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JPFCO

JPFCO REAL ESTATE BUZZ

Apr 15, 2010       Issue: 157

J Pepper Frazier Company
Nantucket Rental Tax Defeated
 
 New Listings VIEW ALL

Jul 26, 2017

Cliff
$5,975,000

Jul 26, 2017

Town
$4,945,000

Jul 25, 2017

Town
$2,495,000

Jul 25, 2017

Town
$895,000
 
 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
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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NANTUCKET REAL ESTATE NEWSWIRE
 

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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