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JPFCO

JPFCO REAL ESTATE BUZZ

Jun 15, 2012       Issue: 223

J Pepper Frazier Company
Pocomo Views
 
 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
What Do The Numbers Tell Us?

Inventory levels on Nantucket and throughout the US are falling. Following were approximate inventory levels on Nantucket for this time in June:

2008-655
2009-657
2010-642
2011-577
2012-510

According to National Association of Realtors (NAR), the number of properties for sale in the US in April of this year was approximately 2.5mm, which is the lowest number since April of 2005, when the market was booming.

Also, the number of seriously delinquent mortgages is much lower now than a year ago (according to NAR), many of the distressed sales have been bought by investors and banks are better managing the short sale process, so the threat of a large supply of shadow inventory coming on the market and cracking the bottom has gone down significantly.

Following were approximate number of deals in the pipeline on Nantucket for this time in June:

2008-27
2009-18
2010-32
2011-40
2012-43

So, Econ. 101 tells us that falling inventory (falling supply) and rising deal flow (rising demand) make real values go up.

There are several models to measure price movement for the US as a whole. Showing is a chart that NAR put out explaining what the most widely accepted models are showing for price movement in the US-all positive.

There is a lag effect to these models and I think the market continues to improve, so these numbers could be even better than they show.

So, factoring in a market that is probably coming back, the lowest interest rates in history (5/1 ARM up to $4mm at 2.75%!) and a strong rental market, the stars may be aligned and it might be a good time to jump in. Oh yeah, don't forget to factor in the lifestyle component ;-)
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RENTAL MARKET UPDATE
  Nantucket's Natural Beauty

Part of what makes Nantucket such a popular vacation destination is it's natural beauty. Travelers come for a week (or two!) and enjoy Nantucket's seemingly endless trails and open spaces. There are swamps to explore, ponds to fish and crab, and all that is before you even get to the beach!

If you want a more formal guided tour to explore Nantucket habitats, the Maria Mitchell Association is superb for both adults and children. MMO also has an observatory, and Nantucket is an ideal place for planetary exploration. OR just look up, Nantucket skies on a clear night are flat out breath-taking. With no street lights to mar the views, the Nantucket night skies are like no where else. Even if your rental budget doesn't allow for ocean views, the starry "views" can be seen by any rental house on island!
    Nantucket Conservation Foundation    Maria Mitchell Association  
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FEATURED AGENT
Featured Agent, Tamara Greenman


Favorite thing about Nantucket: My friends
Choice restaurant: "The Kitchen" at 6 Quaise Pasture Road
Best quick lunch: Something Natural
Most frequented beach: Local Beach 2-3
Beloved Nantucket summer activity: All day trips to Great Point
Fishing Hole: Sayle's Seafood
Last Call: Joshua Tree at The Chicken Box
Nantucket real estate tip: You only live once, invest in something you love.
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NANTUCKET REAL ESTATE NEWSWIRE
» Chris Rock, Jim Carrey headline ACK Filmfest
» Nantucket Book Festival starts today!
» JPFCO Agent Doug Foregger sells Cap'n Tobeys!
» Book profiles Nantucket Surgeon
 

NOTES FROM PEPPER THE ELDER
  Butter Fingers

I know I'm veering off course here. As you may, or may not know, I'm an unabashed Boston chauvinist, Stuff that in your hat, if you will, because I'm a native Manhattanite. Boston is a city of superlatives: The best in education, medicine, pro sports, suburbs, vacation spots (anything come to mind?) etc. I'm also starting to think movies. But now they have another superlative; to wit: the worst player in baseball, Darnell McDonald. Not only is he the most deficient in hitting, fielding and base running, but he has managed to add a fourth worst-pitching. This guy shouldn't even be in Triple A.

Enough of that. There is no question that Nantucket has turned the corner. Certainly, the economy has not, but people with means are sick of sitting on the side lines. My feeling is that this is going to be a 'monster' summer and fall real estate season. I mean as the rest of the world deteriorates, this place simply gets better. If you know what I mean mate, Safe Harbor, And Nantucket is precisely that.

Joe Niekro hit his only home run off his brother Phil, leading to the question: Did Phil groove one? Mark Harmon's brother-in-law was Ricky Nelson, who was married to Christy Harmon, who was a Miss American. Marks and Christy's father was Tom Harmon who won the Heisman Trophy at Michigan. Which two brothers combined for the most wins in Major League History?
 
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