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JPFCO

Nantucket Real Estate Updates

Dec 15, 2013       Issue: 267

J Pepper Frazier Company
Happy Holidays!
 
 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
  Positive Lifestyle on Nantucket

When buyers make the decision to buy a piece of the Rock, their decision is typically lifestyle driven; they are making an investment in their lifestyle. But, buying a piece of the Rock makes great financial sense, as well. Besides the logical assumption that values will go up in the long run (Econ. 101 – supply and demand), Nantucket properties can actually be cash flow positive. For example, we have 3 Martins Lane listed for $1.695M.

The owner netted around $65K in rental income this year. Expenses were about $10K for taxes (Nantucket has one of the lowest tax rates in the country), insurance, maintenance, utilities, misc. If a buyer got a $1M loan at 3.5%, then debt service would be $53,880. So, after paying all expenses, you cash flow $1,120. It is not much cash, but the point is, it is positive. So, you have an appreciating asset that has positive cash flow, you are paying down the debt with every payment and you get to use the house when it is not rented. Sounds like a pretty good deal to me!
 
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RENTAL MARKET UPDATE
  St. Barth's Rentals

Where to go in the off season when the Grey Lady is in fact, cold and gray? We at J Pepper Frazier Real Estate can help with that, too! We have just finalized a relationship to provide our Nantucket Clients access to rental villas and sales properties at 5 of the 6 largest St Barth Real Estate companies. Please give your favorite J Pepper Frazier Company agent a call if you are interested in a St. Barth's rental.

There are even still some St Barth's New Years options!
 
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FEATURED LISTING
3 Martins Lane Lane $1,695,000

Magnificent on Martins Lane. In-town turn key renovation with abundant light, private gardens and exquisite architectural finishes located on a unique brick lane that is steps to lower Main Street with peek-a-boo harbor views. Renovated from top to bottom in 2007 with the finest materials and craftmanship. Great rental history.
  3 Martins Lane 
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NANTUCKET REAL ESTATE NEWSWIRE
» Town Changes on Bluff Protection
» Town Improving Public Access off Hulbert Avenue
» Nantucket Bay Scallops for Christmas
» Festival of Wreaths
 

NOTES FROM PEPPER THE ELDER
  Calaboose or Hoosegow?

A Tale of Two Cities? Perhaps. We had the pleasure of visiting two of our favorite small cities, Charleston and Sarasota, last week. In Charleston we attended the three day Gardens and Guns Jubilee. Good fun, but the highlight was a Saturday night dinner with four or five guys with whom I had painted houses on Nantucket. Partners in crime, as it were, and progenitors of, not only the Outlaws' Ball, but also the Madequecham Jam. All are prosperous, so maybe house painting is a good apprenticeship; It certainly teaches you creative ways to make out bills. To say it was fun would not do those halcyon days justice. Of course along with fun comes an occasional trip to the hoosegow (jail to those of you in Fall River).

Charleston is a charming town with great restaurants, fabulous architecture and a booming real estate market which has caught the attention of those 'Damn' Yankees. It is a reflection of a gracious southern heritage. Sarasota also has great restaurants, some very neat old Florida and art deco architecture and a booming real estate, with a substantial mid west following. It reflects the genius of John Ringling (Indiana, I believe) who laid out St. Armand's Circle and headquartered the circus there. There are many cool mementos to performers like the Wallendas, who (what's left of them) still live there, Emmet Kelly and Guenter Gerbel Willaims.

What do you think is a better word: Calaboose or Hoosekow? Tough choice.
 
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