view this online | email to friend | view past newsletters
JPFCO

JPFCO REAL ESTATE BUZZ

Nov 15, 2010       Issue: 173

J Pepper Frazier Company
A Bi-Weekly Newsletter About Nantucket Real Estate.
 
 New Listings VIEW ALL

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
Nantucket Field Station

In the 1960’s, a Nantucket Island estate, and parcel of land was donated to the University of Massachusetts for use as a teaching and research field station. The Nantucket Conservation Foundation bought the field station from UMASS for $20 milion in 2004 with the understanding that UMass was allowed to use the facilities for teaching and research. The Nantucket Field Station (NFS) site includes a 40 acre salt marsh, 2,000 feet of sandy beach fronting on Nantucket harbor, mowed fields, upland shrub habitat, and a large freshwater pond. Four buildings including a classroom, laboratory, workshop, and office occupy the 107 acre site on Nantucket Harbor located at 180 Polpis Road, some five miles from Nantucket center.

The University of Massachusetts has just committed up to $2 million to upgrade and improve the Nantucket Field Station and establish a college-level “Institute” here in an effort to maximize the educational potential of the property and help make it a nationally-known science and research facility. Their goal is to attract more researchers from around the globe. With the new upgrades the character of the property is slated to stay the same, the new funds will be used to improve what is already there. For more information about the Nantucket Umass facility, please click on the following link.
  UMASS Nantucket Field Station 
Your Title Here

Your Text Here
Your Title Here

Your Text Here
Your Title Here

Your Text Here
Your Title Here

Your Text Here
 

REAL ESTATE BUZZ
  Interest Rates

As we all know, interest rates are at historic lows and will inevitably go up some day-maybe not in the next few months, but probably within the next 12 months. So, if you buy a $1MM property now, put 20% down and lock-in a 4.5% 30-year fixed interest rate, your payments will be $4,053.48/mnth. If interest rates climb to 5.5% and you want to keep your monthly payment around $4,000, then you will only be able to buy a $900K property ($4,088.08/mnth.). Also, inevitably, because of simple supply and demand economics of Nantucket real estate, prices are going to go up at some point. So, if prices and interest rates go up in tandem, your purchasing power gets a double hit; you get less leverage with the interest rate and you get less property for your money. Sure your down payment will be more for a $1MM property than an $900K property, but it's not like the extra $20K you put down disappears-it becomes equity in the property that hopefully appreciates (more than likely it will and at a faster rate than if the money was in a bank account). I'm no rocket scientist, but seems to me that if you have any extra money lying around and you can qualify for a mortgage, right now is an amazing time to buy real estate, especially if it is on Nantucket.
 
Your Title Here

Your Text Here
Your Title Here

Your Text Here
Your Title Here

Your Text Here
Your Title Here

Your Text Here
 

RENTAL BUZZ
  Why isn't this house renting?

Here are some of the main things we see.

Asking too much money. Are you being realistic in your rental rate? What do similar homes in your location with similar bedrooms and amenities go for? If you have questions please contact a helpful JPFCO agent and ask.

Decor. Not everyone loves toille or the knick knacks from Europe trips. When decorating a rental home, think clean, bright, beachy and with Nantucket flair. You can’t go wrong with local artwork or classic furniture.

Home in need of some minor repairs. Maybe that bathroom really should be painted. Does the deck need some repair? If you have deferred maintenance on your rental for more then 2 years in a row, you may want to rethink this. The rule of thumb is to expect to spend 1% of the value of your home on maintenance. These oversights could cost you rentals.

Home in need of major remodel work. Most renters are looking for updated spaces including gourmet kitchens and remodeled bathrooms. The winter months are a great time to remodel, and besides improving rental income, this will add equity to your home.
 
Your Title Here

Your Text Here
Your Title Here

Your Text Here
Your Title Here

Your Text Here
Your Title Here

Your Text Here
 
NANTUCKET REAL ESTATE NEWSWIRE
 

NOTES FROM PEPPER THE ELDER
  Sufferin' Succotash

I told you it was coming. Inflation. And hold on to your pork bellies. A piece of paper with the picture of Yosemite Sam is going to be more valuable than one with the image of Uncle Sam. We can't keep printing money. We have an economy being run by a bunch of clueless Clouseaus (redundant, I know, but it gives added emphasis). Commodities. Tangible objects. Get out of the green back and into the Outback. Land, houses, silver, gold, wheat, and yes, maybe even succotash.
 
Your Title Here

Your Text Here
Your Title Here

Your Text Here
Your Title Here

Your Text Here
Your Title Here

Your Text Here
 
HOME  |  REAL ESTATE  |  RENTALS  |  NANTUCKET  |  JPFCO  |  NEWSLETTER

One of the oldest and most experienced nantucket real estate
JPFCO | 19 Centre Street Nantucket, MA 02554

Call Us: (508) 228-3202