Jon Goode

These three recent sales are good examples of where the $1M plus condo market is in Provincetown in spring 2023. These include two West End properties and one East End property.

A total of 47 condos have sold YTD in Provincetown. 12 of those have sold above $1M representing 26% of sales, and 35 have sold under $1M representing 74% of total sales. The average price of sold condos was $834K.

In 2022, there were a total of 135 condos sold in Provincetown. 35 of them sold over $1M which represents 26% of sales. 100 sold below $1M which represents 74% of those sales. The average price of sold condos was $868K

In our real estate market that seems as volatile and unsettled at times as the larger national real estate industry does, the consistency of our condo market is surprising. As you see the numbers are trending exactly to last years.

19 Tremont Street #4 is a two bedroom, two bathroom duplex with 1,048 square feet. It was listed for $1.150M, and sold for $1.017M in 165 DOM’s.

MLS Remarks: Free-standing 2 Bedroom, 1.5 bath condo in the West End. The unit has tandem parking for two cars adjacent to the front patio and garden surrounded by a white picket fence. Enter from the front porch to a living room with hardwood floors and a gas fireplace. There is a dining area with a patio door that opens to the courtyard and a separate kitchen with loads of cabinets and working space. A half bath conveniently completes this floor. Outside the exclusive use yard is finished with large format pavers, garden wall and surrounded by a privacy fence. Upstairs, a very large primary bedroom with two closets and another gas fireplace shares a large Jack-and-Jill bath with a good size guest bedroom. There is another outside balcony off the hall on this level.

69 Howland Street #3B is a three bedroom three bathroom condo with 1,285 square feet. It was listed for $1.289M and sold for $1.220M in 10 days on the market.

MLS Remarks: Newly renovated from the studs out – all new walls, floors, ceilings and doors, and everything in between! Spacious light-filled townhome, part of a two-unit association, has undergone a complete renovation including electrical and plumbing systems, with every finish and amenity carefully selected and custom woodwork throughout. The home has three levels of living plus a full basement with walkout. Enter the main level sunlit living space with coffered ceilings, recessed lighting, dining area and spacious kitchen with peninsula, quartz counter tops, stainless appliances and glass block backsplash. Through patio doors is a custom-built screened porch with tongue and groove ceiling overlooking conservation land, offering total privacy and ideal for entertaining and relaxing. The next floor has 2 generously sized bedrooms. The top floor is dedicated solely to the spacious primary suite, with a cathedral ceiling and shed dormer, primary bath with shower and porcelain tiled floor, custom bookcases, walk-in closets, and a large seating area.

114 Commercial Street #3 is a two bedroom two bathroom condo with 854 square feet. It was listed for $1.345M and sold for $1.320M in 2 days on marlet.

MLS Remarks: This turnkey penthouse condo is ready to go for your summer enjoyment. A generous side deck with waterviews, complete with an electric awning, makes for additional entertainment space and dining outdoors. A popular one level layout of 2bdrms/2b and a West End center of town location simply fits the bill for many. The interior is complemented with cathedral and beamed ceilings with contemporary styled fans, split air units, hardwood floors, lovely cabinetry and built-ins with a gas fireplace, large screen TV and additional lofted storage above. Both bedrooms are good-sized and the full baths include high end tiling and granite counters. The kitchen with dining area offers all chefs plenty of convenient prep and counter space and the stainless appliances are all top notch. Additionally, there is parking for 1 (possibly 2 smaller cars in tandem) and a shared front bluestone patio space for streetside viewing of summer strollers and parades.

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

52R Point Street is a four bedroom, three and a half bath home with 2,115 square feet. It is perched on the hill near Lands End Inn. Over the past few years new constuction and renovation have solidified this neighbohood as the very best of the West End. It is one of three new to the market single family homes priced above $4M. There are only ten single family properties on the market, and five of them are priced above $2M.

MLS REMARKS: Literally just pack your suitcases to begin living in one of the most magical spots in Provincetown. Magnificent views inside and out, private Provincetown West End setting, incredible outdoor spaces, stylish designer interior and a pool, sum up this quintessential Ptown retreat! This 4 bedroom, 3 1/2 bath home has been extensively updated by the current owner. This home offers stunning views of the Harbor, Ocean, Long Point Light, and the west end. Handcrafted stone work, thoughtful landscaping, expansive decking with mahogany rails, stunning views, a fully equipped outdoor bar, fire pit lounge, shower and saltwater heated pool provide outdoor living at its best. Offered lifestyle ready, the midcentury modern décor captures the essence of the home, the artwork has been deliberately selected and all the items you will need to host your first guests are included. The entry level is comprised of an open living space with a gas stone fireplace as its focal point, a well-designed kitchen, dining area and bedroom with en suite bath. A whimsical spiral staircase leads to the 2nd floor primary bedroom with water views, balcony and wood burning fireplace. A uniquely designed bathroom with dual water closets, sinks, and oversized shower sits between the primary and 3rd bedroom. Ideal for guests or live-in staff, the homes lower level is comprised of a separate one-bedroom apartment. Finished in the same style as the rest of the home the guest suite has a full kitchen, seating space, full bath and separate sleeping area. Listing courtesy of William Raveis Real Estate.

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

Continuing my Nosy Neighbor post from a few weeks ago, here are a few more interesting private home construction projects as well as some new multi-unit/commercial developments. Again, I say nosy neighbor with humor as any information I post about a private home is information that is in the public domain – I would never compromise anyone’s privacy. This level of new construction and renovation in our little town continues to illustrate the level of confidence that the owners and developers have in Provincetown.

16 Bradford Street is a great renovation. It was a five bedroom, 2 bath single-family house with 1,368 square feet. It sold in October 2020 for $810K. What a great addition to the corner of Bradford Street and Franklin Street.

50 West Vine Street is really looking terrific. This is a new construction single-family home on the corner of Bradford Street Ext. and West Vine Street. These four corners are are a busy part of the West End with the Gale Force Bike Shop, Victor’s Restaurant as well as being the main route to Herring Cove Beach and the leafy western “suburbs”. Look for it to be marketed soon.

170 Bradford Street Ext. is a great looking new construction across from the fabulous Victor’s Restaurant on the corner of Bradford Street Ext. and Creek Road. The developers projects have historically been some of the best designed and most anticipated in town. This one is slated for employee housing f0r Victors Restaurant and an affordable rental unit for the Town. Perfect!

At 397 Commercial Street, the gallery building is undergoing a fantastic renovation. This property includes this Commercial Street space, the parking lot and the residence on the water. This of course is the famous East End “shell parking lot”, and along with the new town Cannery Wharf waterfront park next door, it has created a wonderful addition to this very popular Restaurant Row neighborhood.

7 Arch Street is in the midst of a complete renovation. It was originally a two bedroom, 1,134 square foot single-family property. Arch Street is a hidden gem of a street running one short block between Bradford Street and Commercial Street east of Johnson Street. Arch street epitomizes those charming downtown streets that run south off Commercial Street.

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

27 Creek Road is a four bedroom four bathroom single family home with 2,214 square feet. It was most recently marketed for $2.295M and sold for $2.3M. The property has been on and off the market for the last several years without selling. This time was the charm and it went under contract after three days on the market.

MLS REMARKS: Custom built West End residence with contemporary flair that sits perfectly on a knoll and borders Provincetown Conservation Land. This ideal location is just a short walk to Commercial Street. The open floor plan on the top floor blends indoor and outdoor space exceptionally well. The chef’s kitchen, fire-placed living room, dining area, and half bath are enhanced with a bold cathedral ceiling and ample decking that surround the space. The home offers 4 bedrooms, 2 of which are oversized with en-suite marble baths. 2 additional bedrooms share a full bathroom on the second floor Additional notables include hardwood floors, central a/c, on-demand hot water, town sewer, propane gas, professional landscaping, ample parking, plenty of storage, and washer and dryer in the lower level.

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

10 Pilgrim Heights Road is a three bedroom four bath single family home with 2,948 square feet on a .7 acre lot. The house was built in 2001 and has it’s original details, such as a screened in sun porch on the second floor, and a large loft area-office space there as well. It is being marketed for $2.189M. Pilgrim Heights Road is a lovely single family zoned area, one street in from the Moors.

MLS Remarks: Just listed. Spacious 3 Br single family home on an over-sized, pine tree- covered lot in Provincetown’s lovely Pilgrim Heights neighborhood. The nearly 3,000 sq ft home, spread over three levels, boasts a dramatic vaulted living room with wood burning fireplace for chilly evenings, track lighting, and oak wood floors . Adjacent is a well equipped kitchen (gas range, double electric ovens, refrigerator, dish washer, microwave), and solid wood cabinets. The kitchen opens to a dining area seating 8. On the main floor there are also two good size bedrooms that share a full double sink bathroom, a laundry and a ½ bath. Upstairs contains a large library/den with built in book shelves and a screened in deck. Adjacent is the main bedroom (15 x 17) with wall a/c, ceiling fan, and double closets. Listing courtesy of Raveis Real Estate.

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

This post features some great private home construction and renovation projects as well as some new multi-unit developments. I say nosy neighbor with humor as any information I post about a private home is information that is in the public domain – I would never compromise anyones’ privacy. These incredible projects illustrate the level of confidence that the owners and developers have in Provincetown. This speaks to the strength of the market and to the desire that these folks have to invest and live in what is one of the most beautiful and diverse towns in the world.

The “Ronny White” house, a traditional ranch at 65 Franklin that had a huge front yard and in ground pool around back, sold several years ago. The large lot was subdivided and transformed into the 65-69 Franklin St condos and a soon to be finished single family house at 6 Race Road. Three buildings with two units each have been built over the last several years. The single family home which is in mid construction phase, is on the left in the picture, with two of the other buildings visible on the right. The pictures are from a similar vantage point on Race Road. Neighbors were originally a bit skeptical of the added density but it has turned into a welcome addition to the Franklin Hills neighborhood.

51-53 Commercial St sold in 2016 for $5M, and included all of the buildings at 51 and 53 Commercial Street. The picture on the left is of the original house at 51 Commercial St. You can see a peek of this fully renovated house on the rght of the second picture. The newest building which is right next to the west end parking lot, and another building behind it that is on the water are featured in the picture. This project which includes five buildings has been ongoing over the last several years and is one of the most visible and striking developments in town. Here is a link to an earlier story.

16 Pilgrim Heights Road caught my eye as it looks like an absolutely gorgeous renovation. It was a rather un-traditional looking cape and is being transformed into a striking new expanded Cape. It is a six bedroom house with 2,648 square feet. Can’t wait to see the finished product. What a great addition to Pilgrim Heights Road.

69 Pleasant Street sold for $879K in November of 2021. It was an original 1850’s-ish cape with three bedrooms and 1,332 square feet. The renovatioin is total and looks to be coming along very well. This house is at the end of one of the sweetest country lanes in town that I walk with the pooch daily. Hopefully the finished product will compliment the setting.

49 Commercial Street the “Historic West End Twin Bays Property” sold for $2.1M in November 2021. It has four bedrooms and four baths with 1,820 square feet. As you can see it has been raised and is being fully renovated.

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

PROVINCETOWN, TRURO AND WELLFLEET 1Q2023 FIGURES

The magnificent right whales are back close to shore in record numbers bringing large groups of early visitors to Provincetown. More and more restaurants and shops are beginning to open and Commercial Street is getting its annual reset with businesses everywhere, renovating, adding seating, and otherwise simply freshening up. And happily, the mild winter also helped limit some of the stress on our tight real estate market. April is providing some relief with slightly higher inventory levels and this is also the month where we begin to detect the direction that the real estate market will take this year.

First quarter results are difficult to analyze because of the small number of sales. Our inventory problem continues, but we are finally seeing small increases in available properties. Demand remains consistently high, but the lack of units to sell is still impacting sales in every category. Average sale prices and unit sales are down in most categories – not great news as we enter the all-important spring market.

With sales down significantly for the first quarter, that gives us less of a sample from which to derive trends. For example, only four single-family properties sold in Provincetown in the first quarter of 2023, and only four sold in Truro as well. There is not a lot of data to analyze, but I will do my best to provide insights as well as provide all the empirical data which is in the charts below.

PROVINCETOWN

Condominium sales in Provincetown were down 15% to only 23 for the first quarter of the year, and the average sale price decreased 17% from $1.022M to $848K. There are only 21 condos on the market as of April 8. For some interesting context: 10 years ago in 2012, there were 131 condos on the market!

Single-family home sales were down 42% to only 4 this first quarter. However, the average sale price was up 15% to $2.3M. There are only 9 single-family homes on the market as of April 8. Ten years ago there were 51 single-family properties on the market!

TRURO AND WELLFLEET

In Truro, single-family home sales doubled to four from two last year. And the average sales price of these four single-family homes sales was down 70% from $3.07M to $920K. This looks like a huge decrease, but it is skewed by the sale of those two relatively expensive properties last year. As of April 8, as we “go to press” there are 12 single-family properties on the market for sale in Truro.

Condominium sales in Truro were equal to last year at four. The average sales price was down 22% to $389K from $498K. There are only 4 on the market!

In Wellfleet, the average price of single-family homes was up 28% from $901K to $1.15M. Sales were down 50% to 7 from 14 last year. There are only 5 single-family home available for sale.

WITH SPRING IN FULL BLOOM,THE LACK OF INVENTORY ACROSS THE MARKET REMAINS THE KEY ISSUE   

As spring is finally settling in, the message this quarter is all about the decrease in sales and the continuing lack of sufficient inventory needed to drive a healthy market. The small inventory increase is welcome, but nothing near to what demand requires. Hopefully, this will change as the spring-summer selling season warms up, but it looks to be a slow adjustment over the next several quarters. With interest rates hovering in the 6% range, fundamentals must change in order to return to a more balanced market.

Prepared buyers are still finding their dream homes though, and sellers are taking advantage of the still historically strong seller’s market. Patience, knowledge, preparedness and flexibility are key whether buying or selling in these truly unusual times.

My goal is to keep you engaged in this unprecedented outer Cape Real Estate market by providing you with news and market developments as it happens. Watch for interesting stories in your email and on social media at jon.goode.com. I hope to see you on the streets soon.

The Martin House at 157 Commerial Street is a stunning example of Provincetown history. It is a five bedroom three bathroom home with 2,121 square feet. It was most recently marketed for $2.950 and sold for $2.825M.

MLS Remarks: This landmark antique was converted from a restaurant back to a single family home in 2010 but many still refer to it as the Martin House. The original classic 3/4 Cape can be seen from the beach side while a two-story addition faces Commercial St. It has all been carefully restored and updated in a series of renovations since 2010. ”All of the hard stuff has been done” including the roof, windows, siding, & bathrooms. Most recently a masterpiece kitchen was completed in 2020, including English custom cabinetry, auto skylights, & radiant heat floor. The old pub style bar and banquette has been retained at the side entrance to the house and the wood burning fireplace was rebuilt. 3 of the 5 legal bedrooms are being used as a gym, office and parlor. The parlor has a private bath and could be a 1st floor primary bedroom. On the 2nd floor two bedrooms share a full bath and the primary bedroom has an en-suite. On the sunny south side of the house toward the beach there is a 1200 square foot brick patio that is sheltered from the wind and is perfect for outdoor entertaining.

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

This time of year is naturally slower than most so we need to look creatively at what inventory is available. Nationally, increasing inventory levels have become the norm giving buyers additional choices, but in our contrary market we still have few choices, so being creative and resourceful as buyers is a must.

There are only 17 condos on the market with an average asking price of $844K. (Last year at his time there were 8). There are only 9 single family properties on the market with an average asking price of $3.4M*. (Last year there were 5) This average is skewed high because of a couple of very expensive properties.

Instead of just one “Listing of the Week” this week, I thought I would feature a couple of my favorite properties that are on the market.

UNDER $1M

4 Upper Miller Hill Road #2, is a two bedroom two bath condo with 1,492 square feet. It is being marketed at $999K.

MLS Remarks: This contemporary home was designed and built in 1987 to optimize the 360 degree views from one of the highest elevations in Town. You’ll be inspired by sweeping views of the harbor-front on one side and the back beach and ocean in the National Seashore on the other. The building is a two unit condo and this one occupies the entire top two floors as well as one room on the first floor and exclusive use of the driveway and garage. An outside stairway leads up from the driveway to a 2nd floor deck. Enter the great room with two-story ceilings, a fireplace and decks on both sides. A spacious kitchen is off the great room and the full bath and BR 1 complete this floor. Up on the 3rd floor the primary BR has a half bath and again decks on both sides. The siding, decks and doors and windows are mostly original and and need to be replaced. Listed square footage includes the garage, approximately 337 SF. This listing is one of ours at Beachfront-Realty.com.

22 Alden Street #2 is a two bedroom one bath condo with 543 square feet. It is being marketed at $699K.

MLS Remarks: Desirable Location, Updated Finishes, Solid Rental History. Welcome to the top floor of 22 Alden Street. This charming unit has two entrances, a private one on the side of the house and the other from your parking space. Enter into a lovely eat-in kitchen which has traditional Shaker styled cabinetry, propane stove, pantry area and stone countertops. Off the kitchen through a wide doorway is the well-sized living room with traditional Cape Cod built ins. There are two bedrooms located on opposite sides of the unit, both will comfortably accommodate queen sized beds. The bathroom like the rest of the unit has been tastefully updated with tile, glass shower doors and upgraded fixtures. One car parking and central AC. Courtesy of Coldwell Banker Pat Shultz Real Estate.

OVER $1M

Both of these condos below represent some the best the West End has to offer. Great locations, two or three bedrooms, parking and wonderful outside spaces. The fact that they are still availabe is a surprise, but then again, it is February.

56 West Vine St #A is a three bedroom two and 1/2 bath condo with 1,251 square feet and is being marketed at $1.3M.

MLS Remarks: This bright and immaculately maintained 3BR/2.5BA townhome is located in a desirable West End, close to Herring Cove Beach and just minutes to Commercial Street. The pleasing floor plan offers a large and spacious open living room/dining room/kitchen area with oak flooring, a gas fireplace, and sliders out to a sweet and private side deck covered by a pergola that is south-facing. Upstairs, find three good-sized bedrooms. The primary has an en-suite full bath with a tub, two other good size bedrooms and a second full shower bath is accessible from the hallway. The unit has baseboard hot water heat and also has supplemental heat from the Split AC/Heat wall units throughout. Listing courtesy of Gibson Sothebys Int’l Realty.

19 Tremont St # 4 is a two bedroom two bath condo with 1,048 square feet and is marketed at $1.245M.

MLS Remarks: Free-standing 2 Bedroom, 1.5 bath condo in the West End. The unit has tandem parking for two cars adjacent to the front patio and garden surrounded by a white picket fence. Enter from the front porch to a living room with hardwood floors and a gas fireplace. There is a dining area with a patio door that opens to the courtyard and a separate kitchen with loads of cabinets and working space. A half bath conveniently completes this floor. Outside the exclusive use yard is finished with large format pavers, garden wall and surrounded by a privacy fence. Upstairs, a very large primary bedroom with two closets and another gas fireplace shares a large Jack-and-Jill bath with a good size guest bedroom. This listing is one of ours at Beachfront-Realty.com.

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

18 Miller Hill Road #10 is a two bedroom two bath condo with 1,450 square feet. It is a townhouse style condo in the near East End of town. It represents the mid range price point very well. It is being marketed for $1.050M.

MLS Remarks: Spacious and well laid out, this condominium is perfect for year round living, a second home or investment property. Three full floors of living space, the living, dining and kitchen area are on the second level and the bedrooms occupy the lower and top floors. The living area is roomy and bright with a gas fireplace for those chilly winter evenings. There is a porch for lounging and grilling. The kitchen was renovated in 2016 and the main bath in 2019. In unit laundry and split system AC/Heat. Tucked away on Miller Hill, you are just a quick walk to Commercial St and the gallery district- the best of both worlds! Low monthly condo fees, rentals and pets for owners are permitted. Listing courtesy of Kinlin Grover Compass.

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