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JPFCO

Nantucket Real Estate Updates

Oct 15, 2015       Issue: 317

J Pepper Frazier Company
Nantucket Cranberry Festival
 
 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
  Like a Rock

Recently, I was helping my parents move from Monomoy to Town. I came across The Inquirer and Mirror from September 23, 1976 (before my time). Naturally, I looked through it. Somethings never change; The Brotherhood was pushing their burgers, the Dreamland was advertising their movies and the Whalers were battling on the fields with off-islanders. Something that did change were real estate prices. "Cliff Area - Fine Waterfront Homes from $225,000", "Water View 4 acres open land. 40,000", "Dionis 3 bedrooms, 2 baths, lovely water view - $79,500 1 acre." The S&P 500 was at 105 at this time in history; today it is at 2004 - 19 times higher. Using that multiple, $4.275mm for a Cliff waterfront home, $760K for a four acre water view lot, $1.5mm for a water view house in Dionis - any takers?

Seems like Nantucket real estate was the way to go, especially if you factor in the lifestyle investment. I imagine we'll say the same thing in another 39 years.
 
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LET'S MAKE IT HAPPEN WITH PEPPER II
  Triple Play

Well here comes the foliage, the deals and the scallops; Welcome to Fall on Nantucket. Team JPFCO is in full gear and doing deals. We have a client with a house and a vacant lot, his plan is to sell the house to build on the vacant lot. We have another client with a house for sale in the same vicinity. Time to make it happen. We propose to the seller with the house and the lot to sell the house and sell the vacant land and then 1031 the proceeds into the purchase of the property in the same vicinity. The Seller of the vacant land and the house agrees to proceed with the 1031 purchase. We list the house and the lot; Team JPFCO put both under contract within a week. We then negotiate to purchase the house in the same vicinity contingent upon the other two deals closing accompanied by a right of first refusal if for any reason another Buyer should happen to come along. This is how team JPFCO makes it happen and as they say, threes a charm!!!
 
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RENTAL MARKET UPDATE
  Shorter Days Upon Us!

We are blessed this October with beautiful Indian summer days and cool nights. The Island is still very busy on the weekends and with day-trippers. However, it is always bitter sweet when some of our favorite spots close their doors for the season. While we are still in the midst of some beautiful weather we would like to use this opportunity to take new photos of your rental home. With the launch of our new Real Estate Management program just around the corner many of our property photos are either out of date or the wrong size. While this is an overwhelming project to undertake, we want to make sure our website is showing your house at its best. Good photos are the ideal way to showcase your home! If you could please take a moment to call the office at 508-228-3202 or send an email to jgifford@jpfco.com and let us know when we can go out and take pictures of your property we would love to update!

Thank you in advance for taking the time to contact me and don't forget to keep your property updated by visiting our homeowner update page at http://www.jpfco.com/vacation-renters-nantucket.php
 
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FEATURED LISTING
2 Brooks Farm Road $5,325,000

Spectacular modern farmhouse estate nestled on a quiet cul-de-sac within easy distance of Town, Steps Beach, and the Westmoor Club. Conceived and built by Hanley Development and designed by BPC, no detail was overlooked and no expense was spared in the execution of this must-see property. Offered turn-key and furnished, and complete with a pool and garage/cabana, 2 Brooks is perfect for buyers looking for a "generational" Nantucket home for their family.
  2 Brooks Farm 
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NANTUCKET REAL ESTATE NEWSWIRE
» Land Bank Buys 100 Madaket Acres from Feds for $7 million
» Judge Blocks Sale of Boy Scout Camp on Nantucket
» Article Sets Zones for High-Density, Affordable Housing
» Why Nantucket is Best in the Off-Season
 

NOTES FROM PEPPER THE ELDER
  Tabor and Black Seal

It's that time again. Off to Bermuda tomorrow. Only this time there is a slightly different M.O. The America's Cup trials are being held in Bermuda next week. Now Bermudians don't take much seriously. They don't have to. Being a Bermudian is virtually a license to steal; no income taxes and government protection from outside commercial competition. But they care about sailing. Boy, do they ever, and Black Seal rum makes two. That's why Tabor, with its sailing program, is the boarding school of choice. It will be interesting to see what, if any, effects the new conservative government is having. It's also tough to visualize how the Island will handle the anticipated throngs of people. Bermuda has decreased its number of rental rooms, ripping down hotel after hotel. It will be worth observing, and I will let you know.

Another Nantucket summer gone by and as usual you can chalk it up in the win column. Commercial sales were off, but what do you expect when it's one beautiful day after another. People come to go to the beach and I don't care how crowded it is, you can always find a secluded spot. The natural beauty of Nantucket is truly astounding. I have never understood why people come to shop for things, shoes for example, or a sports coat that you can get anywhere, Indigenous to Nantucket; I understand. Reds, Light Ship Baskets i.e. That's why merchants are frequently seen doing rain dances. Time to go marinate myself in Black Seal.
 
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JPFCO | 19 Centre Street Nantucket, MA 02554

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