Atlantic Bay Management

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.