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JPFCO

JPFCO REAL ESTATE BUZZ

Mar 1, 2010       Issue: 154

J Pepper Frazier Company
Nantucket Hotel Sold at Auction
 
 New Listings VIEW ALL

Jul 26, 2017

Cliff
$5,975,000

Jul 26, 2017

Middle Moors
$1,995,000
 
 Recently Sold VIEW ALL 

Jun 22, 2017

Mid Island
$930,000

Jun 26, 2017

Town
$5,585,000

Jun 26, 2017

Cliff
$2,450,000

Jun 16, 2017

South of Town
$325,250
 

ISLAND HAPPENINGS
Sold...The Point Breeze Hotel at Auction!

The historic Point Breeze Hotel on Easton street recently went on the auction block. Around 100 people (including a couple of JPFCO Agents) showed up at the hotel ballroom for the public auction held on Tuesday, February 23rd. This once rescheduled auction was the culmination of the foreclosure process which TD Bank had initiated last year. The bidding started at $6 million, with a private buyer taking the lead, and then representatives from TD Bank voiced $22 million. At that point, there were no further bids, and the half-finished property was sold back to the bank who held the $40 million note on the property.
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REAL ESTATE BUZZ
  Great Value!

2010 sales activity is continuing to pleasantly surprise us. There have been lots of showings for properly priced, ideally located, and renovated or new homes. Sellers are being negotiable, and buyers are moving forward with offers. A great opportunity in town is 25C Washington Street, a newly built four bedroom home with nice peek-a-boo water views for $1,649,000. Great rental income, great construction, and ideal layout.
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RENTAL BUZZ
  In Town Seasonal Rental

Stay all summer long! This cute 3 bedroom/1.5 bath house was built in 1940 and renovated in 2004. It is on a quiet in-town street and features a gorgeous kitchen, nice back deck and outdoor yard space. It has all the amenities you might need for a full summer on Nantucket including a washer/dryer, BBQ, and beach chairs. This is a great deal at $22,000 for the season.
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NANTUCKET REAL ESTATE NEWSWIRE
 

NOTES FROM PEPPER THE ELDER
  Economic Perspective

Zippity Do-Da. Time to examine the economy. Let me break out the old stethoscope, dust off my picture of Marcus Welby (yes autographed, of course), and away we go. Why is the dollar making a come back? Because the Euro is in shambles. The PIGS: Portugal, Ireland, Greece and Spain are in trouble, with particular emphasis on Greece. Who's going to bail out Greece? The Germans? Given their propensity of blithely tossing money about, they'll love that. View it as fun and games, that sort of stuff, I'm sure. In a nut shell: Europe is a mess. Goes to show you what a great deal unions are. Well there are few unions (Teachers', Postal Workers') on Nantucket, and, guess what? Old LIFO (Last In, First Out) is kicking in. In case you don't get it, I'm talkin' about economic collapse and recovery. With the sales of new U.S. homes at an all-time low, and unemployment soaring ever higher in it's custom made (guess who the cobbler is) pair of Jerry McBoingBoing Booster Boots, Nantucket is making a nice real estate come back and is slowly strapping on its own set of bespoke booster boots. The Captain Video variety. I can't think of anything that weathers recessions better than Nantucket real estate. To the best of my knowledge, there has not been a first floor downtown commercial vacancy in 30 years. Think about that. With the European situation and our own over-printing of money, it is inevitable that interest rates are going to rise. Right now, rates are most attractive, and, a word to the wise, take advantage of them. So instead of 'Hook 'em Horns', it's Lock 'em In'.
 
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