|
| ISLAND HAPPENINGS |
The fun isn't over yet!
In this writer's opinion, September is the best time of the year on our Nantucket island. September features dramatic sunsets and weather tempered by an Indian summer, the mood following the busy summer season is relaxed but still offers all island options from the height of the summer! Everything is still open, yet the crowds are gone, and the prices reflect the end of the season. Fall restaurant week is September 27th through October 3rd, where restaurants offer 3 course dinners from $25-$45. Mostly, however, September offers end of the summer peace and quiet. If you haven't yet experienced September on Nantucket, maybe this is the year. We would love to have you back! |
|
|
|
| REAL ESTATE BUZZ |
State of the Market
70 Properties Under Contract as of August 30th 2010, this number is almost double where we stood a year ago this month.
Average Price for Under Contract Properties= $3MM
Median Price for Under Contract Properties = $1.5MM
2010 Year to Date:
171 properties have already sold (not counting the above under contract properties).
Of those 171 properties, 11 sold for over $5MM and 9 of the 70 properties under contract will close for over $5MM.
Considering that September and October are our busiest selling months, we feel very optimistic about the current selling trends for the high end, and the low end. The inventory is highest in the middle of the market. That said, a property in any price range listed at market rate, is surely getting showings, and potentially offers!
|
| |
|
| RENTAL BUZZ |
2010 Rental Feedback
What did we hear the most?
The positive side: Tenants had great stays, and loved their annual vacations tremendously. The water was warm, the boat travel worked out well, the restaurants were great and they stayed in some amazing rental properties. The properties with central A/C, flat screen TV's, wi-fi, nice patio sets and beach chairs, etc, and newer furniture are already getting lots of repeat bookings.
In terms of constructive criticism they advised the following in some cases: Light bulbs were out, smoke detector batteries were not changed, clear trash bags were not provided. In addition, many properties did not have clear instructions on how to use Internet, TVs, etc. Charcoal grills didn't have charcoal, and gas grills didn't have gas come mid-summer. Make a note to attend to these items during the off season, and I am sure your property will get even more bookings. |
|
|
|
| NOTES FROM PEPPER THE ELDER |
LiFo
Okay, here we go again. In my mind we are not in an economic recovery, but rather in a 'double dip' recession. Double dip, if in fact, we ever came out of the initial dip. What does that mean for those of us in the Peanut Gallery. Well it's the same old rub. Tangibles. Gold, silver, platinum, even, maybe copper and good real estate. You get the picture. The good stuff. Not houses in Detroit, Cleveland, or if you pardon the expression, Orlando, but houses in the tonier districts of Nantucket and other up-scale environs. For example, there is a bidding war brewing for the Prudential Center in Boston which went to foreclosure just a few years ago. The stock market is, to put it mildly, dicey. Sure there have been some good earnings, but a great many are predicated on slashing payroll. Treasuries are virtually worthless. Nantucket real estate; when the hard times come, it's the last to go in and the first to come out. As they say, 'You can bank on it.' |
| |
|
