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JPFCO

Nantucket Real Estate Updates

May 15, 2016       Issue: 333

J Pepper Frazier Company
Madequecham Views
 
 New Listings VIEW ALL

Jul 26, 2017

Cliff
$5,975,000

Jul 26, 2017

Town
$4,945,000

Jul 25, 2017

Town
$2,495,000

Jul 25, 2017

Town
$895,000
 
 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
  Up, Up, and Away

Although the market is strong all together, there are certain pockets that are outperforming. One of the pockets is under $1M. With interest rates where they are and the continued rise in year-round rents, financially it makes more sense for a year-rounder to buy. Given the cost of living on Island and average wages, an average resident can only afford a down payment for a property under $1M. So, there is stronger demand at this price section than most others, which therefore pushes prices up. Higher prices means there are less properties in this price section, which further pushes prices up because less supply. The price increase has been fairly drastic since the building boom (which led to more jobs, which pushed rents up and caused this phenomenon) really got going 4+ years ago.

Case in point, a property came on the market 4 years ago, my client bid $540K, which the Seller almost took, but then at the last minute decided not to sell. Recently it came back on the market, received multiple offers and went under agreement immediately for around $900K, which is over asking price.
 
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LET'S MAKE IT HAPPEN WITH PEPPER II
  The Hustle

Cheers to the wine Fest and Cheers to making it happen. Team JPFCO is all about the hustle and hustling to make it happen. As the Summer approaches so do the tenants and the Real Estate musical chairs. We had a Buyer ready to go but the catch was that they needed the house this Summer. Of course the house they wanted had a tenant in place; Time for Team JPFCO to make it happen.

We moved the tenant into a house on the market. The Buyer bought the house and so did the tenant. Cheers to the good life and this is how we make it happen at JPFCO!!!
 
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RENTAL MARKET UPDATE
24 Long Pond Drive $17,500/week

"Surf Song" is a fabulous summer compound with everything your family and friends are looking for on Nantucket.....Hear the sound of the surf from this casual and contemporary house and guest cottage set on lovely grounds with a beautiful pool. Enjoy sweeping views of Long Pond and the moors from this private estate-like enclave, along with dazzling sunsets and spectacular star-gazing at night. This property "has it all" - privacy yet still only ten minutes to downtown, and close to a lovely secluded beach. The Main House has dramatic living and entertaining space. The separate, sunny guest cottage has windows on three sides, a loft-like living space with a deck looking out on to Long Pond and the moors, and has a king bed, an en suite bath with large stall shower, and a large closet. The house and guest cottage have central A/C, and there is wi-fi throughout.
  24 Long Pond Drive 
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FEATURED LISTING
6 Delaney Road $2,995,000

Breathtaking custom 6 bedroom, 4.5 bath home in a charming neighborhood just off Cliff Road. Very thoughtful in details and design, this house flows with a stunning kitchen, overly spacious rooms with bonus nooks, and three floors of living space. There is a grand first floor with much architectural detail and many high end focal points and finishes. A bluestone patio extends the deliberate design details complete with fire pit and multiple seating areas. 'One More Minute' is offered furnished and turn-key; just bring your clothes.
  Link to 6 Delaney Road 
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NANTUCKET REAL ESTATE NEWSWIRE
» Conservation Foundation: Preserving the Nantucket We Love
» Planning Board Hospital Review
» Nantucket Horse in the Kentucky Derby
» A Nantucket Limerick Challenge
 

NOTES FROM PEPPER THE ELDER
  Botchacalupa

I must admit, that being a political junkie, I am fed up with the nominating process. It goes on ad nauseam. Trump can be amusing and Uncle Bernie has his moments. But otherwise, Bo-oring. Okay, who's the best for my business? Donald Trump is obviously in the same game, should be sympatico: however, I'm not sure. Hillary knows how to make money. For herself and Bubba, that is. Nobody else. Whatever happens has got to be an improvement for small business owners. I just don't see taxes going up.

Of course, it's capital gains that have our undivided attention. It's obvious that real estate and commodities are the name of the game. Real estate has tax benefits; commodities do not. The stock market is shaky and you never know what sleaze bag might be pulling the strings. So, go with the horse you know. Tangibles, I can't say it enough. They are the Full Botchacalupa (Of course, there's such a word). Have you checked out gold recently? And remember: Vote early and vote often.
 
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