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The Luxury Condo Market $1M to $1.5M – Everyone Wants One!

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.

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Provincetown’s Listing of the Week – 409 Commercial St – $5.9M.

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.

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The Mid-Level – $500K to $1M Condos – 51% of the market!

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 #5, 2/1/714 sf, $994K, SOLD.

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.

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