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Gibson Sotheby's International Realty Expands Presence on Cape Cod

Gibson Sothebys International Realty Expands Presence on Cape Cod
 
Gibson Sotheby’s International Realty, Boston’s leading luxury real estate brokerage, is pleased
to announce further expansion into the Cape Cod residential real estate marketplace with the
acquisition of Atlantic Bay Sotheby’s International Realty. The union represents the firm’s third
acquisition in 2020 and solidifies Gibson Sotheby’s International Realty’s position as the
premier source for luxury real estate on the Outer and Lower Cape. As part of Gibson Sotheby’s
International Realty’s growth strategy aimed at attracting leading industry talent, the firm will
onboard Atlantic Bay Sotheby’s International Realty’s power team of eight agents in
Provincetown to its network of more than 350 real estate professionals and 24 offices
throughout Boston, Greater Boston, the North Shore, South Shore, and Cape Cod. Gibson
Sotheby’s International Realty currently maintains offices in Brewster, Chatham, Dennis,
Harwich Port, and Orleans.
 
“By establishing collaborative offices spanning the stretch of Cape Cod, our agents are able to
serve their clients most efficiently and effectively,” said Larry Rideout, Chairman and Co-Owner
of Gibson Sotheby’s International Realty. “This expansion of talent and geographical reach is a
significant addition to our diverse and growing team and will help propel the success of our
associates and their clients forward.”
 
“Our vision is to enable our agents to provide improved progression of service as their clients
move from Greater Boston to Cape Cod and beyond,” said Paul McGann, President and Co-
Owner of Gibson Sotheby’s International Realty. “Joining forces with Atlantic Bay Sotheby’s
International Realty will allow us to satisfy a substantial market need for additional Cape Cod
locations to even better serve our client base.”
 
Atlantic Bay Sotheby’s International Realty has been a leader in the Outer Cape Cod real estate
market for over thirty years. Led by Broker Owners David M. Nicolau and Emily Flax, who will
remain integral members of the Provincetown office, the firm specializes in both residential and
commercial sales in Provincetown, Truro, and Wellfleet. “Since founding our firm in 1976, we
are proud to join powerhouse Gibson Sotheby’s International Realty and benefit from their
esteemed reputation and broad network of associates across Eastern Massachusetts,” said
David M. Nicolau, Broker Owner of Atlantic Bay Sotheby’s International Realty. “In addition to
our shared core values as affiliates of the Sotheby’s International Realty brand, we are eager to
introduce the Gibson Sotheby’s International Realty’s innovative marketing and technology
processes to our associates and clients,” continued Emily Flax, Broker Owner of Atlantic Bay
Sotheby’s International Realty.
 
Both Gibson Sotheby’s International Realty and Atlantic Bay Sotheby’s International Realty are
part of the global Sotheby’s International Realty brand, a network of over 20,000 brand-
affiliated independent sales associates spanning 72 countries and territories.

About Gibson Sotheby’s International Realty
Since 1962, Gibson Sotheby’s International Realty’s unique approach of combining local
leadership with a global brand has made it the #1 Massachusetts-based firm by sales volume
and average sales price according to REAL Trends, the trusted source for news and research for
the real estate brokerage industry. Under Co-Owners Larry Rideout and Paul McGann’s
leadership for over a decade, the firm has grown exponentially and has cultivated an agent- and
technology-focused culture. Gibson Sotheby’s International Realty offers unrivaled access to
properties for sale around the world, as well as access to buyers and sellers from well beyond
its local markets. Today, Gibson Sotheby’s International Realty is Boston’s largest independently
owned and operated real estate firm, made up of 24 offices across Eastern Massachusetts.
Gibson Sotheby’s International Realty believes that luxury is not a price point, but rather a level
of service, offering all buyers and sellers a suite of exclusive services designed to provide value
at every stage.

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    Provincetown Real Estate Market Report: 2017 The Year in Review

     

    PROVINCETOWN 2017 SALES ACTIVITY

    The year-end numbers are in!

    CLICK HERE FOR THE FULL REPORT

     

    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 239 properties sold in Provincetown in 2017 with a total sales volume if $183,842,137.

    •    There were 254 properties sold in Provincetown in 2016 with a total sales volume of $175,573,888.

    •   There were 219 properties sold in Provincetown in 2015 with a total sales volume of $135,175,955.

     

    INVENTORY

    New listings inventory compared to previous year:

    • 2017 listings 308 / 2016 listings 332 =   -24/332 = -.0722 or 7% decrease from 2016
    • 2016 listings 332 / 2015 listings 421 =   -89/421 = -.2114 or 21% decrease from 2015
    • 2015 listings 421 / 2014 listings 362  =   59/362  =  .1629 or 16% increase from 2014

     

    Percentages of Sales in comparsion to previous year:

    • 2017 sales 239 / 2016 sales 254 = -13/254  = -.0511 or 5% decrease from 2016 (lack of inventory)
    • 2016 sales 254 / 2015 sales 219 = 35/219   = .1598 or 16% increase from 2015
    • 2015 sales 219 / 2014 sales 211 =  8/211    = .0379 or 3.79% increase from 2014

     

     

    2017

    # Properties

    2017

    Average

    2016

    # Properties

    2016

    Average

    2015

    # Properties

    2015

    Average

    Single Family

    48

    $1,344,867

    38

    $1,094,353

    34

    $1,008,015

    Condominium

    163

    $578,087

    187

    $536,380

    160

    $497,431

    Income/Multi-Family

    11

    $912,875

    16

    $1,291,594

      9

    $810,056

    Lots and Land

        2

    $135,000

      3

    $173,500

      8

    $329,812

    Comm/Ind/Bus

    12

    $597,396

      5

    $1,374,500

      5

    $746,600

    Hotel/Motel

       2

    $2,950,000

      5

    $997,000

      3

    $2,546,333

    B&B

       1 

    $1,750,000

      0

     

      0

     

    TOTAL

    239

     

    254

     

    219

     

     

     

    MARKET SHIFT 2017

    While the overall annual sales volume shows growth of 23%, that growth was fueled entirely by an increase in the number of single family homes sold (+ 26%) as the number of condominium sales actually declined (- 13%) from the previous year.

     

    HIGHS and LOWS

    The lowest priced residential property to sell last year was a 1BR/1BA condominium at Beach Point Club in Provincetown’s far east end, at the border of North Truro. The 260 SF condo sold in April for $155,000 after being on the market for 296 days.

    The highest priced property to sell was a single family home at 8 Telegraph Hill in the West End’s hilltop subdivision of the same name. The 3BR/3.5BA 3500 SF home built in 2002 has sweeping panoramic views of Provincetown Harbor, with views of the Monument and the ocean. It sold for $3.25 million in April of 2017 after being on the market for 56 days. This is a 38% increase over 2016’s high sale of $2.35 million. Atlantic Bay Sotheby’s International Realty proudly represented both the buyer and the seller in this transaction.

     

    8 Telegraph Hill, Provincetown

     

     

    MARKET TIME - Average Days on Market

     

    2017 DOM

    2016 DOM

    2015 DOM

    Single Family

    223

    275

    235

    Condominium

    160

    178

    169

    Income/Multi-

    209

    167

    251

    Lots and Land

    112

    151

    762

    Comm/Ind/Bus

    246

    228

    396

    Hotel/Motel

    89

    167

    395

    B&B

    280

    0

    0

     

    PERCENTAGE OF LIST PRICE TO SALE PRCIE

     

    2017

    2016

    2015

    Single Family

    95%

    93%

    92%

    Condominium

    97%

    95%

    96%

    Income/Multi-

    89%

    92%

    90%

    Lots and Land

    93%

    89%

    89%

    Comm/Ind/Bus

    89%

    90%

    88%

    Hotel/Motel

    92%

    95%

    97%

    B&B

    92%

    N/A

    N/A

     

    ACTIVITY SUMMARY

    This year’s market activity for Provincetown shows a further tightening of inventory as the percent of sale price to list price increased by two percentage points, to 95% for single family homes, and 97% for condominiums.

    Sotheby's International Realty Launches New Website!

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    We are pleased to announce the launch of the newly redesigned Sotheby's International Realty SIR.COM, which was built to showcase the network’s listings in an immersive and visual way that is unique to the industry.

    “The new sir.com was created to tell the story of a home in a more editorial way, not the commoditized approach that can often be found in our industry,” said Wendy Purvey, chief marketing officer, Sotheby’s International Realty Affiliates LLC.  “We believe the art of marketing a home is based on showcasing its soul, so every aspect of the new site works toward this goal.”

    The design changes include an increased focus on full-screen, high-definition video throughout the site, from the homepage to property detail pages, to allow for a more immersive consumer experience.  High-resolution photography also plays a more prominent role.  The property detail pages feature: slideshows that tell a home’s story via the captions, custom video, location overviews that provide insight into the local area via video and text, and a seller or expert quote that offers a personal view of the property.  

    Consumers still can search for a home based on lifestyle and amenity but now have the ability to sort their results by various home features including pools, kitchens and views, and compare visual images of that feature among their search results. 

    “At the foundation of the Sotheby’s International Realty brand is our focus on lifestyle,” said John Passerini, vice president of interactive marketing for the brand.  “Our lifestyle search is more visual, and our focus on video and photography allows our affiliates to showcase the various lifestyles a home offers that cannot be properly articulated in words only.  Our fully responsive site works on any mobile device and allows our network members to do what we believe they do best: uniquely showcase extraordinary homes around the world anytime, anywhere and in any language.”

    “We are proud to be part of the Sotheby’s International Realty network and believe consumers worldwide will benefit from the groundbreaking features of the new brand website,” said Emily Flax, Broker and co-owner of Atlantic Bay Sotheby's International Realty. “The homes Atlantic Bay Sotheby’s International Realty represents in Provincetown, Truro and Wellfleet are unique, and the new sir.com allows us to showcase the heart of what makes them so special.”

    Atlantic Bay Sotheby’s International Realty in Provincetown, MA, offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. In addition, the firm and its clients benefit from an association with the Sotheby’s auction house, which promotes real estate referral opportunities with auction house clientele.

    As a Sotheby’s International Realty affiliate, the firm also has the unique ability to refer its real estate clientele to the auction house for jewelry, art, unique furniture and collectible appraisal services. Property listings from Atlantic Bay Sotheby’s International Realty also are marketed on the sothebysrealty.com global website, as well as on the firm’s local website, www.atlanticbaysir.com.

    Atlantic Bay Sotheby’s International Realty is located at 168 Commercial Street, Provincetown.  For additional information, please contact 508-498-2430. The Sotheby’s International Realty network currently has more than 16,500 sales associates located in approximately 760 offices in 60 countries and territories worldwide.    Each office is independently owned and operated.

    Provincetown Real Estate Sales 2012: The Year in Review

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    The market is rebounding!  Provincetown Real Estate Sales volume for 2012 was up nearly 52% over 2011!!!  To follow, find the year-end statistics for Provincetown.  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 229 properties sold in Provincetown in 2012, with a total sales volume of $127,089,190.

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

    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.*

    *Sales figures exclude timeshare properties.

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

    2012# Properties Sold/Average Price 2011# Properties Sold/Average Price 2010# Properties Sold/Average Price 2009# Properties Sold/Average Price
    Single Family 52 / $911,490 31 / $828,481 23/$1,086,804 25 / $718,284
    Income/Multi Family 4 / $768,750 15 / $808,053 8/$719,563 8 /  $662,301
    Lots and Land 3 / $248,333 4 / $465,750 6/$257,167 2 / $235,000
    Comm/Indust/Bus 2 / $129,000 3 / $1,268,333 5 / $415,500 5 / $316,750
    Condominium 166 / $420,721 113 / $400,170 124/$395,094 104 / $412,864
    Hotel/Motel  2 / $2,887,000 3 /$1,093,000 6/$1,555,000 0 / 0
    TOTAL 229 Properties Sold 169 Properties Sold 172 Properties Sold 144 Properties Sold

     

    Table 2:  Average Days on Market of Sold Properties

    2012 2011 2010 2009
    Single Family 225 220 287 279
    Income/Multi Family 79 310 186 115
    Lots and Land 1450 444 498 719
    Comm/Indust/Bus 266 202 343 218
    Condominium 196 234 249 213
    Hotel/Motel 750 231 550 -----

     

    Table 3: Percentage of Sale Price to List Price

    2012 2011 2010 2009
    Single Family 87.66% 91.60% 90.66% 90%
    Income/Multi Family 91.06% 91.06% 91.9% 87%
    Lots and Land 57.44% 92.77% 66.77% 62%
    Comm/Indust/Bus 86.32% 78.26% 88.7% 76%
    Condominium 95% 94.08% 92.61% 93%
    Hotel/Motel 91.65 90.86% 87.01% -----

    Activity Summary

    The market in 2012 was very robust!  Volume was up significantly over last year, percentage of sale to list price was up in the most active category of condominium sales, and average market times for condominiums shortened by 16% over last year.  Interest rates remained low all year, and played a large role in prodding buyers to come into the market.  Sales were also prompted by the fear of 2013 changes in capital gains tax and the onset of the  3.8% Medicare Surtax on Investment Income in 2013, resulting in a greater number of December sales than usual.

    From our perspective,  the bottom of the market is in the rear view mirror.  Shorter market times, higher average sale prices, and lessening inventory are all relevant factors.

    The total volume of MLS sales in 2012 was $127,089,190.  That is approaching the volume of Provincetown's highest volume year of 2005, which topped out at $139,366,255.  The number of properties sold this year, 229, exceeded the 228 that were sold in 2005.

    Highs and Lows

    The lowest priced residential condominium to sell last year was studio unit on Union Wharf in the West End . The unit has 150 SF and sold for $106,896.

    The highest priced residential condominium was a free-standing, 2 bedroom/2.5 bath, waterfront townhouse at 79 Commercial Street, Unit #1. The unit has 1,600 SF and sold for $1,550,000.

    The lowest priced single family residence to sell last year was a three bedroom house at 217 Bradford Street that needed a complete rehab. It has 1,140 SF and sold for $212,500.

    The highest priced residence was an Atlantic Bay Sotheby's sale at 29 Commercial Street.  This is a spectacular four bedroom, 3.5 bath, bay-front home in a very desirable stretch of the West End waterfront. It has 2,940 SF and sold for $2,925,000.  We proudly represented the buyers and the sellers of this lovely property.

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    Sotheby's International Realty Brand Introduces Luxury Website for Waterfront Market Segment

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    Once again, we proudly distinguish ourselves from our competition by offering our seller clients a new website for marketing their waterfront property to an international audience of the world's most qualified buyers.  Sotheby's International Realty Affiliates LLC announced the launch last week of a Waterfront specialty market website, the second in a planned series of branded websites for specialty markets.

    The specialized website, which can be found at waterfrontpropertysir.com, matches the look and feel of the brand's website, sothebysrealty.com, and provides detailed Waterfront lifestyle and listing information and resources. The website enables buyers and sellers to search for the finest properties in this segment and the sales professionals who represent them. It covers a full spectrum of lifestyle types and properties including: ocean and beach, riverfront, lakefront, island and boating. This site was launched with more than $13 billion of waterfront property listings worldwide. The website will also highlight notable sales in this segment.

    "The Waterfront segment offers some of the most striking photography, making it a natural choice for a specialty market website," said Wendy Purvey, chief marketing officer, Sotheby's International Realty Affiliates LLC. "Waterfront is far and away the most searched lifestyle on sothebysrealty.com, so there is a great consumer fascination with this market. We will continue to enhance this specialty market website by adding custom content on waterfront living based on the body of water. For example, the site will convey what it is like living on an island in the Bahamas versus living on a lakefront in Italy or Minnesota."

    In addition to searching for waterfront properties on this new site, our buyers can easily search for property on the outer Cape through our website, atlanticbaysir.com.  You'll find one-click links that will quickly do the searching for you, for example Provincetown Single Family homes, Provincetown Condos, Truro Single Family homes, B&B's and Inns for sale and many others.

    The Sotheby's International Realty network currently has more than 12,000 sales associates located in approximately 625 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 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.

    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.