It’s time again for Boo Boo’s Backyard!
As always, we local ptownies are hearing anecdotal stories—what a good season it was, what a slow season it was. Were there more day-trippers, more luxury super-yachts, more bridesmaids? What about the continued saga of finding housing for workers? Every year this seems to be the ebb and flow of information…. Some of it can be quantified, but mostly people have a “feeling” about what’s going on in town. It’s the same way with real estate. The one thing that looks like it won’t change for a long time is this: people WANT TO BE IN PROVINCETOWN.
At the risk of sounding like a broken record, you all are smart accomplished people who have most likely achieved a certain amount of success if you’re looking for a home, weekend escape, or investment opportunity in Provincetown. So I’m just going to give you the numbers and let you interpret them yourself!
What I can tell you about is what seems to be the “feeling” going on around town? It seems a couple of things hurt rentals this summer: the new 14.5% short-term occupancy tax, and sharks.
Let’s talk about the sharks first. They haven’t been as much of a hit in Provincetown as in other areas of the Cape, due to the smaller percentage of families with children, but we are certainly feeling the effect more in Truro. So if you are looking to purchase something in Truro, it may be a good time—just understand the effect of shark attacks on rentals.
The new short-term occupancy tax went into effect this summer. Again, here is where you as an educated reader need to decide. Will this balance out and just become part of the process renters get used to, similar to booking a hotel, or will your bottom line take a hit?
Also, anecdotally, according to the “chatter,” there’s a lot on the market, and the shift is going toward a buyer’s market. Although, as you can see, the numbers don’t exactly back that up, depending on the way you read them.
I’m happy to talk about any of this stuff.
Yeah, I’m the guy who started and runs ptownie, but I have always been obsessed with real estate, particularly with an eye toward projects and investments.
And, if you haven’t seen our Fall & Holiday Guide, it’s full of great information and beautiful photography. I’m happy to send you a physical copy, or you can read it online.