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| REAL ESTATE BUZZ |
Last In, First Out
I used to quiz my dad on the Nantucket real estate market. Is Nantucket a good investment? Why are people buying? Where’s the market now? Does it really go in cycles? Etc. Two fundamental points he always made were, 1) in the long run, yes this market always goes up and 2) the market does go in cycles, but Nantucket is always last one in, first one out. Having been on the ground for the “last one in” segment, I can personally confirm that’s true, but I haven’t been on the ground for “first one out” segment, yet (I was spoiled early on in my career). However, now, I think I am witnessing the “first one out”. The early signs of this were smart people were buying and spec. builders were starting to build again, among other more subtle indicators. Now, there have been two, huge signs that we are on the upswing. 1) A developer, Mark Snider, has entered into a purchase and sale agreement to buy the Point Breeze. The Point Breeze epitomized the housing bubble on Nantucket. Nice work, Mark! He understands the fundamentals of Nantucket real estate.
2) The yearly “red ticket” raffle, where a consumer gets one red ticket per $25 spent, is up 14% +/- YoY ($9.1mm in 2011 compared to $7.97mm in 2010 in revenue for participating merchants). One could say this is almost a baseless assumption, but I tend to believe that sometimes too much info. blurs the picture and better to go with what is clear. I’m ready for another Nantucket Sleighride! Happy New Year! |
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| RENTAL BUZZ |
After the Holidays
It is clear that families have gotten together over the past few weeks and enjoyed each other's company. We have seen increased rental requests for multi-generational families looking to extend their good times into, in some cases, many weeks of rentals for the summer of 2012. JPFCO, a family company, loves to help facilitate other family gatherings.
Give us a call and let us organize your rental home for your next fun family gathering! |
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| NOTES FROM PEPPER THE ELDER |
Happy New Year!
Pepper is enjoying New Years time off with friends and family, but will be back with our next newsletter. He wishes everyone a happy and healthy 2012! |
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