Nantucket Island Massachusetts Directory of Real Estate Resources

Fed

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

Property Transfers

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. The land bank fee is $160,000.

3. Ahouse on .44 of an acre at 31 Sankaty Road sold to Timothy Kelly of
New York City, N.Y. from R & D Realty Trust of Milton, Mass. for
$3,600,000. The property is assessed at $4,083,800. The land bank fee
is $72,000.

4. A building on .03 of an acre at 54 Main St. sold to ReMain 54, LLC,
of Nantucket, Mass. from Mary H. Beman of Nantucket, Mass. for
$3,200,000. The property is assessed at $2,912,600. The land bank fee
is $64,000.

5. Ahouse, Unit 2, on 2.09 acres at 9 Crow’s Nest Way sold to Douglas
H. Kennedy of Chappaqua, N.Y. from Colette M. Abbott, Nancy L. Zylstra
and Kara M. Busch of Vermillion, S.D. for $3,091,200. The property is
assessed at $4,096,500. The land bank fee is $61,824.

6. A house on 2 acres at 3 Maxey Pond Road sold to Penelope Sheerer and
John R. Schwanbeck of Nantucket, Mass. from Darlene Kerr of Syracuse,
N.Y. for $2,500,000. The property is assessed at $2,142,300. The land
bank fee is $50,000.

7. A house on 2.09 acres at 9 Crow’s Nest Way sold to Booya, LLC, c/o
Dmytro Fedkowskyj of New York City, N.Y. from Colette M. Abbott, Nancy
L. Zylstra and Kara M. Busch of Vermillion, S.D. for $1,738,800. The
property is assessed at $4,096,500. The land bank fee is $34,776.

8. A house on .22 of an acre at 98 Baxter Road (36% interest) sold to
Richard A. Savery of Sherborn, Mass. from Richard A. Savery, Trustee of
Bay Trust 2000 Nominee Trust of Sherborn, Mass. for

9. A condominium, Unit 3, at 14 Amelia Drive sold to Thomas Kelly of
Nantucket, Mass. from Dameano Nominee Trust of Nantucket, Mass. for
$490,000. The property is assessed at $941,000. The land bank fee is
$9,800.

10. A condominium, Unit 1 of 5B Pine Tree Road Condominium at 5B Pine
Tree Road sold to Nancy Tobias of Nantucket, Mass. from Roger Caruso of
Nantucket, Mass. for $395,000. The property’s assessed value is
unavailable. The land bank fee is $7,900.

11. A timeshare interval, Time Period 25, Unit A-5 in Building A at
Brant Point Courtyard Condominium on Swain Street sold to Michele M.
Becci of Doylestown, Pa. from Carolyn McCannon of Cambridge, Mass. for
$6,000. The property’s assessed value is unavailable. The land bank fee
is $120.

12. A house on .15 of an acre at 119 Main St. sold to Vanessa L. Green
of Littleton, Colo. from Burges M. Green of Littleton, Colo. for $10.
The property is assessed at $2,326,000. The land bank exemption is C.

13. Ahouse on .15 of an acre at 119 Main St. sold to Allison C. Green
of Littleton, Colo. from Burges M. Green of Littleton, Colo. for $10.
The property is assessed at $2,326,000. The land bank exemption is C.

14. A house on .15 of an acre at 14 Kittiwake Lane sold to Kathleen L.
Tracy of Boston, Mass. from Ernerst M. Haddad of Boston, Mass. for $0.
The property is assessed at $1,046,800. The land bank exemption is K.

15. Ahouse on .22 of an acre at 98 Baxter Road sold to Janice S. Savery
of Sherborn, Mass. from Richard A. Savery of Sherborn, Mass. for $0 The
property is assessed at $1,895,600. The land bank exemption is C.

16. A vacant lot on .34 of an acre at 3 Cobble Court sold to Karl
Ottison and Susan Ottison, Trustees of Random Winds Realty Trust of
Nantucket, Mass. from Susan F. Chase nka Susan Ottison of Nantucket,
Mass. for $0. The property is assessed at $517,700. The land bank
exemption is D.

17. Ahouse on .95 of an acre at 21 Boulevarde sold to Alfred E.
Kristensen and Mary Ellen Kristensen of Queensbury, N.Y. from Mary
Ellen Kristensen of Queensbury, N.Y. for $0. The property is assessed
at $1,520,000. The land bank exemption is C.

The Nantucket Islands Land Bank gained $657,177.61 in transfer tax fees
for the week ending Jan. 12. For 2008, the Land Bank gained an
estimated total of $998,157.61 in transfer fees. Land bank income is
derived mostly from the collection of a two-percent transfer tax on
real estate transactions, subject to certain exemptions. The land bank
acquires, holds, and manages land for open space and recreation on
Nantucket. Other revenue sources include investments, private
contributions, leasing of the Lily Pond Cottage at 15 North Liberty
St., and properties at 2 Massasoit Bridge Road, 159 Hummock Pond Road,
and 22 Broad St.

NOTES ON EXEMPTIONS Many of the property transfers recorded with the
Land Bank are exempt from the two percent transfer fee using one of 13
exemptions allowed by the Land Bank Act as follows: A: transfer to
government entity. B: transfer which, without additional consideration,
confirms, corrects, modifies, or supplements a previously made
transfer. C: transfer made as a gift without consideration. D: certain
transfers to and from a trust. E: transfer via death or bankruptcy. F:
transfer made in partition of land and improvements. G: transfer to
charitable organizations. H: transfer to a mortgagee in foreclosure of
the mortgage. I: certain transfers made to or within a corporation or
partnership. J: certain transfers out of a corporation or partnership.
K: transfer due to divorce. L: transfer of property that is partially
personal property and partially real property. M: certain first-time
property buyers (applies to the first $400,000). The above explanations
are abbreviated because the language explaining these exemptions is too
lengthy to print in this section every week. If you’re curious about a
certain exemption, go to the Nantucket Islands Land Bank Web site for
complete information on the exemptions and the land bank’s governing
bylaws: http://www.nantucketlandbank.org. Or visit

New Surfside Listing

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.

Real Estate and the Web

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 his client because if the client trusts the broker, she will tell him exactly what she is looking for and she will rely on the his local knowledge to guide her in the right direction (i.e. even with the transparency, the broker’s services are still invaluable).

Inman Real Estate Conference and Nantucket

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 conservation groups buying up the little remaining undeveloped land) and there is a rising (say even flat line) demand of land. Economics tells us prices go up in terms appreciation, i.e. real terms appreciation. So, when you are buying a piece of property on Nantucket and you get upset over the 2% Land Bank tax, remember that you will recoup that money many times over because of the appreciation it causes.

Frazier Wedding in Costa Rica

Pepper and Angel Married in Costa Rica

Pepper and Angel were married on January 31, 2007 in Montezuma,Costa Rica amongst 60 friends and family.

Pepper and Angel have travelled extensively throughout Costa Rica and discovered a wonderful resort on the Nicoya Penninsula: Ylang Ylang Beach Resort, a brand new small boutique environmentally friendly hotel and yoga retreat with five star cuisine perfect for a destination wedding on the beach.

Everyone had a wonderful time, surfing, swimming, lounging, ATVing, zip-lining, and wining and dining for 10 days in a tropical paradise filled with monkeys, turtles and lots of other natural habitat and vegitation.

Pepper and Angel honeymooned in Ambergries Key, Belize, and have now returned to Nantucket.

Kozlowski Lowers Price to … $19.9 million

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.

Read Article

Nantucket Land Council Protects 270 as Forever Wind

the Nantucket Land Council has raised the last of the $14 million it needs to purchase the development rights to 270 acres of environmentally-sensitive Eel Point land owned by Linda Loring.

Read the full article

Island Development Shows No Signs of Slowing Down

According to the Nantucket Independent:

“Despite the real estate slowdown on Nantucket this year, development of the island showed no signs of slowing.

As Nantucket is largely insulated from mainland economic trends, island-specific factors may have had certain minor impacts on Nantucket’s development picture this year. “

Read Full Article: on Housing Development on Nantucket

Bermuda Shorts Perfect for Nantucket

The couple that started this Bermuda Shorts company had been in Montana skiing, fly-fishing, rafting, and hiking.

For work they jumped out of airplanes and fought forest fires all over the western United States, Canada and Alaska. When they started a family, they realized that this kind of life was not well-suited to raising children. On a whim, they moved to the second most isolated place on earth (next to Nantucket), Bermuda.

They decided to try their own hand at running a small Bermudian-based company making what else, Bermuda shorts.

The idea had actually been simmering for ages from when the founder, Geordie Wardman - a native Bermudian, used to travel in between fire seasons. He says he wore good old-fashioned Bermuda shorts because they’re the best in the world, but they aren’t great for travel. Between “off-season” jungle treks, tropical monsoons, New Zealand trout rivers, diving on the Barrier Reef or plain wet bus seats, traditional Bermuda shorts had limitations. They took hours to dry!

That’s when they decided to take the modern and elegant fabric of suede microfiber, and make functional, comfortable Bermuda shorts.

Between the time of actually making the first proto-type Bermuda shorts and getting their first order to sell, they had plenty of time to vigorously test the men’s shorts. They didn’t just want to say you could wear them sailing one day and then later go to the office without actually doing it. They wanted to wade in the shorts while stripping in a bone fish and then wear the same Bermuda shorts to a wedding and look great.

As Geordie’s wife Kirsten is a very creative artist, they decided to put her to work making fun and colorful Bermudian designs of spiny lobsters, marlin, and blue crabs, to name just a few.

Bermuda shorts and womens skirts are now sold all over the world including here in Nantucket at Island Pursuit.

Check out Bermuda’s own Bermuda Styles for yourself!