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JPFCO

Nantucket Real Estate Updates

Jun 15, 2014       Issue: 279

J Pepper Frazier Company
Brant Point Views
 
 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
  Squash Match on Hooper?

Nantucket is gentrifying rapidly and is in a building boom. What is interesting about this building boom compared to previous building booms is it is not just happening in the suspected areas - Cliff, Brant Point, Town, 'Sconset, etc. It is happening in every area of the island, including what were at one point considered undesirable areas - outskirts of Town, mid-Island, etc. What is happening is the demand for the low-end of the market, under $1mm, is so strong that the only areas a buyer can find a house for under $1mm are in areas like south of Town and mid-Island. The homes being bought are not necessarily "up to par" with the buyers' standards, so the buyers are having to renovate and add-on. This in turn makes the building boom more prolific than past booms.

My wife, Jenn, and I have experienced this first hand. We bought a property on outer Hooper Farm Road, sub-divided it into two lots and essentially built three new houses - two on one lot and one on the other lot. At the beginning of the project, which was about two years ago, people thought we were from another planet to invest heavily in this area. So far, we have grossed phenomenal rental income on a weekly vacation rental basis in both houses, with not a single week empty (we live in the third house). Every tenant, without exception, wants to return. They love the area, we love the area, which goes to show, there are no undesirable areas left on Nantucket. Since then, four of our neighbors have either built their properties out 100% new or gut renovated the existing house. Also, there are several new builds starting this summer one street away and I imagine there are other neighboring properties currently in permitting. One of our neighbors that built new even has a private squash court. That was not a typo - a private squash court on Hooper Farm Road. The times they are a-changin'...
 
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RENTAL MARKET UPDATE
  Summer is right around the corner!

The official kickstart of summer, June 21st, is right around the corner. While Nantucket's weather tends to be unpredictable at this time of year, the sporadic warm, sunny days remind us that summer is right around the corner. We can feel the hustle and bustle creeping closer here at 19 Centre Street as parking spots dwindle and visitors stroll off the boats and onto the cobblestone streets. While June offers quieter days, we are excited for the contagious summer energy of residents and visitors to sweep the island!

There are several key events to look forward to this season, including the 19th Annual Nantucket Film Festival which has been called one of the premiere film festival destinations in the world. The NFF brings prestigious filmmakers, actors, and avid moviegoers to the island. It will commence on June 20th with Disney Pixar Shorts and end on June 25th with Boyhood. Last minute attendees can still find available rental properties on our website!
 
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FEATURED LISTING
44 Monomoy $11,990,000

Spectacular Family Compound in desirable Monomoy location with panoramic water views over Nantucket Harbor to Historic Town. 44 Monomoy is on an oversized lot that boasts 3 dwellings including a tasteful, classic, renovated 5 Bedroom Main house, a newly built 4-bedroom Guesthouse and a renovated Carriage House with a Studio Apartment and a 2-car Garage. The pristine grounds have been thoughtfully designed and meticulously maintained and feature expansive lush lawns, lavish gardens, mature plantings, multiple decks and patios ideal for entertaining family and friends. Included in the sale are HDC approved plans for a pool. Property is available for immediate enjoyment this season.
  44 Monomoy Road 
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NANTUCKET REAL ESTATE NEWSWIRE
» Nantucket Among Best All American Summer Trips
» Knitting store at ZBA today for variances on former Bake Shop
» The Matchmaker by Elin Hilderbrand
» Shark Population Rising
 

NOTES FROM PEPPER THE ELDER
  Slow train to Schenectady.

Well, back on the rock again, where things seem to be hoppin.' A Rock Hop? Lots of new stores -all seemingly for the better and a bunch of new restaurants, each of which would appear to be an improvement on it's predecessor. Tons of construction, which benefits the trades, and the trades are, in my opinion (note, I did not say humble) the driving economic force in Nantucket. The world is in turmoil and people are looking for safe havens, and the safest of all is U.S. real estate. Foreign buyers are flocking in. Chinese, Indians, and Russians, merely trying to get their money out of their respective countries. I will admit that the U.K. real estate is also prospering, benefiting, ironically, from Britain's past of vast colonization.

Boston is just exploding. New York, has under construction, apartments being marketed for $10,000 a s square foot. That''s not a typo. $10,000 a square foot, or for those of you on the less swift side of things: 10,000,000 somollians for a 1,000 square place. A lot of this money is going to find its way to Nantucket. I believe a disproportional amount. Sure some will go to the Hamptons and the Vineyard, but those places have no cachet. None. Also the tax structure in New York is driving people out by the droves. And this ridiculous, ad Campaign they have about how inviting Upstate New York is for business. Oh yeah, I could really attract top talent to Schenectady.
 
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