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JPFCO

JPFCO REAL ESTATE BUZZ

May 15, 2012       Issue: 221

J Pepper Frazier Company
Surfside Sand and Beach Fence
 
 New Listings VIEW ALL

Jul 26, 2017

Cliff
$5,975,000

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
 

NANTUCKET REAL ESTATE BUZZ
2% for what?!

For all arm length real estate transactions on Nantucket, there is a 2% transfer fee typically paid by the Buyer at closing. The 2% transfer fee is called the Land Bank fee because the Land Bank collects the revenue from this fee. The yearly revenue can get up there-think when there was $1b worth of transactions, that's $20mm to the Land Bank!

The Nantucket Land Bank is the first program of its kind and was adopted by the voters of Nantucket, and established by a special act of the Massachusetts Legislature in 1983. To this day, the Land Bank has acquired over 2,400 acres of land which it maintains and has made open to the public. Considering the size of Nantucket, that's a lot of land (what's amazing though, is that number pales in comparison to the amount of land acquired by the Nantucket Conservation Foundation-over 8,300 acres!)

Although the 2% fee can hurt when you have to pay it, understand that you are literally changing the dynamics of the marketplace to your benefit-you are helping fund a reduction of supply of marketable property. For example, if there are only ten Nantucket baskets left on Island and you pay $1,000 for one of them, then the Nantucket Basket Museum buys five of them to be forever preserved and owned by the Nantucket Basket Museum (meaning there are only five baskets left in the marketplace), your one basket is now probably going to be worth more than $1,000. In the long-run, Econ. 101 tells us that Nantucket real estate is a great investment!

Also, the Land Bank is a sophisticated buyer always on the lookout for good buys. It just closed on Skinner's Golf Course, the country's oldest, active golf course-66 acres for $8.7mm-not bad considering 68 acres in Polpis will cost you $59mm!

Thanks to amazing groups like the Conservation Foundation and the Land Bank, Nantucket is nearly 60% conservation or "protected" land with wonderful views and walking trails throughout. Thank you 2% Land Bank fee!!!
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RENTAL MARKET UPDATE
  New Inventory

The summer wedding you were to attend was just cancelled, the sleep away camp waiting list never materialized, or you just flat out can't come to terms with a summer that doesn't include some Nantucket time. Summer plans change for all sorts of reasons. Rental house Owner plans also change, so If you thought it was too late to come to Nantucket this summer, we have good news-it isn't! Even in mid May we are still getting great new rental houses into our system, a house just changed hands, one just got completed, other Tenants canceled their plans, there are all sorts of un-scary reasons for last minute availability.

Give us a call today and let JPFCO see what we can find for you!
 
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FEATURED AGENT
Featured Agent, John Arena working a deal with Dalton


Favorite thing about Nantucket: The people and the island's rich history
Choice restaurant: The Club Car
Best quick lunch: Bartlett's Farm take-out
Most frequented beach: Ladies Beach
Beloved Nantucket summer activity: Sunset at Galley Beach
Fishing Hole: Great Point
Last Call: The Chicken Box
Nantucket real estate tip: Take good care of your clients and they will take good care of you. Also, patience. Buying or selling a property is a process, not merely a transaction.
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NANTUCKET REAL ESTATE NEWSWIRE
» Land Bank, Sconset Trust seal deal for 119 acres near Sconset
» Nantucket Property Lists for $59 Million
» 16th Annual Nantucket Wine Festival
» Nantucket is one of the top 10 Scenic Seasides for the Summer
 

NOTES FROM PEPPER THE ELDER
  Big Ears

Back late last night from Chapel Hill, where my wife's brother's son graduated. For those of you so genealogically inclined; that would be our nephew. Mayor Bloomberg gave the commencement address and much to my amazement, I found him, not only very witty, but also, for the most part 'right on.' He did a pretty good job of hiding his 'Bahstun' accent, although for those of us who are constantly on the prowl, he did let slip out a hehre (here) and a yehre (year). Not bad for a boy from Medfa' (Medford).

Noticing the dearth of rental properties in Chapel Hill, I started tossing around an old and not very original idea; to wit: Either the student or the student's parents buy a house, not necessarily a very good one either, but one that stands up to wear and tear (if you get what I mean), have the student establish residency and therefore qualify for in-state tuition, the savings of which would in, and of itself, pay for the mortgage. Obviously, this only works at state colleges. He/she could then rent out the rest, preferably to friends. In the case of our nephew it would have been a piece of cake. All his roommates were on the swim team with him (he was Honorable All American). Gratuitous, I know, but I'm proud of the kid. While as I said: this is no novel idea, it does, nonetheless, have additional benefits, such as property management, fiscal responsibility, and realizing what slobs your friends are. It would work particularly well in towns like Boston, Charleston, Burlington and Williamsburg, where people actually want to own properties. I believe UMass still has a branch in Boston, I also believe The College of Charleston is part of the state system, and, I know The College of William and Mary and Vermont are state schools. An old idea, but not a bad one, so I didn't have to really screw on my 'thinking Cap.' Anyhow it has never really fit. Maybe I need bigger ears.

The actor who appeared in the most movies nominated for a Best picture Award is Ward Bond, he of 'Wagon Train' fame. He also played on the USC football team with the Duke, who was his great friend and they tackled Hollywood together. If Rick Monday married Tuesday Weld on Sunday, she'd be Tuesday Monday on Sunday. What does DDLDSDB stand for?
 
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JPFCO | 19 Centre Street Nantucket, MA 02554

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