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JPFCO

Nantucket Real Estate Updates

Oct 15, 2013       Issue: 263

J Pepper Frazier Company
A Nantucket Sunrise
 
 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
  The Nantucket Sleeper

As a real estate friend of mine put it, real estate is about perception, not reality. For instance, if a buyer can't stand bugs and every time she sees a wetland near a property, she perceives there to be bugs. But, in reality, there is a perfect property for her that is near a wetland, but actually gets a constant breeze, so there are no bugs. She's never going to buy that property because her perception is blocking reality. This conundrum creates "sleeper" properties, which can hold great value, especially Nantucket Sleepers, because the market discounts them. For example, a property does not sell within the first year of being on the market. It is a perfectly fine property, but now buyers perceive there is something wrong with it. "Why has it been on the market for two years? There must be something wrong. Let's skip it." The fog clears and reality sets in for another buyer, "Yes, this has been on the market for three years, but there is actually nothing wrong with it. It is actually a great deal!" What happens after the clairvoyant buyer closes on that property? People say, "I can't believe you got that property for that price! That was a steal! What a great deal!"

So, next time you see a property that has been on the market for longer than most, don't ask, "What are the problems with the property?" But ask, "Are there any problems with the property?" The answer may very well be "no". Lock it up and you've caught yourself an elusive "sleeper". If the property is on Nantucket, you've caught yourself a rare Nantucket Sleeper!
 
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RENTAL MARKET UPDATE
  Renting or Buying on Nantucket for 2014?

We are getting more inquiries this year from people saying they may want to make the transition from renting to owning for 2014. Top reasons stated are:

*Lack of availability of good 2014 rentals.
*Increased confidence in the Nantucket market.
*They look at buying and then renting out themselves as a solid investment.
*Buyers get use of their investment. They get the joy of a few weeks in their new Nantucket home. Put your money where your heart is!

If this idea appeals to you, give your favorite J Pepper Frazier Company Agent a call and let them help you find a great rental investment to buy.
 
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FEATURED LISTING
2 Duck Pond Lane $1,595,000

A rare land offering to own an over-sized building lot with fantastic views of the harbor and the Monomoy creeks. A quick stroll to downtown Nantucket or relax on the harbor beaches. Privacy, nature and views abound on this convenient lot. 50% allowable ground cover, town water and sewer. HDC approved plans for a 3 bedroom 2.5 bathroom house.
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NANTUCKET REAL ESTATE NEWSWIRE
» Town Seeking Funds for Madaket Land
» The Most Expensive Property for Sale in MA.
» 3rd Annual Bird Watching Festival
» Government Shutdown has little Impact on Nantucket
 

NOTES FROM PEPPER THE ELDER
  Mao Jackets

I had a great week in Bermuda with a lousy ending. I had to fly to Philadelphia from Bermuda for a meeting. Just hold on, it gets worse. Attempting to fly from Philadelphia, which should be the happy part, my plane to Boston was eight hours late. Why do I get stranded in places like Philadelphia and Buffalo? Why not New Orleans or Boston? I eventually got to Boston and, of course, the last Cape Air flight had departed. There was not a single hotel room at Logan, so the reservation guy booked me into a relatively new hotel, South Port, which is vaguely across the street from the old Anthony's in Southie and, let me tell you, is one nice hotel. It is owned by Fidelity. Obviously, I got back to Nantucket. Now for the Bermuda part:

Bermuda is hoppin.' They have a new, very pro business government. They kicked out the PLP. I mean just the name People's Labor Party conjures images of guys running around in Mao jackets with frumpy hats with red stars on them. Well the new party has palpably pumped new life into what is normally an optimistic population. They changed or eliminated a bunch of archaic, if not arcane, tax laws. Money is flowing into Bermuda. Bermuda is a tax haven and virtually every other tax haven in the world is far cheaper to live than Bermuda. I think Monaco is probably the exception. So why then Bermuda? It is so very civilized with a very solid infrastructure. It is also beautiful. I expect you'll see quite a few U.S. companies moving there. I realize I didn't get into cranes. My travails come first, but there are some very wealthy people building houses there. Some friendly advice: If you're traveling, try to avoid Buffalo.
 
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