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JPFCO

Scalloping at Pocomo Point

Nov 1, 2011       Issue: 205

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

Jul 26, 2017

Cliff
$5,975,000

Jul 25, 2017

Town
$2,495,000

Jul 25, 2017

Town
$895,000

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
 

REAL ESTATE BUZZ
To Zone or not to Zone

The use of real estate zoning has been a heated debate from its existence. On one hand, proponents of it say you need it to protect integrity of real estate districts-do you want a nuclear power plant next to an elementary school, a brothel next to a church? On the other hand, opponents say, among other things, let the invisible hand of economics do its job and the highest and best use of the property will be determined-if housing is in shortage, should only single-family dwellings be allowed or should a developer be allowed to build an apartment building to fill the demand?

So, does zoning help or hurt real estate values? I’m under the belief, and maybe I am biased because I live on Nantucket, that if utilized properly, zoning increases property values. There is a fine line on how restrictive zoning should be. It should be just restrictive enough to protect the integrity of districts. This protection creates demand and a strong market because owners, buyers and seller's expectations are clear. Would someone want to live in or buy a home where they did not know what could go on around them? For a certain price, yes, but not as high of a price if the people knew a chemical plant couldn’t be built next to them. Zoning should not be too restrictive. For instance in a commercial district, zoning should not dictate that only an ice cream shop could be in a certain space-that would tremendously distort supply and demand economics. What happens if the existing ice cream shop goes bust and there isn’t another one to take its space, but there are five jewelers to take the space. That restriction creates a huge inefficiency in the economy.

The debate will continue, but I’ll take Nantucket’s 300% appreciation over the last 20 years to Houstons, which has no zoning, 95% appreciation over the last 20 years any day of the week. I know, not fair of me to compare Houston to Nantucket…
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RENTAL BUZZ
  Number One Rental Request

Is by far to bring a four legged friend (or two!) Tenants generally ask to bring well behaved, non-shedding, middle aged dogs with cute names (we just had a request to bring Madaket, an Airedale Terrier). The acceptance of these new vacation pals could put your rental home at the top of the search list.

If you are thinking about accepting pets, here are a few things to consider: You can differentiate between pets, meaning only accepting a small lap dog vs a large golden retriever. Extra cleaning fees can be charged as well as "pet deposits". Most people who are hoping to bring pets expect and accept this. Please contact us if you might consider accepting pets on a case by case basis.
 
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NANTUCKET REAL ESTATE NEWSWIRE
 

NOTES FROM PEPPER THE ELDER
  The Duke and the Queen

I used to be a sports freak. My passion in life was the Brooklyn Dodgers. That's right. Brooklyn, home of Da Bums. Los Angelos does not a borough make. In retrospect, maybe we should give California back to Mexico. We were talkin' baseball. Willie, Mickey and the Duke, who, by the way, is my favorite athlete of all time. I don't think there was anything 'classic' about the Fall Classic. Those days, I fear, are gone. Players in all sports are such whiners. Sort of like spec builders in an economic down turn. What can prevent an economic down turn? A return to the gold standard. Is that feasible? Yes. Will it happen? No. Not before a total monetary break down, caused by quantitative easing and the printing of more money. Don't forget we were on the gold standard until 1971. So at the rate we're going massive inflation is just around the corner and our only protections are hard assets: Gold, non-perishable food stuffs, 'good,' impossible to reproduce real estate and the like. Off to Bermuda to see what's up, and, yes, if I see the Queen, I will say hello. And no, I'm not going to say,'How they hanging.' That would be disrespectful.
 
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