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JPFCO

Nantucket Real Estate Updates

Nov 1, 2013       Issue: 264

J Pepper Frazier Company
Main Street in Fall Colors
 
 New Listings VIEW ALL

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 Broker's Catch 22

I am a big advocate of pricing a property properly right out of the gate (i.e., I do not like to mark up to mark down). But, unfortunately, sometimes brokers are caught in a bind - a catch 22. The broker wants to get the listing, but the Seller "knows" the value of the property because he knows the market better than the broker (obviously) and his valuation happens to be higher than the broker's (amazing.) So, if she doesn't go along with the Seller, then she won't get the listing because she is "low-balling" him (even though she has hard evidence to back her recommendation, his property is different and should demand a premium to the comps, etc.). She gets the listing at an inflated price. When there is inevitably no action on the property, the relationship goes one of two ways; the Seller either starts to listen to her or does not think she is doing her job. Hopefully, he listens to her, she does a price adjustment and gets the property sold. If he doesn't listen to her and thinks she is not doing her job, he'll more than likely let the listing agreement lapse, hire another agency, lower the price and end up selling the property for what she originally told him or less. This is one of the harder catch 22's a Nantucket broker (or a broker in general) has to deal with.

I listen to my own advice. My wife, Jenn, and I owned a property on West Chester Street that we were preparing to sell. We thought we knew the market value, but to confirm, I asked three respected brokers from different offices (I did not ask brokers from my office because I did not want bias recommendations considering I'm their boss) to tell me at what price they would list the property. They graciously agreed. I said, don't worry about our feelings, give us your honest opinion. The result was truly amazing. All three prefaced their number with, "Don't be offended" and all three came up with the same number, which was actually our original number, too. We looked at the evidence objectively, put the right price on it and had a deal within 2 months.

So, the moral of the story is, listen to your broker. They are not trying to make a quick buck (for the most part), they are trying to get the goal accomplished.
 
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RENTAL MARKET UPDATE
  Rental Home Maintenance Tips

Following are a few good things to do for rental houses this time of year:

*Have the HVAC serviced so that the furnace runs efficiently all winter, and so that the A/C works for 4th of July. Now is a great time to change the A/C filters!
*If you are closing the house down, schedule your plumber now.
*Put down the storm windows and check all screens for necessary repairs.
*Landscaping fall clean up, put the gardens to sleep for the winter.
*Plan any spring chores now, painting, bathroom remodel, etc.
*Assess your home's sheets, towels and duvets, the sales are right around the corner, hint hint!

***AND MOST IMPORTANTLY, Rates & availability to your favorite J Pepper Frazier Company Agent!
    Website Homeowner Update  
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FEATURED LISTING
3 Cottage Court $1,450,000

Magical fairy tale antique home just minutes from Main Street. Walk down the end of a shell drive to this enchanting four bedroom house. The private side and back brick patios are beautifully planted with Espalier, Crabapple, Weeping Maple and Canadian Willows. Well worth a visit!
  3 Cottage Court 
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NANTUCKET REAL ESTATE NEWSWIRE
» Nantucket Commercial Scallopers Optomistic
» Nantucket Sidewalk Safety to be Asessed
» Newly Redesigned Steamship Authority Website
» Nantucket Bird Festival
 

NOTES FROM PEPPER THE ELDER
  Sal 'Back Stage' Mineo

The Hub? Well, as you well know Bostonians, Brahmins, if you will, liked to refer to Boston as 'The Hub of the Universe.' Now, as a New Yorker, I am not disinclined to disagree. What an extraordinary Fall: The disgusting and horrible Marathon bombings, Whitey Bulger and, of course, The Sox. I'm going to say, The Good, The Bad and The Ugly. The good is obvious, our beloved Sox; the other two need to be lumped together, both bad and ugly. If the Tsarnaev brother is guilty (one's dead), then turn him over to the Turks. He should have fun. As for Whitey, he's a creep. But to say he was anti-Italian. Well, from what I've heard, he and Sal Mineo (yeah, yeah, I know, not before dinner, and bringing in the horses and letting out the dogs) were caught in a state of in flagrante delicto in the back stage of the Paramount on Washington Street. Double entendre for stage. And maybe back. I don't know. Enough, I guess.

Dalton bet on the Sox to go all the way before the season and got a 12.5-1 return, which seems paltry. It's quite possible you can get a similar return on Nantucket real estate. Not as fast, but you'll get more personal use than a bookie's ticket.
 
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