In early 2009, the 'Written Blog' combined with our 'Q&A Quickie' and is now referred to as ' Real Estate News.'

You can leave comments for any of our current ' Real Estate News' items or previous 'Written Blog' and 'Q&A Quickie' entries via their dynamic blog versions. ' Real Estate News.' can be accessed at http://provincetownrealestatenow.blogspot.com and an archive of our 'Q&A Quickie' is at http://provincetownrealestatenowqanda.blogspot.com.

There is also an archive of ' Q&A Quickie,' from early 2008 - early 2009, on our site (click here)

E-mail us questions at info@provincetownrealestatenow.com.

Archives
2010 •  2009 •  2008

Breaking News
Ken's Journey to Tanzania (2010)

July 23, 2010
Market Update: Residential Market

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The temperatures and the real estate market are both heating up on the outer Cape this summer!   Here’s a snapshot of the inventory and activity in each of the three towns.

Provincetown

• Note:  6 of the 10 single family homes presently under contract are priced at $1M+
• Properties sold since January 1, 2010:  8 Single Family, 6 Multi Family, 53 Condos

Truro

•  Properties sold since January 1, 2010:  18 Single Family, 1 Multi Family, 5 Condos

Wellfleet

•  Properties sold since January 1, 2010:  20 Single Family, 10 Condos

July 06, 2010
First Half of the Year Activity Report – January 1 – June 30, 2010

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Good news on the Outer Cape!  The market continues to show signs of strength and recovery. Sales activity in Provincetown and Truro has more than doubled for the first 2 quarters of this year as compared with the same period last year, and volume in Wellfleet is up 50% over last year.

Provincetown

The market started hopping right after New Years and interest in the real estate market continues to be very strong.  The number of condominium sales more than doubled and average sale price for a condo in Provincetown went from $384,768 during the first 2 quarters of 2009 to $444,905 this year.

This spring, we saw the sale of 4 Hotel/Motel/B&B properties after having NO sales in this segment for the past few years.  We take this shift in the Commercial market as a positive sign for the local economy!

Truro

Sales of single family homes tripled in the first half of this year over last year and the average sale price of a single family home in Truro was $681,847, up from $522,963 during this period last year.  Overall, sales volume was up approximately 120%!

Wellfleet

Wellfleet showed more modest increases in sales during the first half, but still showed a 50% increase in volume. We also saw a healthy increase in the average price of a single family home to $574,144, up from $458,418 in the first half of 2009.

The third quarter promises to continue the upward trend, with several Provincetown properties having gone under agreement within their first week on the market.

May 25, 2010
First Quarter 2010 Activity Report – January 1 – March 31, 2010

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Good news on the Outer Cape!  The year started off very strong in the local real estate market, compared with the same period in 2009.  The number of transactions overall was up significantly and sales volume in all 3 towns was up an average of 79%. 

Provincetown

The market started hopping right after New Year’s and as a result sales volume was up 120% in the first quarter of 2010 over the prior year.  The most significant additions to the roster of sales were the two commercial sales.  Commercial sales have been stagnant for the past few years, and in 2010, buyers of commercial properties returned to the market.  This is a positive sign for the local economy.

Truro

Sales of single family homes doubled in the 1st quarter over last year.  Overall, sales volume was up 74%.  It is significant to note that the LAND category is up over last year. Land sales usually indicate a decrease in single family inventory, also a good sign for the local economy, as many local trades-people will be employed in building the new homes.

Wellfleet

Wellfleet showed more modest increases in sales during the first quarter, showing a 43% increase in volume., Even though Wellfleet has lagged Truro and Provincetown in the statistics for the past couple of years, but it is encouraging to see volume up in 2010.

Second Quarter activity is going strong, with sales volume continuing to trend upward!

March 24, 2010
Can You Still Get  a 5% Mortgage??

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There's still time to get a 5% mortgage -- but the window is closing.

On April 1, the government will stop buying mortgage-related debt, which will send interest rates slowly higher. Since November 2008 the Federal Reserve has snapped up $1.25 trillion worth of mortgage-backed securities -- essentially, people's mortgages bundled together and sold to investors.

The program has kept interest rates artificially low over the past year, with the price of a 30-year fixed-rate loan ranging between 4.93% and 5.09%, according to mortgage giant Freddie Mac.

That's about 0.4 percentage points lower than these loans would have been without the government's intervention, according to Jay Brinkmann, chief economist for the Mortgage Bankers Association.

But when the Fed stops buying and cedes the playing field to private investors, they will almost surely demand better return for their risk.

"Rates are going to be higher than they are now," said Brinkmann.

How much higher is the question.

"It's really hard to tell right now," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "The Fed said it will taper off [purchases] gradually. Each week they buy less than the week before."

So far, though, the tapering has failed to spawn higher rates. Last week, the 30-year was just 4.96%.

Still, all of the experts agree that mortgage rates will climb. The good news is that none of them think the increase will be very large.

Their projections are for a gradual run up to between 5.5% and 6% by December. Brinkman's projection is a rise to 5.8%; Cutts is to 5.75%.

That will add only about $70 to the monthly payment on a $150,000 note. That's still very reasonable and should not discourage many consumers.

Homebuyers may even find themselves paying less every month as housing markets continue to experience price declines.

Excerpted from CNNMoney.com.

January 30, 2010
Can you use $6500?

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Are you aware that you don’t have to be a first time home-buyer to benefit from the current tax credit program offered by the federal government?  In addition to extending the first time home buyer tax credit until the end of April, there is now a credit available to move-up or repeat home buyers in this same time frame for 10% of the purchase price up to a maximum of $6500.

Those who are eligible must have owned and resided in the same home for at least FIVE of the previous EIGHT years.  Repeat home buyers do not have to purchase a home that is more expensive than their previous home in order to qualify.

Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000.  You can even build a new home and have the credit applied.

For more specifics, click here.

January 23, 2010
Does it Pay to Remodel?

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Attention sellers:  the 2009 Remodeling Cost versus Value Report indicates that 8 of the top 10 remodeling projects that provided greatest value were exterior projects costing less than $14,000.  The importance of curb appeal must not be minimized if you are selling.  You may find that doing an exterior project may help attract a buyer sooner than if you hadn’t done it. 

With so much competition out there, do what you can to make your property stand out.  And, you stand to recoup a good portion of your costs!  Don’t look at the portion that you don’t recoup as a total loss.  Compare it to your carrying costs for holding the property for a longer period of time.

Some projects with good returns were:

Wood deck addition - 80% of cost recouped at sale
Window replacement, wood or vinyl – 76.6% - 77.3%
Steel entry door replacement - 128.9%

Top interior  projects were:

Attic bedroom addition - 83.1%
Minor kitchen remodel - 78.3%
Major kitchen remodel – 72%
Bathroom remodel:  71%
Basement remodel: 75.4%

To see how 33 projects fared in the report, click here.

January 16, 2010
The Year in Review Part 3:
Wellfleet 2009 Sales Activity

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This week we have our last year end report with a look at Wellfleet’s final sales figures from MLS along with a comparative analysis of this year in relation to the prior two years.   Our data comes from the Multiple Listing Service and does not include private sales.  The vast majority of sales that occur in this market are MLS sales.

There were 62 properties sold in Wellfleet in 2009 with a total sales volume of $27,748,250.
There were 60 properties sold in Wellfleet in 2008 with a total sales volume of $31,733,802. 
There were 93 properties sold in Wellfleet in 2007 with a total sales volume of $55,814,425.

Table 1:  Number of Properties sold with Median Sale prices.  
The median reflects the sales price that is exactly in the middle of all the figures for that category.  For example, if 26 properties sold, 13 were priced above the median, and 13 were priced below the median. 

Table 2:  Average Days on Market of Sold Properties

Table 3: Percentage of Sale Price to List Price

Highs and Lows

The lowest priced condominium property to sell this year was a 2BR cottage located at Green Haven Cottages on Rte 6 which sold for $102,250. The unit is 3-season and has 485 SF. The lowest priced single family was located at 17 Fresh Brook Lane and sold for $140,000.  A 2BR/1BA home stood on the one acre parcel, but was essentially a tear-down.

The highest priced condominium to sell was a year round waterfront unit located at the Hiawatha Condos at 100 Hiawatha Road #2.  The 624 SF free standing unit with 2BR/1BA sold for $515,000.  The highest priced single family home to sell was a contemporary waterview home built in 1987 and located at 960 Chequessett Neck Road.  The property consists of 4 BR, 3.5 BA, with 3627 SF on approximately 3/4 acre and boasts a private yard with a swimming pool and hot tub.

Market Trends

Sales activity was pretty much on par with 2008 figures, with 2 more transactions than last year but sales dollar volume down 12% over the prior year. Inventory is shrinking slightly.  There are currently 74 Single Family homes for sale (compared with 84 this time last year), with 7 properties under agreement.  There are 17 condos on the market (compared with 23 this time last year) and 4 are under contract.

January 08, 2010
The Year in Review Part 2:
Truro 2009 Sales Activity

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This week, we review Truro’s final sales figures from MLS along with a comparative analysis of this year in relation to the prior two years.   Our data comes from the Multiple Listing Service and does not include private sales.  The vast majority of sales that occur in this market are MLS sales.

There were 58 properties sold in Truro in 2009 with a total sales volume of $28,710,230.
There were 74 properties sold in Truro in 2008 with a total sales volume of $42,903,850. 
There were 61 properties sold in Truro in 2007 with a total sales volume of $36,974,833.

Table 1:  Number of Properties sold with Median Sale prices. 
The median reflects the sales price that is exactly in the middle of all the figures for that category.  For example, if 26 properties sold, 13 were priced above the median, and 13 were priced below the median. 

Table 2:  Average Days on Market of Sold Properties

Table 3: Percentage of Sale Price to List Price

Highs and Lows

The lowest priced condominium property to sell this year was a cottage located at 17 Shore Road which sold for $78,000. The unit is seasonal and has 168 SF. The lowest priced single family was located at 55 Shore Road and sold for $275,000.  It is a 73BR/2BA home with approximately 1659 SF and in need of a total renovation.

The highest priced condominium to sell was a seasonal cottage located at the newly constructed waterfront property, Seaside Condominiums, at 482 Shore Road.  The 878 SF waterfront unit with 1BR/1.5BA sold for $550,000.  The highest priced single family home to sell was the newly constructed single family compound, Arcadia, at 101 Prince Valley Road, located high on a bluff within the National Seashore.  The property consists of 3 BR main house with water views and a 2BR guest cottage. The property was on the market for 636 days.

January 02, 2010
The Year in Review Part 1:
Provincetown 2009 Sales Activity

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The year-end numbers are in!  Over the next three weeks, we will review the final sales figures from MLS along with a comparative analysis of this year in relation to the prior two years.  We’ll start with Provincetown this week, and we’ll look at Truro and Wellfleet in the coming weeks. 

Our data comes from the Multiple Listing Service and does not include private sales.  The vast majority of sales that occur in this market are MLS sales.

There were 144 properties sold in Provincetown in 2009 with a total sales volume of $67,930,378.
There were 151 properties sold in Provincetown in 2008 with a total sales volume of $88,098,251.* 
There were 165 properties sold in Provincetown in 2007 with a total sales volume of $85,902,800.

* Sales figures exclude timeshare properties.

Table 1:  Number of Properties sold with Median Sale prices. 
The median reflects the sales price that is exactly in the middle of all the figures for that category.  For example, if 26 properties sold, 13 were priced above the median, and 13 were priced below the median. 

Table 2:  Average Days on Market of Sold Properties

Table 3: Percentage of Sale Price to List Price

Activity Summary

During the first part of 2009, sales activity was extremely slow.  Following the collapse of Lehman Brothers and all the government bailout activity last fall, the real estate market in Provincetown was at a virtual standstill for early months of the year.  Sometime in June, however, the market came alive again, and sales activity ramped up and continued steadily until the end of the year.  83% of this year’s sales occurred after June 1.  

Highs and Lows

The lowest priced residential property to sell this year was a studio condominium 54 Bradford Street #2-3 at the Shank Painter Sails Condominiums in the center of town.  The unit has 280 SF and sold for $137,000. 

The highest priced property to sell was a single family home at 9 Oppen Lane.  The property sits high atop a hill in the West End and offers nice privacy and some of Provincetown’s most extraordinary views.  The house was gutted following a fire, and was purchased in an unfinished state.  It has 4BR and 3BA with 3666SF.  It sold for $1,600,000. Atlantic Bay Sotheby’s proudly represented both the buyers and the sellers in this chart topping transaction.

Real Estate News: 2010

Summer '10

Market Update: Residential

First Half 2010

Spring '10

First Quarter 2010

Can You Still Get a 5% Mortgage??

Winter '10

Can You Use $6,500?

Does it Pay to Remodel?

Year In Review: Part 3

Year In Review: Part 2

Year In Review: Part 1