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JPFCO

Nantucket Real Estate Updates

Apr 15, 2013       Issue: 248

J Pepper Frazier Company
Nantucket Window Box
 
 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
5 Signs Nantucket Real Estate is on the Up and Up

There are many signs of an improving market. Here are my Top 5 signs the market is improving counted down.

5) A fourth bank, Hingham Savings, just closed on 35 Main Street, a prime commercial location, for $3.6M and are probably going to spend another $1.5-2M outfitting the building. You need to do a lot of business to cover a $5M nut.

4) The rental market is strong. This shows consumer confidence is on the rise and Nantucket is becoming an ever more desirable destination.

3) A handful of smart spec. builders, i.e. the ones that did not go bust during the bust, are just finishing their projects in time for Summer '13. That means, realistically they had to start the design phase of their projects sometime in '11. The smart spec. builders typically are ahead of the curve.

2) The high-end, and the low-end, are doing well. The high-end buyers are often leaders of their industries that have a clear picture of what is going on in their industries, so if they are confident, there is a reason why. The low-end forms the base of the market and is often a local buyer. When local buyers step up, that means they are confident with their financial situation, which is anchored to the Nantucket economy. The middle market follows suit. Supply is down, demand is up. This is Econ. 101 and it results in rising prices.

Drum roll please. The Number 1 sign that the market is on the up and up is:

Your plumber won't call you back! That means there is so much work that he doesn't care if he works for you or not.

Look forward to the start of the season, Daffodil Weekend!
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RENTAL MARKET UPDATE
  What's New?

After a long, cold, snowy winter a lot is happening this spring in preparation for the upcoming summer season. New restaurants, new shops, a new grocery store and an abundance of street construction have been taking place. With shop keepers and restaurant workers returning for the season the island is abuzz. The daffodils are beginning to line Milestone Road and Daffodil Weekend is only 2 weeks away, the island is beginning to look and feel like Spring!

The Stop & Shop is taking over the former Grand Union down town space. The island has been enjoying the new Cumberland Farms located across from the current Stop & Shop and we are very excited to report that Lola Burger is moving into the space at the rotary. The word is the new Wicked Bakery is "wicked good" and The Nantucket Bake Shop has opened their new home at 17 1/2 Old South Road. The island is anxiously awaiting the opening of The Proprietors located at 9 India Street, formerly DeMarco's. We have also learned that The Hen House at Chin's Way will now be called The Island Kitchen featuring an American Bistro style menu.

The in Town retail scene has seen its usual shuffling as well. Posh, Nalu, and Jack Robie Mens clothing will have new locations. David Chase will be opening a shop for men on the corner of Orange and Main Street, Addison Craig will morph into Addison Wells with a double-wide location on Centre Street. Hingham Savings will be front and center on Main. The Hub is set to open its doors again at the end of the month after a short renovation and face lift with a new...menu!
 
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FEATURED LOCATION
  Cisco

The Nantucket island location of 'Cisco' starts at Clarks Cove at the end of Sanford Farm to right around Cudweed street-depending on who you ask. Cisco houses are often high-end compounds, with close proximity to the beach, Bartlett's Farm, and Cisco Brewery. This is a less dense area of the island with larger lot sizes. Some benefits of a rental house in Cisco are; high surf beaches, remote beachy feel, and easy access to the rest of the island with the new Cisco bike path. This area is highly sought after with few rental houses.

About 4% of the houses in J Pepper Frazier Company's rental inventory are considered Cisco neighborhoods, and there are only 3 houses for sale that boast a Cisco location. A vacation in Cisco is a real beach get-away with the close amenities of Bartlett's Farm and the Brewery.

If Cisco appeals to you, a great rental house is 19 Austin Locke Way. There is July and August availability in this 5 bedroom house with water views. It rents for $27,500 per week/high season.
    19 Austin Locke Way  
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IT'S TAX DAY!
  Common Real Estate Property Exchanges on Nantucket.

The sale of a business or an investment asset, in this example real estate, can at times create a large tax liability. A properly structured tax deferred exchange under Internal Revenue Code §1031, however, allows businesses and individuals to defer the recognition of the capital gains or other taxes associated with the sale of an asset, as long as new assets are purchased to replace the existing assets.

To be eligible for the favorable tax treatment afforded by an exchange, the property or business asset to be disposed of must have been held by the client for productive use in a trade or business, or for investment purposes, and be exchanged for like-kind replacement property that will be held by the client for similar purposes. With few restrictions, exchanging allows businesses and individuals the flexibility to sell property to whomever they wish, and to buy new property from whomever they wish. There is no requirement that property be “swapped” to be eligible for an exchange. By utilizing an exchange individuals are able to maximize their capital by deferring the taxes that would otherwise be incurred on an outright sale of their property and use the entire amount of the equity from the exchange to acquire substantially more replacement property. Properly structured and administered, an exchange becomes an invaluable tax saving tool and an integral element of the business cycle.

Real estate property exchanges are common on Nantucket. Many people add the ability to 1031 exchange into sales listing agreements and offer to purchase agreements. For further information on this valuable tool, please see the link below. J Pepper Frazier Company, in conjunction with an investment property exchange specialist, can help you with structuring your real estate transaction to benefit from a 1031 exchange.
    1031 Exchanges at IPX  
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