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| ISLAND HAPPENINGS |
Nantucket Christmas Stroll
Nantucket Christmas Stroll, which takes place this coming weekend, began more than 20 years ago to promote the local merchants and celebrate the holidays. However, this event has developed into one of the busiest weekends of the year. Now that it involves more tourists, approximately 10,000, it seems like an August weekend, not December! The weather as usual is extremely unpredictable, with notable memories of fur coats in 70 degree weather, and a hurricane that rained sideways and canceled the boats. No matter the circumstances, the lights of more than 200 Christmas trees lining Main Street and most of Nantucket town will bring holiday cheer to even the biggest of Scrooges.
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| REAL ESTATE BUZZ |
Fishers Landing House & Cottage
Three bedroom main house with a two bedroom guest house nestled in the pines on a quiet lane in Fishers Landing. Ideally located on a corner lot with conservation land across the way. Close to Madaket Harbor & Dionis Beach! Use of association tennis courts, boat storage, mooring access at Warren's Landing and a beach path over conservation land. $1,595,000 |
| Photos and Details |
Option after Selling Your ACK Property: Invest in a TIC
Tenants in Common (TIC) is a form of holding title to real estate. It allows the owner or owners to own a fractional interest in the entire property. In addition, it has become the preferred investment vehicle for real property investors who wish to defer capital gains via a 1031 exchange real estate transaction and own real estate without the management headaches. It is a great opportunity to still own real estate, but in a more diverse manner. |
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| RENTAL BUZZ |
Everyone is Asking for the Truth about Rentals
We get calls from homeowners on a daily basis requesting the current state of the rental market. Right now, the requests for 2009 are coming in much slower than in previous years. That said, now that we have the election and Thanksgiving behind us, it really seems that the rental calls and e-mails are picking up a bit after a very slow fall. Our best advice would be to remain flexible about your rates, and negotiable for multi-week rentals, which seem to be the most rare request. |
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| NOTES FROM PEPPER THE ELDER |
What's the good news? Money is cheap. The bad news? You can't get it.
Smart guys like John, not Hank, who simply gives money away, Paulson made $3.7 billion dollars last year betting against sub-prime loans, are now going the other way and buying mortgage backed securities. So these dudes must feel the mortgage mess is over and that real estate will, or perhaps more accurately, has, stabilized. Nantucket is in a highly enviable position. We were barely effected by the sub prime failures, we do not depend on foreign money (read: Palm Beach), and we do not depend on commercial tenants. With all the hedge fund failures, primarily in Manhattan, there are millions of square feet being vacated. Not only being vacated, but by many tenants that were considered triple. The fundamentals of Nantucket real estate are very sound and that makes for solid buying opportunities. Next week: more about Hank Paulson and inflation.
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