAN NEWS, THURSDAY, AUGUST 9, 2012.

Inman News

Median home prices for single-family homes posted year-over-year gains in 110 out of 147 markets tracked by the National Association of Realtors during the second quarter, compared with 74 markets that saw annual appreciation during the first quarter. Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight said NAR Chief Economist Lawrence Yun.

But Yun predicted even more markets would post gains in the quarters ahead, which will improve the equity position of existing homeowners, many of whom owe more on their mortgages than their home is worth.

At the national level, the median sale price of existing single-family homes during the second quarter was up 7.3 percent from a year ago, to $181,500. That’s the biggest annual increase in six years, but still left the national median home price down 20.1 percent from the 2006 peak.

Nearly 1 in 4 markets tracked by NAR (34) saw annual price declines. Seven of the 10 markets experiencing the biggest declines were in the Northeast.

The Northeast region saw median home prices fall 1.6 percent from a year ago, to $241,300.

Metropolitan area Median price, Q2 2011 Median price, Q2 2012 Change from year ago
Bridgeport-Stamford-Norwalk, Conn.
$430,500
$374,900
-12.9%
Edison, N.J.
$328,600
$297,500
-9.5%
Gulfport-Biloxi, Miss.
$111,000
$100,600
-9.4%
Elmira, N.Y.
$115,200
$105,700
-8.2%
Atlantic City, N.J.
$237,000
$218,700
-7.7%
Pittsfield, Mass.
$197,100
$182,200
-7.6%
Charleston, W.Va.
$134,700
$126,700
-5.9%
Green Bay, Wis.
$137,800
$129,800
-5.8%
Manchester-Nashua, N.H.
$225,700
$212,700
-5.8%
Hartford-West Hartford-East Hartford, Conn.
$236,800
$226,300
-4.4%

 

Source: National Association of Realtors

Among markets seeing the strongest annual price appreciation, many experienced sharp declines at the beginning of the downturn, including Detroit, Phoenix and Fort Myers, Fla. In all but one of the 10 markets showing the biggest year-over-year gains, the median sales price was well below the national median.

Top 10 markets for median price gains

 

Metropolitan area Median price, Q2 2011 Median price, Q2 2012 Change from year ago
Detroit-Warren-Livonia, Mich
$46,600
$60,200
29.2%
Phoenix-Mesa-Scottsdale, Ariz.
$115,000
$148,400
29.0%
Boise City-Nampa, Idaho
$113,600
$138,200
21.7%
Florence, S.C.
$112,900
$136,100
20.5%
Akron, Ohio
$100,200
$116,700
16.5%
Buffalo-Niagara Falls, N.Y.
$113,000
$131,600
16.5%
Bismarck, N.D.
$169,000
$194,000
14.8%
Cumberland, Md.-W.Va.
$89,500
$102,700
14.7%
Cape Coral-Fort Myers, Fla.
$114,200
$130,700
14.4%
Peoria, Ill.
$114,800
$128,900
12.3%

 

Source: National Association of Realtors

Total existing-home sales including single-family and condos were down 0.7 percent from the first quarter to a seasonally adjusted annual rate of 4.54 million, with distressed homes (foreclosures and short sales) accounting for 26 percent of transactions, down from 33 percent a year ago.

NAR estimates that first-time buyers, who historically have accounted for 40 percent of home purchases, purchased 34 percent of all homes in the second quarter, up from 33 percent during the first quarter but down from 35 percent a year ago.

Investors, who often pay cash and compete with first-time buyers, accounted for 19 percent of all purchases in the second quarter, down from 22 percent in the first quarter but about the same as a year ago. Some 29 percent of sales were “all cash,” down from 32 percent in the first quarter and 30 percent a year ago.

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Fresh Properties For Sale In Provincetown

262 A Bradford St $254K

From  a low of $254K to a high of$3.995M here are six of the 18 new properties that came on the market in the last two weeks in Provincetown. These properties represent some of the best of the new inventory. From small stand alone condos to fabulous waterfront homes, the diversity of properties for sale in Provincetown is well represented.

262 A Bradford St $254K

This adorable cottage condo is nestled in the woods in the east End. 300 square feet of charm! It has painted hardwood floors, new windows, and a washer dryer. Sliders open to a secluded stone patio. One block from the bay beach.

 

 

 

 

 

 

2 Georges Path #B $440K

The Georges Path complex is a bucolic little neighborhood out by Shankpainter Road and Cemetery Road.  It is a mix of 2 unit condo buildings on a sweet cul-de-sac with mature woodland surrounding it, yet only a ten minute walk to town. This 900 square foot, 2 bed, 1.5 bath condo in the Georges Path complex is being marketed for $400K. The main floor has an open plan with stainless appliances in the kitchen and new cabinets. Large sliders in the living room open to a private deck that looks out to mature gardens. The second floor has 2 bedrooms, a full bath and a washer/dryer. There are hardwood floors throughout and a full unfinished basement.

 

 

 

 

290-C Bradford St $469K

This single family home was built in 2009, and is a charmer inside and out. It is a 649 square foot 1 bed 2 bath home. The main living level has bamboo floors, lots of windows, bead board, birch cabinets, a gas fireplace, and a half bath. The second floor has a master suite. The outdoor space is superb with patio, decks and a covered porch. There are two bonus spaces in the attic and in the lower level basement area. It is in a sweet east End mini neighborhood right past the East End tennis courts. (Excuse the winter picture!)

 

 

 

12 Howland St #C, $489K

12 Howland Street #C is a well appointed freestanding cottage set back from the street. The cottage is approximately 844 square feet and lives like a single family home and is being marketed at $489K. . (We love this description in Provincetown as it does truly describe the benefits of this type pf condo cottage) The first floor features wide plank hardwood floors and separate living and dining rooms, a large bedroom, bathroom, and eat in kitchen with period cabinets and stainless steel appliances. There is a patio located off the kitchen. The second floor features a loft area with a full height bedroom and sitting area.

 

 

 

 

40 Pleasant St #1 $525K

This is a perfect Provincetown West End retreat, located 1.5 blocks from Commercial Street in one of the sweetest neighborhoods in town and is being marketed for $525,000. This 2 bedroom, 1 bath home was totally renovated in 2005 and has been gently used by second home owners and never rented. This property has hardwood floors throughout, granite and stainless kitchen, good sized bedrooms, and a lovely large fenced private yard with blue stone patio and professional landscaping. This is one of my favorites….it’s also one of our terrific listings!

 

 

 

 

 

73 Commercial St $3.995M

This fabulous waterfront home is on the market for the first time in 16 years and is priced at $3.995M. Beautifully renovated and restored, each level of this residence offers a feast for the eyes. Perched at the peak of the house, is the master suite with a beamed cathedral ceiling, ensuite bath and home office. On the second floor is the main living room with beamed ceilings, wonderful built-ins and a large bayside deck. There is also a guest bedroom and full bath on this level. The first floor has another guest bedroom with ensuite BA. The large eat-in kitchen with high end appliances opens onto a deck and the lush lawn and well tended gardens. This is a stunning property!

 

 

 

I have taken some of the descriptive copy for these properties from MLS and added some comments of my own. Hope you enjoy!

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Provincetown Core Condo Market Facts

23 Captain Berties Way, #3, sold for $437

I was doing a report for one of our sellers in the $400K to $600K range, the core of the condo market here in Provincetown and came up with an interesting fact.

I found that in the last twelve months 45 condos sold (3.75 per month) in this range and that there are currently 45 condos for sale in this price range. This illustrates a 12 month supply of inventory if properties sell at the same speed in the next twelve months as they did in the last twelve months. Just  a little coincidence to share with you along with a handful of properties that sold in this segment over the last 12 months.

23 Captain Berties Way, #3, sold for $43
4 Holway St #4, sold for $510K

 

 

 

 

 

 

 

 

 

12 Brewster St sold for $575K
22 Pearl St #1, sold for $466K.

 

 

 

 

 

 

 

 

 

56 West Vine St, #C, sold for $565K
18 Miller Hill Road #10, sold for $450
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The Goode and Farmer Report – Provincetown Q2 Update

Sales through the 2Q in Provincetown continue to be strong! Growing economic optimism and continued low interest rate have kept buyers and sellers in the market, and almost more importantly, there is a great assortment of properties for sale.

Year-to-date condominium sales through the second quarter surged 28% from 54 sales last year to 69 sales this year. The average sales price of condos sold increased 11% to an average of $400K vs. $361K last year.

Single Family sales did more than surge – they exploded! We went from 14 sales last year to 27 sales through the second quarter. Even with this relatively small sampling, these represent very positive increases. The average sales price of single-family properties sold was $731K. The total sales volume of single-family homes sold was close to $20M – up 67% from last year’s volume of $11.8M.

These figures are evidence that the market has improved markedly year-over-year. More evidence of the market improvement can be seen in both the condo and single-family segments where the average days on market has decreased by 33% and 9% respectively. While we don’t look at days on market with quite the same importance as we do in Boston, DOM’s are a good indication that properties are selling faster and that the inventory of properties for sale is becoming leaner.

Speaking of inventory, as of July 14 there are 157 condominiums for sale in Provincetown, with an average price of $466K and an average price per square foot of $583. And the average days these remain on market is 246.

There are 77 single-family properties for sale with an average price of $1.441M with an average of 2,398 square feet.

We are in the midst of an incredible summer season here in town and this will surely add to the positive real estate news. The number of buyers and of sellers looking to market their properties for sale is up, indicating continued strength and excitement for real estate in our little fishing village.