Nantucket Island Massachusetts Directory of Real Estate Resources

Jailed former Tyco International boss L. Dennis Kozlowski has slashed $3 million off the asking price for his oceanfront pad.

Problem is the “reduced” price is still $19.9 million.

Kozlowski, who is raising money to pay fines and restitution, paid bought the nearly four-acre property nine years ago for $5 million.

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Nantucket is a magnificent, but the real estate prices make it out of reach for some that have been a part of Nantucket for many generations.

I was speaking with a third generation cab driver the other day and asked him what he thought about the Island now.

The one thing that he highlighted was that he will likely be the last generation of his family to live on island. He has three children all of whom still love the island and work here full time. And they would love to live here too but just can�€™t justify or afford it with such high real estate prices.

They live off island and fly on island every …

Convicted Tyco chief L. Dennis Kozlowski’s oceanside mansion in Nantucket, where the king of lavish corporate spending hosted a $200,000 wedding for his daughter in 2003, has tripled in value since he bought it in 1997 for $5 million according to a what a top island real estate executive told the Herald.

It is a 7,000-square-foot Nantucket estate, on 3.8 seaside acres.

For now, Kozlowski holds title to one of Nantucket’s most valuable estates, known as Sea Rose Farm.

A similar property sold for $16 million recently, shattering an island price record.

And if the mansion won’t do the trick, Kozlowski might try to sell his beloved $25 million, 130-foot yacht, The Endeavor, at one time a regular summer feature …

There is a well written article in from the Nantucket Independent addressing how the island�€™s real estate market has risen, dipped and surged to new heights in over three decades.

�€œThe old-line Yankees aren�€™t as plentiful as they used to be,�€� said our own Pepper Frazier, Sr. �€œBostonians are still here, but the New York and Washington influence is being felt and there is a pretty good San Francisco group here, a lot of people who have made a lot of money. There doesn�€™t seem to be any signs of a slow down now. I�€™m becoming jaded �€” if [a property] is only $10 million I wonder why it�€™s so low.�€�

In Hammy Heard�€™s opinion, the island real estate market will …

Stephen Karp, owner of Nantucket Island Resorts hotels and president of New England Development Corporation, may soon become the largest holder of local commercial properties if he goes through with a deal to buy numerous properties owned by Sherburne Associates Realty Trust, amounting to better than 70 percent of the Winthrop Financial Associates�€™ portfolio.

Though Karp said on Thursday that he is in the confidentiality period of the process and could not officially confirm or deny his position in the pending transaction, he did acknowledge that two weeks ago a group of his engineers, consultants and attorneys were on Nantucket to perform due diligence on Winthrop�€™s properties, a procedure that investigates whether there are any structural or title issues …

By STEVE BERGSMAN
From Barron’s

July 01, 2004 — Nantucket is an island in transition — from one mogul to the next. Just ask Pepper Frazier, the proprietor of J Pepper Frazier Realty, whose own block in tiny Monomoy recently welcomed two new part-time neighbors. On one side, a Wall Street honcho shelled out $11 million for his vacation getaway. On the other, an old IBM hand named Lou Gerstner paid $12 million for a home on 1.6 acres.

A famous whaling center in the 1800s, Nantucket long has attracted captains. But today’s, mostly from Wall Street and industry, are paying more than ever before for second, third and even fourth homes on this speck of land off the Cape Cod coast. …

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 …