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JPFCO

Nantucket Real Estate News

Feb 15, 2015       Issue: 300

J Pepper Frazier Company
Frozen Nantucket Harbor
 
 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
  Valentine's Special - $1,000 lots - One Day Only

There's a catch to the special, the lots are in Newark and you have to live there for at least five years. There are only 100 available - wonder if they'll sell out...That would be a very sweet deal if the letters after "N" were "antucket", not "ewark".

The land market on Nantucket remains hot. Consider this, according to Nantucket's multiple listing service, LINK, there are 51 land listings available and 43 land listings under agreement; there are 191 single-family listings available and 24 under agreement. So, 48% of the land listings are under agreement compared to 11% of the single family listings - whoa! The demand for land is inevitably pushing values up. Last year, the average land sale was approximately $1.3mm and the median was approximately $760K; the average price of land sales currently under agreement is approximately $2mm and the median is approximately $1.1mm – whoa, again!

What typically happens is land values will get pushed up to an inflection point where consumers are financially better off buying a house than a piece of land, the demand for land dries up, values drop and the cycle starts again. However, with a limited supply of land on Nantucket, that may not happen. Values for land and houses on Nantucket will continue to rise. $1,000 lots are tempting, but as my friend said, "Would your wife rather a $1,000 necklace or a $1,000 lot in Newark?" It was
 
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LET'S MAKE IT HAPPEN WITH PEPPER II
  20% Different

We have a Buyer that finds a property but the price is approx 20% more than the Buyer would like to spend. The Seller is looking to downsize and does not necessarily need the entire funds from their sale to fund their new purchase.

Now it is time to Make It Happen. We speak with the Seller and they are willing to hold a mortgage of approximately 20% for 3 yrs. We closed the deal and the Seller and Buyer are both ecstatic. This is how JPFCO helped to Make It Happen and this is why we are onto the next one.
 
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RENTAL MARKET UPDATE
  Rental Update

The birds are much happier now that the ponds are starting to melt and we are much happier to finally have some of this snow and ice melting from our sidewalks and driveways! Our rental properties are always growing and changing and we are always excited to feature new rentals on our website. This newly owned Surfside property (see link below) is currently undergoing a face lift. Set on 2.8 private acres the new renovation will feature a private master suite, new furnishings and a new pool and hot tub for the 2015 season. Listen for the waves breaking on the shores of Fisherman's and Nobadeer beaches.

To find out more information about this and/or other rental properties please call our office at 508-228-3202 and speak with your agent or the agent on duty.
    11 Okorwaw Avenue  
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FEATURED LISTING
West of Town: 78 Madaket Road

Oversized lot with room for house, cottage, garage and pool. Beautiful pastoral views over wetlands to the south and conservation restricted land to the north. Convenient location close to Town, beaches and amenities including bike path. Strong value!

Lot 4: $1,295,000
Lot 3: $1,195,000
Lot 1: $1,095,000
Lot 2: $995,000
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NANTUCKET REAL ESTATE NEWSWIRE
» Newark Valentine Land Sale
» Nantucket Expects Another Blizzard
» Nantucket Gets its Own License Plate
» HDC Approves North Liberty Street Move
 

NOTES FROM PEPPER THE ELDER
  Playing Doctor

Well it's been a pretty strange month or so. About six weeks ago, I got violently ill in the parking lot of our little Boca Grande Health Clinic, whereupon, without any further ado, I was shipped off to the Venice Hospital. I was schlepped from pillar to post and had so many blood tests that I think the Count would have been sorely disappointed had he visited that night. After about three days I was shipped off to another Venice hospital. There I had a roommate who, the next morning, as Howie Car would say, wasn't coming down for breakfast. At least I got my first look at a body bag. Very informative. It would make a good traveling bag for suits, maybe even a few text books. Anatomy and the such.

The departed one was replaced by a guy from Boca Grande. I told his doctor he didn't belong in the regular care unit. I thought that the guy not being able to breathe was a pretty good tip off. He was eventually transferred to ICU where he barely survived. It is times like this that I knew I should not have left home without my official Ben Casey Doctor's outfit, the one with the gold epaulets, replete with stethoscope. I did occasionally get to make my rounds and fill out a chart or two. Just trying to be helpful. Suspicions were somewhat aroused by the sight of a Doctor trundling around with his bottom flapping out of his gown. The great anachronism, 'The Johnny.' Oh well anything to further the cause of medicine. Of course, they didn't see it that way and I was threatened with a strait jacket. And not even my size at that.

On to roommate three: a ninety year old cowboy who had misplaced his teeth. He liked to talk, particularly in his sleep, which also happened to be the time I liked to sleep (lots of luck). Not a single word was intelligible. I said, 'you've got to move me.' So they did, into a room with another guy who talked in his sleep. Back to the Cowboy, from what little I could translate, he was a nice a guy and seeing that I liked cryptograms and crosswords sent his son out to get a puzzle book; the kind where you pick the word out from a mass of letters. Suitable for 3 and 4 year olds and I hope my brother likes them.
 
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One of the oldest and most experienced nantucket real estate
JPFCO | 19 Centre Street Nantucket, MA 02554

Call Us: (508) 228-3202