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Home Selling in Provincetown : Real Estate Advice

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Thu Dec 11, 2008
Len Bowen answered:
Hi Judi:

An update (Dec 2008) on waterfront values:

Obviously being fewer in number and greater in demand, waterfront properties hold their value well in Provincetown. And I agree with my colleague Bob O'Malley, who has a much longer perspective than I (I started in real estate here in 1993) that generalization is perilous because of the small numbers we work with.

And of course there are niceties: West End is in higher demand than East, new constrction with all the bells and whistles(yes s/s and granite Im afraid) sells faster and at a higher price than older conversions; parking is VERY important; and the right to do WEEKLY rentals is critical.

Here are some telling examples:

In 2005 and 2006 brand new units in the East End(at September Morn) were selling at $1200/sf

In Dec 2006 a unit sold at Fisherman;s Cove ( an '80's conversion) for $510,000 ( 1Br with parking, direct water view, 470 sf) =$1085/sf

In Dec 2008 a 1 Br at Jones Locker with parking and good but not great water views (a late 80's conversion, the unit upgraded 2 yrs ago) is selling for about $460,000 for 600 sf =$765/sf

I think the old rule of thumb--$800 to - $1000 /sf (dependiing upon the niceties), holds.

Len Bowen
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