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JPFCO

Nantucket Real Estate Updates

Oct 1, 2012       Issue: 233

J Pepper Frazier Company
J Pepper Frazier Company Office
 
 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
 

NANTUCKET REAL ESTATE BUZZ
How Can You Tell if a Market is Working?

Set the ask for the good or service below market value and see what happens. If the market is working, the good or service will get bid to market value.

Well, seems like the Nantucket real estate market is working. Recently, we listed a bank owned property. We recommended a price to the bank and the bank gave us instructions to list below our recommendation (that's a first). When we put the property on the market, the phones were ringing off the hook! We had multiple offers immediately, so the Seller instructed us to call for highest and best. We called for highest and best and had nine offers within 24 hours of listing the property!!! The deal hasn't closed yet, so I can't tell the closing number, but I will after the deal closes. What I can tell you is the invisible hand of economics showed its might once again.

Market economies work and so does the Nantucket real estate market.
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RENTAL MARKET UPDATE
  2013 Rental Rates

Rental rates are on Owner and Tenant minds right now, both are wondering where 2013 prices will land. The vast majority of Owners haven't changed rates in 4+ years due to the sluggish economy and are now chomping at the bit to do, at minimum, small increases. Tenants have become used to static rates year after year, and are now getting a bit of a surprise when researching 2013 options. Cisco rates are seeing substantial escalation because Owners feel that the new Hummock Pond bike path will support these increases. Owners are still offering discounts for multiple weeks, and the majority of properties are still fairly priced.

Another silver lining is that some Owners are agreeing to keep rates the same for repeat bookers, so contact your favorite J Pepper Frazier Company Agent today to do a repeat booking!
 
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FEATURED LISTING
20 Sconset Avenue $2,550,000

Stunning Sconset property in excellent condition. High-end 4 bedroom, 2.5 bath house with full basement, free-standing studio/office with garage below and free-standing, rough framed apartment with garage below. Large, oversized lot with mature plantings that has been meticulously maintained and has room to add a swimming pool. Large wraparound deck with lights to enjoy the private setting. The property has rented very well in the past. Ground cover available. Great value-must see!
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NANTUCKET REAL ESTATE NEWSWIRE
» Nantucket Cranberry Festival
» Recreational Scallop Season soon to begin
» Monarch Butterfly from Nantucket to Mexico
» Nantucket Fighter Jet Training Exercises
 

NOTES FROM PEPPER THE ELDER
  Mother Theresa

Cranes? So you like cranes. And not the winged type. Well then D.C. is your kind of town. They are everywhere. I don't understand the physical dynamics of a crane; it seems they should keel over, but, with rare exceptions (read Manhattan), they don't. One of these days I'm going to have to get a closer look at the base of a crane. Not right now. I'm too busy trying to do english translations of Mayor Manino's speeches.

So what does this plethora of cranes mean. I know, you thought I'd never get around to asking. Generally speaking, cranes mean prosperity. Lots of building. But this is D.C. and it could be a sign of government largesse; however, I'll opt for the former. With so many Washingtonians in Nantucket, this should be a good sign and I think it is. During the height of China's recent boom, half of all the cranes in the world were in that country. Now for us crane enthusiasts (of which there are many. What you've never heard of the Royal Crane Society?), the H.D.C. is a truly diabolical cabal, setting height limits and depriving us of the joys of crane watching. Right up there with watching wind turbines, and if that's your gig the Cape Wind Farm will provide you with all the entertainment of a Mother Theresa monologue. Enough about cranes, already. Oh, you agree. September was a great month for Nantucket real estate, and I suspect the rest of the fall will be as well.

Let me see. Where did I put my Erector Set. There's more than one way to figure out this crane thing, more commonly known as The Crane Question. Off to Bermuda next week and we'll see what's up down there. About cranes? Just raise your hand.
 
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