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JPFCO

Nantucket Real Estate Updates

Jul 15, 2013       Issue: 255

J Pepper Frazier Company
Summer Bikes
 
 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
 

GROUND NOTES FROM DALTON
When is the Best Time to Buy Property?

Right now! Interest rates and prices are on the rise - that's a double whammy for a buyer. Two months ago, you could borrow $1M at 3.25% fixed for 30 years, which would have cost you $52,224 principal and interest per year. Now, you can borrow $1M at 4.25% fixed for 30 years, which will cost you $59,028 principal and interest per year. That's a $6,804 swing in a month; that's over 10% less purchasing power than two months ago.

Couple that with rising prices, and you better get moving. A great example of the movement in prices is 11 Crooked Lane, Lot 1. It sold for $775K 10 months ago. It just came back on the market, with HDC approved plans, for $1.545M. I know getting through HDC can be a bear, so there is definitely value there, but $1.545M is just about double what he paid for it less than a year ago! You can argue that the $1.545M is just an asking price, but I know he has had an offer close to that price within the last week. Of course, there are probably examples of prices moving in the opposite direction, but if you believe in my credentials as a Nantucket real estate professional, believe me now, prices are rising.

Summer is flying by - as the saying goes, time flies when you are having fun!!! Enjoy the Faraway Island!!!
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RENTAL MARKET UPDATE
  Rental House Procedures

The summer visitors are now here in droves, and rental houses are getting a bit of a work out this season. As a company we continue to do many more leases year over year.

One of the biggest questions we always get asked is about rental procedures, here are a few things to remember:

A few important points:
•Go directly to your rental house after 3pm, your Agent will have it open for you and will leave a key on the kitchen counter.
•Recycling is mandatory on Nantucket. Please make sure you separate your trash, details are included in the rental bag.
•Do your best to tidy up the house upon departure, including starting the dishwasher and the laundry.
•Bring the key(s) to the office (19 Centre Street) upon departure.

We hope you are reading this in anticipation of your upcoming vacation, or just getting home and still wallowing in the after glow of ACK. Nantucket is a magical spot and we hope everyone gets a little this season!
 
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FEATURED SALES LISTING
  3 Martins Lane $1,895,000

Magnificent on Martins Lane. In-town turn key renovation with abundant light, private gardens and exquisite architectural finishes located on a unique brick lane that is steps to lower Main Street with peek-a-boo harbor views. Renovated from top to bottom in 2007 with the finest materials and craftmanship. Great rental history.
 
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NANTUCKET REAL ESTATE NEWSWIRE
» Nantucket Land Bank Buys 17 more Acres
» Nantucket in Vanity Fair Magazine
» Nantucket Wheelers
» Upcoming Nantucket Events
 

NOTES FROM PEPPER THE ELDER
  Philadelphia Finks

The other day, Pepper II was on some guy's yacht, trying to sell him a house. Our house, in fact. Pepper said there was some dude on board and had we ever heard of him. Well, to make a long story short: We are now the proud possessor of an autographed salutation from none other than (are you ready for this?). Frankie Avalon. Yup. Soon to be framed and hung right next to Mr. Ed. Now can Fabien and Bobby Ridell be far behind? The Philadelphia Finks, so to speak. And Beach me no Blanket Bingos.

Speaking of which, it probably went something like this: Do you Robert Walden Cassotto take Alexandria Zuck to be your lawful wedded...This, of course, would be Bobby Darin's wedding to Sandra Dee of Beach Blanket fame. Talking about the Beach movies, you really couldn't have one without Dick Dale, commonly known as 'King of the Surf Guitar.' Logic being what it is, he is from Boston. Also hailing from Boston, the epitome of southwester grit, Sheriff Joe Arpaio. What does this have to do with real estate? Absolutely nothing, except maybe; The Finks are coming.
 
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One of the oldest and most experienced nantucket real estate
JPFCO | 19 Centre Street Nantucket, MA 02554

Call Us: (508) 228-3202