$29.5M Offered for Four Acres on the Cliff
By James Kinsella
I&M Staff Writer
A New York-based developer has agreed to pay the full $29.5 million asking price for a four-acre property on the Cliff, a deal that if it goes through would be the most expensive residential real estate transaction in Nantucket history.
Stephen Meister, who also is an attorney and a seasonal resident, plans to buy the property that overlooks Nantucket Sound from Sherburne Way and Lincoln Avenue, said his son, Jason Meister, a real estate broker at J. Pepper Frazier Real Estate.
The potential sale comes against the backdrop of a continuing white-hot real estate market on the island. According to sales figures compiled by Denby Real Estate, $536.4 million in real estate has been sold through August, more than double the amount sold last year through August and not far from the 2004 annual sales total of $613.8 million.
Stephen Meister now is working on a purchase-and-sale agreement with the owners of the parcels, his son said. Stephen Meister also hopes to sell part of the property in a simultaneous transaction when he closes on the property on Jan. 17. He has listed one of the parcels for $17.5 million, and half of the other parcel at $9.75 million, both with his son.
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