The luxury real estate market on Cape Cod continues to see unprecedented activity in the wake of the global pandemic. Year-over-year, sales above $1,500,000 have nearly doubled Cape-wide, up from 154 to 299 transactions according to the Cape Cod and Islands Association of Realtors. In the ultra-high-end sector, we’ve seen more sales above $10,000,000 over the last 12 months than any other one-year period. The result of this is that the Cape Cod real estate market now has record-low inventory.
Of course, for those considering selling their home on the Cape, the sustained buyer demand is probably a good thing in terms of your property’s value. However, as you likely already know, this is not a typical market. Buyer preferences have quickly (and in some cases permanently) shifted over the last year and a half and, here, we’re going to take a look at what this means exactly.
How Luxury Real Estate Preferences are Changing
For starters, the biggest discernible difference in today’s luxury market is that, in general, buyers want a move-in ready home. In this all-time-high market, most buyers prefer to make a purchase only when it provides instant gratification, meaning they are not looking to take on a significant renovation or restoration project. Inflation of construction costs due to labor and material shortages, as well as other logistical challenges, can be daunting at this moment when most buyers are searching for a living space that will comfortably accommodate their family and suit their lifestyle right now.
Simply put: turnkey homes that are perfectly finished and ready to be lived in are generating the most interest. In particular, however, there are certain home features that buyers are looking for more than ever, highlighted below.
Top Features for Luxury Homebuyers on Cape Cod
1. Extraordinary Outdoor Space
It’s no secret that Cape Cod living is all about the outdoors. When people come here, they want outdoor living space that can be enjoyed at all hours of the day, from morning coffee to al fresco dinners with the whole family. Often, this means having a swimming pool, spacious yard, and verdant gardens. A covered seating area, like a screened-in porch, has serious appeal, because it provides shade when the temperature really heats up and can be used on a rainy day, as well. Increasingly in the high-end, we’re also seeing features that blend indoor and outdoor luxuries, like weather-proof speakers, smart lighting that can be controlled over your mobile phone, and summer kitchens where meals can be prepared in the open air.
2. Water Access (and Views!)
Of course, when someone thinks of Cape Cod, chances are beaches, boating, and salty breezes come to mind. Having access to the water opens up your world to all sorts of different activities, like sailing, fishing, and kayaking, to name a few, and allows you to connect to Cape Cod’s unrivaled natural beauty. This is why properties that have docks, beaches, and water access in general, regardless of whether it’s private or part of an association, are in higher demand than we’ve ever seen on the Cape.
3. Separate Guest Quarters
Whether it’s for staff or multi-generational living, many buyers in today’s market want more than just an en suite bedroom for guest accommodations. This could range from an in-law suite with a kitchenette over the garage to a separate dwelling with multiple bedrooms on the property. If you have a live-in nanny for small children, elderly parents you want to keep close by, or adult children coming for an extended stay while they work remotely, there are plenty of reasons why this is beneficial. Additionally, separate guest quarters ensure that everyone has enough space to have their own private time without stepping on each other’s toes.
4. Total Privacy
Lastly, buyers are placing a premium on properties that offer privacy. In today’s connected world, this can be a true luxury and, all too often, it seems like the home is the only place where it’s found. Furthermore, privacy can make it easier to relax knowing that you don’t have to worry about any prying eyes or provide an extra sense of security during times of uncertainty. This has led to heightened interest in properties that are located within gated communities, as well as those that have extensive acreage with vegetation that provides a natural screen from the outside world. Ultimately, there’s a growing trend toward creating a private resort-like experience right at home.
5. Nearby Amenities
All across Cape Cod, there are clubs offering exclusive access to lifestyle amenities, from yacht clubs with launch services and waterside dining to country clubs with championship golf courses and five-star wellness centers. In addition to the exceptional amenities, these clubs also offer a sense of community that people are valuing more than ever while also providing a respite from overly crowded areas. For these reasons, real estate that’s located within close proximity to desirable clubs has seen an uptick in demand on Cape Cod.
If you’re considering buying or selling a home on Cape Cod, it’s more important than ever before to work with a real estate professional to help navigate unprecedented market conditions. With over 30 years of experience marketing distinctive residences and representing discerning buyers, Paul Grover is one of the most respected names in Cape Cod luxury real estate. Get in touch today to discuss how he can help to achieve your goals.
