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JPFCO

Nantucket Real Estate Updates

Dec 1, 2013       Issue: 266

J Pepper Frazier Company
A Bi-Weekly Newsletter About Nantucket Real Estate.
 
 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
  Nantucket is cold, but the Cliff is hot!

Maybe it is the proximity to beaches, maybe the proximity to Town, maybe The Westmoor Club, maybe all of the above, but whatever it is, Cliff is the hot sub-market on Nantucket. The spec. builders that wisely bought lots in the Cliff area over the last two years have a little extra spending money this year. Over 25% of all sales between $4 and 7M were in Cliff. Considering there are 29 areas on Nantucket, that is a very astonishing stat. I imagine that we'll see more of the same in '14; that is, if the developers can get them built quick enough (the labor market is very tight). Vacant lots are being cleared all over Cliff Road - places where you would think there was not room for another lot. Some partners and I just flipped a contract we had for a vacant lot on Cliff that had been on the market for 3+ years. The Cliff market is as hot as I have ever seen and self-prophesying; the developers sell their property and need to buy more property to keep their business going, therefore driving up demand and prices. Cliff is literally changing before our eyes.

It's hot in Antigua, as well, but that's a different hot.
 
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RENTAL MARKET UPDATE
  Nantucket Noel/Christmas Stroll

Magic washes in like a nor'easter to blanket Nantucket for the Holiday season. New England's finest traditions will come alive for this year's 40th Annual Christmas Stroll Weekend, December 6th through 8th.

The Stroll is a community holiday celebration attracting visitors from around the world. Santa and Mrs. Claus arrive to the island via a Coast Guard vessel and ride up Main Street in a horse-drawn carriage accompanied by the Town Crier. Carolers in Victorian costumes, bell ringers, student choirs and other musicians perform on the Main Street stage as well as stroll through town performing. There is the festival of trees to attend, amazing hot chocolate to be had, unique Nantucket gifts to be bought, and island craft fairs to be experienced. If you are feeling like a bit of a Grinch this year, treat yourself to some holiday magic and visit our festive island.
 
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FEATURED LISTING
20 Arlington Street $675,000

Extremely well maintained, 3+ bedroom, 3 bathroom home in Tom Nevers West. Large yard, full basement, large storage shed, two fireplaces, office/spare room, outdoor shower, all make this home a great value and an excellent opportunity, as either a starter home or vacation property.
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NANTUCKET REAL ESTATE NEWSWIRE
» 40th Annual Christmas Stroll
» Biden arrives on Nantucket for Thanksgiving
» Sushi by Yoshi Fire
» Annual Nantucket Cold Turkey Plunge
 

NOTES FROM PEPPER THE ELDER
  Tangiers

Well Antigua appears to be prospering. The place is clean, with a number of high-end developments under way. As opposed to, let's say Tangiers, which is dirty with a number of low-end developments on the drawing board. North Africa's answer to, you got it, New Beige. Mill Reef Club, where we stay, is a rather high end club and therefore, by definition, has a limited audience of Buyers. It's a fairly homogeneous crowd, made up mainly of Yanks and Brits.

A typical house has 3/4 bedrooms plus help quarters and sells for around $2,500,000. The houses are almost always one story with open spaces to take advantage of the trade winds. I have never come across an air conditioning system at Mill Reef, which has a rather interesting history. It was founded by a group of Bermudians, headed by an architect, Happy Ward, whose goals were to find the most idyllic spot on the planet. I don't know if they found it, but the place is pretty darn nice, with beautiful beaches, sparkling Caribbean waters and fabulous vistas everywhere. It has great club house with top drawer dining and impeccable service. Around 1940 Ward and his chums assembled various parcels in a clandestine fashion, much like Disney cobbled together its vast Orlando holdings. Ward was adamant that Mill Reef would have no profit motives, as he believed (correctly in my opinion) that the quest for profit was the ruination of many potentially world class resorts.

There are currently four houses on the market ranging in price from $2,000,000 to $14,500,000 for Bunny Mellon's estate. I think I'm going to enjoy Thanksgiving without a TV set.
 
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