A New Alternative to the Fixed Mortgage

I've always been a 'fixed' rate mortgage kinda-guy. I liked the fact that the rate stayed the same and allowed us to plan out our expenses, month after month. We also liked the 30 year mortgage, since it minimized the required monthly payment. We recognized that a 15 year fixed mortgage provided for a lower interest rate (currently a full point lower), but at a substantially higher required payment. At the time the 15 year mortgage payment was prohibitive.

Enter a new alternative. How about a 30 year loan that's fixed for the first 15 years, then 'adjusts' once (only once!) for the remaining 15 years? How about if the starting rate is just a small increment above the 15 year fixed rate, but still well below the 30 year fixed rate?  Since the average mortgage is held for only about 7 years, this seems a no-brainer.

Of course this loan has some fine print, but doesn't seem to be too unusual. It has a 'jumbo' upper loan limit of $2M. This mortgage is offered by Prospect Mortgage, which as an office in Orleans. Call them at 508-862-6175 for more details.

Photo of the Day - Memorial Day

I was in DC many years ago on business. I was with a business associate who needed to visit the Vietnam War Veterans Memorial, known then, and now, as 'the Wall'. He looked for the 7 comrades he lost while he served in Vietnam. Although I never served, I deeply appreciate those who did, risking, for my sake, making the ultimate sacrifice. We remember...

Dr. Beach Picks Coast Guard Beach - Again!

'Dr. Beach' (a.k.a. Stephen Leatherman, a professor from Florida International University) has named Eastham's Coast Guard Beach as one of the 'top ten' beaches in the US. Ratings each year are based on a number of criteria, such as sand, water quality, weather, facilities and crowds. Coast Guard came in as number 8 this year. It's no surprise that the number 1 beach is from Hawaii, with beaches from South Carolina and Florida in the mix. Strange, no California beaches made the list this year. 

Check out the article on Fox News' website. And go to  to Dr Beach's website see all the winners.

My June 2014 Market Report Is Available Now!

My June 2014 market report is available now!  This issue has my Eastham market update through April. There are also a number of recent articles that you should find interesting, including the results of the water vote at Town Meeting.

This newsletter has been published every month for over 11 years. My aim, with this newsletter, is to provide accurate sales and market information about the Eastham housing marketplace, to add commentary and opinion (as appropriate), and to keep it interesting. Download your copy of my June newsletter now.

New Listing - Large 3 Bedroom Cape - Fabulous Sunroom

EASTHAM - New Listing - This is a large 3 bedroom, 2.5 bath house that has been lightly lived in and nicely updated. Downstairs is a stainless kitchen with a laundry area, a delightful 4-season sunroom (2003), large living room with fireplace, and a front-to-back master bedroom with full bath. Upstairs are 2 large bedrooms and a bath. We have newer windows, outdoor shower (2011), newer roof (2006), recently painted (inside & out), a one car garage, and a rear deck. This home is near the Bike Path and within walking distance of Herring Pond.  Listed at $539,000.

For more photos and a map, go to http://1400BridgeRd.robertsheldon.com. If you'd like to see a Virtual Tour, go ... Here.

New Listing - Rare Year-Round Condo Unit

EASTHAM - New Listing - This is a rare year-round 1 bedroom condo unit at the Oak Grove Condos. This cottage is really cute and in superb condition, completely furnished, and ready to use. This heated cottage has a full basement with a stackable washer/dyer and lots of room for storage. Very private. Nice deck for outdoor living. Outdoor shower. Listed at $189,000. Come see!

For more photos and a map, go to http://21OldCountyRd.robertsheldon.com. If you'd like to see a Virtual Tour, go ... Here.

Water Issue Passed At Eastham Town Meeting

The Eastham Annual Town Meeting was held last night at the Nauset Regional High School. For the most part, it was a very positive affair, with only one item on the packed warrant defeated (see Article 18, below). Here is a summary of some of the interesting articles addressed last night.....

• Article 8 - Municipal Water - this is known as Phase 1 of the ultimate water system, to cover the affected area plus run pipes throughout the town for fire protection. Cost is $45.8M. It passed overwhelmingly with 858 'yes' and 140 'no' votes. It needed a 2/3 vote. Passed.
• Article 17 - Rock Harbor Dredge - a project split with Orleans to dredge Rock Harbor. Passed.
• Article 18 - Rooms Tax - to impose a 4% tax on summer rental homes. This would require the state legislature to approve it prior to any collection of taxes and would have first been applied to 2015 rentals. Defeated. 
• Article 21 - Sign Code - long overdue regulations for signs in Town. Passed.
• Article 22 - N. Eastham 'Overlay' Zoning District - a complicated new zoning district, that will cover the varied area mostly between Rt 6 and the bike path from Arnold's Restaurant to the northern junction of Nauset Rd and intended to encourage innovative development and more 'home town friendly' areas, such as shops, cafes, walking paths, Senior housing, etc. Passed.
• Article 31 - Buy 3.41 acres of Bay-front land adjacent to the Town property at the end on Dyer Prince Rd. The Town had a right of first refusal on the land and voted to purchase it at just under $1.5M. This will expand an area known in Town as 'Dog Beach'. Passed.  
• Article 35 and 36 - Private Road Maintenance and Plowing - designed to provide improved access to areas of town where the private roads are in bad shape. Primarily to provide access for emergency vehicles. Passed.
• Article 38 - Brackett Organic Common Fields - this was a petition to encourage the Town to set aside an acre of land for towns-folk to plant 'victory' gardens. The work would be entirely volunteered. This has been the pet-project of Nate Nickerson, the owner of Arnold's Restaurant, who recalls when that area was completely planted with Eastham turnips. Passed.

The meeting dragged on until shortly after 11 PM, and lacked the unruly nature that recent meetings have had. Very tedious, but civilized. Democracy at work.

Eastham's April Sales - Picking Up Steam!

Eastham's April 2014 sales show that 2014 may turn out to be a really good year. There were 14 single family home sales in April, bringing the year-to-date sales to 32 sales.  The details.....

• There were 14 homes sold in Eastham in April.
• Total April sales was $9.3M - with an average sale price of $665K and a median sale price of $444K. 
• There are currently 110 active single family listings in Eastham, with an average list price of $588K and a medium price of $455K.
• The average days-on-market is currently 216 days.

For more details, graphs, and commentary, download my latest monthly Eastham newsletter -- here. I've been publishing this newsletter for over 11 years with the goal of providing market information to my clients, so they may approach the market from a more informed position. Check it out!