Picture this: You live in Provincetown, one of America’s most desirable residential areas, and watch a condo in your neighbourhood sell for a record $3.9 million. You joined the celebrations, shook hands with the new neighbour. But then, nearly two weeks later, the condo next door sells for an even more staggering $5 million, making it the most expensive purchase in the area.That’s exactly what happened in Provincetown recently, when the neighbourhood’s escalating luxury game reached a fever pitch. Two stunning condos on the same bucolic West End street, separated by mere feet, shattered records in just fourteen days, with the second deal obliterating the first by over a million bucks! The $5 million condo was a three-bedroom contemporary home designed as a personal retreat.Both properties were developed by local restaurateur Victor DePoalo, who understood the demand for modern homes in a town known for its Victorian-style houses. The condos were listed by agent Thomas Andrews of Gibson Sotheby’s International Realty.
What the $5 million condo has
Pic credit: Nauset media
The three-bedroom residence at 170 Bradford Street was sold for $5 million on September 1, according to Realtor.com. Victor DePoalo built the condo for himself in 2019 and has lived in it until now. This sale set a new record in the town at the tip of Cape Cod, marking the highest price ever paid for a condo, Andrews told the WSJ. “The numbers have gone crazy,” the developer told the outlet.This 2,725-square-foot unit is one of five he built on the Bradford Street Extension, which runs parallel to Commercial Street, the town’s main street. The condo has three bedrooms and 4.5 bathrooms spread across three floors. The contemporary home has all the amenities that would be on a resort’s checklist. Think a saltwater gunite pool, pocket doors for flexible living, top-of-the-line appliances and a fireplace. “These two are more contemporary styles,” Andrews told Realtor.com. The high-priced contemporary homes are not a coincidence, especially in a neighbourhood where preservation has a lot of meaning. This resort-like lifestyle is thoughtfully curated and reflects how the buyers would prefer to live.
The open kitchen and living area is designed for gathering, while an office nook tucked behind those signature pocket doors is ideal for WFH scenes, along with entertaining purposes. The primary suite on the third floor, with vaulted ceilings and a double vanity, is every luxury one would hope for in a $5 million condo. The secondary bedrooms also live up to the master: high ceilings, expansive windows and en suite options. This condo is put together with a lot of thought, even down to the landscaping that maintains privacy while keeping residents steps from Provincetown’s best neighbourhoods. The condo is within walking distance of the town’s best highlights, including the Chelsea Earnest Memorial Playground, a project supported by designer Marc Jacobs.
Pic credit: Nauset media
What’s more striking is that the $5 million condo hit the market on a Friday and went under contract by Tuesday. Five days, that’s all it took. The previous record-breaking $3.9 million condo at 168 Bradford Street was sold just two weeks prior. It moved even faster: the deal was closed in a single day!
Growing demand for Provincetown properties
Pic courtesy: Nauset media
Provincetown sits at the tip of Cape Cod. The location sounds romantic, but there is no space left to expand. Despite this, the demand is only surging, with no signs of slowing down.“The housing stock is therefore relatively fixed, and any new supply has to come from redevelopment or small-scale infill, both of which tend to be expensive and difficult to pull off,” Hannah Jones, senior economist at Realtor.com, explained. But the flourishing creative community and the picturesque views are only making it more desirable.For instance, DePoalo sold one of the five units for $1.8 million when he finished it in 2019. It was later resold in August for $3.9 million. That’s not all. Earlier this month, a tiny cottage under 800 square feet was listed for $1.5 million, which means nearly $1,897 per square foot, and it is as absurd as it sounds.“This type of neighbourhood runs very, very tight and is very difficult to get into. Being engaged in the community, on multiple levels, is super important,” Andrews said. He also thinks newcomers should seek the help of an agent to fit in. “It’s highly, highly important to use an agent that’s very well connected with the community on a local level.”