When it comes to Chatham real estate, Pine Acres Realty owner/broker Lori Smith says that most buyers have some kind of Chatham connection. “Maybe they’ve come here for the summer all of their lives, or maybe they grew up here and want to buy their own home here,” says Smith, who calls Chatham a safe haven in a changing world. “This generation of buyers is used to having to drive kids around,” says Smith. “Here, kids can just walk downtown and get candy.” And don’t forget bandstand concerts at Kate Gould Park, one of Chatham’s most treasured summer events.
How much can you expect to spend for a home in Chatham? Here, Smith breaks down the numbers:
$500,000 and under
“This has been the hottest market to sell,” says Smith. “There are just not a lot of them around.”
At the time of writing, in the entire MLS system for Chatham, there were 14 properties in this range, including condos. “On average, buyers can purchase a three-bedroom, two-bath home, either a ranch or a Cape, not in the immediate downtown area, but a mile or so away,” says Smith. Downtown has become the most requested area of Chatham, she says, for both sales and rentals. “Generally, you can’t find anything less than $800,000 downtown.”
Between $1 million and $2 million, you can generally find a four-bedroom, four-bath home about a third of a mile to the beach, with an average of 3,800 square feet—though Smith says square footage isn’t always an accurate assessment of worth. “For $1 million in the downtown area, you’ll probably have to do some work to the property,” says Smith. “Again, it depends on where you want to be. There’s one property on the market for $1.5 million with half interest in a dock,” she says.
Typically, $2 million will buy you a waterfront property—or at least one with a water view. Buyers can most likely find a home in this range that’s either new or renovated. “We’ve had a lot of teardowns and rebuilds downtown,” says Smith. “Property is at such a premium, at least in the last five years, and we don’t see it stopping any time soon.”
$3 million to $5 million
In this price range, buyers will find newly constructed homes and ones closer to the water. They generally include five or six bedrooms with an equal number of bathrooms. One property boasts a loft with a wet bar and fireplace. There are eight properties in this price range on the market, according to Smith, including a renovated 1890s house on the beach. “For $4 million to $5 million, you usually get a dock or a pool,” she says.
Over $5 million
One can expect extreme privacy on crashing beaches, including a pool and a dock. “There’s a moratorium on docks in Chatham—they’re no longer permitting them to be built. So docks are at a premium,” says Smith. One can expect at least five or six bedrooms with luxurious master suites and additional rooms, including perhaps a breakfast room, a study or a grand gallery, stone fireplaces and wet bars.
Over $10 million
Beachfront and verdant lawns, plus extreme privacy. One such property on the market boasts 10 bedrooms on three levels, plus 10 bathrooms. But that’s not all: there are seven fireplaces and a three-story elevator. A hand-painted mural leads to the master suite. Outside are rolling, terraced lawns and gardens and the property is steps away from the beach.
$19-$25 million-dollar range
“The highest-priced home on the market right now is listed at $19 million,” says Smith. With almost 11,000 square feet, six bedrooms and 10 bathrooms, the estate boasts a chef’s kitchen, a banquet-sized dining room and a formal living room. Watch your favorite movies in the 11-seat cinema with a bottle of wine from the wine cave—a 409-bottle redwood wine cellar. The master suite on the second floor offers a spa-like bathroom, and of course, water views throughout the entire home. Multiple terraces and patios overlook the infinity pool.
Pine Acres Realty, 938 Main St., Chatham, 508-945-1186