Tag: Provincetown

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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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When Will Home Values Return To Peak?

Interesting post with a national perspective from HW  Housing Wire’s Trey Garrison.

Home prices won’t return to peak levels until when?

Clear Capital sees 3-5% appreciation rate

 

Home prices are growing slowly but remain in line with inflation, Clear Capital reported in its Home Data Index, but at this pace it will be 2021 before they return to peak prices.

National home prices are right in line — within 2% — with inflation adjusted long-run average levels, which Clear Capital says shows prices have normalized post-bubble and future rates of growth will look more like historical rates of growth. Home prices have typically gained between 3% and 5% a year.

At the current quarterly rate of national growth, peak prices won’t be reached until the year 2021.

“With the majority of metro markets still so far below peak prices, it’s time for conversations surrounding price trends to shift away from the 2006 peak as the point of reference, and back to current trends and forecasts,” said Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. “While there are certainly investors and homeowners holding real estate assets that will be underwater for seven years or more, the current housing market is positioned to behave very similar or even below historical norms, given the current economic climate.”

“For new deals and investors without legacy assets, the new housing environment should be framed in terms of more typical, moderate rates of growth with tempered optimism for the ongoing housing recovery,” Villacorta said.

He added that Clear Capital sees a steady growth pattern, and no bubbles in housing.

“Nationally, we don’t see evidence of a price bubble forming again. Double digit gains over the last year, while similar to rates of growth in the run-up to the bubble, are off a much lower price floor. Phoenix and Las Vegas, however, are showing signs of overheating,” he said.

“These markets skyrocketed off very low price floors as their low-tier and distressed market segments exploded with demand,” Villacorta added. “Each market saw yearly gains top out around 30%, and now are seeing price gains cool substantially. Las Vegas has seen more than a 10 percentage point pull back in just three short months, even though prices remain 20.8% below 2000 levels, after adjusting for inflation. Meanwhile, Phoenix’s yearly gains are down to 19.8%, with prices now 1.9% above 2000 levels after adjusting for inflation. We’ll be watching these markets closely throughout the winter to see how demand holds up.”

Inflation adjusted home prices at the metro level show 46 out of 50 metro markets’ home price levels at pre-2003 levels, with 25 out of 50 metros reporting prices below 2000 levels.

Because the majority of markets remain far off peak values, the peak becomes a less relevant point of reference for new investors and homebuyers. Honolulu is the only metro out of the top 50 to see home prices within peak levels, with inflation adjusted home prices resting at levels last seen in 2005. This anomaly has, in part, been driven by very unique supply and demand, a benefit of being a highly desirable tropical island.

While prices remain far off peak values, current trends continue to moderate across the country.

National yearly gains cooled to 10.8%, a trend that should continue over the next several months. Yearly gains at the metro level are moderating as well, with Sacramento now seeing the highest yearly gain at 25.4%, down from a high of 28% in October. Las Vegas has seen substantial pull back in January with yearly gains of just 21.3%, down from 32.4% in October.

Using a broad array of public and proprietary data sources, the HDI Market Report publishes is a granular home data and analysis earlier than nearly any other index provider in the industry.

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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:

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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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New To Market In Provincetown – Perfect West End 2 Bedroom Plus Den

 46 Pleasant Street #A, Provincetown MA

Perfect in every way.  This West End condo has everything! 2 bedrooms and a 1 1/2 baths, along with a large den/family room  for entertainment or extra guests. This home has 1,070 square feet, and two great outdoor spaces, numerous upgrades, 2 parking spaces and a coveted location in the West End.

 

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The open floor plan is great for entertaining and light and bright with windows on 3 sides. The kitchen is newly renovated with granite counters, white cabinets and hardwood floors.  There is a full laundry in the renovated half bath directly off the kitchen. The living room has a gas fireplace and there is a separate dining area in the sunny northeast corner of the house.

 

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There are two great outdoor spaces including a large private fenced in deck in the back  of there condo for grilling and dining. There is plenty of room for relaxing and dining on the front deck and on the patio/garden too – and just enough garden for satisfying a green thumb.

 

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There are two bedrooms upstairs along with a full bath which has just been beautifully renovated. Both bedrooms are good size and sunny.

 

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On the lower level is a den-family room that is perfect for additional guests with room enough for a large sitting area and sleeping area.

The association is small and well managed with low condo fees. There is central heat and air provided by four split systems. There are two parking spaces directly in front of the condo.  This property  has an excellent rental history with many repeat renters. Best of all is the location – just 1 1/2 blocks from Commercial Street in what many consider the most desirable residential neighborhood in the West End.

 

We are thrilled to be offering 46 Pleasant Street to the market for $595,000.

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Buyers Feeling Blue

Another interesting post by Scott about buyer attitudes in Boston

Home buyers feeling blue

Posted by Scott Van Voorhis

Can’t look at one more fixer-upper? Tired of bidding wars on every half-decent home that comes on the market? Wondering when, if ever, prices will go down, or at least level off, in Greater Boston?

Wondering if we have gone from global warming to a new ice age?

If so, you’ve got a bad case of the home-buyer blues, with Boston area house hunters particularly vulnerable to this new malady, a new report finds.

Confidence in the housing market among Boston area buyers is falling, according to a newreport out by Zillow and is now somewhat below the national average.

Boston’s score on Zillow’s “housing confidence index” weighs in at 63.4, below the national average of 63.7.

Meanwhile, only 8 percent of Boston area renters want to buy in the next year, compared to 10 percent nationally.

By contrast, Las Vegas, Atlanta and Miami have the highest percentage of renters looking to buy.

Rising prices and a growing dearth of homes to actually look at are two likely suspects
here.

But Zillow is not the only one picking up on some increasingly negative vibes coming from home buyers as the spring market gets ready to kick off.

Only 25 percent of house hunters across the country think it is a good time to buy now, compared to 40 percent last year, Redfin reports.

OK, to borrow a popular line from Realtor trade groups, maybe it’s all the nasty weather out there that is getting buyers down.

However, while the wintry view outside the window doesn’t help, there is clearly much more to this story than that.

 

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$459K On The Cape

I  love Curbed Boston/Cape Cod “comparison” posts. While our business is focused mostly in Provincetown and Truro it’s always interesting to see whats happening “up Cape”. There are some terrific deals here.

What $459,000 Can Buy You Around Cape Co

 Jazmine Donaldson

It’s time once again for Curbed Comparisons, where we break down what you can get at the same price point, style or size in five different Cape and Islands neighborhoods. This week, listings for $459,000.

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Here now, 10 Cape Cod properties asking $459,000 – seasonal, year round, fixer uppers, turn-key, upside-down, a lakefront cottage, condos, and space for the in-laws – with a little something for everyone.

What $459K Can Buy Around Cape Cod
BOURNE
Kicking off in the village of Gray Gables with an updated 2BR, 1BA ranch across from the Cape Cod Canal. The 1,183 square footer was built in 1948 and is asking $459K.
95 JEFFERSON ROAD, BUZZARDS BAY, MA 02532
FALMOUTH
Here’s a Sippewissett townhouse with 3BR, 2.5BA in 1,611 square feet. The two-level unit was built in 1998 and asking $459K.
37 CARLSON LANE, FALMOUTH, MA 02540
SANDWICH
This 4BR, 3.5BA East Sandwich Cape comes with a first floor master, 1BR in-law, and multiple fireplaces. The 2,922 square footer hit the market in September looking for $479K and is now asking $459K.
5 RIDGEWOOD DRIVE, EAST SANDWICH, MA 02537
MASHPEE
Here’s another renovated 2BR, 1BA ranch, this one in the village of Popponesset with deeded rights to Popponesset Beach (say that fast, five times). The 1,128 square footer on .15 acres was built in 1960 and is asking $459K.
38 UNCLE EDWARDS ROAD, MASHPEE, MA 02649
CENTERVILLE
Behold, a “charming 1 bedroom, 1 bath cottage on 0.51 Ac. overlooking Wequaquet Lake.” The 512 square footer sits on .51 acres and features a private dock. The spread hit the market in 2011 looking for $595K, but three chops have brought the ask down to $459K.
107 HUCKINS NECK ROAD, CENTERVILLE, MA 02632
DENNIS
In Dennis Village, here’s a 3BD, 2BA “Adorable Story Book Half Cape With Distant Bay Views.” The 1,441 square footer on .57 acres last sold in 2008 for $440K and is now listed for $459K.
26 PACKET DRIVE, DENNIS, MA 02638
SOUTH YARMOUTH
“Overlooking the 7th and the 16th hole” in Par 11 Estates is this 1,668 square foot 3BD, 2BA ranch. Located on the appropriately named Driving Tee Circle, the renovated digs are yours for $459K.
106 DRIVING TEE CIRCLE, SOUTH YARMOUTH, MA 02664
CHATHAM
Look, a ranch! Built in 1982, this 3BR, 2BA on .3 acres is “tucked back off the road” and features central air. Yours for $459K.
192 ORLEANS ROAD, NORTH CHATHAM, MA 02650
ORLEANS
The brokerbabble starts off by calling this property “unique” and we couldn’t agree more. Built in 1950, this 4BR, 3BA saltbox-and-then-some sits on 1.14 acres on the fun sounding Frost Fish Lane and is yours for $459K.
15 FROST FISH LANE, ORLEANS, MA 02653
TRURO
Finally, to a 3BR, 2BA upside-down contemporary with multiple decks and natural landscaping “so you can spend more time relaxing and enjoying this wonderful retreat without upkeep.” The 1,742 square footer on .81 acres hit the market in May 2013 for $479K, but is now yours for $459K.
9 GLACIER DRIVE, TRURO, MA 02631

 

 

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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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Existing Home Sales Take A Dive…

I haven’t reposted anything by Tara Steele of AG recently but this post tells a smart national perspective.

HOUSING NEWS

Existing home sales take a dip

According to the National Association of Realtors (NAR), existing home sales dipped 5.1 percent in January from December’s revised sales numbers. This places sales at their lowest level since July 2012, which they blame squarely on the perpetual inventory shortages, which also serves to continue lifting prices, which is good news to some (homeowners) and bad news to others (buyers).

Dr. Lawrence Yun, NAR chief economist, also stated that unusual weather is playing a role. “Disruptive and prolonged winter weather patterns across the country are impacting a wide range of economic activity, and housing is no exception. Some housing activity will be delayed until spring.”

“At the same time,” Dr. Yun added, “we can’t ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates. These issues will hinder home sales activity until the positive factors of job growth and new supply from higher housing starts begin to make an impact.”

Median existing home price

NAR reports that the median existing home price for all housing types was $188,900 in January, up a whopping 10.7 percent from January 2013.

Distressed homes accounted for 15 percent of sales (11 percent were foreclosures, and only 4 percent were short sales), down from 24 percent in January 2013. Foreclosures sold for an average discount of 16 percent below market value and short sales were discounted 13 percent.

Housing inventory levels

Although NAR cites ongoing inventory problems, housing inventory did rise 2.2 percent for the month, and rose 7.3 percent compared to January 2013. Inventory now represents a 4.9-month supply at the current sales pace.

The median time on market was 67 days in January, down from 72 days in December and 71 days on market in December 2013. Non-distressed homes sold in 66 days, foreclosures typically sold in 58 days, and short sales spent 150 days on the market. NAR reports that nearly one in three homes sold in January were on the market for less than a month.

Who’s buying right now?

The number of first time buyers are slowly dwindling, hitting 26 percent of all sales in January, down from 27 percent in December and 30 percent in January 2013.

The trade group said in a statement, “This is the lowest market share for first-time buyers since NAR began monthly measurement in October 2008; normally, they should be closer to 40 percent.”

Fully 33 percent of sales were paid for with cash, up from 32 percent in December and 28 percent in January 2013. Individual investors, who account for many cash sales, purchased 20 percent of homes in January, compared with 21 percent in December and 19 percent in January 2013. Seven out of 10 investors paid cash in January.

Regional performance varies

Existing-home sales in the Northeast declined 3.1 percent to an annual rate of 620,000 in January, and are also 3.1 percent below January 2013. The median price in the Northeast was $241,100, up 6.6 percent from a year ago.

Existing-home sales in the Midwest dropped 7.1 percent in January to a pace of 1.04 million, and are 8.8 percent below a year ago. The median price in the Midwest was $140,300, which is 7.6 percent higher than January 2013.

In the South, existing-home sales declined 3.5 percent to an annual level of 1.95 million in January, but are 1.6 percent higher than January 2013. The median price in the South was $161,500, up 9.4 percent from a year ago.

Existing-home sales in the West dropped 7.3 percent to a pace of 1.01 million in January, and are 13.7 percent below a year ago. Sales in the West are attenuated by tight inventory in many areas, pushing the median price to $273,500, up 14.6 percent from January 2013.

 

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Favorite Seasonal And Weekly Rentals In Provincetown

My pick of favorite rentals.

February 23, 2014

As you know seasonal rentals are tough to find in Provincetown.  Below are two incredible rentals that are still available.

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Commercial Street 2 bedroom condo with 2 bathrooms and a water view. “Located across the street from the beach with deeded beach access. Good water view from second floor master bedroom and deck. 1000 Square Foot 2BR, 2 story townhouse. 2 full baths. Master has queen size bed and there are two twins in the other bedroom. Nicely appointed with new furniture by a professional designer. 1 car parking. Stack laundry in unit. No pets. Quiet association with mostly owner occupied units. $20,000.”

 

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Centrally located 2 bedroom plus den. “This contemporary single family is located on a beautiful pond just a 6 minute walk to the Boatslip. 2 master suites plus a den will sleep up to 6. 3 full baths. AC. Hot tub. Sauna. Ample parking. Fully equipped chefs kitchen with gas cooking, large dining area, large full length rear deck directly off living room with a sheltered dining area,. Upstairs suite has a private deck overlooking pond and conservation land and a meditation room. The owners will consider allowing a dog under 50 lbs. Dog cannot be allowed in the pond due to conservation rules. $23,000.”

 

Weekly rentals are easier to find and this waterfront 2 bedroom  is absolutely adorable,  located between the Coast Guard Station and The Red Inn.

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“Second floor condo in quiet building with multiple windows that reveal beach, street, many species of birds, and all phases of the sun. Two generous bedrooms (queen & 2 twins), fully-stocked kitchen; fine linens; window AC (cross ventilation is great); 450 feet of breathtaking beach right outside your door. Located in the historic Masthead Resort, you have full access to amenities: great swimming at high tide, long walks towards the horizon at low tide, sundeck on water, awesome gardens that flower all summer. Enjoy a short walk further west to the jetty, even shorter walk to The Red Inn’s oyster bar or Relish (the home of homemade cupcakes and killer sandwiches!), or a quick hike or bike to ocean beaches. Walking East, you are 15 minutes from town center – art galleries, shops, restaurants, movies, cabaret, water sports, library, fishing and whale watching, and the non-stop street fair created by the visitors and residents of our lovely Provincetown in summer.”

Check out the links to any of these or give us a call at 508-487-1397 for more information.

 

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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.