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JPFCO

Nantucket Real Estate Updates

Oct 1, 2014       Issue: 286

J Pepper Frazier Company
The Coskata-Coatue Wildlife Refuge
 
 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
  Got Land?

At 27, 2008 had the least number of land sales in this millenium. The number of sales has been increasing, with a slight exception between '10 and '11, since '08. Here are the numbers from '08 on:

2008 – 27
2009 – 30
2010 – 43
2011 – 39
2012 – 78
2013 – 94
2014 – 61 YTD

However, I don't expect to see that upward trend to keep going for two reasons. One, between the conservation groups buying open land and being an island, so no urban sprawl, Nantucket is simply running out of developable vacant land. Two, the developers are in the midst of an incredible boom thus increasing demand. So, while supply is getting constrained, demand is getting pushed up, causing prices to go up. Soon, land prices will be too high for developers to make a profit. So, what is already starting to happen and I believe will become more pronounced as time goes on is the developers are buying properties with existing houses that they either tear down, move or renovate. The Nantucket cottages are quickly becoming a thing of the past.

Land will continue to sell, but I doubt we'll ever have the 185+ sales like we had in 2004.

On a side note, $632mm closed this year. $368mm to go with only three months left; it's going to be close!
 
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RENTAL MARKET UPDATE
  An Extended Stay

"I am looking for a 5 weeker", "I need 8 weeks!" This is a common theme right now in the J Pepper Frazier Company office. Tenants are wanting extended Nantucket stays and homes are currently available! This is the beauty of booking early, there are often multiple consecutive weeks open vs when Tenants wait until the spring when a week here or there has been booked and impedes the possibility of a longer stay. Additionally, homeowners often give discounts to one tenant taking multiple weeks, so please consider booking your extended Nantucket vacation now!
 
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FEATURED LISTING
15 Eat Fire Spring Road $1,600,000

Nearly 4 acres of pristine land in Wauwinet with MESA approval for an estate including a house, cottage and pool with views of the harbor. Enjoy nearby public harbor access, Pocomo Point, Squam, Great Point or the hundreds of acres of Conservation land.
  15 Eat Fire Spring Road 
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NANTUCKET REAL ESTATE NEWSWIRE
» Diverse Group of Presenters at the Nantucket Project
» Nantucket Fall Restaurant Week Underway
» The Battle of the Bluff
» Coskata-Coatue Wildlife Refuge
 

NOTES FROM PEPPER THE ELDER
  Well it's that time again

Time to chalk up another one. Put away our Pumpsie Green and Don Buddin baseball cards (what an infield), take down our autographed pictures of Duncan Renaldo and Gabby Hayes and remove our Harold Stassen and running mate, who, by the way happened to reside on Stassen's head (don't leave without it), speeches from the wall. No more Chicken Box for awhile. I get a headache just thinking about the Chicken Box. I think the Vodka is distilled with New Beige bilge water or perhaps with that, oh so esoteric, Fall River harbor water. Ugh. An end to Lanquedoc Sunday lunches (my favorite). Not that fall isn't fantastic in Nantucket, it's just that the place starts to 'button up.' But with high school football and the such it is a piece of Americana. Sort of a 'Rally around the flag, Boys' feeling. I think it was a very good summer. Certainly real estate, which is Nantucket's main economic engine had a stellar year. Some would argue tourism, but as Walter Beinecke famously said: 'Tourists arrive with five dollars in their pocket and a dirty tee shirt and they don't change either one.' Rentals were very strong and not incidentally quite lucrative, which, of course, is part of the sales' equation.

Nantucket is truly blessed to have its various conservation organizations. The Nantucket Historic Commission, which infuriates people at times. To those I say, 'Take a look at Vineyard Haven, or, if you have the stomach, Hyannis.' The architecture on the island is fabulous; there are three ways to appreciate it: One: Drive around. For a better appreciation: Bike around, and for ultimate satisfaction: Walk around Town and 'Sconset. As you stroll about you will notice so many neat features in the older houses. Places with strict architectural control maintain their real estate value. Think Beacon Hill. You can't even have a window installed air conditioner on Beacon Hill. And, you know what? It's one of the great neighborhoods in the world.

We're shortly off to Bermuda, another neat place with great houses but lacking the vibrancy of downtown Nantucket, and certainly without it's restaurants. We'll see how the new, conservative oriented, government is working out. Initial reports are favorable. Your faithful scribe will report back. We're also off to Churchill to check out the polar bears and nose around Winnepeg for a bit. And then. Hi Ho, Hi Ho it's off to Boca Grande we go."
 
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