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JPFCO

Nantucket Real Estate Updates

Mar 1, 2015       Issue: 301

J Pepper Frazier Company
Frozen Nantucket Harbor
 
 New Listings VIEW ALL

Jul 26, 2017

Cliff
$5,975,000

Jul 25, 2017

Town
$2,495,000

Jul 25, 2017

Town
$895,000

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
  To Comp. or Not To Comp.

Comparing Nantucket properties to each other can be very difficult because they are rarely scallops to scallops. For instance, a second row property could have a waterfront house entirely blocking its water view, but its neighbor could abut a waterfront parcel of conservation land and therefore have unobstructed water views. Those two properties will most likely have a seven figure difference in value. So, determining how much the market has gone up or down can be tricky. Average and median sales prices can be used, but those numbers can be easily skewed, especially average sales price (think outliers). Median sales price is harder to skew and is the best indicator. However, it is good to have several indicators of how the market is moving. If they all show roughly the same data, then they're probably right.

So, another indicator of how the market is moving that I use is the median sale price of houses in Nashaquisset. The houses in Nashaquisset are about as close to an oyster to oyster comparison as you will find on ACK. The houses were built around the same time by the same builder, each house is one of five different models and they each have close to the same exclusive use area (Nashaquisset is a cooperative), so they can easily be compared. Of course there are differences – location in the neighborhood, upgrades that have been made, etc., but they can easily be adjusted for. In 2013, there were 4 sales in Nashaquisset with an average price of $722,375 and a median price of $777,250. Last year, 6 sales with an average price of $928,433 and a median price of $836,000. This year, there have not been any sales, but I have a feeling when the year-end numbers come in, they will be higher than 2014.
 
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LET'S MAKE IT HAPPEN WITH PEPPER II
  Dream House

Occasionally, a client will want to buy a house today but will not have the funds until tomorrow. The other day we had a client that had been looking for their Nantucket dream house for about 5 yrs. Finally, the dream house came on the market but it was approximately $2MM more than what they could afford today. Now it is time to make it happen JPFCO style.

We called the seller and explained the situation; the family looking to buy your house has been looking for half a decade but they are a little short on your asking. We suggest to the Seller that they take back a first mortgage for 1 yr. The Seller agrees and now the Seller receives full price and the Buyer receives their dream house. Another way JPFCO can show you how we can help to make it happen!!!
 
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RENTAL MARKET UPDATE
  Frozen...not the movie!

Vacation week on Nantucket...shops are closed, very few restaurants open, streets are quiet, Harbor is frozen! Overall feeling the "far away Island" and thinking warmer thoughts of future months to come! August is always our busiest month and gets booked up quickly. We do however have some nice prime August weeks still available in some lovely properties. The following house is located on the outskirts of Town with easy access to Miacomet Golf Club, Miacomet/Cisco beaches, Cisco brewery and Bartlett's Farm. Bright and open floor plan with four bedrooms and three full baths. Enjoy outdoor dining on the large private deck. August weeks rent at $6,900/week.
http://www.jpfco.com/nantucket-rentals-vacation-houses-66-Milk-Street-Town- nantucket-ma-1780.html

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.
 
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FEATURED LISTING
59 Orange Street $3,965,000

Gorgeous renovation located in the Residential Old Historic District on one of Nantucket's most coveted streets. Abundant natural light, wide plank pine floors, historic trim detail inside and and out and a wood burning fireplace. Open floor plan with eleven foot center Island and french doors leading to private patio surrounded by perennial flower beds. Masterfully done gourmet kitchen with Wolf gas 6 burner stove top plus griddle/electric double oven, 48" sub-zero refrigerator, Bosch dishwasher and custom cabinets. Full finished basement with a family/play room, full bath and additional bedroom. The new amenities blended with the historic details make this a truly comfortable and charming house.
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NANTUCKET REAL ESTATE NEWSWIRE
» Nantucket Beach #4 in the World from kayak.com
» Nantucket's Town Pier
» Slurpee Nantucket Waves
» American Seasons Changes Hands
 

NOTES FROM PEPPER THE ELDER
  Pepper the Elder is taking some time off, so please enjoy the rerun of 'Dirty Tee Shirt'

I'm an island sort of guy. Always have been, I think. The three places that my wife and I spend most of our time are islands. Nantucket, Bermuda and Boca Grande. By the way, perhaps you didn't know that Boca Grande was an island, but now that you do, feel free to bore anyone you would like with this amazingly interesting tidbit. Boca Grande is the only one that can be reached by bridge. We also have land on an island in Panama. We were both born on an island, so to speak, seeing as that island is Manhattan. Salt water islands hold mystery for me. You never know what's lurking down below. And, by and large, they also hold value.

There are a number of reasons Nantucket is more valuable than the Vineyard, but one of them is that the Vineyard is simply too accessible, leading to a plethora of 'day-trippers.' Who as Walter Beinecke said, 'arrive with a dirty Tee shirt and a five dollar bill, and change neither.' Snob appeal is a major factor in inflating prices. Bermuda makes Nantucket look cheap and it is not by coincidence that it is one of the most civilized places in the world. Also for maximum value an island must have a village, an anchor, if you will. Part of the great appeal of 'Sconset is its village. So that's the lesson for today: Buy islands, particularly, Nantucket and you'll be happy. By the way, so will I.
 
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