Provincetown, MA

I am on vacation here and haven't been on ActiveRain much, but I did want to share a couple pictures that I snapped last night while waiting for dinner. Not the best quality because of the lighting and also since they were from my cell phone, but here goes. Just a lazy end of summer evening in Provincetown MA.

When I did some research on pre-foreclosures in Cape Cod towns on May 6, 2008, P-Town was one of the Cap Cod towns that had only a few properties in pre-foreclosure. Only 1.3% of the 140,000(+-) homes on the Cape were at the stage of pre-foreclosure on that date. Most homes on the cape are owner occupied, but in Provincetown almost 60% of the 2400 residential properties are second homes. Most other communities on the Cape have less than half of their homes designated as second homes. Commercial properties are not included in the pre-foreclosure data I found.

Provincetown, MA is the farthest town out on Cape Cod, Massachusetts. It is bounded by Cape Cod Bay, the Atlantic Ocean, and Truro. Most of the properties in Provincetown are second homes (58%+-). Provincetown is another one of the towns on Cape Cod that has lots of beaches. This area of the Cape is known for its colorful summer tourists. Even with its high second home percentage, Provincetown real estate had only 17 properties in pre-foreclosure when I ran my last report on May 6, 2008.

Provincetown doesn't have villages like other towns on the Cape. Keep in mind these are PRE-foreclosures (as of 5/6/08) and some will not go to complete foreclosure.

Provincetown 17

Next: Dennis
Other Towns: Yarmouth
Sandwich
Mashpee
Falmouth
Barnstable

With prices adjusting, the demand in the market increasing for vacation or investment property, mortgage rates historically low, this is a terrific time to consider purchasing real estate on Cape Cod. With offices in Provincetown and Hyannis, Century 21 Shoreland serves the entire Cape Cod region. Let us "optomize your buying or selling experience"as your selling or buying agent providing you the Gold Standard in Real Estate!

Here we are, April 1, 2008! Wow, time flies when you're having fun! The first quarter has ended and here are the sales figues from the Cape Cod MLS system of closed/sold properties in Provincetown from January 1- March 31.

As we know, the average days on the market has increased from 2007. However, Buyers are buying and the market is active!

Should you be considering buying or selling a home or condo anywhere here on Cape Cod or in Provincetown, please feel free to visit my website or call me at 508-487-6002.

A: There are over 85 Guest Houses in Provincetown, and at any given time, approximately 10-15% of the properties are on the market. There are currently 12 being offered for sale, priced from $699K to $3,000,000. Most often, Guest House properties are sold completely furnished and equipped.

It is important to speak with a commercial lender at the beginning of your search so that you can determine the price range in which you should be looking. Will one of you continue to work at your present job while the other runs the inn? Do you own other properties? Do you have any outside sources of income? The lender will ask these types of questions and use all of your income to pre-qualify you for a loan. Generally speaking, you will be expected to put down at least 20-30% of the purchase price. This number will vary, depending upon your personal financial strength and credit history while also taking into account the income of the property you are considering.

Once you have identified a property and chosen a lender, you will work with your agent and your attorney to negotiate all of the details of the sale. The lender will order a commercial appraisal of the property and in some instances, an environmental inspection. The appraisal is a critical part of the process, as the appraiser will use the income to value the property. The lender may also ask you for a business plan.

The present climate is very favorable for commercial loans – rates are lower than they have been in some time and there are some great loan products available. In addition, there is money available through the Small Business Association (SBA).

Once you own your inn, the fun part starts! You will meet people from all over the world and become a part of the local business community.