The condo market on Cape Cod has been very slow, but there is clear evidence that if a unit is in good condition and is priced right, it will sell.

A case in point is a closing that took place yesterday. When I was meeting with the seller about listing her beautiful condo, the seller had a price in mind that was considerably above the fair market value that I had determined. I suggested that she have an appraisal done so that we would have an independent third party’s view of the property value. Another good reason to have an appraisal done is that there will be a day of reckoning when the bank appraisal is conducted after the home is under contract. No matter how much the prospective buyer loves the home, if the home does not “appraise,” there is no sale.

After the appraisal came in, the seller listed the home and priced it accordingly. The condo sold in 63 days at the appraised value to a couple who had been scouting the market for over two years. They knew that the home was priced right and was a good value in this market.

This beautiful condo in a waterfront community that is being offered at $317,000 is an example of good buys awaiting Cape Cod condo buyers. Click on the picture for full details and a virtual tour.
	Current	Sold	Absorption
Town	Listings	6 Mo.	Rate
Barnstable	94	35	16.1
Bourne	43	20	12.9
Brewster	63	28	13.5
Chatham	21	5	25.2
Dennis	83	21	23.7
Eastham	14	4	21.0
Falmouth	72	24	18.0
Harwich	46	8	34.5
Mashpee	105	46	13.7
Orleans	37	11	20.2
Provincetown	187	32	35.1
Sandwich	28	6	28.0
Truro	56	10	33.6
Wellfleet	26	4	39.0
Yarmouth	90	36	15.0
TOTAL	965	290	20.0

What does this mean?

Since the absorption rate for condo sales in a balanced market is usually around 5 months, a 20 month absorption rate means that the number of condos available exceeds the number of potential buyers. This would indicate that buyers still have the advantage in negotiating sales prices and conditions.

Now that the summer is winding down, it’s time to do those things that you wanted to do all summer but somehow never got to do.

Lobster on the Lawn Mondays

Every Monday night during July and August from 5:30 to 7:30 pm, Saint Barnabas Episcopal Church in Falmouth Village serves all meat lobster rolls with all the trimmings for just $15 per person. My wife Mary Beth and I finally made it this past Monday. Hundreds of locals and visitors gather on the church’s expansive lawn. Tables and chairs are provided, but many people bring blankets and sit right on the grass. They also offer free PB & J with juice, chips and a cookie for kids under age 10.  Finally, you get a choice of lemon meringue or blueberry pie…of course mine was blueberry!

Community Atmosphere

Part of the attraction is the casual community atmosphere that permeates the evening. Frisbees, flying footballs, and even a life-sized lobster are part of the fun, and you can end the evening with a stroll down Main Street.

There’s Still Time

The program wraps up for the summer on August 31.

Until next time, Steve

Selling Cape Cod Real Estate

We recently had the sale of a condo at Sea Oaks in Mashpee, MA fall apart over the condo association’s refusal to answer four questions that required an opinion or judgement.

Working With Cape Cod Home Buyers

The mortgage provider had sent a form to the association’s management company, American Properties Team of Woburn, MA. American Properties provided a comprehensive form of their own that provided in-depth information but failed to answer four questions. Neither the lender nor APT would budge.

What an Expert Cape Cod Real Estate Agent Can Do For You

There are several questions that I am attempting to get answered:

1. Can a condo be purchased with an FHA backed loan at a property managed  by APT or any association whose attorneys refuse to allow them to answer questions requiring an opinion? (i.e. Is the maintenance reserve adequate?)

2. Do all lenders use the same form?

3. Which lenders will accept the pre-prepared form provided by the association?

I will keep you updated.

Until next time,
Steve