LandVest Corporate Headquarters: Ten Post Office Square, Boston, MA 02109     Phone:(617) 723-1800
 
Jun
7
Cape Cod Real Estate Alert: Stats show signs of impressive Q1-2 rebound
By LandVest
 

This not quite half year market report indicates that the first five months of 2012 have seen a dramatic improvement in high-end $2,000,000+ sales on Cape Cod. Year to date (June 3, 2012): 24 sales. Same time frame 2011: 15 sales, 2010: 16 sales, 2009: 14 sales, 2008: 34 sales, 2007: 30 sales, and 2006 peak 37 sales. Although the number of sales is much smaller, the highest end $5,000,000+ market is showing a similar trend with 4 sales so far this year compared to 1 in 2011 and 2010 and none in 2009.

Pent up demand, price adjustments, and low financing costs are working together to encourage a dramatic acceleration in transaction volume for some very special properties.

LandVest has a wonderful selection of listings on Cape Cod with more in the works and there are always private listings percolating in the background. Check us out at www.landvest.com or call Stewart Young at 617-357-8930 or syoung@landvest.com

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May
2
MA Real Estate News, Cape Cod: High-End Market Watch, First Quarter, 2012
By LandVest
 

Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It features miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. Outdoor activities include world class yachting, coastal and deep-sea fishing, numerous public and private golf courses, and a wide variety of other informal summer sports. The Cape is just 75 miles from Logan Airport in Boston, Massachusetts and T.F. Green Airport in Providence, Rhode Island.  Executive jet services are available at the Hyannis airport and there are several other smaller airports.  Cape Cod is divided into four regions: Upper Cape, Mid Cape, Lower Cape, and Outer Cape, each including several towns and villages. Upper Cape towns include Bourne, Sandwich, Falmouth, and Mashpee. Mid Cape towns include Barnstable, Dennis, and Yarmouth. Lower Cape towns include Harwich, Brewster, Chatham, and Orleans. Outer Cape towns include Eastham, Wellfleet, Truro, and Provincetown.

Active Listings and Sales, $2,000,000+, First Quarter, 2012

On Cape Cod, Massachusetts, the first quarter 2012 inventory of high-end listings grew as expected to 224 compared to 191 at year end 2011, but not as high as the record level of 235 listings in the first quarter 2011.  First quarter high-end sales increased significantly to 13 from 6 in the first quarter of 2011. The peak for first quarter sales was 23 sales in 2008.  Year end 2011 sales were down 10% from 2010, with exceptionally slow second and third quarters. LandVest brokers are reporting strong activity in their high-end market across New England and we are hopeful that this strong first quarter on Cape Cod will be followed by a strongspring and summer. We have the sense that buyers, who have been largely on the fence, are starting to realize that we are approaching a turning point in the market.

Highest and Median Sale, $2,000,000+, First Quarter, 2012

In the first quarter of 2012 the top sale on Cape Cod was LandVest’s sale of Mill Farm in Yarmouth Port for $6,000,000. This sale is a good example of changing buyer perceptions. In this case the buyer had been watching the property for several years and finally decided that it was time to act. The median value for high-end sales in the first quarter of 2012 was $2.4 million, the lowest level since 2004.

Days on Market, Sales, $2,000,000+, First Quarter, 2012

Days on market for high-end properties sold during the first quarter of 2012 were reduced somewhat to 536 from the record level of 577 in the first quarter of 2011. For 2000-2010, the average days on market for sales in the first quarters of the year ranged from 99 to 342 days. Given the large inventory of listings, it is likely that average days on market will remain high.

Sales by Town, $2,000,000, First Quarter, 2012

For the past few years the high-end market on Cape Cod has broadened as the perennial top markets have been perceived as being too expensive and as buyers have bid up the prices of special properties in other towns. While the volume in the first quarter of 2012 is small, the geographic spread continues to be broad. Nine of the fifteen Cape Cod towns had high-end sales in the first quarter of 2012 including Barnstable (Barnstable and Cotuit) (2), Chatham (2), Harwich (Harwich Port and West Harwich) (2), Mashpee (New Seabury and Popponesset) (2), Pocasset (1), North Falmouth (1), East Orleans (1), Truro (1), and Yarmouth Port (1).

This post was brought to you by Stewart Young (syoung@landvest.com). Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront summer estate on Stage Harbor in Chatham, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on Cape Cod, and the Metro West area of Boston. View Stewart’s current Real Estate listings.

For additional information about LandVest’s real estate consulting, appraisal, and brokerage services, please contact: Ruth Kennedy Sudduth.

The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and the Adirondacks. Market data is collected from Multiple Listing Services and does not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.
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Mar
21
Cape Cod MA Real Estate News: High-End Market Watch, Year End, 2000-2011
By LandVest
 

Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It features miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. Outdoor activities include world class yachting, coastal and deep-sea fishing, numerous public and private golf courses, and a wide variety of other informal summer sports. The Cape is just 75 miles from international air service at Logan Airport in Boston, Massachusetts and T.F. Green Airport in Providence, Rhode Island. Executive jet services are available at the Hyannis airport and there are several other smaller airports.

Cape Cod is divided into four regions: Upper Cape, Mid Cape, Lower Cape, and Outer Cape, each including several towns and villages and each with their own unique charms. Upper Cape towns include Bourne, Sandwich, Falmouth, and Mashpee. Mid Cape towns include Barnstable, Dennis, and Yarmouth. Lower Cape towns include Harwich, Brewster, Chatham, and Orleans. Outer Cape towns include Eastham, Wellfleet, Truro, and Provincetown.

For additional information on Cape Cod, check out: http://www.capecodonline.com

Active Listings and Sales, $2,000,000+, Year End, 2000-2011

On Cape Cod, Massachusetts, the inventory of high-end listings shrank 30% from a record high of 271 listings at the end of June to 191 listings at the end of 2011. Typically the listing inventory grows through the first three quarters and then declines in the fourth quarter as sales are closed and properties are taken off the market. This unusually strong contraction is likely a combination of properties being repriced below our high-end cut-off of $2,000,000 as well as sellers taking properties off the market. High-end sales lagged throughout 2011 compared to 2010, which had shown significant improvement compared to 2009. At year end 2011 there were 50 sales compared to 55 at year end 2010 and 41 sales in 2009, the lowest since 2002. The peak level of sales at year end was 88 in 2007.

Overall, the Cape Cod market continues to underperform compared to the peak years of the real estate bubble, but better than performance before 2003. Anecdotal information from leading Cape Cod brokers and LandVest’s own recent experience suggests that there was a modest, but noticeable increase in buyer inquiries during the fourth quarter of 2010. Across New England LandVest brokers continued to report an upsurge in activity in our markets and sporadic signature sales throughout the fall and winter. The bad news is sales are down compared to recent highs. The good news is that sales are as good or better than longer term historical trends and bloated inventories seem to be settling out.

Highest and Median Sale, $2,000,000+, Year End, 2000-2011

In 2011 the very high-end on Cape Cod came alive with twelve sales above $5 million. The top sale was $11.6 million for an 11,500 square foot residence with waterfront in the Seapuit neighborhood of Osterville, approaching the all-time record of $12,500,000. There were two additional top sales in Osterville in 2011: 120 North Bay Road for $6,200,000 and 395 Eel River Road for $6,500,000. In Chatham, 74 Sears Point Road sold for $6,500,000.

The median value for high-end sales in 2011 was $2.8 million, about on par with median sale prices over the past decade. The high-end market on Cape Cod is predominately in the $2-$3 million range. During 2011, there were 50 sales above $2.0 million. Of these sales 29 of 50 (58%) were between $2 and $3 million and 39 of 50 (78%) were below $4 million. There were 5 sales above $6,000,000.

Days on Market, Sales, $2,000,000+, Year End, 2000-2011

Days on market for high-end properties sold during 2011 increased slightly to a record level of 473 days compared to 461 days in 2010. For 2000-2010, the average days on market ranged from 90 to 461 days, generally increasing over time with a significant jump in 2010. Hopefully the decreasing inventory and stable or growing demand will result in improving turnover in 2012.

Sales by Town, $2,000,000+, Year End, 2000-2011

Starting around 2002 the high-end market on Cape Cod broadened as the perennial top markets were perceived as being too expensive and as buyers bid up the prices of special properties in other towns. By 2006, 13 of the 15 towns on Cape Cod were recording sales above $2 million. In 2010 and the first half of 2011, however, there was a substantial contraction in the market with only 5 towns recording high-end sales. In the second half of 2011, the market broadened again with an additional 8 towns recording single high-end sales. Cape Cod towns with high-end sales in 2011 include Chatham (17 sales and the leader for the second time, last in 2009), Barnstable (14, all Osterville except Marstons Mills, 1), Orleans (5), Falmouth (3), Dennis (2), Harwich Port (2), Bourne (1), Brewster (1), Eastham (1), Mashpee (1), Provincetown (1), Sandwich (1), and Truro (1).

Calves Pasture Waterfront in Barnstable, MA is currently for sale

Cohasset Waterfront Estate in Cohasset, MA is currently for sale

Fairview Waterfront Compound in Woods Hole, MA is currently for sale

Viking Point in Orleans, MA is currrently for sale

Wychmere Waterfront Estate in Harwich Port, MA is currently for sale

 

View Cape Cod Area Select Sales.

To view available real estate on Cape Cod visit www.landvest.com or click Cape Cod Real Estate for Sale.

For information about buying or selling real estate on Cape Cod, please contact Stewart Young at syoung@landvest.com or 617-357-8930

For additional information about LandVest’s real estate consulting, appraisal, and brokerage services, please contact: Ruth Kennedy Sudduth.

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Dec
15
Cape Cod Real Estate News: High-End Real Estate Market Watch Q3 2011
By LandVest
 

Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It features miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. Outdoor activities include world class yachting, coastal and deep-sea fishing, numerous public and private golf courses, and a wide variety of other informal summer sports. The Cape is just 75 miles from Logan Airport in Boston, Massachusetts and T.F. Green Airport in Providence, Rhode Island. Executive jet services are available at the Hyannis airport and there are several other smaller airports. Cape Cod is divided into four regions: Upper Cape, Mid Cape, Lower Cape, and Outer Cape, each including several towns and villages. Upper Cape towns include Bourne, Sandwich, Falmouth, and Mashpee. Mid Cape towns include Barnstable, Dennis, and Yarmouth. Lower Cape towns include Harwich, Brewster, Chatham, and Orleans. Outer Cape towns include Eastham, Wellfleet, Truro, and Provincetown. 

Active Listings and Sales, $2,000,000+, First Three Quarters, 2000-2011

On Cape Cod, Massachusetts, the inventory of high-end listings in the first three quarters of 2011 shrank 14% from 271 listings at the end of June to 233 listings at the end of September. Typically the listing inventory grows through the first three quarters and then declines in the fourth quarter as sales are closed and properties are taken off the market. This unusual trend is likely a combination of properties being repriced below our high-end cut-off of $2,000,000 as well as sellers taking properties off the market. 

High-end sales declined from 38 in the first three quarters of 2010 to 33 in 2011. The peak level of sales for this time of year was 60 sales in the first three quarters of 2006. Third quarter performance has been flat for the past four years with 13 sales in the third quarter of 2011 and a peak of 23 sales in the third quarter of 2007. The very high-end inventory is also shrinking, but remains large by historical standards. There are 29 listings over $5 million and 8 over $10 million with 6 sales over $5 million and 1 sale over $10 million in the first three quarters of 2011. Overall, the Cape Cod market continues to under perform, but anecdotal information from leading Cape Cod brokers and LandVest’s own recent experience suggests that there is a modest, but noticeable increase in buyer inquiries and showings. Across New England LandVest brokers continued to report an upsurge in activity in our markets and sporadic signature sales throughout the summer and early fall. 

Highest and Median Sale, $2,000,000+, First Three Quarters, 2000-2011 

In the third quarter of 2011 the very high-end on Cape Cod came alive with three sales above $5 million. The top sale was $11.6 million for an 11,500 square foot residence with waterfront in the Seapuit neighborhood of Osterville. There were two additional top sales in Osterville in the third quarter. 861 Seaview Avenue for $5,265,000 and 395 Eel River Road for $6,500,000. In Chatham, 74 Sears Point Road sold for $6,500,000. 

The median value for high-end sales in the first three quarters of 2011 was $2.8 million, about on par with median sale prices over the past decade. The high-end market on Cape Cod is predominately in the $2-$3 million range. In the first three quarters of 2011, there were 33 sales above $2.0 million. Of these sales 20 of 33 were between $2 and $3 million and 25 of 33 were below $4 million. 

Days on Market, Sales, $2,000,000+, First Three Quarters, 2000-2011 

 Days on market for high-end properties sold during the first three quarters of 2011 increased to 559 days compared to 533 days in the first half of the year and compared to the record of 589 days for the first half of 2010. For 2000-2009, the average days on market for sales in the first half of the year ranged from 90 to 226 days, generally increasing over time with a significant jump in 2010. 

Sales by Town, $2,000,000+, First Three Quarters, 2000-2011 

Starting around 2002 the high-end market on Cape Cod broadened as the perennial top markets were perceived as being too expensive and as buyers bid up the prices of special properties in other towns. By 2006, 13 of the 15 towns on Cape Cod were recording sales above $2 million. In the first half of 2010, however, there was a substantial contraction in the market with only 5 towns recording high-end sales. In the first half of 2011, the market had broadened again with an additional 4 towns recording single high-end sales and in the third quarter another 2 towns recorded high-end sales. Cape Cod towns with high-end sales in the first three quarters of 2011 include Barnstable (all Osterville) (11), Chatham (8), Orleans (4), Falmouth (2), Harwich Port (2), Brewster (1), Dennis (1), Mashpee (1), Provincetown (1), and Truro (1). 

Mill Farm Waterfront Compoundin Yarmouthport, MA is currently for sale

 

Wychmere Waterfront Estate in Harwich Port, MA is currently for sale

 

Cohasset Waterfront Estatein Cohasset, MA is currently for sale

 

Fairview Waterfront Compound in Woods Hole, MA is currently for sale

 

View Cape Cod Area Select Sales 

To view available real estate on Cape Cod visit www.landvest.com or click Cape Cod Real Estate for Sale 

For information about buying or selling real estate on Cape Cod, please contact Stewart Young at syoung@landvest.com or 617-357-8930 

For additional information about LandVest’s real estate consulting, appraisal, and brokerage services, please contact: Ruth Kennedy Sudduth. 

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Aug
17
Lighthouses of New England: Lighting Up Distinctive Waterfront Real Estate, Minot’s Ledge Light
By LandVest
 

Lighthouses of New England: Lighting up Distinctive Waterfront Real Estate, Minot’s Ledge Light, Cohasset, Massachusetts

Minot’s Ledge Light is famous for its highly exposed location on Minot’s Ledge, a 25-foot-wide rock ledge located approximately one mile offshore from the town of Cohasset.  The ledge is part of the Cohasset Rocks, a reef extending for some two miles in a southwesterly direction off Cohasset and Scituate, Massachusetts. Completed in 1850, the original design of Minot’s Ledge was an iron pile structure with spider-like legs drilled into the rock below the water.  A violent storm surged up the New England coast in April 1851, destroyed the lighthouse and killed the two keepers.  In 1860 a sturdier 114-foot high cylindrical tower was constructed of interlocking granite blocks.  It continues to operate as an active aid to navigation.  The first 40 feet of the tower are solid granite surmounted by a storage level, living quarters, work space, and a second-order lantern.  In May of 1894, a new flashing lantern was installed, with the characteristic of a one-four-three flash, which has been noted to reflect the same numerical count as the words “I love you”.  This coincidence has lead some to refer to Minot’s Ledge as the “Lover’s Light.”  Considered one of the greatest achievements in American lighthouse engineering, Minot’s Ledge Light was recognized as an American Society for Civil Engineering Landmark in 1997.

Minot's Ledge in Cohasset, MA is an historic landmark of significant engineering achievement.

Red Oaks and Beachside, two prominent homes in Cohasset that are now offered for sale by LandVest, feature dramatic views of the Minot’s Ledge lighthouse.  From both homes, the lighthouse can been viewed in all seasons and enjoyed as a reminder of life near the sea.

Red Oaks is a spectacular colonial revival manor house on 7.9 acres of private waterfront property.

Beachside is a Nantucket shingle-style home with a private mineral spring's pool, overlooking the tranquility of Little Harbor.

Cohasset is located on Boston’s South Shore where Boston Harbor meets Massachusetts Bay.  It covers nine square miles area in a setting of colonial homes and ocean vistas of spectacular beauty.  The town is about 25 miles from Boston and is predominantly residential, many of its residents making the daily commute to Boston by commuter rail, car, or commuter boat from adjoining Hingham.  Cohasset’s central village lies around a spacious common with a small pond, and includes specialty shops, the colonial First Parish Meeting House, and St. Stephen’s Church – a historic structure with a 56 bell carillon that has offered Sunday concerts since 1924.

LandvestThis blog post was brought to you by Terry Boyle who assists buyers and sellers of distinctive and complex real estate transactions on the South Shore and South Coast/Buzzards Bay real estate markets of Massachusetts. Contact Terry Boyle (tboyle@landvest.com) in our Boston, Massachusetts office if you’d like to talk about this property or his other real estate listings in Massachusetts.

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Aug
17
Lighthouses of New England: Lighting Up Distinctive Waterfront Real Estate, Bird Island Lighthouse
By LandVest
 

Lighthouses of New England: Lighting up Distinctive Waterfront Real Estate: Bird Island Lighthouse, and Butler Point, Marion, Massachusetts

The historic Bird Island Lighthouse is the sole structure on Bird Island and sits as a sentinel at the entrance of Sippican Harbor and the coastal town of Marion Massachusetts.  Bird Island itself is one of the smallest islands in Buzzards Bay, but has been a crucial feature for nautical navigation for centuries.  The lighthouse tower is approximately 30 feet tall and has withstood hurricanes (including the famous 1938 storm), periods of neglect, and many ownership changes.  Today, it is owned by the Town of Marion and the light now shines as a navigational aid, having been relit in 1997.  The light is now solar powered and flashes for 0.6 seconds every six seconds.  The island (with the exception of the tower) is open to visitors from September to May.  It is closed from May through August during the nesting season of the endangered Roseate Tern.  The island was added to the National Register of Historic Places in 1987.

Butler’s Point Waterfront, a new LandVest listing in Marion, features unobstructed panoramic views of Buzzards Bay and the Elizabeth Islands as well as dramatic views of the Bird Island lighthouse.

Spectacular view of Bird Island Lighthouse from Butler's Point Waterfront

The village of Marion is a quaint seaside community situated on Buzzards Bay and Sippican Harbor. It has both a summer and permanent resident population due to its proximity to the Boston area. It is famous as a yachting center and is home port for the world-renowned Marion to Bermuda sailing race and the Beverly Yacht Club. In addition, there are public and private golf and tennis clubs, including the highly regarded Kittansett Golf Club. Marion is home to Tabor Academy, a prestigious co-educational private school. Boston is approximately one hour away and Providence and Newport, Rhode Island are only forty-five minutes. There is easy access to Cape Cod, Martha’s Vineyard, and Nantucket.

LandvestThis blog post was brought to you by Terry Boyle who assists buyers and sellers of distinctive and complex real estate transactions on the South Shore and South Coast/Buzzards Bay real estate markets of Massachusetts. Contact Terry Boyle (tboyle@landvest.com) in our Boston, Massachusetts office if you’d like to talk about this property or his other real estate listings in Massachusetts.

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Aug
12
Lighthouses of New England: Lighting Up Distinctive Waterfront Real Estate, Nobska
By LandVest
 

Lighthouses of New England: Lighting up Distinctive Waterfront Real Estate, Nobska Light, Woods Hole, Falmouth, Cape Cod, Massachusetts

Nobska Lighthouse is located on the southeastern tip of Cape Cod in Woods Hole, a village in Falmouth, Massachusetts

Nobska Lighthouse is located on Cape Cod in Woods Hole, a village in Falmouth, Massachusetts.  Since 1828 Nobska has provided a navigational beacon for boaters in the Vineyard and Nantucket Sounds and a warning about the dangers of Hedge Fence and L’Hommedieu shoals. Located 87 feet above sea level, the beacon’s flash every six seconds is visible 17 miles out to sea.  The present tower is 42 feet high and was built in 1876 with a cast-iron shell lined with brick. Nobska was automated in 1985 and the two keepers’ houses were joined to create a residence for the commander of the U.S. Coast Guard Group Woods Hole and his family. The Nobska sight is an iconic milepost for the Falmouth Road Race and is the frequent site of weddings and other celebrations. Woods Hole has been described as being to scientists what Paris is to artists and is home to several world-class marine research organizations including the Woods Hole Oceanographic Institution and the Marine Biological Laboratory. It is also a very popular location for summer homes.

FAIRVIEW is spectacular waterfront compound just a few minute's walk from the Nobska lighthouse.

One of the most distinctive is Fairview, a seven-acre waterfront property on Little Harbor just around the point from Nobska.

View additional Cape Cod Real Estate for Sale

Landvest This post was brought to you by Stewart Young (syoung@landvest.com).  Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront compound on Cape Cod, Stewart advises buyers and sellers of some of the most distinctive real estate in Massachusetts with a focus on the Metro West area of Boston and Cape Cod.

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Aug
10
Cape Cod Waterfront Real Estate for Sale
By LandVest
 

Cape Cod Waterfront Properties for Sale in Orleans, Yarmouthport, Marstons Mills and Falmouth

For more information click on photos or contact: Stewart Young – syoung@landvest.com or call 617-357-8930 

Seven acres of privacy and magnificent views.

Viking Point

7 acres of panoramic views from Namequoit River to Little Pleasant Bay 

74 Viking Road, Orleans, MA   02653
 

$7,500,000 

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Cape Cod waterfront property with gentleman's farm on over 15 acres.

Mill Farm Waterfront Compound

15 acres 

88 Mill Lane, Yarmouthport, MA   02675
 

$6,500,000 

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Highpoint is an remarkable waterfront property in an exceptional location.

Highpoint Waterfront Compound

3.84 private acres with dramatic views of North Bay 

345 Baxters Neck Road, Marstons Mills, MA   02648
 

$4,400,000 

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Stylish contemporary on retreat-like 1 acre with deeded beach rights

Buzzard’s Bay Beach House

1.04 acres of retreat-like setting with deeded beach rights
 

23 Gray Lane, Falmouth, MA   02540
 

$1,400,000 

Landvest This post was brought to you by Stewart Young (syoung@landvest.com).  Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront summer estate on Stage Harbor in Chatham, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on the Metro West area of Boston and Cape Cod. 

Click here for Stewart Young  contact info 

Click here to view more Cape Cod Real Estate for Sale

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Aug
4
Cape Cod Real Estate News: High-End Market Watch, First Half, 2010-2011
By LandVest
 

Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It features miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. Outdoor activities include world class yachting, coastal and deep-sea fishing, numerous public and private golf courses, and a wide variety of other informal summer sports. The Cape is just 75 miles from Logan Airport in Boston, Massachusetts and T.F. Green Airport in Providence, Rhode Island. Executive jet services are available at the Hyannis airport and there are several other smaller airports.

Cape Cod is divided into four regions: Upper Cape, Mid Cape, Lower Cape, and Outer Cape, each including several towns and villages. Upper Cape towns include Bourne (which includes the Wings Neck area of Pocasset), Sandwich, Falmouth, and Mashpee.  Mid Cape towns include Barnstable (which includes the village of Centerville) , Dennis, and Yarmouth.  Lower Cape towns include Harwich, Brewster, Chatham, and Orleans. Outer Cape towns include Eastham, Wellfleet, Truro, and Provincetown.

Active Listings and Sales, $2,000,000+, First Half, 2000-2011

On Cape Cod, Massachusetts, the inventory of high-end listings in the first half of 2011 grew to a record level for this time of year (a 15% increase to 271 listings vs. 248 at the same point in 2010). At the very high-end, there are 39 listings over $5 million and 9 over $10 million.

First half high-end sales declined from 24 in the first half of 2010 to 20 this year. The peak for first half sales was 44 sales in 2006. Last year the second quarter 2010 performance surged giving some hope of a recovery in the high-end market. This year the second quarter has lagged by 26% compared to the second quarter of 2010. Overall, the Cape Cod market continues to underperform, but anecdotal information from leading Cape Cod brokers and LandVest’s own recent experience suggests that there is a modest, but noticeable increase in buyer inquiries and showings. Across New England LandVest brokers reported an upsurge in activity in March and April across our markets and sporadic signature sales throughout the spring and early summer.
Highest and Median Sale, $2,000,000+, First Half, 2000-2011

In the first half of 2011 the top sale on Cape Cod was $6.2 million for a beachfront property on North Bay Road in the Oyster Harbors community of Osterville that was on the market for 615 days. The next highest sale was $5,500,000 for a beachfront property on Sea View Avenue in the village of Wianno, also in Osterville, with 652 days on market. The median value for high-end sales in the first half of 2011 was $2.7 million, about on par with median sale prices over the past decade. In the first half of 2010, the median sale was $3.6 million due to an unusual number of higher valued sales. The high-end market on Cape Cod is predominately in the $2-$3 million range. In the first half of 2011, there were 20 sales above $2.0 million. Of these sales 13 of 20 were below $3 million and 17 of 20 were below $4 million.

Days on Market, Sales, $2,000,000+, First Half, 2000-2011

Days on market for high-end properties sold during the first half of 2011 were reduced modestly to 533 days compared to the record of 589 days for the first half of 2010. For 2000-2009, the average days on market for sales in the first half of the year ranged from 90 to 226 days, generally increasing over time with a significant jump in 2010.

Sales by Town, $2,000,000+, First Half, 2000-2011

Starting around 2002 the high-end market on Cape Cod broadened as the perennial top markets were perceived as being too expensive and as buyers bid up the prices of special properties in other towns. By 2006, 13 of the 15 towns on Cape Cod were recording sales above $2 million. In the first half of 2010, however, there was a substantial contraction in the market with only 5 towns recording high-end sales. In the first half of 2011, the market had broadened again with an additional 4 towns recording single high-end sales. Cape Cod towns with high-end sales in the first half of 2011 include Barnstable (Osterville) (6), Chatham (3), Orleans (3), Falmouth (2), Harwich Port (2), Dennis (1), Mashpee (1), Provincetown (1), and Truro (1).

Viking Point in Orleans, MA is currently for sale

Mill Farm Waterfront Compound in Yarmouthport, MA is currently for sale

Highpoint Waterfront Compound in Marstons Mills, MA is currently for sale

Masthead in Provincetown, MA is currently for sale

 

 

View Cape Cod Area Select Sales

To view available real estate on Cape Cod visit www.landvest.com or click Cape Cod Real Estate for Sale

For information about buying or selling real estate on Cape Cod, please contact Stewart Young at syoung@landvest.com or 617-357-8930

For additional information about LandVest’s real estate consulting,  appraisal, and brokerage services, please contact:  Ruth Kennedy Sudduth.

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Jun
14
Cape Cod Real Estate News: Masthead, Provincetown Business/Development Opportunity
By LandVest
 

The Masthead real estate offering includes 7 lots, 7 shingled buildings and one of the areas largest private wharfs all located within walking distance of Provincetown center.

The Masthead on the Waterfront in Provincetown: Unique in History and Unique in Development Opportunity

The Masthead is the only waterfront property in Provincetown with extensive lawn and landscaped grounds between the houses and the waterfront.

The Pilgrims were the first tourists to appreciate the charms of Provincetown when they landed on November 1, 1620 at a point halfway across the harbor from Long Point and the Masthead at low tide. Surrounded by water on three sides and 70 miles out to sea, Provincetown is a world apart. From the Masthead deck one can see 3 of the 7 existing Cape Cod lighthouses. Long Point Light, built in 1826 sits at the very tip of Cape Cod due east from the Masthead. Wood End Light, built in 1872, is located to the south southwest and stands on the beach connected to Long Point. Highland Light, built in 1797 is located in Truro also to the east. This is the first light to be seen by transatlantic liners approaching the U.S.

Provincetown was a major whaling port in the 1800s and today is the whale watching capital of the U.S. with 7 boats making numerous daily trips.  (Visit http://ptownchamber.com/ for more info on events and activities)
The harbor and Cape Cod Bay are ideal for sailing and the West End Racing Club, 3 blocks east of the Masthead, provides instruction and programs for all ages. Golf and tennis are nearby as is bottom and deep sea charter fishing, National Seashore dune rides, horseback riding, and kayaking.
Drawn by the special light reflected from the ocean, sand dunes, and sky, Provincetown has been a mecca for artists for more than 100 years. Charles Hawthorne, who is considered the founding father of art in Provincetown, established the Cape Cod School of Art in 1899. Since that time outstanding painters, writers, and scholars such as Motherwell, Hoffman, Kline, Mailer, Kunitz and others have created a vibrant community.

The Masthead boasts one of the area's largest private wharfs, and a 450± foot sun deck

The history of the Masthead dates back to 1818 when a colony of homes was built on Long Point. Dismantled due to lack of fresh water and exposure to the elements, the houses were floated to Provincetown and one of the houses became part of the Masthead at 37 Commercial Street. Edith Hendricks acquired part of the property in the early 1920s and operated a well known antiques shop, The Old Furniture Shop. She willed the property to Arthur Anderson, a Swedish carpenter who came to this country to work for her as an apprentice. Mr. Anderson acquired and renovated neighboring buildings and created the Masthead which he operated along with the antique shop from 1932 to 1959 when it was purchased by John Ciluzzi, an executive with the international sales division of Ford Motor Company.

The Masthead has entertained kings, queens, royalty, ambassadors, and notables from all walks of life.

Formally known as the Masthead Resort, this unique property is one of the largest waterfront properties in Provincetown. 

Currently operated as a motel (visit: www.themasthead.com for rental info) by the Ciluzzi family since 1959, the Masthead has entertained kings, queens, royalty, ambassadors, and notables from all walks of life. Many of the rooms are named for their famous guests. For example, the Isabella Rossellini cottage overlooks Provincetown Harbor and was her home for two months while shooting a film on location. Other famous guests include Christie Brinkley, Enrico Caruso, Prince Dijambani of Iran, Dolores Hope, Billy Joel, and Helena Rubenstein,

After 52 years of operating the Masthead, the Ciluzzi family has decided to sell. The property consists of 7 buildings with 8,980 square feet of living space on 7 waterfront lots. Unlike typical waterfront properties along Commercial Street, which have little or no yard between the house and the seawall, the Masthead has a substantial lawn with gardens and a 450 foot sun deck and a pier. This offering represents a once in a lifetime opportunity to acquire one of the most significant residential waterfront properties in Provincetown with the potential for significant development and appreciation.

For more information vist The Masthead property website or contact Stewart Young (syoung@landvest.com)

LandVest This post was brought to you by Stewart Young (syoung@landvest.com).  Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield,  a waterfront summer estate on Little Harbor in Woods Hole or a Motel situated on prime waterfront real estate in the heart of Provincetown, MA Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on the Metro West area of Boston and Cape Cod.

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