DETAILS AND PHOTOS OF 293 COMMERCIAL STREET, PROVINCETOWN

The perfect in town pied-a-terre! This is a bright and sunny 2nd floor studio unit, located in the heart of Provincetown’s downtown district, just steps from the pier. Windows facing south and west offer great light and sweet water views. Located in a mixed-use condominium consisting of 12 commercial spaces and 9 residential. Weekly rentals and pets for owners okay (limit 2 pets). The unit is offered fully furnished and equipped.

LISTED AT $215,000

Our data comes from the Multiple Listing Service and does not reflect private sales.  However; in this market, the vast majority of sales are MLS sales.

There were 169 properties sold in Provincetown in 2011 with a total sales volume of $84,080,775.

By comparison, there were 172 properties sold in Provincetown in 2010 with a total sales volume of $92,695,116

and 144 properties sold in Provincetown in 2009 with a total sales volume of $67,930,378.*

*Sales figures exclude timeshare properties.

Table 1:  Number of Properties sold with Average Sale prices.

Table 2:  Average Days on Market of Sold Properties

Table 3: Percentage of Sale Price to List Price

Activity Summary

2011’s market summary shows a stable, relatively flat market. Sales volume was down slightly over last year, but the good news, is that the average days on the market was less in almost every category. This tells us that asking prices are more in line with market value and the buyers are responding positively. The percentage of sale to list price also edged up a bit in 2011 further reflecting a slightly improving market.

From our perspective, we saw some old inventory get absorbed, after years on the market.  We also saw the return of many buyers to the market after years of waiting on the sidelines. The selling season was steady throughout last year, save for a 2 month lull after the volatile stock market activity in August.  The year also distinguished itself by showing an increase in the number of cash sales over previous years.

Highs and Lows

The lowest priced residential condominium to sell last year was a year-round studio near Beach Point at 962 Commercial Street, Unit #6. The unit has 195 SF and sold for $91,500.

The highest priced residential condominium was a free-standing, three bedroom, waterfront townhouse at 523 Commercial Street, Unit #1. The unit has 2,237 SF , was in need of updating, and sold for $926,500.

The lowest priced single family residence to sell last year was a three bedroom house at 3 Webster Place that needed a complete rehab and did not have parking. It has 1,322 SF and sold for $278,000.

The highest priced sale of a residence was at 5 Harbour Drive, in Provincetown’s East End at the luxury subdivision of Bay Harbour.  This is a spectacular and brand new three bedroom, five bath, bay-front home. The 2850 SF home sits on almost an acre of land,  includes an in ground swimming pool and it sold for $2,950,000.  Atlantic Bay Sotheby’s International Realty proudly represented the buyers.

1. Paint:  Freshen and Neutralize. If you have any walls painted with bold colors, consider repainting them in neutral tones.  Bold colors are not widely appealing, and can distract the buyer from considering your property as a contender.  If your walls are already a neutral color, go through your house with an objective eye, and retouch any areas that may be scuffed or worn.  One often overlooked area for paint is your stair risers.  A fresh coat of paint on your risers makes a big impression.  Same goes for trim around your doors, especially near the door knobs.
2. Depersonalize: Pack away your family photos. You’d be surprised how often buyers spend time looking at your photos instead of looking at your house.  Eliminate any photos or highly personal objects that draw too much attention.  The idea is for the buyer to picture him/her self in the space, not to get to know your family.  In general, de-cluttering your home gives the impression of increased space.
3. Bedding and Slip Covers:  A little goes a long way. We get so used to our own furniture and bedding, that we may not realize that it is starting to look worn.  A simple an inexpensive way to freshen your furniture is to cover couches or chairs with a simple slip cover – buy neutral colors and fabrics.  Also, consider a new duvet cover for your beds.  Crisp linens make a positive impression.
4. Lighting:  Make sure buyers can see your house.  Make sure you have ample and well-placed lamps throughout your house.  Table and floor lamps offer a warmer light than overheads.  Even during daytime showings, lamps make your home feel inviting.
5. Curb Appeal:  First impressions are lasting. Grab a friend and ask for advice.  Stand outside your house and approach the front door together.  Have your friend share with you any negative impressions.  Is there a rip in the screen door?  Is a brick loose on your front stoop?  Is there a garden bed that is overrun with weeds?  Often times, we become blind to our own deferred repairs, and a fresh set of eyes can set you straight.  You don’t want a buyer to be mentally starting a repair list before they have even set foot in your home.

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 172 properties sold in Provincetown in 2010 with a total sales volume of $92,695,116.
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.*

* Sales figures exclude timeshare properties.

Table 1:  Number of Properties sold with Average Sale prices.

Table 2:  Average Days on Market of Sold Properties

Table 3: Percentage of Sale Price to List Price

Activity Summary
This year’s market activity shows promise for the end of the downturn. Sales volume was up almost 30% over last year and the number of transactions are up significantly. The most notable segment of the market to demonstrate a rebound is the Hotel/Motel category. With no guest house transactions since July of 2008, we saw 7 transfer in 2010 (1 was a non-mls sale and does not appear in the above statistics). It’s also notable that there were 6 land sales in 2010 versus 2 in 2009.

From our perspective, we saw many buyers coming back to the market. The selling season was steady throughout last year without any lulls in activity. In addition, it appears that the volume of inventory is finally lessening, which bodes well for values holding steady.

Highs and Lows
The lowest priced residential property to sell last year was a bank owned studio condominium at Ship’s Bell Condominium at 586 Commercial Street. The unit has 285 SF and sold for $130,000.

The highest priced property to sell was a single family home at 7 Harbour Drive in the East End’s newly built subdivision, Bay Harbour. The brand new 5BR/4.5BA 4000 SF single family home sits right on the beach and offers extraordinary views of Provincetown. The construction and finishes are all high-end and the property also has a detached garage. It sold for $3,000,000 at the end of July 2010. (2009’s highest priced sale was $1,600,000).

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.

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.

Mortgage rates have been pushed lower by weak housing demand and rising foreclosures. In addition, Treasury prices have risen, indicating that investors and financial institutions are retreating from riskier bets, and sending yields lower. Mortgage rates tend to follow the yields.

Earlier this week, the National Association of Realtors said its forecasting gauge of housing-market activity climbed to its highest level in more than three years in October. Last week, the association said October sales of existing homes jumped 10% as buyers continued to take advantage of a first-time-home-buyer tax credit, low prices and low mortgage rates.

The 30-year fixed-rate mortgage averaged 4.71% for the week ended Thursday, down from last week’s 4.78% average and 5.53% a year ago. Rates on 15-year fixed-rate mortgages were 4.27%, down from last week’s prior low of 4.29% and 5.77% a year earlier. Freddie has tracked 15-year rates since 1991.

Excerpted from The Wall St. Journal

* First time home buyers must have a sale agreement in hand by April 30 and close escrow by June 30, 2010 and would get the full $8,000

* NEW ADDITION: CURRENT HOMEOWNERS looking for a new home could also qualify for a $6,500 credit if they have lived in their existing PRIMARY residence for at least FIVE (5) YEARS

* CHANGE IN INCOME RESTRICTIONS: The home buyer’s credit would be available to: individuals with earnings up to $125,000; or $225,000 for couples. This is up from $75,000 for individuals and $150,000 for couples under the current law

* EXCLUSIONS FROM THE TAX CREDIT: Homes that cost more than $800,000 are NOT eligible and the buyer must be over the age of 18 years old to claim the credit. Those who SELL their new home or STOP USING IT AS THEIR PRIMARY RESIDENCE within THREE (3) years would have to REPAY THE CREDIT

Real estate expert Barbara Corcoran said recently during an interview that a buyer decides if he or she has interest in a property within 8 seconds of walking through the door. That doesn’t leave much time to make a good impression! Use every second wisely by considering some of the following suggestions.

1. Curb appeal is important. When a buyer approaches your house, he or she makes the first judgment. Make sure your house is nicely painted. Repair that broken screen door. Tidy the front yard and plant some flowers. The buyer should feel drawn into the house and made to feel welcome by a warm and inviting entry hall.

2. Clear your house of clutter and personal belongings and scrub the house to within an inch of its life. Since your goal is to move out of the house, start packing today. Eliminate as many knick knacks as possible. Pack away any collections and replace photos of friends and family with neutral artwork. As far as cleanliness, everything should sparkle.

3. Straighten your closets and cabinets. Expect that buyers will open every door and cabinet. If your closets are packed to the gills, it will leave the buyer with the impression that the house does not have enough storage space.

4. Take the packing a step further and put extra furniture in storage. A sparse and simple approach to furnishings will make your rooms appear larger. Define a use for each room and furnish it accordingly. If you have a bedroom that has become a ‘junk room,’ pack the junk away and make the bed with inviting linens. It is important to show the buyer how the space can be used. When rearranging furniture, pull pieces away from the walls and keep in mind that you want to have a clear walking path between rooms.

5. A fresh coat of paint is inexpensive and goes a long way to making your home feel clean and fresh. Keep the colors earthy and neutral to appeal to the broadest audience. If you have a brightly colored room, consider re-painting it.

6. Shed some light on the subject. Open the blinds and turn on all the lights for showings. Bright spaces appear larger and overall create a positive impression. If you have heavy or dark drapes, consider replacing them with light colored window treatments.

7. Remove evidence of pets. When you are expecting a showing, pack up the pets and take a drive. That includes stowing away dog beds, crates and food dishes.

8. Make sure the house smells nice. Baking cookies before a showing makes the house smell yummy and inviting. This bit of advice is an oldie but goodie.

The common thread behind all of these suggestions is to present your home in as neutral a manner as possible so that the potential buyer can envision him or herself living in the property. While it is possible to achieve these goals on your own with very little expense, don’t rule out calling a professional stager to assist you if you are feeling overwhelmed. Being a proactive seller will ensure that you have done everything possible to help your property rise above its competition.

The following charts compare year-to-date sales figures with the same period last year and report on the average Days on Market of the property that sold.

Provincetown

The most active segment of the condominium market has been in the $300K – $600K range, which is accounts for 36 of the 55 sales and comprises 16 of the 30 pending sales.  In the single family market, most of the activity is in the $750K and under market, with 9 sales thus far in this category and 6 more pending.

Truro

Most of the activity in Truro is in lower priced single family homes.  8 of the 15 sales were under 600K.  3 Sales were between 600K-800K and 4 were over 1M.  There have been no sales this year between 800K – 1M.

Wellfleet

In Wellfleet, interest in single family homes comprises most of the activity in this market.  The heaviest concentration of sales has been between 300K-600K, with all of the sales being under 900K.