My dad always told me two guiding aspects about Nantucket real estate. 1) Given the law of supply and demand, over the long term, values will go up and 2) Nantucket real estate is the last one into the bust and first one out. Why do these two aspects consistently ring true? The main reasons are:
a) Nantucket is a small island (no urban sprawl).
b) The conservation groups are constantly taking supply out of the market place.
c) Nantucket has strict zoning laws, which I would argue maintain value (some would argue zoning restricts natural highest and best uses).
d) The lifestyle on Nantucket is top notch (National Geographic just named her best island in the world).
e) Nantucket is aesthetically stunning.
d) Many intangibles (think nostalgia).
What my dad told me are opinions (although, he likes to consider his opinions facts). So, what does the hard data say?
Whoa-looks pretty good to me! Properly priced listings are selling quickly. We just had a highest and best, sealed bid for one of our listings-it’s been awhile since that has happened!
While most other housing markets are idling in neutral, Nantucket is picking up steam…