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| ISLAND HAPPENINGS |
New Restaurant on South Water Street!
Seth and Angela Raynor are at it again! We are all very excited for the owners of The Boarding House and The Pearl to open a Latin American restaurant in town. Table service dining will be supplemented with a section for take-out (for lunch as well), and a bar upstairs. One of the highlights will be a ceviche bar. Prices will be lower than at The Boarding House or The Pearl, and the menu sounds amazing! |
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| REAL ESTATE BUZZ |
Additional tax deductions? Can you deduct the mortgage interest and property taxes payments on your vacation home?
Homeowners are permitted to deduct mortgage interest on both a principal residence and a second home, such as a vacation property. The vacation property is considered a second home if it is occupied for personal use for more than 14 days per year, or 10% of its useful rental period. If this is the case, then yes you can, if the mortgages do not exceed the original purchase price plus improvements. If personal use is less than 14 days then the vacation home is treated as a business property subject to a different set of rules based on a depreciation schedule. This being said, we are not accountants, so speak with your CPA for details about this opportunity. |
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| RENTAL BUZZ |
Walk to the Beach from Auriga!
Adorable Surfside beach house, located just off of Western Ave. The house has great availability, awesome location, three bedrooms, plus a loft, equipped kitchen, great yard, outdoor shower, and high speed Internet. Priced at $3500 a week- and a stone's throw to Surfside Beach, this house will be a hot choice this season. |
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| NOTES FROM PEPPER THE ELDER |
Protecting Your Investment
We all know about Bernie Madoff, and various other pettifoggers, such as Art Nadel in Sarasota. They got away with murder. But how? Where was the due diligence? It's just incredible, and it can happen here in Nantucket in the real estate market. You must scrutinize every aspect of a real estate purchase, including, but not limited to, the title, the plot plan, and in many cases the loan documents. How many simply gloss over the docs in our best cavalier manner? Well don't, and don't always rely upon your lawyer. Please don't always trust your lawyer; there are many vanished escrow accounts. One more thought: Be sure you understand the title exceptions.
Maybe, next week, the best way to approach foreclosures. They can be very tricky. |
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