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.
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