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JPFCO

Nantucket Real Estate Updates

Dec 15, 2012       Issue: 238

J Pepper Frazier Company
Madequecham Beach Views
 
 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
 

NANTUCKET REAL ESTATE BUZZ
  Hingham Savings Under Contract to Buy 35 Main Street!

Talk about a bullish sign for the market. Not sure what Hingham Savings is paying, but I imagine it is north of $3.5M and then they’ll have to spend at least $500K on the build-out, so they are willing to spend $4M+ to become the fourth bank on Nantucket.

They are a conservative bank, so they must have very high expectations for the market to spend that type of money. Can't blame them considering what the market is doing. October volume was $105M, November was $95M and YTD volume is $715M! With many deals getting pushed through before year-end because of the inevitable rise in the capital gains tax, total volume for 2012 should be at least $750M, compared to $530M in 2011. That is a 40%+ increase in dollar volume. That massive increase is not just because of the monster eight-figure sales this year, but also from a large increase in transaction volume. There were approximately 347 transactions in 2011. There have been 451 transactions YTD. 2012 should end with 475+ total transactions, which is a 37% increase over 2011. Hang on because there are no signs this market is slowing down, except, of course, if we run out of inventory...
 
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RENTAL MARKET UPDATE
  Rental Updates

An quick Agent query just led to the following info:

8-3-2013 to 8-24-2013 are the most booked weeks so far for next summer. So much in fact, inventory is noticeably diminishing for those dates. There are still lots of great houses that are available in July.

Brant Point is still the most desired Tenant destination.

Very expensive, waterfront homes are in demand, yet incredibly hard to find at this year.

All these points indicate a very strong upcoming rental season. Therefore, if you haven't made your 2013 Nantucket vacation plans yet, perhaps use some of your Holiday/family to solidify those dates and give your favorite JPFCO Agent a call!
 
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FEATURED LISTING
  97B Goldfinch $359,000

Rare Opportunity! 2 Bedroom 1.5 bathroom condo with a one car garage in desirable Naushop community. Included in the price is a fresh coat of paint, new carpeting on second floor, and new tile flooring on first floor. Low condo fees. Includes membership in the Naushop Community at a prorated discount because of the condo status. Membership fee includes pool, tennis, club house, common area, and street lighting. This low maintenance unit is perfect for a first home or rental.
 
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NANTUCKET REAL ESTATE NEWSWIRE
» Boston-Hyannis Passenger Rail to Open by Memorial Day
» Land Bank buys 9 Acres off Cato Lane
» HDC Battling with Town Attorney on Regulatory Power
» Cap'n Tobey's Chowder House Building May turn Retail
 

NOTES FROM PEPPER THE ELDER
  Leapin' Lizards

Tap, tap, Bang, bang. Whirrr. Wait, just hold on a second. I know those sounds. Digging deep into the ol' cranium. You know. The Chestnut. The Bean. Got it. The Grey Matter. Zut alors. You bet your sweet Bippy. Ram-a-lama ding dong, Kimosabe, Leapin' Lizards. Yeah, I got it. It's the sound of construction. Building houses, and quite a few. It hasn't been as long as the last time the Cubs won the pennant, or Harold Stassen ran for president, but it's been awhile. I'm specifically talking about southwest Florida. As I think real estate is the single most important component of the make up of our economy, this is, indeed, good news. It also means the inventory of short sales and foreclosures must be dwindling. Furthermore it must mean that people aren't worried about The Affordable Health Care Act (Obama Care) which is like calling Hannibal Lecter a 'nice' guy.

Sales in Nantucket will be up around 40%, 2012 over 2011. Some of this is attributable to pending tax changes, and shows that once again The Grey Lady is the 'Leader of the Pack.' I wish congress was always in recess, but, I guess you can't have everything. For now.
 
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