Blog :: 2012

Sales volume surges on the outer Cape! A look at the first two quarters...

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Sales are up over last year in all three Outer Cape towns for the first two quarters of this year.    We can attribute this to high inventory, record-low interest rates and a general sense that the bottom of the market is creeping into our rear view mirror.  Also pushing buyers with cash into the real estate market is a volatile stock market.  All of these factors have combined to push sales volume up 36% in Provincetown, 102% in Truro, and 26% in Wellfleet.

Truro and Wellfleet saw their biggest surge in the sales of single family homes, where Provincetown surged in the sale of single family homes and condominiums.  Median sale prices also climbed in Provincetown and Truro for residential properties.  Wellfleet traditionally lags the other two markets, as is evident by its statistics.

 

Provincetown

Sales Volume

# of properties sold

Average DOM for SF & Condos

2012 (Jan 1-June 30)

$51,269,400

103

196

2011 (Jan 1-June 30)

$37,759,350

78

212

Highs and Lows

There have been 5 single families over $1M to sell so far this year, as compared with only 3 during the first 6 months of last year.  The highest priced sale YTD was a 4BR/3BA waterfront home with 2647 SF for $1,800,000 in Provincetown's far East End.   The buyer was represented by Atlantic Bay Sotheby's International Realty.

The lowest priced property to sell this year was a bank owned 2BR condominium for $141,000.    Last year's lowest priced condominium sold for $91,500.

 

Truro

Sales Volume

# of properties sold

Average DOM for SF & Condos

2012 (Jan 1-June 30)

$29,578,180

47

252

2011 (Jan 1-June 30)

$14,641,878

33

393

Highs and Lows

There have been 3 single families over $1M to sell so far this year, as compared with only 1 during the first 6 months of last year.  The highest priced sale YTD was a 4BR/4.5BA bay front home with 4786 SF for $2,750,000.

The lowest priced property to sell this year was free-standing seasonal cottage at Salt Air condominiums for $110,000.    Last year's lowest priced condominium was a connected cottage for $66,000.

 

Wellfleet

Sales Volume

# of properties sold

Average DOM for SF & Condos

2012 (Jan 1-June 30)

$20,040,900

41

297

2011 (Jan 1-June 30)

$15,957,286

32

214

 Highs and Lows

There has been only 1 single family home over $1M to sell so far this year, as compared with 2 during the first 6 months of last year.  The highest priced sale YTD was a 3BR/2BA bay front home with 3000 SF for $1,150,000.

The lowest priced property to sell this year was free-standing seasonal cottage at Pilgrim Acres condominiums for $187,500.    Last year's lowest priced condominium was a cottage for $97,500.

 

Views from the Other Cape

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a postcard from our affiliate office on the north shore of Boston....

"The Cape," as most people know it in New England, is Cape Cod -- home of the Kennedys and playground of the rich and famous. However, there is another Cape. And that one offers waterfront views to rival Cape Cod's.

Cape Ann is located on the North Shore of Boston. It has been the base for many artists and writers throughout the years who've come to be inspired by the ocean views, the colonial era buildings and the majestic boats. The communities on this Cape include Gloucester, Rockport, Essex and Manchester. Surrounding towns also provide equally stunning views, like Ipswich, Marblehead, Beverly and Newburyport.

Both Cape Cod and Cape Ann provide the luxury lifestyle within charming and historic New England fishing villages. Atlantic Bay Sotheby's International Realty has been sharing wonderful photos of Cape Cod. We wanted to share some of our favorite views from our homes the other Cape.

 

http://www.bytheseasir.com/exclusive/killybracken_estate_gloucester

 

http://www.bytheseasir.com/exclusive/beverly_cove_estate

 

http://www.bytheseasir.com/properties/Beverly/Prince-Street/4845827

 

http://www.bytheseasir.com/properties/Gloucester/Magnolia/Shore-Road/4806686

 

 

http://www.bytheseasir.com/properties/Rockport/Old-Penzance-Road/2776684

 

Visit the By the Sea Sotheby's International Realty site to see more North Shore real estate.

Sotheby's International Realty Brand Wins 'Best in Category' for Fifth Consecutive Year

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PARSIPPANY, N.J. (March 5, 2012) - Sotheby's International Realty Affiliates LLC today announced it won Franchise Business Review's Best in Category for Real Estate Franchisee Satisfaction award for the fifth year in a row. The Best in Category award measures franchisee satisfaction with their franchisors and is part of the 7th annual Franchisee Satisfaction Awards presented by Franchise Business Review. In addition to its real estate ranking, the brand also came in second overall among the Top 50 Large Franchise Systems, which is a ranking of all franchise systems with more than 200 units across all categories. "We are very proud to earn this honor for the fifth year in a row," said Michael R. Good, chief executive officer, Sotheby's International Realty Affiliates LLC. "We are dedicated to providing the best service we can to our valued network members, whom we hand select to affiliate with our brand. This recognition is a testament to the value we provide them in making their businesses more prosperous and successful." Franchise Business Review surveyed more than 22,000 franchisees from more than 300 leading systems for the 7th annual Franchisee Satisfaction Awards. Franchises were evaluated in five areas: training and support, franchise system, franchisor/franchisee relations, financial opportunity and overall satisfaction. Additionally, demographic and lifestyle questions gave a 360-degree view of the franchise ownership experience. Franchise Business Review is a national franchise market research firm that performs independent surveys of franchisee satisfaction and franchise buyer experiences. For a complete list of this year's award winners, go to www.FBR50.com. "What impresses me most about the Sotheby's International Realty brand is that they really 'get' the value of their franchisee satisfaction data," said Franchise Business Review president Michelle Rowan. "Despite being at the top of our awards list every year, they take the time to thoroughly digest their data and use it to improve their franchisee satisfaction year after year." The Sotheby's International Realty® network currently has nearly 12,000 sales associates located in approximately 590 offices in 44 countries and territories worldwide. About Sotheby's International Realty Affiliates LLC Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full Sotheby's International Realty Affiliates LLC 1 Campus Drive Parsippany, NJ 07054 ??? franchise system by Realogy's subsidiary, Sotheby's International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.

Provincetown Condominium Donated to the Humane Society

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Check out this article about a condominium we have listed in Provincetown that was donated to The Humane Society of the United States.  The proceeds from this sale will go toward farm animal advocacy.

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

 

 

 

2011 Year In Review Provincetown Sales

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The year-end numbers are in!

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.

2011# Properties Sold/Average Price 2010# Properties Sold/Average Price 2009# Properties Sold/Average Price
Single Family 31 / $753,821 23 / $1,086,804 25 / $718,284
Income/Multi Family 15 / $704,898 8 / $719,563 8 /  $662,301
Lots and Land 4 / $425,000 6 / $257,167 2 / $235,000
Comm/Indust/Bus 3 / $1,015,000 5 / $415,500 5 / $316,750
Condominium 113 / $376,392 124 / $395,094 104 / $412,864
Hotel/Motel 3 /$953,833 6 / $1,555,000 0 / 0
TOTAL 169 Properties Sold 172 Properties Sold 144 Properties Sold

 

Table 2:  Average Days on Market of Sold Properties

2011 2010 2009
Single Family 220 287 279
Income/Multi Family 310 186 115
Lots and Land 444 498 719
Comm/Indust/Bus 202 343 218
Condominium 234 249 213
Hotel/Motel 231 550 -----

 

Table 3: Percentage of Sale Price to List Price

2011 2010 2009
Single Family 91.60% 90.66% 90%
Income/Multi Family 91.06% 91.9% 87%
Lots and Land 92.77% 66.77% 62%
Comm/Indust/Bus 78.26% 88.7% 76%
Condominium 94.08% 92.61% 93%
Hotel/Motel 90.86% 87.01% -----

 

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.