Bridge to the Cape

Lower Cape Real Estate Market Update – 1st Quarter 2012

Lori Jurkowski — Mon, 30 Apr 2012 15:06:27 +0000

It’s been a while since I’ve updated my blog; the months are flying by and I can’t believe it’s already MAY tomorrow! I saw my first hummingbird at our feeder last night, I’m sure the Baltimore Orioles are not far behind!
In real estate, it’s been non-stop. I know this is the spring market and the premier buying season on the Cape, but I’ve already sold in 3 months more than I did in all of 2011! I was surprised to see which towns were leading, when I did the numbers for this update. Here they are:
Chatham, normally the leader of the Lower Cape, shows 25 single family homes (SFH) sold in the first 3 months of 2012, versus 24 last year. However the median sale price is down almost 30 percent, from $768,750 to $540,000. The good news is that 13 SFH have sold so far this month (April) and there are 38 SFH under contract, so I fully expect the numbers to improve significantly on my next report.
Brewster is HOT! 31 SFH sold in the first quarter, versus just 19 last year same time. The median sale price is up 25 percent to $367,500 compared to $292,500 last year. There are currently 30 SFH under contract and another 11 sales in April so far.
Harwich is also busy, with 55 SFH sold versus 37 last year during the first 3 months of the year. The median sale price is down over 7 percent though, at $346,000 versus $375,000 in 2011. Right now there are 47 SFH under contract and another 19 sold this month so stay tuned!
Orleans, I feel, is a sleeper. Jan-Mar 2012 has 20 homes sold, 1 less than last year at this time. The median sale price is also down, at $445,000 compared to $500,000 last year. I’ve been showing a lot of homes in Orleans though, and I believe next quarter will be much improved. To date there are 25 homes under contract in Orleans, and 14 SFH have closed in April (which is not over)
Hopefully the stock market continues to stay above 12 or 13K and mortgage rates remain low. Buyers, don’t lose out on some great opportunities out there!

Seacrest Village Chatham update

Lori Jurkowski — Fri, 02 Mar 2012 19:57:42 +0000

Hello from Seacrest Village in Chatham! Here is an update on the progress.
The outside of the homes are basically finished and look fantastic! Because of the mild weather we’ve had; it was possible to do extensive landscaping right through the winter, and the village looks beautiful. Masons worked 7 days a week laying brick walkways, stone patios, and stone walls. All of the homes have a nice granite front step, granite light post, and mahogany farmer’s porch. The shutters and garage doors are up. There was a delay by NSTAR in getting the gas lines run to the homes but we are back on schedule. All homes have also been hooked up to the Town Sewer, so Seacrest residents won’t face a hefty fee for this in the future like most Chatham homeowners will!
Meanwhile, the 4th home has been sold. Of the remaining six for sale, the Builder is finishing 3 of them. They are 1 John Gilpin, numbers 28, and 24 Seacrest Village Lane. The kitchens have already been ordered for these 3 houses. All of the kitchen and bath cabinets are handmade in Vermont and are of excellent quality. These homes are scheduled to be ready for occupancy in June. If a Buyer wants to choose their own kitchen and bath cabinets, this can only be done now for 18 and 14 Seacrest Village Lane. NOTE: there is a 3 month lead time to finish, so if you want it this summer, you need to act soon!
Open houses are held every Saturday and Sunday at Seacrest Village, please call me to confirm the times or set up a private showing.

Updated look at 1 John Gilpin Seacrest

1 John Gilpin new kitchen in process...

2011 Real Estate Recap – Lower Cape Cod, MA

Lori Jurkowski — Sat, 21 Jan 2012 21:54:53 +0000

Real estate on Cape Cod fluctuated greatly in 2011, varying from town to town and from one month to the next. It started out with a bang, but by the end of the year sales were down in many areas. Here is a sales summary for the Lower Cape towns:

Brewster - Brewster saw 141 single family homes sold in 2011 at an average sale price of $369,000, compared to 139 SFH sold in 2010 at $365,000. Condo sales were down, with 47 units sold in 2011 at an average of $192,000, versus 63 units sold in 2010 for $210,000. The sales outlook for 2012 appears much stronger however, and the market is already picking up. As of today (2/12/12) in Brewster, 13 single family homes and 6 condos sold since January 1, 2012. Additionally, 24 SFH and 7 condos are under agreement.

Chatham - The twelve months of 2011 saw single family homes in Chatham close at an average sale price of $639,000, up from $590,000 in 2010. Less of them sold though, just 151 versus 170 sold in 2010. Condo sales in 2011 reflect an average sale price of $350,000 and 14 units sold, up from $277,500 and 12 units sold in 2010. Looking ahead, 11 single family homes and 2 condos have closed in Chatham in 2012, with an additional 27 SFH and 2 condos under agreement.

Harwich - 216 single family homes and 31 condos sold in Harwich in 2011, down from 249 SFH and 40 condos sold in 2010. The average sale price was down as well; $347,500 for SFH and $168,000 for condos, compared to $355,000 and $197,000 in 2010. The Harwich preview for 2012 is extremely encouraging; since January 1 this year 4 condos have sold and 9 more are under agreement; 25 SFH have sold with 33 more under agreement!

Orleans - 93 single family homes sold in Orleans in 2011 at the median price of $539,000, compared with 100 SFH at $560,000 in 2010. In the condo market, 28 units sold at an average of $221,250 in 2011, versus 35 units at $225,000 in 2010. There are currently 16 single family homes and 2 condo under agreement in Orleans, and 6 SFH have sold from January 1, 2012 through today.

I have been showing houses straight through from Thanksgiving to New Year’s. There really wasn’t the normal winter slow down; and the Spring market appears to have started already. I believe we are on track for a huge year in Cape Cod real estate for 2012!

(Statistics from The Warren Group and the Cape Cod & Islands MLS)

Is now the right time to buy a home???

Lori Jurkowski — Fri, 18 Nov 2011 17:32:42 +0000

There is a lot of debate on this subject. As I have said before, ‘real estate is local’. In some areas of the country (and the state) you’ll find that housing prices are still dropping, while in others, they are rebounding. I always provide the stats to help you decide, because ‘numbers don’t lie’. Here are also a couple of articles that offer the point of view that it IS the right time to buy.

Jeff Reeves of Marketwatch.com thinks ‘Now might be the best time ever to buy a home’. Here’s the link:

http://www.marketwatch.com/story/now-might-be-the-best-time-ever-to-buy-a-home-2011-10-03?siteid=nwhreal

From Jack Hough, a columnist at SmartMoney.com, his recent article from the Wall Street Journal:

http://online.wsj.com/article/SB10001424052970204774604576629443313035736.html?KEYWORDS=its+time+to+buy+that+house+

Remodeling your Home and Need to Choose a Builder?

Lori Jurkowski — Sun, 28 Nov 2010 17:22:18 +0000

Have you always wanted to make some changes in your home but didn’t know where to start?
Most people don’t realize how much really is possible in the area of building and renovating, and would be amazed at what a good Builder can do! Whether it’s creating your dream master suite, upgrading your kitchen with granite counters and new appliances, or adding a room over your garage. Maybe you have always wanted a gorgeous stone fireplace. How about a new deck, or a four-season sun room for extra living space? Perhaps you are buying an older home that will need to be renovated. Or you may be thinking of selling your home and wonder if it’s worth putting money into it in order to achieve a higher sales price. (I am a firm believer of “you have to spend money to make money!”) In any event, nearly anything is possible these days in the area of renovating a home.

Your biggest decision is your first one: find a reputable, experienced Builder to assist you from start to finish. Ask for references, and check them out. Talk to people who worked with that Builder five, ten, fifteen years ago. Do they still have a good relationship? Do they still recommend that Builder? Visit properties that the Builder has completed. There are many Builders with slick advertising and fancy marketing materials, but that doesn’t mean they know what they are doing! In my opinion, the best Builders around are the ones who don’t advertise, who don’t have web sites, and don’t have a fancy fleet of trucks. They are HANDS-ON, and are on YOUR job every day, not assigning it to a “Project Manager!”

Make sure your Contractor has the proper insurance, and hires professional sub-contractors who all have insurance themselves. The Government has gotten VERY tough and most of these guys have to face TWO audits annually (a miserable experience if you’ve ever known a Builder.) The Government is forcing them to pay huge insurance premiums just to stay in business. Please do not support those who employ illegals! It is just not fair to the others who are doing it the right way. You may be saving a few bucks, but I can guarantee that the quality of work will be sub-par, and you are hurting Cape Cod small businesses in the process. The bottom line is this: you get what you pay for. In life, and especially in the trades! If you’d like a recommendation for one of the finest Builders on Cape Cod, I’m happy to provide contact info; just drop me an email.

You don’t have to wait any longer to make those changes to your home that you’ve always dreamed about!

Beware of Craig’s List Rental Scam!

Lori Jurkowski — Sat, 13 Mar 2010 16:45:07 +0000

About a year ago, I started getting strange calls and emails – and became aware of a HUGE scam. These calls & emails were from prospective renters looking for year-round rentals in my town, and had found a home advertised on Craig’s List. However, the rental just seemed too good to be true, and the prospective renter was wise enough to try and check it out first. It always involved unusually low rent for the area, with the supposed property owner being away in Africa doing missionary work and just needing someone to “take good care of the house” for her while she was away. (In my experience, it’s always been a woman who is the homeowner.) Anyway, these renters happened to discover that the properties in question were also listed ‘for sale’ - and they tracked me down as the listing broker to confirm that the rental was legit. Of course it wasn’t, and the would-be renters were relieved that they didn’t wire the deposit to the Western Union account as instructed.

I tried to go after the Perpetrator of the scam, but after spending hours online looking for where to report the person on Attorney General and Government websites and getting nowhere, I gave up.

It’s still happening though, and now the Perps are getting really clever. They are looking at the online tax records of the properties to come up with the REAL owner name. Then they create an E-mail account in the Owner’s name (yahoo or other) so that any correspondence with potential renters will appear legit if the renter checks it out. This appears to be happening all across the US.

I routinely put out ‘Scam Alert’ warnings to potential renters on Craig’s List, one was seen by a local newspaper reporter who just ran a story about it in today’s Cape Cod Times. I’m linking the story here as well. http://www.capecodonline.com/apps/pbcs.dll/article?AID=/20100313/NEWS/3130310

If you’re looking for a year-round rental anywhere, be alert to this scam!