Maybe it is the proximity to beaches, maybe the proximity to Town, maybe The Westmoor Club, maybe all of the above, but whatever it is, Cliff is the hot sub-market on Nantucket. The spec. builders that wisely bought lots in the Cliff area over the last two years have a little extra spending money this year. Over 25% of all sales between $4 and 7M were in Cliff. Considering there are 29 areas on Nantucket, that is a very astonishing stat. I imagine that we’ll see more of the same in ’14; that is, if the developers can get them built quick enough (the labor market is very tight). Vacant lots are being cleared all over Cliff Road – places where you would think there was not room for another lot. Some partners and I just flipped a contract we had for a vacant lot on Cliff that had been on the market for 3+ years. The Cliff market is as hot as I have ever seen and self-prophesying; the developers sell their property and need to buy more property to keep their business going, therefore driving up demand and prices. Cliff is literally changing before our eyes.
It’s hot in Antigua, as well, but that’s a different hot.