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JPFCO

Nantucket Real Estate Updates

Nov 15, 2015       Issue: 320

J Pepper Frazier Company
Elevated Walkway in Hummock Pond
 
 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
  Land Bank Fee's Worth It

Just got back from an amazing trip to Bermuda, where my mom grew up, for her 70th birthday. An amazing island, but not cheap. Real estate prices are a bit higher than Nantucket, but the cost of entry is massively higher. We think the 2% Land Bank fee, albeit for a top notch purpose, is a big hit, try to buy on Bermuda. Not only are only certain properties available to non-Bermudians, the closing costs are huge. A non-Bermudian needs to buy a license to buy for 12.5% of the purchase price, about 6% for stamp duties, about 1% for legal and sometimes part of the commission. So, to get your foot in the door, you'll have to pay roughly another 20% of the purchase price. I'll pay the 2% Land Bank fee, which ultimately increases property values, any day of the week.

Oh yeah, almost forgot, there is a review process to qualify you to buy the license to buy; the Bermuda government can deny you the license if you are not financially independent or not considered a desirable person to own property.
 
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LET'S MAKE IT HAPPEN WITH PEPPER II
  Trifecta

Gobble Gobble Gobble off to the races we go. A great time of the year with many closing before the New Year and many reasons to give thanks. JPFCO style coming in with a trifecta before the New Year. We have a Seller who has a house and a vacant lot. He only wants to sell the house so that he will then use the proceeds to build on the lot. We also have a Seller with a house a couple hundred yards closer to the water with sweeping views. Time to make it happen. JPFCO works the deals where the Seller with the house and lot sells both and buys the one with the sweeping views. This is how we do it; Turn one deal into three, JPFCO style. Happy Thanksgiving!!!
 
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RENTAL MARKET UPDATE
  Plunge into a Yuletide Rental!

It is hard to believe that we are already in the middle of November! We have been very fortunate to have a beautiful fall here on the island and although we have had a few days of wind and rain we are promised another beautiful weekend just around the corner! Nantucket's annual Turkey Plunge and Christmas Stroll weekends are just around the corner so make your reservations. If you are in need of a last minute Thanksgiving, Stroll or Christmas rental please give our office a call at 508-228-3202.

For those homeowners who plan to be on Island for the holidays and would like to have new updated photos taken of their rental property please contact jgifford@jpfco.com or call the office at 508-228-3202. Thank you in advance for taking the time to contact us and don't forget to keep your property updated by visiting our homeowner update page from the link below.
    Home Owner Update  
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FEATURED LISTING
7 Swain Street $1,595,000

LOCATION! This listing is in the very heart of Brant Point. This summer style ranch cottage has two bedrooms, two bathrooms, and an established rental history. It can also be purchased in conjunction with the abutting vacant lot.
  7 Swain Sreet 
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NANTUCKET REAL ESTATE NEWSWIRE
» Voters Approve Zoning for Affordable Housing
» Voters Approve $2m for Fire Station
» Reuniting with Nantucket 20 Years Later
» Nantucket Cranberry Pie
 

NOTES FROM PEPPER THE ELDER
  Bouncy Bouncy

Bermuda was a blast. It's odd. I almost wrote Bermuda was a gas, which is a word I don't believe I have ever used. It's not part of my vernacular. My father's perhaps, but he can be forgiven for he was a prominent jazz critic. Bermuda closed Front Street to vehicular traffic. Front Street is the most traveled street in Bermuda and runs along the harbor. They set up 5 or 6 giant screens and, of most importance, Gosling's had about 9 bars. The presence of Gosling's was at least as, if not more so, prevalent as the America's Cup itself. Bermuda really did it right. The Cup finals will be held there in 2017. We had a birthday dinner at the Mid Ocean Club for Libby's 70th. And that went of without a hitch. The whole family was there which made it extra special. In addition, the weather was terrific. Not something you take for granted. As I have mentioned the real estate market is hot. There is very little inventory which should keep the heat on. A great time, but I couldn't wait to get back to Nantucket. I'm a pretty lucky guy bouncing around from island to island as I do. Great islands, to boot.

Catch you on the next bounce.
 
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JPFCO | 19 Centre Street Nantucket, MA 02554

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