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JPFCO

Nantucket Real Estate Updates

Mar 15, 2013       Issue: 246

J Pepper Frazier Company
Madaket Views
 
 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
What's Going on Today

What do bidding wars in Naushop, resale of properties within 2 years for 15%+ more and building permit numbers being up year over year for the last three years tell you? Not sure, but tells me that this is a strong market and values are increasing. The Nantucket market has historically mimicked the stock market. With the Dow reaching all time highs, history tells us that demand for Nantucket property is on the rise. And the amazingly low interest rates are further juicing demand. Inventory is at its lowest level in the last 10 +/- years. So, couple increasing demand with falling supply and real values go up.

I spoke with one of Nantucket's main appraisers recently and he said he is no longer checking "Stable Values" on his appraisals; he is checking "Increasing Values." Properly priced listings in very desirable areas (all areas of Nantucket are desirable) are going to sell quickly in this market. For instance, four elevated acres that have potential to be sub-divided into four lots in Monomoy just came on the market for $3.25M. That's a strong value. My prediction, the property has an accepted offer by my next column. Until then, let the show continue!
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RENTAL MARKET UPDATE
  A Celebration Vacation

One recent trend we are seeing in our rental call ins is the sharing of a story with the rental house request. "We need something romantic and private for our honeymoon." or "We are celebrating our Mom's 80th birthday." We hear stories about family reunions, college girlfriend catch up weekends, bachelor party celebrations, the ever popular 4th of July party, as well as many wedding requests. The definition of a celebration is to to observe (a day) or commemorate (an event) with ceremonies or festivities, and socializing with friends or family. Nantucket is an ideal destination to celebrate, well pretty much everything.

We think, and many of our Tenants agree that being on Nantucket makes any celebration or special event even more memorable. Give us a call at J Pepper Frazier Real Estate to let us help you plan your next celebration vacation!
 
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FEATURED LOCATION
  Dionis aka Eel Point

The Nantucket island location of 'Dionis' starts where Cliff Road ends and Eel Point Road begins, and continues all the way to the end of Eel Point Road-depending on who you ask. 'Dionis' houses are are generally large mostly waterfront estates. Some benefits of a rental house in Dionis are; very family friendly with great beaches and small waves, and phosphorescents for night time entertainment. There are many drive on beaches in Dionis that are frequented by the locales.

About 3% of the houses in J Pepper Frazier's rental inventory are considered Dionis neighborhoods, and approximately 3% of houses for sale island-wide boast a Dionis location. This is a great family spot for sprawling out and enjoying sunsets and beach walks.

If Dionis appeals to you, a great rental house is 19 Bishops Rise. There is August availability in this house with a pool. It rents for $13,000 per week/high season.
    19 Bishops Rise  
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NANTUCKET REAL ESTATE NEWSWIRE
» 47.5 Million Swain's Neck back on Market
» Siasconset Storm Erosion
» Stop&Shop Expected to Sign Lease for Downtown location
» Land Bank Pays $7 million for Share in Norwood Farm
 

NOTES FROM PEPPER THE ELDER
  Carbon Beach and the way of Nantucket

Well no surprise here: The United States has the greatest number of billionaires in the world with over 440. The countries with the second and third highest number are China and Russia, respectively, with over 110 each. But wait a second, aren't these two countries unrepentantly leftist, and, by definition, anti-capitalist? Of course, you could make the argument that the U.S. is leaning towards the left; at least its politicians are. I guess the old adage 'Money talks. Nobody walks.' rings true. All these so-called communist countries have an inner circle of elites with close ties to current ruling regime.

Forbes claims that the most expensive real estate in the U.S. is a place with the singularly unappetizing name of Carbon Beach. It says beachfront goes for $200,000 a foot. For fun's sake, let's put on the ol' thinking caps here. Okay, got'em on and adjusted. Do you think it's beyond the pale that a lot on Hulburt Ave with 70 feet of frontage could go for $14,000,000 or one in Monomoy with 100 feet of frontage could go for $20,000,000. I don't. And Carbon Beach is really disgusting. Cheek by jowl with horrible architecture, with Hollywood favorite Richard Meier leading the way. I believe 'Hollywood favorite' is self-explanatory. It's a real mish-mash. Rant and rave all you want about the HDC, but take one look at Carbon Beach and you'll be saying 'Thank God.' Time to go, and you can take off your caps now.
 
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