For all arm length real estate transactions on Nantucket, there is a 2% transfer fee typically paid by the Buyer at closing. The 2% transfer fee is called the Land Bank fee because the Land Bank collects the revenue from this fee. The yearly revenue can get up there-think when there was $1b worth of [...]
Beyond hard statistics like time on the market, inventory levels, and properties under agreement, which are all improving, there is another, subtle sign that the market is improving-the high-end is heating up. In the last two weeks, there have been two high-end sales, 18 Rabbit Run Road for $7,000,000 and 59 Shawkemo Road for $7,747,500, [...]
The market continues to show signs of strength. A subtle one is the National Association of Home Builders just published “Top Counties for Residential Remodeling” in the US. Guess which county was number one? You got it, Nantucket, coming in at $8,520/household/year! This stat could be interpreted as people remodeling their existing houses rather than [...]
Seems to me that bids are firming up, so if you are thinking of building, now may be the time before there are significant upticks. I do not have any hard evidence to support that thought, but I do have empirical evidence. One example, the other day I talked with a plumber about a huge [...]
Let’s see where the market is today compared to this time in 2010 and 2011. At this time in 2010, there were: -498 active listings -36 listings with either an accepted offer or under contract -23 closings YTD. At this time in 2011, there were: -435 active listings -43 listings with either an accepted offer [...]
Pools have longtime been staples of many vacation areas, but on Nantucket they were a rarity (in fact, my dad tells me that my grandmother had one of the first pool on Nantucket at 141 Main Street, which is ironic because pools are now banned in the Old Historic District). However, recently, permits for new [...]
As of today, there are: -432 active listings compared to 435 one year ago. -52 listings with accepted offers or purchase and sales agreements compared to 43 one year ago. Lower inventory, albeit not much, and more deals must be signs of an improving market. There is also noticeably more activity on Island this winter [...]
2011 was a roller coaster year. The market started off strong, barreled into the summer seeming like it was not looking back and then the Europe debt crisis hit in early August and it not only looked back, it went back. However, the resilience of the Nantucket market persevered and the market continued forward after [...]
I used to quiz my dad on the Nantucket real estate market. Is Nantucket a good investment? Why are people buying? Where’s the market now? Does it really go in cycles? Etc. Two fundamental points he always made were, 1) in the long run, yes this market always goes up and 2) the market does [...]
Although the year is not over, we have a pretty clear picture of how the overall market is going to end up. All things considered, not bad. According to LINK, For the period 1/1/11-11/30/11 -total volume was just under $481mm from 355 transactions -average sale price was just over $1.57mm -median sale price was just [...]
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