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JPFCO

Nantucket Real Estate Updates

Sep 1, 2013       Issue: 258

J Pepper Frazier Company
Nantucket Rainbow Boat Parade 2013
 
 New Listings VIEW ALL

Jul 26, 2017

Cliff
$5,975,000

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
  Nantucket Real Estate is Spec-tacular!!!

Somewhere along the lines, I predicted the spectacular Nantucket speculation builders were going to do very well this summer. Let's see how my prediction played out.

There are currently 16 spec. houses under agreement and 31 available. So, the percentage of total number of spec. houses that are under agreement, 16, compared to the total supply (under agreement and available), 47, is 34%. Now, let's compare that to how non-spec. houses are doing relative to total, non-spec. supply. There are currently 69 non-spec. houses under agreement and 413 non-spec. houses available. So, 69 divided by total supply of 482 equals 14%. Whoa - that's a big spread...

How about for the sold spec. vs. non. spec.? If we say total supply this year equals sold plus under contract plus available, then the percentage of spec. houses that have sold, 19, compared to total supply, 66, is 29%. Now, let's take the same comparison for non-spec. houses. 193 sold divided by total supply of 675 equals 29%. Interesting...

So, why such a spread between the two groups of under agreement and no spread between what has sold? Simple, many of the spec. houses were not done until part way into the summer, so the winter and spring buyers did not buy them.

Having lots of the spec. inventory getting cleared further helps the market because then the spec. builders need to buy something else to build for the 2014 market. Selling creates selling.
 
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RENTAL MARKET UPDATE
  Nantucket in 2014

A few reasons why it is advantageous to book NOW for the 2014 season.

There is a better choice of properties right now. Early Tenants have their pick of the pools, or pick of the lower priced rentals, or pick of prime locations. Starting early gives Tenants more options.

For Tenants who might be interested in re-booking the same property, Owners will often give early repeats first choice of weeks as well as possibly keeping the rate the same, and potentially doing rollover or reduced security deposits, etc.

Travel arrangements, get in line first for ferry reservations, airfare, rental cars, harbor crusies, summer camps, etc. Knowing your vacation dates early makes booking the other travel arrangements and amenities much easier.

Finally, it gives Tenants something to look forward to, it is always nice to leave a place knowing when you get to return!
 
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FEATURED PROPERTY
33.5 Pleasant Street $2,695,000

This house with a guest cottage is located on Pleasant Street, just moments from the center of downtown. The main portion of this large flag lot is located in the interior of the block and off the street. Walk through a trellised pathway surrounded by wisteria that opens to courtyards and gardens. Well developed foliage screens views of neighboring properties to provide a secluded and private setting in the heart of town. Stone patios and a gazebo set among the lush garden landscaping on several levels provide an almost magical setting.

The main house has four floors of living space, and each bedroom has their own bath. A fully air conditioned, greenhouse is part of main floor living space and contains dining room and family room spaces that open to the outside creating a true sense of indoor/outdoor living. In addition, a separate one bedroom guest cottage/apartment with kitchen. The property has recently been repainted with bathroom and other upgrades.
  33.5 Pleasant Street 
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NANTUCKET REAL ESTATE NEWSWIRE
» Swim Across Nantucket to Fight Cancer
» The Best Beaches in Nantucket
» Seal Population a Bane to Nantucket Fishermen
» Nantucket Fall Events
 

NOTES FROM PEPPER THE ELDER
  John Stentor Kerry

Where did it go? Tempus fugit; another summer chalked up for posterity. While the rest of the country was sweltering, we were basking in mild weather. A friend of mine recently remarked, that while he agreed with me, I shouldn't be so hard on the Vineyard. His theory being that you shouldn't call an ugly girl 'ugly.' A sentiment that I agree with, but I also think the Vineyard is 'fair game.'

I mean it's not my fault that people like 'Skip' Gates and Richard Friedman take themselves seriously. I know it seems improbable, but these people actually think that we hang on their every word. Talk about 'take me home for $22.50 with an extra pair of pants.' And Philip Roth makes three. I know you're rolling on the floor, convulsing with laughter. Do I actually care about Charles Ogletree's fishing prowess? For his sake, I just hope it's greater than his legal acumen. My friend also opined that I was unduly harsh on Liberals. With that in mind, we will reserve a little space next time for John McCain, Lindsay Graham and Colin Powell. A Parliment of Bores. I won't even mention John 'The Drone' Kerry. I didn't say Stentorian. Did I? I can't wait for 'next time.'
 
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