Tag: Provincetown

What’s On The Market – Affordable/Entry Level and Mid Market In Provincetown

Post author By Jon Goode
Post date August 26, 2013

There are some wonderful properties on the market in Provincetown. I have compiled a late summer review that illustrates the broad range of inventory from affordable condominiums to multi-million dollar waterfront homes.

The affordable entry level market is priced from $200K to $400K and is full of great options. 6 of my favorites are pictured below. There are a total of 48 condos for sale in this price range with an average asking price of $325K. This gets you a 564 square foot 1 bedroom/1 bath condo. Buyers are always surprised that they can get water front or water view in this price range and three of the condos pictured below have have just that. There are even 3 single family properties available in this range.

233 Bradford St #5 $245K — 233 Bradford Street #5, $245K

495 Commercial St #4, $289K — 495 Commercial Street #4, $289K

616 Commercial #9, $299K — 616 Commercial Street #9, $299K

6 Mechanic #D, $315K — 6 Mechanic Street #D, $315K

60 Race Pt Rd #2, $395K — 60 Race Point Rd #2, $395K

The mid market is priced from $400K to $750K. There are 14 single family properties available with an average asking price of $626K. There are 42 condos for sale with an average asking price of $549K.

6 of my favorites are pictured below. 4 of these are stand alone units or end units. A couple of my favorites are 30 Alden Street which is a stand alone 3 story condo with a garage and multiple decks, and 4 Race Road which is a brand new 2 bed/2 bath with fabulous finishes in a terrific neighborhood.

There are 14 single family properties for sale in the mid market range a well.

442 Commercial #2, $424K — 442 Commercial Street #2, $424K

68 Race Pt Rd #2, $499K — 68 Race Point Road #2, $499K

30 Alden St #5, $545K — 30 Alden Street #5, $545K

64 Franklin St #F $654K — 64 Franklin Street #F $654K

4 Race Road #3 $659K — 4 Race Road #3
$659K

There you have it. The affordable and mid market in Provincetown. Enjoy!

Tags Cape Cod, Cape Cod condo sales, Cape Cod real estate, Cape cod real estate sales, Provincetown, Provincetown real estate

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Condo Prices Increasing Faster Than Single-Family Homes

Post author By Jon Goode
Post date August 12, 2013

The post below is from Dan Stone and his blog The Mortgage Report Daily. He is based in Madison Wisconsin. It also provides a good top level review of mortgages for condos. In our local markets its all about condos so it is interesting to see his mid western viewpoint..i.e. “Getting a mortgage for a condo can sometimes be a challenge”. Regardless it is a good and informative post. Sometimes we need to see what the middle of the country is thinking and doing.

Case-Shiller Index : U.S. Condos Increasing In Value Faster Than Comparable Single-Family Homes

August 9, 2013.

Case-Shiller Index shows home prices in U.S. condominiums and co-ops outpacing single-family residences

As the U.S. housing market gains, it’s taking the condominium market with it.

Home price growth in condos and co-ops is outpacing growth in single-family residences. This is a major shift for the housing market — condos were among the most distressed sectors of last decade’s housing market downturn.

Home sellers are getting higher prices for their condos.

Los Angeles Condos Jump 23%; Chicago Rises 12%

According to the most recent Case-Shiller Index, home values climbed 12.2 percent nationwide for the 12 months ending May 2013. This jump marks the biggest one-year increase in home valuation since the Case-Shiller Index launched 26 years ago.

Each of the Case-Shiller Index’s 20 tracked cities posted annual gains, led by the San Francisco Bay Area; Las Vegas, Nevada; and Phoenix, Arizona. Home valuations in the Las Vegas are up 23% since from 12 months ago, which claws back against the heavy losses sustained last decade.

The “last place” finisher in the May 2013 Case-Shiller Index? New York City.

As compared to one year ago, home values in the city’s five boroughs — Manhattan, Brooklyn, Queens, the Bronx, and Staten Island — rose just 3.3 percent, which is well below the U.S. national average.

However, the Case-Shiller headline figure tells just part of the story.

In New York City, the market is thick with condominiums and co-ops and it just so happens that the Case-Shiller Index ignores homes of these types. If we were to add back condos and co-ops to the Case-Shiller Index data, we’d actually see that New York City is performing quite well.

In New York, condo values are up nearly 10% since last year — well above the broader index’s reading of 3.3 percent.

The same is true in other Case-Shiller Index markets, too. Condos in the 4 other cities tracked by the Case-Shiller Condominium Index showed strong annual gains, and each outpaced its home city.

Los Angeles, California : Condos +23.1% annually (versus +19.2% for single-family homes)
San Francisco, California : Condos + 27.6% annually (versus +24.5% for single-family homes)
Chicago, Illinois : Condos + 11.9% annually (versus +8.5% for single-family homes)
Boston, Massachusetts : Condos +8.7% annually (versus +7.5% for single-family homes)
New York City, New York : Condos + 9.8% annually (versus +3.3% for single-family homes)

With tight supply and limited construction, buyers of condos and co-ops should expect higher home prices through the end of 2013 and into early-2014, at least.

Mortgages For Condominiums

Getting a mortgage for a condo can sometimes be a challenge. Last decade, lenders were burned on condos for a variety of reasons and so they’ve bounced back on condo loans a bit more cautious and a bit more wise.

Today’s buyers of condos have fewer financing choices as compared to buyers of single-family detached homes.

As one example, buyers using conventional mortgage financing via Fannie Mae or Freddie Mac pay a premium for all loans with less than 25% equity. For this reason, buyers of condos and co-ops are encouraged to cap loans at 75% loan-to-value (LTV).

Condo loans above 75% LTV remain acceptable and approvable, however, the accompanying mortgage rate and/or closing costs will likely be higher.

VA loans for condos are available, too. VA loans allow 100% financing with no mortgage insurance required. Mortgage rates tend to be relatively low with a VA loan because all VA loans are guaranteed by the government.

In nearly all cases, though, buyers of condominiums will want to verify a building’s warrantability.

“Warrantability” is a mortgage term whether mortgages in a given condo building are eligible for purchase by Fannie Mae or Freddie Mac. Non-warrantable condos are sometimes denied for funding, but not always.

A building’s warrantability is based on a host of traits, some of which include :

No person owns more than 10% of the building units
No more than 50% of the building’s units are active rental units
No more than 20% of the building is dedicated to commercial/retail space

To determine whether a building is warrantable or non-warrantable, mortgage lenders will often use a “condominium questionnaire”, which addresses the lendability of a building.

Non-warrantable condos can still be financed, it should be mentioned. Product availability, however, is limited and mortgage rates are sometimes higher.

The Case-Shiller Index reports rising values for today’s condos and co-ops. In many cases, condo prices have climbed more than for comparable single-family residences. Buyers of condos should expect rising prices.

About the Author

Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. You can also connect with Dan on Twitter and on Google+.

Tags Boston, Boston condo sales volume, Boston condominium market, Boston real estate, Cape Cod real estate, Cape Cod sales, Provincetown, Provincetown real estate

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Bungalow 58 Poolhouse Sold

Post author By Jon Goode
Post date August 5, 2013

One of our favorite properties that we recently marketed closed this past week…the 1,800+ sf 2 bedroom 2.5 bath single family room home sold for $1.026M. It is a prime example of a quality, thoughtfully designed home, with a multitude of extras… selling fairly quickly and for an excellent price.

The house garnered lots of excitement when it was listed as it was a complete renovation of a 1958 bungalow style ranch in the Franklin Street neighborhood. As you know there are only a handful of houses in town that have pools and this has to be one of the best.

Tags Cape Cod real estate, Cape cod real estate sales, Provincetown, Provincetown luxury homes

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Telegraph Hill Activity

Post author By Jon Goode
Post date July 29, 2013

Telegraph Hill is a gorgeous community of large single family homes on the highest hill in Provincetown. I recently posted about 2 properties going under contract on the Hill. Both have now closed.

9 Telegraph Hill sold for $2M last week.

MLS description: Nestled atop the highest point in Provincetown this gorgeous 3 bedroom, 3.5 bath home is privately sited in the Telegraph Hill neighborhood, an exclusive cul-de-sac with eight architect designed single family homes. Entering into the 30 foot long sunlit gallery you are drawn to the expansive walls of glass with water views in every direction. The home offers a warm inviting presence as you enter into the sunken living room with it’s fieldstone fireplace and over-sized buffet that leads into the spacious dining room. The chef’s kitchen has high end appliances, a pantry and breakfast nook. The entire 2nd floor is the master suite with rich wood paneling, fireplace, sumptuous master bath and twin walk in closets. Extras include radiant heat floors, lots of storage and an extra large two car garage.

8 Telegraph Hill sold for $2.895M two weeks ago.

MLS description. This is the best view on Telegraph Hill. Custom built in 2002 this home home offers panoramic views of Provincetown Harbor,the shores of Truro & Wellfleet, west end rooftops of Provincetown & a stunning view of the Monument. Meticulously maintained, well appointed w/hardwood floors, custom Hunter Douglas blinds, marble & limestone baths, commercial grade Viking appliances, double fireplace, high ceilings w/custom lighting, central ac, mature gardens, irrigation system & a 2 car garage. The upside down design gives you living and dining space on the top floor w/an open floor plan, along with a wrap around deck for outside entertaining. The entry level has 3 large bedrooms including two master suites, all with en-suite baths. Lower level offers a finished room, laundry room & 2 car garage. Granite block driveway.

…..and 7 Telegraph Hill just came on the market at an asking price of $2.895M.

Built in 2006, this reverse design home offers both privacy and views of Hatches Harbor, the Atlantic Ocean and Seashore. Meticulous attention was paid to every detail, including custom carpentry & cabinetry, top-of-the line appliances, polished concrete countertops, & a 10 ft. high wall of glass showcasing the extraordinary view. The dramatic open floor plan includes a large dining alcove, a fireplace, and atmospheric lighting throughout. The master suite is very spacious with high ceilings, a large walk in closet with custom built ins, and a marble master bath. The 2 guest suites each have en-suite baths & sliders out to private decks. There is also a den, 2-car garage, excellent basement storage and multiple decks.

This is an amazing amount of activity in the high end as only 8 properties have sold over $2M in the last 2 years. Four of these homes are waterfront properties on Commercial Street and the other four are on Telegraph Hill.

Tags Cape Cod Luxury homes, Cape Cod luxury sales, Cape Cod real estate, Cape Cod sales, Provincetown, Provincetown luxury homes, Provincetown real estate

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Goode and Farmer Report – Provincetown, Truro, Wellfleet July 2013

Post author By Jon Goode
Post date July 15, 2013

Provincetown year-to-date sales moderated somewhat from a robust 2012 first half as a shortage of properties for sale and a harsh winter kept buyers on the sidelines. Recently the market ticked up markedly as the weather improved.

Condominium sales slowed by 27% from 69 units last year to 50 this year, although a sluggish 16 sales in 1Q more than doubled in 2Q to 34. The average sales price of condos sold stayed relatively flat at $390K – a 2% decrease from $400K last year. Days on market for condominiums sold decreased by 8%; further illustrating the lack of inventory.

Single-family properties performed well with a 24% increase in the average sale price from $731K in 2012 to $905K year-to-date. The median sales price increased 28% to $867K from last years $675K – 22 have sold so far this year against 27 last year. Total sales volume was up 1% to $19.7M.

The average days on market has decreased in both categories driven by less inventory available for sale and relatively strong demand. For condos, it decreased 8% from 214 to 197 and for single-family properties, DOM decreased 22% from 253 to 197. Properties are selling faster as there are fewer on the market and demand remains very high.

Speaking of inventory, currently there are 110 condos on the market with an average listing price of $470K and an average price per square foot (ppsf) of $557. There are 54 single-family properties on the market with an average listing price of $1.411M and an average ppsf of $558.

The market has heated up in the past several weeks with several properties going under contract. The most interesting development is that two, $2M+ houses on Telegraph Hill went under contract in the past few weeks. The number of properties going U/A has increased noticeably. It has turned into summer overnight and the fourth of July has come and gone. The season is in full swing!

Other towns on the Outer Cape have experienced a similar dynamic. The number of single-family home sales in Truro was down 13% to 26 units from 30 in 2012. The average sales price was down 18% to $607K from $737K last year.

The Truro market consists mostly of single-family homes. There are currently 72 single-family properties available to chose from.

In Wellfleet, the single-family market performed better than last year with a 4% increase in the average sales prices to $556K from last year’s $533K. The number of sales was the same as in 2012 at 32 properties sold. The current 93 single-family homes available for sale offer many choices for buyers.

There is generally positive news on the outer Cape in both single-family homes and condominiums. A strong second-home market on the Cape is an indication of an improving economy and of improving consumer confidence. These buyer and seller attitudes and still relatively low interest rates are signaling a very strong second half for outer Cape real estate.

Please call or stop in if you are considering selling or if you are just curious as to what your home is worth. If you are considering buying a home, remember that our business philosophy is that the best-informed buyers are the happiest and it is what we do best.

Tags Cape Cod condo sales, Cape Cod luxury sales, Cape Cod real estate, Provincetown, Provincetown condos, Provincetown real estate

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2 Telegraph Hill Homes Under Contract.

Post author By Jon Goode
Post date July 9, 2013

Two beautiful houses atop Telegraph Hill have gone under contract in the last few weeks. Both have asking prices over $2M. In the last 2 years only 5 properties have sold in Provincetown with prices over $2M. Four were on the water on Commercial Street and the other was on Telegraph Hill

9 Telegraph Hill which we have been marketing with an asking price of $2.295M is under contract. This is one of the most perfectly sited homes on the hill, hardly visible from the street and with expansive water views from most rooms. The house has 3 bedrooms and 3.5 baths, an incredibly large open living area with a giant fieldstone fireplace and a deck running the full length of the back of the house. The rear of the house is all glass and deck.

8 Telegraph Hill sits atop the Hill at its eastern tip with arguably the best views on the hill. This is a 3 bedroom, 4 bath home of 3,510 square feet that has a listing price of $3.195M. This property went under contract a few weeks ago and is being marketed by our good friends at Atlantic Bay Sothebys.

Pretty heady stuff for the Provincetown market to have two similar and $2M+ properties sell in the same few weeks. And while these two properties are not representative of the entire market they do represent renewed interest and activity in this segment of the market.

Tags Cape Cod real estate, Provincetown, Provincetown luxury homes, Provincetown real estate

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$1M Plus Market In Provincetown. A Spring Preview

Post author By Jon Goode
Post date May 24, 2013

The $1,000,000 market in Provincetown is solid and active. In 2012 16 properties sold above $1M, 15 single family homes and 1 condo. These represent 7% of the total 218 condos and single family homes sold in 2012. As you can see below, these range in style, size and of course location. The average sales price was $1.575M, had 4 bedrooms and 3.25 baths with 2,250 square feet of living space. (6 of these properties are shown below.)

5 Telegraph Hill $1.15M — 5 Telegraph Hill $2.15M

There are currently 157 condos and single family homes on the market, 31 of which are priced at $1M +, representing 23% of the available inventory. The average property above $1M is asking $1.869M, has 4 bedrooms and 4.5 baths, with 2,763 square feet of living space. Of these available properties 32 are single family homes and 4 are condos. (6 of those properties are shown below)

2013 looks to be as strong or stronger. So far 7 properties have sold, 6 single family homes and 1 condo, and 4 properties are currently under contract. Considering the strong summer fall selling season is still to come this is good news for the $1M + market. (6 of the 7 properties that have sold so far this year are shown below)

7 Pleasant St $1.024M — 7 Pleasant St $1.045M

In many markets the “high-end” or above $1M market is the most visible market. The same is true here in Provincetown. The trophy homes, the big waterfront properties, the East End and West End compounds all draw interest and gossip. But interestingly enough many of these homes are wonderful family and year round properties, very accessible and in fact well priced for the amount of house you get.

The interesting numbers are 7% and 23%. While available properties for sale above $1M represent 23% of the total, only 7% of the properties sold in 2012 were sold above $1M. what does this mean? That while the $1M + market is viable and strong, lots of properties do take a while to sell. We need to remember that the second home market in whatever price point we are talking about is not as fast paced and dramatic as the primary home market. For many this means a more relaxed buying and selling process for others it is frustrating. Where do you fit?

Tags Cape Cod condo sales, Cape Cod luxury sales, Cape Cod real estate, Cape cod real estate sales, Provincetown, Provincetown luxury homes, Provincetown real estate

architecture

The Gropius House

Post author By Jon Goode
Post date January 14, 2013

The Murchison Estate, The Gropius House, 2 Commercial Street.

There are few buildings as startling — in this town of gabled roofs and shingles — as the modernist landmark designed in 1959-60 for Carl and Dorothea Murchison by TAC, The Architects Collaborative, with Robert S. McMillan nominally in charge. Built less than a decade after Mies van der Rohe’s Farnsworth House, 2 Commercial Street is a two-level International style slab with walls of glass. Because Walter Gropius (1883-1969) was a partner in TAC, this is frequently referred to in town as the “Gropius house.”

The original Gropius House is the original structure in the Pilgrim Landings “sub division” and sits atop the hill at 2 Commercial Street. See my prior post “Far West End Activity.”

To see more of the original “Gropius House” go to Building Provincetown Blog. David Dunlap has done an incredible job over the years publishing wonderful facts about many Provincetown buildings. His blog is an absolute joy to explore.

Tags Cape Cod real estate, Provincetown, Provincetown luxury homes, Provincetown real estate

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Far West End Activity In Provincetown

Post author By Jon Goode
Post date January 9, 2013

In the Far West End, from West Vine to The Moors, there are three large developments that have been going up in stages over the past few years. It has been fun to watch these substantial developments emerge from the ground, go to market, and then watch the second phase go up. These 3 developments consist of 6 condos with 6 more being built on W Vine; 17 condos total at Herring Cove village; and 9 single family home sites at Pilgrims Landing. A total of 38 units, a substantial number of quality properties and indicative of the energy and excitement of the real estate market here in our little fishing village.

(As always my caveat stating that much of the descriptive property below is direct from Cape Cod MLS so I am not responsible for spelling and grammar.)

57 West Vine is currently 6 townhouses with an additional 6 being built.

#C,$659K, 2bedroom and 3 bath, 1300 square feet. New construction townhomes in Provincetown’s west end are underway and can be purchased at pre-completion prices with the opportunity to customize some interior finishes. Constructed to the highest standards these tri-level townhouses feature: Anderson true-divided light windows, brick patios, mahogany decks, landscaped grounds, a/c, basements, laundry, and 2 parking spaces. The exteriors of each unit will be a mix of painted clapboard & gray stained shingles to give contrast to each home. The entry level is an open floor plan for kitchen, dining and living w/ gas fireplace. Each bedroom with ensuite bath is on a separate level to maximize privacy for you and your guest. Oak floors, tile/stone baths, crown molding, & 5-panel doors are just a few of the details that set these homes apart. Your new Provincetown home for summer 2013 awaits!

Phase ll at Herring Cove Village is the last phase of this successful and beautiful development on Bradford Street Ext. out at at the Moors.

#16, $1.399M, 3bedroom and 4 bath, 2,160 square feet. 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 designer 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. Sliders from the kitchen lead to a bluestone patio & large exclusive yard. There are beautiful dark stained maple floors and 9 foot+ ceilings throughout. The master suite has a walk in closet and a sleek double sided fireplace between the bedroom and large marble bath. The other 2 BR have ensuite baths. Enjoy water views from a 2-tiered roof deck that houses a hottub. Wired for central sound and home automation.

#12, $895K, 2 bedroom and 3 bath, 1,400 square feet. A one-of-a-kind unit at Herring Cove Village, the West End’s most luxurious condominium. This 2BR/2.5BA unit is laid out on 3 levels, and is the only unit with this size and layout in the newest section of the development. The high end kitchen & living room are on the first floor, with a gas fireplace to warm the atmosphere. Sliders from this level lead out to a blue stone patio, great for outdoor grilling and entertaining. Each of the floors above houses a private bedroom suite, with oversized living space & en-suite bath featuring custom tile work. From the third floor bedroom, continue up to a huge waterview roof deck that is plumbed and wired for a hot tub as an upgrade amenity. The unit has CAC and is wired for central sound and home automation. Shed storage and 2 parking. Under constr, Int. photos depict similar unit.

Pilgrims Landing is a 9 lot subdivision at the very beginning of Commercial Street being developed at what is know as the Murchison Estate. There are two building lots #8 and #9 on Commercial Street and 6 house lots in the gated section of the development. It looks like lot #2 is being built now and when done will be is one of the most dramatic homes in town. It is so exciting to see such a modernist home being built. Of course the Murchison house, otherwise know as the Gropius House stands atop the subdivision and is lot #7, is one of the most incredible examples of modernist architecture anywhere.

Next I will highlight east end and downtown developments. Watch for these posts in the new year.

Tags Cape Cod real estate, Cape cod real estate sales, Provincetown, Provincetown condos, Provincetown luxury homes, Provincetown new construction, Provincetown new developments

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Cape Bargains?

Post author By Jon Goode
Post date December 18, 2012

Below is an interesting post by Scott Van Voorhis contrasting sales and price performance in different towns on the Cape, as many towns are experiencing sales increases but with price decreases. Provincetown is experiencing a more positive cycle of price and sales increases. Through November 30 as per Cape Cod MLS the average sale price of a single family home in Provincetown was $827K a 5% increase with a median price of $762K. 46 single family properties have sold year to date, an increase of 45% over 2011 year to date.

Through November 30, the average sale price of condominiums in Provincetown was $413K, an increase of 10% year to date with a median price of $399K. 149 condos have sold year to date an increase of 49%.

See Scott’s post below.

Posted by Scott Van Voorhis

If you are looking for a second home, there may be bargains to be had right now on the Cape.

Sales are up big time across the sandy spit, even as median prices fall in the Mid-Cape towns of Chatham, Harwich, Orleans, according to data from The Warren Group.

Chatham saw the biggest price decline, falling more than 14 percent, year-to-date, at the end of October to $550,000, while Orleans fell 3.7 percent, to $505,000, and Harwich slid 1.1 percent to $335,500.

Heading farther out towards Provincetown, Wellfleet prices dropped 5.7 percent to $511,250.

Other towns on or close to the Cape Cod Canal are also seeing prices fall. Sandwich is down 6 percent to $280,000, Mashpee fell 7 percent to $310,000, while Bourne saw a 5.8 percent decline to $251,500.

Venturing off Cape to the islands, Nantucket prices fell 9.1 percent to an ultra-affordable median of $1,090,000.

The Outer Cape appears to be bucking the trends, with Provincetown posting a 16 percent rise, to $680,000.

Brewster and Dennis also posted price increases as well.

Of course, there is the whole issue of rising sea levels and increasingly extreme weather – Cape living may not be a picnic in years to come. It’s an area already poorly served by the power companies and prone to outages.

The cost of insuring a home on the Cape is also soaring.

Still, I say go for it. But beware of beachfront bargains!

Tags Cape Cod condo sales, Cape Cod real estate, Cape Cod sales, Provincetown, Provincetown luxury homes, Provincetown real estate