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JPFCO

Nantucket Real Estate Updates

Oct 1, 2013       Issue: 262

J Pepper Frazier Company
Squam at Twilight
 
 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
  I'm Not Getting A 7% Discount On My Nantucket Buy?

The statistic average discount to asking price gives meaning generally to where the market is trading, but is irrelevant property to property. When buyer clients ask me what the actual number of that stat. is, I answer with a big asterisk at the end because once a buyer has that stat. in their head, it distorts their thinking of what market value is for each property. Once I tell the buyer that stat., I can literally see her going through our list of properties and calculating what 7% (or whatever the number may be at the time) off of the list price is.

But, average discount to asking price means nothing per specific properties. Some properties sell for 80% of their list and others sell for 110%. The market will dictate the value, not a statistic. Take 5 Wigwam Road and 5 North Liberty Street. 5 Wigwam Road just closed for 100% of list and 5 North Liberty Street just closed for 77% of list. So, take that stat. with a grain of sand.
 
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RENTAL MARKET UPDATE
  Rental Trends for 2014

A few trends we are seeing for the upcoming 2014 season:

Dogs, dogs, and more dogs! Everyone wants to bring their dog on vacation, and pet friendly rentals can be hard to come by. Less than 20% of the houses in our rental inventory say yes to pets. Some Owners that were likely to accept pets during previous harder to book years are now closing the door on our 4 legged friends.

It might cost slightly more. We are seeing homeowners who haven't raised their rates since the leaner years make slight adjustments to rates, going an additional 5-10% more per week.

It's already booking up! As a company we are experiencing a busier fall this year then we did in the fall of 2012. Our Owner updates are rolling in with weeks already blocked out. 2014 is starting to shape up nicely. This is indicative of the great appeal of time away on the still magical Nantucket island!
 
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FEATURED LISTING
Squam $19,900,000

Ocean front, private compound designed for the discriminating buyer to enjoy the island of Nantucket with family and friends. With panoramic ocean views, this spacious estate includes a main house that masterfully wraps around thoughtfully designed outdoor living areas featuring a pool, cabana, decks, gas firepit, spacious lawn, and exquisite gardens. A private boardwalk, elevated over rosa rugosa and native Nantucket foliage, leads to the exclusive Squam beach.
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NANTUCKET REAL ESTATE NEWSWIRE
» The Nantucket Project
» Nantucket Fall Restaurant Week
» Nantucket Best of the World National Geographic...AGAIN!
» Achieving the Perfectly Preppy Nantucket Look
 

NOTES FROM PEPPER THE ELDER
  Real Estate for Oranges

Back from D.C. For sure, not my favorite city. Talk about self-importance. I did some speech writing there way back when and all anyone cared about was how many times their names were mentioned. I think John McCain and Barack Obama are quite familiar with the pronoun I. There is no question that the place is bustling: Your tax dollars at work. I didn't find the real estate all that expensive. Certainly Georgetown is not even close to Beacon Hill. In general, I don't like big cities. Notable exceptions are Boston (if She qualifies as a 'big' city), Sydney, Madrid, and Cape Town.

Small cities? I love Charleston and I think Sarasota is a very cool little town. I must include the caveat that I am not all that well traveled. I've been to California as many times as I will ever care to go and concur with Fred Allen that California is a great place to live if you're an orange. Once again the fall season is working its magic. One of the great benefits of owning a house on Nantucket is that you can rent it for the big bucks in the summer, have the use of it Labor Day through Thanksgiving, all the while enjoying the tax benefits associated with rental properties. With the extreme sell-off of gold and silver, Nantucket is looking better and better. I realize it is not part of the real world. But who wants that?
 
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JPFCO | 19 Centre Street Nantucket, MA 02554

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