Progress Update: Herring Cove Village

Things are moving along at a swift pace at the West End’s new premier development! Floors, cabinets, tiling and other finishes are under way in the first two units. There are 1, 2 and 3 bedroom units being offered.

The windows in the first unit are all trimmed out, and the attractive chair rail in the bedrooms provides a lovely finish detail. The paint colors are soothing and dynamic, all at once! Light maple flooring is being installed and the custom cabinets are hanging in Unit 1. The beautiful glass tiles are being laid in all the bathrooms and the railings are in on the mahogany decks.

Property Details: click here.

For more information, email (Emily@atlanticbaysir.com) or check out the Herring Cove Village Web site.

Check out the latest photos on our Web Site's Written Blog (entry is dated August 21, 2008).

Stimulating the Market

This week we’ll briefly outline the new federal housing legislation to help stimulate the failed housing market and take a peek at the state’s law to address the foreclosure issue.

The Federal program, which became active in late July, provides the following: 

Tax relief to first time homebuyers in the amount of a $7,500 tax credit. This will be issued providing it is used by July 1 of next year. The credit must be paid back, interest free, at a rate of $500 per year over 15 years.

Homeowners who claim the standard tax deduction can receive a tax relief of $500 for single and $1,000 if married. 

Bonds will be made more attractive to investors potentially lowering the cost to develop affordable housing.

For some owners here on the cape…the capital gains you claim when selling your second or vacation home may be impacted if you used it as a primary residence for a certain period of time leading up to the sale.

Lendors will need to provide revised disclosure statements early in the process and provide mortgage documents no later than seven days prior to closing.

Freddie Mac and Fannie Mae will increase their lending amounts to markets with higher property values.

Homeowners facing foreclosure will now be able to take advantage of federally backed mortgages to get out of aggressive mortgage products.

Senior Citizens will benefit by an increase in the monthly payouts for reverse mortgages.

Veterans are protected from the foreclosure process until nine months after they return from active service

Communities hit by the demise of foreclosed properties will share a redevelopment fund to restore vacant homes.

We’ll see how the federal program works out. It is a massive step in the right direction to help correct the soft real estate market and rescue suffering homeowners trying to save their properties.

The state law which delays property foreclosures seems to be working. The law which became active May 1st, is designed to give homeowners a 90 day grace period before being foreclosed upon.

There were 2308 new foreclosures in June of 2007. This June there were only 350 according to The Warren Group, a Boston based real estate data publishing company. The law may be working. However, the overall number of foreclosures are due to double this year compared to 2007.

Completed foreclosures have dropped 19.5% from May to June. More time is needed in order to determine the results of this law.

Market Trends

Every day, we are asked by Buyers how the market is performing and when would be the best time to buy. We wish we had a crystal ball to answer the latter part of that question. The best we can do is to report on market activity and to update you on any trends that we discover, leaving you to make your own decision about when to jump back into the market. 

It is interesting to note that many buyers who have been in a holding pattern for the past two years have chosen this summer to make their move. Year to date sales volume is up in Provincetown and Truro compared with the same period in 2007. (Unlike those two towns, Wellfleet volume is lagging last year’s performance) Even though volume is up, we continue to see multiple price reductions each week, in all markets. Some feel that the increase in the number of buyers will lead to a slowing of pricing adjustments.

A recent property in Provincetown was introduced to the market at a price that was 5-10% below market value. Four offers were submitted and the property will likely sell for well over asking price. What does this tell us? Properties that are priced competitively are selling. It also illustrates that the buyers in today’s market are savvy and they are waiting for and recognize a good value when one presents itself.

Following find Sales Volume YTD compared with the same period in 2007.

Provincetown
2008 YTD Sales Volume $55,672,301
2007 1/1/07-8/6/07 $50,724,000

Truro
2008 YTD Sales Volume $26,588,500
2007 1/1/07-8/6/07 $21,080,433

Wellfleet
2008 YTD Sales Volume $13,687,190
2007 1/1/07-8/6/07 $29,180,925

New Luxury Development: Herring Cove Village

We are proud to be listing a new luxury development in Provincetown’s West End. With beautiful views of the Moors and Wood End Light House, Herring Cove Village is presently under construction and will be available for fall occupancy. The developers have partnered with Boston and Cape Cod’s finest architects, engineers, builders, and landscape architects to create a property that will offer the ultimate in Provincetown living. The village will be beautifully landscaped, and the units themselves will offer luxury finishes and high-end amenities. The builders, Cape Associates, are renowned in the region for their high quality construction.

First to the market will be two free standing 3 BR, 3.5BA homes which boast wonderful views and spacious living with five exclusive use outside areas, including a roof deck which offers sweeping 360 degree views. The two bedroom and one bedroom units will share the same wonderful designs and finishes.

Herring Cove Village is conveniently located near Herring Cove Beach, Herring Cove Tennis Club and near Provincetown’s popular West End restaurants at the Red Inn and Victor’s.

The developers understand that buyers of this type of property may wish to customize their finishes, and they are completely open to working with you in these early stages to help you achieve your dream house.

To follow the project’s progress, visit the Website for Herring Cove Village.

To see a video tour of the construction site, visist our Video Blog.

Are you interested in receiving email updates about the progress of this project? If so, email Emily@atlanticbaysir.com.

Marketing Shift

Virtual tours, polished video tours and print advertising are taking their places in the history books of real estate marketing. Generation X and Y’s are a completely different breed of real estate consumer and their needs and methods of doing business are completely different than the needs of baby boomers. Text messaging, email and reality type video tours are what home shoppers look at when perusing the internet for a potential real estate purchase.

Today’s real estate agents have become consultants, guiding clients through the process and providing information every step of the way. In some cases, the realtor may meet a client once and the rest is done via email and texting. You will be hard pressed to hear a Gen y’r on the telephone with his/her realtor. You will however, see them texting messages, demanding answers to questions regarding specific properties they found on the internet. The requirement is that the realtor be available for constant communication via text or email. Instant gratification is a must in commerce today and answering a client’s question in a timely manner is key.

The changing face of real estate sales is evolving more so today than ever before. Agent websites and blogging are the new medium for advertising and promoting properties. Properties that are advertised in print media are all but invisible to the next generation of home buyer. With advances in technology constantly changing, it will be interesting to see what methods realtors use to sell listings in just a few short years.

The History of Days Cottages in North Truro

Recently we listed for sale the iconic Days Cottages on the beach in North Truro. Ask any visitor to the Outer Cape if he or she is familiar with Days Cottages, and the answer will be a resounding YES. Each with the name of a different flower, these green and white cottages are a symbol of the region.

While many recognize them, few know the history behind them. In the mid 1910’s. an enterprising young man named Joseph A Days bought the waterfront strip with the idea of moving his home from Provincetown to sit on this new location. In the 1930’s, after the depression, and after dismantling his house, Joe changed his mind and decided it wasn’t worth it to move his house, and he burned the sections in a massive bonfire! Instead, he envisioned a colony of cottages. Since he ran a construction company, and there was no work for his people due to the Depression, he put them to work building his vision. In 1931, Days was open for business with 9 cottages! And what a success it was. By 1933, there were 22 cottages built and being rented out and finally a 23rd cottage was built across the street next to the market. At that time, it was Joe’s wife Amelia who brainstormed the names of 23 flowers to give each cottage its own identity. The cottages weathered a few hurricanes in the 30’s and 40’s and in mid 1940’s, a sea wall was built to protect them from erosion. Throughout the years, they have been lovingly maintained by the Days family.

The cottages have been a popular tourist destination for decades, with the same visitors returning year after year. Now, for the first time, private ownership of individual cottages in this colony is being offered. New owners can use the cottage themselves, or continue to rent the property through the on-site management.

For more history on the Days Cottages, visit here.

For more information about purchasing a cottage, visit here.

For a VIDEO TOUR, click here.

The Summer Rental

It's Saturday evening in Provincetown and your summer renter is just getting back from the beach to shower for dinner. Your west end condo is a beautiful. It’s a two bedroom, two full bathroom free standing cottage with granite countertops, stainless appliances, recessed lighting….and views of the bay. Truly breathtaking. But what also makes the renter gasp is the fact that there is no hot water as he steps into the shower. Who does he call? What does he do?

This is a common problem in resort communities where second homeowners often rent their homes to generate income. It’s important to have contact information set in a prominent location (usually on the fridge) for renters to use in case of an emergency.

In resort towns such as Provincetown, there are management companies that address these issues. Usually you can contract with these companies as your need requires. They are on call to handle any emergency issues that may arise. Ultimately, a skilled and reliable property management company will save you money, maintain your rental retention and potentially get you new business through word of mouth.