Nantucket Island Massachusetts Directory of Real Estate Resources

Following are current rates:

Rate Update for January 25, 2008

5/1 ARM 5.625%

7/1 ARM 5.875%

30 YEAR FIXED 6.5%

Rates are based on Jumbo loan amounts (over $417,000.)
Aggressive Loan to Value Land and Construction Loans
(No Cap on Land or Construction Loan Amounts)
Pre Fabrication Financing Available

Matthew Sanford
Sr. Loan Officer
617.293.5399
Matthew.Sanford@Salemfive.com

Dalton

122 Main Street came on the market Friday morning for $2.695M. By Friday evening the property was under agreement for over the asking price. Not too bad considering the house needs a major restoration…

Dalton

Following are the latest rates from a very good mortgage banker. His bank is very liquid, so he does not face the problems many banks are funding to qualified borrowers. He is very informative and eager to help, so give him a call.

Cheers,

Dalton

Rate Update for January 17, 2008

5/1 ARM 5.5%

7/1 ARM 5.75%

30 YEAR FIXED 6.5%

Rates are based on Jumbo loan amounts (over $417,000.)
Aggressive Loan to Value Land and Construction Loans
(No Cap On Land and Construction Loan Amounts)
Pre Fabrication Financing Available

Matthew Sanford
Sr. Loan Officer
617.293.5399
Matthew.Sanford@Salemfive.com

Bernanke says, “Slow growth, not a recession”. Encouraging.

From the looks of the property transfers last week, it appears 2008 is off to a strong start. See property transfers below courtesy of the “Nantucket Independent”.

Dalton

PROPERTY TRANSFERS
Jan. 7, 2008 ~ Jan. 11, 2008

1. A house on 2.1 acres at 71 Pocomo Road sold to Waypoint, LLC, of
Newtown Square, Pa. from John R. Schwanbeck and R. Penelope Scheerer,
Trustees of 71 Pocomo Road Realty Trust of Nantucket, Mass. for
$8,600,000. The property is assessed at $7,947,500. The land bank fee
is $172,000.

2. A house on .45 of an acre at 64 Hulbert Ave. sold to HA Acquisition,
LLC, of London SW1VZNS, England from Sunset Realty Limited Partnership
of Rowayton, Conn. for $8,000,000. The property is assessed at
$4,819,100. …

J Pepper Frazier Company is pleased to announce it’s newest, exclusive listing. 6 Pochick Avenue is a quintessential Nantucket property. The luxury house, cottage and self-cleaning pool are sited on over an acre of well manicured property. Just a quick jaunt down the Surfside bike path to the beach and only 3 miles to Town. The property has not been rented, but would be an amazing rental property or your summer retreat where special Nantucket memories are made. Asking price $3.45M. Please contact us for more info.

Another major theme at the Inman real estate conference was the trend of real estate advertisements going paperless and the relationship between the web and the consumer.

The President of Century 21 Canada said that as of 2008, 95% of their advertisements will be paperless (i.e. no print media) and most of their advertising dollars are going towards the web.

That is amazing. A rep. of the National Association of Realtors said that 95% of all buyers’ searches begin on the web and that number is steadily closing the gap on the remaining 5%-another amazing stat.

The web is bringing transparency to the consumer. The transparency helps the broker do a better job for …

I just got back from the Inman Real Estate Conference in NYC and learned a ton.

All in all, people think there will still be pain in most real estate markets. However, there was also a majority consensus that areas like Nantucket, the Hamptons and Manhattan are well insulated markets that are very resilient and will for the most part be unscathed. This is particularly true of Nantucket (and Manhattan less so) because there is a finite supply of land.

To understand why the Nantucket market is so resilient to downward pressures in the national real market think of this:

There is a finite supply of land that is constantly decreasing (mainly because of the …