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JPFCO

Nantucket Real Estate Updates

Mar 1, 2013       Issue: 245

J Pepper Frazier Company
Snowy Sankaty
 
 New Listings VIEW ALL

Jul 26, 2017

Cliff
$5,975,000

Jul 26, 2017

Town
$4,945,000

Jul 25, 2017

Town
$2,495,000

Jul 25, 2017

Town
$895,000
 
 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
 

GROUND NOTES FROM DALTON
Sense of Urgency-Couldn't Be...

Yes, it could! We are actually seeing a sense of urgency from buyers and tenants now. We have not seen this since at least 2007. Makes sense, though. There is more demand vying for less supply.

Look at the sales market, there is dwindling inventory, currently 321 active listing (we haven't seen inventory that low for the last 8+ years) and there are more buyers, a few of the bigger reasons being a) consumer confidence is up, b) the stock market is up, c) there is starting to be talk of rising interest rates creating pressure to lock in the low interest rates, and d) investors are viewing Nantucket as a better investment than much of what is available. The empirical evidence is there - we are seeing multiple bids on properties priced at market rates. There are a handful of high-end spec. houses being built right now; those sellers are going to be sitting pretty this summer.

As for the rental market, there is not necessarily less supply, but there is more demand because of reasons a) and b) above, and also the unfortunate, but true, "Hurricane Sandy Effect" - many vacation areas got wiped out by Sandy, but people still want to go on vacation, so "Honey, I've always wanted to go to Nantucket." The "Hurricane Sandy Effect" will no doubt translate into a positive for the sales market, as well. It is quite possible that the rental market actually sells out for end of July, beginning of August time period. Should be a busy (and exciting) summer! Until then, we are enjoying the quiet of the Grey Lady:-)
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RENTAL MARKET UPDATE
  DocuSign for Esignatures

J Pepper Frazier Company always tries to be on the cutting edge of both technology and customer service. We were thrilled to find an esignature service for our leases called DocuSign which lets us accomplish both in just two esignatures!

DocuSign is the fastest, most secure way to sign, send, and store documents in the cloud. With this service, Tenants and Owners can sign leases anytime, anywhere on any Internet-enabled device, and it is a legal signature! Since electronic signatures were made legally binding in 2000, more and more people have adopted the esigning process. In the eyes of the law, it is equal to a "wet ink" signature with much less fuss.

DocuSign maintains a comprehensive array of technical measures to protect the service and offers a robust set of customer-controlled settings to further heighten privacy and security protection. This security program aligns with national and international security standards. It is also a quick print from the docusign website if a paper copy is preferred.

What this all means for J Pepper Frazier Company Tenants and Owners, is easier and quicker legal signatures. No more finding a printer/fax/scanner/stamp to send in the leases. This is a way to simplify the leasing process and we are happy to facilitate it!
 
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FEATURED LOCATION
  Surfside

The Nantucket island location of 'Surfside' starts somewhere around the high school, and continues all the way to the end of Surfside road-depending on who you ask. The majority of 'Surfside' houses are beach bungalows built in the 60's, 70's, and 80's. Some benefits of a rental house in Surfside are; very family friendly for those with children who swim well, beautiful beaches and sometimes heavy surf waves. This is home to "Nobies," one of the island surf spots. There is a convenient bike path straight to town as well as public transportation stops. Some of the beach amenities are the "Surfside Shack" which serves beach fare, and there are life guards, and bathrooms for these high trafficked beaches.

About 10% of the houses in J Pepper Frazier's rental inventory are considered Surfside neighborhoods, and approximately 6% of houses for sale island-wide boast a Surfside location. This is a fun spot, with lots of activity!

If Surfside appeals to you, a great rental house is 6 Pochick Avenue. There are June, July, August, and September weeks available in this house and cottage. 6 Pochick is set up for family entertainment with a pool and spa, pool table, big screen TV's, and a personal favorite of JPFCO-table shuffleboard. It rents for $22,500 per week/high season.
    Link to 6 Pochick Avenue  
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NANTUCKET REAL ESTATE NEWSWIRE
» Sale of Poets Corner
» Spring is Coming!
» Millie's Bridge Set for Repair
» Cape Cod 5 Breaks Ground on Pleasant Street
 

NOTES FROM PEPPER THE ELDER
  Boca Grande - the Sconset of Florida

Okay. Time to get serious. Yeah, right. And to show you just how serious, I am willing to wager my picture of Mr. Ed being ridden (no not in the biblical sense) by Don Ameche and autographed by both august individuals. I may have to retract that biblical reference because there is a definite glint in the Ol' Ameche's eyes. Back to the serious stuff. The price a la mode in Boca Grande is the $1.8 mil range. I guarantee (and hence the wager) this will change to 2.3 mil by next year, an increase of around 30%. Not a bad return these days. Nantucketers will be a major force.

Libby and I had a meeting with Walter Beinecke years ago, and he was being his normal loquacious self, whereupon I said 'Walter. Let's rap this up. We've got a plane to catch.' He said, 'Where are you going?' I responded, 'A place I've never been to before. Boca Grande.' To which he said 'Ah. 'Sconset in Florida.' And Walter was, as he often was, correct. Boca Grande is about to catch fire, And soon. The same is true of Nantucket. Both are simply under-priced. Take my word for it. With a bet on the line of this magnitude, I cannot afford to be wrong.
 
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JPFCO | 19 Centre Street Nantucket, MA 02554

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