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The downtown Nantucket commercial market rarely, if ever, has a vacancy. We own a few buildings and are constantly getting calls asking if we are going to have a space available. The answer is usually “no”; the tenants know once they give up a prime space, it’s going to be hard to get back in. A friend owns a triple A building. His tenant of 21 years decided to retire. When the moving truck showed up in the middle of winter, when barely anyone was around, word still spread like wildfire. He had a signed lease and half the year’s rent wired to him before the previous tenant even took their sign down. He didn’t tell anyone it was available, no advertising, leased within 24 hours – whoa! He said he could have leased it 10 times over. When the opportunity is there, you have to be quick…

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There are many perks to my job, but a big one is that I get to see incredible properties – Work Of Art Houses. And, they are just getting more and more stunning, especially with the high-end spec. houses. Since most of the spec. builders are crushing it right now, more are getting into the game causing more competition. So, they have to differentiate themselves from each other causing the bar to continually get raised.

Then, there are houses built by end-users, who decided to sell for one reason or another, with unlimited budgets and only want the best of everything. For example, 4 Middle Valley Road/48 Shimmo Pond Road just came on the market – WOAH!

I love my job!

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bACK from Houston – whoa!!! Throw down… That was incredible! Touchdown Tom and Crew do it again! I watched it on re-run twice so far, so that’s three times. Think about the run we’ve had – Federer/Nadal, Pats, Cubs, Cavs, ‘Nova…

Houston has little to no zoning, which is one less, major barrier for the Invisible Hand to break. If you want to see how the economoy is doing, go to Houston. Anything goes, which makes for an efficient, liquid economoy. There were countless examples of a church being next to an apartment building, being next to a tattoo parlor, being next to a high-end restaurant, etc. On contrast, Nantucket has strict zoning, creating a big barrier to the Invisible Hand and therefore creating limited expectations and huge value; a few arbitrage situations, too…

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Classic Nantucket

An abutting property of one of my clients came on the market. I called him and said Whip, you should buy this – just like in backgammon, when you control abutting points/properties, you are in a stronger position. He said he’d pass for now. In the meantime, he did work on his property and had to get a survey done. He called me and said what’s going on with the property. I said it’s available, let’s do it. He said, let’s do it. So, we did it. He said, after we close, I’ll tell you why I’m buying the property. We closed and he said aren’t you curious? I said always. He said his $5K shed was on the abutting property and he didn’t want to deal with moving it, so he bought the property. $1.5mm property because of a $5K shed – gotta love it. Welcome to ACK!

Market continues to move – a property just sold for $5mm on Washington Street!

Off to the land of no zoning next weekend – will report bACK.

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During the first blizzard of ’17 on ACK, I had a few moments to read an amazing article from Forbes on a beast of a man – David Mitzner – whoa!!! So many parts of the article stuck out, especially this quote, “I’ve learned my lesson: if you think something has real value — go for it. Even overpay if necessary, the property will pay you back the difference, if its value and location is really right.” I’m a firm believer in this especially if you factor in the lifestyle element. Money is money, life is everything…

Feb. 5th – see you in Houston!!!


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Relaxing, but never really because not what I do, in Boca Grande, and my friend said, “You were smart to buy real estate; I just give my dough to the bank.” I’d thought about that a million times before, but for some reason, this resonated – whoa – the market could drop 50% and they’d still be solid investments – not only financially, but lifestyle. We live/vacation on an amazing island – the beaches, conservation land, historic whaling town, architecture, bike paths, sandwiches and the list goes on… I’ve been fortunate to travel the world and be raised by an amazing family – we live, eat and think real estate – so I always think about it. The Rock is the best.

So close, $960mm…

Happy New Year!!!

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$1,000,0000,000??? Will we hit that benchmark – going to be close. Currently $935,000,000 has closed and $100,000,000 is under agreement. Two weeks to go… Regardless, a strong year. Will it continue? Everyday there is less supply and more demand for a sandy asset. Econ. 101…

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Dipping and Sipping

On Thanksgiving Day, hundreds of swimmers, including yours truly, and spectators, took to Children’s Beach to take the Turkey Plunge to benefit the Atheneum’s Weezie Library for Children. Over $100K was raised for the library – that’s exceptional and helps makes the Weezie Library an invaluable asset to the community! From fun, inspiring events like this to enjoying the crisp salt air, Thanksgiving on Nantucket is truly an amazing time and it is catching on; the island was bustling. Couple the amazing times of enjoying a dip in 50 degree water with fellow Nantucketers for a priceless reason or sipping mulled wine while touring historic whaling captains’ houses over Stroll or just taking a walk along the gold shores of the Grey Lady with the fundamentals of supply and demand and Nantucket property values will continue to rise.

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As The Saying Goes…

First offer is usually your best offer. It is truly amazing how many times that saying rings true. It is equally amazing how many sellers don’t believe it, especially when they get an offer shortly after they list their property. Their misjudgment happens because they think, I just put my property on the market and already have an offer; whoa, this is great, I’m going to get a bunch more offers. Yea-hah! But, that one buyer has been waiting in the wings for just that one property and pounced when it came on the market creating the disillusion that there are many other buyers out there for the property. As a broker, getting an offer immediately is a catch 22, especially if it is a strong offer. On the one hand, you are excited. On the other hand, you are worried that the seller is going to have the mindset a) this is great, let the offers start pouring in and b) did my broker underprice my property. So, next time you are selling something and you get your first offer, be very careful to say “no”.

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Where to?

The market on Nantucket continues to crank and it’s going to be a race to the finish to see if it can pass that mighty $1,000,000,000 line. With a strong market, there is naturally development. But, if there is no land to develop, like on Nantucket, then there is re-development and right now, it is amazing to watch the re-development of areas like East of Town and Surfside. The market is naturally pushing to these areas because other areas like Cliff and Cisco have either become too pricey for many developers and/or buyers or there is nothing available. 10 years ago, there were no new houses on streets like Fayette and Meader and very few in Surfside. Now, shiny yellow shingles are dotted throughout these neighborhoods and properties are trading for strong numbers; $4mm+ for a single-family on Washington Street was unheard of just a few years ago, but now it is happening. Good ol’ supply and demand…