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JPFCO

Nantucket Real Estate Updates

Feb 1, 2014       Issue: 270

J Pepper Frazier Company
A Miacomet Snow Day
 
 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
  Anything For Sale on Nantucket?

Not a whole lot. The inventory level is at an all time low over at least the last decade. Today, there are 306 properties available. Right after Lehman Brothers filed Chapter 11 in Sept. '08, there were 732 properties available, almost 2.5x - that's amazing! There were 17 properties under agreement three months after* Lehman blew up. Today, there are 67 properties under agreement. 4x - talk about cherry on top!

End of 2008, beginning of 2009 was the time when inventory was at a high and activity was at a low. Now, inventory is at a low and activity is at a high. That being said, just as value decreases lag when the mob is panicking, value increases lag when the mob is optimistic. So, now is still a great time to buy. Prices have not gone through the roof, which, I really feel they are on the brink of doing, and interest rates are still very low, which are also on the brink of shooting up. The market is very fair right now - buyers can get a good buy and sellers can get a good price.

That being said, time is running out before we see a run in values. I always like going back to my trustworthy Econ. 101 theory - demand goes up, supply goes down, value goes up...

*This takes into account the properties that were under agreement before Lehman blew up and gives us a better sense of the effect of Lehman and the Great Recession.
 
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RENTAL MARKET UPDATE
  Traveling to and around Nantucket. Now and Then.

There will be a second season of the Boston to Cape Cod CapeFLYER! Where you can relax and ride comfortably from Boston to Cape Cod on a weekend passenger train service from Memorial Day to Columbus Day. Amenities include: no traffic delays, onboard concessions, free Wi-Fi, wheelchair accessibility and you can even bring your bike. Kids 12 and under ride FREE.

Did you know Nantucket used to have an island train service? Early island tourists used to ride the Nantucket rail service which was available for thirty-six years, from 1881 until 1917. A southern departure from town led to Surfside and then eventually out to 'Sconset. Rails and used rolling stock in the form of an engine, tender, and two open-air passenger cars were used, the engine being named Dionis after the wife of settler Tristram Coffin. The road was a narrow-gauge with a three-foot distance between the rails. It was estimated that by the end of the first season the train had carried over 30,000 passengers and traveled nearly 6,000 miles! Nantucket's summer visitors adored the train, and gladly paid the 35-cent round-trip fare.
    Cape Flyer Train Service  
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FEATURED LISTING
14 Vestal Street $3,895,000

Meticulously maintained reproduction home built by Wayne Dupont and decorated by Trudy Dujardin. 14 Vestal boasts six bedrooms and two off street parking spots. The over sized sunny yard with Southern exposure & beautiful gardens complete this offering. This property is beautifully integrated with existing historic homes, on Nantucket's most charming side street, just one block from Main Street.
  14 Vestal Street 
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NANTUCKET REAL ESTATE NEWSWIRE
» Nantucket Development Forum
» Nantucketers Race Against Erosion
» New Lawsuit Seeks to Void Cape Wind Contract
» The Nantucket Snowy Owl
 

NOTES FROM PEPPER THE ELDER
  Snoozin'. Traffic and Nantucket

If this is global warming, I think I'll pass on global cooling. Brrr. Good vacant land is becoming very hard to come by on Nantucket. Sure there's a lot going on in and around Old South Road but that's basically commercial. I'm against anything that could lead to a traffic light, but a new supermarket would take a lot of pressure off the Stop and Shop area, which the town brainiacs have so tastefully laid out, and would be a God send for those people east of town. Also our present supermarket ain't so super. If a new commercial center does arise and there is a dearth of new houses then, in theory, the vehicular traffic should be more widely distributed and, hence, less congested.

I bet you didn't know I did my senior thesis on traffic congestion. Yup, I got the prize for most boring. It had a lot of typographical errors because I kept falling asleep proof-reading it. Let's make sure that Nantucket doesn't become another Vineyard Haven (I'd hate to see Vineyard Hell) or, God forbid, Oak Bluffs. Where was I. Oh yeah-traffic congestion. ZZZZZZZZ.
 
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