Q: Thanks for last week’s written blog about preparing my Cape Cod home for the off season. If I leave Provincetown for the entire winter, are there any additional steps I need to take?
A: The first step should always be to give your property one last thorough cleaning. This eliminates potential mold and mildew that may have grown over the summer and fall months with the high humidity. It also gets rid of food particles that rodents and the like can sniff out.
Take crisp white sheets and cover your furniture and electrical components like your tv and stereo. This prevents dust from getting on the upholstery or inside televisions, video players, computers and clocks. These days you may have an Ipod station. If you leave it, be sure to unplug it.
Once you have identified a date that you’ll be leaving, for some it will be right after New Years, call a plumber and set an appointment to drain your water and shut it off as we briefly discussed last week. This will eliminate the threat of frozen pipes and damage. Be sure to leave your taps open both in the kitchen and bathroom. This lets extra water escape.
If you do leave your interior water on, at least make sure the water source to your exterior spigots is turned off and your spigots left open. As mentioned last week, make sure your temperature is kept at least 55 degrees or preferably 60 degrees. If you are leaving, it is best to completely shut your house down.
With this quick checklist complete, you can close the door to your vacation home and on what was hopefully a fun filled and relaxing summer and fall here on Cape Cod.
Thursday, November 20, 2008
Thursday, November 13, 2008
Commercial Sales
Q: "I own a business (with the real estate) on Commercial Street and I have been thinking of retiring. My concern is about the current economic climate and whether now is a good time to sell."
A: There is no doubt that these are challenging economic times. We have reported extensively on the state of the real estate market and the price corrections that have occurred. Your decision process about whether to sell must consider your own personal life plans and goals, in addition to market trends.
There is some activity in the commercial market. There have been approximately 10 Commercial Sales in Provincetown since January 2007. All but one have sold for less than the assessed value of the property. If you are looking to sell the business as well as the real estate, the income will play a very important role in your value. It is a good idea to have us run a Comparative Market Analysis to give you an idea of the value you can expect.
Our team of brokers specializes in Commercial Sales: we are the top selling MLS real estate company on the Outer Cape, with over 56% of the market share for commercial sales, outperforming our closest competitor by 4 to 1.
Because there is no way to know how long it will take for the market to become robust again, now is as good a time as any to test the waters. Most commercial sales transact during the winter months and it would be most advantageous to list your property immediately to see if there are any interested parties. You may receive a satisfactory offer that will allow you to move on to the next phase of your journey. If you don’t list the property, you may find yourself in limbo for an indefinite period of time.
A: There is no doubt that these are challenging economic times. We have reported extensively on the state of the real estate market and the price corrections that have occurred. Your decision process about whether to sell must consider your own personal life plans and goals, in addition to market trends.
There is some activity in the commercial market. There have been approximately 10 Commercial Sales in Provincetown since January 2007. All but one have sold for less than the assessed value of the property. If you are looking to sell the business as well as the real estate, the income will play a very important role in your value. It is a good idea to have us run a Comparative Market Analysis to give you an idea of the value you can expect.
Our team of brokers specializes in Commercial Sales: we are the top selling MLS real estate company on the Outer Cape, with over 56% of the market share for commercial sales, outperforming our closest competitor by 4 to 1.
Because there is no way to know how long it will take for the market to become robust again, now is as good a time as any to test the waters. Most commercial sales transact during the winter months and it would be most advantageous to list your property immediately to see if there are any interested parties. You may receive a satisfactory offer that will allow you to move on to the next phase of your journey. If you don’t list the property, you may find yourself in limbo for an indefinite period of time.
Thursday, November 6, 2008
Counting The Days
Q: "What are the average market times for properties that have sold on the Outer Cape?"
A: When looking at average Days On Market (DOM), it is helpful to look for trends by looking at a comparison of the last four years. Since market times are generally longer for single family homes as compared with condominiums, we have created a separate table for each.
2005: 151
2006: 222
2007: 200
2008: 289
A: When looking at average Days On Market (DOM), it is helpful to look for trends by looking at a comparison of the last four years. Since market times are generally longer for single family homes as compared with condominiums, we have created a separate table for each.
2005 was the height of the market. Real estate prices and sales began to soften in 2006. Average market times for single family homes in Provincetown appear to be leveling off for the first time since the decline began in 2006, while DOM continue to increase in Truro and Provincetown. In the condo market, we see a leveling off across the board in all three towns.
Average DOM of SOLD SINGLE FAMILY HOMES
Provincetown
2005: 153
2006: 216
2007: 308
2008: 293
Truro
2005: 172
2006: 258
2007: 239
2008: 335
2005: 151
2006: 222
2007: 200
2008: 289
Average DOM of SOLD CONDOMINIUMS
Provincetown
2005: 121
2006: 167
2007: 181
2008: 177
Truro
2005: 155
2006: 182
2007: 203
2008: 176
Wellfleet
2005: 108
2006: 175
2007: 311
2008: 164
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