Bob's Eastham
Real Estate Newsletter
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Bob Sheldon
, Realtor®
508-237-9545
June 2019 - Newsletter #195
BobSheldon@remax.net
RE/MAX Spectrum
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April 2019 Market Update
- April had 7 closings of single family homes, with an average sale price of $605,364 (and a median of $482,000).
- Year-to-date, sales are modestly higher than last year (31 vs 30). The YTD median of 475K is 1.0% lower than the full-year 2018.
- There are a total of 68 single family homes for sale in Eastham, with an average list price of $882K and a median price of $644K. There are 30 homes currently under agreement. The 68 number is 23.6% higher than a year ago.
- There are 7 parcels of residential land on the market, ranging from $165K to $1.125M (a large parcel on Rt 6). There were no sales of residential land in April.
- There are currently 9 condos for sale in Eastham, ranging from $140K to $340K. There were no condos sold in April.
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Commentary:
After a first quarter that was essentially flat from last year, April simply continued as 'more of the same'. We are even (actually 31 vs 30 for 2018) with YTD sales. . Median sales prices, however, are running about 1% under where we finished 2018. I need to caution you about putting too much statistical significance on these data points due to the small number of sales. Time will tell a much truer story.
The ugly spring weather seems to be behind us, but I feel that we've gotten (again...) a late start on the spring buying season. That said, Buyers have begun to show up at open houses. The issue of the number of active listings seems to be behind us, but you can see from the for-sale average and median prices ($882K amd $644K, respectively) that the inventory is skewed much higher than the actual median sales price ($475K), making it harder for many Buyers to find something they can afford.
I continue to be an optimist about the Eastham market. Spring is here - the Cape is waking up! Yay!
Hint - Sellers - please give me a call. We need more mid-market home listings.
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New Listings - Every Day!
Would you like to get notice of new listings? With a lessened inventory, your ability to act quickly depends, in part, on you finding out about new listings as they come online. I provide a service that will give you immediate notice of any new listings that are entered into the Cape Cod MLS that meet your criteria. This service is so good that I use it myself to get instant updates to Eastham listings.
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More Interesting Articles
Several times a week I post articles that deserve to be re-seen. I post these to my Facebook 'corporate' page. Here are a few from the last month or so.
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Town Meeting - Monday May 6th
This year's Eastham Town Meeting was a fairly calm event this year, but not without it's interesting moments. Here is how the articles I highlighted last month fared.....
- Article 11 - Eastham 400 Committee - fund at $25K (Passed)
- Article 17 - Streamline zoning bylaws to exempt interior home alterations from site plan review requirements (Passed)
- Article 20 - Accessory Dwelling Units - this bylaw will allow ADUs to exist in homes and as detached structures as long as the total number of bedrooms is supported by the property's septic system. It also allows for an amnesty program, recognizing that there are a number of non-permitted pre-existing ADUs in town.(Passed, see separate article)
- Article 21 - To authorize the Town to pursue a process that would allow loans to install Town water at a home, to be paid back over time through a tax betterment. (Passed)
- Article 22 - To authorize the Town to buy the 10.8 acre T-Time property on Rt 6. The sale price will be $1.6M. (Passed) Yay!
- Articles 35 & 36 - To ban in Town the use of single use plastic bags and polystyrene food containers, both bans starting 11/1/2020. (Both Passed)
- Article 37 - To support the petition to change the Massachusetts State Flag to remove the images dishonoring Native Americans. (Passed)
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New Listing - A Short Walk to the Seashore
This home was completely remodeled in 2005, when the large great room with its kitchen with cherry cabinetry was added. We have 3+ bedrooms on a nicely landscaped property, just a short walk to the Seashore and a 5 minute bike ride to Coast Guard Beach
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New Listing - Truro Waterfront
This is an amazing opportunity to own a waterfront cottage with insane views of the Bay and the Provincetown skyline. Certainly in need of some renovations, but a gem non-the-less. Wow!
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Eastham Public Library 3D Tour
I've been in love with the new library since the 'beginning'. The fact that the parking lot is often full attests to the value it provides to the community. The 'trained professionals' at the library, led by its director Debra DeJonker-Berry, are constantly looking for new ways to serve the Town's varied demographics by providing many advanced services and utilizing the library in exciting ways.
All that said, the new library is an architectural masterpiece. It needs to be experienced first-hand. One way to experience it is to take a 3-D virtual tour of the Library. I hired my 3-D Tour photographer, Alexis Bricker, to create a 3-D tour that will knock your socks off.
Check out the 3-D Tour....HERE
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Beach Update....
Thank you for your response to my plea for support for the Rec and Beach Department's plan to replenish the sand at the Town's fresh water pond beaches. You (collectively) wrote over 100 emails in support of the plan as they presented to the Conservation Commission. Nicely, the plan passed.
Thank you!
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Mortgage Corner -
4.000%
Mortgage rates have dropped, again. to the lowest level since December 2017, to 4.000% (4.061% APR) for a 30 year fixed mortgage. The Fed announced that there will be no more rate hikes this year, so we should see some stability for at least the rest of this year. Great News! Is now the time to buy your vacation home?
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Eastham's New Accessory Dwelling Unit Regulations
Do you have (or want) an apartment over your garage? At the 2019 Town Meeting the Town voted to radically change the regulations for Accessory Dwelling Units (ADUs) within the town. The details (lots of details!) can be found in the minutes to the Town Meeting (see article above). The changes made ADUs a 'by right' privilege of property ownership and removed most of the earlier restrictions of who the ADU tenant can be (there now is no limitation as to affordability). My abbreviated summary...
- An ADU is a completely independent living space with cooking, sleeping, and living space
- All current health and safety regulations apply to the ADU.
- The ADU must be less than 50% in size of the primary home
- The ADU can have 2 bedrooms max and the total property bedrooms must match the septic capacity.
- The primary home does not need to be the owners' primary residence
- The ADU cannot be a short term rental unit (eg a summer weekly rental)
- There will be a 5 year amnesty program for currently illegal ADUs.
- ADUs are established via the standard building permitting process.
If you have any questions, please give me a call. I'd be happy to help you navigate ...
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Buying? / Selling?
Is it time for you to buy or sell Eastham property? Allow me to step through your options as your real estate agent. Call me at 508-237-9545 or send me an E-mail at
BobSheldon@remax.net
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Buyers: If you plan to come to Eastham this spring (it's still spring), I'd love to show you what's available with a customized list of homes. Then, when you come out, we can go see the homes that seem to work for you. Call me to get started.
Sellers:
URGENT - The spring is a great time to sell your home in Eastham. Lower inventory, and nice weather, means higher prices. Would you like to know what your Eastham home is worth in today's marketplace? Call me for a no-obligation market analysis review of your property.
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If your home is currently listed with another agent please disregard the promotional components of this newsletter.
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