Provincetown’s Condo Price Record Shattered Again

Less than two weeks after the record $3.9 million sale of a Provincetown condominium, a new most-expensive unit has been sold in the highly popular Cape Cod destination—and it’s right next door.

A three-bedroom, 4.5-bathroom home—which was designed and built as the “personal sanctuary” for local restaurateur and developer Victor DePoalo—has sold for $5 million on Sept. 1. It smashed the recently set record by more than a million bucks.

The high-priced homes are no coincidence. Tucked away on an idyllic West End street, the units were developed by DePoalo and listed by agent Thomas Andrews of Gibson Sotheby’s International Realty.

This unit (170 Bradford St.) sits right next to the first condo, 168 Bradford St., and both offer luxurious modern features in a town filled with beautifully maintained historic homes.

“These two are more contemporary styles,” Andrews tells Realtor.com®, and feature amenities such as a lavish saltwater gunite pool for a resort-inspired lifestyle.

Upon entering the home, visitors have the option to head upstairs to the main floor or retreat to a cozy family room nestled behind a set of pocket doors.

Upstairs, a sprawling kitchen and living area is ideal for hosting family and friends. There are large glass doors that open to the pool, a sizable island, top-of-the-line appliances, and a sleek fireplace.

Another set of pocket doors leads to an office space, allowing residents to mix work and play.

The third floor is home to all three bedrooms, including the primary suite, which features a vaulted ceiling, a double-vanity bathroom, and loads of natural light.

The secondary bedrooms also boast high ceilings and expansive windows, with the larger of the two featuring an en suite bathroom.

The home is within walking distance of the best Provincetown has to offer—including Chelsea Earnest Memorial Playground, a project supported by designer Marc Jacobs—but it retains its privacy with thoughtful landscaping.

Both units were snapped up quickly. The $5 million condo was on the market for just five days before going under contract, while the $3.9 million abode lasted a mere 24 hours.

But even if the properties weren’t intentionally designed down to the last detail, they’d likely still fly off the market. The Provincetown real estate market is surging with no sign of slowing down anytime soon.

Earlier last month, a tiny cottage—spanning less than 800 feet—was listed for the sky-high price of $1.5 million, or $1,897 per square foot.

Realtor.com senior economist Hannah Jones notes that Provincetown’s unique geographical location is responsible for the area’s high demand. With little to no opportunity for new housing, the stakes are high for anyone looking to call the Massachusetts spot home.

“Provincetown sits at the very tip of Cape Cod, which means there is essentially no more space to build,” she explains. “The housing stock is therefore relatively fixed, and any new supply has to come off from redevelopment or small-scale infill, both of which tend to be expensive and difficult to pull off.”

With a flourishing creative community and picturesque views at every turn, Provincetown is highly desired. In a competitive game of supply and demand, Andrews recommends hopeful residents dive into the community before anything else.

“This type of neighborhood runs very, very tight and is very difficult to get into,” the real estate pro says of the West End locale. “Being engaged in the community—on multiple levels—is super important.”

He also shares a word of advice for newcomers who may be starting from scratch.

“It’s highly, highly important to use an agent that’s very well connected with the community on a local level,” Andrews says.