Provincetown’s Condo Price Record Shattered by $1 Million-Plus Just 2 Weeks After Previous High

by Hannah Chambers

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.

Aerial of Provincetown at night — Both record-breakers sit in Provincetown's West End. (Nauset Media)

This West End condo is the most expensive sold in Provincetown's history, with a buyer scooping it up for $5 million just days after it was listed. (Nauset Media)

The home is a rare find in a historic neighborhood, offering modern luxuries such as a saltwater pool. (Nauset Media)

Spacious entry hall with grey tiled floors, double front doors with frosted glass, a kidney-shaped wooden coffee table, and a floating staircase. — The $5 million condo sale breaks the record set less than two weeks prior by a $3.9 million unit from the same developer. (Nauset Media)

Modern foyer area featuring a floating wooden staircase with cable railings, tiled floors, white Barcelona-style armchairs, and an abstract mural wall. — Both homes were designed and built by Victor DePoalo, a celebrated restaurateur who owns the local hot spot Victor's. (nauset media)

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.

Contemporary open-plan living room with plush blue sectional sofa, tufted ottoman, sleek halo chandelier, and floating wooden stairs. — The home's second floor offers an open layout, perfect for entertaining. (Nauset Media)

Spacious living room featuring a rich blue sectional, halo pendant lighting, and bi-fold glass doors opening to an outdoor patio and pool. — The space opens to the pool area, providing a seamless connection to the outdoors. (Nauset Media)

Modern kitchen island with quartz countertop and gold faucet, lined with stylish barstools, seamlessly flowing into the living area. — Given the developer's restaurant experience, the kitchen was designed with care. (Nauset Media)

Luxurious backyard oasis with a covered pavilion lounge, outdoor dining set, and an in-ground swimming pool under a bright sky. — The pool is accompanied by a bar and grill. (Nauset Media)

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.

The home includes 4.5 bathrooms, including this one with easy pool access. (Nauset Media)

Spacious primary bedroom with vaulted ceiling, floor-to-ceiling drapes, plush king bed, full-length mirror, and large windows. — A vaulted ceiling adds to the ambiance of the primary suite. (Nauset Media)

The secondary bedrooms are stunning, too, with large windows and lots of space. (Nauset Media)

“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.

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