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Fresh Air

Island’s opening, fish are biting, flowers are blooming and the weather is gorgeous – all welcome breathes of fresh air…

This could be total rumor mill, but the best lockdown real estate story I heard was regarding the sale of a big estate, which sold for $23.5mm last month. The property was originally marketed as two separate parcels, one was listed for $16.75mm, the other for $11.475mm. Apparently, the Buyer originally put just the one listed for $16.75mm under agreement, but the sub-division into the two parcels had not been completed through Land Court by the time the virus hit. Land Court got shutdown, so the Buyer couldn’t close on just the one parcel, but he really wanted to close. So, he made the logical move and closed on both – gotta love Nantucket real estate:-)

The rental market is surging and the sales market is showing signs of life. Considering March, April and much of May were crickets on the sales side, the numbers don’t look too bad. Between pent up demand from the spring market or lack thereof, the 3rd and 4th quarters traditionally being our strongest quarters, historically low interest rates, strong stock market and people reflecting on where and how they want to spend their time more than ever, I predict the 3rd and 4th quarters are going to be strong.

Year over year comparison of YTD total volume:

’09 – $109mm *Lowest total yearly volume.
’10 – $189mm
’11 – $162mm
’12 – $254mm
’13 – $164mm
’14 – $317mm *$1bn+ year.
’15 – $252mm
’16 – $366mm
’17 – $316mm *$1bn+ year.
’18 – $392mm *$1bn+ year. Highest total yearly volume.
’19 – $313mm *$1bn+ year.
’20 – $294mm