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| ISLAND NEWS |
Building with Nantucket in Mind
Since 1955, the Historic District Commission has been regulating architecture on the island. The five elected commissioners serve staggered three year terms. They review and vote on all exterior changes and new construction including both commercial and residential structures. Building with Nantucket in Mind is the HDC official guidebook and great reading for anyone interested in building or doing renovations on Nantucket. The guide book is available at the Town Annex on Washington Street. |
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| REAL ESTATE BUZZ |
Mortgage Option for Elderly Homeowners
A reverse mortgage is a government backed home loan that lets a homeowner convert a portion of the equity in their home into cash to pay for living expenses. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer uses the home as their principal residence. There are a significant number of properties on Nantucket that would be an ideal fit. |
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| RENTAL BUZZ |
The good ones are getting rented....
Despite what you see on TV, the sky hasn't fallen in on Nantucket, and many people still want to come to Nantucket next summer. It may be for one week rather than two, or their budget may have been halved, but we are still booking the favorite houses. Now, is a great time to pursue your rental options because the rental agents are available and eager to help you get a deal. The general consensus is that the requests are going to go gang-busters late in the season- but now is when you do get the best choice of properties. |
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| NOTES FROM PEPPER THE ELDER |
The 4 1/2% solution. It could be coming.
The Fed is toying with the idea of backing 4 1/2%, 30 year fixed mortgages for new home purchases, but, the Fed says in its inimitable style, not for refinancing. What effect has the possibility of the enactment of this new program had? It even further slowed down the tortoise- paced housing market. Potential buyers are not willing to get 5-6% adjustable loans when the very real possibility of a 4 1/2% fixed loan looms.
If this program actually materializes, here's an interesting play. Find a residence that can be converted into a commercial property. Wouldn't you love to have a 4 1/2% commercial loan? |
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