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JPFCO

Nantucket Real Estate Updates

Dec 15, 2018       Issue: 400

J Pepper Frazier Company
Happy Holidays!
 
 New Listings VIEW ALL

Aug 23, 2019

West Of Town
$4,950,000

Aug 21, 2019

Tom Nevers
$2,350,000

Aug 21, 2019

Tom Nevers
$1,495,000

Aug 20, 2019

Surfside
$939,900
 
 Recently Sold VIEW ALL 

Aug 19, 2019

Cliff
$1,999,000

Aug 19, 2019

Town
$900,000

Aug 16, 2019

Cliff
$7,500,000

Aug 16, 2019

Cliff
$6,225,000
 

GROUND NOTES FROM DALTON
  Going Once, Going Twice, Going Nowhere...

I recently went to a highly hyped auction at 46 Easton Street last Friday - amazing, waterfront property worth in the 8 figures in my opinion. To put the quality of the property in perspective, although it is basically irrelevant because anyone can ask anything for their property, one of the abutting properties is currently on the market for $37.5m. Absolute auctions can definitely work. There are no "ifs", "ands" or "buts" with absolute auctions - the highest bidder wins. For this reason, they create a buzz and get people excited. On the other hand, reserve auctions are typically dull and anti-climatic. You don't know if there is going to be a winning bidder and no matter how much marketing and advertising is done, they don't create the buzz an absolute auction does. This was a reserve auction. Guess what happened? Only two bidders registered (from what I could tell) and only one of those bidders actually bid, but not enough to meet the reserve. Basically worst outcome for the Seller - they used the auction process to get the property sold, but put the reserve too high and didn't get it sold. Now the property is not sold and the market is confused if they are a serious seller or not and the property has a failed auction on its history.

$1.1bn closed YTD...
 
 

LET'S MAKE IT HAPPEN WITH PEPPER II
  Holidays

We love the holiday season in Nantucket; full of color across the Island; flower boxes, foliage and people. As the dogs have ice in their bowls when they wake up the Island is still the warmest part of New England during the winter, coolest in the Summer and some of the sweetest people on earth. You just can't help yourself to love this Island. Speaking of ice, team jpfco sold an 8 figure house the other day. The Buyer was doing some renovation work which was supposed to be finished for their family Thanksgiving. The family made the mission to the Island and arrived at their renovated house but the heat did not work.

Time to make it happen JPFCO style. One of the team gives their warm house to the family filled with firewood. The client/family had "the best Thanksgiving." Just one of the many ways team JPFCO has our clients bACK. Hope everyone had a wonderful Thanksgiving and look forward to seeing you over Christmas. Here's to Happy Holidays, let's make it happen!!!
 
 

RENTAL MARKET UPDATE
A Nantucket Rental

Is a special time. We see busy families relaxing. We see family branches from all across the country meeting to catch up and re-connect on Nantucket. We see new families being started with Nantucket weddings. We see new beginnings with Nantucket engagements, first vacations with new babies or new grandchildren. We see new boats and new boat captains, new yogis, and new wind surfers. We see new experiences being had when renters can finally take the time to slow down and take that bike ride, or surf, or basket weave, or enjoy that new flavor of ice cream cone. Mostly though, we see the smiles of Nantucket times, when people stay a week, or two, or the whole season.

Enjoy your Holiday time and plan your next Nantucket memory with those that are important to you.
 
FEATURED LISTING
38/40 Cliff Road $3,995,000

House and cottage on an oversized lot on the highly sought after head of Cliff Road. Large yard and deck to enjoy the spacious property. Recent upgrades include central a/c and remodeled bath. Over 2,800 sf of ground cover remaining.
  38/40 Cliff Road 
 
NANTUCKET REAL ESTATE NEWSWIRE
» Citizens Article Limiting Swimming Pools
» Planning Board Approves Starlight Conversion to Live Music Venue
» Nantucket Named Silver Bicycle Friendly Community
» New President & CEO of Nantucket Conservation Foundation
 

NOTES FROM PEPPER THE ELDER
  Nantucket Sleigh Ride, Again

Think Nantucket real estate is over bought-think again. When I first got into the real estate business circa 1980 people were saying the same thing. I would shout out the gospel, 'The real estate market is cheap. It's underpriced.' Quite frequently potential buyers would say, 'Well, if it's such a good deal, why don't you buy it yourself.' And I would. And when they were re-sold for a 500% profit and upwards, These same people would say 'Why didn't you tell me about that listing." They learned - The Hard Way.

Recently I came across an older Ink and M real estate ad. !982, I believe it was. My headline was 3+ acres on Polpis Harbor $600,000, with a 4,000 sf house (to be constructed) $900,000. SAY WHAT? In my same ad I came across this gem: Main Street Captain's mansion, in immaculate condition - $300,000. Also in this edition in the Property Transfers section. I found the transfer of a cottage in 'Sconset that my wife and I had bought two years earlier for $28,000 and resold it for $85,000, with no renovation. Oh yeah, did I mention that the owner took back 100% paper.

Sort of like a Barry and Eliot ad. 'Ugh,' you say. I agree. No money down for a reclln-er or a sectional. Whatever that is. The correlation between Barry and Eliot and Nantucket ends there. Thank God. So strap on your boosters and realize that Nantucket has far to go. It's cheaper than Malibu, but, of course, you don't get the fires and illegal aliens banging down your door. That's extra.
 
 
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JPFCO | 19 Centre Street Nantucket, MA 02554

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