Real estate in Chatham, one of the nation’s most privileged towns, has never been cheaper. In spite of a perfect storm of economic mayhem that struck nationwide last year, Chatham – a summer retreat of Boston and New York’s business and banking elite – has treaded water in its real estate and building sectors with one of the highest – grossing markets in New England. The number of residential building permits issued is double that in neighboring towns.
And with Wall Street in the midst of an historic recovery, it adds up to a lot of commissions and bonuses and the promise of a solid year in the building trades in Chatham, where summer homes can exceed 10,000 square feet at a cost of $8 million. But living large in Chatham is not what it used to be. While the economy has had a hand in this, the negative public image of conspicuous consumption among wealthy businessmen, stockbrokers and investment bankers has forced a cultural downsizing and a trend toward green building as the new bragging right.
Tim Smith
Company: Minglewood Homes
Title: Owner
Age: 44
Experience: 30 years in the building trades, 16 years running one of the Cape’s leading full-service building companies
What’s the driving force in this downsizing of high-end homes?
It’s not the quality or necessarily always the price; it’s the size issue. People who can afford it want the same quality and are willing to pay for it, but being ostentatious today is not always culturally acceptable. It’s been a reality check. Many who in the past might have been inclined to build a 10,000-square-foot summer home, are now building 4,500 square-foot homes. But they are still doing it with great style and attention to detail. The “wow” factor remains, but it’s more subtle, a bit more understated. They want a home that is a testimony to their success, not a monument. Some have four or five homes around the world.
Is this a cultural shift back to basics?
Yes, in many ways. It mirrors today’s perception of life. And that’s having a positive influence on the built environment in Chatham-more homes that fit in to the history, character and traditional architecture of the region, less of a California flair for the dramatic and more of a style that reflects the beach, the marshes and the maritime with outdoor living spaces, screened porches and yet open, graceful and good-sized interior rooms with an open floor plan. There are ways of building a quality home and keeping the price reasonable, and that’s been a cornerstone of our business.
How has the trend toward “green” design and building techniques been affected by this shift?
With many it has become the “wow” factor, underscoring greater consciousness toward the environment and energy consumption, replacing in some circles larger, more embellished design elements with solar panels, state-of-the-art insulation, recycled countertops, more energy-efficient windows and doors, and the use of wind technologies. Green design and building techniques can be more expensive than conventional upscale designs and techniques, but their integration can be more impressive today.
Did you see this change coming, even with those who can afford bigger homes, and will it last?
I have built a range of home sizes in Chatham, including the larger ones, but years ago sensed the boom wouldn’t continue forever and that ultimately, for economic and cultural reasons, the high-end owner would want a more reserved quality design along with a more efficient price. And so I positioned the business for this. I don’t see this trend reversing for some time to come, but I do envision Chatham’s scenic, lifestyle and family attraction luring many more to these shores for land and homes that will hold their value.
Five Things You Didn’t Know About Tim Smith:
- He is the son of a Congregational minister who pastured the Chatham Congregational Church, and his mother was a registered nurse.
- As a Chatham native and a natural born sailor, he owns a 30-foot Vivace, but once finished last in the celebrated Figawi Race when his spinnaker got hung up.
- A master builder, he has received two Chatham Preservation Awards for restoration in the old historic village area.
- As a local public servant, he served two years on the Chatham Historical Business District Commission.
- Smith is a moderate conservative and has no political party affiliation, demurring from the fringe of either party.
