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.
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.
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.
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.
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.
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.
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?
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?
“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.
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.”
75 Franklin Streetis a three bedroom three and one half bath single family home in the West End. It has 2,333 square feet, and a resort like backyard with a salt water pool, hot tub and plunge pool. This is s very special house in a very special neighborhood. It is being marketed for $3.250M.
MLS REMARKS: West End Single Family Home with pool – a hidden oasis! Enter this welcoming 3 bedroom, 3.5 bath home through the professionally landscaped front yard and into the large first-floor open living space with vaulted ceiling, wood flooring, multiple seating areas, spacious kitchen, and generous dining area. A bank of windows and 2 full glass doors overlook the oversized, professionally designed private backyard area with heated salt water in-ground pool, integrated hot tub and plunge pool, poolside seating, multiple gathering spaces, one with a fire feature granite dining table, and conveniently located outdoor barbeque area. The bright and large kitchen area, with updated SS appliances, quartz counters, and oversized kitchen island, overlooks the dining area and private office. The first of 2 primary ensuite bedrooms is on this level with tiled bath including walk-in shower, large closet and a sliding glass door leading directly to the back outdoor area. Another nicely sized guest room is also on this floor, as well as a tiled half bath and mudroom entry to the home. Upstairs is the second, larger primary ensuite bedroom with tiled bath including walk-in shower and tub, a separate walk-in closet with additional storage, and comfortable sitting area overlooking the first floor living space, with a sliding door leading to an outdoor deck large enough to accommodate a dining table and chairs, with roof and treetops views. The finished basement, with both interior and exterior access, includes 2 additional rooms that can be used as alternative office or bedroom areas. There is a third full bath with walk-in shower, and utility area with full size washer and dryer and more storage. Listing courtesy of Coldwell Banker Pat Shultz Real Estate.
Classic two bedroom two bath condo on one floor.175 Bradford St Ext #101 has three outdoor spaces, two parking spaces, 1,085 square feet and a 491 square foot basement and an ideal location in the center of the West End.
MLS REMARKS: Classic West End two-bedroom, two-bathroom condo in coveted association. Built in 2007, this one floor condo meticulously maintained by its owner boasts a superb location and lovely outdoor spaces that extend the living and dining areas. The open plan living room/dining room has a stunning Virginia fieldstone fireplace surrounded with wired-in media. There are maple hardwood floors throughout. Sliders provide access to a charming, covered farmer’s porch ideal for cocktails and people watching. The clean lines of the kitchen are highlighted by a large Caesarstone® quartz island, designer tile backsplash, and stainless-steel appliances. There is a plumbed propane grill right outside the kitchen door. The primary bedroom is ensuite with a full wall of finished closets. The southwest exposure has sliders that open to a brand new 30-foot Trex® deck providing multiple seating and sunning options. An electric sunshade awning provides shade when needed. The second bedroom is also ensuite and has direct access to the deck. Both bathrooms are custom tiled. One with a tub, the other with a shower, all with quality fixtures and designer tile. There is a 491 square foot basement with interior
and exterior bulkhead access. It is currently used for storage and laundry but has potential as expansion space. Use as is — or turn it in to a media room/family room! There is central air conditioning and heat, with two parking places close to the unit. The mature landscaping, charming brick walkways and outdoor lighting provide additional privacy for all the units. Reach out to me if you would like to see this condo.
Another summer season is upon us! And it’s always wonderful to see the town fill up with day trippers, weekly visitors, and returning Provincetown regulars again – especially after a few years of Covid! Happily, summer has officially arrived in full force. With the Fourth of July holiday week transitioning into the very busy Bear Week, our town is enjoying a few of the most delightful weeks of the early summer season.
National headlines report that in many regions the real estate market is moderating, with more price reductions, less multiple offers, lower sales and increasing inventory. Here on the Outer Cape, inventory gains are also limited by high interest rates – sellers don’t have to sell and the prospect of buying something else with a 7% interest rate is rather unattractive. Demand for property is still stronger than ever, but sales in every category have trended down as there are just not enough properties for buyers to buy to sustain the sales levels of the past.
This is the market stalemate we find ourselves in. With this limited amount of activity, there is not a lot of data to analyze, but I will do my best to provide some insights and to highlight some of the available empirical data in the charts below.
Condominium sales in Provincetown were down 2% to 52 year-to-date with the average sale price down 9% to $849K from $937K last year. For additional context, sales are down 37% year-to-date from the 83 sold in 2021. Currently, there are only 27 condos on the market with an average list price of $1.14M.
Single-family home sales were down 43% to 8 from 14 sold last year at this time. And sales are down 66% from the 24 sold last year. The average sale price was up 7% to $2.2M from $2.06M. There are only 14 single-family properties on the market with an average listing price of $2.8M. Remember second quarter samples are small and dramatic numbers and percentages usually moderate somewhat as we get deeper into the year.
TRURO AND WELLFLEET
In Truro, the average sales price of single-family homes sold was down 27% to $1.37M from $1.88M last year. Sales were flat at 13. Currently, in Truro, there are only 12 single-family properties on the market with an average asking price of $1.18M.
Condominium sales in Truro were down 41% from 12 units to only 7. The average sales price of condo in Truro was down 16% to $428K from $512K.
However, in Wellfleet, the average price of single-family homes was up 21% to $1.1M from $913K a year ago. But sales were down 17% to 20 from 24 last year. Right now, there are only 14 single-family homes available for sale in Wellfleet with an average price of $1.2M.
SO, I HATE TO SOUND LIKE A BROKEN RECORD, BUT IT CONTINUES TO BE ALL ABOUT INVENTORY, INVENTORY, INVENTORY
It does sound like a broken record that the lack of inventory is the problem and it could very well be the new normal. Remember that we have a very limited ability to build new properties, and conversions and renovations while visible, aren’t plentiful. We had hoped to see an uptick in inventory this spring, and while we have seen a slight increase, we did hope to see more. With interest rates hovering in the 7% range, and with prices moderating but still high, we do need to see fundamental changes for us to return to a more balanced market.
However, even in this unusual market, well-positioned and well-prepared buyers are finding properties to purchase, and sellers are taking advantage of the historically strong seller’s market. In Wellfleet, Truro and Provincetown, 100 buyers were able to find their dream homes so far this year. Patience and flexibility are key whether buying or selling in these truly unprecedented times. Hopefully, I can help to keep you engaged in 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 to see you soon.
361 Commercial Street U3b is a two bedroom one bathroom condo with 880 square feet. It is in the near East End one building away from the water next to the Pepes’ public parking lot. It is being marketed for $1.650M.
MLS REMARKS: Embrace the waterfront lifestyle you’ve always dreamed of with this exquisite condo offering the perfect blend of modern luxury and serene coastal charm. It is flooded with natural light from the east and south, creating a warm and inviting ambiance. Imagine waking up to stunning light, sunrises and enjoying serene water vistas right from the comfort of your own home. On chilly nights, warm yourself by the gas fireplace. Inside the unit is thoughtfully designed with two well-appointed bedrooms and a modern bathroom on the first floor. The second floor’s open layout seamlessly connects the living, dining, and kitchen areas, creating an ideal space for relaxation and socializing. This condo offers a private and tranquil retreat, complete with a coveted exclusive patio. And envision an even grander outdoor haven as you explore the possibilities of replacing the patio with a magnificent two-story deck. The waterfront location offers a myriad of recreational opportunities. Listing courtesy of Berkshire Hathaway HomeServices Robert Paul Properties.