The 2020 Annual Town Meeting Warrant has been adopted by the Select Board and the debating is set to start on April 4th at 9am. There are always a few articles that have the potential to drastically change the value of certain properties. The most obvious are zoning change articles. Let’s say you own a 2 acre lot which is currently in 2-acre zoning, but there’s an article on the Warrant to change the zoning from 2-acre to 1-acre, which would then allow you to sub-divide. If the article passes, all of a sudden you go from owning a, for example, $1.6mm 2 acre lot, to owning two $1.2mm 1 acre lots. Almost like owning Tesla stock… And then there are more subtle ones, like a current pool article that would only allow pools within certain zones that have a minimum lot size and setbacks. If the article passes and you happen to have a property that falls under this article that has an existing pool, but does not meet the requirements of the article, your property value just went up because of your now, pre-existing, non-conformity.
Fair weather, record high stock market and historically low interest rates are keeping the Nantucket real estate machine cranking.
Year over year comparison of YTD total volume:
’09 – $28mm *Lowest total yearly volume.
’10 – $42mm
’11 – $30mm
’12 – $43mm
’13 – $39mm
’14 – $74mm *$1bn+ year.
’15 – $96mm
’16 – $100mm
’17 – $85mm *$1bn+ year.
’18 – $128mm *$1bn+ year. Highest total yearly volume.
’19 – $77mm *$1bn+ year.
’20 – $117mm