The under $1,000,000 market for a fee simple, single family house has all but disappeared. Currently there are only 22 active listings in this category and they are limited to a few areas. There are 2 in Madaket and both of those houses are very prone to erosion and about to float away; 1 in ‘Sconset that is a 1 bedroom, 1 bath, under 700 sf beach cottage; 6 in Town/South of Town and most of those are not exactly “turn-key”; 1 in Naushop; 3 in Tom Nevers and 7 Mid-Island. Now, if you are willing to spend an additional $500,000, your options almost triple to 62 available listings. You still won’t get into select areas like Monomoy and Squam, but you will have far more areas to choose from. The Buyers who got in for under a million over the last few years are sitting pretty.
I have a feeling I’m going to be writing this same blog ten years from now, but I’ll be talking about the under $2,000,000 market.