$38M Nantucket sale leads Cape and Islands in 2023 so far

An eight-bedroom compound on Nantucket that overlooks the harbor and stands next to Monomoy Beach sold Friday for $38 million, setting a record among a series of major sales on the Cape and Islands in the first half of the year.

The property, on Berkeley Avenue about a 20-minute drive outside town, is the most expensive single-family home sale ever in Massachusetts, according to the Wall Street Journal, which first reported the news. It had been listed for $56 million and more recently $48 million.

The three-building, 4-acre property, with 29 total rooms, was bought by a limited liability company registered to a representative in Chelmsford and an attorney New York City, and was sold by Cynthia and Evan Jones.

View the slideshow above to see 20 Cape and Island homes that have sold for $5 million or more this year.

That sale and others show that rising mortgage rates and any fears of a recession aren’t doing much to dissuade well-to-do buyers from putting down millions on new homes this year on Cape Cod, Martha’s Vineyard or Nantucket.

The Cape and Islands have racked up at least 27 home sales of $5 million or more through the first half of the year, according to Redfin and Zillow. There are likely more, thanks to off-market transactions that can be popular for those seeking extra secrecy.

Eye-popping sales might not be as common as they were early in the pandemic, but the most in-demand towns aren’t getting any more affordable.

In the first five months of the year, the median single-family home price on Nantucket was $1.9 million, down from nearly $2.3 million over the same period a year earlier, according to the Warren Group. Median prices over that same time this year were $1.3 million on Martha’s Vineyard, over $1 million in Orleans and Wellfleet, and $856,250 in Chatham.

At least seven Cape and Islands sales went for eight figures or more, and others are sure to join them in the second half of the year.

Four properties on Nantucket are listed for sale for $20 million or more on Zillow, and one sprawling property on the Vineyard town of West Tisbury is listed for $39.5 million, the same amount as when it went on the market last year. On the Cape, two properties in Barnstable’s village of Osterville are on the market for $30 million and $21.5 million.

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