The market on Nantucket continues to crank and it’s going to be a race to the finish to see if it can pass that mighty $1,000,000,000 line. With a strong market, there is naturally development. But, if there is no land to develop, like on Nantucket, then there is re-development and right now, it is amazing to watch the re-development of areas like East of Town and Surfside. The market is naturally pushing to these areas because other areas like Cliff and Cisco have either become too pricey for many developers and/or buyers or there is nothing available. 10 years ago, there were no new houses on streets like Fayette and Meader and very few in Surfside. Now, shiny yellow shingles are dotted throughout these neighborhoods and properties are trading for strong numbers; $4mm+ for a single-family on Washington Street was unheard of just a few years ago, but now it is happening. Good ol’ supply and demand…
Where to?
