Jon Goode

With so many options on the market right now, this could be the perfect time to find your Provincetown waterfront home.

There are 12 waterfront condos on the market, representing a broad range of prices, styles, and locations. Why so many? It is mostly a cyclical issue, as many of them are great investment properties with long-term owners who are thinking of selling and profit taking. The lowest priced property is $799K, the highest price is $3.499M. The average asking price is $1.267M, and the average price per square foot is $1,806. There really is a property for every waterfront budget!

11 waterfront condos have sold year-to-date in 2023. 8 have sold below $750K and 3 above. The lowest sale price was for $390K at 963 Commercial St #24. The highest sale price was $1.187M at 371 Commercial St. #10.

See all available properties for sale at Beachfront-Realty.com.

24 Blueberry Avenue is a three bedroom three bathroom single-family home with 1,728 square feet. It is being marketed for $2.450M. Blueberry Ave is an extension of West Viine Street and runs into Bayberry Avenue.

MLS Remarks: Welcome to this charming home nestled in the serene and sought-after West End neighborhood. With its thoughtfully designed layout, the home exudes a warm and inviting ambiance, perfect for both entertaining guests and enjoying quiet time. Bright natural light floods the open living room-dining room-kitchen. This extends to a spacious deck with expansive views to the south and west overlooking a landscape of pastures and woodlands. The residence boasts three bedrooms and 2.5 baths, including an en-suite primary bathroom. Each bedroom has its own entrance and an outdoor seating area, offering ample space for relaxation and privacy. Embrace the tranquility of this neighborhood while still being in close proximity to all of Provincetown’s amenities and attractions. Listing courtesy of Berkshire Hathaway Home Services Robert Paul Properties.

See all available properties for sale at Beachfront-Realty.com.

26 Alden Street #1 is a two bedroom, two bathroom condo with 1,020 sf. Built in 2015, this condo has high ceilings, wide plank floors and the highest quality finishes. It is only two blocks from Town Hall, and steps to the Motta Field recreation area. It is being marketed for $1.149M.

MLS Remarks: New in 2015, this two-bedroom, two-bathroom condo with 1,020 sf has a terrific floorplan – all on one level. This end unit has three bright light exposures, gorgeous high ceilings throughout and Kahrs wide plank floors everywhere. The living room has a linear propane fireplace with distressed wood mantel. The open kitchen has stainless appliances, quartz countertops, white gloss cabinets, and an 8 ft eat-at island. There is a charming separate dining room with access to the outside covered deck. The primary bedroom is ensuite with a tiled bath and walk-in shower. The second full bath is discretely located behind the kitchen and has an oversized soaking tub. The condo is being offered turnkey with some seller exclusions. The outside spaces are lovely, including a covered deck which can be used for dining, and a bluestone patio. The yard is privatized with grasses and shrubbery, and a white picket fence. There is one parking space and a private storage area in the basement. It is located a short, two-block walk to town hall, and steps to Motta field recreation area. Pets allowed for owners. Exceptional rental history.

Please call if you have any questions or would like to view this property. See all available properties for sale at Beachfront-Realty.com.

PROVINCETOWN, TRURO AND WELLFLEET 3Q2023 FIGURES

Our real estate market is small and unique – geographically and numerically. And, while it does follow some national trends, the Outer Cape tends to often buck those same trends. Surrounded and landlocked by the priceless National Seashore (shared with our much-maligned great white sharks) developers are limited in their ability to locate new projects and choices for potential home buyers remain tight. Still, our real estate market continues to dazzle and attract buyers from everywhere who are looking to find their dream homes.

So far this year, sales in the three towns of the Outer Cape (Provincetown, Truro and Wellfleet) have decreased or held steady. Condominium sales are down 13% in Provincetown, single-family sales are down 36% in Provincetown, single-family sales are up 5% in Truro, and they are flat in Wellfleet.

However, prices on the Outer Cape continue an upward trend driven by this short supply and strong demand. This consistent set of circumstances is what drives the market conditions that we have been seeing for the last several years – even before the added pressures of Covid. A big question remains. Will high interest rates and affordability issues cause prices to moderate?

PROVINCETOWN

In Provincetown, the average sales price of condominiums was nearly flat year-to-date – from $927K to $929K. The median sales price was even at $842K. The number of sales decreased 13% down year-to-date to 80 from 92 last year. There are currently 25 condominiums on the market with an average listing price of $1.167M.

The average sales price of single-family properties was up 24% to $2.6M from $2.1M. The median sales price was up 5% to $2.3M from $2.2M. Single-family home sales were down 36% to 14 units year-to-date from 22 last year. Again, a result of very low inventory. Currently, there are only 16 single-family houses on the market with an average asking price of $4.8M. This average is skewed somewhat by the two exceptional, $10 million-plus properties, that are on the market right now.

TRURO AND WELLFLEET

The average sale price of single-family homes in Truro decreased 20% – down to $1.44M from $1.79M a year ago. And, the median price decreased 29% from $1.4M to $1.0M. There were a total of 20 sales, slightly higher than the 19 sales last year. Right now, there are only 13 single-family homes available on the market with an average asking price of $2.416M.

The average sales price of Truro condominiums decreased 16% – down from $578K last year to $486K year-to-date. The median price was flat at $450K. There were 17 condo sales, slightly lower than the 18 last year. Incredibly, there are only five condominiums on the market in Truro with an average listing price of $651K.

In Wellfleet, the average sales price of single-family homes was up 24% to $1.25M from $1.01M. The median sales price was up 20% to $1.1M from $916K last year. Total sales of single-family homes were even with last year at 44. There are currently 14 single-family properties on the market with an average asking price of $1.53M.

Historically, Wellfleet‘s inventory has been more plentiful than in Truro or Provincetown. In fact, Wellfleet’s 44 single-family sales year-to-date are the highest of all three Outer Cape towns. However, the average single-family sales price of $1.25M is still 15% less than Truro’s average of $1.44M. And, a rather significant 50% less than the average sales price of $2.6M for a single-family home in Provincetown.

FALL SETTLES IN WITH MIXED YEAR-TO-DATE RESULTS, BUT WITH A STRONG FOUNDATION OF HISTORIC GAINS AND A SEEMINGLY ENDLESS DEMAND TO BE PART OF OUR CAPE COMMUNITY

As you see, average sales prices were mixed, and the number of units sold were mostly down or flat in the three Outer Cape towns. However, buyer demand for property here remains consistently high. Happily, new properties will continue to come on the market, but unfortunately, not enough at the moment to bend us toward more of a balance between a buyer’s market and a seller’s market. Right now, it continues to be a seller’s market.

Higher prices and less sales. Are we seeing less sales because of higher prices or because of a scarcity of inventory? That remains the million-dollar question with the answer to be revealed slowly over the next several quarters. The good news is that the sales numbers in the report above represent 180 buyers who have found and purchased their dream homes in Provincetown, Truro and Wellfleet. Helping them navigate through this very tight market, these buyers have been well-prepared, well-informed,

and well-represented by smart and informed local buyer agents and brokers.

As always, my goal is to keep you engaged with the Outer Cape real estate market by providing you with news and market developments as they happen. Watch for interesting stories in your email and on social media at jon.goode.com.

I hope you are staying safe and healthy wherever you are and that the coming holidays treat you well. We realize how fortunate we are to be here at the tip of the Cape and look forward to seeing you very soon.

The luxury condo market is the most requested property category in this inventory-poor market. Two bedroom two bath East or West End condos priced between $1M and $1.5M and between 900-1500+_ square feet make up this category.

In the “old days” (2015 ish) when we would ask buyers for their wish list most would say they want a 2 bed 2 bath in the West End. Well! Lots has changed but lots hasn’t changed. A 2 bed 2 bath in the near West End or near East End is still the most in demand property! We didn’t have enough of them to go around then and we certainly don’t have enough to go around now.

Twenty condos have sold between $1M and $1.5M year to date representing 27% of the 73 total sales.

Eight of these sales are featured below.

From Harry Kemp Way to Bradford Street to Conant Street and Pleasant Street, these properties represent the best there is and solidify a price point that is the new normal for this 2 bed 2 bath property category.

As featured in a post last week, the mid level $500K to $1M condo price point dominates sales, but this category is the aspirational one for many condo buyers.

See all properties for sale at Beachfront-Realty.com.

409 Commercial Street is a one bedroom, three bathroom single-family home with 2,744 square feet. It has one of the most impressive waterfront locations within the gallery district and “restaurant row”.

MLS REMARKS: Stunning waterfront home with panoramic views of Cape Cod Bay and Long Point Light. Outside you will find traditional style, inside a sophisticated urban influence. The first level has polished concrete floors and a custom field stone wood burning fireplace, a large dining/seating area that opens to a beachfront covered patio. The chef’s kitchen has a butcher block center island, upscale Viking and Miele appliances, stone countertops and custom cabinetry. There is a walk-in pantry, ice maker, washer dryer, and climate controlled wine storage. The main floor is open living space, with Commercial St. facing sitting porch, custom bar with 2nd icemaker and fridge, beautiful pine floors and fireplace, ideal for entertaining. On the waterside, glass doors lead to a large sundeck, capturing views of the Bay. The upper level features a private and spacious bedroom, separate office/den with ample built-ins/closet space and ensuite bath with tiled shower and separate tub. Glass doors lead to your private water view deck or Commercial St balcony in front. The waterfront yard has a Cabana with half bath, outdoor shower, hot tub and a pathway through the dune grass to your Cape Cod Bay beach! Listing courtesy of Pat Shultz Coldwell Banker Real Estate.

See all properties for sale at Beachfront-Realty.com.

It’s hard to believe in this media-rich environment with Trophy Properties regularly selling in the $3M plus range and getting all the attention, that the $500K to $1M condo market is the hottest most accessible sales category in Provincetown.

Year-to-date 37 condos have sold with sale prices between $500K and $1M. This represents 51% of the 73 condos sold to date. FYI – 10 have sold under $500K, 23 have sold between $1M and $2M, and 3 have sold above $2M.

Snapshots of ten of those sales are below highlighting the quality, varied locations and range of styles of these properties.

586 Commercial St is across from the Bay beach in the far East End. 945 Commercial St is farther in the East End in the Beach Point neighborhood. 60 Race Pt Road is in a well established condo community just across Rte 6.

6 Mechanic St is in the West End a block from the water, while 286A Bradford St is a new build condo association in the East End next to the Tennis Club.

6 Nelson Ave is across Rte 6 in a lovely local year-round neighborhood. 135 Bradford St is top floor waterview unit in a downtown condo complex.

18 Hensche Lane is in a charming neighborhood directly off of Conwell St in central Provincetown. 153 Commercial St is in the near West End just past The Boatslip Beach Club.

476 Commercial St is in the beautifully renovated Figurehead House, just past the gallery district in the East End.

I am doing my pre Q3 Market Report analysis and these numbers popped out at me so I dug a bit deeper. Hoping that you find this post interesting. More to come.

See all available properties for sale on Beachfront-Realty.com.

93 Commercial St. #6 is a very special one bedroom – studio waterfront condo. It is in the perfect West End location with unbeliveable water views. Step onto the sandy west end bay beach from the common sunning deck. This condo is in the sought after Waterfront West Association. It is being marketed for $999,500. Please contact me for a showing or if you would like more information.

MLS REMARKS: Impeccably designed, one bedroom/one bathroom, 316 square foot waterfront studio in perhaps the most desirable location in the West End. Everything is custom in this bright, open-plan space that offers full-size sofa seating and TV viewing area. The fully equipped kitchen has a white quartzite island that comfortably seats four people. There is a queen-size bedroom with sliding doors that add extra privacy. The custom-designed, tiled bathroom has a walk-in shower. A wall of sliders invites the light and water views inside from the Bay. The private waterfront deck, with a luxuriously appointed seating areas, expands the living space outward by approx. 400 square feet. The Bay and beach are just steps away off of the association’s common deck. There is A/C, parking for one car and extra storage. There is an in-unit washer/dryer and an additional common laundry. This home is being sold furnished with some exceptions. Outstanding rental potential. Pets for owners are allowed.

See all available properties for sale at Beachfront-Realty.com.

5o West Vine Street is a new construction single family home with three bedrooms, three full baths and two half baths. It is on three levels with 2,889 square feet. It was marketed for sale at $3.249M and sold for $3.187M.

MLS REMARKS: A rarity for sure, a newly constructed single-family home in Provincetown’s West End, is ready for the most discerning buyers. Both inside and out, this home is all about thoughtful design, quality execution, and comfortable living. The entry-level, anchored by the living room at one end and kitchen at the other, is inviting and spacious. High ceilings throughout, white oak flooring, handcrafted wainscoting, three panel solid wood doors, plaster walls and classic crown molding set the stage, exemplifying the fine details and workmanship of this home. Large windows, French doors leading to an expansive deck, and a gas fireplace with marble surround. The kitchen, has been designed with both the chef and guests in mind. It features: 8′ center island; 42” custom cabinetry and stove hood in Chantilly White; dramatic quartz countertops with matching backsplash; a wet bar with wine cooler; and Thermidor appliances which include a paneled refrigerator and dishwasher, microwave drawer and dual fuel range with pot filler above.

A bonus space, just off the kitchen, is ready for your imagination, with an attached full bath and French doors leading to the patio there are many options. The dining room, at the center, and tucked away half-bath complete the 1st floor. There is good separation between the primary bedroom and two generous guest bedrooms on the home’s 2nd floor. The primary, with great natural lighting, offers great storage space with two closets, one of which is a walk-in. The en-suite bathroom with heated floors, oversize shower with rain head, double vanity, and soaking tub is luxurious. The attached, one car garage can also be accessed from this level. The landscaping, professionally designed and irrigated, enhance the outdoor spaces that include a large patio, outdoor shower, lawn, and deck off the living room.

The properties I feature in Listing of The Week, and Sale of The Week, are examples of sales and listings that occur market wide, and are sometimes featured to illustrate a broader market charactersitic or trends within the local market. Some are my listings or those of Beachfront Realty. Others are from other Real Estate firms and those are identified as such in the listing information copy.

See all available properties for sale at Beachfront-Realty.com.

Is this tourism hotspot becoming less of an LGBTQ+ haven and more of a playground for the one percent?

By Cameron Sperance — Boston.com correspondent August 2, 2023

Nantucket, the isle of wealth and red-hued shorts about 30 miles off the coast of Cape Cod, wasn’t always so tony and posh.

The story goes Nantucket didn’t really become Nantucket until the 1980s, when Wall Street boomed and people started snatching up multiple properties at once — a trend that extended into the 2000s, when Boston developer Stephen Karp paid roughly $75 million for more than 100 offices, retail outlets, and apartments downtown.

Living roughly 54 miles north on the Outer Cape, longtime residents of Provincetown can’t help but wonder whether there’s a different style of “Nantucket-ization” taking place.

It wasn’t exactly a public relations win for the town’s housing market this spring when the National Park Service ordered 94-year-old artist and former restaurateur Salvatore Del Deo to vacate a dune shack he helped maintain for nearly 80 years.

Property records indicate three home sales, ranging from $2.75 million to $3.5 million, that have taken place in Provincetown’s West End since 2017 were deeded to various LLCs traced back to the same Los Angeles-based buyer.

Several of the town’s guest houses and inns have been converted into single-family homes in recent years. This comes amid a surge in single-family home prices since the pandemic: Even though the number of single-family home sales this year to date (eight) is down 43 percent from the 14 seen this time last year, the average sale price was up 7 percent to $2.2 million, according to the July market report from Jon Goode, a Provincetown-based broker at Beachfront Realty. Condo prices slipped 3 percent to a median of $799,000, according to the report, and the number of sales (52) was on par with July 2022.

Overall, the average home value in Provincetown as of Aug. 2 was $906,875 — up nearly 4 percent from a year ago, according to Zillow.

Developers frequently snatch up some of the town’s existing housing stock to convert into high-end condo developments. A 2018 study by the University of Massachusetts Dartmouth suggested that the ongoing condo conversion trend reduced year-round rental housing options, as unit owners looked to offer seasonal short-term rentals instead.

The UMass study estimated 305 units of housing in Provincetown would be eliminated between 2018 and 2025 due to the conversion trend — a hefty number for a municipality with a year-round population of only 3,318 already rattled by housing instability.

“This has been the worst season for finding housing since I started doing this,” said Dan McKeon, a Provincetown-based event photographer who also runs a Facebook group focused on finding hard-to-get housing for residents who work in town. “We need more places now. We need more available rentals, because I don’t know what’s going to happen in the fall.”

So, is “Helltown” turning into a place only for those with the luxury to pay well over asking?

“The way that people really get houses here is by word of mouth,” said Michela Murphy, a member of the Provincetown Historic District Commission.

There’s a sentiment in Provincetown that the social identity of the place changes, even if it does continue to be a magnet for the free-spirited and creatives that serve as the backbone of the town economy. The Pilgrims landed here before Plymouth. It became a place for artists, writers, Portuguese fisherman, and eventually the LGBTQ+ community. The town no doubt maintains its leader position as one of the top places in the world for inclusivity, but there is clearly a surge in wealth.

“It doesn’t feel like a paradigm shift. It feels more like a gradual evolution from probably the late 1990s,” said Nathan Butera, a sales agent with Gibson Sotheby’s International Realty. “The attraction of Provincetown as a safe place for the LGBTQ population wasn’t always that well known. It was sort of regionally known, but its profile has grown. Now we’re drawing from a much wider base of demand in the LGBTQ community.”

‘This has been the worst season for finding housing since I started doing this.’

DAN MCKEON, Provincetown-based event photographer

Some question whether the town’s high home prices — and swelling stock of homes that sit empty for most of the year until it’s time to rent on Airbnb — are causing another one of these identity face lifts. Is it too far gone to accomplish any kind of change?

More than half of the nearly 5,000 housing units in Provincetown are used for seasonal, recreational, or occasional uses, according to a town housing profile by the Cape Cod Commission.

“A lot of young people feel like the die is already cast and that there’s nothing that they can do to sort of turn it back,” Murphy said.

But town officials aren’t necessarily sitting back, waiting for the wave of wealthy homeowners to kick everyone out.

“We’re confronting the headwinds,” said Alex Morse, Provincetown’s town manager. “We don’t want to become a bedroom community and just have all the homeowners where there’s no economic activity. I don’t think anyone wants that. I don’t think residents who live here want that, and I don’t think second homeowners want that. There’s something unique about this place that I think everyone, regardless of their economic situation, loves about Provincetown.”

Morse points to a project about to break ground that will add 65 year-round apartments, bringing Provincetown’s low-income housing inventory to more than 11 percent of the overall housing stock. Massachusetts has a mandate in which municipalities must have at least 10 percent of their housing stock be affordable.

“It’s not a mission accomplished. I think it’s just a recognition that, yes, we have a housing crisis here, but Provincetown has also been a leader on providing affordable and community housing to its residents,” Morse said of the various initiatives underway to increase the housing supply.

There is also a planned redevelopment of the town’s existing police station and a former VFW site into about 40 market-rate residences once a new police station opens. A 112-bed dormitory for seasonal workers that also includes 16 year-round apartments is also slated for the town.

“We all share that value in making sure Provincetown stays Provincetown,” Morse said.

Of course, that’s only about 120 new units of potential full-time housing in the pipeline. There are thousands of people across various Facebook groups of Provincetown residents seeking housing — across a variety of income levels.

Nobody interviewed for this story blamed second-home owners or those who list their properties on vacation rental platforms for short-term rentals as the sole reason for the town’s housing woes. Even year-round rentals have exorbitantly high monthly rents driven in part by landlords needing to pay off pricey mortgages.

Going back to Nantucket, there have been repeated warning calls from residents on the island that the local economy would suffer greatly if more isn’t done to find housing for year-round residents and workers. It sounds similar to what’s taking place on the Outer Cape.

Those interviewed for this story also aren’t ready to write off Provincetown as Nantucket 2.0.

The median listing home price on Nantucket at the moment is $5 million, according to Realtor.com.

Butera emphasized there are “robust” real estate transactions still taking place in Provincetown across a variety of price points. Goode’s report notes 74 percent of the 135 condo sales that took place last year were under $1 million.

“There will always be talk of the Nantucketization of P-town,” Goode said. “Call me a skeptic.”

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