A New Milestone: $15 Million Property Sale

By: Tim Wood

The 300 Stage Neck Road property sold for $15 million last month, setting a new record for Chatham. PHOTOS COURTESY OF COMPASS

CHATHAM – What may be one of the biggest sales in recent history was just one of several major property sales reported in town in the past month.

A 5.2-acre parcel and an adjacent vacant lot on Stage Neck Road sold to a Cambridge buyer Oct. 28 for a combined $15 million. Earlier in the month, two properties along the town's eastern shore sold for $12 million each.

Those sales are more evidence of continued interest in high-end real estate. All property sales in town enjoyed an incredible boost during the pandemic, with median sales prices exceeding $1 million throughout 2021, according to the Cape and Islands Association of Realtors. While sales volumes have slowed to a more normal pace in the past several months, big-ticket properties continue to attract interest.

The 300 Stage Neck Rd. property, which includes a 6,230-square-foot house and a guest house, sold for $13 million. That in itself is not a record for a single property sale. That belongs to the $14,750,000 sale of 97 Tilipi Run on Morris Island in 2018. But with the 32,197-square-foot vacant lot, purchased by the same buyer from the same seller for $2 million, the total purchase price for the Stage Neck Road property came to $15 million, which is a record.

Set on a bluff high above the Oyster River, the chief attraction of the property was the privacy provided by the acreage, an unusual feature in Chatham, said Brian Dougherty, managing director at the Boston office of Compass and head of the private brokerage team that represented the seller, Dawn P. Weber.

“You felt like you were on an island,” said Dougherty, who formerly owned and operated the Gables Inn on Old Harbor Road. “Yet you were five minutes from The Squire.”

The Webers bought the property in 1997 for $2.9 million from a family that had owned it for 40 years, said Dougherty. At the time, the house was “just a little cottage up on the bluff. The cottage was flaked – taken apart board by board – and shipped to the Pacific Northwest where it was reassembled, he said. A new five-bedroom house was built in 2001. The current town valuation of the 300 Stage Neck property is $8,435,700; the vacant lot is valued at $1,560,100, according to assessing department records.

The property, including the vacant lot, was offered for $16.8 million. There were multiple offers, Dougherty said, most from buyers who would not have previously considered Chatham in the past. The successful buyer had been looking for property on Nantucket.

“We've had an awful lot of buyers who are turning to Chatham” from other high-priced areas like Nantucket, he said.

The new owner is an “international buyer” with three children who also has residences overseas, Dougherty said. He declined to name the buyer, but registry of deeds records identify the new owner as Yanhua Peng of 300 Chatham Real Estate LLC of Cambridge. The buyer is “low key” and plans to use the home as a summer and weekend retreat.

“They intend to keep it as it is,” said Dougherty, who was also involved in the Tilipi Run sale in 2018. The family has no ambition to subdivide the property, he added. They purchased the vacant lot to enhance the property's privacy, he said.

The Stage Neck property is zoned R40, with a minimum lot size of 40,000 square feet, according to Community Development Director Kathleen Donovan. The property could potentially be subdivided, she wrote in an email, but without additional information about the total amount of upland, the location of wetlands and how much of the property is in the flood plain, she could not say definitively.

The two other major sales in October, both for $12 million, involved waterfront properties along Chatham Harbor. On Oct. 14, a half-acre lot at 80 Quasson Rd. was purchased by Michael Bass, trustee of 80 Quasson Road Nominee Trust of Belmont. Assessors value the property, which has a 3,992-square-foot house built in 2017, at $8.5 million.

The 65,738-square-foot parcel at 162 Shore Rd. is valued at $4,23,200 by the town but was sold for $12 million. The property includes several buildings, including a renovated antique home circa 1820 and an antique windmill. The property was purchased by Robert Bannish of Sea Piper Realty Trust in Wellesley.