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Provincetown Home Prices

The Provincetown Housing Market

 

Home prices and sales trends

Provincetown's history as a seaside village of fishermen, made wealthy by the whaling trade and famous by artists and writers, has shaped its housing stock.

The Town is dotted with simple fishermen's shacks and classic "Cape's", graceful 19th century Greek-Revival homes, and imposing Victorian mansions. As tourism has come to dominate Provincetown's economy, new, second homes, and condominiums have followed. Presently there are about 800 single family homes and 1800 condominiums.

Since almost 70% Provincetown is within the "Cape Cod National Seashore ", where building is prohibited, the village is compact, easily walkable, and blessed by numerous constraints to unchecked growth. Much of it is within the "historic district " which regulates alteration of older properties.

Geographically Provincetown is a rectangle, a mile in width, 4 miles in length. The main street, Commercial, parallels the Harbor. The Town can be divided into:

• the "East End " (from the Truro line, west to Dyer)
• "in town" ( Johnson Street to Court)
• the "West End "( Winthrop Street, west to Provincelands Road)
• and "across Route 6 "

Single family

Since build-able land is in short supply, the stock of single family homes in Provincetown increases slowly. These properties range from the $500,000's for "fixer uppers", to $700,000 to $900,000 for newer, larger homes, and up to $2 - $3,000,00 for "luxury " properties. The median single family home is priced at $ 900,000.

Condominiums

Condominiums, in much greater supply, offer a more affordable entry point to the Provincetown real estate market:

• Studio and 1 bedrooms range from $185,000. to $599,000 (median= $360,000)
• 2 bedroom units range from $315,000 to $799,000 (median=$500,000)
• 3 bedroom units range from $500,000 to $899,000 (median=$650,000)

Income property

"Income property ", from two to six units, tends to be priced on potential for conversion to condominiums, and usually make little sense on an income and expense analysis. In a "hot market ", competition for these properties is intense since in Provincetown there are no growth controls on their conversion to condominiums (as is true of new construction). Currently prices on 2 family homes are running $300,000 to $900,000; on 3 family properties $ 700,000 to $1,395,000; and on 4 to 6 unit properties, $800,000 to $2,600,000.

Commercial property

Commercial Property, such as guest houses ('bed and breakfasts'), restaurants, and retail and apartment complexes appear very infrequently on the market, are "pricey " and are difficult to finance, usually requiring 30% down payment. I know the guest house market, in particular, quite well--indeed have owned one myself-- and sold many others, and can help buyers navigate the shoals and pitfalls of such an investment.

Guest houses, of which about half a dozen are currently for sale, are priced between $1,395,0000 and $1,850,000 (though one property is available at $875,000 and another-at the high end, $6,900,000r!). Three restaurant properties are currently available at $975,000, $1,395,000 and $1,950,000.

Market trends

After a five year run-up in sales volume and prices from 2000 to 2005 (with year to year increases of 15-20%), the Provincetown housing market in 2006 has settled down: there is plenty of inventory to choose from, sellers are no longer "shooting for the moon ", and buyers can take their time looking. An ideal time to buy!

 

 

Last updated: December 18, 2010