Nantucket Market at Unprecedented Highs
There is a well written article in from the Nantucket Independent addressing how the islandâ€™s real estate market has risen, dipped and surged to new heights in over three decades.
â€œThe old-line Yankees arenâ€™t as plentiful as they used to be,â€ said our own Pepper Frazier, Sr. â€œBostonians are still here, but the New York and Washington influence is being felt and there is a pretty good San Francisco group here, a lot of people who have made a lot of money. There doesnâ€™t seem to be any signs of a slow down now. Iâ€™m becoming jaded â€” if [a property] is only $10 million I wonder why itâ€™s so low.â€
In Hammy Heardâ€™s opinion, the island real estate market will never see another low cycle because of the simple equation of supply and demand. Heard said there are only 45 buildable empty house lots on the real estate listing service.
â€œWhen theyâ€™re gone, theyâ€™re gone,â€ said Heard. â€œThe alternative is buying a house, tearing it down and replacing it with a house that is more pleasing to the owner. There is less and less supply and there is still a demand. Coming to Nantucket is special.â€
Read the full Nantucket Housing Boom article from the Nantucket Independent to learn more.