Rick Tourgee’s Provincetown Real Estate Blog

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.

There are not many lots available in Provincetown that can be built upon.  However, once you move away from Provincetown toward Truro and Wellfleet, your options for vacant land open dramatically.  Many Clients ask me about where do they begin.  Of course, I always recommend the first stop to be at the local building department zoning department and health department, and ask my Clients to spend time with these people and ask many questions about the subject property and any limitations.  Once they are satisfied with the answers from the local authorities, then they should meet with an Engineer as well as a licensed contractor.

Another valuable resource for consumers is the National Association of home Builders website.  This website is for consumers as well as builders.  I highly recommend my Clients visit the website and spend some time looking through the website for valuable tips to use along with their Engineer and Builder.

NAHB is a trade association that helps promote the policies that make housing a national priority. Since 1942, NAHB has been serving its members, the housing industry, and the public at large.

Click here to visit their website.

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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.

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.

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 view my website to browse a variety of condos and homes on Cape Cod!

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!

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.

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.