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JPFCO

Nantucket Real Estate Updates

Jan 15, 2014       Issue: 269

J Pepper Frazier Company
Snowy Sankaty
 
 New Listings VIEW ALL

Jul 26, 2017

Cliff
$5,975,000

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 '14ers!

The last few years have seen a tremendous surge in demand for land, which has caused significant appreciation. The areas where we have seen the strongest appreciation have been Cliff and the outskirts of Town. Appreciation so significant that properties are literally being flipped quickly. 35 Vestal Street - sold on 5/15/13 for $1.8M; sold again on 9/23/13 for $4M – 50%+/mnth. appreciation - not bad. Old Westmoor Farm lots were selling in the $700-800K range at the end of '10; the last one to sell sold for $1.45M at the end of '12. 64 Cliff Road, which was three lots, sold for $3.8M total (three transactions) between August and October of this year; now it is broken into four lots and one of the lots is on the market for $2.495M (it's a beautiful lot). Those are a few examples of many.

Following are land sales as percentage of total sales:

2009 – 6.7%
2010 – 6.8%
2011 – 13.0%
2012 – 13.0%
2013 – 15.6%

That is significant increase in demand for land. Supply did go up a little, but nothing meaningful. So, keep supply constant and increase demand means values go up.

What happened? Why did demand for land drastically outpace demand for houses on a relative basis? In '09, when everyone was loading up on canned food thinking the world was about to implode, the smart developers remembered that real estate is cyclical and started to buy land. The trend caught on quickly with more and more developers buying land, driving up demand. They were right, when their product was ready for the market, the real estate market in general had rebounded and demand for new houses was on the rise.

I foresee this trend continuing until prices of both land and labor get too high and/or demand declines enough that there is no longer profit for the developer and they stop buying. But, I don't think that is happening anytime soon. The supply of new houses has shrunk dramatically over the last year, and, with the equity markets on fire, demand for new houses is probably going to increase, so developers will be able to pay more for land.

My prediction, the Nantucket '14ers will be panning for land for years to come.
 
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RENTAL MARKET UPDATE
  Where on Nantucket?

An Agent at the office was recently asked if they would prefer 14 Blackfish or 14 Old Westmoor Farm for a rental week. The house number is not the only common denominator with these two J Pepper Frazier Company exclusive rental houses. Both are new, boast amazing architectural details, have pools, and are impeccably decorated. Both would lend to a relaxing and stylish vacation. The main difference is location.

One is in the Westmoor/Cliff Road area, and one is in 'Sconset. So this was the question posed back to the potential renter; Where would you like to be on Nantucket? Both locations are fantastic, but each is a different experience. If you aren't sure where on Nantucket you would like to spend your time, please view our Nantucket map and explanation of different Nantucket areas. Your favorite J Pepper Frazier Company rental Agent can also guide you through this wonderful dilemma!
    Nantucket Area Descriptions    14 Blackfish    14 Old Westmoor Farm  
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FEATURED LISTING
32 Monomoy Road $3,295,000

Lovely upside down home just moments to the very desirable Monomoy Beach and Harbor with Harbor and Town Views. This home has a beautiful gourmet eat in Kitchen/Living area and huge private back yard for entertaining. It has multiple decks and living areas for large families or guests. This home is being sold fully furnished and has a terrific rental history.
  32 Monomoy Road Listing 
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NANTUCKET REAL ESTATE NEWSWIRE
» Public Access to 'Sconset Bluff
» VFW Proposed as New Island Polling Site
» Snowstorm Dumps 10 Inches on Nantucket
» Film Fest Boasts Off Season Presence
 

NOTES FROM PEPPER THE ELDER
  Chuck Schumer 'The Talking Mule'

We are no longer homeless in Nantucket. The kids all have shoes, even some with leather soles, no less. My custom bound collection of Mr. Ed's greatest quotes is in pristine shape and in safe-keeping, so, all in all, things are on the up and up. The Sarasota commercial real estate market is on fire, or so it seems. It is only a matter of time before people figure out what a great little city it is. I think you could do a lot worse than investing in Sarasota, and, of course, Boca Grande. Yeah, like buying up all the rights to Joe Biden, John Kerry and John McCain Bobble Head dolls. Although I must admit they are quite life-like. I understand they even talk. They don't say anything, but they talk and they talk. If you don't believe me, turn on your television next Sunday. You can substitute talk with drone. And Lindsey Graham makes four.

Old line Nantucketers are discovering Boca Grande. There are many similarities. Both are old school, both have bike paths throughout, both don't allow high rises, both have architectural restrictions, and I think of most importance, both have really nice people. In other words, both have the 'right stuff.' Now back to memorizing Mr. Ed's greatest lines. He is much wittier than Francis The Talking Mule, and Chuck Schumer, for that matter, but then again, so is Pee Wee Herman.
 
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