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Is it on Nantucket?

Yes, it is on Nantucket and it is priceless. Wild the value differential just because different addresses – arbitrage anyone? For instance, do you know where Gingy Lane is? Maybe so, maybe not – most don’t. It’s an amazing location between Cliff and Town on a cul-de-sac, that always has that salty, soothing Nantucket breeze flowing down the Belgian block lane. You can walk to Town, gorgeous beaches, bike paths, The Westmoor Club, Coffin Park, Something Natural, and the list goes on and it’s a dead end street. But, the houses there trade for far less than if they had a more well known address – “Cliff Road”-type addresses. Cliff Road has cache. Cache is intangible. Case in point, back when my dad was running Nantucket real estate, the owner of a property on the corner of Madaket Road and Cliff Road couldn’t sell his property. After many false starts and sleepless nights, he finally made the logical move and asked my dad to sell it for him. What’d my dad do? Changed the address to Cliff Road, raised the price 23% and sold it immediately for over ask. Same property, different address, different perspective, different market value. I mean, look at 74 Madaket Road – talk about value…

Quick stat. update, rounding to the nearest $5mm, first half closed volume:

’14 – $380mm
’15 – $310mm
’16 – $420mm
’17 – $390mm
’18 – $450mm

Happy Independence Day!