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JPFCO

Nantucket Real Estate Updates

Jan 15, 2015       Issue: 298

J Pepper Frazier Company
Miacomet Surf
 
 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
  It's Cold, but the Market is Hot

Although the Inky said the real estate market had over $1,000,000,000 in transactions, that included seven foreclosure sales that sold back to the creditors and one deed in lieu of foreclosure, which was a $4,000,000 transaction. Personally, I think those transactions should be excluded because they are not market transactions. However, when someone buys at a foreclosure auction who is not the creditor, I think that should be included because that person is a ready, willing and able market buyer. Excluding the foreclosures, I calculate the total transactions were a little over $996,000,000. Too bad we just missed that big milestone, but at least we have a goal for 2015!

The market continues to crank. There are currently 49 properties listed as under agreement on LINK, Nantucket's multiple listing service. At this time in 2012, 2013 and 2014, that number was higher. What were not higher in those years, though, were the average and median prices for the properties under contract. Currently, the average and median prices, respectively, for properties under contract are approx. $2,400,000 and $1,375,000, compared to $1,900,000 and $1,300,000 in 2014, $1,050,000 and $695,000 in 2013, and $1,650,000 and $925,000 in 2012. Considering I could be considered a fortune teller, I don't want to give away 2015, but what do you see???
 
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LET'S MAKE IT HAPPEN
  Being Creative to Make Real Estate Deals on Nantucket

In order to be the leader of the pack in our very competitive industry one has to be creative. Here is a quick description of one of the many ways we have helped to make a deal happen recently. We have a client that wants to buy a property that is currently on the market but he will not be using the property for three years. The buyer does not want to miss the opportunity to buy the property. We structure a deal where the buyer pays off the seller's debt. The seller holds a first mortgage paid off monthly for 36 months and the seller retains use of the property until the first mortgage is paid off. A win-win for everyone. The seller is able to use/rent while retaining the security of a first mortgage, the buyer locks in the property.
 
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RENTAL MARKET UPDATE
  The Grey Lady

Greetings from "The Grey Lady"! Although our Island has been living up to its name lately, our tenants are thinking to the warmer summer months and rental bookings for 2015 continue to be busy. Ferry reservations are now open so book your car reservation at https://www.steamshipauthority.com/.

Tenants are frequently asking us what they can do to help make their rental experience go more smoothly. The biggest thing would be stripping the beds and starting the laundry. If a load of beach towels can be done the night before departure and sheets started in the morning it is a huge help for the cleaners. Laundry is whay takes the longest and with multiple turnovers to do the cleaners often have to charge extra to finish all the laundry. Nantucket has very strict recycling rules and if it is not done properly the rubbish removal company will charge extra for sorting. This charge will transfer to the owner and then to the tenant. In order for tenants to follow the correct steps a recycling sheet will be included in your rental bag. Homeowners want you and your family to enjoy their home and all that the island has to offer. It is important that tenants remember to be respectful of the property, tidy up, start the dishwasher and try to leave the home the way that you found it. Lastly, if Spot is making the journey with you please make sure to clean up the yard after him/her.
 
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FEATURED LISTING
111 Hummock Pond Road $1,049,000

Custom 2 bedroom, 2.5 bath home in the Cisco area. Only high-end materials and craftmanship were used throughout including Icynene insulation, Rinnai on demand hot water and much more. Many custom trim details. House has an open feel with two large sliders leading to back deck that has great pastoral views. Well landscaped and irrigated (with well) yard and plantings. Abuts Land Bank property on one side and Bartlett Farm property across the street. The new Cisco bike path is right out the front door making easy access to the brewery, farm and beaches.
  111 Hummock Pond Road 
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NANTUCKET REAL ESTATE NEWSWIRE
» Nantucket $1 Billion Real Estate Milestone
» Nantucket Mansion Sales
» Bookworks Building Demolished
» Nantucket's Pop Star Comes Home
 

NOTES FROM PEPPER THE ELDER
  Calaboose or Hoosegow?

Pepper The Elder is experiencing technical difficulties.
This is a repeat of a previously fantastic column.

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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