When I began entering commercial real estate data into a database in 1995, I never imagined it would mark the beginning of an evolving 14 year project. And the same project would wind up having an unusual but suitable name.

Today the product of this effort is a powerful proprietary analytical tool which is being leveraged to provide exceptional benefits for discerning valuation clients throughout Southeastern Massachusetts.

Known as the  Market Mouse database, as a reference to the agility of a mouse in maze adeptly probing and efficiently navigating in search of the most optimum destination or outcome,  this relational database truly is one Mighty Mouse!

Market Mouse has little resemblance to an automated valuation model (AVM), statistical data product or “valuation instrument”. Indeed, time tested skills such as technical aptitude, cognitive thinking  and constant street level information gathering are still employed. Rather the  Market Mouse data management system has a supplemental role in much of valuation and brokerage activities in which I am retained.

Today the database contains close to 6,500 individual commercial property, transaction and listing records totalling over $3.0 Billion among 70 individual property classes. Linked to 1,300 of the property records are high quality digital images.

Since its humble inception, a consistent “quality in and quality out” focus has been at the core of Market Mouse. Along with this commitment is the drive to develop unique and meaningful data sets achieved through a range of sorting, filtering and grouping capabilities. Whether analyzing by location, name (buyer, seller, lender or broker), property type or characteristic, time frame, and a host of dollar ranges, its all possible with Market Mouse.

The majority of records cover properties within Barnstable, Dukes (Marthas Vineyard) and Nantucket Counties. In 2007 and 2008 along with a series of tweakings completed by one smart professional programmer, data collection was expanded to nearby Bristol, Plymouth and Norfolk Counties. To date, these efforts have provided a solid return on investment on several levels.

Contact me today and discover how Market Mouse can further your goal of deriving real benefits and reliable outcomes in your next valuation  project whether for one property or a portfolio.

Joseph P. Egan is a MA Certified General Real Estate Appraiser with over 25 years of professional valuation experience. Through a specialization in commercial real estate and closely-held businesses, since 1991 he has completed over 650 appraisal, brokerage and consulting assignments concerning all types of commercial real estate assets and going concerns located on Cape Cod, Martha’s Vineyard, Nantucket, and Plymouth County, MA. Clients served generally include attorneys, banks, corporations, developers, investors, and owners of closely-held and family businesses. Prior to relocating to Cape Cod, Joe worked in the New York Metro Area and throughout CT with leading regional and national appraisal firms such as Cushman & Wakefield. Please contact Joe here.

HARWICHPORT, MA – The former Thompson’s Farm Market in Harwichport, MA changed hands in mid October 2008. According to a filed deed, the purchase price was $2,250,000 and the buyer was Building Down the Road, LLC. In a recent report published in the Cape Cod Chronicle the buyer was indicated to be affiliated with South Harwich based Back Office Associates, an information technology firm specializing in SAP data solutions. This notable piece of Cape Cod commercial real estate was vacant at the time of sale and was previously listed for sale on the open market for approximately two years.

The property is located on the north side of Route 28, across from Saquatucket Harbor and Brax Landing.  The 33,000 square foot building, situated on a 1.92 acre parcel of land, was erected in 1989 originally as Thompson’s Farm Market. The first floor contains approximately 16,500 square feet of retail and merchandise storage space. The layout of the 16,500 square foot second floor includes about one-half office space and a bakery/commissary in the remainder. Following the closing of the independent market, in recent years the ground floor space was occupied by various local retailers and the upper level was utilized as the offices of the Wychmere Harbor Club.

The upscale market was erected by Dr. J. Richard Fennel as a later offshoot to the original Thompson Brothers Clam Bar, a popular Cape Cod eatery formerly located at the end of Snow Inn Road on Wynchmere Harbor. Despite generations of loyal patrons since the 1950′s, the original clam bar closed in about 1996. Although a new Thompson’s was subsequently established at the corner of Bank Street and Route 28, the eatery eventually transitioned and the Thompson Brother’s Clam Bar legacy essentially ended here. Many will also remember Thompson Brothers Clam Bar from the famous “Hey Where Ya Going?” radio jingle found in this YouTube video.

Postcards by Hannau-Robinson, NY, NY; Joseph P. Egan Collection

Here are three main reasons why: 

1. Even in real estate, first impressions are lasting. A smartly priced property will generate and maintain much more attention from the start.
2. A property priced too high often sends the wrong message, especially to a savvy buyer or cooperating broker actively seeking only sensible opportunities offered by serious sellers. The fact is most prospects initially operate in a cursory “know it when I see it” fashion and take then the time to dig deeper once their interested is piqued. Failing to develop the initial interest due to an unrealistic listing price could serve to make your listing a nonstarter.
3. Relying on a pricing strategy which employs a series of price reductions is generally not a good plan. To begin with, after each price change the task of making all interested parties (past and future) aware of the price change can be difficult. Multiple price changes can also send out the “only testing the waters” impression and that’s one fishing trip serious prospects are adept at avoiding. Lastly, many smart and well advised buyers routinely interpret successive price reductions as growing desperation on the part of the seller.

While not an exact science, setting your sights on the center of the pricing target is the best way to bring your commercial property to the market. For objective and reliable assistance in establishing a sensible list price for your commercial property and featuring your listing on CapeCodBusiness.com™, please contact me. Working together we can pool our resources and experience to help you get what you desire: getting to the closing table in the most optimum time frame with an agreement that makes good sense.