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JPFCO

Nantucket Real Estate Updates

Apr 1, 2015       Issue: 303

J Pepper Frazier Company
It's Almost Spring
 
 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
  King Planner

2015 Nantucket Town Meeting starts on April 6. It can be quite a bore most of the time, but when hot topics get called, it's better than any show on TV. If you are a non-resident, you can come and watch, but you are actually roped off in a side section - amazing in itself. A few of the spicy articles this year are whether the Hospital is allowed to swap zoning ground covers between properties it owns so it can build a new hospital on the parcel where it currently is and if it can get waivers to build beyond zoning limitations (Article 70); whether a new Fire Department will get funded $15mm (Article 11); whether new school buildings will get funded $46.2mm (Article 12); and whether a developer can get several down zoning changes to increase density roughly across Old South Road from Naushop (Articles 53 and 54).

I have a feeling Articles 53 and 54 are going to be the habaneros of this Town Meeting. I've thought quite a bit about them. End of the day, they make sense to a degree. There is a need for housing that is quasi-affordable (which this developer says he is aiming for) and for potentially another grocery store (monopolies get lazy - it would be nice if Stop and Shop had competition) and other commercial uses. I do think the articles need to be more refined (master plan, traffic study, etc.), but, overall, I am for them.

Then, there are the smaller articles - someone wants to change their zoning from one acre to half acre or from half acre to quarter acre. These are somewhat small to most everyone, except that person. Can you imagine, you have a one acre parcel that is in one acre zoning and your zoning gets changed to half acre, so now you have two half acre parcels?! That's probably at least a $500K windfall - not bad for a night out at Town Meeting.

There are a ton of zoning articles on the warrant like this one. The Planning Board staff looks at all of them and makes recommendations to the actual Planning Board, which typically heeds their advice. In my opinion, the Planning Board staff are doing an amazing job. So, when I see a positive Planning Board recommendation on an article, I ask "why not" instead of "why". When a Planning Board staff member, who is a Town employee, emails me back on a Sunday afternoon within five minutes, I'm impressed and makes me know they care.
 
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LET'S MAKE IT HAPPEN WITH PEPPER II
  Protected Views

The snow is still falling but it feels like summer at JPFCO, because the deals are happening. It is truly great how one hand feeds another and that one deal leads to another. We just sold a house for an investor and they would like to do a 1031 tax-free exchange. We find a property but the owner is building their dream house on the lot next door. The owner is very concerned about the impact selling the property to the investor will have on his dream house view.

Time to make it happen and break out the sunshine. We propose the owner place a no structure above ground building envelope as to not affect his view in any way and this envelope will run with the land. The investor now can build a pool but not a house in the no structure above ground envelope. The investor gets his property and the owner's view is protected in-perpetuity. This is how JPFCO made it happen again and how one deal leads to another.
 
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RENTAL MARKET UPDATE
  Spring Clean

After the long winter we are beginning to see some sunshine and some signs of Spring. Hard to believe that Daffy Days are just around the corner! Having Spring finally in the air also means it is time to get your rental properties in tip top shape for the upcoming rental season. As a result of the tough winter weather many homes will not only need a good interior inspection and cleaning but the exterior and grounds may need extra attention as well. The following homeowner checklist will hopefully make the spring cleaning process easier and offer some helpful guidelines.
    Homeowner Checklist  
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FEATURED LISTING
36 Walsh Street $2,950,000

"The Great Escape" Turnkey in a sought after Brant Point location. Charming 4 bedroom home renovated in 2013/14 and professionally decorated by local interior designer. Beautiful custom work & design. Gorgeous outdoor space that has been nicely landscaped. Great rental history with additional potential (rented only 8 weeks for $60k in summer 2014.) This is a gem located on one of the most desirable streets in Brant Point.
  36 Walsh Street 
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NANTUCKET REAL ESTATE NEWSWIRE
» Nantucket the fastest growing county in Mass., US Census Finds
» Main Street Cistern
» Sachem's Path Applications Available
» Nantucket's Views of the Northern Lights
 

NOTES FROM PEPPER THE ELDER
  Oranges

Yeah I know you want me to write about real estate, but can't I put in a line or two about John Kerry? 'No.' What about Barney Frank? Same. Negative. Boy you guys are tough. I'm sure you'll let me get in a little something about Harold Stassen. The only problem is that I can't come up with anything more than one line about Mr. Stassen and whatever that was that lived on the top of his head. So I guess it's real estate.

As you well know Nantucket and Boca Grande are sizzling. Nantucket inventory is down 75% from 2 years ago and there is virtually nothing on the market in Boca Grande. Everything near the village barely makes it for public scrutiny. Real estate is funny though, and every market, no matter how hot, seems to have a price range that meets resistance. In Boca Grande that is between $4,000,000 and $6,000,000. In Nantucket above $20,000,000 doesn't get much play. Manhattan and Los Angeles seem to have no end, although I agree with Fred Allen who said 'California is a great place to live if you're an orange.' The Wall Street Journal is of the opinion that you're going to see, in the very near future, the $100,000,000 spec house. I concur. Hard to get to, out of way smaller places such as Bermuda, Boca Grande and Nantucket will probably see a huge increase in property values should urban disasters start proliferating. Let's hope it doesn't happen.
 
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