Provincetown Real Estate Blog

Provincetown Real Estate: Wonderful, bright & sunny free standing one bedroom condo in the center of Provincetown!

2011-05-26T15:05:00.002-04:00

Provincetown Real Estate: Wonderful 2 bedroom condo in Provincetown's West-end for only $519,000!

2011-05-26T15:03:00.002-04:00

Provinccetown Real Estate: Seller's please read carefully!

2011-04-29T12:56:00.000-04:00

I found this terrific article about what Sellers need to consider when reviewing an offer. I want Sellers to read this article as well as Buyer's so Buyer's have an understanding of what is going through a Seller's mind. Buying or selling real estate in Provincetown or anywhere on Cape Cod can be vastly different than other areas.

Have a plan for reviewing purchase offers so you don't let the best slip through your fingers.

1. Understand the process
All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines
Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process
If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally
Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term
Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures—such as appliances, furniture, or window treatments—to be included in the sale that you plan to take with you?
Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.
Have the buyers attached a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can't get a mortgage, and they'll take their earnest money back, too. Are you comfortable with that uncertainty?
Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?
With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative
If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

The writer of this article, G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Provincetown Real Estate | Financing second homes - Part 4

2011-04-26T07:52:00.000-04:00

As I mentioned in my Part 3 post, you could be fully pre-approved as a Buyer with no issues what – so – ever. Believe or not, you are only half way to obtaining a mortgage- especially if you are buying a second home condo (rather than a free standing single family home)! The condo and the condo association must also be approved by the lender (called Condo warranty).
Because many foreclosures are condominiums and some condo associations actually went bankrupt themselves, lenders look very closely at the strength of the condo association in addition to the strength of the borrower.

What do lenders look at within an association?

Established condo- The condo association must be completely established or have at least 70% of the units sold and conveyed to new Buyers (if the association is newly formed). The condominium documents (Declaration of Trust and Master Deed) must be complete, finalized and recorded at the local registry of deeds. Lenders will review all condo documents to make sure that the documents comply with their guidelines . While they are reviewing the condominium documents, they may also ask for a copy of the minutes from meetings which were held within the last year as they want to see if any major upcoming expenses were discussed.

Budget- The lender will review the latest approved budget. Lenders need to see a line item labeled “reserves” equal to 10% of the total annual budget. For example, If the total budget for the year is $10,000. , then there must be a line item marked “Reserves” for $1,000. The lender needs to see that money is being set aside for any unexpected future repairs. Even though the association may have a reserve account with a healthy balance- it doesn’t matter. They need to see that money is currently and automatically being set aside which demonstrates fiscal responsibility on the part of the association. In addition, they may also ask to verify that the association has enough in the reserve account to cover insurance deductibles.

Rental office- Many motels here on Cape Cod were converted to condominiums throughout the last 20 years. Many of these associations have kept a Rental Manager and a Rental office onsite. The owners love this feature since they do not have to book and manage the rentals but any association operating with this onsite rental office will be rejected by the lender. Currently, lenders call this type of property “Condotels”. Since this type of property is operated like a motel , it is a much higher risk of potential default because they know that the condos are investments (versus 2^nd homes). You are more than welcome to rent your condo on your own! However, when there is an actually onsite office and/or Rental Manager mentioned within the condominium documents- it is a big red flag to lenders!

Insurance- Condo associations must have a Master Insurance Policy which will cover the common areas and the building. The lender will review the Master Insurance Policy to be sure that there is adequate coverage should a disaster happen. If there is not enough coverage, the association will be asked to increase the coverage. Most master insurance policy’s will only cover the exterior of the building and the studs of the units. The lender will ask you, the individual Buyer/unit owner, to purchase H06 insurance if the master policy does not cover from the “walls in” of the unit. An H06 policy insures from the studs inward as well as liability and theft. Be sure to discuss specifics with your trusted Insurance Agent to learn more details.

Square footage- Many lenders will not lend on a second home condo if the square footage is less than 500-600 square feet. Maryann Taormina from Guaranteed Rate , however, does have several lenders that are fine with the smaller square footage condos so the financing is available. Just be sure to question your lender to make sure there won’t be an issue if the condo is less than 500-600 square feet.

Commercial units- Be sure to learn whether there are any commercial units within the condo association you are buying into. It is important to determine the percentage these commercial units own within the association. If the percentage is higher than 20%, the condo may not be approved by the lender.

I am not a Mortgage expert and will not pretend to be a mortgage expert. The information contained here in my blog are issues of which I have encounter and learned over time. For more precise details of the mortgage qualification process, you need to consult with a reputable licensed Mortgage Representative who is knowledgeable about second home financing on Cape Cod.
Be sure to visit my website to view a small handful of properties available here in Provincetown, Truro, Wellfleet as well as the surrounding Cape Cod area.

Provincetown Real Estate | Financing Second Homes- Part 3

2011-04-16T08:26:00.000-04:00

Now that you have clean credit reports from the 3 major credit reporting agencies, your Mortgage Representative will now evaluate all of your financial data in order to determine how much you can qualify for to spend on a new 2^nd home purchase. They must factor in some basic estimates on taxes, insurance and condo fees (if any) on the new purchase.

Now you can begin to start looking at properties! You should now have a clear mind knowing exactly what you can qualify for and how much your estimated expenses will be so you will know whether you should decrease or increase the amount you wish to spend depending on your own personal comfort level. Obviously, you cannot spend more if you do not qualify. This pre-approval process will also "open more doors" for you. Sellers and their Seller Agents are well aware of the "mortgage meltdown". Thus, many Sellers and Seller Agents will not allow their property to be viewed by a Buyer unless the Buyer is pre-approved with a reputable local lender. The Seller or the Seller’s Agent does not want to waste their time showing a property if the Buyer is not qualified and cannot get a mortgage.

Buying a second home here in Provincetown is a wonderful process and a dream to be able to enjoy the natural beauty of the Cape Cod National Seashore or stroll through the charming boutique stores along Commercial Street in Provincetown or dance an afternoon away in the sun at The Boatslip's Tea-Dance. Thus, it would also be a complete waste of your own time looking at properties if you cannot qualify to purchase a second home. I never want to see anyone's hopes raised up wanting this Cape Cod experience only to have it come crashing down to find out (after the fact) that you do not qualify under today's tightened mortgage lending guidelines.

Buyers have said to me: "Oh, I have terrific credit and make good money, so there won't be a problem getting mortgage". However, sadly, many Buyer's do not qualify once they have a complete understanding of mortgage lending for second homes under the new lending criteria in 2011.

Recently, a national news media outlet said an estimated 25% of mortgages were declined by mortgage lenders. I am delighted to have Maryann Taormina as a reputable local Mortgage Representative for Guaranteed Rate in "my corner". Due to her close attention to details prior to a loan being submitted for final approval, less than 1% (if any) of her mortgage loans are declined in the final approval/underwriting process!! That makes my Buyers extremely comfortable having such a knowledgeable person working with them to a successful closing ! If you are even remotely thinking about buying a second home here on Cape Cod, be sure to contact Maryann first at 508-237-1424 or by e-mail at marytee@guaranteedrate.com.

In my next blog post, I am going to explain how you, as a Buyer, can be fully pre-approved. But, the second home condo you wish to purchase may not be approved by lender. I'll go into what I, as a Buyer Agent, will be looking for in regards to condos on your behalf.

Be sure to visit my website to view a sample of properties for sale along with many pages of other valuable information regarding real estate here on Cape Cod.

Provincetown Real Estate: Financing Second Homes- Part 2

2011-04-01T11:14:00.000-04:00

Cape Cod is absolutely beautiful!! Especially in and around Provincetown, Truro, Wellfleet, we have that “Cape Cod Charm” like no other place!! As such, people have a very high desire to purchase a second home/condo here.

As I mentioned in Part 1, obtaining financing on a second home here in Provincetown is a bit tricky. However, it can certainly be done especially if you are prepared- so you will be able to start enjoying your special piece of paradise!

Now that you have an up-to-date, accurate credit report and all of your financial statements in the hands of your Mortgage Representative, you are wondering “OK, now what?”
The very first question the Mortgage Representative will ask is “how much liquid cash do you have to be used for a down payment?” For a second home mortgage, you will be looking at a minimum of 20% down (could be a little less depending on your complete financial profile). However, it is best to be prepared to put 25% down. If you put 25% down, this will allow you to get a lower rate and/or better terms than if you put down only 20%. If you are applying for a second home jumbo mortgage (loan amount higher than $417,000), a minimum of 25% or more may be an absolute requirement.
The Mortgage Representative will review your FICO score. More than likely, the lender will use the middle FICO score of all 3 credit reporting Agencies. To qualify for the best rates and terms, the middle FICO score should be higher than 740. If your score is less than 640, mortgage financing for a second home is not available from most lenders. The Mortgage Representative will review the tiers of credit scores for various loan products based on your overall financial profile.

The next vital important calculation is your debt to income ratio. In most cases, the maximum debt to income ratio allowed is 50% for all debts. The new home purchase (including taxes, condo fees, insurance) you are considering is factored into this ratio along with your primary residential housing expenses and all installment & revolving debt. In the end with the new second home mortgage, your total monthly debt should not exceed 50% of your monthly gross income as documented on tax returns and recent paystubs. Some lenders, depending on your overall financial profile, may have a tighter 45% or less debt to income ratio limit. Keep in mind, monthly debt includes all credit cards, all car loans, all current mortgage(s) including taxes, insurance and condo fees, car loans, student loans, child support, etc.

The Mortgage Representative will review all of your asset statements to verify the liquid cash which you will be using for your down payment. Lenders want to see that all the funds are in your name in your account(s). It is best if the funds are “seasoned”, meaning they have been clearly in your account for the last 3 statement cycles. If the source of the down payment is not “seasoned”, the lender will want to see absolute proof of where the funds will be coming from (must be an asset source in your name).

Did you receive a very nice cash gift from a rich Uncle for your birthday within the last couple of months? That is terrific!! However, lenders do need to source any deposits over $1,000 (outside of your normal documented taxable income). If you received $1,000 from your rich Uncle and you deposited it into your checking or savings, you will be required to provide some sort proof of where you got the money from. The reason lenders require this is because they need to know for sure that you did not borrow the money which would be considered an undisclosed debt.

OK, let’s review what I have covered so far in my first blog post and this post about a few of the requirements in order to obtain a second home mortgage:

Down payment- Proof of “seasoned” funds in your name totaling a bare minimum of 20% of the purchase price. However, be fully prepared to put down up to 25% if needed.

Credit reports- Accurate credit reports from the 3 credit reporting agencies with a mid FICO score of higher than 740 to obtain the best rate and terms. You may run into serious trouble obtaining a second home mortgage if your average FICO score is below 640. Visit FICO score website for more details about the FICO score, how to improve the score or how you could lower your score without knowing it!

Debt to income ratio- Your debt to income ratio should not be higher than 50%. 45% or lower is a better ratio to work within. If you are right at 50%, there is NO room for any errors!

Large deposits- Absolute clear proof of any large deposits over $1,000 outside of your normal documented taxable income.

As I stated in my earlier post for full disclosure, I am NOT a Mortgage Representative or a mortgage expert. A reputable, licensed Mortgage Representative will give you more detailed advice based on your financial profile.

My goal as a Trusted Real Estate Adviser, is provide basic information to my Clients to help make the lending process a little easier to understand and to help you be prepared.

If you do not have a Mortgage Representative to speak with who has closed many second home mortgages here on Cape Cod, the Mortgage Rep my Buyers work with is Maryann Taormina of Guaranteed Rate. Maryann can be reached at 508-237-1424.

If you are enjoying reading this blog, please sign up to the right of this page to enter you e-mail address to be updated on new posts. I would enjoy having regular readers and feedback!
Be sure to visit my Provincetown Real Estate website for a quick peak at properties for sale in Provincetown as well as much more information on a variety of real estate topics.

Provincetown Real Estate: Financing second homes- Part 1

2011-03-29T06:40:00.000-04:00

Prior to actually going out and viewing properties, you will need to obtain a pre-approval from a local lender. This is for your best interest before you take the time and energy to find a property, fall in love with it, then to only find out there was a tiny glitch in the mortgage process to prevent you from obtaining your dream second home. In many cases, Sellers are demanding that only pre-approved Buyers are allowed into their homes.

Unless you have been asleep for the last 5 years, you have heard or read about the “mortgage meltdown”. Due to the “meltdown”, Fannie Mae/Freddie Mac as well as private mortgage insurers, mortgage investors and your local bank on the corner, have instituted much tighter guidelines when it comes to approving a mortgage. Not only have the guidelines been tightened over the last 5 years- they continue to change very often!

As such, it has become much more difficult to finance a second home (especially a condo). Thus the reason at the time of this writing 33% of real estate sales are cash sales. However, the great news is obtaining financing can be done! Which is why 67% of the sales are financed.

In the coming days and weeks, I am going to be blogging about several different areas on how you can be in the best position if you are looking to buy a second home here in Provincetown or anywhere here on Cape Cod. There are so many topics to be discussed, I cannot cover it all in this one post without looking like book. :)

Full disclosure: I am not a Mortgage Representative and I do not know the deep details of mortgage financing. However, as a Trusted Real Estate Adviser to you, I want to share some of the information I have learned from various lenders. Even if you refinanced or purchased a home in the last few years, I highly advise following my blog posts since many areas within mortgage lending has changed!

Your very first step is to organize all of your financial documents, which include but not limited to: recent pay-stubs, last 2 years tax returns, credit card statements, mortgage statements, bank statements of your checking and savings, statements of any stocks/bonds and any statements of any other asset or income. Be sure you have ALL PAGES…..even if it is a blank page!! If you are computer literate, I would highly advise scanning all of these documents into various PDF files. Name the PDF file a name which relates to the documents contained within the file for easy identification.

The next step is contact a Trusted Mortgage Representative who has recently financed properties here on Cape Cod. I highly advise my Buyer Clients to use a local Representative as this person will know all our unique characteristics market here on Cape Cod- especially in Provincetown! The Mortgage Representative I refer my Buyer Clients to is Maryann Taormina of Guaranteed Rate, her direct phone number is 508-237-1424.

Explain to Maryann (or the Mortgage Representative you know well and trust) that you wish to purchase a second home and would like to get pre-approved. This will involve pulling your credit report and giving the Mortgage Representative all of your financial documents.

I would ask the Mortgage Rep for a copy of your credit report from all 3 major credit reporting agencies: Experian, TransUnion and Equifax. Be sure to go through the reports very carefully! Even if the Mortgage Rep says everything looks fine and your credit is great, you need to be sure of the following: be sure there are no credit grantors you do not recognize, be sure the balances owed on your debts are correct, be sure the monthly payments are correct, be sure any accounts which you closed out are reported as closed on your credit report.

If there are any errors, you may file a report with the credit reporting agency advising them of the reporting error. In most cases, this can be done online on the individual credit reporting agency website. In most cases, errors are corrected within 30 calendar days.

This step is vital, cannot be overlooked or minimized.

Now you have some homework to do! Follow my blog and be sure to check back often. I will be posting more vital information in the very near future.

Want to take a peek at some properties online while you are doing your homework? Visit my website to see a small handful of properties for sale. Meanwhile, feel free to contact me or phone me at 508-237-4632 for more information.

Provincetown Real Estate: Provincetown Housing Trends - Rick Tourgee

2010-12-16T08:56:00.000-05:00

Good morning! Here is a terrific link to my Monthly Provincetown Housing Trends Newsletter filled with interesting local and national statistics! Please feel free to contact me with any questions!

Provincetown Real Estate: Provincetown's Monument lighting signals start of holiday season!

2010-11-25T06:18:00.001-05:00

Provincetown's Monument lighting signals start of holiday season! This annual lighting draws many local people out of their cozy homes to enjoy this beautiful event! From my office every evening I can see the lights streaming down from the top of the Monument.

Provincetown Real Estate-Tips for Getting Vacant Homes Ready for Winter

2010-11-17T15:34:00.000-05:00

I came across this terrific article from REALTOR® Magazine-Daily News on "Tips for Getting Vacant Homes Ready for Winter". My Clients who own second home here in Provincetown or anywhere here on cape Cod will this article valuable!

Driving to Provincetown or anywhere here on Cape Cod? I have good news for you!

2010-11-17T15:26:00.002-05:00

Visiting Provincetown or anyplace here on Cape Cod? Great news- Bridge Work Finishes Ahead Of Schedule! Click here to read this good news!

Provincetown Real Estate: If you bought a foreclosure property recently, find your title insurance certificate!

2010-10-18T16:18:00.000-04:00

If you purchase a property that was a foreclosure, be sure to find your title insurance policy from the closing. If you do not have access to it, contact your Attorney who handled the closing to obtain a copy. Be sure to keep it in a safe place! Click here to read this important article! REALTOR® Magazine-Daily News-Buyers: Find Your Title Insurance Certificate

Provincetown Real Estate: Lowest priced two bedroom condo in Provincetown's West End for $319,000

2010-09-30T20:38:00.000-04:00

Located in the prime West-end of Provincetown, you will this terrific 2 bedroom top floor condo. This is the lowest priced two bedroom condo in the West-end of Provincetown on beautiful Cape Cod! $319,000

Provincetown Real Estate: Free standing one bedroom condo reduced to only $349,000!

2010-09-30T20:35:00.000-04:00

This is a snappy one bedroom free standing condo in the prime West-end of Provincetown on beautiful Cape Cod. The price was just reduced today to $349,000

Provincetown: This weekend is the annual Provincetown Harbor Swim for Life fundraiser!

2010-09-10T07:05:00.001-04:00

Starting at 10:30am on Saturday September 11, 2010 is the annual Provincetown Harbor Swim for Life to raise money for several local nonprofit groups. Celebrating freestyle fundraisers in Provincetown | CapeCodOnline.com

Provincetown Real Estate: Price reduction on this terrific fully renovated one bedroom condo in Provincetown's West-end, Provincetown, MA $369,000

2010-08-27T07:59:00.004-04:00

Price reduction on this terrific, fully renovated one bedroom condo with more than 600 square feet in the prime West-end of Provincetown! Now $369,000

Cape Cod Real Estate: Volume of home sales drop, but prices rise | CapeCodOnline.com

2010-08-26T06:19:00.001-04:00

Cape home sales drop, but prices rise. Cape Cod (Barnstable County) is holding up much better than the rest of Massachusetts | CapeCodOnline.com

Provincetown Real Estate: Studio Condo for Sale in Provincetown only $248,900

2010-08-03T07:09:00.001-04:00

Bright and open studio condo for sale in Provincetown. Great central location in the near West End. Click here to see more details, more photos and to view the virtual tour! Only $248,900

Business is jumping on the Cape | CapeCodOnline.com

2010-08-03T07:00:00.001-04:00

Business is jumping on the Cape. Click here to read the entire article from CapeCodOnline.com!

Provincetown Real Estate: Free standing one bedroom condo in the prime West-end of Provincetown $399,000

2010-07-31T14:28:00.001-04:00

Free standing one bedroom condo on Conant Street in the West end of Provincetown. Fully renovated in 2009 with beautiful hardwood floors, Main level is the kitchen, living area as well as a half bath. On the second level you will find the bedroom and full bath with a fabulous stone shower as well as radiant heat in the bathroom floor! Terrific private exclusive use outdoor space. Click here to see many details, additional photos and to view the virtual tour! Listed for only $399,000

Provincetown Real Estate: Renovated one bedroom condo for Sale in Provincetown's West End $379,000

2010-07-31T14:18:00.002-04:00

Located in the West-end of Provincetown, you will find this beautifully renovated one bedroom condo. Open living area, bright and sunny! Hardwood flors, A/C, stone counters, stainless steel appliances, great outdoor space! Click here for many more details, additional photos and to see the virtual tour! Listed for only $379,000

Provincetown Real Estate: Things to consider before buying a second home!

2010-04-01T13:29:00.000-04:00

Since Provincetown and Cape Cod consists of mainly second home Buyers, I thought this article would be terrific to post!

Buy Vacation Home in Haste, Regret at Leisure

With vacation home purchases on the upswing, here are some things that potential buyers should ask themselves:

• What are the maintenance costs? They’ll have to pay them even when they are not there.
• Does the weather drive up insurance and other costs?
• How popular is the area? Will hoards of people make coming and going difficult?
• Is getting there no fun? Some isolated places are really beautiful, but the airport is a long way.
• Will all the grandchildren or other welcome visitors fit? Or is this vacation home just too small?
• Can it be rented? If an owner needs to reduce costs, is there a market?
• Do they really want to go there every weekend?

Source: The Wall Street Journal, Sushil Cheema (03/29/2010)

This is just a sample of things to consider. If you are thinking about buying a second home here in Provincetown, Truro, Wellfleet, or any of the surrounding Cape Cod communities, please visit my website to see a small sample of properties available.

Provincetown Real Estate: Video tour of a Provincetown condo for sale

2010-03-26T07:42:00.000-04:00

Provincetown Real Estate: 2010 Sales

2010-03-24T14:46:00.000-04:00

2010 is shaping up to be another terrific year for real estate sales here in Provincetown! I have entered the year to date 2010 closings on my web page.Click RECENT SALES now to see this page! 2010 sales are at the top of this page. As you scroll toward the bottom you will also see 2009 closings.Sales information will be updated as sales are posted our MLS system.

Be sure to check my website often! Go to my home page and click on recent sales on the left side. My goal is to be sure my website and blog bring you valuable real estate advice, so you will return to my site and refer it to friends who may want real estate advice here on Cape Cod.

Oh, by the way, my business thrives on referrals. If you know anybody looking to buy or sell anywhere on Cape Cod, I would be honored to have the referral from you.

Rick Tourgee

Century 21 Shoreland

508-237-4632

Provincetown Real Estate: Spacious three bedroom condo in Provincetown's East-end

2010-03-10T17:39:00.001-05:00

8 Thistlemore Way

Provincetown, MA 02657

$649,900

Located in the East-end of Provincetown in Somerset Heights, you will find this very private 3 bedroom home nestled in the woods on a private road. The current owner took great care and pride by installing solid oak floors in the living and bedrooms areas and sustainable cork flooring in the bathrooms and hallway. This spacious, warm, inviting home offers plenty of space for family and friends, yet allow intimate dinners and gatherings. A peak of Cape Cod Bay and lighthouse in the distance can be enjoyed from your deck which overlooks professionally landscaped gardens of hundreds of tulips, lilies, poppy's, bamboo and many others. Caring for the gardens is a breeze with the well and pump system. Included is a new hot tub (seats 4-6 people). Visit my Provincetown Real estate website for more details and more photos!

Provincetown Real Estate: Spacious two bedroom condo in Provincetown's Seashore Park neighborhood

2010-03-10T17:26:00.001-05:00

10 Seashore Park Drive # K

Provincetown, MA 02657

$365,000

Located in the Seashore Park neighborhood of Provincetown, you will find this extremely spacious townhouse style 3 bedroom condo. Beautiful hardwood floors are in the main living area as well as the stairs and ceramic tiles in the kitchen. The kitchen and baths have original fixtures (in very nice condition!) On the 2nd level you will find 2 bedrooms and one full bath. The 3rd bedroom occupies the entire third floor! This home is an end unit with only one common wall for added privacy. Visiting the bike trail or Race Point Beach is a breeze from Seashore Park! Visit my Provincetown Real Estate website to see additional information and more photos! Want to schedule an appointment? Feel free to e-mail me!

Provincetown real estate: January Sales volume and prices increase on Cape Cod!

2010-02-04T05:14:00.000-05:00

Great news for the real estate market here on Cape Cod! Volume and prices increase in January. See the article from the online version of the Cape Cod Times below-

The Cape's real estate market continued to show signs of stability during January, with sales volume and median price increasing year-over-year, according to numbers released yesterday by the Barnstable County Registry of Deeds.

Sales volume for the month was 20.8 percent higher than in January 2009, with 343 deeds recorded, Register John F. Meade reported. The registry compiles its data based on all sales above $50,000.

The median sale price for January was $294,000, an increase of 6.9 percent from the same month a year ago. January 2009's median sale price was $275,000.

Both sales volume and median value trail the figures for January 2008, when the registry reported 392 sales with a median value of $323,000.

And while the median price dropped 6.7 percent from December's $315,000 — the high for 2009 — it was higher than six of the preceding 12 months' midpoint values.

Meanwhile, mortgage activity showed a steep year-over-year decline. The registry logged 1,097 mortgages with values above $50,000 last month, a drop of 23 percent from the January 2009 total of 1,424. The median mortgage amount also fell, from $248,600 a year ago to $235,000 last month.

Provincetown Carnival 2010

2009-12-06T15:18:00.002-05:00

Provincetown Carnival theme for 2010 is Jungle Fantasy! Mark the week in your calendar: August 15-21, come to Provincetown! It will be a blast!

Provincetown Real Estate: Sales activity continues to surge!

2009-12-03T07:41:00.000-05:00

As I stated in an earlier post, I am thrilled to announce really good news for Buyers and Sellers of Provincetown real estate! Activity of Buyers signing contracts has surged dramatically not only during the 3rd quarter- but, it is continuing well into the 4th quarter!

To demonstrate how active the market has been, YTD according to our Cape Cod & Islands MLS service, there have been 128 sales/closings of all properties across all price ranges. However, as of today, December 3 there are 37 properties that now have a signed contract! Most of these properties should close within the next 4-6 weeks or so. To see what has actually closed in Provincetown in 2009, visit my recent sales page.

Since Provincetown is primarily a second home market, the first time home buyer tax credit has no bearing on the reason for the growth in sales. However, mortgage rates are at an all time low, Buyers have been holding off and now there is pent up demand............and without question- Provincetown offers a life style like no other resort area and has a limited supply of properties.

Inventory is till plentiful- but, dwindling as premier properties are selling. Many people earlier have put their buying decisions hold to “see what happens”. I am highly advising my Buyers to not wait any longer if there are ready, willing and able to purchase a condo or home here in Provincetown.

Please visit my Provincetown real estate website to see a sampling of available properties. Please feel free to call me at 508-237-4632 should you wish to discuss your personal goals and objectives of buying a second home here on Cape Cod.

Provincetown Real Estate: One bedroom condo in Provincetown's west-end sold!

2009-10-18T10:31:00.005-04:00

25 Winthrop Street # 3

Provincetown, MA

This terrific, light & bright one bedroom one bath condo located in the desirable West-end of Provincetown sold on October 16 for $280,000. This condo has 474 square feet, sunny exclusive use deck, park and a terrific rental history!

Provincetown Real Estate: Recent sales of Provincetown properties updated

2009-09-08T19:57:00.001-04:00

Clients ask me, "what properties have sold and what prices did they sell for in 2009?".

I have added and updated a page to my website with a list of sold properties- with the date it sold, the address, the list price, the selling price, days on the market, and a brief property description. Click RECENT SALES now to see this page!

Sales information will be updated as sales are posted our MLS system. Be sure to check my website often! Go to my home page and click on recent sales on the left side. Currently, the information is updated through August 31, 2009.

My goal is to be sure my website and blog bring you valuable real estate advice, so you will return to my site and refer it to friends who may want real estate advice here on Cape Cod.

Oh, by the way, my business thrives on referrals. If you know anybody looking to buy or sell anywhere on Cape Cod, I would be honored to have the referral from you.

Provincetown Real Estate: Real Estate activity surges!

2009-09-08T19:41:00.000-04:00

I am thrilled to announce really good news for Buyers and Sellers of Provincetown real estate! Activity of Buyers signing contracts has surged dramatically within the last couple of months!

To demonstrate how active the market has been, YTD according to our Cape Cod & Islands MLS service, there have been 57 sales/closings of all properties across all price ranges. However, as of today, September 8 there are 47 properties that now have a signed contract! Most of these properties should close within the next 4-6 weeks or so.

Provincetown offers a life style like no other resort area and has a limited supply of properties.

Mortgage rates are terrific and inventory is till plentiful- but, dwindling as premier properties are selling. Many people earlier have put their buying decisions hold to “see what happens”. I am highly advising my Buyers to not wait any longer if there are ready, willing and able to purchase a condo or home here in Provincetown.

Please visit my website to see a sampling of available properties. Please feel free to call me at 508-237-4632 should you wish to discuss your personal goals and objectives of buying a second home here on Cape Cod.

Provincetown Real Estate - Buyer, mark my words,

2009-07-23T12:03:00.001-04:00

I have been telling my Buyer Clients for many months now that this is a terrific time to buy. However, I never want to come across sounding like a pushy salesman. I am a respectable Real Estate Broker with a proven track record. However, because this is the time to buy, I am looking to buy a second home myself!

Today, it was announced that sales of previously owned homes in the United States increased at a faster-than-expected annual pace in June-, in the third straight month of gains.

The National Association of Realtors said sales rose 3.6 percent to an annual rate of 4.89 million units from a downwardly revised 4.72 million pace in May. June’s reading compared with forecasts for a 4.84 million unit annual pace.

Sales in other areas are up significantly, such as Greater Fort Meyers, FL, sales are up 116% YTD. Other areas are reporting increases as well, Las Vegas is seeing a nice increase, Phoenix is seeing a nice increase. True, prices fell as much as 50% in these areas from the peak and the majority of the sales are of distressed properties. But, a significant number Buyers are buying which is eliminating inventory and eliminating further price declines.

If you seriously considering buying a second home here on Cape Cod, especially in the Provincetown and surrounding areas- please do not wait much longer…….mark my words!

Visit my website to see a sample of properties currently for sale.

North Truro MA: Seasonal use condo for sale for only $135,000

2009-07-17T08:50:00.003-04:00

132 Shore Road # 47
North Truro, MA
$135,000

Click here to visit the property website!

Terrific seasonal use condo located in Braemar condo association. Braemar, a 3 season Condominium Complex named for its lovely, hillside location reminiscent of the Scottish Moors. This first floor condo is very open, bright and spaciously comfortable to entertain with friends. Here you will enjoy gentle ocean breezes and breathtaking sunsets on Cape Cod Bay. Braemar is in a setting as relaxing or active as you desire. Bask in the sun at the outdoor pool, or simply relax on your private deck. Braemar offers visitors to Cape Cod a comfortable alternative... with ample parking and oversized living- quarters. Less than 1 mile down the road are beautiful beaches for swimming and sunning. Thirty miles of unspoiled ocean beaches in the National Seashore Park surround the area as well. Sorry not pets are allowed.

Provincetown real estate | 2009 real estate sales

2009-06-11T15:09:00.001-04:00

Many of my Clients ask me how business is in 2009 and how well properties are selling. Actually, properties are selling as Buyer realize now is the time to buy and mortgage rates are all historic lows.

I have created a webpage called “Recent Sales” on my website which lists the real estate closings in Provincetown in 2009. The Recent Sales page will give you the property address, the list price, the final closes sales price, how many days the property was on the market, and a brief description of the property.

My goal is to be a Trusted Real estate Adviser to Clients. My website is a valuable tool to keep Clients up to date on the real estate market here on Cape Cod. I would enjoy quality feedback from you about what you read on my website. Feel free to phone me at 508-237-4632 or e-mail me at Rick.Tourgee@Century21.com.

Provincetown Real Estate: Commercial Street comes alive!

2009-05-16T15:41:00.001-04:00

Provincetown comes alive again!! Today was a fantastic warm, sunny day with many people coming out of their homes as well as many people making a day trip to Cape Cod from the Providence and Boston areas. This weekend is the annual Provincetown town-wide yard sale......bargains for many!

Speaking of bargains.....If you would like to speak with me about your personal real estate goals and objectives, please feel free to call me at 508-237-4632 or e-mail me at Rick.Tourgee@Century21.com. Feel free to visit my website to browse through many of the condos and homes on Cape Cod for sale.

Provincetown Real Estate: Buyers, do NOT miss the boat

2009-05-09T11:17:00.003-04:00

I recently received an e-mail from a Buyer Client who is not ready to buy yet and was checking out my website to see if prices have fallen here in the Provincetown area of Cape Cod. I thought it would be valuable for any Buyer to read what I wrote back to my Client. Here is what I wrote:

"Provincetown is a very unique area with very limited land, with almost no more land that can be built upon. This area of Cape Cod is a huge second home market. As such, most Buyers in the past purchased property with at least 20% down, have terrific credit, good assets, etc. As such, we have seen only a very small handful of short sales or foreclosures compared to "middle America". Thus, prices have only softened here by maybe 10%-15%, except in those very few rare cases where a Seller had to sell......or if the property was drastically over-priced to begin with regardless of market conditions.

Sales here are good. Buyers are still buying here because of the life style this area of Cape Cod offers, while inventory is good and mortgage rates remain at all-time lows. Thus, the bottom line to everything I am saying is that you should buy when you are ready, willing and able to buy. Prices are remaining firm. When the economy does turn around and becomes very strong, prices could rise at a decent pace again. You should buy when you are ready in your heart to own a special piece of Cape Cod......don't try to time the market! Whether it is the stock market or the real estate market, or any other market.....if you try to time the market, you will probably loose in the end.

Please feel free to reach out to me anytime with any questions or concerns. I am here to help."

I never want to push anybody into doing something they do not want to do, I never act like a pushy salesman. I am extremely proud that Buyers hire me to be their Professional Real Estate Adviser for honest advice and look out for the interest above my own interest. This fact makes me extremely successful!

If you would like to speak with me about your personal real estate goals and objectives, please feel free to call me at 508-237-4632 or e-mail me at Rick.Tourgee@Century21.com. Feel free to visit my website to browse through many of the condos and homes on Cape Cod for sale.

Provincetown Real Estate: Adjustable Rate Mortgages

2009-05-09T10:20:00.003-04:00

Many Buyers get very afraid when they hear "Adjustable Rate Mortgages". Buyers need to be good consumers and do their homework with a good calculator and a good Mortgage Representative. Here in Provincetown and the surrounding area, this area is mainly a second home market. Here is fact to consider: most second homeowners only keep the property for 2-5 years on average.

Most property owners end up trading the property for larger, or smaller, or for a different location. Since it is a second home, it is easier to make the trade for another property. Thus, it could make financial sense to obtain an adjustable rate mortgage with an initial rate lock for 3-5 years (these rates are typically called 3/1 or 5/1 ARM's). This could keep your payments more affordable and could allow more money to go toward principal- which would in turn give you more equity when you sell the property for another second home.

When working with Buyer Clients, I always advise a 3/1 or a 5/1 ARM. Unless, they are 100% sure they are going keep the property for more than 5 years. I don't know about you, but, I am not 100% sure I will have my second home in 5 years!

If you are considering buying or selling a home here in Provincetown or the surrounding area, please call me at 508-237-4632 or feel free to e-mail me at Rick.Tourgee@Century21.com. I am proud to have a proven track record working with Buyers and Sellers looking out for their best interest above my own. Feel free to browse my website to view a variety of condos and homes here on Cape Cod.

Provincetown Real Estate: Provincetown Real Estate Assessed values for FY 2009

2009-05-08T12:33:00.002-04:00

Attention all Provincetown real estate owners: The Provincetown Board of Assessors announces that the public disclosure period for fiscal year 2009 assessed values is now through May 8, 2009.

The fiscal year 2009 values, which are pending preliminary certification from the Massachusetts Department of Revenue, reflect full and fair cash value as of Jan. 1, 2008. As required by Mass. State law, the fiscal year 2009 assessments are based on sales of similar properties in calendar year 2007. To view the FY 2009 Assessed values file and download to your computer, please visit www.provincetown-ma.gov/assessor.html

When considering buying or selling real estate here in Provincetown or anywhere on Cape Cod, please feel free to call me at 508-237-4632 and visit my website!

Truro Real Estate: Water-front 4 bedroom single family home for sale in North Truro

2009-04-13T15:11:00.003-04:00

416 Shore Road
North Truro, MA 02652

$1,100,000

First time on the market in decades and has been in the same family! This single family home located in North Truro is located directly on the water with views all the way to Provincetown! Included in this sale is 405 Shore Road (vacant lot) located across from this home. Imagine having your first cup of coffee on your own deck with unobstructed water views! Enjoy the day soaking in the sun and entertaining family & friends. This four bedroom single family home boasts about 1,500 square feet with water views from almost every window. Currently, the main level has a open living room, dining room, and kitchen. On the second level you will find four bedrooms and one bath. This home is currently owner occupied. However, the new owner may wish to invest in some TLC/updating to make this home their own for decades to come.

Provincetown Real Estate: Sales stats for the first quarter of 2009

2009-04-01T16:57:00.003-04:00

Below are the current sales stats of properties in the Provincetown, Truro, and Wellfleet area of Cape Cod for the 1st quarter of 2009. Data retrieved from the Cape Cod MLS system as of 12 noon on April 1, 2009.

As you can see, sales have slowed compared to the first quarter of 2008. On the positive side, prices have declined much slower than other areas on Cape Cod and the rest of the nation. However, this might be the reason for slower sales volume.

For more details, feel free to call me at 508-237-4632 to discuss your personal real estate goals and objectives.

*Volume of closed sales*	*Year to date 2009*	*Last year to date 2008*
*Provincetown*
Condos	7	28
Single family	5	4
Average days on the market	348	199

*Truro*
Condos	2	4
Single family	4	4
Average days on the market	177	237

*Wellfleet*
Condos	1	2
Single family	7	8
Average days on the market	152	300

Total sales	26	50

*Sales Prices (2009)*	*Highest*	*Lowest*	*Average*
*Provincetown*
Single Family	$1,366,000	$340,000	$870,000
Condos	$494,000	$210,000	$315,000

*Truro*
Single Family	$775,000	$404,000	$525,000
Condos	$455,000	$245,000	$350,000

*Wellfleet*
Single Family	$669,000	$350,000	$487,000
Condos	$230,000	$230,000	$230,000

Provincetown Real Estate: Spacious studio condo for sale, under $170,000!

2009-03-25T13:22:00.004-04:00

54 Bradford Street # 2-3
Provincetown, MA 02657
$169,000

Be sure to view the virtual tour and more details on my Provincetown Real Estate website! Located in the West-end of Provincetown, you will find this spacious, open and bright first floor studio.

This condo is located in the Shankpainter Sails Association, a terrific location to walk to Bubulas, Boatslip and all of the special shops and restaurants along Commercial Street. There is an exclusive use deck/patio- perfect for entertaining! Parking is on first come-first serve basis, pets are allowed for owners.

Property is connected to town sewer and the betterment has been paid in full! This condo needs some minor TLC and is being sold as is and fully furnished.

Please call me at 508-237-4632 for a private showing, or e-mail me at Rick.Tourgee@Century21.com

Provincetown Real Estate: Seller's, please do not list your home for sale.

2009-02-21T15:54:00.001-05:00

Last year I wrote a blog post about how Seller’s should not list their property if they really don’t need or want to sell. I thought now that we are a little into 2009 with a new President in office, I would give you a snapshot of the current market conditions here in Provincetown and the surrounding area.

Since the significant drop of the stock market, Buyers of second homes in this part of Cape Cod have put everything on hold for a variety of reasons. Stock values have declined eliminating wealth. When people see the values of their portfolios decline, people are hesitant to purchase a luxury item. This part of Cape Cod, most properties are second homes, which is considered a luxury.

Another huge factor is the concern of a job loss. If people feel they might lose their job, they will not invest in a luxury item.

Other factors play a significant role as well, such as the value of their primary residence has declined (again, wealth effect), it is tough to obtain a favorable mortgage, etc.

However, serious qualified Buyers are buying and the market is not dead as the news media may make it sound. The major shift is Buyers will ONLY buy if they find a great deal on a property priced extremely well, a short sale, or a foreclosure. I am delighted to say that our office took a listing from a Seller who listened to us and wanted to sell. Guess what?? We have the property under agreement from a strong, qualified Buyer in just a few shorts weeks!!

Buyers are out there and they are buying! However, Buyers are no longer buying market priced homes. Buyers do a significant amount of their due diligence prior to even meeting with me to discuss making a purchase. Buyers are well aware of properties that have lingered on the market for a significant amount of time with only small price decreases. Buyers will stay away from those properties because they feel the Seller is not serious and will avoid those properties all together. And, if I am acting as a Buyer Representative, I could not advise the Buyer to do anything different under present market conditions!

Sellers: Please do not even list your property if you do not need to sell or want to sell. And, more importantly, work with a reputible Real Estate Agent who will be honest with you and won’t tell you what you want to hear- but, tell you reality. It will do you no good to list your home if you don’t care about selling and/or over pricing the home. The real estate market does not need more inventory!

If you wish to discuss market conditions or your personal goals and objectives with me, please feel free to phone me at 508-237-4632 or e-mail me at Rick.Tourgee@Century21.com. I highly encourage you to visit my Provincetown real estate website for more valuable tips and to view the current listing inventory.

Provincetown: Beautiful Provincetown sunset

2009-02-12T16:30:00.003-05:00

Here is a beautiful photo I took during a sunset here in Provincetown, over looking Cape Cod Bay. Seeing beautiful nature like this reminds me why so many people love living here in Provincetown!

Provincetown Real Estate: Who you want representing you in a real estate purchase?

2009-02-08T08:10:00.002-05:00

Attention anyone and everyone looking to buy real estate: I wrote a post here in my blog about a year ago about Buyer Representation and how valuable it is when looking to purchase real estate. I had a few potential Buyers share their initial impressions about how they “viewed” looking for an Agent or Agency when looking to purchase. Much to my surprise, they initially felt they should work with an Agency that has the highest number of listings. That is totally false and shows consumers need a better education on Agency Representation.

I was delighted to explain Buyer representation and how it provides significant value to the Buyer- regardless of the number of listings I have or my company has listed. As an Accredited Buyer Representative (ABR), I have a duty to look after my Buyers best interest above my own interest. I am able to show Buyers any listings for sale in the State of Massachusetts, regardless of who the property is listed with. Thus, it does not matter how many listings I have under my name, since I can show and sell all listings. I can share all of the positive and negative attributes about a property. I can give my opinion about the price- whether it is over priced or a terrific value.

If a Buyer works with an Agent that has the listing, the Agent might be working as a Dual Agent where as the Agent works for both parties, giving equal treatment and equal market information. Or depending on the model which the Agency has set up, the Agent could be working for the Seller.

If I were a Buyer, I would would want someone working for me, exclusively. I would not want to wonder whether an Agent is looking out for their own interest above my own.

Think about this long and hard prior to working with an Agent. Be sure to know the facts and not the myths!

Please feel free to call me anytime at 508-237-4632 or e-mail me at Rick.Tourgee@Century21.com should you wish to discuss in more detail!

Provincetown real estate: Provincetown 3 bedroom home for sale

2009-02-07T17:46:00.002-05:00

8 Thislemore Way
Provincetown, MA 02657

$729,000

Located in the East-end of Provincetown in Somerset Heights, you will find this very private 3 bedroom home nestled in the woods on a private road. This spacious, warm, inviting home offers plenty of space for family and friends, yet allow intimate dinners and gatherings. A peak of Cape Cod Bay, beach and lighthouse in the distance can be enjoyed from your deck which overlooks professionally landscaped gardens.

Please click here to see the property website that has many photos and a virtual tour!

If you would like a private tour of the beautiful home, please call me at 508-237-4632 or e-mail me at Rick.Tourgee@Century21.com

Provincetown real estate: Provincetown condo for sale

2009-02-07T17:40:00.002-05:00

15 Cottage # 5
Provincetown, MA 02657

$229,000

This bright and open first floor end unit studio condo is located in the highly desirable Kensington Gardens on Cottage Street. Spacious living area with a large window over looking the beautiful gardens and your sunny exclusive use deck. The full sized galley kitchen overlooks the living space through a large interior transom. Outside, follow the foot path through the garden to meet friends by the pool or engage in conversation while relaxing in the hot tub. Located just a stone throw from everything that makes Provincetown special! An easy walk to town to shop or to take a stroll on the beach. Great rental history! Assigned parking for one car. Common laundry for owners use only.

Click here to view the property website.

This is a short sale, all offers must be approved by the current lender.

To tour this property, please call me at 508-237-4632 or e-mail me at Rick.Tourgee@Century21.com