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| ISLAND HAPPENINGS |
Defeated...Article 66
On the second night of town meeting, Article 66, the expansion of the room occupancy tax to include private vacation homes on Nantucket was defeated. The proposal initiated by the Board of Selectmen would have imposed a tax of 6% on seasonal home rentals of up to 60 days. The argument for the article was that the expansion of the tax would provide the town with much-needed revenue, and was stated as “only fair to the lodging industry” which is already paying an 11.7 percent occupancy tax. The argument against the tax was that it would hurt year-round and summer residents who rent their homes for additional income. It was Innkeepers and Town Officials against Real Estate Agents and Island Property Owners debating over the controversial article for just over an hour. In the end, Town Meeting voters rejected the petition, with 217 people (including 8 JPFCO affiliates) in opposition, and 164 in favor of the article. |
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| REAL ESTATE BUZZ |
Sales Update
2010 Real Estate Sales To Date: $108MM has transferred from January 1st- April 1st.
2009 Real Estate Sales for the same time period: $53MM.
2010: 56 Houses, 5 Parcels of Land, and 1 Commercial Property= $108MM.
2009: 27 Houses, 1 Parcel of Land, and 0 Commercial Property = $53MM.
In summary, it looks like we are off to a great start for 2010!
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| RENTAL BUZZ |
Tom Nevers Featured Rental Property
103 Tom Nevers Road is a newly furnished four bedroom property that features incredible water views and decks. There is a great master with en-suite bath and private deck. The property boasts an amazing kitchen, great floor plan, and the house is fully wired for sound and Internet. Rental rates in July are $4500 per week and $5000 per week in August. |
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| NOTES FROM PEPPER THE ELDER |
As The World Turns
The only problem is which way is it turning? What is going to happen in Greece, Portugal, Spain, and Ireland? They are in a mess and cannot avail the age-old remedy of simply turning on the printing presses and churning out more of their currency to get out of debt. Why? Because they don't have their own currency. They deal in a disaster known as the Euro. A disaster that I hope will soon be history.
What does this mean? Any way you look at it, it's not good. Everything points to 'hard' assets as the only available 'safe harbor.' As you know, I like gold, silver, platinum, and copper. But I love real estate. Good real estate. Nantucket real estate. And yes, I do put my money where my mouth is. |
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