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JPFCO

Nantucket Real Estate Updates

Aug 1, 2016       Issue: 338

J Pepper Frazier Company
Baxter Road Views
 
 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
  Let The Floodgates Open

In July, we showed and showed and showed properties with few offers. I heard the same from multiple other brokers. I kept thinking, there are so many buyers on the fence, all we need is a catalyst to get the market cranking, again. Think of when Lou Gerstner bought his waterfront property in Monomoy in Sept. of '03 and then the market exploded.

Well, we might have one. 28 Easton Street, with an asking price of $24,000,000, just went under agreement. So, one has to think a buyer that can afford a $24mm vacation home probably has made some good decisions in their life. Just as there are funds on Wall Street that mimic the moves of the top money managers, I think buyers will follow the moves of the high-end buyers and we're going to have big 3rd and 4th quarters. Look forward to August and let the floodgates open!!!
 
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LET'S MAKE IT HAPPEN WITH PEPPER II
  1031 Exchanging

Deals come and deals we close at JPFCO!!! We enjoy doing deals and this is why we love to do 1031 tax free exchanges. We had a client who was very particular and really wanted to buy this one property but the owner of the property did not have his property on the market. So being the JPFCO Brokers that we are, we approached the property owner. Very genuine and easy going Family so they were OK moving a few houses down but they just did not want to pay capital gains tax (don't blame them).

Time to make it happen JPFCO style. We inform the home owner of a 1031 tax free exchange and now that home owner becomes a Seller. He sells the property, does a 1031 into a property 4 down the water from him. The Seller of the property that he bought now does a 1031 and then the Seller of that property does a 1031 and the story continues on to this day because this is how we make it happen at JPFCO. Swing by and see us one day or shoot us an email, I guarantee you will not be disappointed. As we say at JPFCO, Let's Make It Happen!!!
 
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RENTAL MARKET UPDATE
  August is here and you could be too!

Although August is our busiest rental month on the Island we still have some great last minute rental opportunities. A new and unique rental property this season is The Harbor Lofts located in the downtown historic district at 20 Straight Wharf. Just steps to Main Street, shopping and restaurants. There is a one bedroom loft, two bedroom loft and three bedroom penthouse loft with panoramic views of the harbor from the widow's walk. The lofts can be rented separately or together to make up a total of six bedrooms.

The Harborside Penthouse: offers the ultimate indulgence, expansive 2,100 square foot living space, and with it's third-floor location, stunning, 360-degree views of the ocean, harbor and downtown Nantucket. Elegantly furnished. Hardwood floors. Fully-equipped chef's kitchen with granite counter tops and stainless steel appliances. Prep kitchen island with breakfast bar. Private balcony with deck furniture overlooking the harbor and downtown shops (surround sound equipped.) Roof deck (surround sound equipped.) Parking spot in front of building. Spacious walk-in closets. LED TVs (living room, each bedroom). iPad equipped (operates music and TV units). Sonos music system. Comcast cable. High speed wireless internet. Climate controlled (A/C and heat). Washer and dryer. Ralph Lauren luxury bedding. Premium mattresses. Electronic Safe (each bedroom). Housekeeping and concierge services.
    Harbor Lofts  
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FEATURED LISTING
34 Western Avenue $3,150,000

A beach for a backyard, this property is oceanfront, and abuts conservation land to the East, and views of additional conservation acres one house over to the West. There are views from every window. Surf, sand, sea, and a private path down to the water. Property is offered with abutting 36 Western avenue for $5,995,000. 34 and 36 Western Ave have Land Bank land on both the West and East sides.
  34 Western Avenue 
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NANTUCKET REAL ESTATE NEWSWIRE
» Donald Trump and Hillary Clinton on Nantucket
» New Nantucket Fire Station
» Meryl Streep on Nantucket
» Family Excursions - Nantucket Disk Golf
 

NOTES FROM PEPPER THE ELDER
  Engine Trouble

It looks like the $20,000,000 barrier is about to come crashing down and with it all the water will rise, so to speak. Nantucket is enjoying a buffo season, both with commercial enterprises and real estate. Try getting into a restaurant for dinner at the last moment. Of course, Nantucket restaurants are of the highest quality. They have to be or they don't survive.

On the other hand lack of competition is a very bad thing. Need proof? Look no further than Island Air going out of business. Going to Hyannis can be an unmitigated disaster since Nantucket Air became the sole carrier. It can, and does, cancel flights indiscriminately. It reminds me of the good old days when Executive Air did not have a full plane, it would mysteriously develop engine trouble. Hmm. Funny how the full flights never seemed to have that problem. So I have to agree, as much as I dislike government interference, that some court decisions blocking mergers benefit the public. Lack of competition raises prices. That's why cookie cutter developments command much lower prices than one-of-a-kind older houses. Q.E.D.
 
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One of the oldest and most experienced nantucket real estate
JPFCO | 19 Centre Street Nantucket, MA 02554

Call Us: (508) 228-3202