Property Q&A in Provincetown>Question Details

rogercast, Home Buyer in Provincetown, MA

How much attention should be given to price per square foot?

Asked by rogercast, Provincetown, MA Sun May 20, 2012

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I've found that not too much attention is given to the price per square foot in Provincetown. What buyers are typically looking for is the location and convenience to town. The buyers will sometimes settle for less square footage to be closer to town. So, location is key to most buyers. Hope this helps-good luck on your property search- if you have any more questions-I'd be happy to help. Check out my website- if you'd like to search for properties and receive emails: http://www.livinginprovincetown.com
0 votes Thank Flag Link Mon May 21, 2012
Price per square foot is one of many factors you use to determining pricing of a home. It is not the end all be all though.

When choosing comps for your home, I would use 20-25%+/- the square footage of your home. I would also try to stay with in one mile of your location, as well as try to find similar style and function homes with roughly the same year built.

That is the ideal situation but in New England it can be easier said than done!!
0 votes Thank Flag Link Mon May 21, 2012
Price per sq foot is just one of many factors that should be considered when buying a home. In Provincetown over the past 12 months for example the average price per sq ft of the 176 properties that sold was $547. If you look at it by property type condos were $569/sq ft, single family homes $513/sq ft and multi-family homes $439/sq ft. Just one more example, if you look at condos by sale price you get this -

$0 - $250K $461/sq ft
$250K - $500K $604/sq ft
$500K - $750K $532/sq ft
$750K - $1M $715/sq ft
Over $1M $469/sq ft

Quite the range of costs per sq ft. If you start looking at waterfront vs non-waterfront, or more desirable areas of town you will get vast differences.

So the short answer, price per sq ft can be helpful in comparing properties but you need to make sure you are comparing apples to apples. Your best bet is to ask your realtor to find you comparable properties to one you may be interested in and compare actual sales price. If the properties are of similar size then you can make the comparison more accurately.

Hope this helps.
You can run reports to find info discussed above on the reports tab of my website

http://www.toddrousher.com

Todd
0 votes Thank Flag Link Sun May 20, 2012
price per sq ft is just one more approach to value, but more weight should be given to location, condition and your opinion of value based on looking at as many homes in your market as you can.
0 votes Thank Flag Link Sun May 20, 2012
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